Allianz Variable Insurance Products Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-09491

Allianz Variable Insurance Products Trust

(Exact name of registrant as specified in charter)

5701 Golden Hills Drive, Minneapolis, MN 55416-1297

(Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219-8000

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-624-0197

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1. Reports to Stockholders.

AZL^® DFA International Core Equity Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 38

Page 38

Page 39

Page 40

Page 41

Page 46

Page 47

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL DFA International Core Equity Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL DFA International Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL DFA International Core Equity Fund	$1,000.00	$1,090.70	$5.24	1.01%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL DFA International Core Equity Fund	$1,000.00	$1,019.79	$5.06	1.01%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Industrials	18.8%
Financials	16.4
Consumer Discretionary	12.8
Materials	11.5
Energy	7.9
Information Technology	7.4
Consumer Staples	7.4
Health Care	6.9
Communication Services	4.8
Utilities	3.0
Real Estate	2.1
Total Common Stocks and Preferred Stocks	99.0
Warrant	—†
Rights	—†
Short-Term Security Held as Collateral for Securities on Loan	0.7
Unaffiliated Investment Company	0.2
Total Investment Securities	99.9
Net other assets (liabilities)	0.1
Net Assets	100.0%

† Represents less than 0.05%.

3

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks (98.7%):
Aerospace & Defense (1.1%):
	4,461	Airbus SE	$	644,799
	17,862	Austal, Ltd.		28,420
	512	Avon Rubber plc		5,536
	17,326	Babcock International Group plc*		62,298
	3,209	BAE Systems plc		37,857
	1,760	Bombardier, Inc., Class B*		86,778
	1,289	CAE, Inc.*		28,853
	7,684	Chemring Group plc		27,657
	283	Dassault Aviation SA		56,620
	116	Elbit Systems, Ltd.		24,194
	89	FACC AG*		592
	1,523	Hensoldt AG		49,983
	2,300	Heroux-Devtek, Inc.*		26,636
	865	Kongsberg Gruppen ASA		39,364
	13,483	Leonardo SpA		153,171
	394	LISI		11,308
	4,014	MDA, Ltd.*		24,758
	20,239	Melrose Industries plc		130,262
	894	MTU Aero Engines AG		231,617
	351	OHB SE		12,233
	12,902	QinetiQ Group plc		58,019
	1,143	Rheinmetall AG		313,803
	80,446	Rolls-Royce Holdings plc*		154,480
	247	Saab AB, Class B		13,357
	1,817	Safran SA		285,445
	15,312	Senior plc		34,088
	21,100	Singapore Technologies Engineering, Ltd.		57,577
	938	Thales SA		140,394
				2,740,099
Air Freight & Logistics (0.8%):
	2,500	AZ-COM MARUWA Holdings, Inc.		33,674
	4,417	bpost SA		19,405
	2,607	Cia de Distribucion Integral Logista Holdings SA		70,255
	6,355	CTT-Correios de Portugal SA		24,177
	11,892	Deutsche Post AG		580,659
	1,842	DSV A/S		387,709
	6,217	Freightways Group, Ltd.		31,789
	1,000	Hamakyorex Co., Ltd.		26,697
	107	ID Logistics Group*		31,538
	4,998	InPost SA*		54,225
	32,923	International Distributions Services plc		92,396
	20,500	Kerry Network, Ltd.		24,244
	1,800	Konoike Transport Co., Ltd.		20,736
	958	Mainfreight, Ltd.		42,395
	900	Mitsui-Soko Holdings Co., Ltd.		21,954
	2,600	NIPPON EXPRESS HOLDINGS, INC.		146,650
	534	Oesterreichische Post AG^		19,048
	17,289	PostNL NV		30,120
	2,000	Sankyu, Inc.		66,260
	900	SBS Holdings, Inc.		20,021
	3,900	Senko Group Holdings Co., Ltd.		28,098
	5,100	SG Holdings Co., Ltd.		72,773
	27,700	Singapore Post, Ltd.		9,244
	300	Tonami Holdings Co., Ltd.		9,622
	400	Trancom Co., Ltd.		18,287
	5,312	Wincanton plc		16,979
	2,000	Yamato Holdings Co., Ltd.		36,174
				1,935,129

Shares			Value
Common Stocks, continued
Automobile Components (3.4%):
	1,000	Aisan Industry Co., Ltd.	$	8,182
	2,700	Aisin Corp.		83,469
	7,300	Akebono Brake Industry Co., Ltd.*		7,167
	1,027	AKWEL		15,119
	2,478	ARB Corp, Ltd.		47,654
	202	Autoneum Holding AG*		33,114
	4,497	Bayerische Motoren Werke AG		552,252
	1,920	Brembo SpA		28,487
	8,700	Bridgestone Corp.		357,523
	1,647	Bulten AB		15,194
	2,286	CIE Automotive SA		69,973
	12,224	Cie Generale des Etablissements Michelin SCA		361,322
	1,743	Cie Plastic Omnium SA		30,659
	12,732	CIR SpA-Compagnie Industriali*		5,262
	1,653	Continental AG		124,565
	2,800	Daido Metal Co., Ltd.		9,584
	2,400	Daikyonishikawa Corp.		13,247
	1,600	Denso Corp.		107,877
	11,116	Dometic Group AB(a)		73,172
	20,239	Dowlais Group plc*		32,624
	1,800	Eagle Industry Co., Ltd.		21,969
	673	EDAG Engineering Group AG		8,191
	1,724	ElringKlinger AG		15,514
	1,500	Exco Technologies, Ltd.		9,037
	1,700	Exedy Corp.		28,698
	2,300	FCC Co., Ltd.		30,009
	342	Feintool International Holding AG		8,201
	1,783	Forvia*		42,054
	5,309	Forvia*		126,290
	1,000	F-Tech, Inc.		6,513
	4,000	Futaba Industrial Co., Ltd.		14,748
	6,562	Gestamp Automocion SA(a)		30,871
	1,400	G-Tekt Corp.		16,823
	6,206	GUD Holdings, Ltd.		36,737
	232	Hella GmbH & Co. KGaA		18,254
	1,600	HI-LEX CORP.		13,332
	10,100	Honda Motor Co., Ltd.		305,138
	700	H-One Co., Ltd.		3,641
	300	Imasen Electric Industrial		1,288
	15,200	Isuzu Motors, Ltd.		185,079
	19,355	Johnson Electric Holdings, Ltd.		24,783
	7,400	JTEKT Corp.		67,552
	1,800	Kasai Kogyo Co., Ltd.*		1,937
	267	Kendrion NV		4,925
	1,800	Koito Manufacturing Co., Ltd.		32,675
	25,060	Kongsberg Automotive ASA*		5,732
	1,000	KYB Corp.		35,262
	1,933	Linamar Corp.		101,597
	1,104	Magna International, Inc.		62,310
	6,013	Magna International, Inc.		339,508
	4,466	Martinrea International, Inc.		44,674
	10,100	Mazda Motor Corp.		98,717
	14,566	Mercedes-Benz Group AG		1,172,182
	2,000	Mitsuba Corp.		11,343
	22,500	Mitsubishi Motors Corp.		79,208
	2,500	Musashi Seimitsu Industry Co., Ltd.		30,845
	4,300	NHK SPRING Co., Ltd.		31,488
	600	Nichirin Co., Ltd.		11,644
	1,500	Nifco, Inc.		44,636

See accompanying notes to the financial statements.

4

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Automobile Components, continued
	2,200	Nippon Seiki Co., Ltd.	$	15,033
	20,000	Nissan Motor Co., Ltd.		82,602
	6,300	Niterra Co., Ltd.		125,364
	2,700	NOK Corp.		39,591
	2,439	Nokian Renkaat Oyj		21,262
	2,600	Pacific Industrial Co., Ltd.		23,586
	10,683	Pirelli & C SpA(a)		52,893
	6,300	Press Kogyo Co., Ltd.		27,008
	3,582	PWR Holdings, Ltd.		20,746
	5,773	Renault SA		243,561
	400	Riken Corp.		8,720
	1,900	Sanoh Industrial Co., Ltd.		11,401
	2,535	Schaeffler AG		15,611
	1,000	Seiren Co., Ltd.		17,197
	2,400	Shoei Co., Ltd.		44,494
	1,900	Stanley Electric Co., Ltd.		38,528
	16,532	Stellantis NV		290,980
	16,000	Subaru Corp.		302,753
	12,700	Sumitomo Electric Industries, Ltd.		155,855
	2,900	Sumitomo Riko Co., Ltd.		17,289
	6,500	Sumitomo Rubber Industries, Ltd.		63,288
	5,600	Suzuki Motor Corp.		203,518
	300	T RAD Co., Ltd.		3,848
	1,400	Tachi-S Co., Ltd.		15,123
	800	Taiho Kogyo Co., Ltd.		5,212
	8,119	TI Fluid Systems plc(a)		14,153
	2,500	Tokai Rika Co., Ltd.		37,182
	2,500	Topre Corp.		27,776
	3,200	Toyo Tire Corp.		42,606
	1,700	Toyoda Gosei Co., Ltd.		32,364
	2,200	Toyota Boshoku Corp.		39,470
	59,520	Toyota Motor Corp.		951,290
	1,500	TPR Co., Ltd.		17,713
	2,800	TS Tech Co., Ltd.		35,479
	2,000	Unipres Corp.		16,189
	9,310	Valeo		199,748
	842	Vitesco Technologies Group AG*		69,328
	9,185	Volvo Car AB, Class B*		36,535
	7,800	Yamaha Motor Co., Ltd.		224,782
	4,300	Yokohama Rubber Co., Ltd. (The)		94,630
	600	Yorozu Corp.		3,989
				8,788,548
Automobiles (0.4%):
	9,587	Aston Martin Lagonda Global Holdings plc*(a)		43,364
	865	Dr Ing hc F Porsche AG(a)		107,349
	398	Ferrari NV		130,287
	488	Ferrari NV		158,702
	298	Knaus Tabbert AG		19,693
	2,700	Nissan Shatai Co., Ltd.		15,811
	8,981	Piaggio & C SpA		37,308
	23,341	Stellantis NV		410,208
	294	Trigano SA		42,156
	606	Volkswagen AG		101,095
				1,065,973
Banks (8.3%):
	1,900	77 Bank, Ltd. (The)		34,042
	6,117	ABN AMRO Bank NV(a)		95,135
	536	Addiko Bank AG		7,135
	36,960	AIB Group plc		155,483

Shares			Value
Common Stocks, continued
Banks, continued
	1,500	Akita Bank, Ltd. (The)	$	17,507
	2,146	Aktia Bank Oyj		21,785
	19,608	ANZ Group Holdings, Ltd.		310,861
	3,500	Aozora Bank, Ltd.^		65,357
	3,314	Auswide Bank, Ltd.		11,896
	1,000	Awa Bank, Ltd. (The)		13,882
	195	Banca Monte dei Paschi di Siena SpA*		491
	19,969	Banca Popolare di Sondrio SCPA		83,449
	37,367	Banco Bilbao Vizcaya Argentaria SA, ADR		286,979
	61,495	Banco Bilbao Vizcaya Argentaria SA		474,125
	63,397	Banco BPM SpA		295,129
	374,521	Banco Comercial Portugues SA, Class R*		89,862
	157,448	Banco de Sabadell SA		182,030
	140,122	Banco Santander SA		519,871
	6,287	Banco Santander SA, ADR		23,325
	10,471	Bank Hapoalim BM		85,935
	24,597	Bank Leumi Le-Israel BM		184,415
	30,859	Bank of East Asia, Ltd. (The)		42,670
	974	Bank of Georgia Group plc		36,186
	39,103	Bank of Ireland Group plc		373,556
	900	Bank of Iwate, Ltd. (The)		12,894
	1,700	Bank of Kyoto, Ltd. (The)		85,409
	4,062	Bank of Montreal		366,839
	3,119	Bank of Montreal		281,713
	500	Bank of Nagoya, Ltd. (The)		11,573
	8,317	Bank of Nova Scotia (The)		416,183
	4,100	Bank of Nova Scotia (The)^		205,155
	18,984	Bank of Queensland, Ltd.		69,789
	2,000	Bank of The Ryukyus, Ltd.		12,768
	11,390	Bankinter SA		70,226
	71	Banque Cantonale de Geneve		17,221
	1,029	Banque Cantonale Vaudoise, Registered Shares		108,740
	11,277	Barclays plc, ADR		88,637
	196,917	Barclays plc		384,583
	2,701	BAWAG Group AG(a)		124,713
	16,528	Bendigo & Adelaide Bank, Ltd.		95,091
	207	Berner Kantonalbank AG		53,706
	5,480	BNP Paribas SA		346,135
	35,542	BOC Hong Kong Holdings, Ltd.		108,789
	46,769	BPER Banca		142,559
	53,120	CaixaBank SA		220,313
	5,363	Canadian Imperial Bank of Commerce		228,893
	4,131	Canadian Imperial Bank of Commerce		176,392
	4,227	Canadian Western Bank		78,885
	5,000	Chiba Bank, Ltd. (The)		30,338
	3,300	Chugin Financial Group, Inc.		19,934
	6,677	Close Brothers Group plc		74,913
	3,381	Collector Bank AB*		9,160
	19,021	Commerzbank AG		210,599
	9,374	Commonwealth Bank of Australia		628,430
	16,100	Concordia Financial Group, Ltd.		63,459
	8,122	Credit Agricole SA^		96,475
	2,729	Credito Emiliano SpA		21,304
	16,000	Dah Sing Banking Group, Ltd.		11,952
	5,600	Dah Sing Financial Holdings, Ltd.		13,999
	1,900	Daishi Hokuetsu Financial Group, Inc.		41,284
	10,300	Danske Bank A/S*		250,880
	14,092	DBS Group Holdings, Ltd.		329,577
	7,391	DNB Bank ASA		138,237

See accompanying notes to the financial statements.

5

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Banks, continued
	1,600	Ehime Bank, Ltd. (The)	$	8,988
	830	EQB, Inc.		43,862
	4,763	Erste Group Bank AG		167,231
	650	FIDEA Holdings Co., Ltd.		6,212
	6,825	FinecoBank Banca Fineco SpA		92,053
	3,600	First Bank of Toyama, Ltd. (The)		18,645
	1,329	First International Bank Of Israel, Ltd. (The)		51,837
	1,000	Fukui Bank, Ltd. (The)		10,065
	5,100	Fukuoka Financial Group, Inc.		105,284
	7,200	Gunma Bank, Ltd. (The)		26,607
	9,200	Hachijuni Bank, Ltd. (The)		40,134
	4,005	Hang Seng Bank, Ltd.		57,042
	24,614	Heartland Group Holdings Npv		25,751
	5,200	Hirogin Holdings, Inc.		29,648
	1,000	Hokkoku Financial Holdings, Inc.		28,984
	4,500	Hokuhoku Financial Group, Inc.		36,193
	60,883	HSBC Holdings plc		481,470
	14,784	HSBC Holdings plc, ADR		585,742
	9,400	Hyakugo Bank, Ltd. (The)		27,480
	1,000	Hyakujushi Bank, Ltd. (The)		12,940
	3	Hypothekarbank Lenzburg AG, Class R		14,485
	23,474	ING Groep NV		316,976
	71,373	Intesa Sanpaolo SpA		187,573
	21,055	Israel Discount Bank, Ltd., Class A		104,750
	5,400	Iyogin Holdings, Inc.		30,482
	2,800	Japan Post Bank Co,m Ltd,		21,939
	620	Jimoto Holdings, Inc.		1,665
	1,200	Juroku Financial Group, Inc.		26,059
	1,487	Jyske Bank A/S*		113,108
	7,716	KBC Group NV		539,518
	5,800	Keiyo Bank, Ltd. (The)		21,588
	400	Kita-Nippon Bank, Ltd. (The)		5,677
	2,500	Kiyo Bank, Ltd. (The)		25,829
	10,290	Kyushu Financial Group, Inc.		43,660
	1,296	Laurentian Bank of Canada		32,346
	562	Liechtensteinische Landesbank AG		36,863
	235,693	Lloyds Banking Group plc		130,640
	109,681	Lloyds Banking Group plc, ADR		241,298
	583	Luzerner Kantonalbank AG, Registered Shares		48,015
	27,470	Mebuki Financial Group, Inc.		65,696
	11,906	Mediobanca Banca di Credito Finanziario SpA		142,760
	72,300	Mitsubishi UFJ Financial Group, Inc.		533,728
	800	Miyazaki Bank, Ltd. (The)		13,015
	1,478	Mizrahi Tefahot Bank, Ltd.		49,427
	15,980	Mizuho Financial Group, Inc.		243,930
	1,300	Musashino Bank, Ltd. (The)		19,788
	5,064	MyState, Ltd.		10,728
	1,300	Nanto Bank, Ltd. (The)		22,131
	28,191	National Australia Bank, Ltd.		497,481
	5,632	National Bank of Canada		419,658
	35,666	NatWest Group plc		109,489
	4,800	Nishi-Nippon Holdings, Inc.		42,896
	7,280	Nordea Bank Abp		79,433
	14,112	Nordea Bank Abp		153,814
	7,300	North Pacific Bank, Ltd.		14,544
	1,800	Ogaki Kyoritsu Bank, Ltd. (The)		23,162
	1,000	Oita Bank, Ltd. (The)		15,115
	820	Okinawa Financial Group, Inc.		11,885
	16,846	Oversea-Chinese Banking Corp., Ltd.		153,529

Shares			Value
Common Stocks, continued
Banks, continued
	5,215	Permanent TSB Group Holdings plc*	$	12,633
	1,522	Procrea Holdings, Inc.		21,670
	28,000	Public Financial Holdings, Ltd.		7,402
	4,183	Raiffeisen Bank International AG		66,433
	31,675	Resona Holdings, Inc.		151,797
	1,300	Ringkjoebing Landbobank A/S		186,393
	6,521	Royal Bank of Canada		622,857
	7,631	Royal Bank of Canada		728,837
	1,190	San Ju San Financial Group, Inc.		13,123
	6,200	San-In Godo Bank, Ltd. (The)		34,995
	11,600	Senshu Ikeda Holdings, Inc.		18,900
	24,900	Seven Bank, Ltd.		49,046
	1,300	Shiga Bank, Ltd. (The)		24,541
	1,000	Shikoku Bank, Ltd. (The)		5,965
	400	Shimizu Bank, Ltd. (The)		4,067
	6,600	Shizuoka Financial Group, Inc.		47,952
	10,818	Skandinaviska Enskilda Banken AB, Class A		119,733
	11,484	Societe Generale SA		298,921
	4,151	Spar Nord Bank A/S		64,960
	2,034	SpareBank 1 Sorost-Norge		9,592
	3,098	Sparebank 1 Sr-Bank ASA		37,574
	523	Sparekassen Sjaelland-Fyn A/S		14,369
	119	St. Galler Kantonalbank AG		64,613
	36,353	Standard Chartered plc		316,988
	8,200	Sumitomo Mitsui Financial Group, Inc.		351,006
	2,200	Sumitomo Mitsui Trust Holdings, Inc.		78,730
	8,000	Suruga Bank, Ltd.		32,004
	9,765	Svenska Handelsbanken AB, Class A		81,935
	6,063	Swedbank AB, Class A		102,434
	2,815	Sydbank A/S		130,174
	1,470	TBC Bank Group plc		46,088
	6,500	Toho Bank, Ltd. (The)		10,248
	1,100	Tokyo Kiraboshi Financial Group, Inc.		24,036
	7,500	TOMONY Holdings, Inc.		19,155
	4,923	Toronto-Dominion Bank (The)		305,170
	5,540	Toronto-Dominion Bank (The)		343,535
	2,100	Towa Bank, Ltd. (The)		7,806
	6,200	Tsukuba Bank, Ltd.		8,764
	69,079	Unicaja Banco SA(a)		72,712
	13,825	UniCredit SpA		322,371
	10,227	United Overseas Bank, Ltd.		212,053
	743	Valiant Holding AG		77,373
	30,944	Vestjysk Bank A/S		16,186
	54,554	Virgin Money UK plc		103,729
	239	Walliser Kantonalbank		29,528
	22,910	Westpac Banking Corp.		326,742
	1,600	Yamagata Bank, Ltd. (The)		11,678
	3,900	Yamaguchi Financial Group, Inc.		26,364
	1,800	Yamanashi Chuo Bank, Ltd. (The)		15,642
	6	Zuger Kantonalbank AG		51,094
				21,209,619
Beverages (1.1%):
	1,669	A.G. Barr plc		9,966
	1,900	Andrew Peller, Ltd., Class A		5,881
	6,975	Anheuser-Busch InBev SA		395,000
	2,700	Asahi Group Holdings, Ltd.		104,671
	9,774	Britvic plc		106,299
	14,400	Budweiser Brewing Co. APAC, Ltd.(a)		37,133
	14,772	C&C Group plc		23,521

See accompanying notes to the financial statements.

6

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Beverages, continued
	1,608	Carlsberg AS, Class B	$	257,145
	4,300	Coca-Cola Bottlers Japan Holdings, Inc.		45,617
	3,112	Coca-Cola Europacific Partners plc		200,340
	1,524	Coca-Cola HBC AG		45,402
	1,957	David Campari-Milano NV, Class M		27,119
	8,372	Diageo plc		359,066
	2,039	Diageo plc, ADR		353,726
	812	Fevertree Drinks plc		12,607
	1,564	Heineken NV		160,939
	1,000	Ito En, Ltd.		27,595
	2,300	Kirin Holdings Co., Ltd.		33,593
	109	Laurent-Perrier		15,342
	653	Olvi Oyj		20,695
	915	Pernod Ricard SA		202,140
	2,850	Primo Water Corp.		35,716
	1,600	Primo Water Corp.		20,064
	321	Remy Cointreau SA		51,459
	1,827	Royal Unibrew A/S		163,416
	800	Sapporo Breweries, Ltd.		20,617
	7,000	Takara Holdings, Inc.		57,007
	5,948	Treasury Wine Estates, Ltd.		44,681
				2,836,757
Biotechnology (0.3%):
	24,100	AnGes, Inc.*^		18,713
	86	Argenx SE*		33,456
	418	Basilea Pharmaceutica REG, Registered Shares*		19,777
	1,271	Bavarian Nordic A/S*		36,130
	1,455	BioGaia AB, B Shares		15,657
	760	Clinuvel Pharmaceuticals, Ltd.		9,054
	931	CSL, Ltd.		172,242
	765	Galapagos NV*		31,126
	617	Genmab A/S*		234,214
	2,347	Grifols SA*		30,099
	5,747	Knight Therapeutics, Inc.*		21,433
	6,442	Mesoblast, Ltd.*		4,887
	1,600	Peptidream, Inc.*		23,916
	176	Pharma Mar SA		5,852
	9,303	Pharming Group NV*		10,924
	4,999	PureTech Health plc*		13,728
	2,722	Swedish Orphan Biovitrum AB*		53,106
	2,800	Takara Bio, Inc.		32,183
	1,652	Vitrolife AB		32,078
	1,155	Zealand Pharma A/S*		41,448
				840,023
Broadline Retail (0.8%):
	1,600	ASKUL Corp.		22,338
	29,631	B&M European Value Retail SA		210,001
	1,900	Belluna Co., Ltd.		9,402
	1,759	Canadian Tire Corp., Ltd., Class A		240,518
	4,097	Dollarama, Inc.		277,505
	6,374	Europris ASA(a)		42,536
	24,372	Harvey Norman Holdings, Ltd.		56,765
	4,000	Isetan Mitsukoshi Holdings, Ltd.		40,767
	1,000	Izumi Co., Ltd.		23,866
	9,100	J. Front Retailing Co., Ltd.		87,511
	1,000	Mercari, Inc.*		23,426
	30,000	Metro Holdings, Ltd.		13,541
	47,139	Myer Holdings, Ltd.		18,585
	1,879	Next plc		164,984

Shares			Value
Common Stocks, continued
Broadline Retail, continued
	5,500	Pan Pacific International Holdings Corp.	$	98,569
	3,602	Prosus NV		263,562
	1,591	Puuilo Oyj		12,566
	6,100	Rakuten Group, Inc.		21,249
	6,800	Ryohin Keikaku Co., Ltd.		67,371
	2,200	Seria Co., Ltd.		35,131
	4,500	Takashimaya Co., Ltd.		62,868
	24,280	THG plc*		25,138
	2,195	Tokmanni Group Corp.		28,639
	3,646	Warehouse Group, Ltd. (The)		3,947
	7,709	Wesfarmers, Ltd.		254,166
	4,000	Wing On Company International, Ltd.		6,636
				2,111,587
Building Products (1.3%):
	5,900	AGC, Inc.		212,366
	2,028	Arbonia AG		22,996
	3,060	Assa Abloy AB, Class B		73,479
	316	Belimo Holding AG, Class R		157,705
	2,400	Bunka Shutter Co., Ltd.		18,524
	1,517	Carel Industries SpA(a)		45,747
	1,800	Central Glass Co., Ltd.		38,738
	8,839	Cie de Saint-Gobain		538,398
	1,200	Daikin Industries, Ltd.		244,975
	130	dormakaba Holding AG		58,464
	14,175	Fletcher Building, Ltd.		47,205
	534	Geberit AG, Registered Shares		279,655
	5,784	Genuit Group plc		21,577
	12,753	GWA Group, Ltd.		14,871
	7,079	Inrom Construction Industries, Ltd.		24,502
	2,938	Inwido AB		26,759
	5,198	James Halstead plc		13,955
	4,079	Kingspan Group plc		271,548
	2,801	Lindab International AB		39,836
	4,600	Lixil Corp.		58,427
	687	LU-VE SpA		23,014
	1,773	Munters Group AB(a)		20,141
	2,170	Nibe Industrier AB, Class B		20,633
	2,400	Nichias Corp.		50,066
	1,100	Nichiha Corp.		23,629
	4,900	Nippon Sheet Glass Co., Ltd.*		23,042
	1,400	Nitto Boseki Co., Ltd.		22,388
	2	Norcros plc		4
	1,552	Nordic Waterproofing Holding AB		19,838
	1,500	Noritz Corp.		18,566
	1,400	Okabe Co., Ltd.		7,159
	27,554	Reliance Worldwide Corp., Ltd.		75,781
	324	ROCKWOOL A/S, Class B		83,797
	238	Rockwool International A/S, Class A		61,283
	1,900	Sankyo Tateyama, Inc.		9,635
	7,600	Sanwa Holdings Corp.		99,104
	47	Schweiter Technologies AG		33,868
	700	Sekisui Jushi Corp.		11,159
	900	Shin Nippon Air Technologies Co., Ltd.		14,337
	1,800	Sinko Industries, Ltd.		26,154
	3,824	Systemair AB		27,874
	1,800	Takara Standard Co., Ltd.		23,032
	1,400	Takasago Thermal Engineering Co., Ltd.		23,546
	1,000	TOTO, Ltd.		30,165
	7,093	Tyman plc		23,080

See accompanying notes to the financial statements.

7

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Building Products, continued
	2,185	Uponor Oyj	$	68,344
	3,919	Volution Group plc		18,836
	72,000	Xinyi Glass Holdings, Ltd.		112,570
	533	Zehnder Group AG		43,101
				3,223,873
Capital Markets (2.7%):
	14,575	3i Group plc		361,900
	24,792	ABG Sundal Collier Holding ASA		12,038
	59,785	abrdn plc		165,885
	3,200	AGF Management, Ltd.		18,988
	1,600	Aizawa Securities Co., Ltd.		8,860
	8,821	AJ Bell plc		35,950
	143	Alantra Partners SA		1,561
	903	Altamir		27,302
	912	Amundi SA(a)		53,896
	7,128	Anima Holding SpA(a)		26,576
	13,034	Ashmore Group plc		34,451
	1,186	ASX, Ltd.		49,946
	2,855	Avanza Bank Holding AB		58,252
	1,232	Azimut Holding SpA		26,629
	1,895	Banca Generali SpA		65,306
	521	Bellevue Group AG		15,504
	5,672	Bridgepoint Group plc, Registered Shares(a)		14,582
	154	Brookfield Asset Management, Ltd.		5,025
	725	Brookfield Asset Management, Ltd.		23,667
	7,800	Brookfield Corp.		262,630
	614	Brookfield Corp.		20,661
	1,962	Bure Equity AB		45,655
	2,497	Canaccord Genuity Group, Inc.		15,741
	6,882	CI Financial Corp.		78,141
	120	Cie Financiere Tradition SA		15,904
	5,668	CMC Markets PLC(a)		11,088
	19,800	Daiwa Securities Group, Inc.		102,460
	25,588	Deutsche Bank AG		268,476
	5,196	Deutsche Bank AG, Registered Shares		54,714
	552	Deutsche Beteiligungs AG		17,408
	1,590	Deutsche Boerse AG		293,620
	1,167	DWS Group GmbH Co. KGaA(a)		35,727
	4,307	EFG International AG		43,773
	170	eQ Oyj		3,172
	853	EQT Holdings, Ltd.		14,729
	1,799	Euronext NV(a)		122,353
	4,000	Fiera Capital Corp.		19,508
	3,587	flatexDEGIRO AG*		35,550
	838	Flow Traders, Ltd.		18,489
	10,649	GAM Holding AG*		6,437
	2,674	Georgia Capital plc*		28,210
	856	Gimv NV		40,794
	2,400	GMO Financial Holdings, Inc.		11,689
	1,175	Guardian Capital Group, Ltd., Class A		37,257
	142,000	Guotai Junan International Hol		10,707
	148,767	Haitong International Securities*		12,772
	8,796	Hargreaves Lansdown plc		91,075
	8,394	Hong Kong Exchanges & Clearing, Ltd.		319,228
	1,131	HUB24, Ltd.		19,290
	5,100	iFAST Corp., Ltd.		17,400
	13,629	IG Group Holdings plc		117,127
	1,732	IGM Financial, Inc.		52,734
	4,298	Impax Asset Management Group plc		31,086

Shares			Value
Common Stocks, continued
Capital Markets, continued
	26,331	Insignia Financial, Ltd.	$	49,797
	6,881	IntegraFin Holdings plc		20,755
	6,092	Intermediate Capital Group plc		106,740
	19,519	Investec plc		109,686
	49,718	IP Group plc		35,779
	1,700	IwaiCosmo Holdings, Inc.		17,002
	1,300	JAFCO Group Co., Ltd.		16,702
	7,500	Japan Exchange Group, Inc.		131,218
	6,757	Julius Baer Group, Ltd.		426,167
	17,082	Jupiter Fund Management plc		23,353
	800	Kyokuto Securities Co., Ltd.		3,555
	2,122	Liontrust Asset Management plc		19,323
	1,458	London Stock Exchange Group plc		154,474
	500	M&A Capital Partners Co., Ltd.*		11,658
	1,600	Macquarie Group, Ltd.		190,622
	3,050	Magellan Financial Group, Ltd.		19,451
	42,213	Man Group plc		117,078
	2,300	Marusan Securities Co., Ltd.		7,067
	1,180,000	Mason Group Holdings, Ltd.*		4,957
	6,300	Matsui Securities Co., Ltd.		34,779
	2,900	Mito Securities Co., Ltd.		6,923
	3,035	MLP SE		18,907
	5,700	Monex Group, Inc.		22,006
	4,905	Navigator Global Investments, Ltd.		4,329
	5,471	Netwealth Group, Ltd.		50,832
	22,153	Ninety One plc		47,384
	43,100	Nomura Holdings, Inc.		163,591
	1,900	Nordnet AB Publ		25,485
	16,464	NZX, Ltd.		11,752
	7,300	Okasan Securities Group, Inc.		24,349
	250	Partners Group Holding AG		235,464
	1,598	Perpetual, Ltd.		27,804
	4,165	Pinnacle Investment Management Group, Ltd.		27,923
	11,593	Platinum Asset Management, Ltd.		13,442
	2,595	Polar Capital Holdings plc		17,014
	38,911	Quilter plc(a)		39,173
	1,470	Rathbones Group plc		34,797
	9,785	Ratos AB, Class B		27,479
	1,022	Rothschild & Co.		51,909
	3,700	SBI Holdings, Inc.		71,435
	10,425	Schroders plc		57,984
	20,400	Singapore Exchange, Ltd.		145,274
	840	Sparx Group Co., Ltd.		8,974
	700	Sprott, Inc.		22,666
	4,077	St James’s Place plc		56,336
	700	Strike Co., Ltd.		16,955
	520	Swissquote Group Holding SA, Registered Shares		108,477
	2,584	Tamburi Investment Partners SP		26,079
	1,383	Tikehau Capital SCA		34,186
	2,055	TMX Group, Ltd.		46,248
	8,500	Tokai Tokyo Financial Holdings, Inc.		22,628
	4,000	Toyo Securities Co., Ltd.		8,590
	37,521	TP ICAP Group plc		72,248
	192	UBS Group AG		3,894
	22,703	UBS Group AG		462,033
	21,420	UOB-Kay Hian Holdings, Ltd.		22,054
	22,000	Value Partners Group, Ltd.		6,946
	1,528	Van Lanschot Kempen NV		51,284
	1,065	Vontobel Holding AG, Class A		67,716

See accompanying notes to the financial statements.

8

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Capital Markets, continued
	245	VP Bank AG, Class A	$	23,118
	393	VZ Holding AG		36,224
				7,003,998
Chemicals (3.8%):
	900	Achilles Corp.		9,040
	1,800	Aica Kogyo Co., Ltd.		39,628
	1,597	Air Liquide SA		286,286
	6,800	Air Water, Inc.		94,516
	3,279	Akzo Nobel NV		267,903
	700	Arakawa Chemical Industries, Ltd.		4,864
	2,166	Arkema SA		204,298
	22,100	Asahi Kasei Corp.		150,032
	1,100	ASAHI YUKIZAI Corp.		33,576
	10,778	BASF SE		523,249
	1,939	Borregaard ASA		28,705
	400	C Uyemura & Co., Ltd.		22,854
	52,400	China Sunsine Chemical Holdings, Ltd.		15,946
	2,229	Chr Hansen Holding A/S		155,058
	2,200	Chugoku Marine Paints, Ltd.		18,599
	1,600	CI Takiron Corp.		6,402
	4,288	Clariant AG		62,001
	839	Corbion NV		20,022
	5,870	Covestro AG*(a)		304,773
	885	Croda International plc		63,240
	1,000	Dai Nippon Toryo Co., Ltd.		6,397
	10,500	Daicel Corp.		94,231
	900	Dainichiseika Color & Chemical		13,140
	3,200	Denka Co., Ltd.		60,498
	3,300	DIC Corp.		60,114
	2,257	DSM-Firmenich AG*		242,864
	18,377	Elementis plc*		23,823
	13,127	Elkem ASA(a)		30,390
	84	EMS-Chemie Holding AG		63,638
	8,516	Ercros SA		29,639
	9,485	Essentra plc		19,534
	7,616	Evonik Industries AG		144,751
	2,541	FUCHS PETROLUB SE		100,383
	1,150	FUCHS PETROLUB SE		36,823
	1,500	Fujimi, Inc.		37,068
	300	Fujimori Kogyo Co., Ltd.		7,493
	700	Fuso Chemical Co., Ltd.		22,024
	87	Givaudan SA, Registered Shares		288,698
	200	Gurit Holding AG*		18,637
	3,923	Hexpol AB		41,657
	700	Hodogaya Chemical Co., Ltd.		16,819
	7,397	ICL Group, Ltd.		40,529
	78,748	Incitec Pivot, Ltd.		144,608
	1,500	Ishihara Sangyo Kaisha, Ltd.		13,720
	1,000	JCU Corp.		23,821
	6,187	Johnson Matthey plc		137,606
	700	JSP Corp.		9,107
	1,200	JSR Corp.		34,502
	1,900	Kaneka Corp.		53,332
	1,300	Kansai Paint Co., Ltd.		19,139
	3,300	Kanto Denka Kogyo Co., Ltd.		22,663
	600	KeePer Technical Laboratory Co., Ltd.		20,414
	1,600	KEIWA, Inc.		12,713
	2,983	Kemira Oyj		47,489
	1,400	KH Neochem Co, Ltd.		22,909

Shares			Value
Common Stocks, continued
Chemicals, continued
	1,500	Koatsu Gas Kogyo Co., Ltd.	$	7,824
	1,000	Konishi Co., Ltd.		15,979
	3,400	Kumiai Chemical Industry Co., Ltd.		26,605
	13,300	Kuraray Co., Ltd.		129,718
	600	Kureha Corp.		34,380
	2,747	LANXESS AG		82,707
	379	Lenzing AG*		18,581
	1,300	Lintec Corp.		20,579
	1,300	MEC Co., Ltd.		32,079
	929	Methanex Corp.		38,433
	1,600	Methanex Corp.		66,121
	42,800	Mitsubishi Chemical Group Corp.		258,086
	4,600	Mitsubishi Gas Chemical Co., Inc.		67,138
	6,100	Mitsui Chemicals, Inc.		180,292
	12,400	Nanofilm Technologies International, Ltd.		12,442
	800	Nihon Kagaku Sangyo Co., Ltd.		6,167
	2,300	Nihon Nohyaku Co., Ltd.		11,470
	2,600	Nihon Parkerizing Co., Ltd.		19,433
	600	Nippon Chemical Industrial Co., Ltd.		7,899
	3,100	Nippon Kayaku Co., Ltd.		26,358
	2,100	Nippon Paint Holdings Co., Ltd.		17,362
	1,400	Nippon Pillar Packing Co., Ltd.		45,581
	3,100	Nippon Sanso Holdings Corp.		67,390
	700	Nippon Shokubai Co., Ltd.		26,251
	800	Nippon Soda Co., Ltd.		28,871
	1,900	Nissan Chemical Corp.		81,886
	2,100	Nitto Denko Corp.		155,679
	2,100	NOF Corp.		90,251
	2,841	Novozymes A/S, B Shares		132,337
	16,188	Nufarm, Ltd.		55,304
	3,137	Nutrien, Ltd.		185,240
	6,510	Nutrien, Ltd.		384,378
	2,984	OCI NV		71,629
	500	Okamoto Industries, Inc.		13,584
	600	Okura Industrial Co., Ltd.		9,236
	14,912	Orica, Ltd.		147,863
	900	Osaka Organic Chemical Industry, Ltd.		18,175
	700	Osaka Soda Co., Ltd.		26,580
	1,958	Recticel SA		23,288
	7,800	Resonac Holdings Corp.		126,884
	2,800	Riken Technos Corp.		12,773
	500	Sakai Chemical Industry Co., Ltd.		6,512
	2,400	Sakata INX Corp.		20,349
	700	Sanyo Chemical Industries, Ltd.		20,679
	900	Sekisui Plastics Co., Ltd.		2,752
	1,100	Shikoku Chemicals Corp.		11,542
	18,100	Shin-Etsu Chemical Co., Ltd.		601,648
	1,800	Shin-Etsu Polymer Co., Ltd.		19,152
	1,655	Sika AG, Registered Shares		473,500
	1,125	SOL SpA		32,495
	3,355	Solvay SA, Class A		375,716
	400	Stella Chemifa Corp.		8,674
	900	Sumitomo Bakelite Co., Ltd.		37,541
	21,900	Sumitomo Chemical Co., Ltd.		66,670
	300	Sumitomo Seika Chemicals Co. Ltd.		9,327
	275	Symrise AG		28,806
	13,110	Synthomer plc		12,130
	700	T Hasegawa Co., Ltd.		16,810
	1,200	T&K Toka Co., Ltd.		9,841

See accompanying notes to the financial statements.

9

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Chemicals, continued
	1,800	Taiyo Holdings Co., Ltd.	$	33,509
	600	Takasago International Corp.		11,294
	2,100	Tanaka Chemical Corp.*^		19,641
	600	Tayca Corp.		5,744
	6,900	Teijin, Ltd.		69,378
��	500	Tenma Corp.		9,111
	625	Tessenderlo Group SA		20,468
	2,400	Toagosei Co., Ltd.		21,575
	7,500	Tokai Carbon Co., Ltd.		69,071
	2,200	Tokuyama Corp.		36,417
	1,000	Tokyo Ohka Kogyo Co., Ltd.		61,287
	20,600	Toray Industries, Inc.		115,099
	4,700	Tosoh Corp.		55,728
	1,200	Toyo Ink SC Holdings Co., Ltd.		18,171
	3,400	Toyobo Co., Ltd.		24,393
	2,500	UBE Corp.		42,970
	6,147	Umicore SA		171,818
	700	Valqua, Ltd.		19,165
	2,109	Victrex plc		37,269
	657	Wacker Chemie AG		90,152
	2,524	Yara International ASA		89,157
	4,100	Zeon Corp.		39,758
				9,870,317
Commercial Services & Supplies (1.2%):
	800	AEON Delight Co., Ltd.		17,085
	50,079	AMA Group, Ltd.*		3,340
	1,755	Befesa SA(a)		67,017
	896	Bilfinger SE		34,815
	1,670	Black Diamond Group, Ltd.		7,628
	600	Boyd Group Services, Inc.		114,487
	20,065	Brambles, Ltd.		193,078
	3,798	Bravida Holding AB(a)		36,513
	200	Calian Group, Ltd.		9,290
	1,939	Caverion Oyj		18,050
	300	Central Security Patrols Co., Ltd.		5,894
	338	Cewe Stiftung & Co. KGAA		33,629
	45,478	Cleanaway Waste Management, Ltd.		78,694
	3,808	Coor Service Management Holding AB(a)		18,687
	2,400	CTS Co., Ltd.		12,333
	2,500	Dai Nippon Printing Co., Ltd.		70,889
	1,100	Daiseki Co., Ltd.		31,032
	6,041	De La Rue plc*		3,660
	3,731	Derichebourg SA		20,747
	2,180	Dexterra Group, Inc.		9,447
	262	DO & CO AG		35,792
	25,522	Downer EDI, Ltd.		70,250
	1,100	Duskin Co., Ltd.		24,588
	7,916	Elis SA		153,869
	300	GDI Integrated Facility Services, Inc.*		9,449
	1,600	GFL Environmental, Inc.		62,135
	435	GL Events*		9,368
	900	Inaba Seisakusho Co., Ltd.		10,242
	2,297	Intrum AB^		14,930
	1,400	Inui Global Logistics Co., Ltd.^		12,708
	6,544	ISS A/S		138,719
	1,800	Itoki Corp.		12,544
	1,900	Japan Elevator Service Holdings Co., Ltd.		24,969
	14,225	Johnson Service Group plc		18,687
	1,700	Kokuyo Co., Ltd.		23,416

Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	400	Kyodo Printing Co., Ltd.	$	8,808
	2,302	Lassila & Tikanoja Oyj		25,038
	2,739	Loomis AB		80,012
	700	Matsuda Sangyo Co., Ltd.		11,073
	5,449	Mears Group plc		20,133
	39,904	Mitie Group plc		48,974
	2,000	Mitsubishi Pencil Co., Ltd.		23,357
	1,400	NAC Co., Ltd.		9,332
	15,900	Nippon Parking Development Co., Ltd.		24,830
	1,600	Okamura Corp.		21,293
	1,100	Oyo Corp.		15,383
	3,300	Park24 Co., Ltd.*		44,695
	1,100	Pilot Corp.		34,942
	2,400	Prestige International, Inc.		10,190
	22,243	Prosegur Cash SA(a)		14,441
	13,654	Prosegur Cia de Seguridad SA		24,270
	2,900	RB Global, Inc.		174,053
	4,183	Renewi plc*		27,351
	15,115	Rentokil Initial plc		118,040
	900	Sato Holdings Corp.		12,217
	952	Sdiptech AB*		23,607
	95	Seche Environnement SA		11,732
	700	Secom Co., Ltd.		47,404
	10,316	Securitas AB, Class B		84,755
	26,399	Serco Group plc		52,193
	3,154	Smart Metering Systems plc		27,582
	895	Societe BIC SA		51,306
	11,000	Sohgo Security Services Co., Ltd.		62,295
	4,783	SPIE SA		154,645
	700	Studio Alice Co., Ltd.		10,790
	1,300	Takara & Co., Ltd.		21,081
	1,817	Takkt AG		27,611
	3,880	TOPPAN, INC.		83,839
	2,000	TRE Holdings Corp.		17,308
	418	Waste Connections, Inc.		59,745
	800	Waste Connections, Inc.		114,347
				3,006,653
Communications Equipment (0.3%):
	2,301	ADTRAN Holdings, Inc.		24,230
	485	ADVA Optical Networking SE*		10,467
	700	Aiphone Co., Ltd.		11,743
	700	DKK Co., Ltd.		10,807
	700	Evertz Technologies, Ltd.		7,266
	1,320	HMS Networks AB		64,690
	500	Icom, Inc.		10,101
	23,787	Nokia Oyj, ADR		98,954
	40,815	Nokia Oyj		171,265
	10,200	Quarterhill, Inc.		11,358
	418	RTX A/S*		6,626
	10,363	Spirent Communications plc		21,551
	684	Telefonaktiebolaget LM Ericsson, Class A		3,895
	32,274	Telefonaktiebolaget LM Ericsson, Class B		176,088
	510	Vantiva SA		118
	5,700	VTech Holdings, Ltd.		37,457
				666,616
Construction & Engineering (1.7%):
	705	Ackermans & Van Haaren NV		116,239
	4,506	ACS Actividades de Construccion y Servicios SA		158,415
	3,353	Aecon Group, Inc.		31,313

See accompanying notes to the financial statements.

10

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	1,375	AF Gruppen ASA	$	17,061
	600	Asanuma Corp.		13,636
	1,130	Ashtrom Group, Ltd.		15,713
	1,410	Badger Infrastructure Solutions, Ltd.		28,634
	16,103	Balfour Beatty plc		69,776
	1,400	Bird Construction, Inc.		8,920
	16,800	Boustead Singapore, Ltd.		10,439
	4,747	Bouygues SA		159,416
	209	Burkhalter Holding AG		21,506
	8,000	Central New Energy Holding Group, Ltd.*		19,265
	4,600	Chiyoda Corp.*		11,379
	1,700	Chudenko Corp.		27,232
	494	Cie d’Entreprises CFE SA		4,990
	2,621	COMSYS Holdings Corp.		51,836
	6,098	Costain Group plc*		3,557
	500	CTI Engineering Co., Ltd.		12,803
	500	Dai-Dan Co., Ltd.		9,495
	900	Daiho Corp.		24,268
	335	Dredging Environmental Marine Engineering NV*		45,723
	3,135	Eiffage SA		327,341
	2,783	Elecnor SA		39,513
	44	Electra, Ltd./Israel		18,300
	7,737	Eltel AB*(a)		5,316
	37,002	Empresas ICA SAB de C.V.*(b)		—
	3,700	EXEO Group, Inc.		74,438
	916	Ferrovial SE*		28,999
	2,073	Fomento de Construcciones y Contratas SA*^		26,679
	440	Fudo Tetra Corp.		5,611
	4,855	Fugro NV*		75,507
	200	Fukuda Corp.		6,764
	4,363	Galliford Try Holdings plc		10,795
	6,000	Hazama Ando Corp.		44,848
	1,929	Heijmans NV		22,826
	600	Hibiya Engineering, Ltd.		9,232
	1,127	HOCHTIEF AG		97,354
	783	Implenia AG, Registered Shares		38,049
	8,136	INFRONEER Holdings, Inc.		76,531
	5,765	Instalco AB		28,782
	4,600	JGC Holdings Corp.		59,967
	5,561	Johns Lyng Group, Ltd.		19,813
	6,000	Kajima Corp.		90,764
	3,000	Kandenko Co., Ltd.		24,168
	3,807	Keller Group plc		33,836
	19,638	Kier Group plc*		18,779
	2,500	Kinden Corp.		33,860
	15,900	Koninklijke BAM Groep NV		30,636
	1,600	Kumagai Gumi Co., Ltd.		34,270
	9,546	Maire Tecnimont SpA		36,983
	31,500	MECOM Power And Construction, Ltd.		3,992
	1,700	Meisei Industrial Co., Ltd.		11,670
	3,300	MIRAIT ONE corp.		41,613
	1,475	Monadelphous Group, Ltd.		11,578
	1,922	Morgan Sindall Group plc		44,782
	11,996	Mota-Engil SGPS SA		29,405
	3,087	NCC AB, Class B		26,998
	1,000	Nichireki Co., Ltd.		12,797
	1,600	Nippon Densetsu Kogyo Co., Ltd.		21,958
	700	Nippon Koei Co., Ltd.		18,145
	100	Nippon Road Co., Ltd. (The)		6,498

Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	1,000	Nishimatsu Construction Co., Ltd.	$	24,341
	20,879	NRW Holdings, Ltd.		35,355
	9,700	Obayashi Corp.		84,062
	41,702	Obrascon Huarte Lain SA*		21,250
	1,100	Okumura Corp.		31,176
	8,600	Oriental Shiraishi Corp.		18,456
	3,037	OX2 AB*		20,545
	5,969	Peab AB		23,756
	8,700	Penta-Ocean Construction Co., Ltd.		46,875
	726	Per Aarsleff Holding A/S		35,753
	1,500	Raito Kogyo Co., Ltd.		20,694
	2,400	Raiznext Corp.		24,765
	2,472	Renew Holdings plc		23,357
	9,823	Sacyr SA		33,602
	1,900	Sanki Engineering Co., Ltd.		20,010
	1,700	Seikitokyu Kogyo Co., Ltd.		16,741
	40,165	Service Stream, Ltd.		21,639
	16,220	Severfield plc		13,979
	3,211	Shapir Engineering And Indus		22,164
	4,869	Shikun & Binui, Ltd.*		10,461
	6,700	Shimizu Corp.		42,318
	1,500	Shinnihon Corp.		13,279
	700	SHO-BOND Holdings Co., Ltd.		27,873
	5,098	Skanska AB, Class B		71,551
	4,101	SNC-Lavalin Group, Inc.		107,587
	761	Stantec, Inc.		49,690
	1,244	Stantec, Inc.		81,134
	600	Sumitomo Densetsu Co., Ltd.		12,963
	6,980	Sumitomo Mitsui Construction		17,958
	3,299	Sweco AB		36,349
	700	Taihei Dengyo Kaisha, Ltd.		20,756
	800	Taikisha, Ltd.		22,812
	2,000	Taisei Corp.		69,960
	1,400	Takamatsu Construction Group C		25,203
	400	Tekken Corp.		5,735
	900	TOA Corp.		19,470
	800	TOA Road Corp.		25,948
	1,630	Tobishima Corp.		14,404
	6,900	Toda Corp.		38,846
	400	Toenec Corp.		10,007
	1,000	Tokyo Energy & Systems, Inc.		6,788
	5,100	Tokyu Construction Co., Ltd.		26,406
	1,100	Totetsu Kogyo Co., Ltd.		20,482
	4,300	Toyo Construction Co., Ltd.		32,388
	2,100	Toyo Engineering Corp.*		8,632
	5,031	Veidekke ASA		53,924
	3,593	Vinci SA		417,565
	900	Wakachiku Construction Co., Ltd.		19,882
	864	WSP Global, Inc.		114,161
	1,700	Yahagi Construction Co., Ltd.		14,633
	1,200	Yokogawa Bridge Holdings Corp.		21,126
	1,200	Yurtec Corp.		7,197
				4,417,021
Construction Materials (0.8%):
	13,883	Adbri, Ltd.		22,219
	1,800	Asia Pile Holdings Corp.		7,738
	8,279	Boral, Ltd.*^		22,309
	2,289	Breedon Group plc		9,477
	2,976	Brickworks, Ltd.		53,040

See accompanying notes to the financial statements.

11

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Construction Materials, continued
	2,616	Buzzi SpA	$	65,604
	5,942	CRH plc		328,160
	6,726	CRH plc, ADR		374,840
	15,999	CSR, Ltd.		55,621
	6,288	Forterra PLC(a)		12,919
	1,160	H+H International A/S, Class B*		13,890
	2,630	Heidelberg Materials AG		215,942
	5,589	Holcim AG		375,868
	13,005	Ibstock plc(a)		23,125
	979	Imerys SA		38,161
	4,832	James Hardie Industries plc		128,775
	400	Krosaki Harima Corp.		24,742
	600	Maeda Kosen Co., Ltd.		13,360
	5,422	Marshalls plc		16,563
	2,500	Nippon Concrete Industries Co., Ltd.*		5,710
	405	RHI Magnesita NV		13,659
	500	Shinagawa Refractories Co., Ltd.		18,827
	123	STO SE & Co KGaA		20,612
	1,500	Sumitomo Osaka Cement Co., Ltd.		39,775
	3,500	Taiheiyo Cement Corp.		68,692
	1,300	TYK Corp.		3,098
	998	Vicat SA		31,704
	3,665	Wienerberger AG		112,238
				2,116,668
Consumer Finance (0.3%):
	10,300	ACOM Co., Ltd.		25,037
	4,300	AEON Financial Service Co., Ltd.		38,484
	7,800	Aiful Corp.		18,207
	8,198	Axactor ASA*		3,889
	1,411	Cembra Money Bank AG		117,106
	1,607	Credit Corp. Group, Ltd.		21,360
	5,300	Credit Saison Co., Ltd.		81,614
	18,226	FleetPartners Group, Ltd.*		31,410
	500	goeasy, Ltd.		41,741
	873	Gruppo MutuiOnline SpA*		29,384
	2,616	H&T Group plc		14,465
	5,740	Hoist Finance AB*(a)		14,892
	17,800	Hong Leong Finance, Ltd.		32,936
	14,415	International Personal Finance		20,585
	8,929	Isracard, Ltd.		37,284
	5,602	J Trust Co., Ltd.		16,880
	900	Jaccs Co., Ltd.		31,543
	5,600	Marui Group Co., Ltd.		97,934
	1,520	Orient Corp.		11,936
	213,600	Oshidori International Holdings, Ltd.*		6,131
	2,100	Premium Group Co., Ltd.		25,466
	4,452	Resurs Holding AB(a)		8,287
	8,965	Solvar, Ltd.		9,252
	38,000	Sun Hung Kai & Co., Ltd.		14,771
	10,046	Vanquis Banking Group plc		24,359
				774,953
Consumer Staples Distribution & Retail (2.1%):
	702	Acomo NV		16,773
	6,800	Aeon Co., Ltd.		139,212
	3,600	Aeon Hokkaido Corp.		21,793
	500	Ain Holdings, Inc.		17,615
	5,972	Alimentation Couche-Tard, Inc.		306,264
	1,200	Arcs Co., Ltd.		20,541
	1,537	Axfood AB		32,524

Shares			Value
Common Stocks, continued
Consumer Staples Distribution & Retail, continued
	800	Axial Retailing, Inc.	$	20,156
	600	Belc Co., Ltd.		26,764
	16,423	Carrefour SA^		311,205
	1,395	Casino Guichard Perrachon SA*^		6,205
	1,100	Cawachi, Ltd.		16,799
	11,638	Coles Group, Ltd.		143,005
	500	Cosmos Pharmaceutical Corp.		50,611
	1,300	Create SD Holdings Co., Ltd.		32,093
	500	Daikokutenbussan Co., Ltd.		18,537
	12,300	DFI Retail Group Holdings, Ltd.		33,750
	439	DocMorris AG*^		19,141
	5,851	Empire Co., Ltd., Class A		166,219
	16,402	Endeavour Group, Ltd.		69,074
	2,403	Etablissements Franz Colruyt NV		90,514
	1,000	G-7 Holdings, Inc.		9,144
	500	Genky Drugstores Co., Ltd.		15,319
	1,093	George Weston, Ltd.		129,236
	8,123	GrainCorp, Ltd.		42,565
	3,300	H2O Retailing Corp.		33,679
	500	Halows Co., Ltd.		13,538
	1,600	Heiwado Co., Ltd.		23,949
	4,087	HelloFresh SE*		101,046
	10,000	Hong Kong Technology Venture Co., Ltd.		5,712
	200	Itochu-Shokuhin Co., Ltd.		7,208
	38,492	J Sainsbury plc		131,751
	2,965	Jeronimo Martins SGPS SA		81,738
	600	JM Holdings Co., Ltd.		8,318
	600	Kato Sangyo Co., Ltd.		16,496
	2,074	Kesko Oyj, Class A		39,451
	9,149	Kesko Oyj, Class B		172,167
	2,100	Kobe Bussan Co., Ltd.		54,290
	15,019	Koninklijke Ahold Delhaize NV		512,246
	900	Kusuri NO Aoki Holdings Co., Ltd.		50,778
	1,000	Lawson, Inc.		44,427
	800	Life Corp.		17,030
	1,564	Loblaw Cos., Ltd.		143,199
	215	M Yochananof & Sons, Ltd.		9,565
	89,548	Marks & Spencer Group plc*		219,042
	780	MatsukiyoCocokara & Co.		43,836
	29,776	Metcash, Ltd.		74,819
	4,561	METRO AG*		37,022
	3,517	Metro, Inc.		198,658
	600	Ministop Co., Ltd.		6,021
	900	Mitsubishi Shokuhin Co., Ltd.		23,293
	1,200	Nihon Chouzai Co., Ltd.		9,826
	1,801	North West Co., Inc.		42,693
	4,602	Ocado Group plc*		33,242
	1,100	Oisix ra daichi, Inc.*		18,880
	3,500	Okuwa Co., Ltd.		20,362
	10,925	Olam Group, Ltd.		11,272
	1,200	Qol Holdings Co., Ltd.		14,477
	1,094	Rallye SA*		675
	337	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		19,952
	1,000	Retail Partners Co., Ltd.		11,100
	600	San-A Co., Ltd.		18,992
	9,500	Seven & i Holdings Co., Ltd.		410,803
	28,900	Sheng Siong Group, Ltd.		35,057
	4,880	Shufersal, Ltd.*		25,552

See accompanying notes to the financial statements.

12

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Consumer Staples Distribution & Retail, continued
	1,454	Sligro Food Group NV	$	25,031
	38,447	Sonae SGPS SA		37,816
	1,000	Sugi Holdings Co., Ltd.		44,682
	2,200	Sundrug Co., Ltd.		65,275
	109,845	Tesco plc		347,057
	1,100	Tsuruha Holdings, Inc.		81,977
	2,100	United Supermarkets Holdings		16,241
	2,200	Valor Holdings Co., Ltd.		30,601
	1,400	Watahan & Co., Ltd.		13,320
	1,400	Welcia Holdings Co., Ltd.		29,133
	8,899	Woolworths Group, Ltd.		236,068
	800	YAKUODO Holdings Co., Ltd.		14,125
	700	Yamatane Corp.		8,388
	700	Yaoko Co., Ltd.		35,156
	2,800	Yokorei Co., Ltd.		22,809
				5,504,900
Containers & Packaging (0.7%):
	5,896	Billerud AB		44,878
	4,231	Cascades, Inc.		37,340
	2,180	CCL Industries, Inc.		107,173
	2,123	Corticeira Amorim SGPS SA		22,411
	49,509	DS Smith plc		171,476
	2,100	FP Corp.		42,795
	1,900	Fuji Seal International, Inc.		20,127
	1,000	Hokkan Holdings, Ltd.		9,632
	4,029	Huhtamaki Oyj		132,327
	282	Mayr Melnhof Karton AG		41,279
	29,583	Orora, Ltd.		65,266
	500	Pack Corp. (The)		10,429
	6,607	Pact Group Holdings, Ltd.		2,898
	5,300	Rengo Co., Ltd.		32,713
	9,671	SIG Group AG		267,352
	9,501	Smurfit Kappa Group plc		317,106
	500	Taisei Lamick Co., Ltd.		10,119
	600	Tomoku Co., Ltd.		8,659
	3,900	Toyo Seikan Group Holdings, Ltd.		57,608
	3,570	Transcontinental, Inc., Class A		39,511
	3,356	Verallia SA(a)		125,990
	750	Vetropack Holding AG		34,804
	394	Vidrala SA		37,172
	1,500	Winpak, Ltd.		46,667
	840	Zignago Vetro SpA		14,344
				1,700,076
Distributors (0.1%):
	600	Arata Corp.		19,635
	13,299	Bapcor, Ltd.		52,955
	1,300	Central Automotive Products, Ltd.		28,724
	143	D’ieteren Group		25,286
	1,000	Doshisha Co., Ltd.		16,132
	4,313	Headlam Group plc		13,637
	10,500	Inchcape plc		103,754
	500	Media Do Co., Ltd.*		4,965
	1,000	PALTAC Corp.		33,292
	85	Tadiran Group, Ltd.		6,492
	1,142	Uni-Select, Inc.*		40,564
				345,436
Diversified Consumer Services (0.2%):
	3,986	AcadeMedia AB(a)		18,633

Shares			Value
Common Stocks, continued
Diversified Consumer Services, continued
	900	Aucnet, Inc.	$	10,684
	2,060	Auction Technology Group plc*		19,557
	3,500	Benesse Holdings, Inc.		44,765
	33,000	EC Healthcare		17,606
	44,648	G8 Education, Ltd.		31,000
	1,700	IBJ, Inc.^		7,899
	2,039	IDP Education, Ltd.		30,144
	1,407	InvoCare, Ltd.		11,825
	1,200	LITALICO, Inc.		19,384
	400	Park Lawn Corp.		7,347
	2,872	Pearson plc, ADR		30,099
	10,656	Pearson plc		112,281
	25,000	Perfect Medical Health Management, Ltd.		12,427
	900	QB Net Holdings Co., Ltd.		9,264
	2,600	Riso Kyoiku Co., Ltd.		4,770
				387,685
Diversified Telecommunication Services (2.2%):
	900	ARTERIA Networks Corp.		12,328
	500	BCE, Inc.		22,799
	492	BCE, Inc.^		22,430
	36,338	Bezeq The Israeli Telecommunication Corp., Ltd.		44,523
	235,035	BT Group plc		365,618
	2,538	Cellnex Telecom SA(a)		102,881
	9,678	Chorus, Ltd.		50,068
	90,000	CITIC Telecom International Holdings, Ltd.		34,502
	49,579	Deutsche Telekom AG		1,080,567
	3,680	Elisa Oyj		196,538
	2,209	Gamma Communications plc		32,059
	14,874	Helios Towers plc*		17,616
	27,500	HKBN, Ltd.		14,858
	121,295	HKT Trust & HKT, Ltd.		141,277
	4,964	Infrastrutture Wireless Italiane SpA(a)		65,536
	2,700	Internet Initiative Japan, Inc.		50,563
	85,966	Koninklijke KPN NV		306,860
	1,449	Liberty Global plc, Class A*		24,430
	2,495	Liberty Global plc, Class C*		44,336
	41,300	NETLINK NBN TRUST		26,125
	147,500	Nippon Telegraph & Telephone Corp.		174,790
	8,252	NOS SGPS SA		29,361
	67,969	Orange SA		794,910
	314	Ovzon AB*		712
	107,202	PCCW, Ltd.		55,621
	2,714	Proximus SADP		20,223
	4,571	RAI Way SpA(a)		27,496
	22,500	Singapore Telecommunications, Ltd.		41,697
	12,201	Spark New Zealand, Ltd.		38,124
	12,209	Superloop, Ltd.*		4,716
	696	Swisscom AG, Registered Shares		434,326
	144,076	Telecom Italia SpA*		39,346
	354,298	Telecom Italia SpA*		99,885
	43,683	Telefonica Deutschland Holding AG		122,747
	144,059	Telefonica SA		584,367
	4,768	Telekom Austria AG		35,289
	2,611	Telenor ASA		26,479
	46,925	Telia Co. AB		102,946
	36,908	Telstra Group, Ltd.		105,908
	669	TELUS Corp.		13,020
	11,015	TPG Telecom, Ltd.		35,840
	7,091	Tuas, Ltd.*		9,929

See accompanying notes to the financial statements.

13

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	1,767	United Internet AG Npv	$	24,878
	1,446	United Internet AG, Registered Shares		20,359
	900	Usen-Next Holdings Co., Ltd.		21,208
	1,900	Vision, Inc.*		24,392
				5,544,483
Electric Utilities (1.2%):
	620	Acciona SA		105,286
	524	BKW AG		92,588
	6,100	Chubu Electric Power Co., Inc.		74,502
	7,100	Chugoku Electric Power Co., Inc. (The)*		47,916
	7,000	CK Infrastructure Holdings, Ltd.		37,055
	12,564	CLP Holdings, Ltd.		97,796
	8,510	Contact Energy, Ltd.		42,310
	28,319	EDP - Energias de Portugal SA		138,604
	211	Elia Group SA/NV		26,802
	2,600	Emera, Inc.		107,094
	4,828	Endesa SA^		103,708
	75,038	Enel SpA		505,429
	240	Energiedienst Holding AG, Registered Shares		10,454
	1,538	EVN AG		34,062
	2,970	Fortis, Inc.		128,006
	1,708	Fortis, Inc.		73,598
	6,018	Fortum Oyj		80,583
	16,682	Genesis Energy, Ltd.		27,978
	64,500	HK Electric Investments & HK Electric Investments, Ltd.		38,616
	7,700	Hokkaido Electric Power Co., Inc.*		31,723
	3,500	Hokuriku Electric Power Co.*		18,871
	3,200	Hydro One, Ltd.(a)		91,439
	22,664	Iberdrola SA		296,006
	6,924	Infratil, Ltd.		43,172
	6,700	Kansai Electric Power Co., Inc. (The)		84,186
	7,200	Kyushu Electric Power Co., Inc.*		45,908
	1,800	Okinawa Electric Power Co., Inc. (The)*		14,372
	24,174	Origin Energy, Ltd.		135,104
	744	Orsted AS(a)		70,302
	12,000	Power Assets Holdings, Ltd.		62,945
	5,809	Red Electrica Corp. SA^		97,542
	275	Romande Energie Holding SA		16,322
	3,300	Shikoku Electric Power Co., Inc.*		22,468
	5,596	SSE plc		131,077
	13,299	Terna - Rete Elettrica Nazionale		113,270
	8,300	Tohoku Electric Power Co., Inc.*		51,365
	14,400	Tokyo Electric Power Co. Holdings, Inc.*		52,820
	667	Verbund AG, Class A		53,564
				3,204,843
Electrical Equipment (1.2%):
	13,248	ABB, Ltd., Registered Shares		521,432
	3,582	Accelleron Industries AG		85,706
	138	Alfen Beheer B.V.*(a)		9,282
	6,056	Ballard Power Systems, Inc.*		26,517
	600	Chiyoda Integre Co., Ltd.		10,060
	700	Daihen Corp.		27,123
	1,300	Denyo Co., Ltd.		18,669
	947	DiscoverIE Group plc		10,101
	123	Energiekontor AG		9,411
	5,261	Fagerhult AB		33,371
	1,900	Fuji Electric Co., Ltd.		83,735
	3,300	Fujikura, Ltd.		27,732

Shares			Value
Common Stocks, continued
Electrical Equipment, continued
	2,400	Furukawa Electric Co., Ltd. (The)	$	42,522
	1,200	Futaba Corp.		4,020
	485	GARO AB		2,827
	38	Gavazzi Carlo Holding AG		16,004
	1,600	GS Yuasa Corp.		31,432
	3,993	Hexatronic Group AB		29,809
	400	Hirakawa Hewtech Corp.		4,432
	751	Huber & Suhner AG, Registered Shares		61,922
	1,600	Idec Corp./Japan		36,957
	2,504	Legrand SA		248,377
	1,600	Mabuchi Motor Co., Ltd.		44,651
	892	Mersen		40,437
	8,600	Mitsubishi Electric Corp.		120,866
	15,831	NEL ASA*		18,588
	971	Nexans SA		84,255
	3,400	NIDEC CORP.		186,904
	500	Nippon Carbon Co., Ltd.		15,115
	1,500	Nitto Kogyo Corp.		37,234
	446	NKT A/S*^		27,037
	1,787	NKT A/S*^		108,328
	2,825	Nordex Se*		34,298
	17	Phoenix Mecano AG, Registered Shares		7,257
	2,550	PNE AG		39,393
	2,276	Prysmian SpA		95,319
	400	Sanyo Denki Co., Ltd.		21,582
	1,661	Schneider Electric SE		302,717
	200	SEC Carbon, Ltd.		14,754
	2,150	SGL Carbon SE*		19,778
	3,210	Siemens Energy AG*		56,657
	5,778	Signify NV(a)		162,004
	1,000	Sinfonia Technology Co., Ltd.		12,000
	1,500	SWCC Corp.		20,054
	900	Takaoka Toko Co., Ltd.		13,475
	1,055	Tera Light, Ltd.*		1,511
	1,412	TKH Group NV		70,034
	600	Toyo Tanso Co., Ltd.		21,517
	3,400	Ushio, Inc.		45,928
	140	Varta AG*^		2,869
	7,197	Vestas Wind Systems A/S*		191,245
	4,213	Volex plc		15,218
				3,172,466
Electronic Equipment, Instruments & Components (1.8%):
	2,100	A&D HOLON Holdings Co., Ltd.		26,236
	600	Ai Holdings Corp.		9,688
	5,560	Alps Alpine Co., Ltd.		48,514
	247	ALSO Holding AG, Registered Shares		53,234
	1,800	Amano Corp.		38,027
	3,300	Anritsu Corp.		28,002
	1,200	Arisawa Manufacturing Co., Ltd.		9,275
	883	Austria Technologie & Systemte		31,704
	1,100	Azbil Corp.		34,812
	868	Barco N.V.		21,650
	675	Basler AG		12,594
	900	Canon Electronics, Inc.		12,667
	1,300	Canon Marketing Japan, Inc.		32,410
	4,904	Celestica, Inc.*		71,194
	157	Cicor Technologies, Ltd., Registered Shares*		7,545
	5,800	Citizen Watch Co., Ltd.		35,027
	3,400	CMK Corp.		13,206

See accompanying notes to the financial statements.

14

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	3,981	Codan, Ltd./Australia	$	21,400
	339	Comet Holding AG, Class R		86,559
	19,000	Cowell e Holdings, Inc.*		35,223
	2,800	Dexerials Corp.		61,499
	4,918	Dicker Data, Ltd.		26,924
	4,443	Dustin Group AB*(a)		12,332
	1,100	Elematec Corp.		14,006
	2,721	Esprinet SpA		16,553
	9,777	Fingerprint Cards AB*		1,669
	113,000	FIT Hon Teng, Ltd.*(a)		20,109
	2,100	Furuno Electric Co., Ltd.		15,547
	400	Hagiwara Electric Co., Ltd.		9,494
	500	Hakuto Co., Ltd.		19,401
	2,389	Halma plc		69,142
	2,100	Hamamatsu Photonics KK		103,099
	8,681	Hexagon AB, Class B		106,928
	500	Hioki EE Corp.		32,623
	300	Hirose Electric Co., Ltd.		39,934
	1,200	Hochiki Corp.		14,967
	1,300	Horiba, Ltd.		74,691
	2,600	Hosiden Corp.		32,646
	2,000	Ibiden Co., Ltd.		113,424
	1,122	Incap Oyj*		12,343
	76	Inficon Holding AG, Registered Shares		91,707
	400	I-PEX, Inc.		3,746
	300	Iriso Electronics Co., Ltd.		8,743
	2,300	Japan Aviation Electronics Industry, Ltd.		48,186
	1,100	Japan Cash Machine Co., Ltd.		9,051
	1,027	Jenoptik AG		35,254
	1,000	Kaga Electronics Co., Ltd.		44,600
	800	Keyence Corp.		378,374
	1,422	Kitron ASA		5,769
	1,200	Koa Corp.		15,093	��
	2,100	Kyocera Corp.		114,160
	3,500	Kyosan Electric Manufacturing Co., Ltd.		12,216
	5,339	Lagercrantz Group AB, B Shares		68,882
	527	Landis+Gyr Group AG		45,245
	24	Lem Holding SA, Registered Shares		60,081
	900	Macnica Holdings, Inc.		37,576
	400	Maruwa Co., Ltd./Aichi		62,073
	1,900	Maxell Holdings, Ltd.		21,161
	900	Meiko Electronics Co., Ltd.		17,036
	978	Micronic Mydata AB		24,250
	2,414	Midwich Group plc		13,443
	5,000	Murata Manufacturing Co., Ltd.		286,929
	6,697	NCAB Group AB		52,194
	267	Nederland Apparatenfabriek		16,960
	2,800	Nichicon Corp.		29,896
	2,200	Nihon Dempa Kogyo Co., Ltd.		19,918
	600	Nippon Chemi-Con Corp.*		5,251
	3,400	Nippon Electric Glass Co., Ltd.		59,944
	3,400	Nippon Signal Co., Ltd.		25,406
	1,800	Nissha Co., Ltd.		21,113
	600	Nohmi Bosai, Ltd.		7,547
	685	Note AB*		14,429
	21,631	Novonix, Ltd.*^		14,376
	3,600	Oki Electric Industry Co., Ltd.		22,557
	1,200	Omron Corp.		73,518
	1,200	Optex Group Co., Ltd.		16,924

Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	3,000	Osaki Electric Co., Ltd.	$	11,465
	1,467	Oxford Instruments plc		50,881
	3,149	Pricer AB		2,085
	324	Renishaw plc		16,052
	1,100	Restar Holdings Corp.		18,750
	600	Riken Keiki Co., Ltd.		24,108
	1,400	RYODEN CORP.		21,480
	1,100	Ryosan Co., Ltd.		33,515
	1,800	Satori Electric Co., Ltd.		21,245
	315	Sensirion Holding AG*(a)		34,505
	221	Sesa SpA		27,582
	400	Shibaura Electronics Co., Ltd.		18,495
	2,300	Shimadzu Corp.		71,213
	1,200	Shinko Shoji Co., Ltd.		9,852
	2,000	Siix Corp.		21,919
	3,256	Softwareone Holding AG		64,726
	1,453	Spectris plc		66,324
	6,120	Strix Group plc		7,976
	2,000	Sumida Corp.		20,415
	700	Suzuden Corp.		10,872
	700	Tachibana Eletech Co., Ltd.		14,473
	3,900	Taiyo Yuden Co., Ltd.		111,572
	2,500	Tamura Corp.		11,648
	7,100	TDK Corp.		274,949
	245	Telsys, Ltd.		16,364
	400	Tokyo Electron Device, Ltd.		29,510
	4,300	Topcon Corp.		62,937
	1,300	Toyo Corp.		13,018
	7,103	TT Electronics plc		14,225
	100	V Technology Co., Ltd.		1,689
	312	Vaisala Oyj, Class A		14,349
	7,600	Venture Corp., Ltd.		83,027
	44,000	VSTECS Holdings, Ltd.		22,695
	2,200	Yokogawa Electric Corp.		40,378
	1,100	Yokowo Co., Ltd.		14,228
				4,488,428
Energy Equipment & Services (0.4%):
	7,314	Akastor ASA*		7,539
	5,393	Aker Solutions ASA		19,528
	4,735	Borr Drilling, Ltd.*		35,655
	2,991	BW Offshore, Ltd.		7,304
	3,100	Calfrac Well Services, Ltd.*		8,987
	5,874	CES Energy Solutions Corp.		11,619
	29,491	CGG SA*		22,412
	4,726	Computer Modelling Group, Ltd.		23,762
	6,058	Enerflex, Ltd.		41,253
	8,606	Ensign Energy Services, Inc.*		12,279
	106,730	Ezion Holdings, Ltd.*(b)		—
	6,704	Hunting plc		16,968
	18,612	John Wood Group plc*		32,044
	15,579	MMA Offshore, Ltd.*		11,964
	1,000	Modec, Inc.*		9,727
	679	Noble Corp. plc*		27,640
	2,400	North American Construction Group, Ltd.		45,931
	7,269	Odfjell Drilling, Ltd.*		17,518
	1,211	Odfjell Technology, Ltd.		5,008
	4,150	Pason Systems, Inc.		35,998
	7,745	Petrofac, Ltd.*^		7,801
	21,614	PGS ASA*		12,011

See accompanying notes to the financial statements.

15

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	518	Precision Drilling Corp.*	$	25,290
	6,132	SBM Offshore NV		84,104
	174	Schoeller-Blackman Oilfield Equipment AG		10,087
	4,677	Secure Energy Services, Inc.		22,386
	3,900	Shawcor, Ltd.*		56,413
	10,677	Shelf Drilling, Ltd.*(a)		19,595
	1,890	Subsea 7 SA		23,521
	6,127	Technip Energies NV		141,043
	2,437	Tecnicas Reunidas SA*		22,187
	1,822	Tenaris SA, ADR		54,569
	1,938	Tenaris SA		28,997
	2,965	TGS ASA		44,063
	900	Total Energy Services, Inc.		5,972
	400	Toyo Kanetsu KK		9,506
	13,311	Trican Well Service, Inc.		35,473
	6,232	Vallourec SA*		73,564
	5,378	Worley, Ltd.		56,888
				1,126,606
Entertainment (0.7%):
	800	Akatsuki, Inc.		11,357
	996	Alma Media Oyj		10,025
	14,475	Arnoldo Mondadori Editore SpA		31,666
	900	Avex, Inc.		9,458
	1,951	Bloomsbury Publishing plc		10,801
	9,790	Bollore SE		61,003
	2,427	Borussia Dortmund GMBH & Co. KGaA*		11,556
	2,600	Capcom Co., Ltd.		103,056
	4,900	COLOPL, Inc.		22,185
	2,362	CTS Eventim AG & Co. KGaA		149,153
	1,800	Daiichikosho Co., Ltd.		31,755
	1,900	DeNA Co., Ltd.		24,739
	4,217	Embracer Group AB*		10,559
	5,146	EVT, Ltd.		40,435
	649	G5 Entertainment AB		12,016
	2,300	Gakken Holdings Co., Ltd.		13,833
	1,590	GungHo Online Entertainment, Inc.		31,270
	38,000	IGG, Inc.*		18,833
	1,600	Kadokawa Corp.		38,377
	11,007	Kahoot! ASA*		30,118
	400	Kinepolis Group NV		18,020
	1,800	Koei Tecmo Holdings Co., Ltd.		31,136
	1,300	Konami Group Corp.		68,132
	3,270	Modern Times Group MTG AB, Class B*		20,865
	1,100	Nexon Co., Ltd.		21,080
	7,700	Nintendo Co., Ltd.		350,292
	1,300	Proto Corp.		10,302
	12,118	Reach plc		10,246
	1,686	Rovio Entertainment Oyj(a)		16,792
	3,469	Sanoma Oyj		25,128
	1,693	Schibsted ASA, Class A		29,705
	2,626	Schibsted ASA, Class B		43,593
	800	Square Enix Holdings Co., Ltd.		37,254
	21,268	Stillfront Group AB*		35,655
	510	Technicolor Creative Studios SA*		19
	100	Toei Animation Co., Ltd.		9,249
	200	Toei Co., Ltd.		25,521
	600	Toho Co., Ltd.		22,829
	232	TX Group AG		27,748
	2,585	Ubisoft Entertainment SA*		73,061

Shares			Value
Common Stocks, continued
Entertainment, continued
	6,855	Universal Music Group NV	$	152,287
	700	UUUM, Inc.*		3,523
	5,570	WildBrain, Ltd.*		6,686
	700	Zenrin Co., Ltd.		4,492
				1,715,810
Financial Services (1.0%):
	1,439	ABC arbitrage		9,344
	75,136	AMP, Ltd.		56,784
	543	Aruhi Corp.		3,736
	9,449	Australian Finance Group, Ltd.		11,300
	1,684	Banca IFIS SpA		27,006
	4,561	Banca Mediolanum SpA		41,348
	1,622	BFF Bank SpA(a)		17,779
	4,759	Burford Capital, Ltd.		58,107
	17,310	Challenger, Ltd.		75,163
	6,016	Deutsche Pfandbriefbank AG^(a)		44,013
	2,280	doValue SpA(a)		10,545
	5,800	ECN Capital Corp.		11,691
	2,398	Edenred		160,557
	800	eGuarantee, Inc.		10,688
	12,359	Element Fleet Management Corp.		188,287
	5,345	EML Payments, Ltd.*		2,238
	1,164	Eurazeo SE		81,930
	1,100	Firm Capital Mortgage Investment Corp.		8,479
	900	First National Financial Corp.		25,799
	700	Fuyo General Lease Co., Ltd.		53,924
	200	GMO Financial Gate, Inc.		16,150
	400	GMO Payment Gateway, Inc.		31,231
	1,440	GRENKE AG		41,944
	20,600	G-Resources Group, Ltd.		5,024
	16,190	Helia Group, Ltd.		37,391
	2,112	Home Capital Group, Inc.		68,737
	88	Hypoport SE*		16,081
	757	Illimity Bank SpA		5,256
	800	Japan Investment Adviser Co., Ltd.		6,178
	4,600	Japan Securities Finance Co., Ltd.		35,843
	41,181	M&G plc		100,237
	24,420	Mitsubishi HC Capital, Inc.		145,522
	1,000	Mizuho Leasing Co., Ltd.		32,756
	900	NEC Capital Solutions, Ltd.		20,163
	1,200	Nuvei Corp.*(a)		35,440
	16,085	OFX Group, Ltd.*		21,350
	7,289	Omni Bridgeway, Ltd.*		12,723
	2,947	Onex Corp.		162,790
	12,100	ORIX Corp.		221,315
	14,873	OSB Group plc		91,070
	10,066	Paragon Banking Group plc		68,129
	2,696	PayPoint plc		16,547
	4,194	Plus500, Ltd.		78,027
	1,100	Ricoh Leasing Co., Ltd.		32,230
	16,000	Shandong Hi-Speed Holdings Group, Ltd.*		11,899
	3,600	Timbercreek Financial Corp.		20,248
	1,100	Tokyo Century Corp.		39,785
	5,213	Worldline SA*(a)		190,777
	1,600	Zenkoku Hosho Co., Ltd.		55,687
				2,519,248
Food Products (2.7%):
	9,302	a2 Milk Co, Ltd. (The)*		30,491
	1,441	AAK AB		27,121

See accompanying notes to the financial statements.

16

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Food Products, continued
	364	Agrana Beteiligungs AG	$	6,889
	2,200	Ajinomoto Co., Inc.		87,603
	42,791	Aryzta AG*		71,124
	3,966	Associated British Foods plc		100,580
	772	Atria Oyj		8,945
	2,327	Austevoll Seafood ASA		16,085
	9,834	Australian Agricultural Co., Ltd.*		9,605
	556	Bakkafrost P/F		33,279
	55	Barry Callebaut AG, Registered Shares		106,201
	8,561	Bega Cheese, Ltd.		16,325
	125	Bell Food Group AG		35,568
	854	Bonduelle S.C.A.		10,351
	1,500	Calbee, Inc.		28,418
	1	Chocoladefabriken Lindt & Spruengli AG		124,093
	800	Chubu Shiryo Co., Ltd.		5,876
	12,278	Cloetta AB		22,344
	22,633	Costa Group Holdings, Ltd.		41,254
	1,566	Cranswick plc		64,567
	2,881	Danone SA		176,522
	1,700	Delfi, Ltd.		1,626
	500	DyDo Group Holdings, Inc.		17,505
	2,372	Ebro Foods SA		41,828
	8,471	Elders, Ltd.		37,346
	71	Emmi AG		68,468
	1,200	Ezaki Glico Co., Ltd.		31,419
	108,669	First Pacific Co., Ltd.		37,711
	27,100	First Resources, Ltd.		27,959
	1,616	Forfarmers NV		4,855
	9,500	Fraser & Neave, Ltd.		7,567
	1,700	Fuji Oil Holdings, Inc.		23,544
	1,600	Fujicco Co., Ltd.		20,941
	5,629	Glanbia plc		84,206
	289,700	Golden Agri-Resources, Ltd.		52,819
	17,127	Greencore Group plc*		15,897
	1,502	Grieg Seafood ASA		9,405
	1,100	High Liner Foods, Inc.		11,551
	1,923	Hilton Food Group plc		15,236
	800	Hokuto Corp.		10,181
	1,800	House Foods Group, Inc.		40,108
	15,498	Inghams Group, Ltd.		27,188
	4,700	Itoham Yonekyu Holdings, Inc.		23,654
	300	Iwatsuka Confectionery Co., Ltd.		10,755
	1,642	JDE Peet’s NV		48,840
	600	J-Oil Mills, Inc.		6,677
	1,300	Kagome Co., Ltd.		28,482
	800	Kakiyasu Honten Co., Ltd.		12,908
	400	Kameda Seika Co., Ltd.		12,025
	700	Kenko Mayonnaise Co., Ltd.		6,442
	532	Kerry Group plc, Class A		51,903
	1,800	Kewpie Corp.		29,440
	1,600	Kikkoman Corp.		90,298
	400	Kotobuki Spirits Co., Ltd.		29,349
	363	KWS Saat SE		22,297
	500	Kyokuyo Co., Ltd.		12,561
	147	Lassonde Industries, Inc., Class A		11,604
	7,030	Leroy Seafood Group ASA		26,685
	19	Lotus Bakeries		150,711
	2,349	Maple Leaf Foods, Inc.		45,895
	1,200	Marudai Food Co., Ltd.		12,397

Shares			Value
Common Stocks, continued
Food Products, continued
	2,100	Maruha Nichiro Corp.	$	35,374
	1,700	Megmilk Snow Brand Co., Ltd.		23,066
	41	Mehadrin, Ltd.*		1,393
	3,200	MEIJI Holdings Co., Ltd.		71,494
	800	Mitsui Sugar Co., Ltd.		15,335
	1,300	Morinaga & Co., Ltd.		40,717
	1,100	Morinaga Milk Industry Co., Ltd.		36,042
	3,804	Mowi ASA		60,394
	23,835	Nestle SA, Registered Shares		2,868,740
	389	Neto Malinda Trading, Ltd.*		7,089
	2,400	NH Foods, Ltd.		64,994
	3,000	Nichirei Corp.		64,115
	1,200	Nippn Corp.		15,369
	800	Nippon Beet Sugar Manufacturing Co., Ltd.		10,369
	1,200	Nisshin Oillio Group, Ltd. (The)		28,564
	4,600	Nisshin Seifun Group, Inc.		56,852
	10,000	Nissin Foods Co., Ltd.		8,562
	300	Nissin Foods Holdings Co., Ltd.		24,782
	9,800	Nissui Corp.		44,029
	326	Orior AG		27,871
	4,786	Orkla ASA, Class A		34,384
	30,027	Premier Foods plc		48,640
	1,005	Premium Brands Holdings Corp.		79,309
	1,300	Prima Meat Packers, Ltd.		19,616
	8,255	Raisio Oyj, Class V		18,443
	11,830	Ridley Corp., Ltd.		15,801
	1,300	Riken Vitamin Co., Ltd.		19,336
	4,400	Rogers Sugar, Inc.		19,167
	600	S Foods, Inc.		13,133
	482	Salmar ASA		19,450
	2,346	Sanford, Ltd.		5,891
	1,456	Saputo, Inc.		32,624
	127	Savencia SA		8,067
	3,496	Scales Corp., Ltd.		6,768
	3,767	Scandi Standard AB		17,861
	476	Schouw & Co.		37,623
	2,919	Select Harvests, Ltd.		8,085
	800	Showa Sangyo Co., Ltd.		14,906
	306	Sipef NV		18,930
	114	Societe LDC SA		14,432
	600	Starzen Co., Ltd.		9,535
	847	Strauss Group, Ltd.*		19,103
	3,278	Suedzucker AG		58,398
	2,839	Synlait Milk, Ltd.*		2,911
	9,481	Tate & Lyle plc		87,537
	700	Toyo Suisan Kaisha, Ltd.		31,579
	580	UIE plc		15,391
	13,688	United Malt Grp, Ltd.*		40,155
	217	Vilmorin & Cie SA		14,821
	1,506	Viscofan SA		104,011
	18,000	Vitasoy International Holdings, Ltd.		22,458
	400	Warabeya Nichiyo Holdings Co., Ltd.		6,179
	285,415	WH Group, Ltd.(a)		151,684
	56,400	Wilmar International, Ltd.		158,863
	1,300	Yamazaki Baking Co., Ltd.		17,604
				6,941,370
Gas Utilities (0.4%):
	3,784	AltaGas, Ltd.		67,990
	11,063	APA Group		71,555

See accompanying notes to the financial statements.

17

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Gas Utilities, continued
	6,095	Ascopiave SpA	$	15,691
	1,871	Brookfield Infrastructure Corp., Class A		85,329
	7,172	Enagas SA		140,906
	154,850	Hong Kong & China Gas Co., Ltd.		133,928
	11,019	Italgas SpA		65,260
	800	K&O Energy Group, Inc.		12,614
	88,854	Keppel Infrastructure Trust		33,524
	2,211	Naturgy Energy Group SA		65,852
	4,400	Nippon Gas Co., Ltd.		61,681
	3,600	Osaka Gas Co., Ltd.		55,230
	2,476	Rubis SCA		60,126
	1,300	Saibu Gas Co., Ltd.		18,747
	1,300	Shizuoka Gas Co. Ltd.		10,597
	6,089	Snam SpA		31,818
	3,450	Superior Plus Corp.		24,717
	2,300	Toho Gas Co., Ltd.		39,907
	3,700	Tokyo Gas Co., Ltd.		80,845
				1,076,317
Ground Transportation (1.0%):
	6,379	ALD SA(a)		68,377
	74,632	Aurizon Holdings, Ltd.		195,416
	1,200	Canadian National Railway Co.		145,330
	1,849	Canadian National Railway Co.		223,858
	700	Canadian Pacific Kansas City, Ltd.		56,545
	724	Canadian Pacific Kansas City, Ltd.		58,478
	700	Central Japan Railway Co.		87,794
	1,200	Chilled & Frozen Logistics Holdings Co., Ltd.		10,558
	66,700	ComfortDelGro Corp., Ltd.		57,317
	1,500	East Japan Railway Co.		83,192
	33,074	FirstGroup plc		61,423
	1,200	Fukuyama Transporting Co., Ltd.		33,489
	3,400	Hankyu Hanshin Holdings, Inc.		112,628
	1,100	Ichinen Holdings Co., Ltd.		10,362
	206	Jungfraubahn Holding AG, Registered Shares		34,576
	4,900	Keikyu Corp.		43,243
	700	Keio Corp.		22,013
	1,200	Keisei Electric Railway Co., Ltd.		49,741
	1,783	Kelsian Group, Ltd.		8,675
	1,700	Kintetsu Group Holdings Co., Ltd.		58,910
	2,400	Kyushu Railway Co.		51,563
	400	Maruzen Showa Unyu Co., Ltd.		10,940
	7,711	MTR Corp., Ltd.		35,494
	3,900	Mullen Group, Ltd.		44,694
	3,800	Nagoya Railroad Co., Ltd.		61,117
	1,600	Nankai Electric Railway Co., Ltd.		35,767
	13,705	National Express Group plc		16,931
	2,200	Nikkon Holdings Co., Ltd.		44,011
	1,300	Nishi-Nippon Railroad Co., Ltd.		22,140
	588	NTG Nordic Transport Group A/S*		37,178
	2,300	Odakyu Electric Railway Co., Ltd.		30,828
	6,796	Redde Northgate plc		32,387
	500	Sakai Moving Service Co., Ltd.		17,390
	700	Sanyo Electric Railway Co., Ltd.		10,654
	3,900	Seibu Holdings, Inc.		40,198
	3,100	Seino Holdings Co., Ltd.		44,163
	628	Sixt SE		75,236
	762	Sixt SE		59,613
	1,000	Sotetsu Holdings, Inc.		17,646
	278	Stef S.A.		32,997

Shares			Value
Common Stocks, continued
Ground Transportation, continued
	1,198	TFI International, Inc.	$	136,505
	1,600	Tobu Railway Co., Ltd.		42,935
	3,913	Tourism Holdings, Ltd.*		9,292
	15,330	Transport International Holdings, Ltd.		19,391
	2,100	West Japan Railway Co.		87,405
				2,438,400
Health Care Equipment & Supplies (1.5%):
	6,242	Advanced Medical Solutions Group plc		17,925
	5,450	Alcon, Inc.		452,943
	1,228	Alcon, Inc.		100,831
	4,955	Ambu A/S, Class B*		81,064
	4,791	Ansell, Ltd.		85,673
	8,347	Arjo AB, Class B		30,275
	2,500	Asahi Intecc Co., Ltd.		49,161
	937	BioMerieux		98,328
	362	Carl Zeiss Meditec AG		39,139
	246	Cellavision AB		4,190
	464	Cochlear, Ltd.		70,984
	1,011	Coloplast A/S, Class B		126,421
	251	Coltene Holding AG, Registered Shares		19,859
	24,634	ConvaTec Group plc(a)		64,228
	3,130	Demant A/S*		132,468
	72	DiaSorin SpA		7,493
	238	Draegerwerk AG & Co. KGaA		9,764
	509	Draegerwerk AG & Co. KGaA		24,185
	458	Eckert & Ziegler Strahlen- und Medizintechnik AG		18,183
	1,600	Eiken Chemical Co., Ltd.		17,151
	1,278	El.En. SpA		15,345
	4,663	Elekta AB, Class B		36,077
	1,332	EssilorLuxottica SA		252,054
	2,109	Fisher & Paykel Healthcare Corp., Ltd.		31,686
	600	Fukuda Denshi Co., Ltd.		19,543
	2,575	Getinge AB, Class B		45,152
	405	Guerbet		7,521
	800	Hogy Medical Co., Ltd.		17,688
	2,500	Hoya Corp.		298,254
	537	Ion Beam Applications		8,957
	2,000	Japan Lifeline Co., Ltd.		14,362
	2,000	Jeol, Ltd.		71,320
	2,156	Koninklijke Philips Electronics NV, NYS*		46,764
	9,832	Koninklijke Philips NV*		212,747
	700	Mani, Inc.		8,302
	276	Medacta Group SA(a)		37,682
	849	Medmix AG(a)		22,458
	2,700	Menicon Co., Ltd.		47,287
	10	Metall Zug AG, Registered Shares		18,325
	2,400	Nakanishi, Inc.		53,242
	6,757	Nanosonics, Ltd.*		21,506
	1,100	Nihon Kohden Corp.		29,403
	7,100	Nipro Corp.		50,370
	9,100	Olympus Corp.		144,058
	1,800	Paramount Bed Holdings Co., Ltd.		30,025
	2,100	PHC Holdings Corp.		22,564
	457	Revenio Group Oyj		15,822
	16,500	Riverstone Holdings, Ltd.		7,588
	645	Siemens Healthineers AG(a)		36,502
	1,168	Smith & Nephew plc, ADR		37,668
	4,212	Smith & Nephew plc		67,953
	765	Sonova Holding AG		203,850

See accompanying notes to the financial statements.

18

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	360	STRATEC SE	$	24,917
	1,038	Straumann Holding AG, Class R		168,608
	1,300	Sysmex Corp.		88,873
	1,500	Terumo Corp.		47,711
	85	Ypsomed Holding AG, Registered Shares		25,641
				3,738,090
Health Care Providers & Services (0.8%):
	5,100	Alfresa Holdings Corp.		76,381
	5,205	Ambea AB(a)		16,936
	2,348	Amplifon SpA		86,168
	400	Amvis Holdings, Inc.		9,104
	400	Andlauer Healthcare Group, Inc.		13,438
	19,284	Arvida Group, Ltd.		14,947
	500	As One Corp.		19,827
	6,164	Attendo AB*(a)		18,068
	700	BML, Inc.		14,107
	2,704	Clariane SE^		19,673
	20,000	C-Mer Eye Care Holdings, Ltd.*		9,667
	1,805	CVS Group plc		45,356
	1,280	EBOS Group, Ltd.		28,952
	1,000	Elan Corp.		6,088
	15,612	Estia Health, Ltd.		30,841
	4,012	Extendicare, Inc.		21,596
	3,722	Fagron		62,644
	1,400	France Bed Holdings Co., Ltd.		11,258
	3,870	Fresenius Medical Care AG & Co., KGaA		184,808
	5,433	Fresenius SE & Co. KGaA		150,371
	1,738	Galenica AG(a)		140,420
	1,900	H.U. Group Holdings, Inc.		36,331
	20,914	Healius, Ltd.		44,461
	2,572	Humana AB*		5,295
	4,771	Integral Diagnostics, Ltd.		10,421
	1,000	Japan Medical Dynamic Marketing, Inc.		7,085
	225	LNA Sante SA		7,070
	3,204	Medical Facilities Corp.		20,052
	1,044	Medicover AB, Class B		15,850
	778	Medios AG*		13,247
	4,700	Medipal Holdings Corp.		76,894
	3,565	Mediterranean Towers, Ltd.		7,786
	24,681	Monash IVF Group, Ltd.		18,894
	1,110	NMC Health plc*(b)		—
	11,023	Novolog, Ltd.		5,347
	23,114	Oceania Healthcare, Ltd.		10,918
	6,310	Oriola Oyj, Class B		8,861
	26,115	Raffles Medical Group, Ltd.		26,306
	2,704	Ramsay Health Care, Ltd.		101,692
	7,784	Regis Healthcare, Ltd.		11,511
	3,870	Ryman Healthcare, Ltd.		15,697
	2,100	Ship Healthcare Holdings, Inc.		34,678
	59,044	Sigma Healthcare, Ltd.		33,191
	1,900	Solasto Corp.		8,804
	11,422	Sonic Healthcare, Ltd.		271,619
	8,887	Spire Healthcare Group plc(a)		23,996
	6,836	Summerset Group Holdings, Ltd.		40,264
	1,500	Suzuken Co., Ltd.		40,864
	558	Synlab AG		5,510
	2,544	Terveystalo Oyj(a)		22,954
	176,600	Thomson Medical Group, Ltd.		7,733
	1,800	Toho Holdings Co., Ltd.		33,144

Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	500	Tokai Corp./Gifu	$	6,572
	1,400	Value HR Co., Ltd.		14,084
	2,100	Viemed Healthcare, Inc.*		20,562
	2,800	Vital KSK Holdings, Inc.		17,357
	4,200	Well Health Technologies Corp.*		15,061
				2,020,761
Health Care Technology (0.1%):
	7,980	AGFA-Gevaert NV*		19,587
	1,026	Ascom Holding AG, Registered Shares		12,520
	2,600	Carenet, Inc.		17,043
	857	CompuGroup Medical SE & Co KgaA		42,153
	2,389	EMIS Group plc		41,576
	3,300	M3, Inc.		71,351
	1,200	Medical Data Vision Co., Ltd.		6,086
	700	MedPeer, Inc.*		4,926
	330	Nexus AG		20,345
	800	Nnit A/S*(a)		9,374
	94	Pharmagest Interactive		8,686
	1,266	Pro Medicus, Ltd.		55,739
	1,213	Raysearch Laboratories AB*		7,122
	1,382	Sectra AB*		23,179
				339,687
Hotels, Restaurants & Leisure (1.8%):
	2,190	888 Holdings plc*		2,729
	4,410	Accor SA		163,973
	600	AEON Fantasy Co., Ltd.		13,340
	1,000	Airtrip Corp.		19,508
	1,000	Arcland Service Holdings Co., Ltd.		20,286
	23,206	Ardent Leisure Group, Ltd.		6,955
	5,808	Aristocrat Leisure, Ltd.		150,361
	1,638	Basic-Fit NV*(a)		62,542
	5,465	Betsson AB, Class B*		58,233
	20,000	Cafe de Coral Holdings, Ltd.		25,727
	1,533	Carnival plc, ADR*		25,984
	72,000	Century City International Holdings, Ltd.*		2,671
	970	Cie des Alpes		14,654
	4,935	Collins Foods, Ltd.		32,548
	2,700	Colowide Co., Ltd.		38,277
	4,207	Compass Group plc		117,664
	3,168	Corporate Travel Management, Ltd.		38,019
	6,000	Create Restaurants Holdings, Inc.		40,743
	2,300	Curves Holdings Co., Ltd.		12,019
	7,977	Dalata Hotel Group plc*		40,356
	23,538	Deliveroo plc*(a)		34,233
	2,374	Delivery Hero SE*(a)		104,644
	1,190	Domino’s Pizza Enterprises, Ltd.		36,819
	10,911	Domino’s Pizza Group plc		38,280
	1,600	Doutor Nichires Holdings Co., Ltd.		23,428
	2,462	eDreams ODIGEO SA*		17,643
	4,906	Elior Group SA*(a)		14,052
	3,720	Entain plc		60,404
	695	Evolution AB(a)		88,102
	6,500	Fairwood Holdings, Ltd.		9,508
	289	Fattal Holdings 1998, Ltd.*		28,175
	1,933	Flight Centre Travel Group, Ltd.*		24,628
	2,837	Flutter Entertainment plc*		569,735
	2,800	Food & Life Cos., Ltd.		54,705
	12,200	Fosun Tourism Group*(a)		11,546
	900	Fuji Kyuko Co., Ltd.		34,613

See accompanying notes to the financial statements.

19

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	557	Fuller Smith & Turner plc, Class A	$	4,229
	4,000	Galaxy Entertainment Group, Ltd.*		25,530
	200	Genki Sushi Co., Ltd.		4,680
	40,200	Genting Singapore, Ltd.		27,902
	4,574	Greggs plc		148,355
	581	Gym Group plc (The)*(a)		673
	1,200	Heiwa Corp.		20,902
	2,921	Hollywood Bowl Group plc		9,266
	18,230	Hongkong & Shanghai Hotels (The)*		16,090
	982	InterContinental Hotels Group plc, ADR		69,182
	412	InterContinental Hotels Group plc		28,447
	2,484	JD Wetherspoon plc*		21,237
	868	Jumbo Interactive, Ltd.		8,276
	2,383	Just Eat Takeaway.com NV*(a)		36,608
	1,100	KFC Holdings Japan, Ltd.		21,695
	5,582	Kindred Group plc		59,488
	1,700	KOMEDA Holdings Co, Ltd.		32,024
	3,200	Koshidaka Holdings Co., Ltd.		26,872
	1,400	Kyoritsu Maintenance Co., Ltd.		53,281
	2,747	La Francaise des Jeux SAEM(a)		108,147
	30,112	Lottery Corp., Ltd. (The)		103,255
	33,812	Marston’s plc*		12,623
	1,100	McDonald’s Holdings Co., Ltd.		42,785
	6,149	Melia Hotels International SA*		42,709
	14,000	Miramar Hotel & Investment		20,673
	11,969	Mitchells & Butlers plc*		31,019
	1,200	Monogatari Corp. (The)		29,114
	613	MTY Food Group, Inc.		28,040
	46,867	NagaCorp, Ltd.		24,812
	300	Ohsho Food Service Corp.		13,960
	5,176	On The Beach Group plc*(a)		6,337
	2,000	Oriental Land Co., Ltd.		78,090
	2,702	Pandox AB		31,527
	900	Pizza Pizza Royalty Corp.		10,063
	6,439	Playtech plc*		48,240
	600	Pollard Banknote, Ltd.		11,687
	12,439	Rank Group plc*		13,982
	1,500	Resorttrust, Inc.		22,218
	2,449	Restaurant Brands International, Inc.^		189,896
	3,018	Restaurant Brands New Zealand, Ltd.		11,584
	19,755	Restaurant Group plc (The)*		9,551
	9,100	Round One Corp.		36,144
	10,188	Sands China, Ltd.*		34,870
	5,463	Scandic Hotels Group AB*(a)		22,138
	36,000	Shangri-La Asia, Ltd.*		27,562
	42,585	SJM Holdings, Ltd.*		18,263
	1,360	SkiStar AB		14,562
	29,451	SKYCITY Entertainment Group, Ltd.		41,211
	6,400	Skylark Holdings Co., Ltd.*		80,032
	2,061	Sodexo SA		226,945
	27,285	SSP Group plc*		86,933
	1,200	St Marc Holdings Co., Ltd.		15,724
	52,261	Star Entertainment Group, Ltd. (The)*		40,393
	91,665	Tabcorp Holdings, Ltd.		68,099
	137	Tivoli A/S		15,383
	800	Tokyotokeiba Co., Ltd.		21,884
	1,400	Toridoll Holding Corp.		30,529
	6,237	TUI AG*		44,315
	6,523	Webjet, Ltd.*		30,162

Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	4,231	Whitbread plc	$	182,044
	1,900	Yoshinoya Holdings Co., Ltd.		33,707
	1,308	Young & Co.‘s Brewery plc, Class A		19,932
	1,515	Young & Co’s Brewery plc		15,636
	187	Zeal Network SE		7,039
	1,000	Zensho Holdings Co., Ltd.		44,487
				4,700,147
Household Durables (1.5%):
	2,091	Ariston Holding NV		22,124
	5,875	Azorim-Investment Development & Construction Co., Ltd.*		17,926
	4,812	Bang & Olufsen A/S*		7,454
	29,695	Barratt Developments plc		155,866
	5,441	Bellway plc		137,694
	2,266	Berkeley Group Holdings plc		112,849
	1,566	Bigben Interactive		9,105
	3,728	Bonava AB, B Shares		6,278
	3,251	Breville Group, Ltd.		43,543
	27,975	Cairn Home plc		35,395
	2,500	Casio Computer Co., Ltd.		20,305
	600	Chofu Seisakusho Co., Ltd.		10,441
	6,556	Crest Nicholson Holdings plc		15,714
	1,076	De’ Longhi SpA		23,548
	1,000	Dorel Industries, Inc., Class B*		3,465
	2,152	Duni AB		21,177
	3,176	Electrolux AB, Class B		43,422
	1,200	ES-Con Japan, Ltd.		6,886
	2,053	Fiskars OYJ Abp		34,671
	44	Forbo Holding AG, Registered Shares		63,162
	1,600	Fuji Corp., Ltd.		7,530
	900	Fujitsu General, Ltd.		19,611
	25,820	Glenveagh Properties plc*(a)		31,543
	3,261	GN Store Nord A/S*		81,492
	9,000	Haseko Corp.		111,123
	2,710	Henry Boot plc		7,227
	700	Hoosiers Holdings		4,879
	2,100	Iida Group Holdings Co., Ltd.		35,543
	1,084	JM AB		14,464
	10,600	JVCKenwood Corp.		36,507
	958	Kaufman & Broad SA		28,346
	700	Ki-Star Real Estate Co., Ltd.		24,138
	1,300	LEC, Inc.		7,834
	540	Leifheit AG		11,415
	43,200	Man Wah Holdings, Ltd.		28,952
	1,659	Maytronics, Ltd.		22,765
	704	Nacon SA*		1,522
	1,363	Neinor Homes SA(a)		13,727
	9,000	Nikon Corp.		116,973
	5,576	Nobia AB*		7,082
	1,700	Open House Group Co., Ltd.		61,333
	33,700	Panasonic Holdings Corp.		412,867
	7,242	Persimmon plc		94,398
	1,200	Pressance Corp.		16,925
	12,387	Redrow plc		69,417
	1,800	Rinnai Corp.		39,231
	567	Sabaf SpA*		8,838
	1,300	Sangetsu Corp.		22,503
	908	SEB SA		93,871
	9,500	Sekisui Chemical Co., Ltd.		137,434

See accompanying notes to the financial statements.

20

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Household Durables, continued
	900	Sekisui House, Ltd.	$	18,214
	5,800	Sharp Corp.		32,325
	12,200	Sony Group Corp.		1,094,425
	4,900	Sumitomo Forestry Co., Ltd.		119,159
	328	Surteco Group SE		6,907
	1,100	Tama Home Co., Ltd.		25,215
	1,100	Tamron Co., Ltd.		30,861
	105,935	Taylor Wimpey plc		138,351
	805	The Vitec Group plc		7,085
	1,000	TOA Corp.		6,427
	400	Token Corp.		20,704
	1,912	Victoria plc*		14,306
	8,359	Vistry Group plc		70,334
	100	V-ZUG Holding AG*		7,990
	3,849	YIT Oyj		8,978
				3,961,796
Household Products (0.2%):
	636	Essity AB, Class A		16,900
	2,319	Essity AB, Class B		61,747
	1,173	Henkel AG & Co. KGaA		82,552
	3,900	Lion Corp.		36,360
	14,255	Mcbride plc*		4,795
	3,400	Pigeon Corp.		46,910
	3,475	Reckitt Benckiser Group plc		260,931
	1,900	Unicharm Corp.		70,404
				580,599
Independent Power and Renewable Electricity Producers (0.4%):
	2,302	7C Solarparken AG		9,357
	1,551	Boralex, Inc., Class A		42,235
	2,600	Capital Power Corp.		82,636
	7,088	Cloudberry Clean Energy ASA*		8,465
	1,098	Corp ACCIONA Energias Renovables SA		36,734
	13,417	Drax Group plc		98,840
	1,563	EDP Renovaveis SA		31,303
	1,700	EF-ON, Inc.		6,690
	2,700	Electric Power Development Co., Ltd.		39,691
	1,707	Encavis AG*		27,980
	2,646	Energix-Renewable Energies, Ltd.		8,594
	949	Enlight Renewable Energy, Ltd.*		16,750
	1,000	eRex Co., Ltd.		7,879
	881	Greenvolt-Energias Renovaveis SA*		5,881
	596	Grenergy Renovables SA*		18,330
	2,055	Innergex Renewable Energy, Inc.		19,145
	690	Kenon Holdings, Ltd.		16,235
	8,484	Meridian Energy, Ltd.		29,224
	1,175	Neoen SA(a)		37,210
	5,424	Northland Power, Inc.		113,140
	1,351	OPC Energy, Ltd.*		8,910
	2,011	Orron Energy ab*		2,117
	1,500	Polaris Renewable Energy, Inc.		16,137
	2,100	RENOVA, Inc.*		23,765
	5,222	RWE AG		227,277
	1,250	Scatec ASA(a)		8,193
	1,714	Solaria Energia y Medio Ambiente SA*		26,315
	10,042	Transalta Corp.		94,006
	2,200	Transalta Renewables, Inc.		18,901
	882	Voltalia SA, Registered Shares*		14,038

Shares			Value
Common Stocks, continued
Independent Power and Renewable Electricity Producers, continued
	910	West Holdings Corp.	$	15,859
				1,111,837
Industrial Conglomerates (0.8%):
	182	Aker ASA, Class A Shares		10,325
	865	Bonheur ASA		20,961
	1,056	Chargeurs SA		12,777
	8,000	Chevalier International Holdings Ltd.		6,800
	22,930	CK Hutchison Holdings, Ltd.		140,358
	3,331	DCC plc		186,157
	2,000	Guoco Group, Ltd.		15,021
	8,400	Hitachi, Ltd.		519,944
	822	Indus Holding AG		23,133
	515	Italmobiliare SpA		14,090
	2,600	Jardine Cycle & Carriage, Ltd.		67,122
	1,500	Katakura Industries Co., Ltd.		17,018
	1,700	Keihan Holdings Co., Ltd.		44,900
	12,200	Keppel Corp., Ltd.		60,739
	1,492	Lifco AB, Class B		32,480
	2,900	Mie Kotsu Group Holdings, Inc.		11,514
	5,400	Nisshinbo Holdings, Inc.		44,867
	7,406	Nolato AB, Class B		34,815
	1,300	Noritsu Koki Co., Ltd.		21,056
	69,000	NWS Holdings, Ltd.		78,337
	3,390	Siemens AG, Registered Shares		564,206
	5,347	Smiths Group plc		111,860
	5,400	TOKAI Holdings Corp.		33,777
	1,700	Toshiba Corp.		53,291
	933	Volati AB		9,761
				2,135,309
Insurance (4.1%):
	3,541	Admiral Group plc		93,813
	53,123	Aegon NV		269,027
	6,999	Ageas SA/NV		283,638
	94,240	AIA Group, Ltd.		961,585
	40,863	Alm Brand A/S		64,113
	5,446	ASR Nederland NV		244,927
	6,914	Assicurazioni Generali SpA		140,799
	2,282	AUB Group, Ltd.		44,951
	41,941	Aviva plc		211,349
	11,888	AXA SA		351,180
	999	Baloise Holding AG, Registered Shares		146,965
	6,345	Beazley plc		47,602
	7,384	Chesnara plc		25,403
	2,213	Clal Insurance Enterprises Holdings, Ltd.*		34,511
	4,898	Coface SA		67,576
	5,800	Dai-ichi Life Holdings, Inc.		111,269
	2,100	Definity Financial Corp.		55,726
	40,384	Direct Line Insurance Group plc		69,849
	82	E-L Financial Corp., Ltd.		57,352
	431	Fairfax Financial Holdings, Ltd.		322,873
	1,054	FBD Holdings plc		14,658
	1,341	Gjensidige Forsikring ASA		21,502
	1,300	Great Eastern Holdings, Ltd.		16,976
	4,164	Great-West Lifeco, Inc.		120,934
	1,809	Grupo Catalana Occidente SA		55,599
	744	Hannover Rueck SE		157,750
	4,262	Harel Insurance Investments & Financial Services, Ltd.		33,309

See accompanying notes to the financial statements.

21

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Insurance, continued
	817	Helvetia Holding AG, Registered Shares	$	110,626
	7,266	Hiscox, Ltd.		100,892
	3,719	iA Financial Corp., Inc.		253,390
	506	IDI Insurance Co., Ltd.		11,477
	26,665	Insurance Australia Group, Ltd.		101,569
	2,660	Intact Financial Corp.		410,748
	15,800	Japan Post Holdings Co., Ltd.		113,623
	1,900	Japan Post Insurance Co., Ltd.		28,569
	41,528	Just Group plc		41,194
	8,127	Lancashire Holdings, Ltd.		59,643
	82,370	Legal & General Group plc		238,738
	16,597	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		14,951
	9,385	Manulife Financial Corp.		177,470
	9,983	Manulife Financial Corp.		188,717
	41,493	Mapfre SA^		82,517
	33,666	Medibank Pvt, Ltd.		79,207
	1,055	Menora Mivtachim Holdings, Ltd.		22,402
	16,641	Migdal Insurance & Financial Holding, Ltd.		20,287
	2,900	MS&AD Insurance Group Holdings, Inc.		103,342
	577	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		216,346
	17,747	nib holdings, Ltd.		100,150
	8,486	NN Group NV		314,850
	15,729	Phoenix Group Holdings plc		106,295
	2,268	Phoenix Holdings, Ltd. (The)		22,857
	12,327	Poste Italiane SpA(a)		133,725
	1,147	Protector Forsikring ASA		17,660
	1,332	Prudential plc, ADR		37,722
	3,425	Prudential plc		48,293
	16,200	QBE Insurance Group, Ltd.		170,460
	3,005	Sabre Insurance Group plc(a)		5,166
	3,822	Saga plc*		5,805
	5,131	Sampo Oyj, A Shares		230,098
	6,691	SCOR SA		196,664
	445	Solid Forsakring AB		2,621
	1,400	Sompo Holdings, Inc.		62,769
	9,536	Steadfast Group, Ltd.		38,210
	6,858	Storebrand ASA		53,488
	2,264	Sun Life Financial, Inc.		118,037
	1,295	Sun Life Financial, Inc.		67,495
	18,389	Suncorp Group, Ltd.		165,853
	454	Swiss Life Holding AG		265,703
	4,529	Swiss Re AG		456,178
	5,800	T&D Holdings, Inc.		85,699
	1,726	Talanx AG		98,941
	10,900	Tokio Marine Holdings, Inc.		251,698
	1,482	Topdanmark A/S		72,902
	1,392	Trisura Group, Ltd.*		39,482
	5,377	Tryg A/S		116,400
	17,380	Unipol Gruppo Finanziario SpA		92,972
	14,182	UnipolSai Assicurazioni SpA		35,195
	4,363	UNIQA Insurance Group AG		35,010
	54	Vaudoise Assurances Holding SA		26,444
	1,471	Vienna Insurance Group AG Wiener Versicherung Gruppe		38,466
	1,796	Wuestenrot & Wuerttembergische AG		30,751
	1,223	Zurich Insurance Group AG		581,214
				10,526,217

Shares			Value
Common Stocks, continued
Interactive Media & Services (0.3%):
	3,192	Adevinta ASA*	$	20,944
	11,575	Auto Trader Group plc(a)		89,699
	400	Bengo4.com, Inc.*		10,644
	575	Better Collective A/S*		11,891
	2,166	carsales.com, Ltd.		34,569
	4,900	Catena Media plc*		8,911
	5,418	Domain Holdings Australia, Ltd.		13,827
	1,200	Infocom Corp.		19,008
	3,800	Kakaku.com, Inc.		54,721
	1,170	Karnov Group AB*		5,339
	600	MarkLines Co., Ltd.		10,752
	2,000	MIXI, Inc.		37,258
	12,015	Moneysupermarket.com Group plc		41,342
	135	New Work SE		18,172
	594	REA Group, Ltd.		56,890
	19,514	Rightmove plc		129,609
	897	Scout24 SE(a)		56,855
	1,787	SEEK, Ltd.		25,922
	2,124	Solocal Group*		305
	13,200	Z Holdings Corp.		31,880
				678,538
IT Services (1.5%):
	3,641	Addnode Group AB		28,204
	114	Adesso SE		15,404
	370	Allgeier SE		10,192
	1,014	Alten SA*		159,792
	923	Appen, Ltd.*		1,486
	400	Argo Graphics, Inc.		10,887
	2,661	Atea ASA		38,690
	4,261	Atos SE*		60,789
	180	Aubay		9,351
	600	Base Co., Ltd.		23,932
	2,362	Bechtle AG		93,580
	2,300	BIPROGY, Inc.		56,620
	1,490	Bouvet ASA		9,015
	817	CANCOM SE		24,727
	3,044	Capgemini SE		576,604
	1,200	CGI, Inc.*		126,559
	1,233	CGI, Inc.*		129,995
	1,200	Change Holdings, Inc.		19,060
	4,933	Columbus A/S		4,758
	2,655	Computacenter plc		77,224
	1,100	Comture Corp.		15,908
	7,824	Data#3, Ltd.		37,649
	500	Densan System Holdings Co., Ltd.		11,432
	1,400	DTS Corp.		33,087
	8,624	Econocom Group SA/NV		24,986
	1,000	E-Guardian, Inc.		14,031
	558	Enea AB*		2,184
	3,891	Fdm Group Holdings plc		27,752
	348	Formula Systems 1985, Ltd.		25,661
	1,700	Fujitsu, Ltd.		219,199
	2,500	Future Corp.		29,806
	824	GFT Technologies SE		23,192
	6,665	Global Dominion Access SA(a)		28,536
	1,900	GMO internet group, Inc.		36,440
	1,200	ID Holdings Corp.		10,741
	6,083	Indra Sistemas SA		76,884
	900	Information Services Internati		31,661

See accompanying notes to the financial statements.

22

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
IT Services, continued
	2,776	Iomart Group plc	$	6,092
	1,100	Itochu Techno-Solutions Corp.		27,838
	700	JBCC Holdings, Inc.		12,471
	600	JIG-SAW, Inc.*		24,634
	3,119	Kainos Group plc		48,927
	816	KNOW IT AB		13,201
	1,146	Kontron AG		22,649
	896	Matrix It, Ltd.		18,307
	300	Mitsubishi Research Institute, Inc.		11,475
	193	Nagarro SE*		16,791
	7,286	NCC Group plc		8,965
	3,600	NEC Corp.		175,055
	2,700	NEC Networks & System Integrat		37,350
	3,000	NET One Systems Co., Ltd.		65,961
	1,260	Netcompany Group A/S*^(a)		52,143
	5,103	NEXTDC, Ltd.*		43,030
	638	NEXTDC, Ltd.*		5,380
	3,056	Nomura Research Institute, Ltd.		84,290
	800	NS Solutions Corp.		22,367
	2,200	NSD Co., Ltd.		44,285
	5,900	NTT Data Corp.		82,618
	200	Obic Co., Ltd.		32,068
	2,099	One Software Technologies, Ltd.		28,341
	4,539	Ordina NV		28,080
	1,100	Otsuka Corp.		42,810
	1,200	Pole To Win Holdings, Inc.		6,554
	394	Reply SpA		44,737
	2,400	SCSK Corp.		37,780
	105	Secunet Security Networks AG		24,910
	400	SHIFT, Inc.*		73,099
	700	Shopify, Inc., Class A*		45,247
	650	Shopify, Inc., Class A*		41,990
	1,200	Simplex Holdings, Inc.		21,953
	510	Societe Pour l’Informatique Industrielle		29,994
	800	Softbank Technology Corp.		14,568
	5,347	Softcat plc		96,127
	566	Sopra Steria Group SACA		112,918
	52,000	SUNeVision Holdings, Ltd.		26,607
	1,200	TDC Soft, Inc.		15,072
	1,700	TechMatrix Corp.		22,053
	2,731	TietoEVRY Oyj		75,374
	3,300	TIS, Inc.		82,692
	500	Uchida Yoko Co., Ltd.		20,241
	315	Wavestone		17,224
	573	Wiit SpA		12,657
				3,902,943
Leisure Products (0.4%):
	4,400	Bandai Namco Holdings, Inc.		101,824
	1,496	Beneteau SA		25,299
	906	BRP, Inc.		76,599
	1,042	Catana Group		7,966
	1,377	Games Workshop Group plc		191,320
	1,000	Globeride, Inc.		15,783
	874	Harvia Oyj		22,040
	500	Mars Group Holdings Corp.		9,949
	17,243	ME GROUP INTERNATIONAL plc		35,934
	877	MIPS AB		43,557
	800	Mizuno Corp.		20,758
	800	Roland Corp.		23,065

Shares			Value
Common Stocks, continued
Leisure Products, continued
	1,400	Sankyo Co., Ltd.	$	56,666
	376	Sanlorenzo SpA/Ameglia		16,157
	1,700	Sega Sammy Holdings, Inc.		36,384
	700	Shimano, Inc.		117,183
	1,400	Snow Peak, Inc.^		18,253
	700	Spin Master Corp.(a)		18,522
	3,815	Technogym SpA(a)		35,352
	3,315	Thule Group AB(a)		97,429
	3,300	Tomy Co., Ltd.		41,633
	700	Universal Entertainment Corp.*		11,943
	1,100	Yamaha Corp.		42,306
	3,500	Yonex Co., Ltd.		33,870
				1,099,792
Life Sciences Tools & Services (0.4%):
	4,332	Addlife AB, Class B		48,875
	840	Biotage AB		10,471
	900	CellSource Co., Ltd.*		17,466
	315	Chemometec A/S*		21,577
	600	Cmic Holdings Co., Ltd.		8,065
	878	Ergomed PLC*		10,869
	2,320	Eurofins Scientific SE		147,349
	555	Evotec SE*		12,475
	856	Gerresheimer AG		96,285
	354	Lonza Group AG		211,464
	697	Medcap AB*		17,778
	818	QIAGEN NV*		36,690
	2,639	QIAGEN NV*		118,834
	252	Sartorius AG		86,409
	211	Sartorius Stedim Biotech		52,723
	1,600	Shin Nippon Biomedical Laborat		23,774
	86	Siegfried Holding AG		71,098
				992,202
Machinery (4.3%):
	3,402	Aalberts NV		143,199
	600	Ag Growth International, Inc.		22,952
	2,600	Aichi Corp.		15,824
	2,100	Aida Engineering, Ltd.		13,767
	781	Alfa Laval AB		28,492
	3,214	Alimak Group AB(a)		25,139
	900	Alinco, Inc.		6,266
	8,556	Alstom SA		255,369
	8,100	Amada Co., Ltd.		80,005
	1,286	ANDRITZ AG		71,756
	2,000	Anest Iwata Corp.		16,506
	2,700	Asahi Diamond Industrial Co., Ltd.		16,344
	20,220	Atlas Copco AB, Class A		291,723
	11,750	Atlas Copco AB, Class B		146,452
	2,149	ATS Corp.*		98,884
	1,300	Bando Chemical Industries, Ltd.		13,083
	1,230	Beijer Alma AB, Class B		25,723
	6,881	Bodycote plc		55,983
	310	Bucher Industries AG, Registered Shares		136,796
	104	Burckhardt Compression Holding AG		61,068
	56	Bystronic AG		37,257
	1,043	Cargotec Oyj, Class B		57,270
	2,300	CKD Corp.		37,794
	1,023	Concentric AB		19,506
	1,110	Construcciones y Auxiliar de Ferrocarriles SA		37,290
	284	Daetwyler Holding AG		60,592

See accompanying notes to the financial statements.

23

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Machinery, continued
	4,500	Daifuku Co., Ltd.	$	92,152
	8,219	Daimler Truck Holding AG		295,893
	2,100	Daiwa Industries, Ltd.		20,266
	745	Danieli & C Officine Meccaniche SpA		17,841
	1,585	Danieli & C Officine Meccaniche SpA		29,111
	4,300	DMG Mori Co., Ltd.^		75,078
	2,392	Duerr AG		77,362
	2,700	Ebara Corp.		129,679
	6,740	Electrolux Professional AB, Class B		36,598
	4,784	Epiroc AB, Class A		90,649
	2,816	Epiroc AB, Class B		45,562
	2,000	FANUC Corp.		70,328
	19,282	Fincantieri SpA*		10,730
	2,271	FLSmidth & Co. A/S		109,872
	3,291	Fluidra SA		64,090
	13,800	Frencken Group, Ltd.		9,252
	2,000	Fuji Corp.		35,496
	500	Fukushima Galilei Co., Ltd.		18,697
	1,700	Furukawa Co., Ltd.		18,528
	4,671	GEA Group AG		195,192
	2,556	Georg Fischer AG, Registered Shares		192,012
	371	Gesco SE		10,006
	2,000	Glory, Ltd.		40,238
	1,300	Harmonic Drive Systems, Inc.		41,938
	16,185	Heidelberger Druckmaschinen AG*		25,265
	5,448	Hexagon Composites ASA*		13,830
	9,100	Hino Motors, Ltd.*		38,261
	1,200	Hisaka Works, Ltd.		7,635
	3,600	Hitachi Construction Machinery Co., Ltd.		101,415
	5,600	Hitachi Zosen Corp.		37,176
	400	Hoshizaki Corp.		14,386
	1,000	Hosokawa Micron Corp.		24,430
	7,480	Husqvarna AB, B Shares		67,873
	679	Husqvarna AB, Class A Shares		6,165
	5,700	IHI Corp.		154,604
	8,265	IMI plc		172,681
	4,075	Indutrade AB		91,983
	879	Interpump Group SpA		48,883
	24	Interroll Holding AG, Class A		74,322
	1,300	Iseki & Co., Ltd.		11,328
	8,499	Iveco Group NV*		76,762
	500	Japan Steel Works, Ltd. (The)		10,762
	699	JOST Werke SE(a)		37,815
	3,700	Juki Corp.		14,996
	2,224	Jungheinrich AG		81,379
	87	Kardex Holding AG, Registered Shares		19,571
	900	Kato Works Co., Ltd.		7,597
	6,300	Kawasaki Heavy Industries, Ltd.		161,800
	3,210	KION Group AG		129,067
	400	Kitagawa Corp.		3,174
	5,100	Kitz Corp.		38,422
	1,934	Knorr-Bremse AG		147,646
	572	Koenig & Bauer AG*		11,855
	13,600	Komatsu, Ltd.		368,031
	184	Komax Holding AG		47,684
	2,900	Komori Corp.		19,005
	5,032	Kone Oyj, Class B		262,827
	1,364	Konecranes OYJ		54,832
	187	Krones AG		22,676

Shares			Value
Common Stocks, continued
Machinery, continued
	4,500	Kubota Corp.	$	65,560
	1,600	Kurita Water Industries, Ltd.		61,502
	1,000	Kyokuto Kaihatsu Kogyo Co., Ltd.		12,094
	1,200	Maezawa Kyuso Industries Co., Ltd.		9,300
	700	Makino Milling Machine Co., Ltd.		27,283
	2,500	Makita Corp.		70,182
	586	Manitou Bf SA		15,672
	800	Max Co., Ltd.		14,757
	896	McPhy Energy SA*		8,200
	1,800	Meidensha Corp.		25,011
	297	Meier Tobler Group AG		17,528
	800	Metawater Co., Ltd.		10,234
	16,814	Metso Oyj		202,536
	5,432	MINEBEA MITSUMI, Inc.		102,874
	3,100	MISUMI Group, Inc.		62,051
	2,500	Mitsubishi Heavy Industries, Ltd.		116,972
	1,000	Mitsubishi Logisnext Co., Ltd.		9,260
	700	Mitsuboshi Belting Co., Ltd.		21,536
	2,900	Mitsui E&S Co., Ltd.		9,917
	1,100	Miura Co., Ltd.		28,764
	10,151	Morgan Advanced Materials plc		35,415
	1,500	Morita Holdings Corp.		16,265
	900	Nabtesco Corp.		19,870
	800	Nachi-Fujikoshi Corp.		22,796
	2,000	Namura Shipbuilding Co., Ltd.		8,745
	1,456	NFI Group, Inc.		12,553
	8,900	NGK Insulators, Ltd.		106,477
	2,300	Nikkiso Co., Ltd.		14,570
	1,267	Nilfisk Holding A/S*		23,365
	3,900	Nippon Thompson Co., Ltd.		16,156
	400	Nissei ASB Machine Co., Ltd.		11,439
	800	Nitta Corp.		17,004
	500	Nitto Kohki Co., Ltd.		6,879
	1,900	Nitto Seiko Co., Ltd.		7,707
	300	Noritake Co., Ltd.		11,418
	995	Norma Group SE		18,369
	7,700	NSK, Ltd.		48,704
	14,800	NTN Corp.		31,478
	400	Obara Group, Inc.		11,609
	4,495	OC Oerlikon Corp. AG		22,377
	1,700	Oiles Corp.		23,588
	400	Okamoto Machine Tool Works, Ltd.		17,744
	600	OKUMA Corp.		32,272
	1,600	Organo Corp.		47,393
	2,800	OSG Corp.		40,300
	692	Palfinger AG		21,102
	174	Pfeiffer Vacuum Technology AG		28,288
	150	Plasson Industries, Ltd.		6,442
	122	Rational AG		88,261
	70	Rieter Holding AG		7,267
	16,905	Rotork plc		65,523
	1,800	Ryobi, Ltd.		25,737
	9,972	Sandvik AB		194,789
	232	Schindler Holding AG, Registered Shares		52,149
	797,303	Seatrium, Ltd.*		73,851
	933	SFS Group AG		123,170
	1,100	Shibaura Machine Co., Ltd.		37,326
	1,200	Shima Seiki Manufacturing, Ltd.		15,527
	1,900	Shinmaywa Industries, Ltd.		17,886

See accompanying notes to the financial statements.

24

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Machinery, continued
	78,000	Singamas Container Holdings, Ltd.	$	6,384
	2,200	Sintokogio, Ltd.		16,833
	3,528	Skellerup Holdings, Ltd.		9,939
	4,224	SKF AB, B Shares		73,588
	892	SKF AB, Class A		15,479
	200	SMC Corp.		111,172
	2,300	Sodick Co., Ltd.		11,425
	333	Spirax-Sarco Engineering plc		43,856
	772	Stabilus SE		46,381
	2,397	Stadler Rail AG		93,752
	1,600	Star Micronics Co., Ltd.		20,069
	849	Sulzer AG, Registered Shares		73,053
	4,000	Sumitomo Heavy Industries, Ltd.		96,067
	3,900	Tadano, Ltd.		31,114
	900	Takeuchi Manufacturing Co., Ltd.		27,948
	1,300	Takuma Co., Ltd.		13,403
	3,680	Talgo SA*(a)		13,450
	478	Technotrans SE		13,558
	19,687	Techtronic Industries Co., Ltd.		215,426
	1,000	Teikoku Electric Manufacturing Co., Ltd.		18,951
	3,900	THK Co., Ltd.		80,318
	2,100	Tocalo Co., Ltd.		22,047
	1,392	TOMRA Systems ASA		22,379
	1,400	Torishima Pump Manufacturing Co., Ltd.		18,544
	1,100	Toyota Industries Corp.		78,922
	2,304	Trelleborg AB, Class B		55,936
	1,098	Troax Group AB		21,664
	1,100	Tsubaki Nakashima Co., Ltd.		6,210
	1,400	Tsubakimoto Chain Co.		35,802
	1,800	Tsugami Corp.		17,384
	1,200	Tsukishima Holdings Co., Ltd.		10,114
	600	Tsurumi Manufacturing Co., Ltd.		10,895
	700	Union Tool Co.		15,719
	3,461	Valmet Oyj		96,295
	754	VAT Group AG(a)		312,376
	1,074	VBG Group AB, Class B		18,147
	9,855	Vesuvius plc		49,912
	2,311	Volvo AB, Class A		49,302
	23,536	Volvo AB, Class B		488,357
	229	Vossloh AG		10,243
	1,416	Wacker Neuson SE		34,291
	6,324	Wartsila Oyj Abp, Class B		71,245
	560	Washtec AG		21,906
	574	Weir Group plc (The)		12,812
	3,000	YAMABIKO Corp.		32,639
	104,900	Yangzijiang Shipbuilding Holdings, Ltd.		116,567
	2,600	Yaskawa Electric Corp.		119,705
				10,962,371
Marine Transportation (0.5%):
	1,600	Algoma Central Corp.		18,300
	3,578	AMSC ASA		13,322
	33	AP Moller - Maersk A/S, Class A		57,597
	40	AP Moller - Maersk A/S, Class B		70,382
	556	Clarkson plc		20,898
	894	D/S Norden A/S		44,594
	1,478	Dfds A/S		53,864
	2,226	Golden Ocean Group, Ltd.		16,769
	3,255	Golden Ocean Group, Ltd.		24,520
	426	Hapag-Lloyd AG^(a)		86,396

Shares			Value
Common Stocks, continued
Marine Transportation, continued
	3,300	Iino Kaiun Kaisha, Ltd.	$	19,531
	5,897	Irish Continental Group		30,070
	2,300	Japan Transcity Corp.		9,964
	1,800	Kawasaki Kisen Kaisha, Ltd.		43,674
	867	Kuehne + Nagel International AG		256,372
	5,100	Mitsui OSK Lines, Ltd.		122,057
	19,192	MPC Container Ships As		32,813
	8,700	Nippon Yusen KK		193,356
	600	NS United Kaiun Kaisha, Ltd.		14,321
	185,000	Pacific Basin Shipping, Ltd.		56,377
	52,000	SITC International Holdings Co., Ltd.		95,442
	1,067	Stolt-Nielsen, Ltd.		27,154
	4,623	Wallenius Wilhelmsen ASA		32,018
				1,339,791
Media (0.9%):
	1,150	4imprint Group plc		70,212
	3,715	Aimia, Inc.*		9,255
	65	APG SGA SA		13,583
	8,376	ARN Media, Ltd.		5,875
	12,859	Ascential plc*		36,180
	4,886	Atresmedia Corp. de Medios de Comuicacion SA		18,609
	701	Cogeco Communications, Inc.		37,410
	400	Cogeco, Inc.		16,871
	5,394	Corus Entertainment, Inc., Class B		5,335
	11,300	CyberAgent, Inc.		82,535
	3,000	Dentsu Group, Inc.		98,411
	2,100	Direct Marketing MiX, Inc.		12,571
	5,775	Eutelsat Communications SA^		37,735
	2,800	Fuji Media Holdings, Inc.		29,423
	598	Future plc		5,125
	3,200	Hakuhodo DY Holdings, Inc.		33,790
	15,821	Informa plc		145,815
	2,000	Intage Holdings, Inc.		22,841
	1,459	IPSOS		81,161
	140,551	ITV plc		122,320
	9,582	IVE Group, Ltd.		14,724
	2,708	JCDecaux SE*		53,683
	2,312	Kin And Carta plc*		1,851
	1,300	Macromill, Inc.		7,623
	1,664	Metropole Television SA		23,575
	47,049	MFE-MediaForEurope NV, Class A		26,240
	10,230	MFE-MediaForEurope NV, Class B		7,847
	3,263	Next 15 Group plc		28,128
	58,186	Nine Entertainment Co. Holdings, Ltd.		76,684
	1,944	Nordic Entertainment Group AB, Class B*		11,155
	1,307	NRJ Group		9,817
	19,083	Ooh!media, Ltd.		15,122
	602	Perion Network, Ltd.*		18,885
	68,000	Pico Far East Holdings, Ltd.		11,911
	7,255	ProSiebenSat.1 Media SE*		67,619
	2,541	Publicis Groupe SA		198,202
	2,826	Quebecor, Inc., Class B		69,658
	1,470	RTL Group		58,772
	10,874	S4 Capital plc*		17,413
	14,802	SES SA, Class A		87,187
	60,999	Seven West Media, Ltd.*		15,286
	6,212	SKY Network Television, Ltd.		9,285
	7,900	SKY Perfect JSAT Holdings, Inc.		31,494
	15,013	Southern Cross Media Group, Ltd.		8,662

See accompanying notes to the financial statements.

25

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Media, continued
	1,563	Stroeer SE & Co. KGaA*	$	75,934
	1,900	TBS Holdings, Inc.		34,726
	1,294	Telenet Group Holding NV		29,124
	15,000	Television Broadcasts, Ltd.*		9,395
	4,175	Television Francaise 1		28,675
	1,400	TV Asahi Holdings Corp.		16,009
	500	Tv Tokyo Holdings Corp.		11,740
	1,000	ValueCommerce Co., Ltd.		9,369
	21,709	Vivendi SE		200,123
	500	Wowow, Inc.		3,977
	7,345	WPP plc		76,765
				2,251,717
Metals & Mining (5.6%):
	8,744	Acerinox SA		92,983
	1,039	Agnico Eagle Mines, Ltd.		51,929
	7,072	Agnico Eagle Mines, Ltd.		353,173
	400	Aichi Steel Corp.		8,522
	1,490	Alamos Gold, Inc., Class A		17,750
	41,565	Alkane Resources, Ltd.*		19,670
	2,048	Alleima AB		9,334
	11,725	Allkem, Ltd.*		126,647
	1,400	Altius Minerals Corp.		23,147
	50,390	Alumina, Ltd.		46,785
	723	AMG Critical Materials NV		37,444
	13,096	Anglo American plc		371,138
	3,926	Antofagasta plc		73,153
	2,415	APERAM SA		75,517
	63,634	Arafura Rare Earths, Ltd.*		13,042
	2,276	ArcelorMittal SA, NYS		62,226
	6,589	ArcelorMittal SA		179,497
	12,400	Argonaut Gold, Inc.*		4,961
	3,700	Asahi Holdings, Inc.		49,960
	16,100	Ascot Resources, Ltd.*		6,320
	116,831	Aurelia Metals, Ltd.*		7,267
	1,034	Aurubis AG		88,589
	25,622	AVZ Minerals, Ltd.*		2,686
	39,315	B2Gold Corp.		140,093
	9,320	Barrick Gold Corp.		157,679
	1,629	Bekaert NV		73,831
	29,659	Bellevue Gold, Ltd.*		25,332
	6,077	BHP Group, Ltd., ADR		362,615
	38,377	BHP Group, Ltd.		1,144,799
	15,100	BlueScope Steel, Ltd.		208,272
	5,555	Boliden AB		160,850
	4,719	Capricorn Metals, Ltd.*		12,842
	10,300	Capstone Copper Corp.*		46,733
	36,114	Centamin plc		41,993
	9,300	Centerra Gold, Inc.		55,747
	8,967	Central Asia Metals plc		20,528
	11,257	Champion Iron, Ltd.		46,015
	16,254	China Gold International Resources Corp., Ltd.		61,477
	1,000	Daido Steel Co., Ltd.		41,814
	1,400	Daiki Aluminium Industry Co., Ltd.		13,630
	23,794	De Grey Mining, Ltd.*		21,486
	7,050	Deterra Royalties, Ltd.		21,718
	2,200	Dowa Holdings Co., Ltd.		69,800
	9,600	Dundee Precious Metals, Inc.		63,415
	8,162	Eldorado Gold Corp.*		82,631
	10,609	Emerald Resources NL*		14,504

Shares			Value
Common Stocks, continued
Metals & Mining, continued
	6,493	Endeavour Mining plc	$	155,634
	3,800	Endeavour Silver Corp.*		11,045
	13,107	Equinox Gold Corp.*		60,063
	481	Eramet SA		44,001
	1,599	ERO Copper Corp.*		32,352
	66,946	Evolution Mining, Ltd.		145,162
	7,778	Evraz plc*(b)		—
	7,330	Ferrexpo plc*		8,332
	6,600	First Majestic Silver Corp.		37,320
	9,525	First Quantum Minerals, Ltd.		225,361
	16,739	Fortescue Metals Group, Ltd.		249,238
	7,300	Fortuna Silver Mines, Inc.*		23,753
	140	Franco-Nevada Corp.		19,956
	6,213	Fresnillo plc		48,146
	8,215	Galiano Gold, Inc.*		4,961
	185,248	Glencore plc		1,050,655
	1,100	Godo Steel, Ltd.		28,117
	8,900	GoGold Resources, Inc.*		10,213
	20,449	Gold Road Resources, Ltd.		20,413
	4,992	Granges AB		47,678
	2,043	Hill & Smith Holdings plc		38,953
	9,715	Hochschild Mining plc		8,772
	14,862	Hudbay Minerals, Inc.		71,249
	15,631	IAMGOLD Corp.*		41,420
	9,087	IGO, Ltd.		92,727
	15,540	Iluka Resources, Ltd.		115,888
	18,158	Imdex, Ltd.		22,869
	3,605	Ivanhoe Mines, Ltd., Class A*		32,931
	16,400	JFE Holdings, Inc.		235,358
	50,009	Jupiter Mines, Ltd.		6,532
	2,436	K92 Mining, Inc.*		10,574
	3,200	K92 Mining, Inc.*		13,891
	5,400	Karora Resources, Inc.*		16,511
	49,933	Kinross Gold Corp.		238,243
	12,000	Kobe Steel, Ltd.		111,040
	1,800	Kyoei Steel, Ltd.		25,500
	2,500	Labrador Iron Ore Royalty Corp.		58,659
	2,100	Largo, Inc.*		8,910
	14,207	Lucara Diamond Corp.*		4,934
	4,500	Lundin Gold, Inc.		53,846
	28,726	Lundin Mining Corp.		225,106
	27,882	Lynas Rare Earths, Ltd.*		128,349
	48,387	Macmahon Holdings, Ltd.		5,000
	1,600	Major Drilling Group International, Inc.*		11,040
	2,400	Maruichi Steel Tube, Ltd.		55,210
	176,000	Midas Holdings, Ltd.*(b)		—
	603	Mineral Resources, Ltd.		28,960
	4,200	Mitsubishi Materials Corp.		75,826
	500	Mitsubishi Steel Manufacturing Co., Ltd.		4,828
	1,500	Mitsui Mining & Smelting Co., Ltd.		34,583
	30,000	Mongolian Mining Corp.*		7,612
	27,183	Mount Gibson Iron, Ltd.*		7,933
	2,200	Neturen Co., Ltd.		14,920
	27,410	New Gold, Inc.*		29,798
	1,024	Newcrest Mining, Ltd.		18,237
	11,300	Newcrest Mining, Ltd.		201,852
	58,536	Nickel Industries, Ltd.		34,850
	6,200	Nippon Denko Co., Ltd.		12,183
	2,700	Nippon Light Metal Holdings Co.		27,254

See accompanying notes to the financial statements.

26

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Metals & Mining, continued
	14,395	Nippon Steel Corp.	$	302,204
	930	Nippon Yakin Kogyo Co., Ltd.		26,416
	400	Nittetsu Mining Co., Ltd.		12,497
	9,246	Norsk Hydro ASA		54,979
	16,652	Northern Star Resources, Ltd.		135,152
	28,628	OceanaGold Corp.		56,409
	21,175	OM Holdings, Ltd.		7,124
	500	Osaka Steel Co., Ltd.		4,879
	3,300	Osisko Gold Royalties, Ltd.		50,723
	12,854	Osisko Mining, Inc.*		31,247
	15,995	Outokumpu Oyj		85,503
	900	Pacific Metals Co., Ltd.*		9,543
	11,278	Pan American Silver Corp.		164,325
	33,353	Perenti Global, Ltd.*		22,825
	41,346	Perseus Mining, Ltd.		45,905
	36,817	Pilbara Minerals, Ltd.		121,386
	41,927	Ramelius Resources, Ltd.		35,550
	26,859	Regis Resources, Ltd.		33,133
	95,529	Resolute Mining, Ltd.*		24,952
	10,692	Rio Tinto plc		679,147
	6,489	Rio Tinto plc, Registered Shares, ADR		414,258
	5,634	Rio Tinto, Ltd.		433,487
	1,335	Salzgitter AG		48,259
	18,215	Sandfire Resources, Ltd.*		72,200
	1,200	Seabridge Gold, Inc.*		14,468
	7,176	Sierra Rutile Holdings, Ltd.*		1,204
	32,896	Silver Lake Resources, Ltd.*		21,390
	7,897	Sims, Ltd.		83,502
	53,653	SolGold plc*		10,834
	148,911	South32, Ltd.		375,471
	7,725	SSAB AB, Class A		55,009
	22,114	SSAB AB, Class B		153,405
	8,249	SSR Mining, Inc.		117,015
	30,000	St. Barbara, Ltd.*		9,587
	1,600	Stelco Holdings, Inc.		52,206
	4,366	Straits Trading Co., Ltd.		6,663
	8,300	Sumitomo Metal Mining Co., Ltd.		267,544
	21,718	Swiss Steel Holding AG*		3,223
	13,627	Syrah Resources, Ltd.*		8,295
	12,474	Taseko Mines, Ltd.*		17,893
	16,238	Teck Resources, Ltd., Class B		683,305
	20,766	thyssenkrupp AG		162,376
	900	Toho Titanium Co., Ltd.		10,975
	700	Toho Zinc Co., Ltd.		8,239
	300	Tokyo Rope Manufacturing Co. Ltd.		2,441
	2,300	Tokyo Steel Manufacturing Co., Ltd.		21,770
	4,785	Torex Gold Resources, Inc.*		67,986
	969	Trevali Mining Corp.*(b)		—
	1,700	Triple Flag Precious Metals Corp.		23,396
	1,500	UACJ Corp.		28,544
	2,097	Victoria Gold Corp.*		12,222
	4,973	voestalpine AG		178,689
	4,200	Wesdome Gold Mines, Ltd.*		21,878
	49,123	West African Resources, Ltd.*		28,573
	14,470	Westgold Resources, Ltd.*		13,956
	2,016	Wheaton Precious Metals Corp.		87,194
	1,000	Yamato Kogyo Co., Ltd.		42,812
	800	Yodogawa Steel Works, Ltd.		18,904
				14,447,364

Shares			Value
Common Stocks, continued
Multi-Utilities (0.7%):
	62,477	A2A SpA	$	114,441
	2,232	Acea SpA		29,193
	12,104	AGL Energy, Ltd.		87,512
	2,005	Atco, Ltd.		59,699
	2,366	Canadian Utilities, Ltd., Class A		61,284
	184,106	Centrica plc		289,889
	25,566	E.ON SE		325,842
	14,053	Engie SA		233,723
	16,835	Hera SpA		50,053
	11,786	Iren SpA		21,900
	2,008	National Grid plc, ADR		135,199
	8,297	National Grid plc		109,620
	11,914	REN - Redes Energeticas Nacionais SGPS SA		32,446
	24,600	SembCorp Industries, Ltd.		104,724
	1,869	Telecom Plus plc		40,109
	6,489	Vector, Ltd.		15,998
	6,496	Veolia Environnement SA		205,361
				1,916,993
Office REITs (0.0%†):
	3,571	CLS Holdings plc		6,131
Oil, Gas & Consumable Fuels (7.5%):
	7,481	Advantage Energy, Ltd.*		48,853
	18,755	Africa Oil Corp.		39,928
	4,461	Aker BP ASA		104,578
	8,769	Ampol, Ltd.		175,846
	25,668	ARC Resources, Ltd.		342,408
	28,709	Athabasca Oil Corp.*		62,204
	15,149	Baytex Energy Corp.*		49,406
	2,064	Baytex Energy Corp.*		6,729
	69,875	Beach Energy, Ltd.		63,159
	7,041	Birchcliff Energy, Ltd.		41,674
	575	BLUENORD ASA*		21,909
	15,110	Boss Energy, Ltd.*		31,439
	151,966	BP plc		890,200
	31,944	BP plc, ADR		1,127,304
	173,000	Brightoil Petroleum Holdings, Ltd.*(b)		—
	756	BW Energy, Ltd.*		1,819
	2,656	BW LPG, Ltd.(a)		26,543
	1,022	Cameco Corp.		32,019
	789	Cameco Corp.		24,714
	1,527	Canacol Energy, Ltd.		12,139
	6,882	Canadian Natural Resources, Ltd.		387,181
	4,300	Canadian Natural Resources, Ltd.		241,782
	10,396	Capricorn Energy plc		24,496
	3,012	Cardinal Energy, Ltd.^		14,962
	194,347	Carnarvon Energy, Ltd.*		16,877
	2,956	Cenovus Energy, Inc.		50,193
	23,153	Cenovus Energy, Inc.		393,283
	7,392	Channel Infrastructure NZ, Ltd.		6,677
	13,100	China Aviation Oil Singapore Corp., Ltd.		9,125
	64,430	Cooper Energy, Ltd.*		6,461
	3,600	Cosmo Energy Holdings Co., Ltd.		98,518
	8,781	Crescent Point Energy Corp.		59,096
	15,061	Crescent Point Energy Corp.		101,422
	8,223	Crew Energy, Inc.*		33,771
	854	CropEnergies AG		9,335
	4,317	d’Amico International Shipping SA*		16,763
	263	Delek Group, Ltd.		30,041
	18,620	Diversified Energy Co. plc		20,894

See accompanying notes to the financial statements.

27

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	20,320	DNO ASA	$	17,910
	7,200	ECORA RESOURCES plc		10,518
	9,908	Enbridge, Inc.		368,315
	96,700	ENEOS Holdings, Inc.		331,359
	2,930	Energean PLC		38,215
	1,500	Enerplus Corp.		21,742
	47,830	Eni SpA		689,618
	120,434	EnQuest plc*		22,798
	8,723	Equinor ASA		253,504
	1,081	Equital, Ltd.*		30,406
	15,527	Esken, Ltd.*		541
	1,390	Etablissements Maurel et Prom SA		5,922
	2,256	Euronav NV		34,195
	1,579	Exmar NV		18,455
	762	FLEX LNG, Ltd.		23,218
	3,700	Freehold Royalties, Ltd.		37,542
	2,600	Frontera Energy Corp.*		21,611
	2,211	Frontline plc		31,834
	3,100	Fuji Oil Co., Ltd.		5,895
	22,822	Galp Energia SGPS SA		266,818
	298	Gaztransport et Technigaz SA		30,342
	15,200	Gear Energy, Ltd.		11,016
	6,249	Genel Energy plc		8,207
	5,750	Gibson Energy, Inc.		90,422
	22,100	Golden Energy Resources, Ltd.*		2,941
	1,960	Gran Tierra Energy, Inc.*		9,588
	14,984	Gulf Keystone Petroleum, Ltd.		22,908
	4,009	Hafnia, Ltd.		19,597
	5,643	Harbour Energy plc		16,402
	9,100	Headwater Exploration, Inc.		43,624
	7,800	Idemitsu Kosan Co., Ltd.		156,597
	2,881	Imperial Oil, Ltd.		147,421
	21,000	Inpex Corp.		234,219
	2,244	International Petroleum Corp.*		18,381
	2,823	International Petroleum Corp. / Sweden*		23,132
	3,600	Itochu Enex Co., Ltd.		31,781
	1,700	Iwatani Corp.		89,935
	1,000	Japan Petroleum Exploration Co., Ltd.		29,970
	2,500	Journey Energy, Inc.*		10,324
	24,713	Karoon Energy, Ltd.*		32,676
	7,300	Kelt Exploration, Ltd.*		30,807
	7,201	Keyera Corp.		166,081
	3,130	Koninklijke Vopak NV		111,610
	2,000	Logan Energy Corp. CA*		—
	10,807	MEG Energy Corp.*		171,332
	1,700	Mitsuuroko Holdings Co., Ltd.		16,343
	1,502	Naphtha Israel Petroleum Corp.		6,255
	2,621	Neste Oyj		101,006
	21,426	New Hope Corp., Ltd.		69,795
	64,000	NewOcean Energy Holdings, Ltd.*		57
	21,200	Nippon Coke & Engineering Co., Ltd.*		17,112
	7,754	Nuvista Energy, Ltd.*		62,168
	104,047	Oil Refineries, Ltd.		29,775
	1,685	OMV AG		71,390
	41,785	Paladin Energy, Ltd.*		20,527
	5,770	Panoro Energy ASA		14,116
	3,407	Paramount Resouces, Ltd., Class A		74,076
	4,673	Parex Resources, Inc.		93,700
	6,100	Parkland Corp.		151,970

Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	507	Paz Oil Co., Ltd.*	$	54,530
	1,584	Pembina Pipeline Corp.		49,801
	9,211	Pembina Pipeline Corp.		289,626
	7,660	Peyto Exploration & Development Corp.		63,380
	12,892	Pharos Energy plc		3,601
	10,900	Pine Cliff Energy, Ltd.		11,767
	7,163	Pipestone Energy Corp.		12,275
	6,232	Prairiesky Royalty, Ltd.		108,964
	30,799	PT Golden Energy Mines Tbk		18,320
	27,282	Repsol SA		396,643
	1,600	Sala Corp.		8,740
	3,100	San-Ai Oil Co., Ltd.		32,886
	61,259	Santos, Ltd.		308,473
	23,460	Saras SpA		29,115
	8,575	Serica Energy plc		22,927
	34,290	Shell plc, ADR		2,070,430
	51,340	Shell plc		1,528,328
	400	Sinanen Holdings Co., Ltd.		10,607
	2,000	Spartan Delta Corp.		7,172
	9,472	Suncor Energy, Inc.		277,719
	16,178	Suncor Energy, Inc.		474,617
	9,600	Tamarack Valley Energy, Ltd.		23,264
	1,817	TC Energy Corp.		73,425
	5,183	TC Energy Corp.		209,496
	3,303	Tethys Oil AB		14,951
	13,400	Tidewater Midstream and Infrastructure, Ltd.		9,459
	3,400	Topaz Energy Corp.		52,953
	906	Torm plc		21,793
	663	TORM plc, Class A		15,948
	41,514	TotalEnergies SE		2,379,042
	8,938	Tourmaline Oil Corp.		421,191
	64,721	Tullow Oil plc*		23,200
	9,392	Var Energi ASA		25,560
	542	Verbio Vereinigte Bioenergie AG		21,811
	4,283	Vermilion Energy, Inc.		53,416
	35,418	Viva Energy Group, Ltd.(a)		71,341
	27,552	Whitecap Resources, Inc.		192,818
	35,316	Whitehaven Coal, Ltd.		158,621
	24,852	Woodside Energy Group, Ltd.		575,408
	3,625	Yancoal Australia, Ltd.		11,116
				19,226,501
Paper & Forest Products (0.5%):
	2,718	Altri SGPS SA^		12,340
	2,829	Canfor Corp.*		50,788
	600	Daiken Corp.		9,575
	3,000	Daio Paper Corp.		23,637
	8,317	Ence Energia y Celulosa S.A		26,213
	6,700	Hokuetsu Corp.		40,495
	1,406	Holmen AB, B Shares		50,548
	1,527	Interfor Corp.*		28,797
	6,283	Metsa Board Oyj		46,405
	7,278	Mondi plc		111,104
	11,089	Navigator Co. SA (The)		37,575
	4,800	Nippon Paper Industries Co., Ltd.*		39,607
	2,562	Nordic Paper Holding AB		7,395
	5,393	Norske Skog ASA*(a)		21,228
	28,900	Oji Holdings Corp.		108,263
	798	Stella-Jones, Inc.		41,099
	16,530	Stora Enso Oyj, Class R		191,557

See accompanying notes to the financial statements.

28

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Paper & Forest Products, continued
	5,304	Svenska Cellulosa AB SCA, Class B	$	67,684
	600	Tokushu Tokai Paper Co., Ltd.		13,448
	7,857	UPM-Kymmene Oyj		234,134
	2,554	West Fraser Timber Co., Ltd.		219,440
	24,618	Western Forest Products, Inc.		19,329
				1,400,661
Passenger Airlines (0.2%):
	3,200	Air Canada*		60,371
	15,527	Air France-KLM*		29,249
	80,763	Air New Zealand, Ltd.*		38,722
	1,200	ANA Holdings, Inc.*		28,634
	57,347	Cathay Pacific Airways, Ltd.*		58,735
	7,555	Deutsche Lufthansa AG*		77,321
	5,559	easyJet plc*		34,218
	528	Exchange Income Corp.		20,891
	1,600	Japan Airlines Co., Ltd.		34,761
	2,549	JET2 plc		40,314
	10,542	Qantas Airways, Ltd.*		43,704
	25,600	Singapore Airlines, Ltd.		135,514
				602,434
Personal Care Products (0.8%):
	306	Beiersdorf AG		40,482
	3,201	Best World International, Ltd.*		4,348
	307	Blackmores, Ltd.		19,315
	800	Fancl Corp.		13,342
	12,238	Haleon plc		50,355
	5,222	Haleon PLC, ADR		43,760
	409	Interparfums SA		29,158
	1,514	Jamieson Wellness, Inc.(a)		34,301
	4,300	Kao Corp.		155,760
	300	Kobayashi Pharmaceutical Co., Ltd.		16,325
	200	Kose Corp.		19,227
	16,500	L’occitane International SA		39,749
	1,446	L’Oreal SA		674,751
	1,600	Mandom Corp.		16,108
	1,000	Milbon Co., Ltd.		34,219
	600	Noevir Holdings Co., Ltd.		22,840
	2,645	Ontex Group NV*		19,914
	1,200	Pola Orbis Holdings, Inc.		17,490
	5,635	PZ Cussons plc		11,615
	2,000	Rohto Pharmaceutical Co., Ltd.		45,180
	1,900	Shiseido Co., Ltd.		86,091
	5,719	Unilever plc		298,155
	8,310	Unilever plc, ADR		433,200
	1	Unilever plc		52
	1,300	YA-MAN, Ltd.^		9,130
				2,134,867
Pharmaceuticals (3.9%):
	2,004	Alk Abello A/S*		21,896
	15,687	Alliance Pharma plc		9,929
	2,003	Almirall SA		16,556
	5,600	Astellas Pharma, Inc.		83,457
	3,840	AstraZeneca plc		549,945
	2,013	AstraZeneca plc, ADR		144,070
	491	Aurora Cannabis, Inc.*		259
	6,486	Bausch Health Cos., Inc.*		51,904
	1,145	Bausch Health Cos., Inc.*		9,160
	16,247	Bayer AG, Registered Shares		898,145

Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	298	Boiron SA	$	12,750
	900	Canopy Growth Corp.*		347
	5,000	Chugai Pharmaceutical Co., Ltd.		142,215
	207	COSMO Pharmaceuticals NV		10,465
	1,800	Daiichi Sankyo Co., Ltd.		57,086
	300	Daito Pharmaceutical Co., Ltd.		4,777
	324	Dermapharm Holding SE		16,011
	500	Eisai Co., Ltd.		33,699
	192	Euroapi SA*		2,201
	9,153	Faes Farma SA		31,771
	700	Fuji Pharma Co., Ltd.		5,661
	500	Fuso Pharmaceutical Industries. Ltd.		6,967
	12,251	GSK plc		216,375
	9,383	GSK PLC, ADR		334,410
	10,077	H Lundbeck A/S		47,995
	4,354	H Lundbeck A/S, Class A		19,368
	3,600	Haw Par Corp., Ltd.		24,932
	4,636	Hikma Pharmaceuticals plc		111,360
	800	Hisamitsu Pharmaceutical Co., Inc.		20,997
	5,536	Indivior plc*		128,383
	1,149	Ipsen SA		138,260
	2,400	JCR Pharmaceuticals Co., Ltd.		21,307
	1,000	Kaken Pharmaceutical Co., Ltd.		25,094
	1,000	Kissei Pharmaceutical Co., Ltd.		20,069
	900	Kyowa Kirin Co., Ltd.		16,638
	680	Laboratorios Farmaceuticos Rovi SA		31,440
	4,918	Mayne Pharma Group, Ltd.		14,419
	647	Merck KGaA		106,960
	400	Mochida Pharmaceutical Co., Ltd.		9,173
	900	Nippon Shinyaku Co., Ltd.		36,715
	12,781	Novartis AG		1,290,314
	13,507	Novo Nordisk A/S, Class B		2,181,886
	5,400	Ono Pharmaceutical Co., Ltd.		97,922
	658	Orion Oyj, Class A		27,855
	2,840	Orion Oyj, Class B		117,842
	1,400	Otsuka Holdings Co., Ltd.		51,316
	795	Recordati Industria Chimica e Farmaceutica SpA		37,994
	164	Roche Holding AG		53,837
	3,822	Roche Holding AG		1,168,312
	5,515	Sanofi		591,168
	7,300	Santen Pharmaceutical Co., Ltd.		62,089
	1,700	Sawai Group Holdings Co., Ltd.		42,890
	1,300	Seikagaku Corp.		6,824
	2,700	Shionogi & Co., Ltd.		114,087
	2,832	SNDL, Inc.*		3,880
	3,200	Sumitomo Dainippon Pharma Co., Ltd.		14,204
	4,000	SymBio Pharmaceuticals, Ltd.*^		12,091
	800	Taisho Pharmaceutical Holdings Co., Ltd.		30,142
	8,900	Takeda Pharmaceutical Co., Ltd.		279,765
	5,753	Teva Pharmaceutical Industries, Ltd., ADR*		43,320
	800	Torii Pharmaceutical Co., Ltd.		20,165
	1,200	Towa Pharmaceutical Co., Ltd.		14,799
	2,000	Tsumura & Co.		37,026
	544	UCB SA		48,209
	26,000	United Laboratories International Holdings, Ltd.		21,753
	299	Vetoquinol SA		29,819
	179	Virbac SA		52,894
	1,100	ZERIA Pharmaceutical Co., Ltd.		18,739
				9,904,308

See accompanying notes to the financial statements.

29

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Professional Services (2.1%):
	6,879	Adecco Group AG	$	224,598
	61	Adyen NV*(a)		105,679
	2,295	AFRY AB		33,916
	12,975	ALS, Ltd.		96,873
	770	Altech Corp.		16,023
	111	Amadeus Fire AG		13,551
	5,169	Amadeus IT Group SA*		394,053
	5,585	Applus Services SA		60,106
	2,192	Arcadis NV		91,765
	1,900	BayCurrent Consulting, Inc.		71,390
	1,800	Bell System24 Holdings, Inc.		17,039
	2,600	Benefit One, Inc.		26,650
	372	Bertrandt AG		19,885
	1,661	Brunel International NV		21,652
	9,727	Bureau Veritas SA		266,784
	26,624	Capita plc*		9,273
	5,155	Computershare, Ltd.		80,692
	700	Creek & River Co., Ltd.		9,581
	180	Danel Adir Yeoshua, Ltd.		12,795
	1,200	dip Corp.		29,993
	1,661	DKSH Holding, Ltd.		123,623
	14,199	DWF Group plc(a)		10,820
	900	en Japan, Inc.		15,596
	9,267	Experian plc		356,032
	1,200	FULLCAST Holdings Co., Ltd.		18,308
	1,500	Funai Soken Holdings, Inc.		26,641
	175	Groupe Crit		14,131
	37,731	Hays plc		49,071
	690	Hilan, Ltd.		34,156
	3,100	Infomart Corp.		7,109
	1,600	Insource Co., Ltd.		13,180
	2,428	Intertek Group plc		131,771
	4,735	IPH, Ltd.		24,764
	300	IR Japan Holdings, Ltd.		3,414
	1,000	JAC Recruitment Co., Ltd.		18,175
	1,000	LIKE, Inc.		11,702
	19,489	Link Administration Holdings, Ltd.		21,825
	5,600	Link And Motivation, Inc.		16,713
	1,000	Management Solutions Co., Ltd.		28,566
	3,994	McMillan Shakespeare, Ltd.		48,220
	1,500	Meitec Corp.		25,889
	14,213	Nexi SpA*(a)		111,576
	5,500	Nihon M&A Center, Inc.		42,239
	1,900	Open Up Group, Inc.		27,879
	3,000	Outsourcing, Inc.		28,639
	12,547	Pagegroup plc		63,971
	1,400	Pasona Group, Inc.		16,264
	2,100	Persol Holdings Co., Ltd.		38,007
	4,074	Randstad NV		214,686
	10,100	Recruit Holdings Co., Ltd.		322,360
	6,345	RELX plc		211,498
	5,236	RELX plc, ADR		175,039
	2,839	RELX plc		94,653
	2,833	Ricardo plc		20,580
	3,902	Robert Walters plc		20,411
	5,749	RWS Holdings plc		17,224
	1,750	SGS SA, Registered Shares		165,332
	1,300	SIGMAXYZ Holdings, Inc.		12,566
	3,267	Smartgroup Corp., Ltd.		17,318

Shares			Value
Common Stocks, continued
Professional Services, continued
	2,500	SMS Co., Ltd.	$	50,100
	3,200	S-Pool, Inc.		11,765
	7,669	SThree plc		33,339
	1,633	Talenom Oyj		12,967
	1,100	Tanseisha Co., Ltd.		6,042
	2,800	Technopro Holdings, Inc.		60,733
	791	Teleperformance		132,777
	2,200	TELUS International Cda, Inc.*		33,367
	293	Thomson Reuters Corp.		39,537
	1,065	Tinexta SpA		19,595
	1,000	TKC Corp.		27,069
	700	Transcosmos, Inc.		17,398
	1,100	UT Group Co., Ltd.*		23,248
	700	Visional, Inc.*^		38,757
	300	Weathernews, Inc.		13,872
	3,266	Wise plc, Class A*		27,248
	4,035	Wolters Kluwer NV		512,294
				5,262,354
Real Estate Management & Development (2.1%):
	697	Aedas Homes SA(a)		13,714
	1,700	AEON Mall Co., Ltd.		22,018
	206	AFI Properties, Ltd.*		7,703
	1,001	Airport City, Ltd.*		13,244
	2,300	Airport Facilities Co., Ltd.		8,794
	714	Allreal Holding AG, Registered Shares		120,640
	1,972	Alony Hetz Properties & Invest		15,522
	492	Alrov Properties And Lodgings, Ltd.		22,600
	700	Altus Group, Ltd.		23,215
	2,393	Amot Investments, Ltd.		12,618
	2,116	Annehem Fastigheter AB, Class B*		3,500
	11,406	Aroundtown SA		13,153
	46,000	Asia Standard International Group, Ltd.*		3,522
	1,281	Atrium Ljungberg AB, B Shares		22,165
	233	Azrieli Group, Ltd.		13,178
	210	Big Shopping Centers, Ltd.*		18,920
	116	Blue Square Real Estate, Ltd.		6,734
	59	Brack Capital Properties NV*		6,081
	3,700	Bukit Sembawang Estates, Ltd.		11,061
	695	CA Immobilien Anlagen AG		20,145
	28,100	Capitaland India Trust		23,689
	25,700	CapitaLand Investment, Ltd.		63,181
	2,130	Castellum AB		20,356
	781	Catena AB		28,618
	2,946	Cedar Woods Properties, Ltd.		9,879
	18,000	Chinese Estates Holdings, Ltd.*		5,430
	52,000	Chuang’s Consortium International, Ltd.		3,455
	851	Cibus Nordic Real Estate AB		8,288
	16,600	City Developments, Ltd.		82,776
	1,684	Citycon Oyj		10,695
	27,675	CK Asset Holdings, Ltd.		153,595
	127	Colliers International Group		12,470
	600	Colliers International Group, Inc.		58,886
	12,641	Corem Property Group AB, Class B		5,955
	340,000	CSI Properties, Ltd.		6,203
	2,413	CTP NV(a)		31,324
	1,100	Daito Trust Construction Co., Ltd.		111,624
	8,400	Daiwa House Industry Co., Ltd.		222,031
	478	Deutsche EuroShop AG		10,914
	1,307	Deutsche Wohnen SE		30,046

See accompanying notes to the financial statements.

30

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	1,139	DIC Asset AG	$	6,324
	2,651	Dios Fastigheter AB		16,929
	1,450	DREAM Unlimited Corp.		22,583
	34,000	Emperor International Holdings, Ltd.		2,210
	577	Entra ASA(a)		5,236
	55,400	ESR Group, Ltd.(a)		95,379
	4,939	Fabege AB		35,664
	83,930	Far East Consortium International, Ltd.		19,954
	8,276	Fastighets AB Balder, B Shares*		30,253
	862	FastPartner AB, Class A		3,240
	300	FirstService Corp., Class WI		46,207
	436	FirstService Corp., Class WI		67,183
	11,092	Foxtons Group plc		5,327
	16,000	Frasers Property, Ltd.		10,125
	2,231	Gav-Yam Lands Corp., Ltd.		15,734
	1,100	Goldcrest Co., Ltd.		13,739
	28,069	Grainger plc		81,089
	1,873	Grand City Properties SA		14,686
	10,516	Great Eagle Holdings, Ltd.		20,541
	17,100	GuocoLand, Ltd.		19,223
	28,000	Hang Lung Group, Ltd.		42,549
	56,984	Hang Lung Properties, Ltd.		87,954
	7,709	Harworth Group plc		10,326
	1,200	Heiwa Real Estate Co., Ltd.		31,742
	5,154	Helical plc		17,007
	14,706	Henderson Land Development Co., Ltd.		43,851
	143	Hiag Immobilien Holding AG		12,147
	37,840	HKR International, Ltd.		10,090
	9,400	Ho Bee Land, Ltd.		14,261
	18,500	Hong Fok Corp., Ltd.		13,593
	15,800	Hongkong Land Holdings, Ltd.		61,729
	2,049	Hufvudstaden AB, Class A		24,353
	9,700	Hulic Co., Ltd.		83,255
	11,000	Hysan Development Co., Ltd.		26,900
	7,300	Ichigo, Inc.		14,026
	151	IES Holdings, Ltd.*		11,109
	242	Immobel SA		9,200
	218	Ina Invest Holding AG*		4,456
	700	Information Services Corp.		11,198
	2,409	Instone Real Estate Group AG(a)		14,405
	29	Intershop Holdings AG		19,346
	2,000	Invesque, Inc.*		1,560
	164	Investis Holding SA		16,823
	1,643	Israel Canada T.R, Ltd.		3,809
	32,180	IWG plc*		56,356
	800	JINUSHI Co., Ltd.		10,570
	25,000	K Wah International Holdings Ltd.		8,016
	1,500	Katitas Co., Ltd.		25,822
	1,200	Keihanshin Building Co., Ltd.		9,649
	16,225	Kerry Properties, Ltd.		33,646
	2,347	K-fast Holding AB*		4,202
	3,270	Kojamo Oyj		30,750
	26,000	Kowloon Development Co., Ltd.		26,834
	17,100	Lai Sun Development Co., Ltd.*		3,123
	44,500	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		5,688
	589	LEG Immobilien SE		33,824
	14,551	Lendlease Corp., Ltd.		75,277
	8,900	Leopalace21 Corp.*		16,564

Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	3,460	Lifestyle Communities, Ltd.	$	36,450
	8,000	Liu Chong Hing Investment, Ltd.		6,172
	4,644	LSL Property Services plc		16,508
	543	Mega Or Holdings, Ltd.		11,285
	463	Melisron, Ltd.		30,044
	59,000	Mingfa Group International Co., Ltd.*		1,962
	4,200	Mirarth Holdings, Inc.		12,962
	6,700	Mitsubishi Estate Co., Ltd.		79,926
	6,000	Mitsui Fudosan Co., Ltd.		119,725
	9,306	Mivne Real Estate KD, Ltd.		22,803
	342	Mobimo Holding AG, Registered Shares		92,379
	100	Morguard Corp.		7,700
	28,087	New World Development Co., Ltd.		69,377
	1,539	Nexity SA		31,097
	1,700	Nisshin Group Holdings Co., Ltd.		6,114
	2,300	Nomura Real Estate Holdings, Inc.		54,717
	522	NP3 Fastigheter AB		7,896
	6,438	Nyfosa AB		35,734
	17,900	Oue, Ltd.		13,909
	54,608	Oxley Holdings, Ltd.		5,140
	25,655	Pacific Century Premium Developments, Ltd.*		1,161
	1,455	PATRIZIA SE		17,309
	5,361	PEXA Group, Ltd.*		48,996
	1,195	Platzer Fastigheter Holding AB, Class B		8,856
	222	Prashkovsky Investments And Construction, Ltd.		5,412
	1,324	PSP Swiss Property AG		148,065
	125	Raysum Co., Ltd.		2,577
	3,244	Real Matters, Inc.*		14,841
	2,900	Relo Group, Inc.		39,579
	1,892	Sagax AB, Class B		37,408
	22,824	Samhallsbyggnadsbolaget i Norden AB		8,745
	1,200	SAMTY Co., Ltd.		18,682
	3,518	Savills plc		38,108
	1,875	Selvaag Bolig ASA		5,640
	112,800	Shin Hwa World, Ltd.*		1,383
	70,000	Shun Tak Holdings, Ltd.*		11,010
	795	Shurgard Self Storage, Ltd.		36,299
	100,800	Sinarmas Land, Ltd.		14,995
	50,863	Sino Land Co., Ltd.		62,548
	34,943	Sirius Real Estate, Ltd.		37,900
	5,000	Soundwill Holdings, Ltd.		4,221
	200	SRE Holdings Corp.*		5,351
	1,800	Starts Corp., Inc.		36,975
	5,500	Sumitomo Realty & Development Co., Ltd.		136,331
	1,493	Summit Real Estate Holdings, Ltd.		19,233
	1,800	Sun Frontier Fudousan Co., Ltd.		17,917
	8,921	Sun Hung Kai Properties, Ltd.		112,524
	9,646	Swire Pacific, Ltd., Class A		74,216
	17,500	Swire Pacific, Ltd., Class B		22,094
	8,600	Swire Properties, Ltd.		21,199
	1,615	Swiss Prime Site AG, Registered Shares		140,199
	3,096	TAG Immobilien AG*		29,255
	21,000	TAI Cheung Holdings, Ltd.		9,822
	1,000	TKP Corp.*		19,139
	2,900	TOC Co, Ltd.		12,740
	6,400	Tokyo Tatemono Co., Ltd.		82,587
	25,500	Tokyu Fudosan Holdings Corp.		145,970
	2,400	Tosei Corp.		29,225
	4,220	Tricon Residential, Inc.^		37,211

See accompanying notes to the financial statements.

31

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	213	UBM Development AG	$	6,087
	12,600	UOL Group, Ltd.		60,022
	241	VGP NV		23,614
	4,568	Vonovia SE		89,179
	9,647	Wallenstam AB		32,668
	6	Warteck Invest AG		13,385
	6,203	Watkin Jones plc		5,628
	12,829	Wharf Real Estate Investment Co., Ltd.		64,212
	4,068	Wihlborgs Fastigheter AB		29,431
	20,700	Wing Tai Holdings, Ltd.		22,527
	16,000	Wing Tai Properties, Ltd.		6,759
	148	YH Dimri Construction & Development, Ltd.		9,192
	17	Zug Estates Holding AG, Class B		30,303
				5,306,208
Retail REITs (0.0%†):
	12,197	Investore Property, Ltd.		10,643
Semiconductors & Semiconductor Equipment (2.4%):
	1,100	Advantest Corp.		147,376
	8,300	Aem Holdings, Ltd.		22,887
	12,975	ams-OSRAM AG*		93,456
	546	ASM International NV		232,180
	1,186	ASML Holding NV		858,429
	1,726	ASML Holding NV, NYS		1,250,919
	10,419	ASMPT, Ltd.		102,934
	2,097	BE Semiconductor Industries NV		227,307
	700	Disco Corp.		110,755
	185	Elmos Semiconductor SE		15,188
	1,700	Ferrotec Holdings Corp.		43,172
	300	Furuya Metal Co., Ltd.		24,952
	9,108	Infineon Technologies AG		375,583
	24,323	IQE plc*		6,562
	2,200	Japan Material Co., Ltd.		36,786
	600	Lasertec Corp.		90,693
	500	Megachips Corp.		12,980
	483	Melexis NV		47,535
	1,700	Micronics Japan Co., Ltd.		23,812
	800	Mimasu Semiconductor Industry		17,424
	500	Mitsui High-Tec, Inc.		34,148
	1,737	Nordic Semiconductor ASA*		21,103
	386	Nova Measuring Instruments, Ltd.*		44,415
	1,100	Optorun Co., Ltd.		18,682
	12,300	Renesas Electronics Corp.*		232,799
	1,300	Rohm Co., Ltd.		122,886
	600	Rorze Corp.		48,720
	1,000	RS Technologies Co., Ltd.		22,349
	700	Sanken Electric Co., Ltd.		66,057
	800	SCREEN Holdings Co., Ltd.		90,878
	200	Shibaura Mechatronics Corp.		31,205
	300	Shindengen Electric Manufacturing Co., Ltd.		6,819
	1,600	Shinko Electric Industries Co., Ltd.		65,526
	743	Siltronic AG		56,749
	690	SOITEC*		116,705
	393	STMicroelectronics NV, NYS		19,646
	6,413	STMicroelectronics NV		319,006
	409	SUESS MicroTec SE		10,865
	11,800	SUMCO Corp.		167,031
	1,400	Tazmo Co., Ltd.		23,807
	3,100	Tokyo Electron, Ltd.		443,977
	1,600	Tokyo Seimitsu Co., Ltd.		88,578

Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	1,200	Torex Semiconductor, Ltd.	$	19,918
	1,000	Towa Corp.		17,968
	2,902	Tower Semiconductor, Ltd.*		108,883
	1,200	Tri Chemical Laboratories, Inc.		23,551
	321	u-blox Holding AG		35,224
	1,900	Ulvac, Inc.		80,864
	24,700	UMS Holdings, Ltd.		19,418
	1,978	X-Fab Silicon Foundries SE*(a)		21,417
	1,200	Yamaichi Electronics Co., Ltd.		19,904
				6,140,028
Software (1.1%):
	1,800	Access Co., Ltd.*		12,402
	1,484	accesso Technology Group plc*		14,524
	2,086	Altium, Ltd.		51,631
	177	Atoss Software AG		40,091
	4,889	BlackBerry, Ltd.*		27,091
	19,135	Bravura Solutions, Ltd.		5,999
	3,570	Byggfakta Group Nordic Holdco AB*		11,869
	5,897	Bytes Technology Group plc		39,483
	4,700	Celsys, Inc.		24,456
	500	Computer Engineering & Consulting, Ltd.		6,284
	201	Constellation Software, Inc.		416,501
	464	Crayon Group Holding ASA*(a)		4,539
	1,400	Cresco, Ltd.		20,610
	1,200	Cybozu, Inc.		19,627
	1,719	Dassault Systemes SE		76,224
	564	Descartes Systems Group, Inc. (The)*		45,182
	300	Descartes Systems Group, Inc. (The)*		24,034
	300	Digital Arts, Inc.		12,203
	989	Dye & Durham, Ltd.		13,522
	1,000	Enghouse Systems, Ltd.		24,302
	669	FD Technologies plc*		16,315
	1,600	Fixstars Corp.		16,912
	9,453	Fortnox AB		55,850
	1,966	F-Secure Oyj		5,010
	800	Fuji Soft, Inc.		25,719
	900	Fukui Computer Holdings, Inc.		17,492
	2,826	GB Group plc		8,218
	8,509	Hansen Technology, Ltd.		29,431
	700	I’ll, Inc.		14,517
	16,011	Infomedia, Ltd.		17,099
	7,858	Integrated Research, Ltd.*^		2,021
	3,230	IRESS, Ltd.		22,184
	1,500	Justsystems Corp.		42,009
	200	Kinaxis, Inc.*		28,582
	935	Lectra		27,854
	4,811	Lightspeed Commerce, Inc.*		81,394
	36	Linedata Services		2,176
	15,683	LINK Mobility Group Holding ASA*		16,524
	303	Lumine Group, Inc.*		4,156
	1,195	Magic Software Enterprises, Ltd.		15,689
	500	Miroku Jyoho Service Co., Ltd.		5,471
	1,504	Nemetschek SE		112,620
	145	Nice, Ltd.*		29,943
	30,146	Nuix, Ltd.*		17,166
	400	OBIC Business Consultants Co., Ltd.		14,664
	896	Open Text Corp.		37,229
	1,680	Open Text Corp.		69,884
	500	Oracle Corp.		37,159

See accompanying notes to the financial statements.

32

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Software, continued
	30	Otello Corp. ASA	$	22
	1,000	Plus Alpha Consulting Co., Ltd.		23,214
	601	QT Group Oyj*		50,201
	900	Rakus Co., Ltd.		15,300
	5,734	Sage Group plc (The)		67,347
	1,083	SAP SE		147,863
	1,470	SimCorp A/S		155,780
	16,449	Sinch AB*(a)		37,243
	1,484	Software AG^		51,583
	500	SRA Holdings		11,298
	8,400	Systena Corp.		17,130
	5,737	TeamViewer SE*(a)		92,066
	7,838	Technology One, Ltd.		82,203
	1,696	Temenos AG, Registered Shares		135,077
	3,468	TomTom NV*		26,952
	1,500	Trend Micro, Inc.		72,649
	12,001	Vista Group International, Ltd.*		12,762
	605	Vitec Software Group AB, B Shares		30,408
	1,200	WingArc1st, Inc.		19,821
	1,629	WiseTech Global, Ltd.		87,251
	1,966	WithSecure Oyj*		2,511
	423	Xero, Ltd.*		33,799
				2,836,342
Specialty Retail (1.5%):
	400	ABC-Mart, Inc.		21,675
	16,866	Accent Group, Ltd.		18,930
	11,667	Adairs, Ltd.		12,300
	1,300	Adastria Co., Ltd.		27,759
	900	Alpen Co., Ltd.		12,366
	2,600	AOKI Holdings, Inc.		15,906
	2,800	Aoyama Trading Co., Ltd.		25,781
	1,400	ARCLANDS CORP.		15,322
	1,137	Aritzia, Inc.*		31,571
	1,006	ASOS plc*		4,896
	1,143	Auto1 Group SE*(a)		10,611
	2,500	Autobacs Seven Co., Ltd.		26,597
	613	AutoCanada, Inc.*		8,895
	621	BHG Group AB*		864
	2,300	Bic Camera, Inc.		17,086
	2,768	Bilia AB, A Shares		28,901
	34,054	Boohoo Group plc*		14,663
	3,245	Byggmax Group AB		8,703
	2,609	Carasso Motors, Ltd.		11,667
	16,294	Card Factory plc*		18,700
	94	Cazoo Group, Ltd.*		111
	3,919	CECONOMY AG*		9,831
	800	Chiyoda Co., Ltd.		4,964
	32,200	Chow Tai Fook Jewellery Group, Ltd.		58,067
	1,435	Clas Ohlson AB, B Shares		10,780
	51,069	Currys plc		33,930
	4,700	DCM Holdings Co., Ltd.		39,882
	2,725	Delek Automotive Systems, Ltd.		20,904
	7,507	DFS Furniture plc		10,295
	291	Dor Alon Energy in Israel 1988, Ltd.		5,423
	2,778	Dufry AG, Registered Shares*		126,668
	2,929	Dunelm Group plc		41,802
	5,584	Eagers Automotive, Ltd.		50,547
	3,700	EDION Corp.		37,394
	800	Enigmo, Inc.		2,190

Shares			Value
Common Stocks, continued
Specialty Retail, continued
	115,950	Esprit Holdings, Ltd.*	$	8,893
	1,200	Fast Retailing Co., Ltd.		308,100
	995	Fielmann AG		52,972
	878	Fnac Darty SA		32,883
	280	Fox Wizel, Ltd.		22,988
	4,126	Frasers Group plc*		36,808
	2,300	Geo Holdings Corp.		29,336
	130,000	Giordano International, Ltd.		40,709
	7,709	H & M Hennes & Mauritz AB, Class B		132,624
	10,860	Halfords Group plc		29,719
	200	Hikari Tsushin, Inc.		28,746
	1,000	Honeys Holdings Co., Ltd.		12,303
	485	Hornbach Holding AG & Co. KGaA		38,230
	4,500	Hour Glass, Ltd. The		6,659
	2,800	IDOM, Inc.		17,112
	8,260	Industria de Diseno Textil SA		320,889
	3,000	Istyle, Inc.*		11,581
	3,610	JB Hi-Fi, Ltd.		105,538
	38,979	JD Sports Fashion plc		72,236
	700	JINS Holdings, Inc.		14,507
	1,500	Joshin Denki Co., Ltd.		20,488
	900	Joyful Honda Co., Ltd.		10,627
	2,166	Kamux Corp.		12,839
	1,700	Keiyo Co., Ltd.		9,482
	744	Kid ASA(a)		5,229
	63,232	Kingfisher plc		185,996
	26,469	KMD Brands, Ltd.		16,249
	900	Kohnan Shoji Co., Ltd.		21,919
	1,600	Komeri Co., Ltd.		32,615
	3,300	K’s Holding Corp.		28,802
	1,766	Leon’s Furniture, Ltd.		29,264
	19,046	Lookers plc		28,978
	2,388	Lovisa Holdings, Ltd.		30,896
	3,000	Luk Fook Holdings International, Ltd.		7,698
	531	Maisons du Monde SA*(a)		5,344
	2,347	Matas A/S		34,597
	1,681	MEKO AB		17,365
	1,563	Mobilezone Holding AG, Registered Shares		24,037
	821	Musti Group Oyj		16,050
	6,515	N Brown Group plc*		1,933
	1,800	Nextage Co., Ltd.		34,996
	3,966	Nick Scali, Ltd.		24,134
	1,900	Nishimatsuya Chain Co., Ltd.		22,477
	600	Nitori Holdings Co., Ltd.		67,140
	3,600	Nojima Corp.		34,282
	28,290	Oriental Watch Holdings		15,720
	1,000	PAL GROUP Holdings Co., Ltd.		27,101
	76,677	Pendragon plc*		17,183
	19,128	Pets At Home Group plc		91,575
	1,510	Premier Investments, Ltd.		20,515
	362	Retailors, Ltd.		7,014
	700	Sanrio Co., Ltd.		29,985
	500	Shimamura Co., Ltd.		47,245
	2,100	Sleep Country Canada Holdings, Inc.(a)		45,516
	5,578	Super Retail Group, Ltd.		42,699
	3,968	Superdry plc*		3,988
	900	T-Gaia Corp.		10,843
	919	Unieuro SpA(a)		9,925
	1,600	United Arrows, Ltd.		27,724

See accompanying notes to the financial statements.

33

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Specialty Retail, continued
	3,700	USS Co., Ltd.	$	61,328
	13,891	Vertu Motors plc		12,613
	8,200	VT Holdings Co., Ltd.		31,222
	8,991	Watches of Switzerland Group plc*(a)		69,904
	5,476	WH Smith plc		107,970
	8,059	Wickes Group plc		12,577
	900	Workman Co., Ltd.		32,495
	800	World Co., Ltd.		9,199
	700	Xebio Holdings Co., Ltd.		5,300
	2,913	XXL ASA*(a)		484
	21,600	Yamada Holdings Co., Ltd.		63,643
	800	Yellow Hat, Ltd.		10,309
	1,300	Zalando SE*(a)		37,399
	2,200	ZOZO, Inc.		45,538
				3,729,265
Technology Hardware, Storage & Peripherals (0.4%):
	8,300	Brother Industries, Ltd.		121,726
	5,900	Canon, Inc.		155,705
	700	Eizo Corp.		23,108
	1,800	Elecom Co., Ltd.		18,157
	1,700	FUJIFILM Holdings Corp.		100,975
	12,900	Konica Minolta, Inc.		44,497
	3,898	Logitech International SA, Class R		231,828
	1,204	Logitech International SA, Class R		71,518
	4,000	MCJ Co., Ltd.		27,888
	12,000	PC Partner Group, Ltd.		6,640
	1,935	Quadient SA		39,828
	9,400	Ricoh Co., Ltd.		80,269
	600	Roland DG Corp.		15,165
	7,000	Seiko Epson Corp.		108,703
	900	Toshiba Tec Corp.		25,931
	4,400	Wacom Co., Ltd.		18,062
				1,090,000
Textiles, Apparel & Luxury Goods (2.3%):
	1,860	adidas AG		360,722
	1,400	Asics Corp.		43,325
	448	Bijou Brigitte AG		24,099
	917	Brunello Cucinelli SpA		80,843
	5,724	Burberry Group plc		154,028
	364	Calida Holding AG, Registered Shares		13,870
	1,900	Canada Goose Holdings, Inc.*		33,823
	408	Canada Goose Holdings, Inc.*^		7,262
	18,000	Chow Sang Sang Holdings International, Ltd.		20,096
	3,300	Cie Financiere Richemont SA, Registered Shares		560,080
	35,102	Coats Group plc		31,066
	485	Delta Galil, Ltd.		19,011
	6,098	Dr Martens plc		9,472
	4,931	Gildan Activewear, Inc.		158,994
	1,142	Gildan Activewear, Inc.		36,818
	400	Goldwin, Inc.		34,092
	900	Gunze, Ltd.		27,804
	151	Hermes International		328,461
	2,373	HUGO BOSS AG		185,221
	1,500	Japan Wool Textile Co., Ltd. (The)		10,863
	788	Kering SA		436,382
	700	Kurabo Industries, Ltd.		11,094
	2,046	LVMH Moet Hennessy Louis Vuitton SE		1,930,678
	1,211	Marimekko Oyj		12,009
	2,199	Moncler SpA		152,142

Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	2,958	New Wave Group AB, Class B	$	26,044
	5,000	Onward Holdings Co., Ltd.		13,908
	12,688	OVS SpA(a)		35,240
	44,000	Pacific Textiles Holdings, Ltd.		10,297
	3,804	Pandora A/S		339,984
	5,300	PRADA SpA		35,517
	2,278	Puma SE		136,976
	7,277	Safilo Group SpA*		9,885
	1,885	Salvatore Ferragamo SpA		31,052
	34,800	Samsonite International SA*(a)		98,939
	2,100	Sankyo Seiko Co., Ltd.		8,245
	500	Sanyo Shokai, Ltd.		6,692
	700	Seiko Group Corp.		12,713
	17,500	Stella International Holdings, Ltd.		16,546
	906	Swatch Group AG (The)		49,814
	457	Swatch Group AG (The), Class BR		133,979
	11,500	Texhong International Group, Ltd.		7,576
	60,000	Texwinca Holdings, Ltd.		9,150
	3,200	TSI Holdings Co, Ltd.		17,571
	5,500	Unitika, Ltd.*		8,959
	377	Van de Velde NV		13,589
	2,000	Wacoal Holdings Corp.		40,047
	33,514	Yue Yuen Industrial Holdings, Ltd.		43,733
				5,788,711
Tobacco (0.4%):
	14,243	British American Tobacco plc		472,455
	13,254	Imperial Brands plc, Class A		293,062
	11,100	Japan Tobacco, Inc.		243,327
	2,779	Scandinavian Tobacco Group A/S(a)		46,261
				1,055,105
Trading Companies & Distributors (2.3%):
	1,383	AddTech AB, B Shares		30,156
	1,000	Alconix Corp.		9,567
	1,271	Alligo AB, Class B		12,964
	7,944	Ashtead Group plc		551,541
	859	Azelis Group NV		19,626
	653	BayWa AG		26,917
	2,058	Beijer Ref AB		26,309
	1,271	Bergman & Beving AB		20,343
	316	Bossard Holding AG, Registered A		70,263
	4,927	Brenntag SE		383,823
	1,375	Bufab AB		47,119
	2,141	Bunzl plc		81,501
	500	Chori Co., Ltd.		10,325
	70,000	CSC Holdings, Ltd.*		314
	400	Daiichi Jitsugyo Co., Ltd.		15,804
	1,746	Diploma plc		66,285
	4,000	Doman Building Materials Group, Ltd.		19,780
	3,733	Ferguson plc		589,244
	6,700	Finning International, Inc.		206,119
	8,003	Grafton Group plc		79,627
	1,100	Hanwa Co., Ltd.		34,795
	18,850	Howden Joinery Group plc		153,876
	1,942	IMCD NV		279,309
	1,800	Inaba Denki Sangyo Co., Ltd.		41,125
	1,800	Inabata & Co., Ltd.		40,558
	10,900	ITOCHU Corp.		433,519
	616	Jacquet Metals SA		12,776
	500	Japan Pulp & Paper Co., Ltd.		16,941

See accompanying notes to the financial statements.

34

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Trading Companies & Distributors, continued
	700	Kamei Corp.	$	7,225
	900	Kanaden Corp.		8,133
	1,700	Kanamoto Co., Ltd.		25,996
	3,100	Kanematsu Corp.		43,418
	9,100	Marubeni Corp.		155,479
	1,500	Mitani Corp.		14,186
	7,600	Mitsubishi Corp.		368,441
	6,100	Mitsui & Co., Ltd.		229,545
	800	Mitsui Matsushima Holdings Co., Ltd.		14,485
	1,271	Momentum Group AB		14,322
	3,800	MonotaRO Co., Ltd.		48,428
	2,800	Nagase & Co., Ltd.		46,554
	600	Nichiden Corp.		10,003
	1,200	Nishio Holdings Co., Ltd.		28,380
	3,414	OEM International AB, Class B		31,051
	700	Onoken Co., Ltd.		7,805
	22,000	Realord Group Holdings, Ltd.*		17,441
	3,537	Reece, Ltd.		44,076
	8,384	Rexel SA		207,283
	2,192	Richelieu Hardware, Ltd.		69,338
	5,840	RS GROUP plc		56,436
	2,804	Russel Metals, Inc.		77,689
	207	Scope Metals Group, Ltd.*		7,516
	1,200	Senshu Electric Co., Ltd.		30,692
	3,469	Seven Group Holdings, Ltd.		57,228
	500	Shinsho Corp.		20,216
	22,549	SIG plc*		9,936
	4,300	Sojitz Corp.		95,481
	409	Solar A/S, B Shares		30,269
	17,864	Speedy Hire plc		8,187
	11,700	Sumitomo Corp.		248,610
	130,000	Theme International Holdings, Ltd.*		14,647
	269	Thermador Groupe		24,190
	1,472	Toromont Industries, Ltd.		120,940
	700	Totech Corp.		23,302
	3,300	Toyota Tsushu Corp.		164,751
	9,570	Travis Perkins plc		99,028
	1,000	Trusco Nakayama Corp.		15,888
	800	Wajax Corp.		15,063
	2,700	Wakita & Co., Ltd.		24,271
	2,700	Yamazen Corp.		20,807
	800	Yuasa Trading Co., Ltd.		24,489
				5,861,751
Transportation Infrastructure (0.5%):
	1,135	Aena SME SA(a)		183,449
	260	Aeroports de Paris		37,354
	15,468	Atlas Arteria, Ltd.		64,170
	6,208	Auckland International Airport, Ltd.*		32,520
	6,757	Enav SpA(a)		28,855
	927	Flughafen Zuerich AG, Registered Shares		192,726
	1,646	Fraport AG Frankfurt Airport Services Worldwide*		87,739
	3,559	Getlink SE		60,549
	1,618	Hamburger Hafen und Logistik AG		20,154
	182,200	Hutchison Port Holdings Trust, Class U		35,254
	1,940	James Fisher & Sons plc*		9,879
	400	Japan Airport Terminal Co., Ltd.		18,108
	2,100	Kamigumi Co., Ltd.		47,675
	700	Logistec Corp., Class B		33,827
	1,400	Mitsubishi Logistics Corp.		34,631

Shares			Value
Common Stocks, continued
Transportation Infrastructure, continued
	400	Nissin Corp.	$	7,012
	5,399	Port of Tauranga, Ltd.		20,690
	25,753	Qube Holdings, Ltd.		49,106
	19,576	SATS, Ltd.*		37,419
	6,900	SIA Engineering Co., Ltd.*		12,727
	2,100	Sumitomo Warehouse Co., Ltd. (The)		34,615
	14,732	Transurban Group		140,294
	1,941	Westshore Terminals Investment Corp.		45,778
				1,234,531
Water Utilities (0.1%):
	7,001	Pennon Group plc		63,296
	2,786	Severn Trent plc		90,745
	45,000	SIIC Environment Holdings, Ltd.		7,153
	9,121	United Utilities Group plc		111,370
				272,564
Wireless Telecommunication Services (0.8%):
	1,292	1&1 AG		14,222
	27,529	Airtel Africa plc(a)		37,800
	3,670	Cellcom Israel, Ltd.*		12,711
	3,094	Freenet AG		77,596
	88,000	Hutchison Telecommunications Holdings, Ltd.		13,972
	16,100	KDDI Corp.		497,636
	6,492	Millicom International Cellular SA, SDR*		99,329
	1,000	Okinawa Cellular Telephone Co.		20,848
	1,324	Orange Belgium SA*		20,078
	8,995	Partner Communications Co.*		35,485
	1,242	Rogers Communications, Inc., Class B		56,685
	5,200	Rogers Communications, Inc., Class B		237,270
	35,000	SmarTone Telecommunications Holdings, Ltd.		21,672
	21,100	SoftBank Corp.		225,751
	5,100	SoftBank Group Corp.		242,079
	21,800	StarHub, Ltd.		16,746
	8,512	Tele2 AB		70,477
	444,231	Vodafone Group plc		419,073
				2,119,430
	Total Common Stocks (Cost $235,742,452)			253,461,890
Preferred Stocks (0.3%):
Automobile Components (0.2%):
	1,966	Porsche Automobil Holding SE, 4.64%, 5/20/20*		118,241
	3,809	Volkswagen AG, 7.13%, 5/8/20		510,843
				629,084
Automobiles (0.0%†):
	839	Bayerische Motoren Werke AG, 8.18%, 5/15/20		95,388
Household Products (0.1%):
	2,011	Henkel AG & Co. KGaA, 2.53%, 4/21/20		160,737
	Total Preferred Stocks (Cost $914,488)			885,209
Contracts
Warrant (0.0%†):
Oil, Gas & Consumable Fuels (0.0%†):
	2,000	Logan Energy Corp. CA, 6/15/28*		—
	Total Warrant (Cost $—)			—

See accompanying notes to the financial statements.

35

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Rights (0.0%†):
Chemicals (0.0%†):
	379	Lenzing AG, Expires on 7/6/23*	$	2,208
Construction & Engineering (0.0%†):
	881	Strabag Se, Expires on 1/1/27*(b)		—
Retail REITs (0.0%†):
	3,343	Capitaland India, Expires on 7/11/23*		198
	Total Rights (Cost $–)			2,406
Short-Term Security Held as Collateral for Securities on Loan (0.7%):
	1,685,701	BlackRock Liquidity FedFund, Institutional Class, 3.57%(c)(d)		1,685,701
	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,685,701)			1,685,701

Shares			Value
Unaffiliated Investment Company (0.2%):
Money Markets (0.2%):
	392,497	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(d)	$	392,497
	Total Unaffiliated Investment Company (Cost $392,497)			392,497
	Total Investment Securities
	(Cost $238,735,138) — 99.9%			256,427,703
	Net other assets (liabilities) — 0.1%			129,161
	Net Assets — 100.0%		$	256,556,864

Percentages indicated are based on net assets as of June 30, 2023.

ADR	-   American Depository Receipt
NYS	-   New York Shares
SDR	-   Swedish Depository Receipt

* Non-income producing security.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $1,681,169.

† Represents less than 0.05%.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) Security was valued using significant unobservable inputs as of June 30, 2023.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(d) The rate represents the effective yield at June 30, 2023.

Amounts shown as “—” are either $0 or round to less than $1.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2023:

(Unaudited)

Country	Percentage
Australia		6.3%
Austria		0.5%
Belgium		1.2%
Bermuda		0.1%
Cambodia		—%	†
Canada		10.6%
China		0.1%
Colombia		—%	†
Denmark		2.7%
Egypt		—%	†
European Community		—%	†
Faroe Islands		—%	†
Finland		1.4%
France		7.9%
Georgia		—%	†
Germany		6.9%
Hong Kong		2.0%
India		—%	†
Indonesia		—%	†
Ireland		1.4%
Isle of Man		—%	†
Israel		0.8%
Italy		2.3%
Japan		22.3%
Jersey		—%	†
Liechtenstein		—%	†
Luxembourg		0.5%

See accompanying notes to the financial statements.

36

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Country	Percentage
Macau		—%	†
Malta		—%	†
Mexico		—%	†
Mongolia		—%	†
Netherlands		5.1%
New Zealand		0.3%
Norway		0.8%
Peru		—%	†
Poland		—%	†
Portugal		0.3%
Singapore		1.0%
Spain		2.4%
Sweden		2.6%
Switzerland		8.2%
Taiwan, Province Of China		—%	†
United Arab Emirates		—%	†
United Kingdom		11.2%
United States		1.1%
		100.0%

† Represents less than 0.05%.

See accompanying notes to the financial statements.

37

AZL DFA International Core Equity Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	238,735,138
Investment securities, at value(a)	$	256,427,703
Cash		2,239
Interest and dividends receivable		371,325
Foreign currency, at value (cost $707,438)		707,887
Receivable for investments sold		184,217
Reclaims receivable		991,800
Prepaid expenses		12
Total Assets		258,685,183
Liabilities:
Payable for investments purchased		247,521
Payable for collateral received on loaned securities		1,685,701
Management fees payable		135,863
Administration fees payable		4,524
Distribution fees payable		52,255
Custodian fees payable		1,892
Administrative and compliance services fees payable		30
Transfer agent fees payable		48
Trustee fees payable		172
Other accrued liabilities		313
Total Liabilities		2,128,319
Commitments and contingent liabilities^
Net Assets	$	256,556,864
Net Assets Consist of:
Paid in capital	$	215,662,177
Total distributable earnings		40,894,687
Net Assets	$	256,556,864
Shares of beneficial interest (unlimited number of shares authorized, no par value)		25,104,023
Net Asset Value (offering and redemption price per share)	$	10.22

(a) Includes securities on loan of $1,681,169.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends	$	5,870,153
Interest		541
Income from securities lending		17,507
Foreign withholding tax		(677,984	)
Total Investment Income		5,210,217
Expenses:
Management fees		1,099,791
Administration fees		44,347
Distribution fees		289,418
Custodian fees		63,866
Administrative and compliance services fees		1,258
Transfer agent fees		2,434
Trustee fees		4,781
Professional fees		3,985
Shareholder reports		1,380
Other expenses		2,006
Total expenses before reductions		1,513,266
Less Management fees contractually waived		(347,303	)
Net expenses		1,165,963
Net Investment Income/(Loss)		4,044,254
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		7,446,125
Change in net unrealized appreciation/depreciation on securities and foreign currencies		9,790,671
Net realized and Change in net unrealized gains/losses on investments		17,236,796
Change in Net Assets Resulting From Operations	$	21,281,050

See accompanying notes to the financial statements.

38

AZL DFA International Core Equity Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023				For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,044,254			$	4,790,409
Net realized gains/(losses) on investments			7,446,125				8,471,993
Change in unrealized appreciation/depreciation on investments			9,790,671				(45,642,578	)
Change in net assets resulting from operations			21,281,050				(32,380,176	)
Distributions to Shareholders:
Distributions			—				(22,034,547	)
Change in net assets resulting from distributions to shareholders			—				(22,034,547	)
Capital Transactions:
Proceeds from shares issued			95,447,709				233,975
Proceeds from dividends reinvested			—				22,034,547
Value of shares redeemed			(51,711,141	)			(28,132,999	)
Change in net assets resulting from capital transactions			43,736,568				(5,864,477	)
Change in net assets			65,017,618				(60,279,200	)
Net Assets:
Beginning of period			191,539,246				251,818,446
End of period		$	256,556,864			$	191,539,246
Share Transactions:
Shares issued			9,845,065				22,083
Dividends reinvested			—				2,635,711
Shares redeemed			(5,187,596	)			(2,650,752	)
Change in shares			4,657,469				7,042

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

39

AZL DFA International Core Equity Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
	(Unaudited)
Net Asset Value, Beginning of Period		$9.37			$12.32			$11.06			$10.58			$9.20			$11.46
Investment Activities:
Net Investment Income/(Loss)		0.17	(a)		0.24	(a)		0.19	(a)		0.12	(a)		0.21	(a)		0.17
Net Realized and Unrealized Gains/ (Losses) on Investments		0.68			(2.04	)		1.25			0.61			1.65			(2.16	)
Total from Investment Activities		0.85			(1.80	)		1.44			0.73			1.86			(1.99	)
Distributions to Shareholders From:
Net Investment Income		—			(0.26	)		(0.18	)		(0.25	)		(0.15	)		(0.21	)
Net Realized Gains		—			(0.89	)		—			—			(0.33	)		(0.06	)
Total Dividends		—			(1.15	)		(0.18	)		(0.25	)		(0.48	)		(0.27	)
Net Asset Value, End of Period		$10.22			$9.37			$12.32			$11.06			$10.58			$9.20
Total Return(b)		9.07	%(c)		(13.49	)%		13.05	%		7.25	%		20.72	%		(17.65	)%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period (000’s)		$256,557			$191,539			$251,818			$265,060			$275,886			$253,044
Net Investment Income/(Loss)(d)		3.49	%		2.30	%		1.61	%		1.29	%		2.09	%		1.63	%
Expenses Before Reductions(d)(e)		1.31	%		1.30	%		1.31	%		1.34	%		1.33	%		1.38	%
Expenses Net of Reductions(d)		1.01	%		1.08	%		1.11	%		1.14	%		1.13	%		1.18	%
Portfolio Turnover Rate		28	%(c)		13	%		7	%		14	%		6	%		20	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

40

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA International Core Equity Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

41

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,731 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,685,701 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL DFA International Core Equity Fund		0.95	%		1.39	%

* The Manager waived, prior to any application of expense limit, the management fee to 0.65% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager is 0.20% of the first $100 million of the Fund’s net assets and 0.17% of the Fund’s net asset over $100 million.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

42

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

43

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks+		$37,322,509		$216,004,076		$—	#		$253,326,585
Preferred Stocks+		—		885,209		—			885,209
Warrant+		—		—		—			—
Rights+		—		2,406		—	#		2,406
Short-Term Security Held as Collateral for Securities on Loan		1,685,701		—		—			1,685,701
Unaffiliated Investment Company		392,497		—		—			392,497
Total Investment Securities		$39,400,707		$216,891,691		$—			$256,292,398

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

^#  Represents the interest in securities that were determined to have a value of zero at June 30, 2023.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL DFA International Core Equity Fund		$	102,730,978		$	55,853,690

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $186,458,045. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$37,399,368
Unrealized (depreciation)	(30,528,269)
Net unrealized appreciation/(depreciation)	$6,871,099

44

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL DFA International Core Equity Fund		$	5,824,557		$	16,209,990		$	22,034,547

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)
AZL DFA International Core Equity Fund		$	4,378,997		$	8,390,863		$	—		$	6,843,777		$	19,613,637

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) was attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023, the Fund was wholly-owned by multiple shareholder accounts which are affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

45

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

46

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

47

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® DFA U.S. Core Equity Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 24

Page 24

Page 25

Page 26

Page 27

Page 32

Page 33

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL DFA U.S. Core Equity Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL DFA U.S. Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL DFA U.S. Core Equity Fund	$1,000.00	$1,117.40	$4.04	0.77%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL DFA U.S. Core Equity Fund	$1,000.00	$1,020.98	$3.86	0.77%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Information Technology		22.7	%
Financials		13.7
Industrials		13.0
Health Care		12.0
Consumer Discretionary		11.4
Communication Services		7.3
Energy		6.5
Consumer Staples		6.1
Materials		4.1
Utilities		2.6
Real Estate		0.3
Total Common Stocks and Preferred Stocks		99.7
Rights		—	†
Unaffiliated Investment Company		0.2
Short-Term Security Held as Collateral for Securities on Loan		0.2
Total Investment Securities		100.1
Net other assets (liabilities)		(0.1	)
Net Assets		100.0	%

† Represents less than 0.05%.

3

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks (99.7%):
Aerospace & Defense (1.6%):
1,210	AAR Corp.*	$	69,890
2,468	Aerojet Rocketdyne Holdings, Inc.*		135,419
358	AeroVironment, Inc.*		36,616
712	Astronics Corp.*		14,140
415	Astronics Corp., Class B*		8,217
964	Axon Enterprise, Inc.*		188,096
7,886	Boeing Co. (The)*		1,665,208
3,558	BWX Technologies, Inc.		254,646
685	CPI Aerostructures, Inc.*		2,665
1,414	Curtiss-Wright Corp.		259,695
625	Ducommun, Inc.*		27,231
3,553	General Dynamics Corp.		764,428
532	HEICO Corp.		94,132
904	HEICO Corp., Class A		127,102
3,008	Hexcel Corp.		228,668
7,575	Howmet Aerospace, Inc.		375,417
1,674	Huntington Ingalls Industries, Inc.		381,002
870	Kaman Corp., Class A		21,167
6,214	Kratos Defense & Security Solutions, Inc.*		89,109
2,920	L3Harris Technologies, Inc.		571,648
5,844	Lockheed Martin Corp.		2,690,461
1,678	Mercury Systems, Inc.*		58,042
1,464	Moog, Inc., Class A		158,742
343	National Presto Industries, Inc.		25,108
1,734	Northrop Grumman Corp.		790,357
953	Park Aerospace Corp., Class C		13,151
4,159	Parsons Corp.*		200,214
21,291	Raytheon Technologies Corp.		2,085,666
5,384	Textron, Inc.		364,120
852	TransDigm Group, Inc.		761,833
337	V2X, Inc.*		16,702
1,431	Woodward, Inc.		170,160
			12,649,052
Air Freight & Logistics (0.8%):
3,159	Air Transport Services Group, Inc.*		59,610
3,852	CH Robinson Worldwide, Inc.		363,436
4,824	Expeditors International of Washington, Inc.		584,331
5,907	FedEx Corp.		1,464,345
1,224	Forward Air Corp.		129,879
4,705	GXO Logistics, Inc.*		295,568
2,191	Hub Group, Inc., Class A*		175,981
3,266	Radiant Logistics, Inc.*		21,948
18,463	United Parcel Service, Inc., Class��B		3,309,493
			6,404,591
Automobile Components (2.1%):
3,555	Adient plc*		136,228
10,209	American Axle & Manufacturing Holdings, Inc.*		84,428
4,483	Aptiv plc*		457,669
5,083	Autoliv, Inc.		432,258
6,870	BorgWarner, Inc.		336,012
1,256	Cooper-Standard Holdings, Inc.*		17,911
5,990	Dana, Inc.		101,830
1,280	Dorman Products, Inc.		100,902
84,876	Ford Motor Co.		1,284,174
1,423	Fox Factory Holding Corp.*		154,410
29,170	General Motors Co.		1,124,795
11,047	Gentex Corp.		323,235
999	Gentherm, Inc.*		56,454

Shares		Value
Common Stocks, continued
Automobile Components, continued
15,806	Goodyear Tire & Rubber Co. (The)*	$	216,226
10,003	Harley-Davidson, Inc.		352,206
578	LCI Industries		73,036
3,167	Lear Corp.		454,623
3,637	Modine Manufacturing Co.*		120,094
1,190	Motorcar Parts of America, Inc.*		9,211
1,356	Patrick Industries, Inc.		108,480
2,366	QuantumScape Corp.*^		18,904
13,446	Rivian Automotive, Inc., Class A*^		224,010
616	Standard Motor Products, Inc.		23,112
587	Stoneridge, Inc.*		11,065
275	Strattec Security Corp.*		5,005
36,376	Tesla, Inc.*		9,522,146
3,576	Thor Industries, Inc.		370,116
1,184	Visteon Corp.*		170,034
2,086	Winnebago Industries, Inc.		139,115
400	XPEL, Inc.*		33,688
			16,461,377
Banks (3.9%):
859	1st Source Corp.		36,018
504	ACNB Corp.		16,718
1,092	Amalgamated Financial Corp.		17,570
661	American National Bankshares, Inc.		19,156
3,429	Ameris Bancorp		117,306
704	Ames National Corp.		12,693
1,045	Arrow Financial Corp.		21,046
8,497	Associated Banc-Corp.		137,906
4,209	Atlantic Union Bankshares Corp.		109,224
3,462	Axos Financial, Inc.*		136,541
2,056	Banc of California, Inc.		23,809
1,452	BancFirst Corp.		133,584
2,831	Bancorp, Inc. (The)*		92,432
106,651	Bank of America Corp.		3,059,817
1,028	Bank of Hawaii Corp.		42,384
724	Bank of Marin Bancorp		12,793
3,254	Bank of NT Butterfield & Son, Ltd. (The)		89,029
6,593	Bank OZK		264,775
1,591	BankFinancial Corp.		13,014
4,263	BankUnited, Inc.		91,868
2,014	Banner Corp.		87,951
433	Bar Harbor Bankshares		10,669
842	BCB Bancorp, Inc.		9,885
1,898	Berkshire Hills Bancorp, Inc.		39,346
3,037	BOK Financial Corp.		245,329
2,707	Brookline Bancorp, Inc.		23,659
977	Byline Bancorp, Inc.		17,674
74	C&F Financial Corp.		3,974
10,276	Cadence Bank		201,821
256	Cambridge Bancorp		13,903
843	Camden National Corp.		26,108
489	Capital City Bank Group, Inc.		14,983
10,139	Capitol Federal Financial, Inc.		62,558
1,023	Carter Bankshares, Inc.*		15,130
4,087	Cathay General Bancorp		131,561
1,402	Central Pacific Financial Corp.		22,025
933	Central Valley Community Bancorp		14,415
377	Chemung Financial Corp.		14,481
28,907	Citigroup, Inc.		1,330,878

See accompanying notes to the financial statements.

4

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Banks, continued
943	Citizens & Northern Corp.	$	18,200
12,807	Citizens Financial Group, Inc.		334,007
552	Citizens Holding Co.		6,734
604	City Holding Co.		54,354
938	Civista Bancshares, Inc.		16,321
735	CNB Financial Corp.		12,973
85	Codorus Valley Bancorp, Inc.		1,667
56	Colony Bankcorp, Inc.		528
6,027	Columbia Banking System, Inc.		122,228
4,298	Columbia Financial, Inc.*		74,312
191	Comerica, Inc.		8,091
2,946	Commerce Bancshares, Inc.		143,470
3,029	Community Bank System, Inc.		142,000
517	Community Trust Bancorp, Inc.		18,390
1,154	ConnectOne Bancorp, Inc.		19,145
3,043	Cullen/Frost Bankers, Inc.		327,214
1,643	Customers Bancorp, Inc.*		49,717
2,243	CVB Financial Corp.		29,787
1,876	Dime Community Bancshares, Inc.		33,074
1,065	Eagle Bancorp, Inc.		22,535
2,719	East West Bancorp, Inc.		143,536
4,884	Eastern Bankshares, Inc.		59,927
2,103	Enterprise Financial Services Corp.		82,227
682	Equity Bancshares, Inc., Class A		15,536
855	ESSA Bancorp, Inc.^		12,782
312	Evans Bancorp, Inc.		7,778
1,329	Farmers National Banc Corp.		16,440
1,860	FB Financial Corp.		52,173
20,011	Fifth Third Bancorp		524,488
1,053	Financial Institutions, Inc.		16,574
814	First Bancorp, Inc. (The)		19,813
12,501	First BanCorp/Puerto Rico		152,762
2,566	First Bancorp/Southern Pines NC		76,339
611	First Bancshares, Inc. (The)		15,788
2,494	First Busey Corp.		50,129
664	First Business Financial Services, Inc.		19,581
408	First Capital, Inc.		12,615
24	First Citizens BancShares, Inc., Class A		30,803
6,217	First Commonwealth Financial Corp.		78,645
512	First Community Bankshares		15,222
4,544	First Financial Bancorp		92,879
6,313	First Financial Bankshares, Inc.		179,857
536	First Financial Corp.		17,404
733	First Financial Northwest, Inc.		8,334
1,155	First Foundation, Inc.		4,585
7,191	First Hawaiian, Inc.		129,510
12,573	First Horizon Corp.		141,698
5,816	First Interstate BancSystem, Inc., Class A		138,653
3,120	First Merchants Corp.		88,078
660	First Mid Bancshares, Inc.		15,932
1,573	First of Long Island Corp. (The)		18,907
2,253	Flushing Financial Corp.		27,689
20,310	FNB Corp.		232,346
9,404	Fulton Financial Corp.		112,096
769	German American Bancorp, Inc.		20,901
6,173	Glacier Bancorp, Inc.		192,412
397	Great Southern Bancorp, Inc.		20,140
16	Greene County Bancorp, Inc.		477
4,066	Hancock Whitney Corp.		156,053

Shares		Value
Common Stocks, continued
Banks, continued
2,408	Hanmi Financial Corp.	$	35,951
1,642	HarborOne Bancorp, Inc.		14,253
46	Hawthorn Bancshares, Inc.		821
636	HBT Financial, Inc.		11,728
2,376	Heartland Financial U.S.A., Inc.		66,219
1,197	Heritage Financial Corp.		19,356
2,010	Hertiage Commerce Corp.		16,643
2,750	Hilltop Holdings, Inc.		86,515
62	Hingham Institution for Savings (The)		13,217
11,467	Home BancShares, Inc.		261,448
628	HomeStreet, Inc.		3,718
484	Hometrust Bancshares, Inc.		10,111
4,470	Hope Bancorp, Inc.		37,637
1,071	Horizon Bancorp, Inc.		11,149
17,788	Huntington Bancshares, Inc.		191,755
413	IF Bancorp, Inc.		5,964
855	Independent Bank Corp.		14,501
1,436	Independent Bank Corp.		63,916
2,348	Independent Bank Group, Inc.		81,076
3,500	International Bancshares Corp.		154,700
57,493	JPMorgan Chase & Co.		8,361,782
2,442	Kearny Financial Corp.		17,216
1,249	Kentucky First Federal Bancorp		7,756
10,493	KeyCorp		96,955
750	Lake Shore Bancorp, Inc.		8,303
1,465	Lakeland Bancorp, Inc.		19,616
1,343	Lakeland Financial Corp.		65,162
579	Landmark Bancorp, Inc.		12,622
712	LCNB Corp.^		10,509
1,274	Live Oak Bancshares, Inc.		33,519
4,260	M&T Bank Corp.		527,218
2,571	Macatawa Bank Corp.		23,859
472	Mercantile Bank Corp.		13,037
241	Midland States BanCorp, Inc.		4,798
638	MidWestone Financial Group, Inc.		13,634
1,928	National Bank Holdings Corp., Class A		55,989
514	National Bankshares, Inc.^		15,004
1,665	NBT Bancorp, Inc.		53,030
19,583	New York Community Bancorp, Inc.		220,113
373	Nicolet Bankshares, Inc.		25,330
1,501	Northfield Bancorp, Inc.		16,481
510	Northrim Bancorp, Inc.		20,058
7,376	Northwest Bancshares, Inc.		78,186
511	Norwood Financial Corp.		15,090
3,803	Oceanfirst Financial Corp.		59,403
503	Oconee Federal Financial Corp.		7,168
2,292	OFG Bancorp		59,775
440	Ohio Valley Banc Corp.		10,780
7,179	Old National Bancorp		100,075
2,225	Old Second Bancorp, Inc.		29,059
2,023	Origin Bancorp, Inc.		59,274
638	Orrstown Financial Services, Inc.		12,218
5,352	Pacific Premier Bancorp, Inc.		110,679
2,447	PacWest Bancorp^		19,943
939	Park National Corp.		96,079
1,240	Pathward Financial, Inc.		57,486
1,165	Peapack-Gladstone Financial Corp.		31,548
546	Penns Woods Bancorp, Inc.^		13,666
608	Peoples Bancorp of North Carolina, Inc.		11,084

See accompanying notes to the financial statements.

5

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Banks, continued
1,117	Peoples Bancorp, Inc.	$	29,656
4,268	Pinnacle Financial Partners, Inc.		241,782
6,161	PNC Financial Services Group, Inc. (The)		775,978
4,802	Popular, Inc.		290,617
432	Preferred Bank		23,756
1,369	Premier Financial Corp.		21,931
707	Primis Financial Corp.		5,953
4,140	Prosperity Bancshares, Inc.		233,827
679	Provident Financial Holdings, Inc.		8,773
4,672	Provident Financial Services, Inc.		76,341
606	QCR Holdings, Inc.		24,864
487	RBB Bancorp		5,815
27,459	Regions Financial Corp.		489,319
2,793	Renasant Corp.		72,981
917	Republic Bancorp, Inc., Class A		38,973
420	Riverview Bancorp, Inc.		2,117
1,756	S&T Bancorp, Inc.		47,746
296	Salisbury Bancorp, Inc.		7,012
3,092	Sandy Spring Bancorp, Inc.		70,127
1,366	Seacoast Banking Corp of Florida		30,189
1,767	ServisFirst Bancshares, Inc.		72,306
1,113	Shore Bancshares, Inc.		12,866
1,028	Sierra Bancorp		17,445
7,336	Simmons First National Corp., Class A		126,546
561	Southern Missouri Bancorp, Inc.		21,570
950	Southside Bancshares, Inc.		24,852
3,439	SouthState Corp.		226,286
2,578	Stellar Bancorp, Inc.		59,010
1,764	Sterling Bancorp, Inc.*		9,649
1,460	Stock Yards Bancorp, Inc.		66,240
557	Summit Financial Group, Inc.		11,508
8,225	Synovus Financial Corp.		248,806
733	Territorial Bancorp, Inc.		9,001
1,319	Texas Capital Bancshares, Inc.*		67,929
490	Tompkins Financial Corp.		27,293
4,196	Towne Bank		97,515
1,020	TriCo Bancshares		33,864
1,001	Triumph Financial, Inc.*		60,781
3,439	Truist Financial Corp.		104,374
559	TrustCo. Bank Corp.		15,993
2,995	Trustmark Corp.		63,254
1,375	UMB Financial Corp.		83,738
7,589	United Bankshares, Inc.		225,166
6,479	United Community Banks, Inc.		161,910
1,190	United Security Bancshares		7,925
42	Unity Bancorp, Inc.		991
850	Univest Financial Corp.		15,368
22,911	US Bancorp		756,979
23,069	Valley National Bancorp		178,785
690	Veritex Holdings, Inc.		12,372
4,015	Washington Federal, Inc.		106,478
501	Washington Trust Bancorp, Inc.		13,432
7,952	Webster Financial Corp.		300,188
54,487	Wells Fargo & Co.		2,325,505
3,211	WesBanco, Inc.		82,234
1,062	West BanCorp, Inc.		19,551
685	Westamerica BanCorp		26,236
2,129	Western Alliance Bancorp		77,645
1,498	Western New England BanCorp, Inc.		8,748

Shares		Value
Common Stocks, continued
Banks, continued
3,437	Wintrust Financial Corp.	$	249,595
3,462	WSFS Financial Corp.		130,587
2,715	Zions Bancorp NA		72,925
			31,395,274
Beverages (1.3%):
145	Boston Beer Co., Inc. (The), Class A*		44,724
1,105	Brown-Forman Corp., Class A		75,217
6,213	Brown-Forman Corp., Class B		414,904
1,864	Celsius Holdings, Inc.*		278,090
55,551	Coca-Cola Co. (The)		3,345,281
325	Coca-Cola Consolidated, Inc.		206,707
1,746	Constellation Brands, Inc., Class A		429,743
3,686	Duckhorn Portfolio, Inc. (The)*		47,808
12,023	Keurig Dr Pepper, Inc.		375,959
838	MGP Ingredients, Inc.		89,063
4,873	Molson Coors Beverage Co., Class B		320,838
5,214	Monster Beverage Corp.*		299,492
1,921	National Beverage Corp.*		92,880
24,604	PepsiCo, Inc.		4,557,153
			10,577,859
Biotechnology (2.2%):
30,619	AbbVie, Inc.		4,125,298
3,964	Adverum Biotechnologies, Inc.*		6,303
2,583	Agios Pharmaceuticals, Inc.*		73,151
3,000	Alector, Inc.*		18,030
6,056	Alkermes plc*		189,553
6,160	Allakos, Inc.*		26,858
4,027	Allogene Therapeutics, Inc.*^		20,014
2,071	Alnylam Pharmaceuticals, Inc.*		393,366
4,823	Altimmune, Inc.*		17,025
11,085	Amgen, Inc.		2,461,092
955	AnaptysBio, Inc.*		19,425
955	Anika Therapeutics, Inc.*		24,811
1,734	Apellis Pharmaceuticals, Inc.*		157,967
4,012	Arcus Biosciences, Inc.*		81,484
1,800	Arcutis Biotherapeutics, Inc.*		17,154
1,907	Atara Biotherapeutics, Inc.*		3,070
1,763	Avidity Biosciences, Inc.*		19,552
3,076	Beam Therapeutics, Inc.*		98,217
2,115	Biogen, Inc.*		602,458
4,136	BioMarin Pharmaceutical, Inc.*		358,508
1,469	Bluebird Bio, Inc.*		4,833
5,471	CareDx, Inc.*		46,503
1,101	Celldex Therapeutics, Inc.*		37,357
900	Chinook Therapeutics, Inc.*		34,578
4,392	CRISPR Therapeutics AG*		246,567
2,869	Deciphera Pharmaceuticals, Inc.*		40,395
1,534	Denali Therapeutics, Inc.*		45,268
7,054	Dynavax Technologies Corp.*		91,138
233	Eagle Pharmaceuticals, Inc.*		4,529
1,370	Editas Medicine, Inc.*		11,275
1,656	Emergent BioSolutions, Inc.*		12,172
585	Enanta Pharmaceuticals, Inc.*		12,519
3,952	Exact Sciences Corp.*		371,093
14,390	Exelixis, Inc.*		274,993
5,379	Fate Therapeutics, Inc.*		25,604
1,432	G1 Therapeutics, Inc.*		3,566
23,066	Gilead Sciences, Inc.		1,777,697
4,497	Halozyme Therapeutics, Inc.*		162,207

See accompanying notes to the financial statements.

6

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Biotechnology, continued
2,007	Horizon Therapeutics plc*	$	206,420
663	Ideaya Biosciences, Inc.*		15,580
4,944	Incyte Corp.*		307,764
961	Intellia Therapeutics, Inc.*		39,190
10,368	Iovance Biotherapeutics, Inc.*		72,991
8,722	Ironwood Pharmaceuticals, Inc.*		92,802
1,306	iTeos Therapeutics, Inc.*		17,291
100	Karuna Therapeutics, Inc.*		21,685
200	Kodiak Sciences, Inc.*		1,380
367	Krystal Biotech, Inc.*		43,086
3,563	Kura Oncology, Inc.*		37,697
1,457	Kymera Therapeutics, Inc.*		33,496
1,449	MacroGenics, Inc.*		7,752
3,312	Mirati Therapeutics, Inc.*		119,663
5,014	Moderna, Inc.*		609,201
3,861	Myriad Genetics, Inc.*		89,498
2,115	Neurocrine Biosciences, Inc.*		199,444
9,565	PDL BioPharma, Inc.*		15,424
4,602	Poseida Therapeutics, Inc.*		8,099
1,321	Prothena Corp. plc*		90,198
4,160	Recursion Pharmaceuticals, Inc., Class A*		31,075
1,601	Regeneron Pharmaceuticals, Inc.*		1,150,383
1,759	REGENXBIO, Inc.*		35,162
3,704	Relay Therapeutics, Inc.*		46,522
2,810	Replimune Group, Inc.*		65,248
4,502	REVOLUTION Medicines, Inc.*		120,428
1,053	Rhythm Pharmaceuticals, Inc.*		17,364
1,042	Rocket Pharmaceuticals, Inc.*		20,704
1,793	Sage Therapeutics, Inc.*		84,307
2,916	Sangamo Therapeutics, Inc.*		3,791
555	Sarepta Therapeutics, Inc.*		63,559
929	Seagen, Inc.*		178,795
2,126	Spectrum Pharmaceuticals, Inc.*		2,041
1,802	SpringWorks Therapeutics, Inc.*		47,248
1,803	Syndax Pharmaceuticals, Inc.*		37,737
4,070	Twist Bioscience Corp.*		83,272
1,976	United Therapeutics Corp.*		436,202
1,179	Vanda Pharmaceuticals, Inc.*		7,770
2,654	Vertex Pharmaceuticals, Inc.*		933,969
3,099	Xencor, Inc.*		77,382
2,020	Zentalis Pharmaceuticals, Inc.*		56,984
			17,444,234
Broadline Retail (2.2%):
119,351	Amazon.com, Inc.*		15,558,596
1,406	Big Lots, Inc.^		12,415
868	Dillard’s, Inc., Class A		283,211
20,901	eBay, Inc.		934,066
2,683	Etsy, Inc.*		227,009
7,383	Kohl’s Corp.		170,178
20,178	Macy’s, Inc.		323,857
1,842	Nordstrom, Inc.^		37,706
2,669	Ollie’s Bargain Outlet Holdings, Inc.*		154,615
8,810	Qurate Retail, Inc., Class A*		8,720
			17,710,373
Building Products (1.1%):
3,670	A O Smith Corp.		267,103
1,935	AAON, Inc.		183,457
4,178	Advanced Drainage Systems, Inc.		475,373
2,568	Allegion plc		308,211

Shares		Value
Common Stocks, continued
Building Products, continued
1,489	Allegion plc	$	178,710
515	American Woodmark Corp.*		39,330
1,085	Apogee Enterprises, Inc.		51,505
2,450	Armstrong World Industries, Inc.		179,977
6,227	AZEK Co., Inc. (The)*		188,616
394	AZZ, Inc.		17,123
7,223	Builders FirstSource, Inc.*		982,328
2,289	Carlisle Cos., Inc.		587,197
14,983	Carrier Global Corp.		744,805
547	CSW Industrials, Inc.		90,906
2,444	Fortune Brands Innovations, Inc.		175,846
1,430	Gibraltar Industries, Inc.*		89,976
1,993	Griffon Corp.		80,318
7,176	Hayward Holdings, Inc.*		92,212
1,209	Insteel Industries, Inc.		37,624
4,309	Janus International Group, Inc.*		45,934
3,895	JELD-WEN Holding, Inc.*		68,318
7,571	Johnson Controls International plc		515,888
717	Lennox International, Inc.		233,792
3,947	Masco Corp.		226,479
681	Masonite International Corp.*		69,762
2,444	Masterbrand, Inc.*		28,424
6,751	Owens Corning		881,005
3,379	PGT Innovations, Inc.*		98,498
1,160	Quanex Building Products Corp.		31,146
5,771	Resideo Technologies, Inc.*		101,916
1,119	Simpson Manufacturing Co., Inc.		154,981
918	Tecnoglass, Inc.		47,424
3,686	Trane Technologies plc		704,984
2,554	Trex Co., Inc.*		167,440
3,214	UFP Industries, Inc.		311,919
			8,458,527
Capital Markets (2.6%):
837	Affiliated Managers Group, Inc.		125,458
3,481	Ameriprise Financial, Inc.		1,156,249
1,507	Ares Management Corp., Class A		145,199
4,141	Artisan Partners Asset Management, Inc., Class A		162,783
1,892	AssetMark Financial Holdings, Inc.*		56,117
2,377	Avantax, Inc.*		53,197
734	B Riley Financial, Inc.		33,749
19,601	Bank of New York Mellon Corp. (The)		872,636
19,837	BGC Partners, Inc., Class A		87,878
1,608	BlackRock, Inc., Class A		1,111,353
4,413	Blackstone, Inc., Class A		410,277
902	Brightsphere Investment Group, Inc.		18,897
9,271	Carlyle Group, Inc. (The)		296,208
2,349	Cboe Global Markets, Inc.		324,185
28,738	Charles Schwab Corp. (The)		1,628,870
3,709	CME Group, Inc.		687,241
1,396	Cohen & Steers, Inc.		80,954
639	Coinbase Global, Inc., Class A*		45,720
190	Diamond Hill Investment Group, Inc.		32,547
1,883	Donnelley Financial Solutions, Inc.*		85,733
18	FactSet Research Systems, Inc.		7,212
4,926	Federated Hermes, Inc., Class B		176,597
12,504	Franklin Resources, Inc.		333,982
4,993	Goldman Sachs Group, Inc. (The)		1,610,442
255	Greenhill & Co., Inc.		3,736
1,730	Hamilton Lane, Inc., Class A		138,365

See accompanying notes to the financial statements.

7

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Capital Markets, continued
211	Hennessy Advisors, Inc.	$	1,494
2,385	Houlihan Lokey, Inc.		234,469
1,363	Interactive Brokers Group, Inc., Class A		113,224
5,882	Intercontinental Exchange, Inc.		665,137
20,618	Invesco, Ltd.		346,589
9,330	Janus Henderson Group plc		254,242
5,286	Jefferies Financial Group, Inc.		175,337
5,775	KKR & Co., Inc., Class A		323,400
1,669	Lazard, Ltd., Class A		53,408
1,018	LPL Financial Holdings, Inc.		221,344
337	MarketAxess Holdings, Inc.		88,099
1,664	Moelis & Co., Class A		75,446
3,160	Moody’s Corp.		1,098,795
19,018	Morgan Stanley		1,624,137
415	Morningstar, Inc.		81,369
64	MSCI, Inc.		30,035
9,300	Nasdaq, Inc.		463,605
6,118	Northern Trust Corp.		453,588
1,608	Open Lending Corp., Class A*		16,900
365	Oppenheimer Holdings, Inc., Class A		14,666
1,002	Piper Sandler Cos.		129,519
394	PJT Partners, Inc., Class A		27,438
6,328	Raymond James Financial, Inc.		656,657
23,838	Robinhood Markets, Inc., Class A*		237,903
3,329	S&P Global, Inc.		1,334,563
4,050	SEI Investments Co.		241,461
660	Silvercrest Asset Management Group, Inc., Class A		13,365
8,803	State Street Corp.		644,204
2,598	StepStone Group, Inc., Class A		64,456
5,729	Stifel Financial Corp.		341,849
1,192	StoneX Group, Inc.*		99,031
5,528	T. Rowe Price Group, Inc.		619,247
1,319	Tradeweb Markets, Inc., Class A		90,325
1,975	Victory Capital Holdings, Inc., Class A		62,291
4,929	Virtu Financial, Inc., Class A		84,237
429	Virtus Investment Partners, Inc.		84,715
425	Westwood Holdings, Inc.		5,270
3,476	WisdomTree, Inc.		23,845
			20,781,245
Chemicals (2.1%):
1,366	AdvanSix, Inc.		47,783
2,508	Air Products and Chemicals, Inc.		751,221
2,650	Albemarle Corp.		591,188
1,157	American Vanguard Corp.		20,676
2,454	Ashland, Inc.		213,277
2,333	Avient Corp.		95,420
12,056	Axalta Coating Systems, Ltd.*		395,557
1,038	Balchem Corp.		139,933
3,723	Cabot Corp.		249,031
2,236	Celanese Corp.		258,929
10,243	CF Industries Holdings, Inc.		711,069
328	Chase Corp.		39,760
9,492	Chemours Co. (The)		350,160
11,433	Corteva, Inc.		655,111
19,707	Dow, Inc.		1,049,595
11,396	DuPont de Nemours, Inc.		814,130
5,876	Eastman Chemical Co.		491,939
3,052	Ecolab, Inc.		569,778
4,830	Ecovyst, Inc.*		55,352

Shares		Value
Common Stocks, continued
Chemicals, continued
11,145	Element Solutions, Inc.	$	213,984
1,647	FMC Corp.		171,848
3,222	FutureFuel Corp.		28,515
1,394	HB Fuller Co.		99,685
10,221	Huntsman Corp.		276,171
1,105	Ingevity Corp.*		64,267
976	Innospec, Inc.		98,029
6,501	International Flavors & Fragrances, Inc.		517,415
1,037	Intrepid Potash, Inc.*		23,529
783	Koppers Holdings, Inc.		26,700
2,011	Kronos Worldwide, Inc.		17,556
3,339	Linde plc		1,272,426
6,960	Livent Corp.*		190,913
5,203	LSB Industries, Inc.*		51,250
15,356	LyondellBasell Industries NV, Class A		1,410,141
3,598	Mativ Holdings, Inc.		54,402
971	Minerals Technologies, Inc.		56,017
19,766	Mosaic Co. (The)		691,810
641	NewMarket Corp.		257,759
9,717	Olin Corp.		499,357
3,864	Orion SA		81,994
4,945	PPG Industries, Inc.		733,343
566	Quaker Chemical Corp.		110,313
3,631	Rayonier Advanced Materials, Inc.*		15,541
2,918	RPM International, Inc.		261,832
1,838	Scotts Miracle-Gro Co. (The)		115,224
1,384	Sensient Technologies Corp.		98,444
4,841	Sherwin-Williams Co. (The)		1,285,382
569	Stepan Co.		54,374
1,279	Trinseo PLC		16,205
8,722	Tronox Holdings plc, Class A		110,857
1,765	Westlake Corp.		210,865
			16,616,057
Commercial Services & Supplies (0.8%):
2,950	ABM Industries, Inc.		125,817
2,927	ACCO Brands Corp.		15,250
1,452	Brady Corp., Class A		69,072
1,624	Brink’s Co. (The)		110,156
2,141	Casella Waste Systems, Inc.*		193,653
2,003	CECO Environmental Corp.*		26,760
1,318	Cimpress plc*		78,395
1,690	Cintas Corp.		840,065
433	Civeo Corp.*		8,435
1,694	Clean Harbors, Inc.*		278,544
10,013	Copart, Inc.*		913,286
1,498	Deluxe Corp.		26,185
720	Driven Brands Holdings, Inc.*		19,483
1,613	Ennis, Inc.		32,873
2,503	Enviri Corp.*		24,705
2,148	Healthcare Services Group, Inc.		32,070
1,042	Heritage-Crystal Clean, Inc.*		39,377
3,618	HNI Corp.		101,955
2,041	Interface, Inc.		17,940
1,736	Liquidity Services, Inc.*		28,644
919	Matthews International Corp., Class A		39,168
3,432	MillerKnoll, Inc.		50,725
400	Montrose Environmental Group, Inc.*		16,848
691	MSA Safety, Inc.		120,206
1,552	NL Industries, Inc.		8,583

See accompanying notes to the financial statements.

8

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Commercial Services & Supplies, continued
5,118	OPENLANE, Inc.*	$	77,896
4,238	Pitney Bowes, Inc.		15,002
2,606	Quad Graphics, Inc.*		9,799
4,351	Republic Services, Inc.		666,443
8,305	Rollins, Inc.		355,703
503	SP Plus Corp.*		19,672
2,563	Steelcase, Inc., Class A		19,761
3,518	Stericycle, Inc.*		163,376
1,527	Tetra Tech, Inc.		250,031
841	UniFirst Corp.		130,363
1,003	Viad Corp.*		26,961
824	VSE Corp.		45,065
9,196	Waste Management, Inc.		1,594,770
			6,593,037
Communications Equipment (0.7%):
1,069	ADTRAN Holdings, Inc.		11,257
752	Applied Optoelectronics, Inc.*		4,482
2,313	Arista Networks, Inc.*		374,845
1,829	CalAmp Corp.*		1,939
1,990	Calix, Inc.*		99,321
6,617	Ciena Corp.*		281,156
65,051	Cisco Systems, Inc.		3,365,739
6,102	CommScope Holding Co., Inc.*		34,354
756	Comtech Telecommunications Corp.		6,910
1,262	Digi International, Inc.*		49,710
1,189	EMCORE Corp.*		895
4,340	Extreme Networks, Inc.*		113,057
1,768	F5, Inc.*		258,588
2,194	Harmonic, Inc.*		35,477
2,944	Infinera Corp.*		14,220
14,371	Juniper Networks, Inc.		450,243
909	KVH Industries, Inc.*		8,308
2,839	Lumentum Holdings, Inc.*		161,056
1,185	Motorola Solutions, Inc.		347,537
1,010	NETGEAR, Inc.*		14,302
2,564	NetScout Systems, Inc.*		79,356
3,679	Ribbon Communications, Inc.*		10,264
2,004	Viasat, Inc.*		82,685
7,865	Viavi Solutions, Inc.*		89,110
			5,894,811
Construction & Engineering (0.5%):
2,920	AECOM		247,295
1,759	Ameresco, Inc., Class A*		85,540
7,278	API Group Corp.*		198,398
2,696	Arcosa, Inc.		204,276
455	Argan, Inc.		17,932
1,713	Comfort Systems U.S.A., Inc.		281,275
1,213	Construction Partners, Inc., Class A*		38,076
959	Dycom Industries, Inc.*		108,990
1,440	EMCOR Group, Inc.		266,083
5,880	Fluor Corp.*		174,048
1,277	Granite Construction, Inc.		50,799
2,266	Great Lakes Dredge & Dock Corp.*		18,491
656	IES Holdings, Inc.*		37,313
1,682	MasTec, Inc.*		198,425
1,750	Matrix Service Co.*		10,307
9,107	MDU Resources Group, Inc.		190,701
487	MYR Group, Inc.*		67,372
2,101	Orion Group Holdings, Inc.*		5,904

Shares		Value
Common Stocks, continued
Construction & Engineering, continued
2,465	Primoris Services Corp.	$	75,108
3,499	Quanta Services, Inc.		687,379
1,469	Sterling Infrastructure, Inc.*		81,970
1,648	Tutor Perini Corp.*		11,783
653	Valmont Industries, Inc.		190,056
7,973	WillScot Mobile Mini Holdings Corp.*		381,030
			3,628,551
Construction Materials (0.3%):
961	Eagle Materials, Inc.		179,150
2,276	Knife River Corp.*		99,006
1,625	Martin Marietta Materials, Inc.		750,246
6,589	Summit Materials, Inc., Class A*		249,394
131	U.S. Lime & Minerals, Inc.		27,364
3,480	Vulcan Materials Co.		784,531
			2,089,691
Consumer Finance (0.8%):
15,182	Ally Financial, Inc.		410,066
8,402	American Express Co.		1,463,628
3,407	Bread Financial Holdings, Inc.		106,946
7,957	Capital One Financial Corp.		870,257
1,912	Consumer Portfolio Services, Inc.*^		22,313
617	Credit Acceptance Corp.*		313,393
13,464	Discover Financial Services		1,573,268
1,171	Encore Capital Group, Inc.*		56,934
1,657	Enova International, Inc.*		88,020
3,948	EZCORP, Inc., Class A*^		33,084
2,555	FirstCash Holdings, Inc.		238,458
1,425	Green Dot Corp., Class A*		26,705
5,431	LendingClub Corp.*		52,952
194	LendingTree, Inc.*		4,289
3,504	Navient Corp.		65,104
543	Nelnet, Inc., Class A		52,389
750	Nicholas Financial, Inc.*		3,761
8,505	OneMain Holdings, Inc.		371,584
2,635	PRA Group, Inc.*		60,210
2,187	PROG Holdings, Inc.*		70,247
568	Regional Mgmt Corp.		17,324
16,979	SLM Corp.		277,097
12,132	Synchrony Financial		411,518
237	World Acceptance Corp.*		31,760
			6,621,307
Consumer Staples Distribution & Retail (1.7%):
6,299	Albertsons Cos., Inc., Class A		137,444
1,610	Andersons, Inc. (The)		74,301
6,948	BJ’s Wholesale Club Holdings, Inc.*		437,793
235	Casey’s General Stores, Inc.		57,312
1,143	Chefs’ Warehouse, Inc. (The)*		40,874
5,931	Costco Wholesale Corp.		3,193,132
2,596	Dollar General Corp.		440,749
4,839	Dollar Tree, Inc.*		694,397
3,350	Grocery Outlet Holding Corp.*		102,543
613	Ingles Markets, Inc., Class A		50,664
35,501	Kroger Co. (The)		1,668,547
1,720	Natural Grocers by Vitamin Cottage, Inc.		21,087
7,395	Performance Food Group Co.*		445,475
1,664	PriceSmart, Inc.		123,236
2,949	SpartanNash Co.		66,382
6,836	Sprouts Farmers Market, Inc.*		251,086

See accompanying notes to the financial statements.

9

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Consumer Staples Distribution & Retail, continued
10,148	Sysco Corp.	$	752,982
6,269	Target Corp.		826,881
3,889	United Natural Foods, Inc.*		76,030
10,089	US Foods Holding Corp.*		443,916
738	Village Super Market, Inc., Class A		16,841
8,238	Walgreens Boots Alliance, Inc.		234,701
22,214	Walmart, Inc.		3,491,597
857	Weis Markets, Inc.		55,028
			13,702,998
Containers & Packaging (0.6%):
27,134	Amcor plc		270,797
21,700	Amcor plc		216,566
3,091	AptarGroup, Inc.		358,123
2,194	Avery Dennison Corp.		376,929
6,230	Ball Corp.		362,648
6,043	Berry Global Group, Inc.		388,807
2,919	Crown Holdings, Inc.		253,574
15,239	Graphic Packaging Holding Co.		366,193
930	Greif, Inc., Class A		64,068
710	Greif, Inc., Class B		54,848
10,283	International Paper Co.		327,102
1,253	Myers Industries, Inc.		24,346
9,822	O-I Glass, Inc.*		209,503
4,434	Packaging Corp. of America		585,997
4,758	Sealed Air Corp.		190,320
3,186	Silgan Holdings, Inc.		149,392
4,847	Sonoco Products Co.		286,070
2,518	TriMas Corp.		69,220
11,948	Westrock Co.		347,328
			4,901,831
Distributors (0.2%):
1,267	Funko, Inc., Class A*		13,709
5,247	Genuine Parts Co.		887,950
7,015	LKQ Corp.		408,764
659	Pool Corp.		246,888
811	Weyco Group, Inc.		21,645
			1,578,956
Diversified Consumer Services (0.2%):
28,860	ADT, Inc.		174,026
2,373	Adtalem Global Education, Inc.*		81,489
541	American Public Education, Inc.*		2,564
2,428	Bright Horizons Family Solutions, Inc.*		224,469
418	Carriage Services, Inc.		13,573
5,672	Chegg, Inc.*		50,367
6,110	Coursera, Inc.*		79,552
3,669	Frontdoor, Inc.*		117,041
112	Graham Holdings Co., Class B		64,006
1,270	Grand Canyon Education, Inc.*		131,077
6,598	H&R Block, Inc.		210,278
6,794	Laureate Education, Inc.		82,140
2,352	OneSpaWorld Holdings, Ltd.*		28,459
2,522	Perdoceo Education Corp.*		30,945
5,854	Service Corp. International		378,110
825	Strategic Education, Inc.		55,968
2,454	Stride, Inc.*		91,362
1,696	Universal Technical Institute, Inc.*		11,719
			1,827,145

Shares		Value
Common Stocks, continued
Diversified Telecommunication Services (1.0%):
398	Anterix, Inc.*	$	12,613
131,671	AT&T, Inc.		2,100,153
461	ATN International, Inc.		16,873
1,203	Cogent Communications Holdings, Inc.		80,950
4,558	Consolidated Communications Holdings, Inc.*		17,457
1,548	EchoStar Corp., Class A*		26,842
7,588	Frontier Communications Parent, Inc.*		141,440
2,352	GCI Liberty, Inc.*		—
1,080	IDT Corp.*		27,918
3,409	Iridium Communications, Inc.		211,767
1,489	Liberty Latin America, Ltd., Class A*		13,029
8,852	Liberty Latin America, Ltd., Class C*		76,304
26,553	Lumen Technologies, Inc.		60,010
148,381	Verizon Communications, Inc.		5,518,289
			8,303,645
Electric Utilities (1.5%):
1,925	ALLETE, Inc.		111,592
4,670	Alliant Energy Corp.		245,082
6,998	American Electric Power Co., Inc.		589,232
2,629	Avangrid, Inc.		99,061
5,643	Constellation Energy Corp.		516,617
10,680	Duke Energy Corp.		958,423
7,521	Edison International		522,333
4,179	Entergy Corp.		406,909
4,141	Evergy, Inc.		241,917
6,313	Eversource Energy		447,718
14,111	Exelon Corp.		574,882
11,345	FirstEnergy Corp.		441,094
1,272	Genie Energy, Ltd., Class B		17,986
1,318	Hawaiian Electric Industries, Inc.		47,712
2,089	IDACORP, Inc.		214,331
1,599	MGE Energy, Inc.		126,497
27,840	NextEra Energy, Inc.		2,065,728
4,318	NRG Energy, Inc.		161,450
7,600	OGE Energy Corp.		272,916
1,495	Otter Tail Corp.		118,045
38,335	PG&E Corp.*		662,429
4,407	Pinnacle West Capital Corp.		358,994
3,114	PNM Resources, Inc.		140,441
3,874	Portland General Electric Co.		181,419
14,497	PPL Corp.		383,591
15,046	Southern Co. (The)		1,056,981
10,633	Xcel Energy, Inc.		661,054
			11,624,434
Electrical Equipment (0.8%):
1,082	Acuity Brands, Inc.		176,453
5,701	AMETEK, Inc.		922,878
2,048	Atkore, Inc.*		319,365
4,356	Eaton Corp. plc		875,992
6,251	Emerson Electric Co.		565,028
1,271	Encore Wire Corp.		236,317
1,312	EnerSys		142,378
9,782	FuelCell Energy, Inc.*^		21,129
1,659	Generac Holdings, Inc.*		247,407
14,859	GrafTech International, Ltd.		74,889
1,003	Hubbell, Inc.		332,555
1,831	LSI Industries, Inc.		22,997
7,325	nVent Electric plc		378,483
14,602	Plug Power, Inc.*^		151,715

See accompanying notes to the financial statements.

10

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Electrical Equipment, continued
606	Powell Industries, Inc.	$	36,717
400	Preformed Line Products Co.		62,440
2,995	Regal Rexnord Corp.		460,930
2,250	Rockwell Automation, Inc.		741,262
7,206	Sensata Technologies Holding plc		324,198
3,376	Shoals Technologies Group, Inc., Class A*		86,291
5,277	SunPower Corp.*^		51,715
11,971	Sunrun, Inc.*		213,802
1,298	Thermon Group Holdings, Inc.*		34,527
742	TPI Composites, Inc.*		7,694
3,331	Vertiv Holdings Co.		82,509
1,148	Vicor Corp.*		61,992
			6,631,663
Electronic Equipment, Instruments & Components (1.3%):
1,470	Advanced Energy Industries, Inc.		163,832
424	Allied Motion Technologies, Inc.		16,935
9,451	Amphenol Corp., Class A		802,862
2,582	Arlo Technologies, Inc.*		28,170
3,284	Arrow Electronics, Inc.*		470,367
5,071	Avnet, Inc.		255,832
1,157	Badger Meter, Inc.		170,727
550	Bel Fuse, Inc., Class B		31,576
1,317	Belden, Inc.		125,971
1,054	Benchmark Electronics, Inc.		27,225
3,641	CDW Corp.		668,124
3,610	Cognex Corp.		202,232
1,971	Coherent Corp.*		100,482
20,947	Corning, Inc.		733,983
1,576	CTS Corp.		67,185
2,838	Daktronics, Inc.*		18,163
784	ePlus, Inc.*		44,139
1,439	Fabrinet*		186,897
392	FARO Technologies, Inc.*		6,350
12,938	Flex, Ltd.*		357,606
640	Frequency Electronics, Inc.		4,237
1,494	Insight Enterprises, Inc.*		218,632
1,164	IPG Photonics Corp.*		158,094
2,007	Itron, Inc.*		144,705
9,066	Jabil, Inc.		978,493
4,712	Keysight Technologies, Inc.*		789,024
1,603	Kimball Electronics, Inc.*		44,291
5,811	Knowles Corp.*		104,947
672	Littelfuse, Inc.		195,760
1,471	Methode Electronics, Inc., Class A		49,308
2,559	National Instruments Corp.		146,887
1,293	Novanta, Inc.*		238,041
594	OSI Systems, Inc.*		69,991
770	PAR Technology Corp.*^		25,356
1,121	PC Connection, Inc.		50,557
1,323	Plexus Corp.*		129,972
771	Rogers Corp.*		124,848
2,630	Sanmina Corp.*		158,510
738	ScanSource, Inc.*		21,815
2,341	TD SYNNEX Corp.		220,054
4,733	TE Connectivity, Ltd.		663,377
1,042	Teledyne Technologies, Inc.*		428,377
5,387	Trimble, Inc.*		285,188
5,237	TTM Technologies, Inc.*		72,794
5,343	Vishay Intertechnology, Inc.		157,084

Shares		Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
4,805	Vontier Corp.	$	154,769
903	Zebra Technologies Corp., Class A*		267,134
			10,380,903
Energy Equipment & Services (0.7%):
6,728	Archrock, Inc.		68,962
23,729	Baker Hughes Co.		750,074
519	Bristow Group, Inc.*		14,911
562	Cactus, Inc., Class A		23,784
8,897	ChampionX Corp.		276,163
1,337	Core Laboratories, Inc.		31,085
562	DMC Global, Inc.*		9,981
1,028	Dril-Quip, Inc.*		23,922
1,095	Expro Group Holdings NV*		19,403
306	Forum Energy Technologies, Inc.*		7,831
760	Geospace Technologies Corp.*		5,905
1,086	Gulf Island Fabrication, Inc.*		3,529
34,240	Halliburton Co.		1,129,578
5,456	Helix Energy Solutions Group, Inc.*		40,265
4,742	Helmerich & Payne, Inc.		168,104
12,498	Liberty Energy, Inc., Class A		167,098
1,436	Mammoth Energy Services, Inc.*		6,936
734	Nabors Industries, Ltd.*		68,284
935	Natural Gas Services Group*		9,256
4,799	Newpark Resources, Inc.*		25,099
15,779	NexTier Oilfield Solutions, Inc.*		141,064
900	Noble Corp. plc*		37,179
17,732	NOV, Inc.		284,421
6,071	Oceaneering International, Inc.*		113,528
3,066	Oil States International, Inc.*		22,903
14,267	Patterson-UTI Energy, Inc.		170,776
8,148	ProPetro Holding Corp.*		67,140
10,425	RPC, Inc.		74,539
20,532	Schlumberger, Ltd.		1,008,532
493	SEACOR Marine Holdings, Inc.*		5,635
3,974	Select Water Solutions, Inc.		32,189
17,526	TechnipFMC plc*		291,282
4,086	TETRA Technologies, Inc.*		13,811
2,580	Tidewater, Inc.*		143,035
40,411	Transocean, Ltd.*		283,281
4,546	US Silica Holdings, Inc.*		55,143
2,596	Valaris, Ltd.*		163,366
3,081	Weatherford International plc*		204,640
			5,962,634
Entertainment (1.2%):
5,649	Activision Blizzard, Inc.*		476,211
6,453	Cinemark Holdings, Inc.*		106,474
6,639	Electronic Arts, Inc.		861,078
1,993	Endeavor Group Holdings, Inc.*		47,673
2,645	IMAX Corp.*		44,939
192	John Wiley & Sons, Inc., Class B		6,319
247	Liberty Media Corp.-Liberty Braves, Class A*		10,107
1,735	Liberty Media Corp.-Liberty Braves, Class C*		68,741
619	Liberty Media Corp-Liberty Formula One, Class A*		41,857
4,590	Liberty Media Corp-Liberty Formula One, Class C*		345,535
2,111	Lions Gate Entertainment Corp., Class A*		18,640
4,430	Lions Gate Entertainment Corp., Class B*		36,990
4,511	Live Nation Entertainment, Inc.*		410,997
894	Madison Square Garden Entertainment Corp.*		30,056
719	Madison Square Garden Sports Corp., Class A		135,208

See accompanying notes to the financial statements.

11

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Entertainment, continued
1,459	Marcus Corp. (The)	$	21,637
4,849	Netflix, Inc.*		2,135,936
3,472	Playtika Holding Corp.*		40,275
1,419	Reading International, Inc., Class A*		3,760
4,759	ROBLOX Corp., Class A*		191,788
454	Roku, Inc.*		29,038
894	Sphere Entertainment Co.*		24,487
2,452	Spotify Technology SA*		393,669
4,181	Take-Two Interactive Software, Inc.*		615,276
27,233	Walt Disney Co. (The)*		2,431,362
62,039	Warner Bros Discovery, Inc.*		777,969
3,714	Warner Music Group Corp., Class A		96,898
1,983	World Wrestling Entertainment, Inc., Class A		215,096
			9,618,016
Financial Services (3.6%):
13,003	Affirm Holdings, Inc.*^		199,336
981	A-Mark Precious Metals, Inc.		36,724
4,482	Apollo Global Management, Inc.		344,262
6,202	AvidXchange Holdings, Inc.*		64,377
24,229	Berkshire Hathaway, Inc., Class B*		8,262,089
6,526	Block, Inc.*		434,436
252	BM Technologies, Inc.*		751
2,704	Cannae Holdings, Inc.*		54,648
687	Cass Information Systems, Inc.		26,642
11,963	Equitable Holdings, Inc.		324,915
6,088	Essent Group, Ltd.		284,918
1,694	Euronet Worldwide, Inc.*		198,825
3,577	EVERTEC, Inc.		131,741
403	Federal Agricultural Mortgage Corp.		57,927
14,943	Fidelity National Information Services, Inc.		817,382
6,830	Fiserv, Inc.*		861,604
3,005	FleetCor Technologies, Inc.*		754,495
2,700	Flywire Corp.*		83,808
6,481	Global Payments, Inc.		638,508
1,101	I3 Verticals, Inc., Class A*		25,169
1,320	International Money Express, Inc.*		32,380
5,793	Jackson Financial, Inc., Class A		177,324
27,585	Marqeta, Inc., Class A*		134,339
13,679	Mastercard, Inc., Class A		5,379,951
988	Merchants Bancorp		25,273
16,357	MGIC Investment Corp.		258,277
1,888	Mr Cooper Group, Inc.*		95,608
4,107	NMI Holdings, Inc., Class A*		106,043
465	Ocwen Financial Corp.*		13,936
15,909	PayPal Holdings, Inc.*		1,061,608
1,468	Paysafe, Ltd.*		14,812
2,818	PennyMac Financial Services, Inc.		198,134
8,853	Radian Group, Inc.		223,804
3,168	Repay Holdings Corp.*		24,805
4,694	Rocket Cos., Inc., Class A*		42,058
1,495	Shift4 Payments, Inc., Class A*		101,525
9,473	TFS Financial Corp.		119,076
5,111	Toast, Inc., Class A*		115,355
25,882	Visa, Inc., Class A		6,146,457
4,007	Voya Financial, Inc.		287,342
1,074	Walker & Dunlop, Inc.		84,943
728	Waterstone Financial, Inc.		10,549
6,143	Western Union Co. (The)		72,057

Shares		Value
Common Stocks, continued
Financial Services, continued
446	WEX, Inc.*	$	81,203
			28,409,416
Food Products (1.3%):
8,622	Archer-Daniels-Midland Co.		651,478
2,035	B&G Foods, Inc.^		28,327
4,414	Bunge, Ltd.		416,461
270	Calavo Growers, Inc.		7,835
2,277	Cal-Maine Foods, Inc.		102,465
8,996	Campbell Soup Co.		411,207
12,177	Conagra Brands, Inc.		410,608
7,567	Darling Ingredients, Inc.*		482,699
1,004	Farmer Brothers Co.*		2,781
9,807	Flowers Foods, Inc.		243,998
2,403	Fresh Del Monte Produce, Inc.		61,781
1,992	Freshpet, Inc.*		131,094
9,484	General Mills, Inc.		727,423
5,693	Hain Celestial Group, Inc. (The)*		71,219
3,050	Hershey Co. (The)		761,585
10,169	Hormel Foods Corp.		408,997
7,722	Hostess Brands, Inc.*		195,521
1,283	Ingredion, Inc.		135,934
566	J & J Snack Foods Corp.		89,632
2,460	JM Smucker Co. (The)		363,268
300	John B Sanfilippo & Son, Inc.		35,181
9,130	Kellogg Co.		615,362
11,485	Kraft Heinz Co. (The)		407,718
3,960	Lamb Weston Holdings, Inc.		455,202
452	Lancaster Colony Corp.		90,893
778	McCormick & Co., Inc.		67,375
4,172	McCormick & Co., Inc.		363,924
3,145	Mission Produce, Inc.*		38,117
15,451	Mondelez International, Inc., Class A		1,126,996
6,653	Pilgrim’s Pride Corp.*		142,973
2,182	Post Holdings, Inc.*		189,070
20	Seaboard Corp.		71,214
266	Seneca Foods Corp., Class A*		8,693
3,330	Simply Good Foods Co. (The)*		121,845
1,400	Sovos Brands, Inc.*		27,384
1,072	Tootsie Roll Industries, Inc.		37,960
1,935	TreeHouse Foods, Inc.*		97,485
7,424	Tyson Foods, Inc., Class A		378,921
1,200	Utz Brands, Inc.		19,632
1,400	Vital Farms, Inc.*		16,786
			10,017,044
Gas Utilities (0.2%):
2,798	Atmos Energy Corp.		325,519
785	Chesapeake Utilities Corp.		93,415
3,975	National Fuel Gas Co.		204,156
4,288	New Jersey Resources Corp.		202,393
1,716	Northwest Natural Holding Co.		73,874
2,486	ONE Gas, Inc.		190,950
232	RGC Resources, Inc.		4,647
944	Southwest Gas Holdings, Inc.		60,086
2,276	Spire, Inc.		144,389
7,935	UGI Corp.		214,007
			1,513,436
Ground Transportation (1.2%):
957	ArcBest Corp.		94,552

See accompanying notes to the financial statements.

12

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Ground Transportation, continued
678	Avis Budget Group, Inc.*	$	155,038
419	Covenant Logistics Group, Inc.		18,365
38,430	CSX Corp.		1,310,463
1,925	Heartland Express, Inc.		31,589
19,110	Hertz Global Holdings, Inc.*		351,433
4,049	JB Hunt Transport Services, Inc.		732,990
8,217	Knight-Swift Transportation Holdings, Inc.		456,536
1,791	Landstar System, Inc.		344,839
4,222	Marten Transport, Ltd.		90,773
1,515	Norfolk Southern Corp.		343,541
2,809	Old Dominion Freight Line, Inc.		1,038,628
1,600	PAM Transportation Services, Inc.		42,832
6,783	RXO, Inc.*		153,771
1,902	Ryder System, Inc.		161,271
576	Saia, Inc.*		197,228
3,510	Schneider National, Inc., Class B		100,807
12,212	Uber Technologies, Inc.*		527,192
1,170	U-Haul Holding Co.		64,724
4,494	U-Haul Holding Co.		227,711
12,451	Union Pacific Corp.		2,547,724
586	Universal Logistics Holdings, Inc.		16,883
3,327	Werner Enterprises, Inc.		146,987
2,834	XPO, Inc.*		167,206
1,829	Yellow Corp.*		1,260
			9,324,343
Health Care Equipment & Supplies (2.1%):
17,862	Abbott Laboratories		1,947,315
2,269	Accuray, Inc.*		8,781
1,611	Align Technology, Inc.*		569,714
912	AngioDynamics, Inc.*		9,512
1,619	Artivion, Inc.*		27,831
1,507	AtriCure, Inc.*		74,386
36	Atrion Corp.		20,365
2,829	Avanos Medical, Inc.*		72,309
744	Axonics, Inc.*		37,550
10,445	Baxter International, Inc.		475,874
3,200	Becton Dickinson & Co.		844,832
16,649	Boston Scientific Corp.*		900,544
1,265	CONMED Corp.		171,901
658	Cooper Cos., Inc. (The)		252,297
7,906	DENTSPLY SIRONA, Inc.		316,398
3,015	Dexcom, Inc.*		387,458
6,068	Edwards Lifesciences Corp.*		572,394
994	Embecta Corp.		21,470
1,499	Enovis Corp.*		96,116
7,392	Envista Holdings Corp.*		250,145
8,476	Figs, Inc., Class A*		70,097
1,964	GE HealthCare Technologies, Inc.		159,555
1,546	Glaukos Corp.*		110,091
3,457	Globus Medical, Inc.*		205,830
1,142	Haemonetics Corp.*		97,230
5,975	Hologic, Inc.*		483,796
1,516	IDEXX Laboratories, Inc.*		761,381
516	Inari Medical, Inc.*		30,000
433	Inogen, Inc.*		5,001
439	Inspire Medical Systems, Inc.*		142,517
692	Insulet Corp.*		199,531
1,895	Integer Holdings Corp.*		167,916
3,384	Integra LifeSciences Holdings Corp.*		139,184

Shares		Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
2,726	Intuitive Surgical, Inc.*	$	932,128
2,363	Lantheus Holdings, Inc.*		198,303
809	LeMaitre Vascular, Inc.		54,430
725	LENSAR, Inc.*		3,081
3,507	LivaNova plc*		180,365
692	Masimo Corp.*		113,869
14,589	Medtronic plc		1,285,291
2,177	Merit Medical Systems, Inc.*		182,084
125	Mesa Laboratories, Inc.		16,062
600	Nevro Corp.*		15,252
1,600	Novocure, Ltd.*		66,400
1,066	NuVasive, Inc.*		44,335
1,974	Omnicell, Inc.*		145,425
2,205	OraSure Technologies, Inc.*		11,047
825	Orthofix Medical, Inc.*		14,899
929	Penumbra, Inc.*		319,632
2,221	ResMed, Inc.		485,289
775	Shockwave Medical, Inc.*		221,193
1,569	STAAR Surgical Co.*		82,482
1,882	STERIS plc		423,412
3,660	Stryker Corp.		1,116,629
1,018	Teleflex, Inc.		246,387
193	UFP Technologies, Inc.*		37,413
227	Utah Medical Products, Inc.		21,156
1,100	Varex Imaging Corp.*		25,927
4,381	Zimmer Biomet Holdings, Inc.		637,874
217	Zimvie, Inc.*		2,437
			16,512,123
Health Care Providers & Services (2.8%):
3,584	Acadia Healthcare Co., Inc.*		285,430
1,600	Accolade, Inc.*		21,552
643	Addus HomeCare Corp.*		59,606
2,527	Agiliti, Inc.*		41,695
5,599	agilon health, Inc.*		97,087
1,363	Amedisys, Inc.*		124,633
3,574	AmerisourceBergen Corp.		687,745
2,838	AMN Healthcare Services, Inc.*		309,683
1,245	Apollo Medical Holdings, Inc.*		39,342
9,264	Brookdale Senior Living, Inc.*		39,094
5,243	Cardinal Health, Inc.		495,831
431	Castle Biosciences, Inc.*		5,913
12,101	Centene Corp.*		816,212
322	Chemed Corp.		174,418
6,354	Cigna Group (The)		1,782,932
5,028	Community Health Systems, Inc.*		22,123
603	CorVel Corp.*		116,680
1,732	Cross Country Healthcare, Inc.*		48,635
24,586	CVS Health Corp.		1,699,630
2,342	DaVita, Inc.*		235,301
3,529	Elevance Health, Inc.		1,567,899
4,542	Encompass Health Corp.		307,539
1,271	Enhabit, Inc.*		14,616
1,449	Ensign Group, Inc. (The)		138,322
790	Fulgent Genetics, Inc.*		29,254
2,919	HCA Healthcare, Inc.		885,858
3,759	HealthEquity, Inc.*		237,343
3,487	Henry Schein, Inc.*		282,796
1,896	Humana, Inc.		847,758
1,529	InfuSystem Holdings, Inc.*		14,724

See accompanying notes to the financial statements.

13

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Health Care Providers & Services, continued
2,171	Laboratory Corp. of America Holdings	$	523,927
1,864	McKesson Corp.		796,506
864	ModivCare, Inc.*		39,061
1,451	Molina Healthcare, Inc.*		437,099
575	National Healthcare Corp.		35,547
819	National Research Corp.		35,635
4,300	NeoGenomics, Inc.*		69,101
128	OmniAb Operations, Inc.*(a)		—
128	OmniAb Operations, Inc.*(a)		—
10,235	OPKO Health, Inc.*		22,210
6,542	Option Care Health, Inc.*		212,550
5,824	Owens & Minor, Inc.*		110,889
4,988	Patterson Cos., Inc.		165,901
5,162	Pediatrix Medical Group, Inc.*		73,352
792	Pennant Group, Inc. (The)*		9,726
629	PetIQ, Inc.*		9,542
5,181	Premier, Inc., Class A		143,306
1,933	Privia Health Group, Inc.*		50,471
861	Progyny, Inc.*		33,872
2,923	Quest Diagnostics, Inc.		410,857
2,720	RadNet, Inc.*		88,726
5,624	Select Medical Holdings Corp.		179,181
585	Surgery Partners, Inc.*		26,319
5,594	Tenet Healthcare Corp.*		455,240
14,086	UnitedHealth Group, Inc.		6,770,295
2,937	Universal Health Services, Inc., Class B		463,370
542	US Physical Therapy, Inc.		65,793
			22,658,127
Health Care Technology (0.1%):
8,941	American Well Corp., Class A*		18,776
2,856	Certara, Inc.*		52,008
339	Computer Programs and Systems, Inc.*		8,370
3,003	Definitive Healthcare Corp.*		33,033
3,607	Doximity, Inc., Class A*		122,710
1,873	Evolent Health, Inc., Class A*		56,752
3,097	GoodRx Holdings, Inc., Class A*		17,095
1,056	Health Catalyst, Inc.*		13,200
1,357	HealthStream, Inc.		33,328
1,430	NextGen Healthcare, Inc.*		23,195
3,015	Schrodinger, Inc.*		150,509
394	Simulations Plus, Inc.		17,072
5,070	Teladoc Health, Inc.*		128,372
1,211	Veeva Systems, Inc., Class A*		239,451
4,097	Veradigm, Inc.*		51,622
			965,493
Hotels, Restaurants & Leisure (2.3%):
4,816	Airbnb, Inc., Class A*		617,219
11,332	Aramark		487,843
6	Biglari Holdings, Inc., Class A*		5,700
67	Biglari Holdings, Inc., Class B*		13,208
2,189	BJ’s Restaurants, Inc.*		69,610
4,525	Bloomin’ Brands, Inc.		121,677
308	Booking Holdings, Inc.*		831,702
1,059	Boyd Gaming Corp.		73,463
2,407	Brinker International, Inc.*		88,096
9,517	Caesars Entertainment, Inc.*		485,081
29,405	Carnival Corp., Class A*		553,696
2,943	Carrols Restaurant Group, Inc.*		14,833
2,527	Cheesecake Factory, Inc. (The)		87,384

Shares		Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
433	Chipotle Mexican Grill, Inc.*	$	926,187
1,340	Choice Hotels International, Inc.		157,477
2,252	Churchill Downs, Inc.		313,411
429	Chuy’s Holdings, Inc.*		17,512
1,219	Cracker Barrel Old Country Store, Inc.		113,586
3,109	Darden Restaurants, Inc.		519,452
1,810	Dave & Buster’s Entertainment, Inc.*		80,654
1,239	Denny’s Corp.*		15,264
362	Dine Brands Global, Inc.		21,007
681	Domino’s Pizza, Inc.		229,490
8,071	DoorDash, Inc., Class A*		616,786
13,674	DraftKings, Inc.*		363,318
1,288	El Pollo Loco Holdings, Inc.		11,296
2,986	Expedia Group, Inc.*		326,638
1,277	Fiesta Restaurant Group, Inc.*		10,139
6,175	Hilton Grand Vacations, Inc.*		280,592
4,687	Hilton Worldwide Holdings, Inc.		682,193
1,098	Hyatt Hotels Corp., Class A		125,809
323	Jack in the Box, Inc.		31,502
3,372	Krispy Kreme, Inc.		49,670
3,081	Las Vegas Sands Corp.*		178,698
3,371	Life Time Group Holdings, Inc.*		66,308
1,893	Light & Wonder, Inc., Class A*		130,163
3,405	Marriott International, Inc., Class A		625,464
1,994	Marriott Vacations Worldwide Corp.		244,704
9,811	McDonald’s Corp.		2,927,700
1,328	MGM Resorts International		58,326
341	Nathans Famous, Inc.		26,782
2,319	Norwegian Cruise Line Holdings, Ltd.*		50,485
1,497	Papa John’s International, Inc.		110,523
2,176	Penn Entertainment, Inc.*		52,289
3,216	Planet Fitness, Inc., Class A*		216,887
9,227	Playa Hotels & Resorts NV*		75,108
763	Potbelly Corp.*		6,699
878	Red Robin Gourmet Burgers, Inc.*		12,143
4,589	Royal Caribbean Cruises, Ltd.*		476,063
2,758	SeaWorld Entertainment, Inc.*		154,476
1,202	Shake Shack, Inc., Class A*		93,419
3,662	Six Flags Entertainment Corp.*		95,139
16,037	Starbucks Corp.		1,588,625
7,074	Sweetgreen, Inc., Class A*		90,689
3,050	Texas Roadhouse, Inc.		342,454
3,133	Travel + Leisure Co.		126,385
1,836	Vail Resorts, Inc.		462,231
10,823	Wendy’s Co. (The)		235,400
1,048	Wingstop, Inc.		209,768
4,707	Wyndham Hotels & Resorts, Inc.		322,759
1,374	Wynn Resorts, Ltd.		145,108
5,011	Yum! Brands, Inc.		694,274
			18,160,564
Household Durables (0.9%):
906	Beazer Homes U.S.A., Inc.*		25,631
283	Cavco Industries, Inc.*		83,485
1,809	Century Communities, Inc.		138,606
7,384	DR Horton, Inc.		898,559
1,530	Ethan Allen Interiors, Inc.		43,268
431	Flexsteel Industries, Inc.		8,495
3,356	Garmin, Ltd.		349,997
2,761	GoPro, Inc., Class A*		11,431

See accompanying notes to the financial statements.

14

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Household Durables, continued
1,329	Green Brick Partners, Inc.*	$	75,487
1,366	Helen of Troy, Ltd.*		147,555
500	Hooker Furnishings Corp.		9,330
1,698	Installed Building Products, Inc.		237,992
596	iRobot Corp.*		26,969
2,155	KB Home		111,435
2,550	La-Z-Boy, Inc.		73,032
7,316	Leggett & Platt, Inc.		216,700
3,171	Lennar Corp., Class A		397,358
119	Lennar Corp., Class B		13,445
1,327	LGI Homes, Inc.*		178,999
1,017	Lifetime Brands, Inc.		5,746
1,420	M/I Homes, Inc.*		123,810
4,042	MDC Holdings, Inc.		189,044
1,004	Meritage Homes Corp.		142,839
2,874	Mohawk Industries, Inc.*		296,482
10,746	Newell Brands, Inc.		93,490
102	NVR, Inc.*		647,763
9,930	PulteGroup, Inc.		771,362
7,911	Purple Innovation, Inc.^		21,993
2,434	Skyline Champion Corp.*		159,305
2,407	Sonos, Inc.*		39,306
5,909	Taylor Morrison Home Corp., Class A*		288,182
7,251	Tempur Sealy International, Inc.		290,548
2,183	Toll Brothers, Inc.		172,610
1,110	TopBuild Corp.*		295,282
5,751	Tri Pointe Homes, Inc.*		188,978
320	Universal Electronics, Inc.*		3,078
3,376	Vizio Holding Corp., Class A*		22,788
1,621	VOXX International Corp.*		20,230
2,400	Whirlpool Corp.		357,096
			7,177,706
Household Products (1.1%):
1,863	Central Garden & Pet Co., Class A*		67,925
4,613	Church & Dwight Co., Inc.		462,361
1,597	Clorox Co. (The)		253,987
11,404	Colgate-Palmolive Co.		878,564
2,606	Energizer Holdings, Inc.		87,509
6,635	Kimberly-Clark Corp.		916,028
333	Oil-Dri Corp. of America		19,644
39,631	Procter & Gamble Co. (The)		6,013,608
4,384	Reynolds Consumer Products, Inc.		123,848
2,338	Spectrum Brands Holdings, Inc.		182,481
626	WD-40 Co.		118,095
			9,124,050
Independent Power and Renewable Electricity Producers (0.2%):
12,230	AES Corp. (The)		253,528
4,506	Atlantica Sustainable Infrastructure plc		105,621
3,258	Brookfield Renewable Corp., Class A^		102,692
1,323	Clearway Energy, Inc., Class A		35,721
3,836	Clearway Energy, Inc., Class C		109,556
1,138	Ormat Technologies, Inc.		91,563
6,557	Sunnova Energy International, Inc.*^		120,059
18,390	Vistra Corp.		482,738
			1,301,478
Industrial Conglomerates (0.5%):
14,142	3M Co.		1,415,473

Shares		Value
Common Stocks, continued
Industrial Conglomerates, continued
5,892	General Electric Co.	$	647,236
10,620	Honeywell International, Inc.		2,203,650
			4,266,359
Insurance (2.8%):
9,236	Aflac, Inc.		644,673
6,515	Allstate Corp. (The)		710,396
2,897	Ambac Financial Group, Inc.*		41,253
5,969	American Equity Investment Life Holding Co.		311,045
2,248	American Financial Group, Inc.		266,950
15,882	American International Group, Inc.		913,850
745	AMERISAFE, Inc.		39,723
2,927	Aon plc, Class A		1,010,400
8,245	Arch Capital Group, Ltd.*		617,138
560	Argo Group International Holdings, Ltd.		16,582
2,399	Arthur J. Gallagher & Co.		526,748
1,480	Assurant, Inc.		186,066
1,625	Assured Guaranty, Ltd.		90,675
4,771	Axis Capital Holdings, Ltd.		256,823
3,813	Brighthouse Financial, Inc.*		180,546
7,178	Brown & Brown, Inc.		494,134
3,450	BRP Group, Inc., Class A*		85,491
6,106	Chubb, Ltd.		1,175,771
4,158	Cincinnati Financial Corp.		404,657
2,176	Citizens, Inc.*		5,244
1,799	CNA Financial Corp.		69,477
895	Crawford & Co., Class A		9,926
2,354	Crawford & Co., Class B		22,104
1,631	Donegal Group, Inc., Class A		23,535
800	eHealth, Inc.*		6,432
1,977	Employers Holdings, Inc.		73,960
447	Enstar Group, Ltd.*		109,175
398	Erie Indemnity Co., Class A		83,584
621	Everest Re Group, Ltd.		212,295
419	F&G Annuities & Life, Inc.		10,383
13,708	Fidelity National Financial, Inc.		493,488
4,811	First American Financial Corp.		274,323
27,784	Genworth Financial, Inc., Class A*		138,920
4,859	Globe Life, Inc.		532,644
318	Goosehead Insurance, Inc.*		19,999
2,383	Greenlight Capital Re, Ltd., Class A*		25,105
146	Hallmark Financial Services, Inc.*		818
769	Hanover Insurance Group, Inc. (The)		86,920
13,797	Hartford Financial Services Group, Inc. (The)		993,660
397	HCI Group, Inc.		24,527
387	Heritage Insurance Holdings, Inc.*		1,490
1,991	Horace Mann Educators Corp.		59,053
153	Investors Title Co.		22,338
1,185	James River Group Holdings, Ltd.		21,638
3,603	Kemper Corp.		173,881
381	Kinsale Capital Group, Inc.		142,570
2,749	Lincoln National Corp.		70,814
6,215	Loews Corp.		369,047
5,556	Maiden Holdings, Ltd.*		11,668
182	Markel Group, Inc.*		251,739
8,504	Marsh & McLennan Cos., Inc.		1,599,432
2,590	Mercury General Corp.		78,399
7,939	MetLife, Inc.		448,792
162	National Western Life Group, Inc., Class A		67,321
13,472	Old Republic International Corp.		339,090

See accompanying notes to the financial statements.

15

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Insurance, continued
5,300	Oscar Health, Inc., Class A*	$	42,718
400	Palomar Holdings, Inc.*		23,216
1,239	Primerica, Inc.		245,025
7,143	Principal Financial Group, Inc.		541,725
3,052	ProAssurance Corp.		46,055
5,935	Progressive Corp. (The)		785,616
10,179	Prudential Financial, Inc.		897,991
2,679	Reinsurance Group of America, Inc.		371,550
1,983	RenaissanceRe Holdings, Ltd.		369,869
2,352	RLI Corp.		320,977
825	Safety Insurance Group, Inc.		59,169
1,725	Selective Insurance Group, Inc.		165,514
5,145	SiriusPoint, Ltd.*		46,459
1,878	Stewart Information Services Corp.		77,261
1,767	Tiptree, Inc., Class A		26,523
8,887	Travelers Cos., Inc. (The)		1,543,316
1,346	Trupanion, Inc.*		26,489
728	United Fire Group, Inc.		16,496
1,869	Universal Insurance Holdings, Inc.		28,839
8,945	Unum Group		426,676
6,930	W R Berkley Corp.		412,751
145	White Mountains Insurance Group, Ltd.		201,392
2,165	Willis Towers Watson plc		509,857
			22,032,196
Interactive Media & Services (3.5%):
59,461	Alphabet, Inc., Class A*		7,117,482
52,911	Alphabet, Inc., Class C*		6,400,644
5,394	Bumble, Inc., Class A*		90,511
5,023	Cargurus, Inc.*		113,671
1,955	Cars.com, Inc.*		38,748
2,881	DHI Group, Inc.*		11,034
4,788	Match Group, Inc.*		200,378
44,646	Meta Platforms, Inc., Class A*		12,812,509
8,734	Pinterest, Inc., Class A*		238,788
1,563	QuinStreet, Inc.*		13,801
764	Shutterstock, Inc.		37,184
23,897	Snap, Inc., Class A*		282,940
1,344	Travelzoo*		10,604
5,311	TripAdvisor, Inc.*		87,578
2,857	TrueCar, Inc.*		6,457
4,440	Vimeo, Inc.*		18,293
2,324	Yelp, Inc.*		84,617
664	Zedge, Inc., Class B*		1,487
1,918	Ziff Davis, Inc.*		134,375
17,984	ZoomInfo Technologies, Inc.*		456,614
			28,157,715
IT Services (1.4%):
11,932	Accenture plc, Class A		3,681,977
4,112	Akamai Technologies, Inc.*		369,546
3,162	Amdocs, Ltd.		312,564
2,466	Cloudflare, Inc., Class A*		161,202
12,333	Cognizant Technology Solutions Corp., Class A		805,098
3,181	DigitalOcean Holdings, Inc.*^		127,685
11,221	DXC Technology Co.*		299,825
2,160	Edgio, Inc.*		1,456
1,215	EPAM Systems, Inc.*		273,071
4,318	Fastly, Inc., Class A*		68,095
1,645	Gartner, Inc.*		576,260
585	Globant SA*		105,136

Shares		Value
Common Stocks, continued
IT Services, continued
3,303	GoDaddy, Inc., Class A*	$	248,154
2,548	Grid Dynamics Holdings, Inc.*		23,569
1,357	Hackett Group, Inc. (The)		30,329
17,433	International Business Machines Corp.		2,332,710
12,162	Kyndryl Holdings, Inc.*		161,511
603	MongoDB, Inc.*		247,827
2,093	Okta, Inc.*		145,150
1,698	Perficient, Inc.*		141,494
840	PFSweb, Inc.		3,797
1,687	Snowflake, Inc., Class A*		296,878
3,770	Squarespace, Inc., Class A*		118,906
4,711	Twilio, Inc., Class A*		299,714
2,221	Unisys Corp.*		8,840
2,060	VeriSign, Inc.*		465,498
			11,306,292
Leisure Products (0.3%):
2,948	Acushnet Holdings Corp.		161,197
895	American Outdoor Brands, Inc.*		7,769
2,517	Brunswick Corp.		218,073
2,100	Clarus Corp.		19,194
658	Escalade, Inc.		8,784
6,166	Hasbro, Inc.		399,372
303	Johnson Outdoors, Inc., Class A		18,619
931	Malibu Boats, Inc., Class A*		54,613
662	Marine Products Corp.		11,161
451	MasterCraft Boat Holdings, Inc.*		13,823
17,635	Mattel, Inc.*		344,588
995	Nautilus Group, Inc.*		1,214
3,453	Polaris, Inc.		417,571
1,410	Smith & Wesson Brands, Inc.		18,386
6,367	Topgolf Callaway Brands Corp.*		126,385
3,865	Vista Outdoor, Inc.*		106,945
3,466	YETI Holdings, Inc.*		134,619
			2,062,313
Life Sciences Tools & Services (1.3%):
237	10X Genomics, Inc., Class A*		13,234
6,251	Adaptive Biotechnologies Corp.*		41,944
4,401	Agilent Technologies, Inc.		529,220
17,709	Avantor, Inc.*		363,743
599	Azenta, Inc.*		27,961
1,634	BioLife Solutions, Inc.*		36,111
456	Bio-Rad Laboratories, Inc., Class A*		172,879
3,308	Bio-Techne Corp.		270,032
4,004	Bruker Corp.		295,976
2,220	Charles River Laboratories International, Inc.*		466,755
2,030	CryoPort, Inc.*		35,018
10,492	Danaher Corp.		2,518,080
1,979	Harvard Bioscience, Inc.*		10,865
55	Illumina, Inc.*		10,312
3,748	IQVIA Holdings, Inc.*		842,438
4,035	Maravai LifeSciences Holdings, Inc., Class A*		50,155
1,032	Medpace Holdings, Inc.*		247,856
438	Mettler-Toledo International, Inc.*		574,498
1,666	OmniAb, Inc.*		8,380
10,633	Pacific Biosciences of California, Inc.*		141,419
453	Quanterix Corp.*		10,215
1,140	Repligen Corp.*		161,264
1,101	Revvity, Inc.		130,788
9,819	Sotera Health Co.*		184,990

See accompanying notes to the financial statements.

16

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Life Sciences Tools & Services, continued
4,722	Syneos Health, Inc.*	$	198,985
4,279	Thermo Fisher Scientific, Inc.		2,232,568
1,579	Waters Corp.*		420,867
1,121	West Pharmaceutical Services, Inc.		428,749
			10,425,302
Machinery (2.6%):
7,267	3D Systems Corp.*		72,161
4,421	AGCO Corp.		581,008
228	Alamo Group, Inc.		41,931
1,371	Albany International Corp., Class A		127,887
5,503	Allison Transmission Holdings, Inc.		310,699
1,618	Astec Industries, Inc.		73,522
2,323	Barnes Group, Inc.		98,007
837	Blue Bird Corp.*		18,816
9,372	Caterpillar, Inc.		2,305,981
1,902	Chart Industries, Inc.*		303,921
468	CIRCOR International, Inc.*		26,419
1,531	Columbus McKinnon Corp.		62,235
707	Commercial Vehicle Group, Inc.*^		7,848
1,637	Crane Co.		145,889
1,637	Crane NXT Co.		92,392
3,715	Cummins, Inc.		910,769
5,149	Deere & Co.		2,086,323
6,273	Donaldson Co., Inc.		392,125
471	Douglas Dynamics, Inc.		14,073
4,194	Dover Corp.		619,244
475	Energy Recovery, Inc.*		13,276
1,250	Enerpac Tool Group Corp.		33,750
453	EnPro Industries, Inc.		60,489
2,189	Esab Corp.		145,656
372	ESCO Technologies, Inc.		38,550
2,677	Federal Signal Corp.		171,408
4,041	Flowserve Corp.		150,123
7,256	Fortive Corp.		542,531
1,334	Franklin Electric Co., Inc.		137,269
10,083	Gates Industrial Corp. plc*		135,919
889	Gencor Industries, Inc.*		13,851
606	Gorman-Rupp Co. (The)		17,471
3,686	Graco, Inc.		318,286
2,100	Greenbrier Cos., Inc. (The)		90,510
650	Helios Technologies, Inc.		42,958
2,088	Hillenbrand, Inc.		107,073
490	Hurco Cos., Inc.		10,608
896	Hyster-Yale Materials Handling, Inc., Class A		50,033
1,133	IDEX Corp.		243,890
5,499	Illinois Tool Works, Inc.		1,375,630
8,625	Ingersoll Rand, Inc.		563,730
3,908	ITT, Inc.		364,265
757	John Bean Technologies Corp.		91,824
528	Kadant, Inc.		117,269
4,685	Kennametal, Inc.		133,007
787	L.B. Foster Co., Class A*		11,238
2,617	Lincoln Electric Holdings, Inc.		519,815
221	Lindsay Corp.		26,374
1,300	Luxfer Holdings plc		18,499
1,213	Manitex International, Inc.*		6,502
2,529	Manitowoc Co., Inc. (The)*		47,621
2,534	Middleby Corp. (The)*		374,601
3,769	Mueller Industries, Inc.		328,958

Shares		Value
Common Stocks, continued
Machinery, continued
8,698	Mueller Water Products, Inc., Class A	$	141,169
1,258	NN, Inc.*		3,007
1,023	Nordson Corp.		253,888
158	Omega Flex, Inc.		16,397
1,463	Oshkosh Corp.		126,681
7,978	Otis Worldwide Corp.		710,122
8,160	PACCAR, Inc.		682,584
1,747	Parker-Hannifin Corp.		681,400
1,058	Park-Ohio Holdings Corp.		20,102
7,775	Pentair PLC		502,265
1,666	Proto Labs, Inc.*		58,243
440	RBC Bearings, Inc.*		95,687
3,787	REV Group, Inc.		50,216
612	Shyft Group, Inc. (The)		13,501
745	Snap-on, Inc.		214,702
1,832	SPX Technologies, Inc.*		155,665
340	Standex International Corp.		48,100
4,046	Stanley Black & Decker, Inc.		379,151
537	Tennant Co.		43,556
3,718	Terex Corp.		222,448
2,371	Timken Co. (The)		217,018
3,046	Titan International, Inc.*		34,968
2,821	Toro Co. (The)		286,755
4,719	Trinity Industries, Inc.		121,325
1,510	Wabash National Corp.		38,716
615	Watts Water Technologies, Inc., Class A		112,994
4,390	Westinghouse Air Brake Technologies Corp.		481,451
4,769	Xylem, Inc.		537,085
			20,843,430
Marine Transportation (0.1%):
3,979	Costamare, Inc.		38,477
1,219	Eagle Bulk Shipping, Inc.^		58,561
147	Eneti, Inc.		1,780
1,300	Genco Shipping & Trading, Ltd.		18,239
2,793	Kirby Corp.*		214,921
2,141	Matson, Inc.		166,420
			498,398
Media (1.4%):
17,563	Altice U.S.A., Inc., Class A*		53,040
1,413	AMC Networks, Inc., Class A*		16,885
1,200	Boston Omaha Corp., Class A*		22,584
383	Cable One, Inc.		251,662
2,971	Charter Communications, Inc., Class A*		1,091,456
99,240	Comcast Corp., Class A		4,123,422
2,952	comScore, Inc.*		2,391
367	DallasNews Corp.		1,428
12,719	DISH Network Corp., Class A*		83,818
2,931	E.W. Scripps Co. (The), Class A*		26,819
4,792	Entravision Communications Corp., Class A		21,037
7,444	Fox Corp., Class A		253,096
5,999	Fox Corp., Class B		191,308
7,573	Gannett Co, Inc.*		17,039
7,897	Gray Television, Inc.		62,228
5,411	iHeartMedia, Inc., Class A*		19,696
2,014	Integral Ad Science Holding Corp.*		36,212
14,602	Interpublic Group of Cos., Inc. (The)		563,345
1,162	John Wiley & Sons, Inc., Class A		39,543
334	Liberty Broadband Corp., Class A*		26,630
3,341	Liberty Broadband Corp., Class C*		267,647

See accompanying notes to the financial statements.

17

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Media, continued
4,454	Liberty Media Corp-Liberty SiriusXM, Class A*	$	146,136
9,922	Liberty Media Corp-Liberty SiriusXM, Class C*		324,747
8,352	Magnite, Inc.*		114,005
131	Marchex, Inc., Class B*		278
5,563	New York Times Co. (The), Class A		219,071
17,358	News Corp., Class A		338,481
8,773	News Corp., Class B		173,004
2,735	Nexstar Media Group, Inc.		455,514
7,908	Omnicom Group, Inc.		752,446
445	Paramount Global, Class A^		8,259
16,169	Paramount Global, Class B		257,249
1,526	Quotient Technology, Inc.*		5,860
1,353	Scholastic Corp.		52,618
1,768	Sinclair, Inc.^		24,434
26,359	Sirius XM Holdings, Inc.^		119,406
7,339	Stagwell, Inc.*		52,914
1,890	TechTarget, Inc.*		58,836
7,839	TEGNA, Inc.		127,305
1,103	Thryv Holdings, Inc.*		27,134
4,500	Trade Desk, Inc. (The), Class A*		347,490
5,104	WideOpenWest, Inc.*		43,078
			10,819,551
Metals & Mining (1.0%):
8,157	Alcoa Corp.		276,767
895	Alpha Metallurgical Resources, Inc.		147,102
799	Ampco-Pittsburgh Corp.*		2,541
3,002	Arconic Corp.*		88,799
759	Ascent Industries Co.*		6,899
5,393	ATI, Inc.*		238,532
1,638	Carpenter Technology Corp.		91,941
7,172	Century Aluminum Co.*		62,540
26,114	Cleveland-Cliffs, Inc.*		437,671
18,225	Coeur Mining, Inc.*		51,759
7,303	Commercial Metals Co.		384,576
2,118	Compass Minerals International, Inc.		72,012
13,361	Ferroglobe plc*		63,732
841	Fortitude Gold Corp.		5,282
20,806	Freeport-McMoRan, Inc.		832,240
2,945	Gold Resource Corp.		1,855
943	Haynes International, Inc.		47,923
22,580	Hecla Mining Co.		116,287
151	Kaiser Aluminum Corp.		10,818
1,111	Materion Corp.		126,876
1,230	McEwen Mining, Inc.*		8,844
8,393	MP Materials Corp.*		192,032
20,200	Newmont Corp.		861,732
6,812	Nucor Corp.		1,117,032
700	Olympic Steel, Inc.		34,300
2,230	Reliance Steel & Aluminum Co.		605,646
2,908	Royal Gold, Inc.		333,780
2,617	Ryerson Holding Corp.		113,525
1,365	Schnitzer Steel Industries, Inc., Class A		40,936
1,868	Southern Copper Corp.		134,010
8,979	Steel Dynamics, Inc.		978,082
3,673	SunCoke Energy, Inc.		28,907
2,052	TimkenSteel Corp.*		44,262
1,070	Tredegar Corp.		7,137
13,394	United States Steel Corp.		334,984
548	Universal Stainless & Alloy Products, Inc.*		7,677

Shares		Value
Common Stocks, continued
Metals & Mining, continued
1,489	Warrior Met Coal, Inc.	$	57,997
1,732	Worthington Industries, Inc.		120,322
			8,087,357
Multi-Utilities (0.6%):
5,177	Ameren Corp.		422,806
3,250	Avista Corp.		127,627
2,734	Black Hills Corp.		164,751
12,185	CenterPoint Energy, Inc.		355,193
5,446	CMS Energy Corp.		319,952
3,188	Consolidated Edison, Inc.		288,195
12,194	Dominion Energy, Inc.		631,527
4,066	DTE Energy Co.		447,341
8,905	NiSource, Inc.		243,552
2,336	NorthWestern Corp.		132,591
9,431	Public Service Enterprise Group, Inc.		590,475
4,584	Sempra Energy		667,385
305	Unitil Corp.		15,467
5,930	WEC Energy Group, Inc.		523,263
			4,930,125
Oil, Gas & Consumable Fuels (5.8%):
332	Adams Resources & Energy, Inc.		11,670
21,050	Antero Midstream Corp.		244,180
21,868	Antero Resources Corp.*		503,620
4,071	APA Corp.		139,106
1,204	Arch Resources, Inc.		135,763
1,287	Ardmore Shipping Corp.		15,894
5,894	Baytex Energy Corp.*		19,214
6,491	Berry Corp.		44,658
2,994	California Resources Corp.		135,598
4,374	Callon Petroleum Co.*		153,396
600	Centrus Energy Corp., Class A*		19,536
4,619	Cheniere Energy, Inc.		703,751
4,080	Chesapeake Energy Corp.		341,414
42,644	Chevron Corp.		6,710,033
369	Chord Energy Corp.		56,752
1,953	Civitas Resources, Inc.		135,480
7,534	Clean Energy Fuel Corp.*		37,369
9,676	CNX Resources Corp.*		171,459
19,166	Comstock Resources, Inc.^		222,326
32,855	ConocoPhillips		3,404,107
2,466	CONSOL Energy, Inc.		167,219
39,767	Coterra Energy, Inc.		1,006,105
5,103	CVR Energy, Inc.		152,886
4,489	Delek US Holdings, Inc.		107,512
2,740	Denbury, Inc.*		236,352
34,054	Devon Energy Corp.		1,646,170
8,048	DHT Holdings, Inc.		68,649
8,118	Diamondback Energy, Inc.		1,066,381
1,758	Dorian LPG, Ltd.		45,093
4,645	DT Midstream, Inc.		230,253
25,752	Enlink Midstream LLC		272,971
13,837	EOG Resources, Inc.		1,583,506
10,667	EQT Corp.		438,734
7,111	Equitrans Midstream Corp.		67,981
94,225	Exxon Mobil Corp.		10,105,631
3,367	Green Plains, Inc.*		108,552
845	Gulfport Energy Corp.*		88,784
5,208	Hess Corp.		708,028
11,760	HF Sinclair Corp.		524,614

See accompanying notes to the financial statements.

18

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
2,789	International Seaways, Inc.	$	106,651
37,129	Kinder Morgan, Inc.		639,361
31,582	Kosmos Energy, Ltd.*		189,176
13,199	Magnolia Oil & Gas Corp., Class A		275,859
13,453	Marathon Oil Corp.		309,688
11,905	Marathon Petroleum Corp.		1,388,123
7,124	Matador Resources Co.		372,728
9,770	Murphy Oil Corp.		374,191
4,420	New Fortress Energy, Inc.		118,368
4,784	Nordic American Tankers, Ltd.		17,557
24,587	Occidental Petroleum Corp.		1,445,716
13,425	ONEOK, Inc.		828,591
13,581	Ovintiv, Inc.		517,029
4,750	Par Pacific Holdings, Inc.*		126,398
9,576	PBF Energy, Inc., Class A		392,041
6,563	PDC Energy, Inc.		466,892
10,033	Peabody Energy Corp.		217,315
6,243	Permian Resources Corp.		68,423
10,501	Phillips 66		1,001,585
1,401	PHX Minerals, Inc.		4,371
6,571	Pioneer Natural Resources Co.		1,361,380
6	PrimeEnergy Resources Corp.*		552
17,722	Range Resources Corp.		521,027
1,122	REX American Resources Corp.*		39,057
3,060	Scorpio Tankers, Inc.		144,524
4,935	SFL Corp., Ltd.		46,044
1,508	Sitio Royalties Corp., Class A		39,615
7,642	SM Energy Co.		241,716
42,492	Southwestern Energy Co.*		255,377
3,310	Talos Energy, Inc.*		45,910
2,420	Targa Resources Corp.		184,162
6,407	Teekay Shipping Corp.*		38,698
1,031	Teekay Tankers, Ltd., Class A		39,415
101	Texas Pacific Land Corp.		132,967
10,006	Valero Energy Corp.		1,173,704
609	Vital Energy, Inc.*		27,496
622	Vitesse Energy, Inc.		13,933
9,330	W&T Offshore, Inc.*		36,107
30,118	Williams Cos., Inc. (The)		982,750
3,599	World Kinect Corp.		74,427
			46,089,671
Paper & Forest Products (0.1%):
545	Clearwater Paper Corp.*		17,069
2,520	Glatfelter Corp.		7,610
4,555	Louisiana-Pacific Corp.		341,534
3,875	Mercer International, Inc.		31,271
2,050	Sylvamo Corp.		82,923
			480,407
Passenger Airlines (0.6%):
5,767	Alaska Air Group, Inc.*		306,689
639	Allegiant Travel Co.*		80,693
28,209	American Airlines Group, Inc.*		506,069
1,569	Copa Holdings SA, Class A		173,500
33,557	Delta Air Lines, Inc.*		1,595,300
2,340	Frontier Group Holdings, Inc.*		22,628
1,057	Hawaiian Holdings, Inc.*		11,384
15,406	JetBlue Airways Corp.*		136,497
1,602	SkyWest, Inc.*		65,233
16,338	Southwest Airlines Co.		591,599

Shares		Value
Common Stocks, continued
Passenger Airlines, continued
2,445	Spirit Airlines, Inc.	$	41,956
16,149	United Airlines Holdings, Inc.*		886,096
			4,417,644
Personal Care Products (0.3%):
4,436	BellRing Brands, Inc.*		162,358
34,070	Coty, Inc., Class A*		418,720
2,944	Edgewell Personal Care Co.		121,617
1,926	elf Beauty, Inc.*		220,007
3,644	Estee Lauder Cos., Inc. (The), Class A		715,609
2,298	Herbalife, Ltd.*		30,425
1,161	Inter Parfums, Inc.		157,002
654	Medifast, Inc.		60,273
1,236	Natures Sunshine Products, Inc.*		16,871
1,616	Nu Skin Enterprises, Inc., Class A		53,651
340	United-Guardian, Inc.		2,897
645	USANA Health Sciences, Inc.*		40,661
			2,000,091
Pharmaceuticals (3.4%):
2,030	Aclaris Therapeutics, Inc.*		21,051
2,003	Amphastar Pharmaceuticals, Inc.*		115,113
900	ANI Pharmaceuticals, Inc.*		48,447
300	Arvinas, Inc.*		7,446
40,413	Bristol-Myers Squibb Co.		2,584,411
4,717	Catalent, Inc.*		204,529
1,180	Collegium Pharmaceutical, Inc.*		25,358
4,216	Corcept Therapeutics, Inc.*		93,806
1,468	Cumberland Pharmaceuticals, Inc.*		2,158
1,054	Cymabay Therapeutics, Inc.*		11,541
27,444	Elanco Animal Health, Inc.*		276,087
9,543	Eli Lilly & Co.		4,475,476
2,317	Harmony Biosciences Holdings, Inc.*		81,535
3,292	Innoviva, Inc.*		41,907
2,090	Jazz Pharmaceuticals plc*		259,097
40,379	Johnson & Johnson		6,683,532
640	Ligand Pharmaceuticals, Inc.*		46,144
45,676	Merck & Co., Inc.		5,270,554
3,567	Nektar Therapeutics*		2,052
11,020	Organon & Co.		229,326
1,467	Pacira BioSciences, Inc.*		58,783
5,568	Perrigo Co. plc		189,034
112,391	Pfizer, Inc.		4,122,502
793	Phibro Animal Health Corp., Class A		10,864
1,580	Prestige Consumer Healthcare, Inc.*		93,899
8,865	Royalty Pharma plc, Class A		272,510
2,134	SIGA Technologies, Inc.		10,777
3,089	Supernus Pharmaceuticals, Inc.*		92,855
923	Taro Pharmaceutical Industries, Ltd.*		35,009
14,776	Viatris, Inc.		147,465
9,619	Zoetis, Inc.		1,656,488
			27,169,756
Professional Services (1.5%):
11,903	Alight, Inc., Class A*		109,984
1,184	ASGN, Inc.*		89,546
7,099	Automatic Data Processing, Inc.		1,560,289
494	Barrett Business Services, Inc.		43,077
3,527	Booz Allen Hamilton Holding Corp.		393,613
2,863	Broadridge Financial Solutions, Inc.		474,199
469	CACI International, Inc., Class A*		159,854

See accompanying notes to the financial statements.

19

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Professional Services, continued
2,664	CBIZ, Inc.*	$	141,938
4,685	Ceridian HCM Holding, Inc.*		313,754
2,143	Clarivate plc*		20,423
2,464	Concentrix Corp.		198,968
6,347	Conduent, Inc.*		21,580
6,796	CoStar Group, Inc.*		604,844
456	CRA International, Inc.		46,512
1,011	CSG Systems International, Inc.		53,320
10,835	Dun & Bradstreet Holdings, Inc.		125,361
3,290	Equifax, Inc.		774,137
318	ExlService Holdings, Inc.*		48,037
715	Exponent, Inc.		66,724
5,623	First Advantage Corp.*		86,650
825	Forrester Research, Inc.*		23,999
723	FTI Consulting, Inc.*		137,515
4,350	Genpact, Ltd.		163,430
421	Heidrick & Struggles International, Inc.		11,144
660	Huron Consulting Group, Inc.*		56,041
800	ICF International, Inc.		99,512
614	Insperity, Inc.		73,041
1,539	Jack Henry & Associates, Inc.		257,521
2,800	Jacobs Solutions, Inc.		332,892
5,794	KBR, Inc.		376,958
1,042	Kelly Services, Inc., Class A		18,350
1,395	Kforce, Inc.		87,411
1,797	Korn Ferry		89,023
2,680	Leidos Holdings, Inc.		237,126
1,891	ManpowerGroup, Inc.		150,145
1,840	Maximus, Inc.		155,498
659	Mistras Group, Inc.*		5,087
841	NV5 Global, Inc.*		93,158
5,815	Paychex, Inc.		650,524
1,083	Paycom Software, Inc.		347,903
1,183	Paylocity Holding Corp.*		218,299
2,125	Resources Connection, Inc.		33,384
5,874	Robert Half International, Inc.		441,842
1,300	Science Applications International Corp.		146,224
6,582	SS&C Technologies Holdings, Inc.		398,869
4,915	TransUnion		384,992
2,461	TriNet Group, Inc.*		233,721
1,029	TrueBlue, Inc.*		18,224
2,127	TTEC Holdings, Inc.		71,978
4,143	Verisk Analytics, Inc.		936,442
7,657	Verra Mobility Corp.*		150,996
633	Willdan Group, Inc.*		12,128
			11,746,187
Real Estate Management & Development (0.3%):
3,814	Anywhere Real Estate, Inc.*		25,477
6,977	CBRE Group, Inc., Class A*		563,114
15,717	Cushman & Wakefield plc*		128,565
1,626	Douglas Elliman, Inc.		3,611
1,163	eXp World Holdings, Inc.^		23,586
2,407	Forestar Group, Inc.*		54,278
232	FRP Holdings, Inc.*		13,356
1,569	Howard Hughes Corp. (The)*		123,825
1,776	Jones Lang LaSalle, Inc.*		276,701
7,959	Kennedy-Wilson Holdings, Inc.		129,970
2,533	Marcus & Millichap, Inc.		79,815
10,029	Newmark Group, Inc.		62,380

Shares		Value
Common Stocks, continued
Real Estate Management & Development, continued
997	Rafael Holdings, Inc., Class B*	$	2,084
910	RE/MAX Holdings, Inc., Class A		17,527
357	RMR Group, Inc. (The), Class A		8,272
1,857	St Joe Co. (The)		89,767
1,447	Tejon Ranch Co.*		24,903
1,463	Zillow Group, Inc., Class A*		71,980
7,517	Zillow Group, Inc., Class C*		377,804
			2,077,015
Semiconductors & Semiconductor Equipment (6.0%):
17,619	Advanced Micro Devices, Inc.*		2,006,980
5,662	Allegro MicroSystems, Inc.*		255,583
1,120	Alpha & Omega Semiconductor, Ltd.*		36,736
1,283	Ambarella, Inc.*		107,349
15,177	Amkor Technology, Inc.		451,516
7,449	Analog Devices, Inc.		1,451,140
16,123	Applied Materials, Inc.		2,330,418
1,575	Axcelis Technologies, Inc.*		288,745
1,701	AXT, Inc.*		5,851
7,233	Broadcom, Inc.		6,274,121
437	CEVA, Inc.*		11,165
2,615	Cirrus Logic, Inc.*		211,841
2,261	Cohu, Inc.*		93,967
1,551	Diodes, Inc.*		143,452
3,086	Enphase Energy, Inc.*		516,843
1,826	Entegris, Inc.		202,357
2,177	First Solar, Inc.*		413,826
3,423	FormFactor, Inc.*		117,135
1,314	GSI Technology, Inc.*		7,266
948	Ichor Holdings, Ltd.*		35,550
62,799	Intel Corp.		2,099,999
2,594	KLA Corp.		1,258,142
2,536	Kulicke & Soffa Industries, Inc.		150,765
3,620	Lam Research Corp.		2,327,153
2,460	Lattice Semiconductor Corp.*		236,332
2,876	MACOM Technology Solutions Holdings, Inc.*		188,464
10,736	Marvell Technology, Inc.		641,798
2,503	MaxLinear, Inc., Class A*		78,995
9,820	Microchip Technology, Inc.		879,774
19,324	Micron Technology, Inc.		1,219,538
1,074	MKS Instruments, Inc.		116,099
565	Monolithic Power Systems, Inc.		305,230
150	NVE Corp.		14,616
22,704	NVIDIA Corp.		9,604,246
4,964	NXP Semiconductors NV		1,016,032
16,852	ON Semiconductor Corp.*		1,593,862
2,020	Onto Innovation, Inc.*		235,269
1,438	PDF Solutions, Inc.*		64,854
2,358	Photronics, Inc.*		60,813
2,400	Power Integrations, Inc.		227,208
4,240	Qorvo, Inc.*		432,607
31,305	QUALCOMM, Inc.		3,726,547
3,254	Rambus, Inc.*		208,809
2,303	Semtech Corp.*		58,634
656	Silicon Laboratories, Inc.*		103,478
5,222	Skyworks Solutions, Inc.		578,023
1,050	SMART Global Holdings, Inc.*		30,461
744	SolarEdge Technologies, Inc.*		200,173
834	Synaptics, Inc.*		71,207
4,230	Teradyne, Inc.		470,926

See accompanying notes to the financial statements.

20

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
22,042	Texas Instruments, Inc.	$	3,968,001
1,251	Ultra Clean Holdings, Inc.*		48,114
1,085	Universal Display Corp.		156,381
1,442	Veeco Instruments, Inc.*		37,031
2,493	Wolfspeed, Inc.*		138,586
			47,510,008
Software (7.4%):
2,814	A10 Networks, Inc.		41,056
5,558	ACI Worldwide, Inc.*		128,779
4,656	Adeia, Inc.		51,263
3,583	Adobe, Inc.*		1,752,051
436	Agilysys, Inc.*		29,927
695	Alarm.com Holdings, Inc.*		35,918
583	Altair Engineering, Inc., Class A*		44,215
1,009	American Software, Inc., Class A		10,605
1,210	ANSYS, Inc.*		399,627
591	Aspen Technology, Inc.*		99,058
810	Atlassian Corp., Class A*		135,926
4,132	Autodesk, Inc.*		845,449
2,272	Aware, Inc.*		3,590
5,443	Bentley Systems, Inc., Class B		295,174
2,047	BILL Holdings, Inc.*		239,192
2,534	Black Knight, Inc.*		151,356
2,195	Blackbaud, Inc.*		156,240
6,172	Box, Inc., Class A*		181,333
4,147	Cadence Design Systems, Inc.*		972,554
2,772	Cerence, Inc.*		81,026
1,830	Cognyte Software, Ltd.*		11,145
838	CommVault Systems, Inc.*		60,856
4,325	Confluent, Inc., Class A*		152,716
491	Consensus Cloud Solutions, Inc.*		15,221
1,921	Crowdstrike Holdings, Inc., Class A*		282,137
2,012	Datadog, Inc., Class A*		197,941
4,872	Digital Turbine, Inc.*		45,212
3,037	DocuSign, Inc.*		155,160
2,077	Dolby Laboratories, Inc., Class A		173,803
2,382	DoubleVerify Holdings, Inc.*		92,707
10,270	Dropbox, Inc., Class A*		273,901
3,831	Dynatrace, Inc.*		197,182
2,146	E2open Parent Holdings, Inc.*		12,018
1,380	Ebix, Inc.		34,776
3,059	EngageSmart, Inc.*		58,396
1,707	Envestnet, Inc.*		101,310
429	Everbridge, Inc.*		11,540
237	Fair Isaac Corp.*		191,783
10,912	Fortinet, Inc.*		824,838
5,936	Freshworks, Inc., Class A*		104,355
26,252	Gen Digital, Inc.		486,975
2,480	Guidewire Software, Inc.*		188,678
425	HubSpot, Inc.*		226,138
1,949	Informatica, Inc., Class A*		36,057
1,354	InterDigital, Inc.		130,729
2,540	Intuit, Inc.		1,163,803
3,554	Jamf Holding Corp.*		69,374
3,557	Jfrog, Ltd.*		98,529
3,815	LiveRamp Holdings, Inc.*		108,956
1,888	Manhattan Associates, Inc.*		377,373
9,761	Matterport, Inc.*		30,747
105,354	Microsoft Corp.		35,877,251

Shares		Value
Common Stocks, continued
Software, continued
4,817	N-able, Inc.*	$	69,413
9,235	NCR Corp.*		232,722
1,864	Nutanix, Inc., Class A*		52,285
3,994	Olo, Inc., Class A*		25,801
879	OneSpan, Inc.*		13,044
26,522	Oracle Corp.		3,158,505
35,970	Palantir Technologies, Inc., Class A*		551,420
4,049	Palo Alto Networks, Inc.*		1,034,560
5,963	PowerSchool Holdings, Inc.*		114,132
1,540	Procore Technologies, Inc.*		100,208
1,843	Progress Software Corp.		107,078
1,903	PTC, Inc.*		270,797
389	Q2 Holdings, Inc.*		12,020
482	Qualys, Inc.*		62,260
468	Roper Technologies, Inc.		225,014
10,774	Salesforce, Inc.*		2,276,115
1,200	Sapiens International Corp. NV		31,920
975	ServiceNow, Inc.*		547,921
5,655	SolarWinds Corp.*		58,020
3,127	Splunk, Inc.*		331,743
347	SPS Commerce, Inc.*		66,645
2,279	Synchronoss Technologies, Inc.*		2,117
1,635	Synopsys, Inc.*		711,895
3,307	Teradata Corp.*		176,627
627	Tyler Technologies, Inc.*		261,127
1,729	UiPath, Inc., Class A*		28,650
537	Unity Software, Inc.*		23,317
1,022	Verint Systems, Inc.*		35,831
1,088	Vertex, Inc., Class A*		21,216
1,567	VMware, Inc., Class A*		225,162
1,378	Workday, Inc., Class A*		311,276
1,862	Xperi, Inc.*		24,485
2,885	Zoom Video Communications, Inc., Class A*		195,834
1,188	Zscaler, Inc.*		173,804
			58,978,910
Specialty Retail (2.3%):
893	1-800-Flowers.com, Inc., Class A*		6,965
1,093	Aaron’s Co., Inc. (The)		15,455
2,382	Abercrombie & Fitch Co., Class A*		89,754
5,162	Academy Sports & Outdoors, Inc.		279,006
3,501	Advance Auto Parts, Inc.		246,120
10,666	American Eagle Outfitters, Inc.		125,859
200	America’s Car-Mart, Inc.*		19,956
793	Asbury Automotive Group, Inc.*		190,653
2,911	AutoNation, Inc.*		479,180
34	AutoZone, Inc.*		84,774
3,164	Barnes & Noble Education, Inc.*		3,987
6,125	Bath & Body Works, Inc.		229,687
9,257	Best Buy Co., Inc.		758,611
1,657	Big 5 Sporting Goods Corp.^		15,178
969	Boot Barn Holdings, Inc.*		82,065
2,908	Buckle, Inc. (The)		100,617
583	Build-A-Bear Workshop, Inc.		12,488
1,747	Burlington Stores, Inc.*		274,960
2,280	Caleres, Inc.		54,560
3,853	CarMax, Inc.*		322,496
1,987	Cato Corp. (The), Class A		15,956
1,979	Chewy, Inc., Class A*		78,111
7,822	Chico’s FAS, Inc.*		41,848

See accompanying notes to the financial statements.

21

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Specialty Retail, continued
501	Children’s Place, Inc. (The)*	$	11,628
566	Citi Trends, Inc.*		9,996
1,572	Conn’s, Inc.*		5,816
3,425	Designer Brands, Inc., Class A^		34,593
3,630	Destination XL Group, Inc.*		17,787
2,689	Dick’s Sporting Goods, Inc.		355,459
1,082	Five Below, Inc.*		212,656
3,631	Floor & Decor Holdings, Inc., Class A*		377,479
5,197	Foot Locker, Inc.		140,891
20,327	Gap, Inc. (The)		181,520
435	Genesco, Inc.*		10,892
630	Group 1 Automotive, Inc.		162,603
2,846	Guess?, Inc.		55,355
583	Haverty Furniture Cos., Inc.		17,618
499	Hibbett, Inc.		18,109
12,590	Home Depot, Inc. (The)		3,910,958
1,642	Lands’ End, Inc.*		12,742
7,985	Leslie’s, Inc.*		74,979
1,881	Lithia Motors, Inc.		572,031
8,000	Lowe’s Cos., Inc.		1,805,600
527	MarineMax, Inc.*		18,002
1,792	Monro, Inc.		72,809
451	Murphy U.S.A., Inc.		140,311
4,509	National Vision Holdings, Inc.*		109,524
2,592	ODP Corp. (The)*		121,357
878	O’Reilly Automotive, Inc.*		838,753
2,891	Penske Automotive Group, Inc.		481,727
11,500	Petco Health & Wellness Co., Inc.*		102,350
588	PetMed Express, Inc.		8,109
1,458	Revolve Group, Inc.*		23,911
58	RH*		19,116
7,784	Ross Stores, Inc.		872,820
6,562	Sally Beauty Holdings, Inc.*		81,041
1,200	Shoe Carnival, Inc.		28,176
3,126	Signet Jewelers, Ltd.		204,003
472	Sleep Number Corp.*		12,876
844	Sonic Automotive, Inc., Class A		40,233
1,606	Sportsman’s Warehouse Holdings, Inc.*		9,154
4,730	Stitch Fix, Inc., Class A*		18,211
854	Tilly’s, Inc., Class A*		5,987
18,326	TJX Cos., Inc. (The)		1,553,862
3,634	Tractor Supply Co.		803,477
1,363	Ulta Beauty, Inc.*		641,421
3,729	Upbound Group, Inc.		116,084
5,247	Urban Outfitters, Inc.*		173,833
2,580	Valvoline, Inc.		96,776
4,115	Victoria’s Secret & Co.*		71,724
2,246	Williams-Sonoma, Inc.		281,064
75	Winmark Corp.		24,935
729	Zumiez, Inc.*		12,145
			18,500,789
Technology Hardware, Storage & Peripherals (5.9%):
220,555	Apple, Inc.		42,781,053
728	AstroNova, Inc.*		10,556
1,682	Avid Technology, Inc.*		42,891
1,091	Corsair Gaming, Inc.*		19,354
5,212	Dell Technologies, Inc., Class C		282,021
31,513	Hewlett Packard Enterprise Co.		529,418
18,499	HP, Inc.		568,104

Shares		Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals, continued
7,086	NetApp, Inc.	$	541,371
7,340	Pure Storage, Inc., Class A*		270,259
4,442	Seagate Technology Holdings plc		274,827
3,380	Stratasys, Ltd.*		60,029
2,962	Super Micro Computer, Inc.*		738,279
8,467	Western Digital Corp.*		321,153
8,831	Xerox Holdings Corp.		131,494
			46,570,809
Textiles, Apparel & Luxury Goods (0.9%):
8,154	Capri Holdings, Ltd.*		292,647
2,487	Carter’s, Inc.		180,556
2,680	Columbia Sportswear Co.		207,003
3,185	Crocs, Inc.*		358,121
810	Culp, Inc.*		4,026
806	Deckers Outdoor Corp.*		425,294
1,494	Fossil Group, Inc.*		3,840
2,480	G-III Apparel Group, Ltd.*		47,790
16,912	Hanesbrands, Inc.		76,780
2,195	Kontoor Brands, Inc.		92,410
5,738	Levi Strauss & Co., Class A		82,799
2,208	Lululemon Athletica, Inc.*		835,728
1,088	Movado Group, Inc.		29,191
22,610	NIKE, Inc., Class B		2,495,466
1,020	Oxford Industries, Inc.		100,388
3,529	PVH Corp.		299,859
2,424	Ralph Lauren Corp.		298,879
570	Rocky Brands, Inc.		11,970
6,081	Skechers U.S.A., Inc., Class A*		320,225
4,232	Steven Madden, Ltd.		138,344
700	Superior Group of Cos., Inc.		6,538
15,312	Tapestry, Inc.		655,354
10,508	Under Armour, Inc., Class A*		75,868
12,274	Under Armour, Inc., Class C*		82,359
1,027	Unifi, Inc.*		8,288
802	Vera Bradley, Inc.*		5,125
16,991	VF Corp.		324,358
4,439	Wolverine World Wide, Inc.		65,209
			7,524,415
Tobacco (0.4%):
25,340	Altria Group, Inc.		1,147,902
21,266	Philip Morris International, Inc.		2,075,987
1,286	Universal Corp.		64,223
7,266	Vector Group, Ltd.		93,077
			3,381,189
Trading Companies & Distributors (1.0%):
5,434	Air Lease Corp.		227,413
1,661	Applied Industrial Technologies, Inc.		240,563
4,247	Beacon Roofing Supply, Inc.*		352,416
424	BlueLinx Holdings, Inc.*		39,763
1,071	Boise Cascade Co.		96,765
4,200	Core & Main, Inc., Class A*		131,628
644	DXP Enterprises, Inc.*		23,448
15,443	Fastenal Co.		910,983
1,483	GATX Corp.		190,921
977	Global Industrial Co.		27,131
1,243	GMS, Inc.*		86,016
1,547	H&E Equipment Services, Inc.		70,775
2,005	Herc Holdings, Inc.		274,384

See accompanying notes to the financial statements.

22

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Trading Companies & Distributors, continued
2,780	Hudson Technologies, Inc.*	$	26,744
730	McGrath RentCorp		67,510
2,381	MRC Global, Inc.*		23,977
1,669	MSC Industrial Direct Co., Inc.		159,022
6,303	NOW, Inc.*		65,299
2,504	Rush Enterprises, Inc., Class A		152,093
365	Rush Enterprises, Inc., Class B		24,842
1,560	SiteOne Landscape Supply, Inc.*		261,082
2,757	Textainer Group Holdings, Ltd.		108,571
1,803	Titan Machinery, Inc.*		53,188
173	Transcat, Inc.*		14,759
3,921	Triton International, Ltd.		326,462
3,630	United Rentals, Inc.		1,616,693
10,558	Univar Solutions, Inc.*		378,399
947	Veritiv Corp.		118,953
1,345	W.W. Grainger, Inc.		1,060,653
1,000	Watsco, Inc.		381,470
84	Watsco, Inc., Class B		31,749
1,596	WESCO International, Inc.		285,780
			7,829,452
Water Utilities (0.1%):
830	American States Water Co.		72,210
3,637	American Water Works Co., Inc.		519,182
491	Artesian Resources Corp., Class A		23,185
2,255	California Water Service Group		116,426
5,702	Essential Utilities, Inc.		227,567
355	Middlesex Water Co.		28,634
669	Pure Cycle Corp.*		7,359
626	SJW Group		43,889
372	York Water Co. (The)		15,352
			1,053,804
Wireless Telecommunication Services (0.2%):
5,179	Gogo, Inc.*		88,095
1,333	Shenandoah Telecommunications Co.		25,900
1,649	Spok Holdings, Inc.		21,915
7,440	Telephone and Data Systems, Inc.		61,231
8,855	T-Mobile US, Inc.*		1,229,960

Shares		Value
Common Stocks, continued
Wireless Telecommunication Services, continued
1,151	United States Cellular Corp.*^	$	20,292
			1,447,393
Total Common Stocks (Cost $602,421,538)			793,228,569
Preferred Stock (0.0%†):
Trading Companies & Distributors (0.0%†):
1,076	WESCO International, Inc., Series A, 1.40%		28,751
Total Preferred Stock (Cost $28,514)			28,751
Rights (0.0%†):
Energy Equipment & Services (0.0%†):
2,344	Resolute Fst CVR, Expires on 1/1/26*		3,328
Health Care Equipment & Supplies (0.0%†):
278	ABIOMED, Inc. CVR, Expires on 1/2/26*		4,340
Health Care Providers & Services (0.0%†):
3,743	Achillion Pharm CVR, Expires on 1/29/49*		1,011
Trading Companies & Distributors (0.0%†):
79	Communications Systems I CVR, Expires on 1/1/29*		241
Total Rights (Cost $–)			8,920
Short-Term Security Held as Collateral for Securities on Loan (0.2%):
1,773,148	BlackRock Liquidity FedFund, Institutional Class, 3.57%(b)(c)		1,773,148
Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,773,148)			1,773,148
Unaffiliated Investment Company (0.2%):
Money Markets (0.2%):
1,668,923	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(c)		1,668,923
Total Unaffiliated Investment Company (Cost $1,668,923)			1,668,923
Total Investment Securities (Cost $605,892,123) — 100.1%			796,708,311
Net other assets (liabilities) — (0.1)%			(1,000,616	)
Net Assets — 100.0%		$	795,707,695

Percentages indicated are based on net assets as of June 30, 2023.

CVR -      Contingency Valued Rights

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $1,751,232.

† Represents less than 0.05%.

* Non-income producing security.

(a) Security was valued using significant unobservable inputs as of June 30, 2023.

(b) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(c) The rate represents the effective yield at June 30, 2023.

Amounts shown as “—“ are either $0 or round to less than $1.

See accompanying notes to the financial statements.

23

AZL DFA U.S. Core Equity Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	605,892,123
Investment securities, at value(a)	$	796,708,311
Interest and dividends receivable		505,172
Receivable for investments sold		1,690,317
Reclaims receivable		5,980
Prepaid expenses		5
Total Assets		798,909,785
Liabilities:
Cash overdraft		7,796
Payable for investments purchased		345,641
Payable for capital shares redeemed		588,172
Payable for collateral received on loaned securities		1,773,148
Management fees payable		309,827
Administration fees payable		13,485
Distribution fees payable		161,368
Custodian fees payable		433
Administrative and compliance services fees payable		147
Transfer agent fees payable		64
Trustee fees payable		740
Other accrued liabilities		1,269
Total Liabilities		3,202,090
Commitments and contingent liabilities^
Net Assets	$	795,707,695
Net Assets Consist of:
Paid in capital	$	542,400,392
Total distributable earnings		253,307,303
Net Assets	$	795,707,695
Shares of beneficial interest (unlimited number of shares authorized, no par value)		58,042,542
Net Asset Value (offering and redemption price per share)	$	13.71

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends	$	5,415,769
Income from securities lending		7,249
Foreign withholding tax		(2,265	)
Total Investment Income		5,420,753
Expenses:
Management fees		2,476,791
Administration fees		93,666
Distribution fees		773,996
Custodian fees		10,160
Administrative and compliance services fees		3,029
Transfer agent fees		2,243
Trustee fees		11,937
Professional fees		10,184
Shareholder reports		3,697
Other expenses		4,966
Total expenses before reductions		3,390,669
Less Management fees contractually waived		(990,714	)
Net expenses		2,399,955
Net Investment Income/(Loss)		3,020,798
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		31,604,856
Change in net unrealized appreciation/depreciation on securities and foreign currencies		53,208,343
Net realized and Change in net unrealized gains/losses on investments		84,813,199
Change in Net Assets Resulting From Operations	$	87,833,997

(a) Includes securities on loan of $1,751,232.

^ See Note 3 in Notes to the Financial Statements.

See accompanying notes to the financial statements.

24

AZL DFA U.S. Core Equity Fund

Statements of Changes in Net Assets

	For the       Six Months Ended       June 30, 2023		For the Year Ended       December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)	$	3,020,798	$	3,506,628
Net realized gains/(losses) on investments		31,604,856		25,326,678
Change in unrealized appreciation/depreciation on investments		53,208,343		(102,596,252)
Change in net assets resulting from operations		87,833,997		(73,762,946)
Distributions to Shareholders:
Distributions		—		(54,549,277)
Change in net assets resulting from distributions to shareholders		—		(54,549,277)
Capital Transactions:
Proceeds from shares issued		409,759,777		457,485
Proceeds from dividends reinvested		—		54,549,277
Value of shares redeemed		(83,421,654)		(49,090,021)
Change in net assets resulting from capital transactions		326,338,123		5,916,741
Change in net assets		414,172,120		(122,395,482)
Net Assets:
Beginning of period		381,535,575		503,931,057
End of period	$	795,707,695	$	381,535,575
Share Transactions:
Shares issued		33,394,869		29,682
Dividends reinvested		—		4,572,446
Shares redeemed		(6,450,343)		(3,307,401)
Change in shares		26,944,526		1,294,727

      Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

25

AZL DFA U.S. Core Equity Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended   June 30, 2023			Year Ended   December 31,   2022			Year Ended   December 31,   2021			Year Ended   December 31,   2020			Year Ended   December 31,   2019			Year Ended   December 31,   2018
	(Unaudited)
Net Asset Value, Beginning of Period		$12.27			$16.91			$14.61			$13.53			$11.32			$12.76
Investment Activities:
Net Investment Income/(Loss)		0.06	(a)		0.12	(a)		0.11	(a)		0.12	(a)		0.13	(a)		0.16
Net Realized and Unrealized Gains/ (Losses) on Investments		1.38			(2.78	)		3.76			2.13			3.08			(1.06	)
Total from Investment Activities		1.44			(2.66	)		3.87			2.25			3.21			(0.90	)
Distributions to Shareholders From:
Net Investment Income		—			(0.11	)		(0.16	)		(0.16	)		(0.15	)		(0.15	)
Net Realized Gains		—			(1.87	)		(1.41	)		(1.01	)		(0.85	)		(0.39	)
Total Dividends		—			(1.98	)		(1.57	)		(1.17	)		(1.00	)		(0.54	)
Net Asset Value, End of Period		$13.71			$12.27			$16.91			$14.61			$13.53			$11.32
Total Return(b)		11.74	%(c)		(15.38	)%		27.31	%		17.70	%		29.36	%		(7.52	)%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period (000’s)		$795,708			$381,536			$503,931			$478,781			$496,318			$463,537
Net Investment Income/(Loss)(d)		0.97	%		0.83	%		0.64	%		0.95	%		1.03	%		1.00	%
Expenses Before Reductions(d)(e)		1.09	%		1.09	%		1.10	%		1.11	%		1.10	%		1.10	%
Expenses Net of Reductions(d)		0.77	%		0.82	%		0.84	%		0.85	%		0.84	%		0.84	%
Portfolio Turnover Rate		19	%(c)		4	%		9	%		11	%		4	%		4	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

26

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment

Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Core Equity Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

27

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $723 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,773,148 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL DFA U.S. Core Equity Fund	0.80%	1.20%

* The Manager waived, prior to any application of expense limit, the management fee to 0.48% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager is 0.12% of the first $100 million of the Fund’s net assets and 0.10% of the Fund’s net assets over $100 million.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

28

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks+		$793,213,145		$15,424		$—	#		$793,228,569
Preferred Stock+		28,751		—		—			28,751

29

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Investment Securities:	Level 1		Level 2		Level 3		Total
Rights+		$—		$8,920		$—		$8,920
Short-Term Security Held as Collateral for Securities on Loan		1,773,148		—		—		1,773,148
Unaffiliated Investment Company		1,668,923		—		—		1,668,923
Total Investment Securities		$796,683,967		$24,344		$—		$796,708,311

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

# Represents the interest in securities that were determined to have a value of zero at June 30, 2023.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases		Sales
AZL DFA U.S. Core Equity Fund		$433,903,206		$105,382,724

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Value Stocks Risk: Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause the Fund to at times underperform equity funds that use other investment strategies.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $245,467,293. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$160,926,950
Unrealized (depreciation)	(24,383,508)
Net unrealized appreciation/(depreciation)	$136,543,442

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL DFA U.S. Core Equity Fund	$3,360,438	$51,188,839	$54,549,277

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

30

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total   Accumulated   Earnings/ (Deficit)
AZL DFA U.S. Core Equity Fund	$3,609,757	$25,320,107	$—	$136,543,442	$165,473,306

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023, the Fund was wholly-owned by multiple shareholder accounts which are affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

31

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

32

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

33

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® DFA U.S. Small Cap Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 21

Page 21

Page 22

Page 23

Page 24

Page 29

Page 30

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL DFA U.S. Small Cap Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL DFA U.S. Small Cap Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL DFA U.S. Small Cap Fund		$	1,000.00		$	1,057.10		$	5.00		0.98	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL DFA U.S. Small Cap Fund		$	1,000.00		$	1,019.93		$	4.91		0.98	%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Industrials		20.7	%
Financials		17.1
Consumer Discretionary		13.2
Information Technology		12.3
Health Care		11.2
Materials		6.9
Energy		6.4
Consumer Staples		4.9
Utilities		3.5
Communication Services		2.7
Real Estate		0.8
Total Common Stocks and Preferred Stocks		99.7
Rights		—	†
Short-Term Security Held as Collateral for Securities on Loan		0.6
Unaffiliated Investment Company		0.3
Total Investment Securities		100.6
Net other assets (liabilities)		(0.6	)
Net Assets		100.0	%

† Represents less than 0.05%.

3

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks (99.7%):
Aerospace & Defense (1.5%):
	3,973	AAR Corp.*	$	229,480
	5,037	Aerojet Rocketdyne Holdings, Inc.*		276,380
	3,054	AeroVironment, Inc.*		312,363
	4,487	Astronics Corp.*		89,112
	392	Astronics Corp., Class B*		7,762
	9,047	BWX Technologies, Inc.		647,494
	817	Cadre Holdings, Inc.		17,811
	1,182	Curtiss-Wright Corp.		217,086
	1,538	Ducommun, Inc.*		67,011
	4,744	Hexcel Corp.		360,639
	3,376	Innovative Solutions & Support, Inc.		24,206
	2,977	Kaman Corp., Class A		72,430
	12,407	Kratos Defense & Security Solutions, Inc.*		177,916
	2,680	Mercury Systems, Inc.*		92,701
	3,061	Moog, Inc., Class A		331,904
	984	National Presto Industries, Inc.		72,029
	5,428	Park Aerospace Corp., Class C		74,906
	4,030	Parsons Corp.*		194,004
	4,524	Triumph Group, Inc.*		55,962
	759	V2X, Inc.*		37,616
	682	Woodward, Inc.		81,097
				3,439,909
Air Freight & Logistics (0.4%):
	738	Air T, Inc.*		18,524
	9,122	Air Transport Services Group, Inc.*		172,132
	2,622	Forward Air Corp.		278,220
	1,052	GXO Logistics, Inc.*		66,087
	3,378	Hub Group, Inc., Class A*		271,321
	10,253	Radiant Logistics, Inc.*		68,900
				875,184
Automobile Components (1.9%):
	9,203	Adient plc*		352,659
	12,836	American Axle & Manufacturing Holdings, Inc.*		106,154
	151	Autoliv, Inc.		12,841
	2,031	Cooper-Standard Holdings, Inc.*		28,962
	15,253	Dana, Inc.		259,301
	3,131	Dorman Products, Inc.		246,817
	4,077	Fox Factory Holding Corp.*		442,395
	3,895	Garrett Motion, Inc.*		29,485
	570	Gentex Corp.		16,678
	3,709	Gentherm, Inc.*		209,596
	29,434	Goodyear Tire & Rubber Co. (The)*		402,657
	7,274	Harley-Davidson, Inc.		256,118
	2,637	LCI Industries		333,211
	6,189	Modine Manufacturing Co.*		204,361
	4,433	Motorcar Parts of America, Inc.*		34,311
	1,849	Patrick Industries, Inc.		147,920
	2,719	Standard Motor Products, Inc.		102,017
	3,353	Stoneridge, Inc.*		63,204
	2,799	Thor Industries, Inc.		289,696
	2,880	Visteon Corp.*		413,597
	2,959	Winnebago Industries, Inc.		197,336
	1,503	XPEL, Inc.*		126,583
				4,275,899
Banks (8.9%):
	2,374	1st Source Corp.		99,542
	410	ACNB Corp.		13,600

Shares			Value
Common Stocks, continued
Banks, continued
	600	Amalgamated Financial Corp.	$	9,654
	2,183	Amerant Bancorp, Inc.		37,526
	939	American National Bankshares, Inc.		27,212
	7,949	Ameris Bancorp		271,935
	2,317	Ames National Corp.		41,776
	1,825	Arrow Financial Corp.		36,755
	11,647	Associated Banc-Corp.		189,031
	7,680	Atlantic Union Bankshares Corp.		199,296
	13	Auburn National Bancorp, Inc.		279
	5,181	Axos Financial, Inc.*		204,339
	5,753	Banc of California, Inc.		66,620
	2,869	BancFirst Corp.		263,948
	3,525	Bancorp, Inc. (The)*		115,091
	4,823	Bank of Hawaii Corp.		198,852
	2,100	Bank of Marin Bancorp		37,107
	2,482	Bank of NT Butterfield & Son, Ltd. (The)		67,908
	485	Bank of South Carolina Corp.		6,693
	13,022	Bank OZK		522,964
	2,838	BankFinancial Corp.		23,215
	9,043	BankUnited, Inc.		194,877
	1,859	Banner Corp.		81,183
	872	Bar Harbor Bankshares		21,486
	2,544	BayCom Corp.		42,434
	595	BCB Bancorp, Inc.		6,985
	4,593	Berkshire Hills Bancorp, Inc.		95,213
	2,284	Blue Foundry Bancorp*		23,091
	3,910	BOK Financial Corp.		315,850
	2,024	Bridgewater Bancshares, Inc.*		19,936
	5,008	Brookline Bancorp, Inc.		43,770
	667	Business First Bancshares, Inc.		10,052
	2,546	Byline Bancorp, Inc.		46,057
	227	C&F Financial Corp.		12,190
	20,744	Cadence Bank		407,412
	436	Cambridge Bancorp		23,679
	2,138	Camden National Corp.		66,214
	2,618	Capital City Bank Group, Inc.		80,216
	7,770	Capitol Federal Financial, Inc.		47,941
	700	Capstar Financial Holdings, Inc.		8,589
	8,271	Cathay General Bancorp		266,243
	1,822	Central Pacific Financial Corp.		28,624
	1,934	Central Valley Community Bancorp		29,880
	668	Chemung Financial Corp.^		25,658
	2,723	Citizens & Northern Corp.		52,554
	280	Citizens Community Bancorp, Inc.		2,478
	718	Citizens Holding Co.		8,760
	1,571	City Holding Co.		141,374
	822	Civista Bancshares, Inc.		14,303
	2,204	CNB Financial Corp.		38,901
	271	Coastal Financial Corp.*		10,203
	85	Codorus Valley Bancorp, Inc.		1,667
	56	Colony Bankcorp, Inc.		528
	23,726	Columbia Banking System, Inc.		481,163
	9,398	Columbia Financial, Inc.*		162,491
	740	Commerce Bancshares, Inc.		36,038
	2,562	Community Bank System, Inc.		120,107
	2,074	Community Trust Bancorp, Inc.		73,772
	525	Community West Bancshares		6,436
	5,427	ConnectOne Bancorp, Inc.		90,034
	4,772	CrossFirst Bankshares, Inc.*		47,720

See accompanying notes to the financial statements.

4

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Banks, continued
	3,496	Customers Bancorp, Inc.*	$	105,789
	6,743	CVB Financial Corp.		89,547
	2,220	Dime Community Bancshares, Inc.		39,139
	609	Eagle Bancorp Montana, Inc.		8,057
	3,312	Eagle Bancorp, Inc.		70,082
	2,687	Eastern Bankshares, Inc.		32,969
	759	Enterprise Bancorp, Inc.		21,965
	2,149	Enterprise Financial Services Corp.		84,026
	1,888	Equity Bancshares, Inc., Class A		43,009
	1,537	ESSA Bancorp, Inc.^		22,978
	1,156	Evans Bancorp, Inc.		28,819
	2,582	Farmers National Banc Corp.^		31,939
	2,391	FB Financial Corp.		67,068
	2,566	Financial Institutions, Inc.		40,389
	1,555	First Bancorp, Inc. (The)		37,849
	22,168	First BanCorp/Puerto Rico		270,893
	3,627	First Bancorp/Southern Pines NC		107,903
	3,288	First Bancshares, Inc. (The)		84,962
	5,592	First Busey Corp.		112,399
	1,453	First Business Financial Services, Inc.		42,849
	242	First Capital, Inc.		7,483
	4,622	First Commonwealth Financial Corp.		58,468
	2,238	First Community Bankshares		66,536
	9,894	First Financial Bancorp		202,233
	5,933	First Financial Bankshares, Inc.		169,031
	1,672	First Financial Corp.		54,290
	1,717	First Financial Northwest, Inc.		19,522
	2,543	First Foundation, Inc.		10,096
	6,483	First Hawaiian, Inc.		116,759
	402	First Internet BanCorp		5,970
	9,316	First Interstate BancSystem, Inc., Class A		222,093
	2,751	First Merchants Corp.		77,661
	720	First Mid Bancshares, Inc.		17,381
	2,923	First of Long Island Corp. (The)		35,134
	84	First Savings Financial Group, Inc.		1,109
	234	First United Corp.		3,337
	908	First US Bancshares, Inc.		7,745
	1,446	Five Star Bancorp		32,347
	3,754	Flushing Financial Corp.		46,137
	34,418	FNB Corp.		393,742
	1,506	FS Bancorp, Inc.		45,285
	19,649	Fulton Financial Corp.		234,216
	2,039	German American Bancorp, Inc.		55,420
	11,466	Glacier Bancorp, Inc.		357,395
	1,038	Great Southern Bancorp, Inc.		52,658
	440	Guaranty Bancshares, Inc.		11,915
	9,524	Hancock Whitney Corp.		365,531
	3,857	Hanmi Financial Corp.		57,585
	7,681	HarborOne Bancorp, Inc.		66,671
	46	Hawthorn Bancshares, Inc.		821
	1,822	HBT Financial, Inc.		33,598
	4,161	Heartland Financial U.S.A., Inc.		115,967
	4,560	Heritage Financial Corp.		73,735
	4,406	Hertiage Commerce Corp.		36,482
	4,106	Hilltop Holdings, Inc.		129,175
	150	Hingham Institution for Savings (The)		31,977
	629	HMN Financial, Inc.		11,787
	973	Home Bancorp, Inc.		32,313
	17,823	Home BancShares, Inc.		406,364

Shares				Value
Common Stocks, continued
Banks, continued
	86		Home Federal Bancorp, Inc. of Louisiana	$	1,262
	2,273		HomeStreet, Inc.		13,456
	2,317		Hometrust Bancshares, Inc.		48,402
	12,058		Hope Bancorp, Inc.		101,528
	6,998		Horizon Bancorp, Inc.		72,849
	869		IF Bancorp, Inc.		12,548
	2,325		Independent Bank Corp.		103,486
	1,306		Independent Bank Corp.		22,150
	4,333		Independent Bank Group, Inc.		149,618
	6,432		International Bancshares Corp.		284,294
	8,307		Kearny Financial Corp.		58,564
	390		Kentucky First Federal Bancorp		2,422
	4,232		Lakeland Bancorp, Inc.		56,666
	1,608		Lakeland Financial Corp.		78,020
	997		Landmark Bancorp, Inc.		21,735
	1,512		LCNB Corp.^		22,317
	4,363		Live Oak Bancshares, Inc.		114,791
	3,446		Luther Burbank Corp.		30,738
	3,707		Macatawa Bank Corp.		34,401
	940		Malvern Bancorp, Inc.*		14,805
	2,374		Mercantile Bank Corp.		65,570
	400		Metropolitan Bank Holding Corp.*^		13,892
	782		Mid Penn Bancorp, Inc.		17,267
	3,355		Midland States BanCorp, Inc.		66,798
	2,171		MidWestone Financial Group, Inc.		46,394
	300		MVB Financial Corp.		6,324
	3,634	��	National Bank Holdings Corp., Class A		105,531
	769		National Bankshares, Inc.^		22,447
	4,356		NBT Bancorp, Inc.		138,739
	23,943		New York Community Bancorp, Inc.		269,119
	679		Nicolet Bankshares, Inc.		46,111
	822		Northeast Bank		34,253
	6,156		Northfield Bancorp, Inc.		67,593
	657		Northrim Bancorp, Inc.		25,840
	13,094		Northwest Bancshares, Inc.		138,796
	609		Norwood Financial Corp.		17,984
	3,132		Oceanfirst Financial Corp.		48,922
	198		Oconee Federal Financial Corp.		2,821
	4,849		OFG Bancorp		126,462
	183		Ohio Valley Banc Corp.		4,483
	4,466		Old National Bancorp		62,256
	1,004		Old Point Financial Corp.		17,409
	3,314		Old Second Bancorp, Inc.		43,281
	2,466		Origin Bancorp, Inc.		72,254
	1,846		Orrstown Financial Services, Inc.		35,351
	10,027		Pacific Premier Bancorp, Inc.		207,358
	6,187		PacWest Bancorp^		50,424
	1,210		Park National Corp.		123,807
	1,636		Parke Bancorp, Inc.		27,796
	1,842		Pathward Financial, Inc.		85,395
	1,140		Peapack-Gladstone Financial Corp.		30,871
	952		Penns Woods Bancorp, Inc.^		23,829
	434		Peoples Bancorp of North Carolina, Inc.		7,912
	4,279		Peoples Bancorp, Inc.		113,607
	488		Peoples Financial Services Corp.		21,370
	4,556		Pinnacle Financial Partners, Inc.		258,097
	4,363		Popular, Inc.		264,049
	1,407		Preferred Bank		77,371
	4,368		Premier Financial Corp.		69,975

See accompanying notes to the financial statements.

5

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Banks, continued
	2,309	Primis Financial Corp.	$	19,442
	1,001	Prosperity Bancshares, Inc.		56,536
	1,677	Provident Financial Holdings, Inc.		21,667
	3,721	Provident Financial Services, Inc.		60,801
	1,518	QCR Holdings, Inc.		62,284
	351	RBB Bancorp		4,191
	5,730	Renasant Corp.		149,725
	2,023	Republic Bancorp, Inc., Class A		85,977
	1,982	Riverview Bancorp, Inc.		9,989
	4,279	S&T Bancorp, Inc.		116,346
	640	Salisbury Bancorp, Inc.		15,162
	4,833	Sandy Spring Bancorp, Inc.		109,612
	579	SB Financial Group, Inc.		7,330
	4,000	Seacoast Banking Corp of Florida		88,400
	5,438	ServisFirst Bancshares, Inc.		222,523
	2,960	Shore Bancshares, Inc.		34,218
	1,997	Sierra Bancorp		33,889
	13,368	Simmons First National Corp., Class A		230,598
	1,252	Southern First Bancshares, Inc.*		30,987
	707	Southern Missouri Bancorp, Inc.		27,184
	3,030	Southside Bancshares, Inc.		79,265
	3,541	SouthState Corp.		232,998
	5,561	Stellar Bancorp, Inc.		127,291
	1,053	Sterling Bancorp, Inc.*		5,760
	2,985	Stock Yards Bancorp, Inc.		135,429
	682	Summit Financial Group, Inc.		14,090
	1,323	Summit State Bank		19,991
	3,187	Synovus Financial Corp.		96,407
	1,409	Territorial Bancorp, Inc.		17,303
	2,562	Texas Capital Bancshares, Inc.*		131,943
	491	Timberland Bancorp, Inc.		12,560
	694	Tompkins Financial Corp.		38,656
	7,395	Towne Bank		171,860
	1,824	TriCo Bancshares		60,557
	2,060	Triumph Financial, Inc.*		125,083
	2,210	TrustCo. Bank Corp.		63,228
	6,543	Trustmark Corp.		138,188
	2,644	UMB Financial Corp.		161,020
	249	Union Bankshares, Inc.		5,716
	450	United Bancshares, Inc.		8,437
	14,933	United Bankshares, Inc.		443,062
	10,718	United Community Banks, Inc.		267,843
	916	United Security Bancshares		6,101
	42	Unity Bancorp, Inc.		991
	2,426	Univest Financial Corp.		43,862
	18,424	Valley National Bancorp		142,786
	1,563	Veritex Holdings, Inc.		28,025
	7,052	Washington Federal, Inc.		187,019
	2,313	Washington Trust Bancorp, Inc.		62,012
	5,051	WesBanco, Inc.		129,356
	1,569	West BanCorp, Inc.		28,885
	1,354	Westamerica BanCorp		51,858
	5,173	Western New England BanCorp, Inc.		30,210
	6,563	Wintrust Financial Corp.		476,605
	7,007	WSFS Financial Corp.		264,304
	35	WVS Financial Corp.		431
				19,925,855
Beverages (0.5%):
	943	Boston Beer Co., Inc. (The), Class A*		290,859

Shares			Value
Common Stocks, continued
Beverages, continued
	706	Coca-Cola Consolidated, Inc.	$	449,030
	2,226	MGP Ingredients, Inc.		236,579
	2,943	National Beverage Corp.*		142,294
	985	Willamette Valley Vineyards, Inc.*		5,684
				1,124,446
Biotechnology (2.8%):
	1,865	4D Molecular Therapeutics, Inc.*		33,701
	1,733	AC Immune SA*		5,121
	900	Adicet Bio, Inc.*		2,187
	4,525	ADMA Biologics, Inc.*		16,697
	3,308	Adverum Biotechnologies, Inc.*		5,260
	6,471	Agios Pharmaceuticals, Inc.*		183,259
	2,076	Akero Therapeutics, Inc.*		96,928
	2,035	Aldeyra Therapeutics, Inc.*		17,074
	16,177	Alkermes plc*		506,340
	2,613	Allogene Therapeutics, Inc.*^		12,987
	4,178	AnaptysBio, Inc.*		84,981
	2,497	Anika Therapeutics, Inc.*		64,872
	2,476	Arcturus Therapeutics Holdings, Inc.*		71,012
	629	Arcus Biosciences, Inc.*		12,775
	7,314	Arcutis Biotherapeutics, Inc.*		69,702
	6,613	Ardelyx, Inc.*		22,418
	4,656	Atara Biotherapeutics, Inc.*		7,496
	2,342	Atreca, Inc., Class A*		2,295
	7,293	Avid Bioservices, Inc.*		101,883
	5,639	Avidity Biosciences, Inc.*		62,537
	1,742	Avita Medical, Inc.*		29,631
	3,255	Bluebird Bio, Inc.*		10,709
	1,454	Blueprint Medicines Corp.*		91,893
	1,034	CareDx, Inc.*		8,789
	142	CASI Pharmaceuticals Holdings, Inc.*		354
	11,050	Catalyst Pharmaceuticals, Inc.*		148,512
	1,100	Century Therapeutics, Inc.*		3,476
	5,276	Chinook Therapeutics, Inc.*		202,704
	1,904	Cogent Biosciences, Inc.*		22,543
	2,225	Crinetics Pharmaceuticals, Inc.*		40,095
	2,607	CRISPR Therapeutics AG*		146,357
	1,634	Cue Biopharma, Inc.*		5,964
	2,020	Cullinan Oncology, Inc.*		21,735
	4,970	Deciphera Pharmaceuticals, Inc.*		69,978
	1,858	Denali Therapeutics, Inc.*		54,830
	5,385	Dynavax Technologies Corp.*		69,574
	944	Dyne Therapeutics, Inc.*		10,620
	1,798	Eagle Pharmaceuticals, Inc.*		34,953
	7,241	Editas Medicine, Inc.*		59,593
	3,775	Emergent BioSolutions, Inc.*		27,746
	2,404	Enanta Pharmaceuticals, Inc.*		51,446
	24,577	Exelixis, Inc.*		469,666
	2,705	G1 Therapeutics, Inc.*		6,735
	2,547	Gritstone bio, Inc.*		4,967
	3,531	Halozyme Therapeutics, Inc.*		127,363
	6,867	Ideaya Biosciences, Inc.*		161,375
	1,919	IGM Biosciences, Inc.*^		17,712
	592	ImmuCell Corp.*		3,019
	1,574	Immuneering Corp., Class A*		15,960
	1,281	Immunovant, Inc.*		24,301
	2,885	Intellia Therapeutics, Inc.*		117,650
	2,237	Iovance Biotherapeutics, Inc.*		15,749
	14,404	Ironwood Pharmaceuticals, Inc.*		153,259

See accompanying notes to the financial statements.

6

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Biotechnology, continued
	1,631	iTeos Therapeutics, Inc.*	$	21,594
	4,709	IVERIC bio, Inc.*		185,252
	2,004	KalVista Pharmaceuticals, Inc.*		18,036
	514	Kiniksa Pharmaceuticals, Ltd., Class A*		7,237
	2,490	Krystal Biotech, Inc.*		292,326
	6,099	Kura Oncology, Inc.*		64,527
	2,505	Kymera Therapeutics, Inc.*		57,590
	4,768	Lexicon Pharmaceuticals, Inc.*		10,919
	5,865	MacroGenics, Inc.*		31,378
	900	MediciNova, Inc.*		2,070
	2,101	MeiraGTx Holdings plc*		14,119
	1,843	Mersana Therapeutics, Inc.*		6,063
	123	Mirati Therapeutics, Inc.*		4,444
	901	Morphic Holding, Inc.*		51,654
	4,120	Myriad Genetics, Inc.*		95,502
	4,899	Nurix Therapeutics, Inc.*		48,941
	14,857	PDL BioPharma, Inc.*		23,958
	1,808	PMV Pharmaceuticals, Inc.*		11,318
	6,654	Poseida Therapeutics, Inc.*		11,711
	2,083	Precision BioSciences, Inc.*		1,096
	2,098	Protagonist Therapeutics, Inc.*		57,947
	2,444	Prothena Corp. plc*		166,876
	2,162	RAPT Therapeutics, Inc.*		40,429
	5,356	REGENXBIO, Inc.*		107,066
	427	Repare Therapeutics, Inc.*		4,518
	4,849	Replimune Group, Inc.*		112,594
	5,027	REVOLUTION Medicines, Inc.*		134,472
	1,106	Rhythm Pharmaceuticals, Inc.*		18,238
	2,920	Rocket Pharmaceuticals, Inc.*		58,020
	4,519	Sage Therapeutics, Inc.*		212,483
	10,666	Sangamo Therapeutics, Inc.*		13,866
	1,550	Scholar Rock Holding Corp.*		11,687
	9,500	Spectrum Pharmaceuticals, Inc.*		9,120
	4,069	SpringWorks Therapeutics, Inc.*		106,689
	1,779	Stoke Therapeutics, Inc.*		18,911
	1,873	Sutro Biopharma, Inc.*		8,709
	3,311	Syndax Pharmaceuticals, Inc.*		69,299
	446	Twist Bioscience Corp.*		9,125
	7,073	Vanda Pharmaceuticals, Inc.*		46,611
	2,332	Vaxart, Inc.*		1,702
	112	VBI Vaccines, Inc.*		368
	3,248	Veracyte, Inc.*		82,727
	683	Verastem, Inc.*		5,082
	1,521	Vericel Corp.*		57,144
	4,488	Viking Therapeutics, Inc.*		72,750
	1,685	Voyager Therapeutics, Inc.*		19,293
	7,581	Xencor, Inc.*		189,298
	1,840	Y-mAbs Therapeutics, Inc.*		12,494
	784	Zentalis Pharmaceuticals, Inc.*		22,117
				6,238,153
Broadline Retail (0.4%):
	1,321	Big Lots, Inc.		11,664
	643	Dillard’s, Inc., Class A		209,798
	6,694	Kohl’s Corp.		154,297
	15,078	Macy’s, Inc.		242,002
	3,706	Nordstrom, Inc.^		75,862
	3,884	Ollie’s Bargain Outlet Holdings, Inc.*		225,000
	16,641	Qurate Retail, Inc., Class A*		16,471
				935,094

Shares			Value
Common Stocks, continued
Building Products (1.7%):
	6,195	AAON, Inc.	$	587,348
	1,827	American Woodmark Corp.*		139,528
	2,517	Apogee Enterprises, Inc.		119,482
	4,753	Armstrong World Industries, Inc.		349,155
	6,559	AZEK Co., Inc. (The)*		198,672
	1,354	AZZ, Inc.		58,845
	1,636	CSW Industrials, Inc.		271,887
	2,928	Gibraltar Industries, Inc.*		184,230
	2,150	Griffon Corp.		86,645
	3,136	Hayward Holdings, Inc.*		40,298
	2,035	Insteel Industries, Inc.		63,329
	1,557	Janus International Group, Inc.*		16,598
	8,072	JELD-WEN Holding, Inc.*		141,583
	1,719	Masonite International Corp.*		176,094
	1,917	Masterbrand, Inc.*		22,295
	6,615	PGT Innovations, Inc.*		192,827
	5,021	Quanex Building Products Corp.		134,814
	8,440	Resideo Technologies, Inc.*		149,050
	1,123	Simpson Manufacturing Co., Inc.		155,535
	2,919	Trex Co., Inc.*		191,370
	4,283	UFP Industries, Inc.		415,665
				3,695,250
Capital Markets (1.9%):
	4,048	Affiliated Managers Group, Inc.		606,755
	7,920	Artisan Partners Asset Management, Inc., Class A		311,335
	3,768	AssetMark Financial Holdings, Inc.*		111,759
	1,300	Avantax, Inc.*		29,094
	19,971	BGC Partners, Inc., Class A		88,471
	5,063	Brightsphere Investment Group, Inc.		106,070
	4,660	Cohen & Steers, Inc.		270,233
	474	Diamond Hill Investment Group, Inc.		81,196
	3,033	Donnelley Financial Solutions, Inc.*		138,092
	8,105	Federated Hermes, Inc., Class B		290,564
	1,481	GCM Grosvenor, Inc., Class A		11,167
	1,990	Greenhill & Co., Inc.		29,153
	4,296	Hamilton Lane, Inc., Class A		343,594
	211	Hennessy Advisors, Inc.		1,494
	762	Houlihan Lokey, Inc.		74,912
	8,484	Janus Henderson Group plc		231,189
	1,499	Lazard, Ltd., Class A		47,968
	5,313	Moelis & Co., Class A		240,891
	5,470	Open Lending Corp., Class A*		57,490
	853	Oppenheimer Holdings, Inc., Class A		34,274
	1,395	Piper Sandler Cos.		180,318
	2,773	PJT Partners, Inc., Class A		193,112
	3,824	Safeguard Scientifics, Inc.*		6,310
	1,619	Silvercrest Asset Management Group, Inc., Class A		32,785
	2,326	StepStone Group, Inc., Class A		57,708
	813	Stifel Financial Corp.		48,512
	2,021	StoneX Group, Inc.*		167,905
	207	Value Line, Inc.		9,501
	9,443	Virtu Financial, Inc., Class A		161,381
	851	Virtus Investment Partners, Inc.		168,047
	1,478	Westwood Holdings, Inc.		18,327
	20,113	WisdomTree, Inc.		137,975
				4,287,582
Chemicals (3.2%):
	1,064	Advanced Emissions Solutions, Inc.*		1,979
	2,655	AdvanSix, Inc.		92,872

See accompanying notes to the financial statements.

7

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Chemicals, continued
	2,222	Alto Ingredients, Inc.*	$	6,422
	4,315	American Vanguard Corp.		77,109
	5,009	Ashland, Inc.		435,332
	10,279	Avient Corp.		420,411
	1,699	Axalta Coating Systems, Ltd.*		55,744
	3,457	Balchem Corp.		466,038
	5,834	Cabot Corp.		390,236
	1,284	Chase Corp.		155,646
	14,073	Chemours Co. (The)		519,153
	12,504	Ecovyst, Inc.*		143,296
	26,293	Element Solutions, Inc.		504,826
	7,635	FutureFuel Corp.		67,570
	3,188	Hawkins, Inc.		152,036
	5,783	HB Fuller Co.		413,542
	5,123	Huntsman Corp.		138,423
	3,956	Ingevity Corp.*		230,081
	2,434	Innospec, Inc.		244,471
	2,142	Intrepid Potash, Inc.*		48,602
	2,348	Koppers Holdings, Inc.		80,067
	9,313	Kronos Worldwide, Inc.		81,303
	17,628	Livent Corp.*		483,536
	8,341	LSB Industries, Inc.*		82,159
	6,267	Mativ Holdings, Inc.		94,757
	3,627	Minerals Technologies, Inc.		209,242
	774	NewMarket Corp.		311,241
	1,786	Northern Technologies International Corp.		19,128
	5,770	Orion SA		122,439
	958	Quaker Chemical Corp.		186,714
	5,893	Rayonier Advanced Materials, Inc.*		25,222
	1,867	Scotts Miracle-Gro Co. (The)		117,042
	4,403	Sensient Technologies Corp.		313,185
	2,364	Stepan Co.		225,904
	3,149	Trinseo PLC		39,898
	16,456	Tronox Holdings plc, Class A		209,156
				7,164,782
Commercial Services & Supplies (1.8%):
	7,246	ABM Industries, Inc.		309,042
	13,710	ACCO Brands Corp.		71,429
	675	Acme United Corp.		16,834
	1,238	ACV Auctions, Inc., Class A*		21,380
	5,441	Brady Corp., Class A		258,828
	3,882	BrightView Holdings, Inc.*		27,873
	5,100	Brink’s Co. (The)		345,933
	5,002	Casella Waste Systems, Inc.*		452,431
	4,628	CECO Environmental Corp.*		61,830
	3,051	Cimpress plc*		181,473
	436	Civeo Corp.*		8,493
	325	CompX International, Inc.		7,085
	2,746	Deluxe Corp.		48,000
	3,883	Ennis, Inc.		79,136
	4,634	Enviri Corp.*		45,738
	7,473	Healthcare Services Group, Inc.		111,572
	2,027	Heritage-Crystal Clean, Inc.*		76,600
	4,570	HNI Corp.		128,783
	7,503	Interface, Inc.		65,951
	2,418	Liquidity Services, Inc.*		39,897
	3,522	Matthews International Corp., Class A		150,108
	2,673	MillerKnoll, Inc.		39,507
	319	Montrose Environmental Group, Inc.*		13,436

Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	1,759	MSA Safety, Inc.	$	305,996
	2,566	NL Industries, Inc.		14,190
	7,507	OPENLANE, Inc.*		114,257
	2,198	Perma-Fix Environmental Services, Inc.*		24,134
	21,279	Pitney Bowes, Inc.		75,328
	5,379	Quad Graphics, Inc.*		20,225
	2,243	SP Plus Corp.*		87,724
	9,533	Steelcase, Inc., Class A		73,499
	3,917	Stericycle, Inc.*		181,905
	308	Tetra Tech, Inc.		50,432
	1,491	UniFirst Corp.		231,120
	2,033	Viad Corp.*		54,647
	3,364	Virco Mfg. Corp.*		14,028
	1,994	VSE Corp.		109,052
				3,917,896
Communications Equipment (1.0%):
	1,463	ADTRAN Holdings, Inc.		15,406
	1,444	Applied Optoelectronics, Inc.*		8,606
	1,336	Aviat Networks, Inc.*		44,582
	180	BK Technologies Corp.		2,981
	3,195	CalAmp Corp.*		3,387
	7,080	Calix, Inc.*		353,363
	1,792	Cambium Networks Corp.*		27,274
	588	Clearfield, Inc.*		27,842
	6,730	CommScope Holding Co., Inc.*		37,890
	1,983	Comtech Telecommunications Corp.		18,125
	4,365	Digi International, Inc.*		171,937
	1,222	DZS, Inc.*		4,851
	3,157	EMCORE Corp.*		2,376
	9,501	Extreme Networks, Inc.*		247,501
	13,537	Harmonic, Inc.*		218,893
	6,719	Infinera Corp.*		32,453
	3,767	KVH Industries, Inc.*		34,430
	1,172	Lantronix, Inc.*		4,934
	2,674	Lumentum Holdings, Inc.*		151,696
	3,410	NETGEAR, Inc.*		48,286
	8,073	NetScout Systems, Inc.*		249,859
	2,391	Network-1 Technologies, Inc.		5,523
	131	Optical Cable Corp.*		529
	19,376	Ribbon Communications, Inc.*		54,059
	7,633	Viasat, Inc.*		314,938
	19,090	Viavi Solutions, Inc.*		216,290
				2,298,011
Construction & Engineering (1.8%):
	3,851	Ameresco, Inc., Class A*		187,274
	17,489	API Group Corp.*		476,750
	5,149	Arcosa, Inc.		390,140
	1,736	Argan, Inc.		68,416
	3,656	Comfort Systems U.S.A., Inc.		600,315
	1,234	Concrete Pumping Holdings, Inc.*		9,909
	2,109	Construction Partners, Inc., Class A*		66,202
	2,514	Dycom Industries, Inc.*		285,716
	1,457	EMCOR Group, Inc.		269,224
	5,634	Fluor Corp.*		166,766
	4,440	Granite Construction, Inc.		176,623
	8,770	Great Lakes Dredge & Dock Corp.*		71,563
	2,825	IES Holdings, Inc.*		160,686
	645	Limbach Holdings, Inc.*		15,951
	6,757	Matrix Service Co.*		39,799

See accompanying notes to the financial statements.

8

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	8,407	MDU Resources Group, Inc.	$	176,043
	1,693	MYR Group, Inc.*		234,210
	1,279	Northwest Pipe Co.*		38,677
	5,203	Orion Group Holdings, Inc.*		14,620
	3,181	Primoris Services Corp.		96,925
	3,473	Sterling Infrastructure, Inc.*		193,793
	2,090	Tutor Perini Corp.*		14,944
	1,223	Valmont Industries, Inc.		355,954
				4,110,500
Construction Materials (0.6%):
	3,573	Eagle Materials, Inc.		666,079
	2,101	Knife River Corp.*		91,393
	11,217	Summit Materials, Inc., Class A*		424,563
	466	U.S. Lime & Minerals, Inc.		97,343
				1,279,378
Consumer Finance (1.3%):
	1,070	Atlanticus Holdings Corp.*		44,951
	6,215	Bread Financial Holdings, Inc.		195,089
	1,688	Consumer Portfolio Services, Inc.*^		19,699
	357	Credit Acceptance Corp.*		181,331
	2,490	Encore Capital Group, Inc.*		121,064
	3,204	Enova International, Inc.*		170,197
	9,163	EZCORP, Inc., Class A*^		76,786
	4,868	FirstCash Holdings, Inc.		454,330
	6,940	Green Dot Corp., Class A*		130,056
	1,127	LendingTree, Inc.*		24,918
	6,374	Navient Corp.		118,429
	2,638	Nelnet, Inc., Class A		254,514
	1,635	NerdWallet, Inc., Class A*		15,385
	1,556	Nicholas Financial, Inc.*		7,803
	7,867	OneMain Holdings, Inc.		343,709
	964	Oportun Financial Corp.*		5,755
	4,400	PRA Group, Inc.*		100,540
	5,652	PROG Holdings, Inc.*		181,542
	1,735	Regional Mgmt Corp.		52,918
	23,290	SLM Corp.		380,093
	710	World Acceptance Corp.*		95,147
				2,974,256
Consumer Staples Distribution & Retail (0.8%):
	3,969	Andersons, Inc. (The)		183,169
	4,394	Chefs’ Warehouse, Inc. (The)*		157,129
	5,307	Grocery Outlet Holding Corp.*		162,447
	1,269	Ingles Markets, Inc., Class A		104,883
	5,345	Natural Grocers by Vitamin Cottage, Inc.		65,530
	3,237	PriceSmart, Inc.		239,732
	4,321	SpartanNash Co.		97,266
	9,056	Sprouts Farmers Market, Inc.*		332,627
	7,537	United Natural Foods, Inc.*		147,348
	2,245	Village Super Market, Inc., Class A		51,231
	2,812	Weis Markets, Inc.		180,559
				1,721,921
Containers & Packaging (0.7%):
	1,906	Graphic Packaging Holding Co.		45,801
	2,564	Greif, Inc., Class A		176,634
	1,767	Greif, Inc., Class B		136,501
	5,975	Myers Industries, Inc.		116,094
	14,774	O-I Glass, Inc.*		315,129
	5,335	Ranpak Holdings Corp.*		24,114

Shares			Value
Common Stocks, continued
Containers & Packaging, continued
	7,385	Silgan Holdings, Inc.	$	346,283
	5,968	Sonoco Products Co.		352,231
	4,005	TriMas Corp.		110,098
				1,622,885
Distributors (0.0%†):
	12	AMCON Distributing Co.		2,436
	1,626	Educational Development Corp.*		1,935
	2,876	Funko, Inc., Class A*		31,118
	1,262	Weyco Group, Inc.		33,683
				69,172
Diversified Consumer Services (1.1%):
	8,950	2U, Inc.*		36,068
	2,721	ADT, Inc.		16,408
	5,182	Adtalem Global Education, Inc.*		177,950
	1,366	American Public Education, Inc.*		6,475
	535	Bright Horizons Family Solutions, Inc.*		49,461
	2,816	Carriage Services, Inc.		91,435
	8,867	Chegg, Inc.*		78,739
	5,641	Coursera, Inc.*		73,446
	600	European Wax Center, Inc., Class A*^		11,178
	9,343	Frontdoor, Inc.*		298,042
	403	Graham Holdings Co., Class B		230,306
	3,498	Grand Canyon Education, Inc.*		361,029
	11,643	H&R Block, Inc.		371,062
	4,565	Laureate Education, Inc.		55,191
	7,411	OneSpaWorld Holdings, Ltd.*		89,673
	8,354	Perdoceo Education Corp.*		102,504
	2,583	Rover Group, Inc.*		12,683
	2,753	Strategic Education, Inc.		186,763
	4,771	Stride, Inc.*		177,624
	7,236	Universal Technical Institute, Inc.*		50,001
				2,476,038
Diversified Telecommunication Services (0.5%):
	2,223	Anterix, Inc.*		70,447
	1,667	ATN International, Inc.		61,012
	1,565	Bandwidth, Inc., Class A*		21,409
	4,328	Cogent Communications Holdings, Inc.		291,231
	5,491	Consolidated Communications Holdings, Inc.*		21,030
	4,493	EchoStar Corp., Class A*		77,909
	2,807	IDT Corp.*		72,561
	4,964	Iridium Communications, Inc.		308,364
	5,815	Liberty Latin America, Ltd., Class A*		50,881
	19,361	Liberty Latin America, Ltd., Class C*		166,892
	1,745	Ooma, Inc.*		26,123
				1,167,859
Electric Utilities (1.1%):
	6,116	ALLETE, Inc.		354,545
	3,043	Genie Energy, Ltd., Class B		43,028
	10,289	Hawaiian Electric Industries, Inc.		372,462
	3,498	IDACORP, Inc.		358,895
	3,540	MGE Energy, Inc.		280,049
	4,490	Otter Tail Corp.		354,530
	8,948	PNM Resources, Inc.		403,555
	6,533	Portland General Electric Co.		305,940
	513	Via Renewables, Inc.		3,571
				2,476,575

See accompanying notes to the financial statements.

9

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Electrical Equipment (1.1%):
	2,221	American Superconductor Corp.*	$	13,903
	3,541	Atkore, Inc.*		552,184
	2,024	Encore Wire Corp.		376,322
	3,995	EnerSys		433,537
	411	Espey Mfg. & Electronics Corp.		6,882
	19,087	GrafTech International, Ltd.		96,199
	6,028	LSI Industries, Inc.		75,712
	2,523	nVent Electric plc		130,363
	1,123	Powell Industries, Inc.		68,043
	576	Preformed Line Products Co.		89,914
	75	Servotronics, Inc.*		975
	3,914	Shoals Technologies Group, Inc., Class A*		100,042
	7,686	Sunrun, Inc.*		137,272
	4,719	Thermon Group Holdings, Inc.*		125,525
	1,832	TPI Composites, Inc.*		18,998
	3,104	Ultralife Corp.*		15,023
	2,185	Vicor Corp.*		117,990
				2,358,884
Electronic Equipment, Instruments & Components (3.6%):
	4,239	Advanced Energy Industries, Inc.		472,437
	2,539	Allied Motion Technologies, Inc.		101,408
	6,544	Arlo Technologies, Inc.*		71,395
	9,565	Avnet, Inc.		482,554
	3,258	Badger Meter, Inc.		480,750
	254	Bel Fuse, Inc., Class A		14,803
	740	Bel Fuse, Inc., Class B		42,483
	4,849	Belden, Inc.		463,807
	3,971	Benchmark Electronics, Inc.		102,571
	311	Climb Global Solutions, Inc.		14,884
	1,324	Coherent Corp.*		67,497
	3,574	CTS Corp.		152,360
	6,442	Daktronics, Inc.*		41,229
	1,365	Data I/O Corp.*		5,856
	1,751	ePlus, Inc.*		98,581
	3,624	Fabrinet*		470,685
	2,068	FARO Technologies, Inc.*		33,502
	640	Frequency Electronics, Inc.		4,237
	865	Identiv, Inc.*		7,275
	3,311	Insight Enterprises, Inc.*		484,532
	2,298	IPG Photonics Corp.*		312,114
	4,540	Itron, Inc.*		327,334
	3,798	Kimball Electronics, Inc.*		104,939
	8,986	Knowles Corp.*		162,287
	439	Littelfuse, Inc.		127,885
	1,600	Luna Innovations, Inc.*^		14,592
	4,257	Methode Electronics, Inc., Class A		142,695
	1,358	Mirion Technologies, Inc.*		11,475
	4,166	Napco Security Technologies, Inc.		144,352
	3,997	National Instruments Corp.		229,428
	3,256	nLight, Inc.*		50,207
	3,546	Novanta, Inc.*		652,819
	1,855	OSI Systems, Inc.*		218,575
	1,684	PAR Technology Corp.*^		55,454
	2,619	PC Connection, Inc.		118,117
	2,630	Plexus Corp.*		258,371
	1,927	Rogers Corp.*		312,039
	6,819	Sanmina Corp.*		410,981
	3,760	ScanSource, Inc.*		111,146
	3,056	SmartRent, Inc.*^		11,704

Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	10,514	TTM Technologies, Inc.*	$	146,145
	11,813	Vishay Intertechnology, Inc.		347,302
	1,974	Vishay Precision Group, Inc.*		73,334
	5,235	Vontier Corp.		168,619
	3,952	Wireless Telecom Group, Inc.*		8,299
				8,133,059
Energy Equipment & Services (2.3%):
	18,466	Archrock, Inc.		189,277
	4,375	Bristow Group, Inc.*		125,694
	6,123	Cactus, Inc., Class A		259,125
	12,978	ChampionX Corp.		402,837
	5,252	Core Laboratories, Inc.		122,109
	653	DMC Global, Inc.*		11,597
	5,377	Dril-Quip, Inc.*		125,123
	1,226	Expro Group Holdings NV*		21,725
	56	Expro Group Holdings NV*		992
	782	Forum Energy Technologies, Inc.*		20,011
	1,260	Geospace Technologies Corp.*		9,790
	2,641	Gulf Island Fabrication, Inc.*		8,583
	15,555	Helix Energy Solutions Group, Inc.*		114,796
	11,106	Helmerich & Payne, Inc.		393,708
	12,218	Liberty Energy, Inc., Class A		163,355
	595	Mammoth Energy Services, Inc.*		2,874
	1,083	Nabors Industries, Ltd.*		100,752
	6,878	National Energy Services Reunited Corp.*		20,290
	1,299	Natural Gas Services Group*		12,860
	17,842	Newpark Resources, Inc.*		93,314
	23,813	NexTier Oilfield Solutions, Inc.*		212,888
	1,750	Nine Energy Service, Inc.*		6,703
	541	Noble Corp. plc*		22,349
	888	NOV, Inc.		14,244
	12,312	Oceaneering International, Inc.*		230,234
	6,786	Oil States International, Inc.*		50,691
	21,240	Patterson-UTI Energy, Inc.		254,243
	14,685	ProPetro Holding Corp.*		121,004
	20,859	RPC, Inc.		149,142
	1,598	SEACOR Marine Holdings, Inc.*		18,265
	9,033	Select Water Solutions, Inc.		73,167
	1,537	Solaris Oilfield Infrastructure, Inc., Class A		12,803
	36,026	TechnipFMC plc*		598,752
	5,480	TETRA Technologies, Inc.*		18,522
	3,988	Tidewater, Inc.*		221,095
	31,786	Transocean, Ltd.*		222,820
	8,704	US Silica Holdings, Inc.*		105,580
	3,853	Valaris, Ltd.*		242,469
	3,663	Weatherford International plc*		243,296
				5,017,079
Entertainment (0.5%):
	7,111	Cinemark Holdings, Inc.*		117,331
	2,527	FG Group Holdings, Inc.*		4,852
	6,033	IMAX Corp.*		102,501
	1,562	Liberty Media Corp.-Liberty Braves, Class A*		63,917
	4,252	Liberty Media Corp.-Liberty Braves, Class C*		168,464
	7,700	Lions Gate Entertainment Corp., Class A*		67,991
	16,442	Lions Gate Entertainment Corp., Class B*		137,291
	1,260	Madison Square Garden Entertainment Corp.*		42,361
	460	Madison Square Garden Sports Corp., Class A		86,503
	1,570	Marcus Corp. (The)		23,283
	2,680	Playstudios, Inc.*		13,159

See accompanying notes to the financial statements.

10

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Entertainment, continued
	4,940	Playtika Holding Corp.*	$	57,304
	2,715	Reading International, Inc., Class A*		7,195
	1,376	Sciplay Corp., Class A*		27,080
	1,660	Sphere Entertainment Co.*		45,467
	1,833	World Wrestling Entertainment, Inc., Class A		198,825
				1,163,524
Financial Services (1.8%):
	1,888	Acacia Research Corp.*		7,854
	500	Alerus Financial Corp.		8,990
	2,519	A-Mark Precious Metals, Inc.		94,299
	9,859	AvidXchange Holdings, Inc.*		102,336
	622	BM Technologies, Inc.*		1,854
	3,167	Cannae Holdings, Inc.*		64,005
	4,597	Cantaloupe, Inc.*		36,592
	1,959	Cass Information Systems, Inc.		75,970
	9,815	Essent Group, Ltd.		459,342
	3,213	Euronet Worldwide, Inc.*		377,110
	5,750	EVERTEC, Inc.		211,773
	1,261	Federal Agricultural Mortgage Corp.		181,256
	5,390	Flywire Corp.*		167,306
	2,986	I3 Verticals, Inc., Class A*		68,260
	2,738	International Money Express, Inc.*		67,163
	13,088	Marqeta, Inc., Class A*		63,739
	4,042	Merchants Bancorp		103,394
	13,325	MGIC Investment Corp.		210,402
	3,941	Mr Cooper Group, Inc.*		199,572
	9,566	NMI Holdings, Inc., Class A*		246,994
	2,237	Ocwen Financial Corp.*		67,043
	2,338	Paysafe, Ltd.*		23,590
	862	Paysign, Inc.*		2,112
	2,346	PennyMac Financial Services, Inc.		164,947
	4,780	Radian Group, Inc.		120,838
	622	Remitly Global, Inc.*		11,706
	4,573	Repay Holdings Corp.*		35,807
	3,589	Security National Financial Corp., Class A*		31,834
	3,309	Shift4 Payments, Inc., Class A*		224,714
	9,668	TFS Financial Corp.		121,527
	2,577	Walker & Dunlop, Inc.		203,815
	1,247	Waterstone Financial, Inc.		18,069
	13,836	Western Union Co. (The)		162,296
				3,936,509
Food Products (1.8%):
	444	Alico, Inc.		11,304
	4,537	B&G Foods, Inc.^		63,155
	2,392	Calavo Growers, Inc.		69,416
	4,138	Cal-Maine Foods, Inc.		186,210
	1,318	Coffee Holding Co., Inc.*		1,832
	2,411	Farmer Brothers Co.*		6,679
	13,296	Flowers Foods, Inc.		330,805
	4,536	Fresh Del Monte Produce, Inc.		116,621
	2,131	Freshpet, Inc.*		140,241
	7,444	Hain Celestial Group, Inc. (The)*		93,124
	12,276	Hostess Brands, Inc.*		310,828
	1,245	Ingredion, Inc.		131,908
	2,003	J & J Snack Foods Corp.		317,195
	987	John B Sanfilippo & Son, Inc.		115,746
	2,667	Lancaster Colony Corp.		536,307
	3,838	Limoneira Co.		59,719
	3,161	Pilgrim’s Pride Corp.*		67,930

Shares			Value
Common Stocks, continued
Food Products, continued
	3,923	Post Holdings, Inc.*	$	339,928
	1,220	Rocky Mountain Chocolate Factory, Inc.*		6,600
	83	Seaboard Corp.		295,540
	708	Seneca Foods Corp., Class A*		23,137
	12	Seneca Foods Corp., Class B*		382
	9,319	Simply Good Foods Co. (The)*		340,982
	4,502	Tootsie Roll Industries, Inc.		159,416
	4,199	TreeHouse Foods, Inc.*		211,546
	5,157	Vital Farms, Inc.*		61,832
				3,998,383
Gas Utilities (0.9%):
	2,015	Chesapeake Utilities Corp.		239,785
	4,076	National Fuel Gas Co.		209,343
	9,694	New Jersey Resources Corp.		457,557
	3,221	Northwest Natural Holding Co.		138,664
	5,141	ONE Gas, Inc.		394,880
	873	RGC Resources, Inc.		17,486
	3,356	Southwest Gas Holdings, Inc.		213,609
	5,201	Spire, Inc.		329,952
	2,733	UGI Corp.		73,709
				2,074,985
Ground Transportation (0.8%):
	2,893	ArcBest Corp.		285,828
	2,533	Covenant Logistics Group, Inc.		111,021
	2,131	Daseke, Inc.*		15,194
	4,045	Heartland Express, Inc.		66,378
	4,262	Hertz Global Holdings, Inc.*		78,378
	1,562	Landstar System, Inc.		300,748
	5,246	Marten Transport, Ltd.		112,789
	1,698	PAM Transportation Services, Inc.		45,455
	774	RXO, Inc.*		17,547
	1,507	Ryder System, Inc.		127,779
	526	Saia, Inc.*		180,108
	4,258	Schneider National, Inc., Class B		122,290
	1,009	U.S. Xpress Enterprises, Inc., Class A*		6,195
	2,327	Universal Logistics Holdings, Inc.		67,041
	5,665	Werner Enterprises, Inc.		250,280
	774	XPO, Inc.*		45,666
	2,752	Yellow Corp.*		1,895
				1,834,592
Health Care Equipment & Supplies (2.9%):
	10,348	Accuray, Inc.*		40,047
	2,365	AngioDynamics, Inc.*		24,667
	2,193	Apyx Medical Corp.*		11,031
	5,282	Artivion, Inc.*		90,798
	5,423	AtriCure, Inc.*		267,679
	141	Atrion Corp.		79,764
	5,513	Avanos Medical, Inc.*		140,912
	2,841	Axogen, Inc.*		25,938
	3,882	Axonics, Inc.*		195,925
	3,041	CONMED Corp.		413,241
	2,081	CytoSorbents Corp.*		7,471
	1,118	Elctromed, Inc.*		11,974
	2,424	Embecta Corp.		52,358
	3,281	Enovis Corp.*		210,378
	6,467	Envista Holdings Corp.*		218,843
	427	FONAR Corp.*		7,302
	4,496	Glaukos Corp.*		320,160

See accompanying notes to the financial statements.

11

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	4,250	Globus Medical, Inc.*	$	253,045
	3,641	Haemonetics Corp.*		309,995
	1,134	Inari Medical, Inc.*		65,931
	1,790	Inogen, Inc.*		20,675
	3,470	Integer Holdings Corp.*		307,477
	8,077	Integra LifeSciences Holdings Corp.*		332,207
	1,681	iRadimed Corp.		80,251
	2,006	IRIDEX Corp.*		4,353
	249	Kewaunee Scientific Corp.*		3,857
	5,751	Lantheus Holdings, Inc.*		482,624
	2,646	LeMaitre Vascular, Inc.		178,023
	1,127	LENSAR, Inc.*		4,790
	5,632	LivaNova plc*		289,654
	5,441	Merit Medical Systems, Inc.*		455,085
	522	Mesa Laboratories, Inc.		67,077
	2,684	NuVasive, Inc.*		111,628
	4,344	Omnicell, Inc.*		320,022
	11,694	OraSure Technologies, Inc.*		58,587
	4,817	Orthofix Medical, Inc.*		86,995
	2,663	OrthoPediatrics Corp.*		116,773
	1,571	Pulmonx Corp.*		20,596
	400	Semler Scientific, Inc.*		10,496
	1,010	SI-BONE, Inc.*		27,250
	3,128	Sight Sciences, Inc.*		25,900
	337	Silk Road Medical, Inc.*		10,949
	4,332	STAAR Surgical Co.*		227,733
	879	Surmodics, Inc.*		27,521
	1,169	Tactile Systems Technology, Inc.*		29,143
	2,912	Tandem Diabetes Care, Inc.*		71,460
	743	TransMedics Group, Inc.*		62,397
	671	UFP Technologies, Inc.*		130,073
	821	Utah Medical Products, Inc.		76,517
	4,899	Varex Imaging Corp.*		115,469
	8,600	ViewRay, Inc.*		3,029
	755	Zynex, Inc.*^		7,240
				6,513,310
Health Care Providers & Services (3.1%):
	644	Acadia Healthcare Co., Inc.*		51,288
	6,905	Accolade, Inc.*		93,010
	2,021	Addus HomeCare Corp.*		187,347
	2,135	Amedisys, Inc.*		195,224
	3,828	AMN Healthcare Services, Inc.*		417,711
	6,816	Apollo Medical Holdings, Inc.*		215,386
	19,092	Brookdale Senior Living, Inc.*		80,568
	1,638	Castle Biosciences, Inc.*		22,473
	17,271	Community Health Systems, Inc.*		75,992
	1,549	CorVel Corp.*		299,732
	4,391	Cross Country Healthcare, Inc.*		123,299
	5,272	Encompass Health Corp.		356,967
	2,372	Enhabit, Inc.*		27,278
	5,739	Ensign Group, Inc. (The)		547,845
	7,407	Enzo Biochem, Inc.*		13,629
	774	Fulgent Genetics, Inc.*		28,661
	5,537	HealthEquity, Inc.*		349,606
	2,914	Hims & Hers Health, Inc.*		27,392
	1,999	InfuSystem Holdings, Inc.*		19,250
	1,190	Joint Corp. (The)*		16,065
	1,339	ModivCare, Inc.*		60,536
	1,428	National Healthcare Corp.		88,279

Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	3,235	National Research Corp.	$	140,755
	11,926	NeoGenomics, Inc.*		191,651
	314	OmniAb Operations, Inc.*(a)(b)		—
	314	OmniAb Operations, Inc.*(a)(b)		—
	26,516	OPKO Health, Inc.*		57,540
	18,969	Option Care Health, Inc.*		616,303
	7,875	Owens & Minor, Inc.*		149,940
	10,254	Patterson Cos., Inc.		341,048
	10,007	Pediatrix Medical Group, Inc.*		142,200
	3,565	Pennant Group, Inc. (The)*		43,778
	3,801	PetIQ, Inc.*		57,661
	11,273	Premier, Inc., Class A		311,811
	429	Privia Health Group, Inc.*		11,201
	2,623	Progyny, Inc.*		103,189
	1,080	Psychemedics Corp.		4,925
	5,839	RadNet, Inc.*		190,468
	13,065	Select Medical Holdings Corp.		416,251
	10,156	Surgery Partners, Inc.*		456,919
	2,123	Tenet Healthcare Corp.*		172,770
	1,473	US Physical Therapy, Inc.		178,808
				6,884,756
Health Care Technology (0.6%):
	7,056	Certara, Inc.*		128,490
	1,545	Computer Programs and Systems, Inc.*		38,146
	748	Doximity, Inc., Class A*		25,447
	10,137	Evolent Health, Inc., Class A*		307,151
	3,819	GoodRx Holdings, Inc., Class A*		21,081
	6,108	Health Catalyst, Inc.*		76,350
	3,597	HealthStream, Inc.		88,342
	1,239	iCAD, Inc.*		2,020
	8,255	NextGen Healthcare, Inc.*		133,896
	445	OptimizeRx Corp.*		6,359
	2,741	Schrodinger, Inc.*		136,831
	1,580	Simulations Plus, Inc.		68,461
	7,069	Teladoc Health, Inc.*		178,987
	13,851	Veradigm, Inc.*		174,523
				1,386,084
Hotels, Restaurants & Leisure (2.6%):
	1,219	Accel Entertainment, Inc.*		12,873
	2,682	Bally’s Corp.*		41,732
	3	Biglari Holdings, Inc., Class A*		2,850
	319	Biglari Holdings, Inc., Class B*		62,888
	3,650	BJ’s Restaurants, Inc.*		116,070
	9,701	Bloomin’ Brands, Inc.		260,860
	759	Bluegreen Vacations Holding Corp.		27,058
	5,467	Brinker International, Inc.*		200,092
	4,497	Carrols Restaurant Group, Inc.*		22,665
	700	Century Casinos, Inc.*		4,970
	6,222	Cheesecake Factory, Inc. (The)		215,157
	1,131	Choice Hotels International, Inc.		132,915
	2,823	Chuy’s Holdings, Inc.*		115,235
	2,074	Cracker Barrel Old Country Store, Inc.		193,255
	3,965	Dave & Buster’s Entertainment, Inc.*		176,680
	6,787	Denny’s Corp.*		83,616
	602	Dine Brands Global, Inc.		34,934
	5,001	El Pollo Loco Holdings, Inc.		43,859
	2,608	Fiesta Restaurant Group, Inc.*		20,708
	100	Flanigan’s Enterprises, Inc.		3,065
	2,709	Full House Resorts, Inc.*		18,150

See accompanying notes to the financial statements.

12

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	4,240	Hilton Grand Vacations, Inc.*	$	192,666
	1,648	Inspired Entertainment, Inc.*		24,242
	5,547	International Game Technology plc		176,894
	2,124	Jack in the Box, Inc.		207,154
	3,042	Light & Wonder, Inc., Class A*		209,168
	2,879	Marriott Vacations Worldwide Corp.		353,311
	538	Nathans Famous, Inc.		42,255
	1,669	Noodles & Co.*		5,641
	1,507	ONE Group Hospitality, Inc. (The)*		11,031
	3,557	Papa John’s International, Inc.		262,613
	809	Penn Entertainment, Inc.*		19,440
	555	Planet Fitness, Inc., Class A*		37,429
	9,502	Playa Hotels & Resorts NV*		77,346
	1,540	PlayAGS, Inc.*		8,701
	897	Potbelly Corp.*		7,876
	300	RCI Hospitality Holdings, Inc.		22,797
	1,368	Red Robin Gourmet Burgers, Inc.*		18,919
	662	Red Rock Resorts, Inc., Class A		30,968
	7,273	SeaWorld Entertainment, Inc.*		407,361
	3,298	Shake Shack, Inc., Class A*		256,321
	2,405	Six Flags Entertainment Corp.*		62,482
	1,870	Soho House & Co., Inc.*		10,135
	2,373	Texas Roadhouse, Inc.		266,440
	8,001	Travel + Leisure Co.		322,760
	19,975	Wendy’s Co. (The)		434,456
	1,655	Wingstop, Inc.		331,265
	2,164	Wyndham Hotels & Resorts, Inc.		148,386
				5,737,689
Household Durables (2.5%):
	608	Bassett Furniture Industries, Inc.		9,144
	3,160	Beazer Homes U.S.A., Inc.*		89,396
	969	Cavco Industries, Inc.*		285,855
	3,620	Century Communities, Inc.		277,364
	3,255	Ethan Allen Interiors, Inc.		92,051
	820	Flexsteel Industries, Inc.		16,162
	7,358	GoPro, Inc., Class A*		30,462
	1,624	Green Brick Partners, Inc.*		92,243
	2,890	Helen of Troy, Ltd.*		312,178
	670	Hooker Furnishings Corp.		12,502
	347	Hovnanian Enterprises, Inc., Class A*		34,426
	3,018	Installed Building Products, Inc.		423,003
	1,482	iRobot Corp.*		67,061
	4,791	KB Home		247,743
	1,138	Koss Corp.*		4,211
	5,377	La-Z-Boy, Inc.		153,997
	1,413	Legacy Housing Corp.*		32,768
	6,614	Leggett & Platt, Inc.		195,907
	2,144	LGI Homes, Inc.*		289,204
	2,522	Lifetime Brands, Inc.		14,249
	625	Lovesac Co. (The)*		16,844
	1,513	M/I Homes, Inc.*		131,919
	6,707	MDC Holdings, Inc.		313,686
	1,818	Meritage Homes Corp.		258,647
	6,102	Newell Brands, Inc.		53,087
	9,527	Purple Innovation, Inc.^		26,485
	5,951	Skyline Champion Corp.*		389,493
	9,581	Sonos, Inc.*		156,458
	12,185	Taylor Morrison Home Corp., Class A*		594,263
	4,483	Tempur Sealy International, Inc.		179,634

Shares			Value
Common Stocks, continued
Household Durables, continued
	1,904	Toll Brothers, Inc.	$	150,549
	872	TopBuild Corp.*		231,969
	10,863	Tri Pointe Homes, Inc.*		356,958
	798	Universal Electronics, Inc.*		7,677
	2,661	Vizio Holding Corp., Class A*		17,962
				5,565,557
Household Products (0.6%):
	1,235	Central Garden & Pet Co.*		47,881
	4,712	Central Garden & Pet Co., Class A*		171,800
	7,002	Energizer Holdings, Inc.		235,127
	1,192	Oil-Dri Corp. of America		70,316
	7,152	Reynolds Consumer Products, Inc.		202,044
	3,808	Spectrum Brands Holdings, Inc.		297,214
	1,352	WD-40 Co.		255,055
				1,279,437
Independent Power and Renewable Electricity Producers (0.5%):
	8,330	Atlantica Sustainable Infrastructure plc		195,255
	2,245	Clearway Energy, Inc., Class A		60,615
	3,475	Clearway Energy, Inc., Class C		99,246
	5,585	Ormat Technologies, Inc.		449,369
	11,366	Sunnova Energy International, Inc.*^		208,112
				1,012,597
Insurance (3.2%):
	4,463	Ambac Financial Group, Inc.*		63,553
	9,019	American Equity Investment Life Holding Co.		469,980
	2,102	AMERISAFE, Inc.		112,079
	1,862	Argo Group International Holdings, Ltd.		55,134
	6,925	Assured Guaranty, Ltd.		386,415
	5,537	Axis Capital Holdings, Ltd.		298,057
	7,671	Brighthouse Financial, Inc.*		363,222
	4,681	BRP Group, Inc., Class A*		115,995
	2,876	Crawford & Co., Class A		31,895
	3,445	Crawford & Co., Class B		32,348
	5,378	Donegal Group, Inc., Class A		77,604
	1,337	eHealth, Inc.*		10,749
	2,911	Employers Holdings, Inc.		108,900
	1,582	Enstar Group, Ltd.*		386,388
	5,076	First American Financial Corp.		289,433
	29,676	Genworth Financial, Inc., Class A*		148,380
	5,998	Greenlight Capital Re, Ltd., Class A*		63,189
	175	Hallmark Financial Services, Inc.*		980
	3,655	Hanover Insurance Group, Inc. (The)		413,125
	489	HCI Group, Inc.		30,210
	1,369	Heritage Insurance Holdings, Inc.*		5,271
	4,168	Horace Mann Educators Corp.		123,623
	135	Investors Title Co.		19,710
	3,776	James River Group Holdings, Ltd.		68,950
	5,318	Kemper Corp.		256,647
	1,473	Kingstone Cos., Inc.		1,885
	350	Kinsale Capital Group, Inc.		130,970
	12,677	Maiden Holdings, Ltd.*		26,622
	5,743	Mercury General Corp.		173,841
	403	National Western Life Group, Inc., Class A		167,471
	929	NI Holdings, Inc.*		13,796
	376	Old Republic International Corp.		9,464
	3,018	Primerica, Inc.		596,840
	5,241	ProAssurance Corp.		79,087

See accompanying notes to the financial statements.

13

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Insurance, continued
	3,174	RLI Corp.	$	433,156
	1,548	Safety Insurance Group, Inc.		111,022
	5,986	Selective Insurance Group, Inc.		574,357
	12,459	SiriusPoint, Ltd.*		112,505
	2,858	Stewart Information Services Corp.		117,578
	5,636	Tiptree, Inc., Class A		84,596
	3,821	United Fire Group, Inc.		86,584
	4,410	Universal Insurance Holdings, Inc.		68,046
	59	Unum Group		2,814
	287	White Mountains Insurance Group, Ltd.		398,617
				7,121,088
Interactive Media & Services (0.7%):
	3,144	Angi, Inc., Class A*		10,375
	4,562	Bumble, Inc., Class A*		76,550
	10,392	Cargurus, Inc.*		235,171
	8,650	Cars.com, Inc.*		171,443
	12,824	DHI Group, Inc.*		49,116
	2,725	MediaAlpha, Inc., Class A*		28,095
	6,656	QuinStreet, Inc.*		58,772
	3,848	Shutterstock, Inc.		187,282
	1,095	Travelzoo*		8,640
	9,123	TripAdvisor, Inc.*		150,438
	11,137	TrueCar, Inc.*		25,170
	7,836	Yelp, Inc.*		285,309
	5,107	Ziff Davis, Inc.*		357,796
				1,644,157
IT Services (0.3%):
	1,700	Brightcove, Inc.*		6,817
	758	CSP, Inc.		9,028
	4,183	DXC Technology Co.*		111,770
	10,373	Edgio, Inc.*		6,992
	6,592	Fastly, Inc., Class A*		103,956
	3,495	Hackett Group, Inc. (The)		78,113
	1,300	Information Services Group, Inc.		6,968
	8,725	Kyndryl Holdings, Inc.*		115,868
	3,191	Perficient, Inc.*		265,906
	3,168	PFSweb, Inc.		14,319
	4,235	Unisys Corp.*		16,855
				736,592
Leisure Products (0.8%):
	7,401	Acushnet Holdings Corp.		404,687
	3,470	American Outdoor Brands, Inc.*		30,120
	648	Brunswick Corp.		56,143
	1,402	Escalade, Inc.		18,717
	1,455	Johnson Outdoors, Inc., Class A		89,410
	2,158	Malibu Boats, Inc., Class A*		126,588
	3,527	Marine Products Corp.		59,465
	1,734	MasterCraft Boat Holdings, Inc.*		53,147
	7,857	Mattel, Inc.*		153,526
	2,293	Nautilus Group, Inc.*		2,797
	412	Polaris, Inc.		49,823
	4,406	Smith & Wesson Brands, Inc.		57,454
	2,044	Solo Brands, Inc., Class A*		11,569
	10,855	Topgolf Callaway Brands Corp.*		215,472
	4,296	Vista Outdoor, Inc.*		118,870
	6,555	YETI Holdings, Inc.*		254,596
				1,702,384

Shares			Value
Common Stocks, continued
Life Sciences Tools & Services (0.7%):
	11,902	Adaptive Biotechnologies Corp.*	$	79,862
	255	Azenta, Inc.*		11,903
	2,852	BioLife Solutions, Inc.*		63,029
	2,937	Codexis, Inc.*		8,224
	1,999	CryoPort, Inc.*		34,483
	5,439	Harvard Bioscience, Inc.*		29,860
	3,074	Maravai LifeSciences Holdings, Inc., Class A*		38,210
	2,657	Medpace Holdings, Inc.*		638,132
	4,067	OmniAb, Inc.*		20,457
	10,949	Pacific Biosciences of California, Inc.*		145,622
	647	Personalis, Inc.*		1,216
	3,541	Quanterix Corp.*		79,850
	15,049	Sotera Health Co.*		283,523
	1,185	Syneos Health, Inc.*		49,936
				1,484,307
Machinery (5.0%):
	5,892	3D Systems Corp.*		58,508
	1,337	Alamo Group, Inc.		245,888
	3,623	Albany International Corp., Class A		337,953
	10,320	Allison Transmission Holdings, Inc.		582,667
	806	Art’s-Way Manufacturing Co., Inc.		1,878
	2,342	Astec Industries, Inc.		106,420
	5,963	Barnes Group, Inc.		251,579
	1,880	Chart Industries, Inc.*		300,405
	2,915	CIRCOR International, Inc.*		164,552
	3,104	Columbus McKinnon Corp.		126,178
	6,424	Commercial Vehicle Group, Inc.*^		71,306
	1,917	Crane Co.		170,843
	2,390	Crane NXT Co.		134,892
	493	Donaldson Co., Inc.		30,817
	3,774	Douglas Dynamics, Inc.		112,767
	500	Eastern Co. (The)		9,045
	5,334	Energy Recovery, Inc.*		149,085
	5,407	Enerpac Tool Group Corp.		145,989
	2,132	EnPro Industries, Inc.		284,686
	1,739	Esab Corp.		115,713
	2,512	ESCO Technologies, Inc.		260,319
	6,371	Federal Signal Corp.		407,935
	12,072	Flowserve Corp.		448,475
	4,939	Franklin Electric Co., Inc.		508,223
	11,667	Gates Industrial Corp. plc*		157,271
	3,314	Gencor Industries, Inc.*		51,632
	1,794	Gorman-Rupp Co. (The)		51,721
	459	Graham Corp.*		6,096
	3,796	Greenbrier Cos., Inc. (The)		163,608
	3,709	Helios Technologies, Inc.		245,128
	4,894	Hillenbrand, Inc.		250,964
	1,170	Hurco Cos., Inc.		25,330
	1,014	Hyster-Yale Materials Handling, Inc., Class A		56,622
	219	ITT, Inc.		20,413
	3,393	John Bean Technologies Corp.		411,571
	951	Kadant, Inc.		211,217
	7,094	Kennametal, Inc.		201,399
	1,529	L.B. Foster Co., Class A*		21,834
	1,158	Lindsay Corp.		138,196
	3,189	Luxfer Holdings plc		45,379
	3,228	Manitex International, Inc.*		17,302
	2,653	Manitowoc Co., Inc. (The)*		49,956
	589	Mayville Engineering Co., Inc.*		7,339

See accompanying notes to the financial statements.

14

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares				Value
Common Stocks, continued
Machinery, continued
	1,424		Miller Industries, Inc.	$	50,509
	5,806		Mueller Industries, Inc.		506,748
	17,126		Mueller Water Products, Inc., Class A		277,955
	3,562		NN, Inc.*		8,513
	920		Omega Flex, Inc.		95,478
	2,691		Oshkosh Corp.		233,014
	723		P&F Industries, Inc., Class A		4,555
	1,229		Park-Ohio Holdings Corp.		23,351
	3,123		Proto Labs, Inc.*		109,180
	235		RBC Bearings, Inc.*		51,105
	6,810		REV Group, Inc.		90,301
	3,869		Shyft Group, Inc. (The)		85,350
	3,392		SPX Technologies, Inc.*		288,218
	1,443		Standex International Corp.		204,141
	466		Taylor Devices, Inc.*		12,116
	2,098		Tennant Co.		170,169
	7,548		Terex Corp.		451,597
	3,793		Timken Co. (The)		347,173
	8,711		Titan International, Inc.*		100,002
	8,005		Trinity Industries, Inc.		205,809
	1,747		Twin Disc, Inc.*		19,671
	5,930		Wabash National Corp.		152,045
	2,870		Watts Water Technologies, Inc., Class A		527,305
					11,173,406
Marine Transportation (0.4%):
	9,113		Costamare, Inc.		88,123
	290		Eagle Bulk Shipping, Inc.^		13,931
	315		Eneti, Inc.		3,815
	6,304		Genco Shipping & Trading, Ltd.		88,445
	4,186		Kirby Corp.*		322,113
	3,488		Matson, Inc.		271,122
					787,549
Media (0.7%):
	6,248		Altice U.S.A., Inc., Class A*		18,869
	3,441		AMC Networks, Inc., Class A*		41,120
	3,595		Boston Omaha Corp., Class A*		67,658
	7,836		comScore, Inc.*		6,347
	198		Daily Journal Corp.*		57,277
	976		DallasNews Corp.		3,797
	6,737		E.W. Scripps Co. (The), Class A*		61,643
	12,895		Entravision Communications Corp., Class A		56,609
	5,880		Gannett Co, Inc.*		13,230
	7,507		Gray Television, Inc.		59,155
	1,608		iHeartMedia, Inc., Class A*		5,853
	5,763		Integral Ad Science Holding Corp.*		103,619
	5,004		John Wiley & Sons, Inc., Class A		170,286
	5,805		Magnite, Inc.*		79,238
	348		Marchex, Inc., Class B*		738
	3,785	��	New York Times Co. (The), Class A		149,053
	432		Nexstar Media Group, Inc.		71,950
	2,028		PubMatic, Inc., Class A*		37,072
	3,615		Quotient Technology, Inc.*		13,882
	3,440		Scholastic Corp.		133,782
	7,113		Stagwell, Inc.*		51,285
	3,284		TechTarget, Inc.*		102,231
	10,206		TEGNA, Inc.		165,745
	3,183		Thryv Holdings, Inc.*		78,302

Shares			Value
Common Stocks, continued
Media, continued
	4,009	WideOpenWest, Inc.*	$	33,836
				1,582,577
Metals & Mining (2.0%):
	1,706	Alpha Metallurgical Resources, Inc.		280,398
	2,124	Ampco-Pittsburgh Corp.*		6,754
	1,062	Arconic Corp.*		31,414
	1,338	Ascent Industries Co.*		12,162
	14,433	ATI, Inc.*		638,372
	5,453	Carpenter Technology Corp.		306,077
	14,713	Century Aluminum Co.*		128,297
	27,193	Coeur Mining, Inc.*		77,228
	12,935	Commercial Metals Co.		681,157
	4,961	Compass Minerals International, Inc.		168,674
	15,692	Ferroglobe plc*		74,851
	515	Fortitude Gold Corp.		3,234
	1,805	Gold Resource Corp.		1,137
	2,290	Haynes International, Inc.		116,378
	49,711	Hecla Mining Co.		256,012
	754	Kaiser Aluminum Corp.		54,017
	2,268	Materion Corp.		259,006
	937	McEwen Mining, Inc.*		6,737
	9,300	MP Materials Corp.*		212,784
	665	Olympic Steel, Inc.		32,585
	4,149	Ryerson Holding Corp.		179,984
	2,862	Schnitzer Steel Industries, Inc., Class A		85,831
	6,647	SunCoke Energy, Inc.		52,312
	6,015	TimkenSteel Corp.*		129,743
	5,136	Tredegar Corp.		34,257
	9,051	United States Steel Corp.		226,365
	1,458	Universal Stainless & Alloy Products, Inc.*		20,427
	2,207	Warrior Met Coal, Inc.		85,963
	5,427	Worthington Industries, Inc.		377,014
				4,539,170
Multi-Utilities (0.5%):
	7,625	Avista Corp.		299,434
	6,714	Black Hills Corp.		404,585
	5,832	NorthWestern Corp.		331,024
	2,008	Unitil Corp.		101,826
				1,136,869
Oil, Gas & Consumable Fuels (4.2%):
	2,827	Amplify Energy Corp.*		19,139
	52,225	Antero Midstream Corp.		605,810
	2,218	Arch Resources, Inc.		250,102
	3,948	Ardmore Shipping Corp.		48,758
	3,917	Baytex Energy Corp.*		12,769
	9,758	Berry Corp.		67,135
	5,609	California Resources Corp.		254,032
	4,863	Callon Petroleum Co.*		170,545
	882	Centrus Energy Corp., Class A*		28,718
	735	Chord Energy Corp.		113,043
	309	Civitas Resources, Inc.		21,435
	21,990	Clean Energy Fuel Corp.*		109,070
	17,318	CNX Resources Corp.*		306,875
	17,410	Comstock Resources, Inc.^		201,956
	3,124	CONSOL Energy, Inc.		211,838
	8,717	CVR Energy, Inc.		261,161
	6,942	Delek US Holdings, Inc.		166,261
	3,982	Denbury, Inc.*		343,487

See accompanying notes to the financial statements.

15

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	17,465	DHT Holdings, Inc.	$	148,976
	5,245	Dorian LPG, Ltd.		134,534
	2,631	DT Midstream, Inc.		130,419
	35,592	Enlink Midstream LLC		377,275
	15,991	Equitrans Midstream Corp.		152,874
	2,943	Evolution Petroleum Corp.		23,750
	5,232	Green Plains, Inc.*		168,680
	741	Gulfport Energy Corp.*		77,857
	3,562	International Seaways, Inc.		136,211
	41,871	Kosmos Energy, Ltd.*		250,807
	13,505	Magnolia Oil & Gas Corp., Class A		282,255
	8,034	Matador Resources Co.		420,339
	9,109	Murphy Oil Corp.		348,875
	245	NACCO Industries, Inc., Class A		8,492
	19,107	Nordic American Tankers, Ltd.		70,123
	897	Northern Oil and Gas, Inc.		30,785
	5,300	Overseas Shipholding Group, Inc., Class A*		22,101
	5,769	Par Pacific Holdings, Inc.*		153,513
	13,132	PBF Energy, Inc., Class A		537,624
	3,598	PDC Energy, Inc.		255,962
	11,090	Peabody Energy Corp.		240,209
	16,331	Permian Resources Corp.		178,988
	2,410	PHX Minerals, Inc.		7,519
	6	PrimeEnergy Resources Corp.*		552
	5,480	Range Resources Corp.		161,112
	1,817	REX American Resources Corp.*		63,250
	5,496	SandRidge Energy, Inc.		83,814
	6,217	Scorpio Tankers, Inc.		293,629
	13,204	SFL Corp., Ltd.		123,193
	3,500	Sitio Royalties Corp., Class A		91,945
	12,500	SM Energy Co.		395,375
	40,654	Southwestern Energy Co.*		244,331
	7,811	Talos Energy, Inc.*		108,339
	6,156	Teekay Shipping Corp.*		37,182
	4,269	Teekay Tankers, Ltd., Class A		163,204
	1,933	Vital Energy, Inc.*		87,275
	11,767	W&T Offshore, Inc.*		45,538
	7,161	World Kinect Corp.		148,090
				9,397,131
Paper & Forest Products (0.3%):
	2,555	Clearwater Paper Corp.*		80,023
	3,299	Glatfelter Corp.		9,963
	7,340	Louisiana-Pacific Corp.		550,353
	7,454	Mercer International, Inc.		60,154
	851	Sylvamo Corp.		34,423
				734,916
Passenger Airlines (0.7%):
	8,201	Alaska Air Group, Inc.*		436,129
	2,166	Allegiant Travel Co.*		273,522
	1,769	Copa Holdings SA, Class A		195,616
	1,436	Frontier Group Holdings, Inc.*		13,886
	6,778	Hawaiian Holdings, Inc.*		72,999
	25,978	JetBlue Airways Corp.*		230,165
	4,173	SkyWest, Inc.*		169,925
	7,810	Spirit Airlines, Inc.		134,020
				1,526,262
Personal Care Products (1.1%):
	3,738	Beauty Health Co. (The)*		31,287

Shares			Value
Common Stocks, continued
Personal Care Products, continued
	10,346	BellRing Brands, Inc.*	$	378,664
	4,160	Coty, Inc., Class A*		51,126
	5,591	Edgewell Personal Care Co.		230,964
	5,839	elf Beauty, Inc.*		666,989
	4,508	Herbalife, Ltd.*		59,686
	3,699	Inter Parfums, Inc.		500,216
	900	Lifevantage Corp.		3,915
	1,046	Medifast, Inc.		96,399
	1,387	Natural Alternatives International, Inc.*		10,292
	369	Natural Health Trends Corp.		2,022
	3,865	Natures Sunshine Products, Inc.*		52,757
	4,261	Nu Skin Enterprises, Inc., Class A		141,465
	340	United-Guardian, Inc.		2,897
	2,073	USANA Health Sciences, Inc.*		130,682
				2,359,361
Pharmaceuticals (1.1%):
	1,113	Aclaris Therapeutics, Inc.*		11,542
	9,876	Amneal Pharmaceuticals, Inc.*		30,616
	5,537	Amphastar Pharmaceuticals, Inc.*		318,211
	1,824	ANI Pharmaceuticals, Inc.*		98,186
	2,880	Cara Therapeutics, Inc.*		8,150
	327	Catalent, Inc.*		14,179
	4,640	Collegium Pharmaceutical, Inc.*		99,714
	8,031	Corcept Therapeutics, Inc.*		178,690
	3,415	Cumberland Pharmaceuticals, Inc.*		5,020
	5,512	Cymabay Therapeutics, Inc.*		60,356
	3,833	Elanco Animal Health, Inc.*		38,560
	1,163	EyePoint Pharmaceuticals, Inc.*		10,118
	4,130	Harmony Biosciences Holdings, Inc.*		145,335
	2,485	Harrow Health, Inc.*		47,314
	8,756	Innoviva, Inc.*		111,464
	1,693	Ligand Pharmaceuticals, Inc.*		122,065
	10,744	Nektar Therapeutics*		6,180
	882	NGM Biopharmaceuticals, Inc.*		2,284
	7,543	Organon & Co.		156,970
	4,377	Pacira BioSciences, Inc.*		175,386
	6,939	Perrigo Co. plc		235,579
	3,419	Phibro Animal Health Corp., Class A		46,840
	5,147	Prestige Consumer Healthcare, Inc.*		305,886
	420	Relmada Therapeutics, Inc.*		1,033
	911	scPharmaceuticals, Inc.*^		9,283
	5,073	SIGA Technologies, Inc.		25,619
	5,644	Supernus Pharmaceuticals, Inc.*		169,659
	2,116	Taro Pharmaceutical Industries, Ltd.*		80,260
	3,288	Terns Pharmaceuticals, Inc.*		28,770
	352	Ventyx Biosciences, Inc.*		11,546
				2,554,815
Professional Services (2.8%):
	5,555	ASGN, Inc.*		420,125
	935	Asure Software, Inc.*		11,370
	1,144	Barrett Business Services, Inc.		99,757
	558	CACI International, Inc., Class A*		190,189
	6,075	CBIZ, Inc.*		323,676
	1,374	Clarivate plc*		13,094
	909	Concentrix Corp.		73,402
	24,230	Conduent, Inc.*		82,382
	490	CRA International, Inc.		49,980
	3,392	CSG Systems International, Inc.		178,894
	5,170	Dun & Bradstreet Holdings, Inc.		59,817

See accompanying notes to the financial statements.

16

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Professional Services, continued
	3,445	ExlService Holdings, Inc.*	$	520,402
	5,277	Exponent, Inc.		492,450
	2,635	Forrester Research, Inc.*		76,652
	1,760	Franklin Covey Co.*		76,877
	2,543	Heidrick & Struggles International, Inc.		67,313
	2,277	Huron Consulting Group, Inc.*		193,340
	1,077	IBEX Holdings, Ltd.*		22,865
	2,245	ICF International, Inc.		279,255
	3,565	Insperity, Inc.		424,092
	668	KBR, Inc.		43,460
	4,618	Kelly Services, Inc., Class A		81,323
	2,422	Kforce, Inc.		151,762
	5,109	Korn Ferry		253,100
	1,919	ManpowerGroup, Inc.		152,369
	1,332	Mastech Digital, Inc.*		13,160
	3,715	Maximus, Inc.		313,955
	3,943	Mistras Group, Inc.*		30,440
	1,892	NV5 Global, Inc.*		209,577
	1,117	Paycor HCM, Inc.*		26,439
	4,105	Resources Connection, Inc.		64,489
	3,126	Science Applications International Corp.		351,612
	1,400	TaskUS, Inc., Class A*		15,848
	5,468	TriNet Group, Inc.*		519,296
	4,565	TrueBlue, Inc.*		80,846
	5,287	TTEC Holdings, Inc.		178,912
	1,200	Upwork, Inc.*		11,208
	8,419	Verra Mobility Corp.*		166,023
	505	Willdan Group, Inc.*		9,676
				6,329,427
Real Estate Management & Development (0.8%):
	1,580	AMREP Corp.*		28,340
	3,740	Anywhere Real Estate, Inc.*		24,983
	395	CKX Lands, Inc.*		3,946
	10,668	Compass, Inc., Class A*		37,338
	15,704	Cushman & Wakefield plc*		128,459
	12,238	Douglas Elliman, Inc.		27,168
	913	eXp World Holdings, Inc.^		18,516
	1,627	Five Point Holdings LLC, Class A*		4,702
	5,226	Forestar Group, Inc.*		117,846
	971	FRP Holdings, Inc.*		55,900
	4,346	Howard Hughes Corp. (The)*		342,986
	10	J.W. Mays, Inc.*		468
	14,336	Kennedy-Wilson Holdings, Inc.		234,107
	3,651	Marcus & Millichap, Inc.		115,043
	1,035	Maui Land & Pineapple Co., Inc.*		14,738
	17,049	Newmark Group, Inc.		106,045
	1,207	Rafael Holdings, Inc., Class B*		2,522
	688	RE/MAX Holdings, Inc., Class A		13,251
	2,198	RMR Group, Inc. (The), Class A		50,928
	5,902	St Joe Co. (The)		285,303
	308	Stratus Properties, Inc.		8,085
	4,527	Tejon Ranch Co.*		77,910
				1,698,584
Semiconductors & Semiconductor Equipment (3.5%):
	1,271	Aehr Test Systems*		52,429
	2,944	Alpha & Omega Semiconductor, Ltd.*		96,563
	3,209	Ambarella, Inc.*		268,497
	22,000	Amkor Technology, Inc.		654,500
	1,301	Amtech Systems, Inc.*		12,438

Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	3,636	Axcelis Technologies, Inc.*	$	666,588
	2,777	AXT, Inc.*		9,553
	2,382	CEVA, Inc.*		60,860
	5,561	Cirrus Logic, Inc.*		450,497
	4,518	Cohu, Inc.*		187,768
	5,088	Diodes, Inc.*		470,589
	7,567	FormFactor, Inc.*		258,943
	4,679	GSI Technology, Inc.*		25,875
	3,150	Ichor Holdings, Ltd.*		118,125
	1,349	inTEST Corp.*		35,425
	5,112	Kulicke & Soffa Industries, Inc.		303,908
	4,502	MACOM Technology Solutions Holdings, Inc.*		295,016
	1,636	MagnaChip Semiconductor Corp.*		18,290
	8,358	MaxLinear, Inc., Class A*		263,778
	129	MKS Instruments, Inc.		13,945
	1,056	NVE Corp.		102,897
	5,286	Onto Innovation, Inc.*		615,660
	4,569	PDF Solutions, Inc.*		206,062
	2,693	Photronics, Inc.*		69,452
	2,109	Pixelworks, Inc.*		3,649
	5,868	Power Integrations, Inc.		555,524
	9,084	Rambus, Inc.*		582,920
	6,562	Semtech Corp.*		167,068
	2,296	Silicon Laboratories, Inc.*		362,171
	2,252	SMART Global Holdings, Inc.*		65,330
	3,812	Synaptics, Inc.*		325,469
	5,069	Ultra Clean Holdings, Inc.*		194,954
	1,328	Universal Display Corp.		191,405
	4,871	Veeco Instruments, Inc.*		125,087
				7,831,235
Software (3.3%):
	8,280	A10 Networks, Inc.		120,805
	12,372	ACI Worldwide, Inc.*		286,659
	12,840	Adeia, Inc.		141,368
	2,981	Agilysys, Inc.*		204,616
	5,861	Alarm.com Holdings, Inc.*		302,897
	3,530	Altair Engineering, Inc., Class A*		267,715
	5,064	American Software, Inc., Class A		53,223
	796	Appfolio, Inc., Class A*		137,023
	1,884	AvePoint, Inc.*		10,852
	2,785	Aware, Inc.*		4,400
	6,035	Blackbaud, Inc.*		429,571
	12,665	Box, Inc., Class A*		372,098
	1,432	Braze, Inc., Class A*		62,707
	2,942	Cerence, Inc.*		85,995
	3,799	Cognyte Software, Ltd.*		23,136
	4,305	CommVault Systems, Inc.*		312,629
	2,247	Consensus Cloud Solutions, Inc.*		69,657
	6,335	DoubleVerify Holdings, Inc.*		246,558
	5,396	E2open Parent Holdings, Inc.*		30,218
	3,520	Ebix, Inc.		88,704
	1,400	eGain Corp.*		10,486
	2,921	EngageSmart, Inc.*		55,762
	4,266	Envestnet, Inc.*		253,187
	463	Everbridge, Inc.*		12,455
	1,623	Guidewire Software, Inc.*		123,478
	1,398	Informatica, Inc., Class A*		25,863
	2,755	InterDigital, Inc.		265,995
	5,474	Jamf Holding Corp.*		106,852

See accompanying notes to the financial statements.

17

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Software, continued
	4,429	Jfrog, Ltd.*	$	122,683
	7,700	LiveRamp Holdings, Inc.*		219,912
	3,178	Mitek Systems, Inc.*		34,450
	1,326	Model N, Inc.*		46,887
	13,710	NCR Corp.*		345,492
	4,082	Olo, Inc., Class A*		26,370
	2,642	ON24, Inc.		21,453
	3,431	OneSpan, Inc.*		50,916
	5,793	PowerSchool Holdings, Inc.*		110,878
	4,551	Progress Software Corp.		264,413
	293	Q2 Holdings, Inc.*		9,054
	3,599	Qualys, Inc.*		464,883
	7,922	Rimini Street, Inc.*		37,946
	3,449	Sapiens International Corp. NV		91,743
	539	Shotspotter, Inc.*		11,783
	1,900	Smith Micro Software, Inc.*		2,109
	5,797	SolarWinds Corp.*		59,477
	1,013	Sprinklr, Inc., Class A*		14,010
	2,387	SPS Commerce, Inc.*		458,447
	3,280	Synchronoss Technologies, Inc.*		3,047
	9,872	Teradata Corp.*		527,264
	870	Upland Software, Inc.*		3,132
	1,147	Varonis Systems, Inc.*		30,568
	6,778	Verint Systems, Inc.*		237,637
	3,188	Xperi, Inc.*		41,922
				7,341,385
Specialty Retail (2.9%):
	1,021	1-800-Flowers.com, Inc., Class A*		7,964
	3,889	Aaron’s Co., Inc. (The)		54,990
	5,919	Abercrombie & Fitch Co., Class A*		223,028
	8,552	Academy Sports & Outdoors, Inc.		462,236
	22,289	American Eagle Outfitters, Inc.		263,010
	840	America’s Car-Mart, Inc.*		83,815
	4,214	Arko Corp.		33,501
	1,894	Asbury Automotive Group, Inc.*		455,355
	1,266	AutoNation, Inc.*		208,396
	5,705	Barnes & Noble Education, Inc.*		7,188
	1,634	Big 5 Sporting Goods Corp.^		14,967
	3,059	Boot Barn Holdings, Inc.*		259,067
	5,832	Buckle, Inc. (The)		201,787
	1,732	Build-A-Bear Workshop, Inc.		37,099
	4,212	Caleres, Inc.		100,793
	407	Camping World Holdings, Inc., Class A^		12,251
	2,166	CarParts.com, Inc.*		9,206
	1,799	Cato Corp. (The), Class A		14,446
	15,144	Chico’s FAS, Inc.*		81,020
	1,618	Children’s Place, Inc. (The)*		37,554
	1,682	Citi Trends, Inc.*		29,704
	2,251	Conn’s, Inc.*		8,329
	4,201	Container Store Group, Inc. (The)*		13,191
	5,322	Designer Brands, Inc., Class A^		53,752
	4,253	Destination XL Group, Inc.*		20,840
	738	Duluth Holdings, Inc., Class B*		4,635
	9,025	Foot Locker, Inc.		244,668
	950	Franchise Group, Inc.		27,208
	8,222	Gap, Inc. (The)		73,422
	1,751	Genesco, Inc.*		43,845
	753	Group 1 Automotive, Inc.		194,349
	5,310	Guess?, Inc.		103,280

Shares			Value
Common Stocks, continued
Specialty Retail, continued
	2,627	Haverty Furniture Cos., Inc.	$	79,388
	1,759	Hibbett, Inc.		63,834
	861	J. Jill, Inc.*		18,451
	1,300	Lands’ End, Inc.*		10,088
	8,685	Leslie’s, Inc.*		81,552
	1,529	LL Flooring Holdings, Inc.*		5,856
	1,251	MarineMax, Inc.*		42,734
	3,840	Monro, Inc.		156,019
	1,446	Murphy U.S.A., Inc.		449,865
	9,122	National Vision Holdings, Inc.*		221,573
	2,301	ODP Corp. (The)*		107,733
	443	OneWater Marine, Inc.*		16,054
	159	Penske Automotive Group, Inc.		26,494
	3,370	PetMed Express, Inc.		46,472
	2,414	Revolve Group, Inc.*		39,590
	9,361	Sally Beauty Holdings, Inc.*		115,608
	3,524	Shoe Carnival, Inc.		82,744
	4,223	Signet Jewelers, Ltd.		275,593
	2,863	Sleep Number Corp.*		78,103
	1,077	Sonic Automotive, Inc., Class A		51,341
	5,038	Sportsman’s Warehouse Holdings, Inc.*		28,717
	3,300	Stitch Fix, Inc., Class A*		12,705
	1,307	Tile Shop Holdings, Inc.*		7,241
	2,271	Tilly’s, Inc., Class A*		15,920
	5,782	Upbound Group, Inc.		179,994
	9,674	Urban Outfitters, Inc.*		320,500
	8,308	Valvoline, Inc.		311,633
	3,486	Victoria’s Secret & Co.*		60,761
	924	Warby Parker, Inc., Class A*		10,802
	453	Winmark Corp.		150,609
	2,194	Zumiez, Inc.*		36,552
				6,489,422
Technology Hardware, Storage & Peripherals (0.5%):
	1,308	AstroNova, Inc.*		18,966
	5,532	Avid Technology, Inc.*		141,066
	1,518	Immersion Corp.		10,748
	1,673	Intevac, Inc.*		6,274
	6,812	Stratasys, Ltd.*		120,981
	2,757	Super Micro Computer, Inc.*		687,182
	1,590	TransAct Technologies, Inc.*		14,246
	600	Turtle Beach Corp.*		6,990
	9,858	Xerox Holdings Corp.		146,786
				1,153,239
Textiles, Apparel & Luxury Goods (1.0%):
	4,805	Capri Holdings, Ltd.*		172,452
	4,104	Carter’s, Inc.		297,950
	4,005	Columbia Sportswear Co.		309,346
	2,291	Culp, Inc.*		11,386
	2,091	Fossil Group, Inc.*		5,374
	5,172	G-III Apparel Group, Ltd.*		99,665
	5,770	Hanesbrands, Inc.		26,196
	6,230	Kontoor Brands, Inc.		262,283
	816	Lakeland Industries, Inc.		11,742
	1,625	Movado Group, Inc.		43,599
	1,628	Oxford Industries, Inc.		160,228
	3,974	PVH Corp.		337,671
	674	Rocky Brands, Inc.		14,154
	8,848	Steven Madden, Ltd.		289,241
	418	Superior Group of Cos., Inc.		3,904

See accompanying notes to the financial statements.

18

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	11,206	Under Armour, Inc., Class A*	$	80,907
	11,499	Under Armour, Inc., Class C*		77,158
	957	Unifi, Inc.*		7,723
	1,916	Vera Bradley, Inc.*		12,243
	6,915	Wolverine World Wide, Inc.		101,581
				2,324,803
Tobacco (0.2%):
	763	Turning Point Brands, Inc.		18,320
	2,298	Universal Corp.		114,762
	17,860	Vector Group, Ltd.		228,786
				361,868
Trading Companies & Distributors (2.8%):
	12,706	Air Lease Corp.		531,746
	3,201	Alta Equipment Group, Inc.		55,473
	4,426	Applied Industrial Technologies, Inc.		641,018
	7,216	Beacon Roofing Supply, Inc.*		598,784
	1,151	BlueLinx Holdings, Inc.*		107,941
	2,610	Boise Cascade Co.		235,813
	2,629	DXP Enterprises, Inc.*		95,722
	2,463	EVI Industries, Inc.*		54,186
	3,079	GATX Corp.		396,390
	4,153	Global Industrial Co.		115,329
	1,159	GMS, Inc.*		80,203
	2,840	H&E Equipment Services, Inc.		129,930
	3,306	Herc Holdings, Inc.		452,426
	2,500	Hudson Technologies, Inc.*		24,050
	2,937	McGrath RentCorp		271,614
	9,914	MRC Global, Inc.*		99,834
	4,207	MSC Industrial Direct Co., Inc.		400,843
	13,081	NOW, Inc.*		135,519
	3,662	Rush Enterprises, Inc., Class A		222,430
	876	Rush Enterprises, Inc., Class B		59,621
	681	SiteOne Landscape Supply, Inc.*		113,972
	4,207	Textainer Group Holdings, Ltd.		165,672
	3,252	Titan Machinery, Inc.*		95,934
	1,171	Transcat, Inc.*		99,898
	6,285	Triton International, Ltd.		523,289
	5,651	Univar Solutions, Inc.*		202,532
	1,384	Veritiv Corp.		173,844
	576	WESCO International, Inc.		103,138
				6,187,151
Water Utilities (0.5%):
	3,880	American States Water Co.		337,560
	933	Artesian Resources Corp., Class A		44,056
	5,298	California Water Service Group		273,536
	1,256	Consolidated Water Co., Ltd.		30,433
	1,823	Middlesex Water Co.		147,043
	3,435	Pure Cycle Corp.*		37,785
	3,168	SJW Group		222,109

Shares			Value
Common Stocks, continued
Water Utilities, continued
	1,701	York Water Co. (The)	$	70,200
				1,162,722
Wireless Telecommunication Services (0.2%):
	8,428	Gogo, Inc.*		143,360
	5,245	Shenandoah Telecommunications Co.		101,910
	2,722	Spok Holdings, Inc.		36,175
	11,047	Telephone and Data Systems, Inc.		90,917
	3,950	United States Cellular Corp.*^		69,639
				442,001
	Total Common Stocks (Cost $199,991,732)			222,775,511
Preferred Stocks (0.0%†):
Media (0.0%†):
	430	Liberty Broadband Corp., Series A		9,911
Trading Companies & Distributors (0.0%†):
	2,540	WESCO International, Inc., Series A, 1.40%		67,869
	Total Preferred Stocks (Cost $70,827)			77,780
Rights (0.0%†):
Biotechnology (0.0%†):
	1,262	Albireo Pharma, Inc. CVR, Expires on 3/2/26*		2,035
	2,004	Chinook Therapeutics CVR, Expires on 12/31/49*		4,970
				7,005
Energy Equipment & Services (0.0%†):
	5,401	Resolute Fst CVR, Expires on 1/1/26*		7,670
Health Care Providers & Services (0.0%†):
	8,857	Achillion Pharm CVR, Expires on 1/29/49*		2,391
	8,452	Xeris BioPharma Hold CVR, Expires on 10/6/49*		2,566
				4,957
Trading Companies & Distributors (0.0%†):
	79	Communications Systems I CVR, Expires on 1/1/29*		241
	Total Rights (Cost $–)			19,873
Short-Term Security Held as Collateral for Securities on Loan (0.6%):
	1,255,965	BlackRock Liquidity FedFund, Institutional Class, 3.57%(c)(d)		1,255,965
	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,255,965)			1,255,965
Unaffiliated Investment Company (0.3%):
Money Markets (0.3%):
	740,702	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(d)		740,702
	Total Unaffiliated Investment Company (Cost $740,702)			740,702
	Total Investment Securities (Cost $202,059,226) — 100.6%			224,869,831
	Net other assets (liabilities) — (0.6)%			(1,385,659	)
	Net Assets — 100.0%		$	223,484,172

Percentages indicated are based on net assets as of June 30, 2023.

CVR        -        Contingency Valued Rights

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $1,221,530.

† Represents less than 0.05%.

* Non-income producing security.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

See accompanying notes to the financial statements.

19

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

(b) Security was valued using significant unobservable inputs as of June 30, 2023.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(d) The rate represents the effective yield at June 30, 2023.

Amounts shown as “—“ are either $0 or round to less than $1.

See accompanying notes to the financial statements.

20

AZL DFA U.S. Small Cap Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	202,059,226
Investment securities, at value(a)	$	224,869,831
Interest and dividends receivable		137,927
Receivable for investments sold		191,333
Prepaid expenses		4
Total Assets		225,199,095
Liabilities:
Payable for investments purchased		290,702
Payable for collateral received on loaned securities		1,255,965
Management fees payable		120,102
Administration fees payable		2,764
Distribution fees payable		44,814
Custodian fees payable		193
Administrative and compliance services fees payable		23
Transfer agent fees payable		35
Trustee fees payable		120
Other accrued liabilities		205
Total Liabilities		1,714,923
Commitments and contingent liabilities^
Net Assets	$	223,484,172
Net Assets Consist of:
Paid in capital	$	179,937,432
Total distributable earnings		43,546,740
Net Assets	$	223,484,172
Shares of beneficial interest (unlimited number of shares authorized, no par value)		22,377,960
Net Asset Value (offering and redemption price per share)	$	9.99

(a) Includes securities on loan of $1,221,530.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends	$	1,374,849
Income from securities lending		1,785
Foreign withholding tax		(1,410	)
Total Investment Income		1,375,224
Expenses:
Management fees		740,786
Administration fees		30,774
Distribution fees		217,877
Custodian fees		10,176
Administrative and compliance services fees		1,151
Transfer agent fees		2,770
Trustee fees		4,488
Professional fees		3,810
Shareholder reports		1,372
Other expenses		1,925
Total expenses before reductions		1,015,129
Less Management fees contractually waived		(156,872	)
Net expenses		858,257
Net Investment Income/(Loss)		516,967
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		8,628,543
Change in net unrealized appreciation/depreciation on securities and foreign currencies		4,688,491
Net realized and Change in net unrealized gains/losses on investments		13,317,034
Change in Net Assets Resulting From Operations	$	13,834,001

See accompanying notes to the financial statements.

21

AZL DFA U.S. Small Cap Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023				For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	516,967			$	448,407
Net realized gains/(losses) on investments			8,628,543				11,018,027
Change in unrealized appreciation/depreciation on investments			4,688,491				(30,719,096	)
Change in net assets resulting from operations			13,834,001				(19,252,662	)
Distributions to Shareholders:
Distributions			—				(31,426,517	)
Change in net assets resulting from distributions to shareholders			—				(31,426,517	)
Capital Transactions:
Proceeds from shares issued			112,323,800				30,390
Proceeds from dividends reinvested			—				31,426,517
Value of shares redeemed			(19,345,073	)			(19,090,502	)
Change in net assets resulting from capital transactions			92,978,727				12,366,405
Change in net assets			106,812,728				(38,312,774	)
Net Assets:
Beginning of period			116,671,444				154,984,218
End of period		$	223,484,172			$	116,671,444
Share Transactions:
Shares issued			11,963,572				2,230
Dividends reinvested			—				3,457,263
Shares redeemed			(1,933,214	)			(1,593,498	)
Change in shares			10,030,358				1,865,995

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

22

AZL DFA U.S. Small Cap Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
	(Unaudited)
Net Asset Value, Beginning of Period		$9.45			$14.79			$12.46			$11.33			$10.19			$12.40
Investment Activities:
Net Investment Income/(Loss)		0.03	(a)		0.04	(a)		0.06	(a)		0.05	(a)		0.05	(a)		0.07
Net Realized and Unrealized Gains/(Losses) on Investments		0.51			(2.08	)		3.50			1.46			2.00			(1.53	)
Total from Investment Activities		0.54			(2.04	)		3.56			1.51			2.05			(1.46	)
Distributions to Shareholders From:
Net Investment Income		—			(0.08	)		(0.09	)		(0.05	)		(0.06	)		(0.07	)
Net Realized Gains		—			(3.22	)		(1.14	)		(0.33	)		(0.85	)		(0.68	)
Total Dividends		—			(3.30	)		(1.23	)		(0.38	)		(0.91	)		(0.75	)
Net Asset Value, End of Period		$9.99			$9.45			$14.79			$12.46			$11.33			$10.19
Total Return(b)		5.71	%(c)		(12.91	)%		29.02	%		13.97	%		21.10	%		(12.64	)%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period (000’s)		$223,484			$116,671			$154,984			$167,790			$170,336			$149,873
Net Investment Income/(Loss)(d)		0.59	%		0.35	%		0.40	%		0.54	%		0.46	%		0.48	%
Expenses Before Reductions(d)(e)		1.16	%		1.16	%		1.17	%		1.19	%		1.17	%		1.16	%
Expenses Net of Reductions(d)		0.98	%		1.01	%		1.02	%		1.04	%		1.02	%		1.01	%
Portfolio Turnover Rate		16	%(c)		10	%		12	%		22	%		10	%		9	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

23

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Small Cap Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

24

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $179 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,255,965 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL DFA U.S. Small Cap Fund		0.85	%		1.35	%

* The Manager waived, prior to any application of expense limit, the management fee to 0.67% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager is 0.25%.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

25

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

26

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks+		$222,751,553		$23,958		$—	#		$222,775,511
Preferred Stocks+		77,780		—		—			77,780
Rights+		—		19,873		—			19,873
Short-Term Security Held as Collateral for Securities on Loan		1,255,965		—		—			1,255,965
Unaffiliated Investment Company		740,702		—		—			740,702
Total Investment Securities		$224,826,000		$43,831		$—			$224,869,831

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

^#  Represents the interest in securities that were determined to have a value of zero at June 30, 2023.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL DFA U.S. Small Cap Fund		$	117,800,963		$	24,806,947

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Value Stocks Risk: Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause the Fund to at times underperform equity funds that use other investment strategies.

Capitalization Risk: Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $98,508,853. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$35,651,305
Unrealized (depreciation)	(17,462,845	)
Net unrealized appreciation/(depreciation)	$18,188,460

27

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL DFA U.S. Small Cap Fund		$	4,547,617		$	26,878,900		$	31,426,517

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/(Deficit)
AZL DFA U.S. Small Cap Fund		$	695,184		$	10,829,095		$	—		$	18,188,460		$	29,712,739

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023, the Fund was wholly-owned by multiple shareholder accounts which are affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

28

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

29

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

30

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Enhanced Bond Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 31

Page 31

Page 32

Page 33

Page 34

Page 43

Page 44

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Enhanced Bond Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Enhanced Bond Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Enhanced Bond Index Fund		$	1,000.00		$	1,020.00		$	3.16		0.63	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Enhanced Bond Index Fund		$	1,000.00		$	1,021.67		$	3.16		0.63	%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
U.S. Government Agency Mortgages		33.8	%
U.S. Treasury Obligations		23.5
Corporate Bonds		22.1
Unaffiliated Investment Company		10.1
Asset Backed Securities		7.7
Collateralized Mortgage Obligations		6.5
Yankee Debt Obligations		3.0
Municipal Bonds		0.5
Foreign Bonds		0.5
Short-Term Security Held as Collateral for Securities on Loan		0.1
Total Investment Securities		107.8
Net other assets (liabilities)		(7.8	)
Net Assets		100.0	%

3

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Asset Backed Securities (7.7%):
$3,294,000	American Express Credit Account Master Trust, Class A, Series 2023-2, 4.80%, 5/15/30	$	3,259,855
907,000	American Express Credit Account Master Trust, Class A, Series 2022-3, 3.75%, 8/16/27		879,665
6,700,000	American Express Credit Account Master Trust, Class A, Series 2023-1, 4.87%, 5/15/28		6,660,861
2,214,462	American Homes 4 Rent LLC, Class A, Series 2014- SFR3, 3.68%, 12/17/36(a)		2,135,042
6,894,000	BA Credit Card Trust, Class A1, Series 2023-A1, 4.79%, 5/15/28		6,838,963
1,192,000	BA Credit Card Trust, Class A2, Series 2022-A2, 5.00%, 4/17/28		1,186,417
1,640,000	Benchmark Mortgage Trust, Class A4, Series 2018- B7, 4.51%, 11/15/51, Callable 11/15/28 @ 100		1,541,238
8,360,000	Capital One Multi-Asset Execution Trust, Class A, Series 2023-A1, 4.42%, 5/15/28		8,208,284
2,237,000	Capital One Multi-Asset Execution Trust, Class A, Series 2022-A3, 4.95%, 10/15/27		2,220,744
341,000	Capital One Multi-Asset Execution Trust, Class A, Series 2022-A2, 3.49%, 5/15/27		329,658
1,070,000	Capital One Multi-Asset Execution Trust, Class A2, Series 2021-A2, 1.39%, 7/15/30		899,129
1,018,000	Carmax Auto Owner Trust, Class A3, Series 2023-2, 5.05%, 1/18/28, Callable 7/15/26 @ 100		1,010,650
1,612,000	Carmax Auto Owner Trust, Class A3, Series 2022-4, 5.34%, 8/16/27, Callable 4/15/26 @ 100		1,606,460
1,204,350	CarMax Auto Owner Trust, Class A2A, Series 2022- 2, 2.81%, 5/15/25		1,197,315
133,288	College Ave Student Loans LLC, Class A1, Series 2021-A, 6.25% (US0001M+110bps), 7/25/51, Callable 2/25/32 @ 100(a)		133,567
921,543	College Ave Student Loans LLC, Class A2, Series 2021-C, 2.32%, 7/26/55, Callable 12/25/34 @ 100(a)		784,963
1,693,000	College Ave Student Loans LLC, Class A2, Series 2023-A, 5.33%, 5/25/55, Callable 4/25/37 @ 100(a)		1,658,091
962,743	College Avenue Student Loans LLC, Class A2, Series 2021-B, 1.76%, 6/25/52, Callable 1/25/34 @ 100(a)		811,942
3,400,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-4, 1.26%, 10/15/30, Callable 4/15/25 @ 100(a)		3,250,872
1,712,200	Credit Acceptance Auto Loan Trust, Class A, Series 2021-3A, 1.00%, 5/15/30, Callable 11/15/24 @ 100(a)		1,669,153
2,206,728	Credit Acceptance Auto Loan Trust, Class A, Series 2021-2A, 0.96%, 2/15/30, Callable 10/15/24 @ 100(a)		2,163,029
8,599,000	Discover Card Execution Note Trust, Class A, Series 2023-A1, 4.31%, 3/15/28		8,411,150
2,215,000	Discover Card Execution Note Trust, Class A, Series 2023-A2, 4.93%, 6/15/28		2,206,078
400,352	EDvestinU Private Education Loan Issue No 3 LLC, Class A, Series 2021-A, 1.80%, 11/25/45(a)		345,063
773,000	Enterprise Fleet Financing LLC, Class A3, Series 2022-3, 4.29%, 7/20/29, Callable 5/20/26 @ 100(a)		740,852
7,056,000	Enterprise Fleet Financing LLC, Class A2, Series 2023-2, 5.56%, 4/22/30, Callable 2/20/27 @ 100(a)		7,023,437
1,522,000	Enterprise Fleet Financing LLC, Class A3, Series 2023-2, 5.50%, 4/22/30, Callable 2/20/27 @ 100(a)		1,508,758

Principal Amount		Value
Asset Backed Securities, continued
$1,294,250	Ford Credit Auto Lease Trust, Class A2A, Series 2022-A, 2.78%, 10/15/24	$	1,290,442
3,637,000	Ford Credit Auto Owner Trust, Class A3, Series 2023-B, 5.23%, 5/15/28, Callable 2/15/27 @ 100		3,620,331
1,955,000	Ford Credit Auto Owner Trust, Class A3, Series 2023-A, 4.65%, 2/15/28, Callable 5/15/26 @ 100		1,926,886
917,000	Ford Credit Auto Owner Trust, Class A3, Series 2022-D, 5.27%, 5/17/27, Callable 1/15/26 @ 100		913,805
6,228,000	Ford Credit Auto Owner Trust, Class A, Series 2023- 1, 4.85%, 8/15/35, Callable 2/15/28 @ 100(a)		6,095,264
12,119,000	Ford Credit Floorplan Master Owner Trust A, Class A1, Series 2023-1, 4.92%, 5/15/28(a)		11,970,402
1,704,000	GMF Floorplan Owner Revolving Trust, Class A, Series 2023-2, 5.34%, 6/17/30(a)		1,695,498
410,078	Goodleap Sustainable Home Solutions Trust, Class A, Series 2022-1GS, 2.70%, 1/20/49, Callable 7/20/36 @ 100(a)		326,730
866,224	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-5CS, 2.31%, 10/20/48, Callable 10/20/36 @ 100(a)		668,666
1,833,806	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2022-3CS, 4.95%, 7/20/49, Callable 1/20/37 @ 100(a)		1,674,145
1,581,501	GoodLeap Sustainable Home Solutions Trust, Class A, Series 2021-4GS, 1.93%, 7/20/48, Callable 9/20/36 @ 100(a)		1,204,089
2,960,000	GPMT, Ltd., Class A, Series 2021-FL4, 6.50% (US0001M+135bps), 11/15/36, Callable 11/20/23 @ 100(a)		2,854,702
1,467,000	Honda Auto Receivables Owner Trust, Class A3, Series 2023-1, 5.04%, 4/21/27, Callable 6/21/26 @ 100		1,457,345
3,369,000	Honda Auto Receivables Owner Trust, Class A3, Series 2023-2, 4.93%, 11/15/27, Callable 9/15/26 @ 100		3,346,295
6,226,000	Hyundai Auto Receivables Trust, Class A3, Series 2022-C, 5.39%, 6/15/27, Callable 12/15/26 @ 100		6,205,681
8,044,000	John Deere Owner Trust, Class A3, Series 2023-B, 5.18%, 3/15/28, Callable 1/15/27 @ 100		8,019,613
1,390,000	Lendmark Funding Trust, Class A, Series 2021-1A, 1.90%, 11/20/31, Callable 5/20/26 @ 100(a)		1,196,945
1,200,000	Mariner Finance Issuance Trust, Class A, Series 2021-AA, 1.86%, 3/20/36, Callable 3/20/26 @ 100(a)		1,053,210
156,000	Mercedes-Benz Auto Receivables Trust, Class A3, Series 2022-1, 5.21%, 8/16/27, Callable 5/15/26 @ 100		154,889
1,605,000	Mercedes-Benz Auto Receivables Trust, Class A3, Series 2023-1, 4.51%, 11/15/27, Callable 5/15/26 @ 100		1,577,986
924,542	Mosaic Solar Loan Trust, Class A, Series 2022-D, 6.16%, 6/20/53, Callable 8/20/37 @ 100(a)		909,116
1,462,142	Mosaic Solar Loan Trust, Class A, Series 2022-1A, 2.64%, 1/20/53, Callable 4/20/36 @ 100(a)		1,240,774
856,677	Mosaic Solar Loan Trust, Class A, Series 2022-2A, 4.38%, 1/21/53, Callable 8/20/38 @ 100(a)		781,610
934,204	Navient Private Education Loan Trust, Class A1B, Series 2020-lA, 6.19% (US0001M+100bps), 4/15/69, Callable 10/15/31 @ 100(a)		917,948

See accompanying notes to the financial statements.

4

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Asset Backed Securities, continued
$66,592	Navient Private Education Loan Trust, Class A2A, Series 2018-BA, 3.61%, 12/15/59, Callable 3/15/28 @ 100(a)	$	64,110
1,974,192	Navient Private Education Refi Loan Trust, Class A2A, Series 2019-D, 3.01%, 12/15/59, Callable 7/15/31 @ 100(a)		1,823,689
3,995,091	Navient Private Education Refi Loan Trust, Class A, Series 2022-BA, 4.16%, 10/15/70, Callable 10/15/29 @ 100(a)		3,782,629
5,093,834	Navient Private Education Refi Loan Trust, Class A, Series 2023-A, 5.51%, 10/15/71, Callable 10/15/32 @ 100(a)		4,993,814
6,029,566	Navient Private Education Refi Loan Trust, Class A, Series 2021-EA, 0.97%, 12/16/69, Callable 8/15/29 @ 100(a)		5,101,107
407,314	Navient Private Education Refi Loan Trust, Class A, Series 2021-A, 0.84%, 5/15/69, Callable 3/15/28 @ 100(a)		351,340
1,923,213	Navient Private Education Refi Loan Trust, Class A, Series 2021-DA, 6.26% (PRIME-(199)bps), 4/15/60, Callable 5/15/32 @ 100(a)		1,780,754
1,873,409	Navient Private Education Refi Loan Trust, Class A, Series 20-FA, 1.22%, 7/15/69, Callable 4/15/27 @ 100(a)		1,664,464
105,605	Navient Student Loan Trust, Class A2, Series 2018- EA, 4.00%, 12/15/59, Callable 5/15/25 @ 100(a)		102,463
3,880,126	Navient Student Loan Trust, Class A2B, Series 2019-D, 6.24% (US0001M+105bps), 12/15/59, Callable 7/15/31 @ 100(a)		3,825,994
771,609	Navient Student Loan Trust, Class A2B, Series 2020-CA, 6.79% (US0001M+160bps), 11/15/68, Callable 5/15/31 @ 100(a)		768,302
3,243,147	Nelnet Student Loan Trust, Class AFL, Series 2021- CA, 5.89% (US0001M+74bps), 4/20/62, Callable 7/20/31 @ 100(a)		3,182,191
2,333,941	Nelnet Student Loan Trust, Class AFX, Series 2021- DA, 1.63%, 4/20/62, Callable 11/20/31 @ 100(a)		2,094,690
5,396,556	Nelnet Student Loan Trust, Class AFL, Series 2021- BA, 5.94% (US0001M+78bps), 4/20/62, Callable 7/20/29 @ 100(a)		5,303,805
2,827,438	Nelnet Student Loan Trust, Class APT2, Series 2021-A, 1.36%, 4/20/62, Callable 9/20/29 @ 100(a)		2,510,316
6,506,000	OneMain Financial Issuance Trust, Class A, Series 2023-1A, 5.50%, 6/14/38, Callable 6/14/28 @ 100		6,377,205
5,039,000	PFS Financing Corp., Class A, Series 2023-1A, 5.80%, 3/15/28(a)		5,037,869
1,400,000	PFS Financing Corp., Class A, Series 2021-A, 0.71%, 4/15/26(a)		1,339,994
7,235,000	PFS Financing Corp., Class A, Series 2023-B, 5.27%, 5/15/28(a)		7,153,324
8,307,000	Porsche Financial Auto Securitization Trust, Class A3, Series 2023-1A, 4.81%, 9/22/28, Callable 11/22/26 @ 100(a)		8,198,771
416,233	Prodigy Finance CM2021-1 DAC, Class A, Series 2021-1A, 6.45% (US0001M+125bps), 7/25/51, Callable 2/25/27 @ 100(a)		410,450
2,009,000	Regional Management Issuance Trust, Class A, Series 2021-2, 1.90%, 8/15/33, Callable 8/15/26 @ 100(a)		1,688,170

Principal Amount		Value
Asset Backed Securities, continued
$490,000	SMB Private Education Loan Trust, Class B, Series 2021-A, 2.31%, 1/15/53(a)	$	440,552
1,518,791	SMB Private Education Loan Trust, Class A1A, Series BA, 1.29%, 7/15/53(a)		1,351,496
3,203,851	SMB Private Education Loan Trust, Class A2A1, Series 2021-A, 5.92% (US0001M+73bps), 1/15/53(a)		3,137,528
5,764,487	SMB Private Education Loan Trust, Class A1B, Series 2022-D, 6.87% (SOFR30A+180bps), 10/15/58(a)		5,821,580
1,742,230	SMB Private Education Loan Trust, Class A1B, Series 2022-C, 6.92% (SOFR30A+185bps), 5/16/50(a)		1,753,820
2,953,208	SMB Private Education Loan Trust, Class APT, Series 2022-A, 2.85%, 11/16/54(a)		2,640,587
8,665,000	SMB Private Education Loan Trust, Class A1B, Series 2023-B(SOFR30A+180bps), 10/16/56(a)		8,683,740
249,213	SMB Private Education Loan Trust, Class A2B, Series 2020-A, 6.02% (US0001M+83bps), 9/15/37(a)		244,785
1,034,407	SMB Private Education Loan Trust, Class APT1, Series 2021-C, 1.39%, 1/15/53(a)		894,838
271,417	SMB Private Education Loan Trust, Class A2B, Series 2017-B, 5.94% (US0001M+75bps), 10/15/35(a)		267,293
1,019,282	SoFi Professional Loan Program, Class A2FX, Series 2020-A, 2.54%, 5/15/46, Callable 6/15/27 @ 100(a)		931,680
519,203	SoFi Professional Loan Program, Class AFX, Series 2020-C, 1.95%, 2/15/46, Callable 5/15/28 @ 100(a)		464,359
402,107	SoFi Professional Loan Program, Class A2FX, Series 2019-B, 3.09%, 8/17/48, Callable 6/15/26 @ 100(a)		377,384
983,943	SoFi Professional Loan Program, Class A2FX, Series 2017-F, 2.84%, 1/25/41, Callable 7/25/25 @ 100(a)		945,448
6,151,000	Toyota Auto Receivables Owner Trust, Class A3, Series 2023-B, 4.71%, 2/15/28, Callable 9/15/25 @ 100		6,077,548
2,569,000	Volkswagen Auto Loan Enhanced Trust, Class A3, Series 2023-1, 5.02%, 6/20/28, Callable 11/20/26 @ 100		2,558,497
Total Asset Backed Securities (Cost $241,401,053)			233,930,194
Collateralized Mortgage Obligations (6.5%):
1,930,000	ACRES Commercial Realty, Ltd., Class A, Series 2021-FL2, 6.56% (US0001M+140bps), 1/15/37, Callable 12/15/23 @ 100(a)		1,884,793
2,000,000	AIMCO CLO, Class AR, Series 2017-AA, 6.30% (US0003M+105bps), 4/20/34, Callable 7/20/23 @ 100(a)		1,962,878
2,810,000	Alen Mortgage Trust, Class A, Series 2021-ACEN, 6.34% (US0001M+115bps), 4/15/38(a)		2,326,079
870,000	Allegro CLO VIII, Ltd., Class A, Series 2018-2A, 6.36% (US0003M+110bps), 7/15/31, Callable 7/15/23 @ 100(a)		856,797
979,093	Anchorage Capital CLO 7, Ltd., Class AR2, Series 2015-7A, 6.36% (US0003M+109bps), 1/28/31, Callable 7/28/23 @ 100(a)		968,113
1,170,000	Apidos CLO XX, Class A1RA, Series 2015-20A, 6.36% (US0003M+110bps), 7/16/31, Callable 7/16/23 @ 100(a)		1,155,743

See accompanying notes to the financial statements.

5

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$950,000	Apidos CLO Xxv, Class A1R, Series 2016-25A, 6.42% (US0003M+117bps), 10/20/31, Callable 7/20/23 @ 100(a)	$	937,998
2,140,000	Arbor Realty Commercial Real Estate Notes, Ltd., Class A, Series 2021-FL4, 6.54% (US0001M+135bps), 11/15/36, Callable 6/15/24 @ 100(a)		2,097,200
398,872	Ares XL CLO, Ltd., Class A1RA, Series 2016-40A, 6.13% (US0003M+87bps), 1/15/29, Callable 7/15/23 @ 100(a)		395,865
500,000	Ares XXXIIR CLO, Ltd., Class A1A, Series 2014- 32RA, 6.26% (US0003M+94bps), 5/15/30, Callable 8/15/23 @ 100(a)		494,195
1,530,421	Arroyo Mortgage Trust, Class A1, Series 2022-2, 4.95%, 7/25/57, Callable 7/25/25 @ 100(a)		1,441,330
1,330,000	BANK, Class A5, Series 2021-BN38, 2.52%, 12/15/64, Callable 12/15/31 @ 100		1,080,517
3,850,000	Barclays Commercial Mortgage Trust, Class A, Series 2018-TALL, 6.07% (US0001M+72bps), 3/15/37(a)		2,928,223
1,171,504	Battalion CLO VIII, Ltd., Class A1R2, Series 2015- 8A, 6.33% (US0003M+107bps), 7/18/30, Callable 7/18/23 @ 100(a)		1,161,473
2,290,000	Battalion CLO X, Ltd., Class A1R2, Series 2016-10A, 6.44% (US0003M+117bps), 1/25/35, Callable 7/24/23 @ 100(a)		2,241,198
3,270,000	BBCMS Mortgage Trust, Class A2B, Series 2023- C19, 5.75%, 4/15/56, Callable 4/15/33 @ 100		3,248,351
1,990,000	BDS, Ltd., Class A, Series 2021-FL10, 6.51% (US0001M+135bps), 12/18/36, Callable 12/16/23 @ 100(a)		1,950,821
1,040,000	Benchmark Mortgage Trust, Class B, Series 2019- B15, 3.56%, 12/15/72, Callable 12/15/29 @ 100		770,410
3,120,000	Benchmark Mortgage Trust, Class A5, Series 2019- B12, 3.12%, 8/15/52, Callable 8/15/29 @ 100		2,724,210
1,540,000	BSPRT Issuer, Ltd., Class A, Series 2021-FL7, 6.51% (US0001M+132bps), 12/15/38, Callable 12/15/23 @ 100(a)		1,505,386
3,350,000	BX Commercial Mortgage Trust, Class A, Series 2020-ViV4, 2.84%, 3/9/44, Callable 3/9/30 @ 100(a)		2,764,599
1,476,904	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 6.18% (US0001M+92bps), 10/15/36(a)		1,467,635
3,400,000	BX Trust, Class A, Series 2023-A, 7.69% (TSFR1M+269bps), 5/15/38(a)		3,391,349
551,000	BX Trust, Class D, Series 2019-OC11, 4.08%, 12/9/41, Callable 12/9/29 @ 100(a)		455,108
603,000	Cantor Commercial Real Estate Lending, Class B, Series 2019-CF3, 3.50%, 1/15/53, Callable 12/15/29 @ 100(b)		463,687
615,000	Cantor Commercial Real Estate Lending, Class A4, Series 2019-CF2, 2.62%, 11/15/52, Callable 10/15/29 @ 100		512,470
400,000	CARLYLE US CLO, Ltd., Class A1, Series 2021-5A, 6.37% (US0003M+112bps), 7/20/34, Callable 7/20/23 @ 100(a)		393,164
2,235,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016- 6A, 6.30% (US0003M+105bps), 4/20/34, Callable 7/20/23 @ 100(a)		2,176,523

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$1,950,000	CEDR Commercial Mortgage Trust, Class A, Series 2022-SNAI, 6.14% (TSFR1M+99bps), 2/15/39(a)	$	1,789,091
240,345	Chase Home Lending Mortgage Trust, Class A11, Series 2019-ATR2, 6.04% (US0001M+90bps), 7/25/49, Callable 9/25/27 @ 100(a)		224,375
1,750,000	CIFC Funding, Ltd., Class A, Series 2018-3A, 6.36% (US0003M+110bps), 7/18/31, Callable 7/18/23 @ 100(a)		1,733,375
1,250,000	CIFC Funding, Ltd., Class A1, Series 2013-3RA, 6.25% (US0003M+98bps), 4/24/31, Callable 7/24/23 @ 100(a)		1,238,033
329,932	CIFC Funding, Ltd., Class A1, Series 2017-5A, 6.44% (US0003M+118bps), 11/16/30, Callable 7/17/23 @ 100(a)		328,253
687,298	CIM Trust, Class A11, Series 2019-INV3, 5.50% (US0001M+100bps), 8/25/49, Callable 3/25/35 @ 100(a)		641,478
145,007	CIM Trust, Class A1, Series 2021-R6, 1.42%, 7/25/61, Callable 9/25/26 @ 100(a)(b)		123,332
667,000	Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48, Callable 6/10/26 @ 100		632,614
3,075,000	Commercial Mortgage Loan Trust, Class A4, Series 2015-CCRE26, 3.63%, 10/10/48, Callable 9/10/25 @ 100		2,894,439
2,253,698	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(a)		1,987,395
1,195,000	CSAIL Commercial Mortgage Trust, Class B, Series 2019-C15, 4.48%, 3/15/52, Callable 2/15/29 @ 100		1,034,481
210,000	CSAIL Commercial Mortgage Trust, Class A5, Series 2018-CX11, 4.03%, 4/15/51, Callable 4/15/28 @ 100(b)		193,604
1,646,290	CSMC, Class A1, Series 2021-NQM8, 1.84%, 10/25/66, Callable 11/25/24 @ 100(a)(b)		1,395,489
2,335,000	CSMC, Class B, Series 2021-BHAR, 6.69% (US0001M+150bps), 11/15/38(a)		2,274,394
1,998,372	Dewolf Park CLO, Ltd., Class AR, Series 2017-1A, 6.18% (US0003M+92bps), 10/15/30, Callable 7/15/23 @ 100(a)		1,972,389
1,440,000	Diameter Capital CLO 1, Ltd., Class A1A, Series 2021-1A, 6.50% (US0003M+124bps), 7/15/36, Callable 10/15/23 @ 100(a)		1,417,017
482,843	Dryden 30 Senior Loan Fund, Class AR, Series 2013- 30A, 6.14% (US0003M+82bps), 11/15/28, Callable 8/15/23 @ 100(a)		479,355
1,962,515	Dryden 37 Senior Loan Fund, Class AR, Series 2015- 37A, 6.36% (US0003M+110bps), 1/15/31, Callable 7/15/23 @ 100(a)		1,945,477
2,095,000	Dryden 43 Senior Loan Fund, Class AR2, Series 2016-43A, 6.29% (US0003M+104bps), 4/20/34, Callable 7/20/23 @ 100(a)		2,050,940
470,000	Dryden 60 CLO, Ltd., Class A, Series 2018-60A, 6.31% (US0003M+105bps), 7/15/31, Callable 7/15/23 @ 100(a)		465,907
800,000	Dryden 75 CLO, Ltd., Class AR2, Series 2019-75A, 6.30% (US0003M+104bps), 4/15/34, Callable 7/15/23 @ 100(a)		782,000
4,750,000	Elmwood CLO II, Ltd., Class AR, Series 2019-2A, 6.40% (US0003M+115bps), 4/20/34, Callable 7/20/23 @ 100(a)		4,677,605

See accompanying notes to the financial statements.

6

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$490,401	Flagstar Mortgage Trust, Class A11, Series 2019-1, 5.50% (US0001M+95bps), 10/25/49, Callable 7/25/28 @ 100(a)	$	458,936
4,230,000	Flatiron CLO 18, Ltd., Class A, Series 2018-1A, 6.20% (TSFR3M+121bps), 4/17/31, Callable 7/17/23 @ 100(a)		4,186,955
995,741	FRESB Multifamily Mortgage Pass Through, Class A10H, Series 2019-SB60, 3.50% (US0001M+350bps), 1/25/39, Callable 12/25/28 @ 100		909,452
1,209,609	FS RIALTO, Class A, Series 2021-FL2, 6.44% (US0001M+122bps), 4/16/26, Callable 7/16/23 @ 100(a)		1,181,385
2,720,000	FS Rialto Issuer LLC, Class A, Series 2022-FL4, 6.97% (SOFR30A+190bps), 1/19/39, Callable 4/17/24 @ 100(a)		2,657,499
2,130,000	Galaxy XXVI CLO, Ltd., Class A, Series 2018-26A, 6.58% (US0003M+120bps), 11/22/31, Callable 8/22/23 @ 100(a)		2,106,328
1,122,000	Galaxy XXVII CLO, Ltd., Class A, Series 2018-27A, 6.34% (US0003M+102bps), 5/16/31, Callable 8/16/23 @ 100(a)		1,107,140
2,763,742	GCAT Trust, Class A1, Series 2021-NQM7, 1.91%, 8/25/66, Callable 4/25/30 @ 100(a)(b)		2,389,415
4,110,000	Great Wolf Trust, Class A, Series 2019-WOLF, 6.30% (TSFR1M+115bps), 12/15/36(a)		4,061,672
329,234	Grippen Park CLO, Ltd., Class A, Series 2017-1A, 6.51% (US0003M+126bps), 1/20/30, Callable 7/20/23 @ 100(a)		327,349
3,575,853	GS Mortgage Backed Securities Corp. Trust, Class A4, Series 2022-PJ2, 2.50%, 6/25/52, Callable 7/25/43 @ 100(a)(b)		2,869,343
2,105,000	GS Mortgage Securities Corp. Trust, Class B, Series 2023-FUN, 7.94% (TSFR1M+279bps), 3/15/28(a)		2,066,770
2,090,000	GS Mortgage Securities Corp. Trust, Class A, Series 2023-FUN, 7.24% (TSFR1M+209bps), 3/15/28(a)		2,060,057
1,046,946	GS Mortgage-Backed Securities Trust, Class A2, Series 2021-PJ2, 2.50%, 7/25/51, Callable 3/25/42 @ 100(a)(b)		827,460
1,620,200	GS Mortgage-Backed Securities Trust, Class A2, Series 2021-PJ6, 2.50%, 11/25/51, Callable 3/25/45 @ 100(a)(b)		1,299,451
1,010,693	Homeward Opportunities Fund Trust, Class A1, Series 2022-1, 5.08%, 7/25/67, Callable 8/25/25 @ 100(a)(b)		970,031
1,525,000	IMT Trust, Class BFX, Series 2017-APTS, 3.61%, 6/15/34(a)(b)		1,466,226
270,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class D, Series 2022-OPO, 3.56%, 1/5/39(a) (b)		188,392
2,314,003	J.P. Morgan Mortgage Trust, Class A3B, Series 2022-INV3, 3.00%, 9/25/52, Callable 9/25/43 @ 100(a)(b)		1,934,452
1,500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2022-NXSS, 7.33% (TSFR1M+218bps), 9/15/39(a)		1,500,313
3,460,000	JP Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2021-NYAH, 5.95% (US0001M+76bps), 6/15/38		3,356,297

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$153,347	JP Morgan Mortgage Trust, Class A11, Series 2019- 7, 6.02% (US0001M+90bps), 2/25/50, Callable 3/25/35 @ 100(a)	$	142,888
443,507	JP Morgan Mortgage Trust, Class A11, Series 2019- INV2, 6.04% (US0001M+90bps), 2/25/50, Callable 9/25/34 @ 100(a)		418,015
547,668	JP Morgan Mortgage Trust, Class A3, Series 2021- 7, 2.50%, 11/25/51, Callable 1/25/45 @ 100(a)(b)		438,905
79,774	JP Morgan Mortgage Trust, Class A11, Series 2020- LTV1, 6.00% (US0001M+100bps), 6/25/50, Callable 3/25/38 @ 100(a)		78,175
969,324	JP Morgan Mortgage Trust, Class A12, Series 2021- 12, 5.00%, 2/25/52, Callable 11/25/42 @ 100(a)(b)		934,171
1,479,759	JP Morgan Mortgage Trust, Class A12, Series 2021- 14, 5.00%, 5/25/52, Callable 4/25/43 @ 100(a)(b)		1,415,019
390,001	JP Morgan Mortgage Trust, Class A11, Series 2019- INV3, 6.00% (US0001M+100bps), 5/25/50, Callable 12/25/28 @ 100(a)		366,648
753,007	JP Morgan Mortgage Trust, Class A3, Series 2021- 12, 2.50%, 2/25/52, Callable 11/25/42 @ 100(a)(b)		602,523
69,825	JP Morgan Mortgage Trust, Class A11, Series 2019- LTV3, 5.99% (US0001M+85bps), 2/25/50, Callable 7/25/25 @ 100(a)		68,821
93,378	JP Morgan Mortgage Trust, Class A5, Series 2019- LTV3, 3.50%, 2/25/50, Callable 7/25/25 @ 100(a)(b)		90,387
700,000	JPMDB Commercial Mortgage Securities Trust, Class A5, Series 2017-C5, 3.69%, 3/15/50, Callable 4/15/27 @ 100		645,455
2,904,000	KNDL Mortgage Trust, Class A, Series 2019-KNSQ, 6.14% (US0001M+80bps), 5/15/36(a)		2,884,096
1,000,000	LCM XVIII, LP, Class A1R, Series 18A, 6.27% (US0003M+102bps), 4/20/31, Callable 7/20/23 @ 100(a)		988,099
1,503,944	Life Mortgage Trust, Class A, Series 2021-BMR, 5.96% (US0001M+70bps), 3/15/38(a)		1,465,465
1,875,000	LoanCore Issuer, Ltd., Class A, Series 2021-CRE6, 6.49% (US0001M+130bps), 11/15/38, Callable 11/15/23 @ 100(a)		1,803,839
1,120,000	Madison Park Funding LXII, Ltd., Class A1, Series 2022-62A, 7.24% (TSFR3M+225bps), 7/17/33, Callable 7/17/23 @ 100(a)		1,119,998
991,351	Madison Park Funding XVII, Ltd., Class ARR, Series 2015-18A, 6.20% (US0003M+94bps), 10/21/30, Callable 7/21/23 @ 100(a)		982,695
1,000,000	Madison Park Funding XXXV, Ltd., Class A1R, Series 2019-35A, 6.24% (US0003M+99bps), 4/20/32, Callable 7/20/23 @ 100(a)		985,588
2,906,431	Mello Mortgage Capital Acceptance, Class A3, Series 2022-INV2, 3.00%, 4/25/52, Callable 8/25/48 @ 100(a)(b)		2,418,810
630,000	MF1, Class A, Series 2021-W10, 6.22% (SOFR30A+107bps), 12/15/24(a)		608,359
1,505,000	MHP, Class A, Series 2021-STOR, 5.89% (US0001M+70bps), 7/15/38(a)		1,462,927
1,115,000	MIRA Trust, Class A, Series 2023-MILE, 6.75%, 6/10/28(a)		1,111,177
1,067,684	Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series 2015-C24, 3.48%, 5/15/48, Callable 8/15/25 @ 100		1,014,248

See accompanying notes to the financial statements.

7

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$1,540,000	Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49, Callable 11/15/26 @ 100	$	1,413,013
2,271,664	Neuberger Berman CLO XV, Class A1R2, Series 2013-15A, 6.18% (US0003M+92bps), 10/15/29, Callable 7/15/23 @ 100(a)		2,249,004
10,055,124	Neuberger Berman Loan Advisers CLO 25, Ltd., Class AR, Series 2017-25A, 6.19% (US0003M+93bps), 10/18/29, Callable 7/18/23 @ 100(a)		9,960,224
800,000	Neuberger Berman Loan Advisers CLO 32, Ltd., Class AR, Series 2019-32A, 6.26% (US0003M+99bps), 1/20/32, Callable 7/19/23 @ 100(a)		788,476
1,459,773	OBX Trust, Class A1, Series 2022-INV3, 3.00%, 2/25/52, Callable 2/25/48 @ 100(a)(b)		1,217,599
1,960,000	OCP CLO, Ltd., Class A1, Series 2018-15A, 6.35% (US0003M+110bps), 7/20/31, Callable 7/20/23 @ 100(a)		1,931,286
470,000	OCP CLO, Ltd., Class AR, Series 2019-16A, 6.54% (US0003M+100bps), 4/10/33, Callable 7/10/23 @ 100(a)		461,761
1,905,000	Octagon 66, Ltd., Class A, Series 2022-1A, 7.01% (TSFR3M+194bps), 8/16/33, Callable 8/16/23 @ 100(a)		1,905,794
345,389	Octagon Investment Partners 30, Ltd., Class A1R, Series 2017-1A, 6.25% (US0003M+100bps), 3/17/30, Callable 7/20/23 @ 100(a)		341,110
3,522,315	OCTAGON INVESTMENT PARTNERS 35, LTD., Class A1A, Series 2018-1A, 6.31% (US0003M+106bps), 1/20/31, Callable 7/20/23 @ 100(a)		3,496,103
1,000,000	Octagon Investment Partners XVI, Ltd., Class A1R, Series 2013-1A, 6.28% (US0003M+102bps), 7/17/30, Callable 7/17/23 @ 100(a)		991,574
1,200,000	Octagon Investment Partners XVII, Ltd., Class A2R2, Series 2013-1A, 6.36% (US0003M+110bps), 1/25/31, Callable 7/25/23 @ 100(a)		1,166,581
2,219,296	One Lincoln Street Commercial Mortgage, Class A1, Series 2004-C3, 5.72%, 10/15/30, Callable 10/15/23 @ 100(a)(b)		2,217,838
1,510,000	One New York Plaza Trust, Class A, Series 2020- 1NYP, 6.14% (US0001M+95bps), 1/15/26(a)		1,432,459
1,075,805	Palmer Square CLO, Ltd., Class A1R2, Series 2014- 1A, 6.39% (US0003M+113bps), 1/17/31, Callable 7/17/23 @ 100(a)		1,067,709
2,700,000	Palmer Square CLO, Ltd., Class A1A, Series 2022- 4A, 7.20% (TSFR3M+215bps), 10/20/35, Callable 1/20/25 @ 100(a)		2,699,904
2,159,812	PRKCM Trust, Class A1, Series 2021-AFC2, 2.07%, 11/25/56, Callable 10/25/45 @ 100(a)(b)		1,782,164
630,942	RCKT Mortgage Trust, Class A1, Series 2021-1, 2.50%, 3/25/51, Callable 9/25/46 @ 100(a)(b)		507,859
1,921,753	Regatta X Funding, Ltd., Class A, Series 2017-3A, 6.38% (US0003M+112bps), 1/17/31, Callable 7/17/23 @ 100(a)		1,904,755
1,147,947	RR 3, Ltd., Class A1R2, Series 2018-3A, 6.35% (US0003M+109bps), 1/15/30, Callable 7/15/23 @ 100(a)		1,138,557

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$545,232	Seasoned Credit Risk Transfer Trust, Class MA, Series 2018-2, 3.50%, 11/25/57, Callable 8/25/43 @ 100	$	519,650
1,404,782	Seasoned Credit Risk Transfer Trust, Class MA, Series 2019-2, 3.50%, 8/25/58, Callable 9/25/51 @ 100		1,313,794
125,000	SG Commercial Mortgage Securities Trust, Class A4, Series 2016-C5, 3.06%, 10/10/48, Callable 7/10/26 @ 100		113,594
819,445	SG Residential Mortgage Trust, Class A1, Series 2022-2, 5.35%, 9/25/67, Callable 8/25/25 @ 100(a) (b)		799,991
1,500,000	Signal Peak CLO 4, Ltd., Class XR, Series 2017-4A, 6.22% (US0003M+95bps), 10/26/34, Callable 10/26/23 @ 100		1,490,329
1,000,000	Signal Peak CLO 5, Ltd., Class A, Series 2018-5A, 6.37% (US0003M+111bps), 4/25/31, Callable 7/25/23 @ 100(a)		992,378
1,000,000	Signal Peak CLO 8, Ltd., Class A, Series 2020-8A, 6.52% (US0003M+127bps), 4/20/33, Callable 7/20/23 @ 100(a)		987,500
2,810,000	Taubman Centers Commercial Mortgage Trust, Class A, Series 2022-DPM, 7.33% (TSFR1M+219bps), 5/15/37(a)		2,729,566
761,376	TCI-Flatiron CLO, Ltd., Class AR, Series 2017-1A, 6.29% (US0003M+96bps), 11/18/30, Callable 8/17/23 @ 100(a)		754,993
4,486,052	TCI-Symphony CLO, Ltd., Class AR, Series 2017-1A, 6.19% (US0003M+93bps), 7/15/30, Callable 7/15/23 @ 100(a)		4,439,222
388,839	Tharaldson Hotel Portfolio Trust, Class A, Series 2018-THL, 6.24% (US0001M+75bps), 11/11/34(a)		381,809
2,987,103	UWM Mortgage Trust, Class A10, Series 2021- INV5, 5.00%, 1/25/52, Callable 2/25/46 @ 100(a)(b)		2,878,773
2,659,236	Verus Securitization Trust, Class A1, Series 2022-3, 4.13%, 2/25/67, Callable 3/25/25 @ 100(a)		2,425,479
1,000,000	Voya CLO, Ltd., Class A1R, Series 2017-3A, 6.29% (US0003M+104bps), 4/20/34, Callable 7/20/23 @ 100(a)		979,585
725,000	Voya CLO, Ltd., Class AR, Series 2019-1A, 6.32% (US0003M+106bps), 4/15/31, Callable 7/15/23 @ 100(a)		717,256
1,015,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48, Callable 11/15/25 @ 100		959,513
8,487,714	Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 0.97%, 12/15/59, Callable 9/15/26 @ 100(b)		192,158
775,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-C28, 3.54%, 5/15/48, Callable 5/15/25 @ 100		736,077
1,250,000	Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48, Callable 4/15/25 @ 100		1,114,156
1,500,000	Whitebox CLO III, Ltd., Class A1, Series 2021-3A, 6.48% (US0003M+122bps), 10/15/34, Callable 10/15/23 @ 100(a)		1,477,206
Total Collateralized Mortgage Obligations (Cost $208,213,402)			198,685,188

See accompanying notes to the financial statements.

8

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds (22.1%):
Aerospace & Defense (1.3%):
$4,137,000	BAE Systems Holdings, Inc., 3.85%, 12/15/25, Callable 9/15/25 @ 100(a)	$	3,951,778
219,000	General Dynamics Corp., 3.50%, 4/1/27, Callable 2/1/27 @ 100		208,780
1,982,000	Harris Corp., 4.40%, 6/15/28, Callable 3/15/28 @ 100		1,903,130
723,000	Huntington Ingalls Industries, Inc., 3.48%, 12/1/27, Callable 9/1/27 @ 100		662,449
2,674,000	Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100		2,234,461
360,000	Huntington Ingalls Industries, Inc., 4.20%, 5/1/30, Callable 2/1/30 @ 100		332,771
2,069,000	L3Harris Technologies, Inc., 3.85%, 12/15/26, Callable 9/15/26 @ 100		1,971,664
1,017,000	Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100		856,834
570,000	Lockheed Martin Corp., 4.15%, 6/15/53, Callable 12/15/52 @ 100		499,241
332,000	Lockheed Martin Corp., 5.20%, 2/15/55, Callable 8/15/54 @ 100		339,613
2,266,000	Northrop Grumman Corp., 4.70%, 3/15/33, Callable 12/15/32 @ 100		2,219,352
722,000	Northrop Grumman Corp., 3.85%, 4/15/45, Callable 10/15/44 @ 100		586,151
2,555,000	Northrop Grumman Corp., 4.03%, 10/15/47, Callable 4/15/47 @ 100		2,182,440
775,000	Northrop Grumman Corp., 5.25%, 5/1/50, Callable 11/1/49 @ 100		784,825
2,680,000	Northrop Grumman Corp., 4.95%, 3/15/53, Callable 9/15/52 @ 100		2,593,184
115,000	Raytheon Technologies Corp., 7.00%, 11/1/28		122,318
4,719,000	Raytheon Technologies Corp., 4.13%, 11/16/28, Callable 8/16/28 @ 100		4,536,483
4,330,000	Raytheon Technologies Corp., 2.38%, 3/15/32, Callable 12/15/31 @ 100		3,548,517
415,000	Raytheon Technologies Corp., 4.20%, 12/15/44, Callable 6/15/44 @ 100		337,046
709,000	Raytheon Technologies Corp., 4.35%, 4/15/47, Callable 10/15/46 @ 100		629,971
469,000	Raytheon Technologies Corp., 4.05%, 5/4/47, Callable 11/4/46 @ 100		397,358
324,000	Raytheon Technologies Corp., 4.63%, 11/16/48, Callable 5/16/48 @ 100		301,449
4,525,000	Raytheon Technologies Corp., 2.82%, 9/1/51, Callable 3/1/51 @ 100		3,038,746
1,251,000	Raytheon Technologies Corp., 5.38%, 2/27/53, Callable 8/27/52 @ 100		1,289,434
589,000	Textron, Inc., 3.65%, 3/15/27, Callable 12/15/26 @ 100		551,705
1,136,000	Textron, Inc., 3.38%, 3/1/28, Callable 12/1/27 @ 100		1,032,540
872,000	Textron, Inc., 3.90%, 9/17/29, Callable 6/17/29 @ 100		800,174
507,000	Textron, Inc., 3.00%, 6/1/30, Callable 3/1/30 @ 100		441,628
449,000	Textron, Inc., 2.45%, 3/15/31, Callable 12/15/30 @ 100		371,035
1,611,000	The Boeing Co., 3.95%, 8/1/59, Callable 2/1/59 @ 100		1,179,716
			39,904,793

Principal Amount		Value
Corporate Bonds, continued
Air Freight & Logistics (0.0%†):
$888,293	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29	$	874,968
Banks (1.8%):
568,000	Bank of America Corp., 1.32% (SOFR+115 bps), 6/19/26, Callable 6/19/25 @ 100, MTN		520,061
1,946,000	Bank of America Corp., 3.71% (US0003M+151 bps), 4/24/28, Callable 4/24/27 @ 100		1,822,040
2,164,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		1,979,647
1,766,000	Bank of America Corp., 3.97% (US0003M+107 bps), 3/5/29, Callable 3/5/28 @ 100, MTN		1,649,048
6,274,000	Bank of America Corp., 2.09% (SOFR+106 bps), 6/14/29, Callable 6/14/28 @ 100		5,336,658
3,537,000	Bank of America Corp., 2.50% (US0003M+99 bps), 2/13/31, Callable 2/13/30 @ 100, MTN		2,949,147
939,000	Bank of America Corp., 0.65% (EUR003M+94 bps), 10/26/31, Callable 10/26/30 @ 100, MTN(a)		791,385
2,411,000	Bank of America Corp., 2.65% (SOFRRATE+1 bps), 3/11/32, Callable 3/11/31 @ 100		1,989,393
369,000	Bank of America Corp., 2.69% (SOFR+132 bps), 4/22/32, Callable 4/22/31 @ 100		305,576
579,000	Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100		462,612
10,957,000	Bank of America Corp., 5.29% (SOFFRATE+2 bps), 4/25/34, Callable 4/25/33 @ 100		10,847,178
351,000	Capital One NA, 2.28%, 1/28/26, Callable 1/28/25 @ 100		327,010
2,707,000	Citigroup, Inc., 2.98% (SOFR+142 bps), 11/5/30, Callable 11/5/29 @ 100		2,342,521
1,437,000	Citigroup, Inc., 3.79% (SOFR+194 bps), 3/17/33, Callable 3/17/32 @ 100		1,261,759
1,879,000	Citigroup, Inc., 6.27% (SOFR+234 bps), 11/17/33, Callable 11/17/32 @ 100		1,992,056
625,000	Federal Farm Credit Banks Funding Corp., 3.50%, 9/1/32		584,779
1,045,000	Federal Farm Credit Banks Funding Corp., 3.88%, 9/20/32		1,006,900
1,196,000	JP Morgan Chase & Co., 1.95%, 2/4/32, Callable 2/4/31 @ 100		949,342
461,000	JP Morgan Chase & Co., 2.58% (SOFR+125 bps), 4/22/32, Callable 4/22/31 @ 100		381,748
2,412,000	JP Morgan Chase & Co., 5.35%, 6/1/34, Callable 6/1/33 @ 100		2,423,990
714,000	JPMorgan Chase & Co., 2.95% (SOFR+117 bps), 2/24/28, Callable 2/24/27 @ 100		655,369
3,185,000	JPMorgan Chase & Co., 3.70% (US0003M+116 bps), 5/6/30, Callable 5/6/29 @ 100		2,912,632
3,373,000	JPMorgan Chase & Co., 2.96% (SOFR+126 bps), 1/25/33, Callable 1/25/32 @ 100		2,835,573
1,700,000	Morgan Stanley Bank NA, 4.75%, 4/21/26, Callable 3/21/26 @ 100		1,674,748
705,000	Wells Fargo & Co., 2.57% (US0003M+100 bps), 2/11/31, Callable 2/11/30 @ 100, MTN		595,626
6,541,000	Wells Fargo & Co., 5.39% (SOFRRATE+5 bps), 4/24/34, Callable 4/24/33 @ 100		6,497,914
			55,094,712

See accompanying notes to the financial statements.

9

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Beverages (0.1%):
$1,690,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100	$	1,568,352
627,000	Anheuser-Busch InBev Worldwide, Inc., 4.90%, 1/23/31, Callable 10/23/30 @ 100		637,244
475,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48, Callable 10/15/47 @ 100		438,560
			2,644,156
Biotechnology (0.8%):
2,680,000	AbbVie, Inc., 4.55%, 3/15/35, Callable 9/15/34 @ 100		2,547,967
3,422,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		3,241,305
666,000	AbbVie, Inc., 4.40%, 11/6/42		594,502
5,302,000	Amgen, Inc., 5.15%, 3/2/28, Callable 2/2/28 @ 100		5,300,102
1,698,000	Amgen, Inc., 4.05%, 8/18/29, Callable 6/18/29 @ 100		1,608,157
722,000	Amgen, Inc., 5.25%, 3/2/30, Callable 1/2/30 @ 100		723,842
1,917,000	Amgen, Inc., 5.65%, 3/2/53, Callable 9/2/52 @ 100		1,939,402
1,007,000	Amgen, Inc., 4.40%, 2/22/62, Callable 8/22/61 @ 100		825,626
2,326,000	Amgen, Inc., 5.75%, 3/2/63, Callable 9/2/62 @ 100		2,360,927
2,929,000	Gilead Sciences, Inc., 2.60%, 10/1/40, Callable 4/1/40 @ 100		2,113,918
1,364,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100		1,299,016
486,000	Gilead Sciences, Inc., 4.50%, 2/1/45, Callable 8/1/44 @ 100		441,408
			22,996,172
Broadline Retail (0.1%):
800,000	Amazon.com, Inc., 4.70%, 12/1/32, Callable 9/1/32 @ 100		805,866
794,000	Amazon.com, Inc., 2.50%, 6/3/50, Callable 12/3/49 @ 100		527,607
280,000	eBay, Inc., 6.30%, 11/22/32, Callable 8/22/32 @ 100		293,216
			1,626,689
Building Products (0.0%†):
566,000	Owens Corning, 4.40%, 1/30/48, Callable 7/30/47 @ 100		466,453
Capital Markets (2.1%):
2,463,000	FactSet Research Systems, 3.45%, 3/1/32, Callable 12/1/31 @ 100		2,090,508
1,580,000	Goldman Sachs Group, Inc. (The), 0.66% (SOFR+51 bps), 9/10/24, Callable 9/10/23 @ 100		1,562,167
697,000	Goldman Sachs Group, Inc. (The), 1.99% (SOFFRATE+1 bps), 1/27/32, Callable 1/27/31 @ 100		548,253
2,331,000	Goldman Sachs Group, Inc. (The), 2.62% (SOFR+128 bps), 4/22/32, Callable 4/22/31 @ 100		1,905,091
1,406,000	Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100		1,124,558
3,081,000	Goldman Sachs Group, Inc. (The), 2.65% (SOFR+126 bps), 10/21/32, Callable 10/21/31 @ 100		2,507,346
1,675,000	Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100		1,415,132
716,000	Intercontinental Exchange, Inc., 2.10%, 6/15/30, Callable 3/15/30 @ 100		595,812

Principal Amount		Value
Corporate Bonds, continued
Capital Markets, continued
$1,415,000	Moody’s Corp., 2.00%, 8/19/31, Callable 5/19/31 @ 100	$	1,137,313
1,744,000	Moody’s Corp., 4.25%, 8/8/32, Callable 5/8/32 @ 100		1,651,055
366,000	Moody’s Corp., 2.55%, 8/18/60, Callable 2/18/60 @ 100		201,648
1,165,000	Moody’s Corp., 3.10%, 11/29/61, Callable 5/29/61 @ 100		758,325
3,493,000	Morgan Stanley, 3.59% (US0003M+134 bps), 7/22/28, Callable 7/22/27 @ 100		3,218,950
6,500,000	Morgan Stanley, 3.77% (US0003M+114 bps), 1/24/29, Callable 1/24/28 @ 100		6,067,321
541,000	Morgan Stanley, 5.12% (SOFR+173 bps), 2/1/29, Callable 2/1/28 @ 100		532,652
810,000	Morgan Stanley, 4.66% (EUR003M+130 bps), 3/2/29, Callable 3/2/28 @ 100		887,270
455,000	Morgan Stanley, 5.16%, 4/20/29, Callable 4/20/28 @ 100		449,075
6,314,000	Morgan Stanley, 2.70% (SOFR+114 bps), 1/22/31, Callable 1/22/30 @ 100, MTN		5,367,626
4,701,000	Morgan Stanley, 1.79% (SOFR+1 bps), 2/13/32, Callable 2/13/31 @ 100, MTN		3,637,183
1,638,000	Morgan Stanley, 2.24% (SOFR+118 bps), 7/21/32, Callable 7/21/31 @ 100, MTN		1,297,999
1,198,000	Morgan Stanley, 2.51% (SOFR+120 bps), 10/20/32, Callable 10/20/31 @ 100, MTN		965,529
1,399,000	Morgan Stanley, 4.89% (SOFR+208 bps), 7/20/33, Callable 7/20/32 @ 100		1,344,326
15,052,000	Morgan Stanley, 5.25%, 4/21/34, Callable 4/21/33 @ 100		14,813,320
1,680,000	Nasdaq, Inc., 4.50%, 2/15/32, Callable 12/15/31 @ 100		1,856,595
519,000	Nasdaq, Inc., 5.55%, 2/15/34, Callable 11/15/33 @ 100		520,732
2,320,000	Pfizer Investment Enterprises Pte, Ltd., 5.30%, 5/19/53, Callable 11/19/52 @ 100		2,403,666
3,792,000	Pfizer Investment Enterprises Pte, Ltd., 5.34%, 5/19/63, Callable 11/19/62 @ 100		3,820,531
661,000	State Street Corp., Series F, 9.15% (US0003M+360 bps), Callable 9/15/23 @ 100^		657,695
725,000	State Street Corp., Series H, 5.62% (US0003M+254 bps), 12/31/99, Callable 12/15/23 @ 100^		673,344
			64,011,022
Chemicals (0.0%†):
525,000	Ecolab, Inc., 2.75%, 8/18/55, Callable 2/18/55 @ 100		334,415
569,000	Sherwin-Williams Co. (The), 2.90%, 3/15/52, Callable 9/15/51 @ 100		365,987
493,000	Westlake Chemical Corp., 3.38%, 8/15/61, Callable 2/15/61 @ 100		299,057
			999,459
Commercial Services & Supplies (0.0%†):
753,000	Republic Services, Inc., 5.00%, 4/1/34, Callable 1/1/34 @ 100		749,189
107,000	Waste Management, Inc., 2.95%, 6/1/41, Callable 12/1/40 @ 100		78,777
			827,966

See accompanying notes to the financial statements.

10

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Communications Equipment (0.3%):
$435,000	Juniper Networks, Inc., 3.75%, 8/15/29, Callable 5/15/29 @ 100	$	390,683
2,716,000	Motorola Solutions, Inc., 2.30%, 11/15/30, Callable 8/15/30 @ 100		2,187,404
2,834,000	Motorola Solutions, Inc., 2.75%, 5/24/31, Callable 2/24/31 @ 100		2,304,872
3,002,000	Motorola Solutions, Inc., 5.60%, 6/1/32, Callable 3/1/32 @ 100		2,969,531
			7,852,490
Consumer Finance (0.1%):
1,491,000	Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100		1,263,463
210,000	Capital One Financial Corp., 2.36%, 7/29/32, Callable 7/29/31 @ 100		147,834
651,000	General Motors Financial Co., Inc., 3.80%, 4/7/25		628,008
679,000	General Motors Financial Co., Inc., 2.35%, 1/8/31, Callable 10/8/30 @ 100		531,573
			2,570,878
Containers & Packaging (0.1%):
1,557,000	Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100		1,274,542
349,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100		309,288
			1,583,830
Diversified Consumer Services (0.0%†):
145,000	California Institute of Technology, 4.32%, 8/1/45		131,092
360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		331,540
			462,632
Diversified REITs (0.1%):
3,046,000	Crown Castle, Inc., 2.10%, 4/1/31, Callable 1/1/31 @ 100		2,437,324
350,000	WP Carey, Inc., 2.40%, 2/1/31, Callable 11/1/30 @ 100		280,038
			2,717,362
Diversified Telecommunication Services (1.1%):
2,766,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		2,615,801
749,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100		585,218
6,836,000	AT&T, Inc., 5.40%, 2/15/34, Callable 11/15/33 @ 100		6,815,834
720,000	AT&T, Inc., 4.30%, 11/18/34, Callable 8/18/34 @ 100		788,505
408,000	AT&T, Inc., 4.85%, 3/1/39, Callable 9/1/38 @ 100		373,470
1,748,000	AT&T, Inc., 3.50%, 6/1/41, Callable 12/1/40 @ 100		1,333,313
490,000	AT&T, Inc., 4.35%, 6/15/45, Callable 12/15/44 @ 100		409,994
1,000,000	AT&T, Inc., 3.65%, 6/1/51, Callable 12/1/50 @ 100		729,026
1,892,000	AT&T, Inc., 3.55%, 9/15/55, Callable 3/15/55 @ 100		1,319,723
422,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		305,415
3,055,000	AT&T, Inc., 3.65%, 9/15/59, Callable 3/15/59 @ 100		2,115,890
2,965,000	Verizon Communications, Inc., 3.15%, 3/22/30, Callable 12/22/29 @ 100		2,633,083
2,472,000	Verizon Communications, Inc., 1.75%, 1/20/31, Callable 10/20/30 @ 100		1,940,582

Principal Amount		Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$1,479,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100	$	1,234,502
7,472,000	Verizon Communications, Inc., 2.36%, 3/15/32, Callable 12/15/31 @ 100		6,007,832
1,664,000	Verizon Communications, Inc., 4.50%, 8/10/33		1,568,240
1,143,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100		1,053,248
1,764,000	Verizon Communications, Inc., 3.40%, 3/22/41, Callable 9/22/40 @ 100		1,357,523
773,000	Verizon Communications, Inc., 3.00%, 11/20/60, Callable 5/20/60 @ 100		479,316
			33,666,515
Electric Utilities (2.9%):
2,448,000	AEP Texas, Inc., 5.40%, 6/1/33, Callable 3/1/33 @ 100		2,427,660
901,000	AEP Texas, Inc., 3.45%, 5/15/51, Callable 11/15/50 @ 100		637,784
911,000	AEP Texas, Inc., 5.25%, 5/15/52, Callable 11/15/51 @ 100		862,023
1,005,000	AEP Transmission Co. LLC, 3.15%, 9/15/49, Callable 3/15/49 @ 100		711,778
905,000	AEP Transmission Co. LLC, 3.65%, 4/1/50, Callable 10/1/49 @ 100		695,929
557,000	AEP Transmission Co. LLC, 2.75%, 8/15/51, Callable 2/15/51 @ 100		356,454
826,000	AEP Transmission Co. LLC, 4.50%, 6/15/52, Callable 12/1/51 @ 100		731,112
958,000	AEP Transmission Co. LLC, 5.40%, 3/15/53, Callable 9/15/52 @ 100		979,758
823,000	Alabama Power Co., 3.70%, 12/1/47, Callable 6/1/47 @ 100		638,190
643,000	Alabama Power Co., 3.45%, 10/1/49, Callable 4/1/49 @ 100		470,728
908,000	Alabama Power Co., 3.00%, 3/15/52, Callable 9/15/51 @ 100		609,825
1,716,000	American Transmission Systems, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100(a)		1,410,041
1,216,000	Baltimore Gas & Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100		946,356
642,000	Baltimore Gas & Electric Co., 3.20%, 9/15/49, Callable 3/15/49 @ 100		457,802
1,310,000	Baltimore Gas and Electric Co., 4.55%, 6/1/52, Callable 12/1/51 @ 100		1,164,657
430,000	Baltimore Gas and Electric Co., 5.40%, 6/1/53, Callable 12/1/52 @ 100		436,098
444,000	Commonwealth Edison Co., 3.20%, 11/15/49, Callable 5/15/49 @ 100		316,410
750,000	Commonwealth Edison Co., 3.13%, 3/15/51, Callable 9/15/50 @ 100		522,553
549,000	Commonwealth Edison Co., 5.30%, 2/1/53, Callable 8/1/52 @ 100		553,793
404,000	Consolidated Edison Co. of New York, Inc., 4.63%, 12/1/54, Callable 6/1/54 @ 100		346,367
374,000	DTE Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100		296,706
119,000	DTE Electric Co., Series A, 4.05%, 5/15/48, Callable 11/15/47 @ 100		99,000
1,088,000	DTE Electric Co., 3.95%, 3/1/49, Callable 9/1/48 @ 100		895,879

See accompanying notes to the financial statements.

11

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Electric Utilities, continued
$1,498,000	DTE Electric Co., 5.40%, 4/1/53, Callable 10/1/52 @ 100	$	1,547,787
429,000	Duke Energy Carolinas LLC, 2.45%, 2/1/30, Callable 11/1/29 @ 100		368,373
1,190,000	Duke Energy Carolinas LLC, 4.95%, 1/15/33, Callable 10/15/32 @ 100		1,179,527
118,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100		92,188
718,000	Duke Energy Carolinas LLC, 3.88%, 3/15/46, Callable 9/15/45 @ 100		568,824
654,000	Duke Energy Carolinas LLC, 3.95%, 3/15/48, Callable 9/15/47 @ 100		530,533
426,000	Duke Energy Carolinas LLC, 3.20%, 8/15/49, Callable 2/15/49 @ 100		306,678
259,000	Duke Energy Carolinas LLC, 3.45%, 4/15/51, Callable 10/15/50 @ 100		188,998
436,000	Duke Energy Carolinas LLC, 5.35%, 1/15/53, Callable 7/15/52 @ 100		440,446
1,149,000	Duke Energy Corp., 4.30%, 3/15/28, Callable 2/15/28 @ 100		1,099,750
2,718,000	Duke Energy Florida LLC, 2.50%, 12/1/29, Callable 9/1/29 @ 100		2,332,846
2,209,000	Duke Energy Florida LLC, 1.75%, 6/15/30, Callable 3/15/30 @ 100		1,786,352
285,000	Duke Energy Florida LLC, 4.20%, 7/15/48, Callable 1/15/48 @ 100		241,406
1,116,000	Duke Energy Florida LLC, 5.95%, 11/15/52, Callable 5/15/52 @ 100		1,217,173
544,000	Duke Energy Ohio, Inc., 3.65%, 2/1/29, Callable 11/1/28 @ 100		503,702
95,000	Duke Energy Progress LLC, 3.45%, 3/15/29, Callable 12/15/28 @ 100		86,806
1,753,000	Duke Energy Progress LLC, 5.25%, 3/15/33, Callable 12/15/32 @ 100		1,770,271
857,000	Duke Energy Progress LLC, 4.38%, 3/30/44, Callable 9/30/43 @ 100		738,900
337,000	Duke Energy Progress LLC, 4.20%, 8/15/45, Callable 2/15/45 @ 100		277,254
656,000	Duke Energy Progress LLC, 2.50%, 8/15/50, Callable 2/15/50 @ 100		401,925
220,000	Duke Energy Progress, Inc., 5.70%, 4/1/35		217,773
1,043,000	Duke Energy Progress, Inc., 4.10%, 5/15/42, Callable 11/15/41 @ 100		874,349
1,601,000	Edison International, 5.75%, 6/15/27, Callable 4/15/27 @ 100		1,600,829
595,000	Edison International, 5.25%, 11/15/28, Callable 10/15/28 @ 100		579,151
1,203,000	Edison International, 6.95%, 11/15/29, Callable 9/15/29 @ 100		1,264,108
258,000	Entergy Arkansas LLC, 3.35%, 6/15/52, Callable 12/15/51 @ 100		183,252
754,000	Entergy Louisiana LLC, 1.60%, 12/15/30, Callable 9/15/30 @ 100		594,677
863,000	Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100		780,659
373,000	Entergy Louisiana LLC, 4.20%, 4/1/50, Callable 10/1/49 @ 100		310,418
511,000	Entergy Louisiana LLC, 2.90%, 3/15/51, Callable 9/15/50 @ 100		336,469

Principal Amount		Value
Corporate Bonds, continued
Electric Utilities, continued
$793,000	Entergy Mississippi LLC, 3.85%, 6/1/49, Callable 12/1/48 @ 100	$	615,398
297,000	Evergy Kansas Central, Inc., 5.70%, 3/15/53, Callable 9/15/52 @ 100		305,279
2,185,000	Eversource Energy, 5.45%, 3/1/28, Callable 2/1/28 @ 100		2,192,451
778,000	Exelon Corp., 5.63%, 6/15/35		787,741
483,000	Exelon Corp., 5.10%, 6/15/45, Callable 12/15/44 @ 100		443,433
1,777,000	Exelon Corp., 5.60%, 3/15/53, Callable 9/15/52 @ 100		1,790,496
193,000	FirstEnergy Corp., 2.05%, 3/1/25, Callable 2/1/25 @ 100		180,217
636,000	FirstEnergy Corp., Series C, 3.40%, 3/1/50, Callable 9/1/49 @ 100		438,434
505,000	FirstEnergy Transmission LLC, 4.35%, 1/15/25, Callable 10/15/24 @ 100(a)		491,752
637,000	FirstEnergy Transmission LLC, 4.55%, 4/1/49, Callable 10/1/48 @ 100(a)		522,250
449,000	Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100		378,469
1,120,000	Florida Power & Light Co., 3.15%, 10/1/49, Callable 4/1/49 @ 100		815,536
453,000	Kentucky Utilities Co., 5.45%, 4/15/33, Callable 1/15/33 @ 100		461,197
712,000	Louisville Gas and Electric Co., 5.45%, 4/15/33, Callable 1/15/33 @ 100		723,138
575,000	Metropolitan Edison Co., 5.20%, 4/1/28, Callable 3/1/28 @ 100(a)		568,604
658,000	MidAmerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100		613,379
399,000	MidAmerican Energy Co., 3.15%, 4/15/50, Callable 10/15/49 @ 100		274,827
1,566,000	Northern States Power Co., 2.90%, 3/1/50, Callable 9/1/49 @ 100		1,071,413
311,000	Northern States Power Co., 2.60%, 6/1/51, Callable 12/1/50 @ 100		197,773
174,000	Northern States Power Co., 3.20%, 4/1/52, Callable 10/1/51 @ 100		124,600
465,000	Northern States Power Co., 4.50%, 6/1/52, Callable 12/1/51 @ 100		416,298
299,000	NRG Energy, Inc., 2.45%, 12/2/27, Callable 10/2/27 @ 100(a)		249,772
598,000	Ohio Power Co., 2.60%, 4/1/30, Callable 1/1/30 @ 100		509,642
704,000	Ohio Power Co., 1.63%, 1/15/31, Callable 10/15/30 @ 100		551,542
1,922,000	Ohio Power Co., 5.00%, 6/1/33, Callable 3/1/33 @ 100		1,882,730
362,000	Ohio Power Co., 4.00%, 6/1/49, Callable 12/1/48 @ 100		289,243
663,000	Ohio Power Co., 2.90%, 10/1/51, Callable 4/1/51 @ 100		437,901
2,027,000	Oncor Electric Delivery Co. LLC, 4.55%, 9/15/32, Callable 6/15/32 @ 100		1,963,747
271,000	Oncor Electric Delivery Co. LLC, 3.80%, 9/30/47, Callable 3/30/47 @ 100		221,388
849,000	Pacific Gas and Electric Co., 4.40%, 3/1/32, Callable 12/1/31 @ 100		734,404

See accompanying notes to the financial statements.

12

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Electric Utilities, continued
$1,285,000	Pacific Gas and Electric Co., 6.15%, 1/15/33, Callable 10/15/32 @ 100	$	1,254,511
1,903,000	Pacific Gas and Electric Co., 6.40%, 6/15/33, Callable 3/15/33 @ 100		1,891,656
728,000	Pacific Gas and Electric Co., 3.50%, 8/1/50, Callable 2/1/50 @ 100		463,180
614,000	PECO Energy Co., 3.05%, 3/15/51, Callable 9/15/50 @ 100		421,081
460,000	PECO Energy Co., 2.85%, 9/15/51, Callable 3/15/51 @ 100		301,008
425,000	Pennsylvania Electric Co., 5.15%, 3/30/26(a)		419,698
458,000	Public Service Co of New Hampshire, 3.60%, 7/1/49, Callable 1/1/49 @ 100		355,477
545,000	Public Service Co of New Hampshire, 5.15%, 1/15/53, Callable 7/15/52 @ 100		546,284
535,000	Public Service Electric & Gas Co., 3.65%, 9/1/28, Callable 6/1/28 @ 100		500,651
340,000	Public Service Electric & Gas Co., 2.05%, 8/1/50, Callable 2/1/50 @ 100, MTN		198,657
1,052,000	Public Service Electric and Gas Co., 2.45%, 1/15/30, Callable 10/15/29 @ 100, MTN		904,490
821,000	Public Service Electric and Gas Co., 4.90%, 12/15/32, Callable 9/15/32 @ 100		817,823
357,000	Public Service Electric and Gas Co., 4.65%, 3/15/33, Callable 12/15/32 @ 100, MTN		349,548
389,000	Public Service Electric and Gas Co., 4.15%, 11/1/45, Callable 5/1/45 @ 100		319,148
1,221,000	San Diego Gas & Electric Co., 5.35%, 4/1/53, Callable 10/1/52 @ 100		1,198,238
1,719,000	Southern California Edison Co., 1.20%, 2/1/26, Callable 1/1/26 @ 100		1,534,366
742,000	Southern California Edison Co., 2.75%, 2/1/32, Callable 11/1/31 @ 100		621,239
3,480,000	Southern California Edison Co., 5.95%, 11/1/32, Callable 8/1/32 @ 100		3,636,844
828,000	Southern California Edison Co., 5.88%, 12/1/53, Callable 6/1/53 @ 100		831,536
4,774,000	Southern Co. (The), 1.88% (EUSA5+211 bps), 9/15/81, Callable 6/15/27 @ 100		4,069,445
564,000	Southwestern Electric Power Co., 5.30%, 4/1/33, Callable 1/1/33 @ 100		556,733
1,744,000	Southwestern Public Service Co., 3.15%, 5/1/50, Callable 11/1/49 @ 100		1,199,129
215,000	Tampa Electric Co., 4.20%, 5/15/45, Callable 11/15/44 @ 100		170,498
3,000	Tampa Electric Co., 4.45%, 6/15/49, Callable 12/15/48 @ 100		2,537
463,000	Union Electric Co., 2.63%, 3/15/51, Callable 9/15/50 @ 100		294,989
478,000	Union Electric Co., 5.45%, 3/15/53, Callable 9/15/52 @ 100		487,352
381,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		395,237
451,000	Virginia Electric & Power Co., Series D, 4.65%, 8/15/43, Callable 2/15/43 @ 100		396,641
715,000	Virginia Electric and Power Co., Series B, 4.20%, 5/15/45, Callable 11/15/44 @ 100		586,032
2,298,000	Vistra Operations Co. LLC, 5.13%, 5/13/25(a)		2,234,669

Principal Amount		Value
Corporate Bonds, continued
Electric Utilities, continued
$848,000	Wisconsin Power and Light Co., 1.95%, 9/16/31,
	Callable 6/16/31 @ 100	$	670,780
			86,870,858
Financial Services (0.6%):
1,708,000	Federal National Mortgage Association, 1.55%, 8/24/35, Callable 8/24/23 @ 100		1,209,093
1,000,000	Fiserv, Inc., 4.50%, 5/24/31, Callable 2/24/31 @ 100		1,095,307
295,000	Franciscan Missionaries of Our Lady Health System, Inc., Series B, 3.91%, 7/1/49, Callable 1/1/49 @ 100		219,301
1,508,000	Glencore Funding LLC, 3.88%, 10/27/27, Callable 7/27/27 @ 100(a)		1,406,432
2,012,000	Glencore Funding LLC, 5.40%, 5/8/28, Callable 4/8/28 @ 100(a)		1,990,795
1,381,000	Glencore Funding LLC, 5.70%, 5/8/33, Callable 2/8/33 @ 100(a)		1,363,474
761,000	Global Payments, Inc., 4.45%, 6/1/28, Callable 3/1/28 @ 100		710,632
2,487,000	Global Payments, Inc., 5.30%, 8/15/29, Callable 6/15/29 @ 100		2,408,003
3,309,000	Global Payments, Inc., 3.20%, 8/15/29, Callable 5/15/29 @ 100		2,876,749
1,898,000	Global Payments, Inc., 2.90%, 5/15/30, Callable 2/15/30 @ 100		1,596,755
756,000	Global Payments, Inc., 4.88%, 3/17/31, Callable 1/17/31 @ 100		820,010
870,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.90%, 2/1/24, Callable 1/1/24 @ 100(a)		857,272
397,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.45%, 1/29/26, Callable 11/29/25 @ 100(a)		380,541
678,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 5.88%, 11/15/27, Callable 10/15/27 @ 100(a)		671,928
396,000	Synchrony Bank, 5.63%, 8/23/27, Callable 7/23/27 @ 100		371,440
			17,977,732
Gas Utilities (0.1%):
262,000	Atmos Energy Corp., 4.13%, 10/15/44, Callable 4/15/44 @ 100		220,227
1,254,000	Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/52, Callable 5/15/52 @ 100		1,375,898
500,000	Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31, Callable 12/15/30 @ 100		407,496
1,490,000	Southwest Gas Corp., 5.45%, 3/23/28, Callable 2/23/28 @ 100		1,482,385
			3,486,006
Ground Transportation (0.6%):
787,000	Burlington Northern Santa Fe LLC, 4.05%, 6/15/48, Callable 12/15/47 @ 100		672,814
1,369,000	Burlington Northern Santa Fe LLC, 4.15%, 12/15/48, Callable 6/15/48 @ 100		1,188,636
855,000	Burlington Northern Santa Fe LLC, 3.05%, 2/15/51, Callable 8/15/50 @ 100		604,595
685,000	Burlington Northern Santa Fe LLC, 3.30%, 9/15/51, Callable 3/15/51 @ 100		509,135
313,000	Burlington Northern Santa Fe LLC, 2.88%, 6/15/52, Callable 12/15/51 @ 100		213,373
376,000	CSX Corp., 4.50%, 3/15/49, Callable 9/15/48 @ 100		333,459

See accompanying notes to the financial statements.

13

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Ground Transportation, continued
$1,715,000	CSX Corp., 2.50%, 5/15/51, Callable 11/15/50 @ 100	$	1,087,133
2,059,000	CSX Corp., 4.50%, 11/15/52, Callable 5/15/52 @ 100		1,855,153
1,356,000	Norfolk Southern Corp., 2.55%, 11/1/29, Callable 8/1/29 @ 100		1,167,984
667,000	Norfolk Southern Corp., 3.40%, 11/1/49, Callable 5/1/49 @ 100		490,606
2,331,000	Norfolk Southern Corp., 3.05%, 5/15/50, Callable 11/15/49 @ 100		1,607,563
1,232,000	Norfolk Southern Corp., 2.90%, 8/25/51, Callable 2/25/51 @ 100		812,869
738,000	Norfolk Southern Corp., 4.05%, 8/15/52, Callable 2/15/52 @ 100		606,774
1,894,000	Ryder System, Inc., 5.65%, 3/1/28, Callable 2/1/28 @ 100		1,888,197
1,198,000	Ryder System, Inc., 5.25%, 6/1/28, Callable 5/1/28 @ 100, MTN		1,184,741
611,000	Union Pacific Corp., 3.38%, 2/14/42, Callable 8/14/41 @ 100		486,589
2,000	Union Pacific Corp., 4.50%, 9/10/48, Callable 3/10/48 @ 100		1,789
633,000	Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100		470,993
2,011,000	Union Pacific Corp., 2.95%, 3/10/52, Callable 9/10/51 @ 100		1,395,129
1,254,000	Union Pacific Corp., 4.95%, 9/9/52, Callable 3/9/52 @ 100		1,239,836
1,010,000	Union Pacific Corp., 3.50%, 2/14/53, Callable 8/14/52 @ 100		777,615
305,000	Union Pacific Corp., 4.95%, 5/15/53, Callable 11/15/52 @ 100		301,297
348,653	Union Pacific Railroad Co., Series 2014-1, 3.23%, 5/14/26		332,294
			19,228,574
Health Care Providers & Services (1.0%):
410,000	Aetna, Inc., 4.75%, 3/15/44, Callable 9/15/43 @ 100		361,052
275,000	AHS Hospital Corp., 2.78%, 7/1/51, Callable 1/1/51 @ 100		180,340
448,000	Anthem, Inc., 4.55%, 3/1/48, Callable 9/1/47 @ 100		392,395
965,000	BHSH System Obligated Group, Series 2019-A, 3.49%, 7/15/49, Callable 1/15/49 @ 100		708,102
610,000	City of Hope, Series 2013, 5.62%, 11/15/43		601,713
350,000	CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100		293,566
130,000	CommonSpirit Health, 3.82%, 10/1/49, Callable 4/1/49 @ 100		100,675
498,000	CVS Health Corp., 5.00%, 12/1/24, Callable 9/1/24 @ 100		490,145
1,501,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		1,443,608
1,240,000	Duke University Health, 3.92%, 6/1/47, Callable 12/1/46 @ 100		1,037,550
415,000	Elevance Health, Inc., 3.60%, 3/15/51, Callable 9/15/50 @ 100		316,685
710,000	Elevance Health, Inc., 4.55%, 5/15/52, Callable 11/15/51 @ 100		629,384

Principal Amount		Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$476,000	Elevance Health, Inc., 6.10%, 10/15/52, Callable 4/15/52 @ 100	$	519,773
294,000	Evernorth Health, Inc., 4.50%, 2/25/26, Callable 11/27/25 @ 100		287,536
2,100,000	HCA, Inc., 5.25%, 4/15/25		2,068,500
2,353,000	HCA, Inc., 5.88%, 2/15/26, Callable 8/15/25 @ 100		2,350,059
6,869,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		6,783,137
1,207,000	HCA, Inc., 5.38%, 9/1/26, Callable 3/1/26 @ 100		1,197,947
2,833,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		2,482,416
1,434,000	HCA, Inc., 3.50%, 7/15/51, Callable 1/15/51 @ 100		984,224
197,000	Hoag Memorial Hospital Presbyterian, 3.80%, 7/15/52, Callable 1/15/52 @ 100		158,717
737,000	Humana, Inc., 3.95%, 3/15/27, Callable 12/15/26 @ 100		702,965
410,000	Mount Nittany Medical Center Obligated Group, Series 2022, 3.80%, 11/15/52		310,622
235,000	UnitedHealth Group, Inc., 4.20%, 1/15/47, Callable 7/15/46 @ 100		206,248
530,000	UnitedHealth Group, Inc., 3.75%, 10/15/47, Callable 4/15/47 @ 100		433,627
1,856,000	UnitedHealth Group, Inc., 2.90%, 5/15/50, Callable 11/15/49 @ 100		1,295,946
851,000	UnitedHealth Group, Inc., 4.75%, 5/15/52, Callable 11/15/51 @ 100		806,925
398,000	UnitedHealth Group, Inc., 4.95%, 5/15/62, Callable 11/15/61 @ 100		381,887
1,201,000	UnitedHealth Group, Inc., 6.05%, 2/15/63, Callable 8/15/62 @ 100		1,352,940
			28,878,684
Independent Power and Renewable Electricity Producers (0.0%†):
905,000	Evergy Metro, Inc., 4.95%, 4/15/33, Callable 1/15/33 @ 100		890,286
Industrial Conglomerates (0.0%†):
980,000	Honeywell International, Inc., 3.75%, 5/17/32, Callable 2/17/32 @ 100		1,050,365
Industrial REITs (0.1%):
1,892,000	Prologis LP, 1.75%, 2/1/31, Callable 11/1/30 @ 100		1,506,721
2,913,000	Prologis LP, 5.13%, 1/15/34, Callable 10/15/33 @ 100		2,875,498
			4,382,219
Insurance (0.3%):
775,000	Aon Corp., 4.50%, 12/15/28, Callable 9/15/28 @ 100		744,477
2,417,000	Aon Corp., 2.80%, 5/15/30, Callable 2/15/30 @ 100		2,083,012
2,539,000	Aon Corp./Aon Global Holdings plc, 2.60%, 12/2/31, Callable 9/2/31 @ 100		2,083,455
1,293,000	Aon Corp./Aon Global Holdings plc, 5.00%, 9/12/32, Callable 6/12/32 @ 100		1,272,403
962,000	Aon Corp./Aon Global Holdings plc, 5.35%, 2/28/33, Callable 11/28/32 @ 100		966,444
378,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		307,383
1,303,000	Marsh & McLennan Cos., Inc., 4.38%, 3/15/29, Callable 12/15/28 @ 100		1,262,100
			8,719,274

See accompanying notes to the financial statements.

14

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Interactive Media & Services (0.1%):
$883,000	Meta Platforms, Inc., 5.60%, 5/15/53, Callable 11/15/52 @ 100	$	907,453
3,017,000	Meta Platforms, Inc., 5.75%, 5/15/63, Callable 11/15/62 @ 100		3,111,079
			4,018,532
IT Services (0.0%†):
722,000	DXC Technology Co., 2.38%, 9/15/28, Callable 7/15/28 @ 100		599,370
Life Sciences Tools & Services (0.0%†):
614,000	Agilent Technologies, Inc., 2.30%, 3/12/31, Callable 12/12/30 @ 100		502,060
965,000	Thermo Fisher Scientific, Inc., 2.00%, 10/15/31, Callable 7/15/31 @ 100		784,000
			1,286,060
Machinery (0.1%):
312,000	CNH Industrial Capital LLC, 4.55%, 4/10/28, Callable 3/10/28 @ 100		299,626
1,248,000	Otis Worldwide Corp., 2.57%, 2/15/30, Callable 11/15/29 @ 100		1,075,226
			1,374,852
Media (0.3%):
2,976,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 3.95%, 6/30/62, Callable 12/30/61 @ 100		1,819,568
1,880,000	Comcast Corp., 2.65%, 2/1/30, Callable 11/1/29 @ 100		1,642,780
1,640,000	Comcast Corp., 4.20%, 8/15/34, Callable 2/15/34 @ 100		1,524,375
1,541,000	Comcast Corp., 2.94%, 11/1/56, Callable 5/1/56 @ 100		1,002,357
384,000	Cox Communications, Inc., 3.85%, 2/1/25, Callable 11/1/24 @ 100(a)		371,732
799,000	Cox Communications, Inc., 3.60%, 6/15/51, Callable 12/15/50 @ 100(a)		561,515
369,000	Interpublic Group of Cos., Inc. (The), 4.75%, 3/30/30, Callable 12/30/29 @ 100		357,985
541,000	NBCUniversal Media LLC, 4.45%, 1/15/43		481,964
265,000	Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/1/24, Callable 8/1/24 @ 100		257,499
526,000	Paramount Global, 4.85%, 7/1/42, Callable 1/1/42 @ 100		392,144
			8,411,919
Metals & Mining (0.0%†):
1,176,000	Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100		957,288
Multi-Utilities (0.3%):
480,000	Ameren Illinois Co., 3.25%, 3/15/50, Callable 9/15/49 @ 100		346,573
390,000	Ameren Illinois Co., 2.90%, 6/15/51, Callable 12/15/50 @ 100		261,411
296,000	Ameren Illinois Co., 5.90%, 12/1/52, Callable 6/1/52 @ 100		322,631
705,000	CenterPoint Energy Houston Electric LLC, 4.45%, 10/1/32, Callable 7/1/32 @ 100		677,161
1,162,000	CenterPoint Energy Houston Electric LLC, 4.95%, 4/1/33, Callable 1/1/33 @ 100		1,160,013

Principal Amount		Value
Corporate Bonds, continued
Multi-Utilities, continued
$176,000	CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/48, Callable 9/1/47 @ 100	$	145,528
599,000	CenterPoint Energy Houston Electric LLC, 2.90%, 7/1/50, Callable 1/1/50 @ 100		407,375
695,000	CenterPoint Energy Houston Electric LLC, 3.35%, 4/1/51, Callable 10/1/50 @ 100		515,130
1,484,000	Consumers Energy Co., 4.63%, 5/15/33, Callable 11/15/32 @ 100		1,444,184
531,000	Consumers Energy Co., 3.75%, 2/15/50, Callable 8/15/49 @ 100		421,124
778,000	Consumers Energy Co., 3.10%, 8/15/50, Callable 2/15/50 @ 100		546,081
2,151,000	Consumers Energy Co., 4.20%, 9/1/52, Callable 3/1/52 @ 100		1,840,120
804,000	NiSource, Inc., 5.25%, 3/30/28, Callable 2/29/28 @ 100		802,525
			8,889,856
Oil, Gas & Consumable Fuels (3.3%):
525,000	Boardwalk Pipelines LP, 3.40%, 2/15/31, Callable 11/15/30 @ 100		449,521
1,361,000	BP Capital Markets America, Inc., 2.72%, 1/12/32, Callable 10/12/31 @ 100		1,153,100
4,209,000	BP Capital Markets America, Inc., 4.81%, 2/13/33, Callable 11/13/32 @ 100		4,136,302
1,991,000	BP Capital Markets America, Inc., 4.89%, 9/11/33, Callable 6/11/33 @ 100		1,966,537
762,000	Cameron LNG LLC, 2.90%, 7/15/31, Callable 4/15/31 @ 100(a)		654,907
4,367,000	Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a)		3,639,816
1,608,000	Cameron LNG LLC, 3.40%, 1/15/38, Callable 7/15/37 @ 100(a)		1,330,472
6,392,000	Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/27, Callable 1/1/27 @ 100		6,296,120
3,027,000	Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29, Callable 5/18/29 @ 100		2,739,435
469,000	Devon Energy Corp., 8.25%, 8/1/23, Callable 7/18/23 @ 100		469,233
2,070,000	Devon Energy Corp., 4.50%, 1/15/30, Callable 1/15/25 @ 102.25		1,941,132
5,592,000	Diamondback Energy, Inc., 3.25%, 12/1/26, Callable 10/1/26 @ 100		5,242,500
9,505,000	Diamondback Energy, Inc., 3.50%, 12/1/29, Callable 9/1/29 @ 100		8,510,634
2,292,000	Diamondback Energy, Inc., 3.13%, 3/24/31, Callable 12/24/30 @ 100		1,957,856
711,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		695,861
1,007,000	Energy Transfer LP, 5.88%, 1/15/24, Callable 10/15/23 @ 100		1,006,242
1,064,000	Energy Transfer LP, 5.95%, 12/1/25, Callable 9/1/25 @ 100		1,064,316
2,432,000	Energy Transfer LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		2,414,205
423,000	Energy Transfer LP, 8.25%, 11/15/29, Callable 8/15/29 @ 100		467,741
2,099,000	Energy Transfer LP, 5.75%, 2/15/33, Callable 11/15/32 @ 100		2,107,453

See accompanying notes to the financial statements.

15

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$398,000	Energy Transfer LP, 4.90%, 3/15/35, Callable 9/15/34 @ 100	$	360,795
391,000	Energy Transfer LP, 5.15%, 2/1/43, Callable 8/1/42 @ 100		331,573
1,223,000	Energy Transfer LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100		1,077,437
675,000	Energy Transfer LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		655,517
4,238,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		3,576,605
266,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		262,707
515,000	Enterprise Products Operating LLC, 4.20%, 1/31/50, Callable 7/31/49 @ 100		425,479
918,000	Enterprise Products Operating LLC, 3.20%, 2/15/52, Callable 8/15/51 @ 100		645,137
1,537,000	Enterprise Products Operating LLC, 3.30%, 2/15/53, Callable 8/15/52 @ 100		1,085,643
240,000	EQT Corp., 5.70%, 4/1/28, Callable 3/1/28 @ 100		237,600
563,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		544,699
2,294,000	Kinder Morgan, Inc., 3.25%, 8/1/50, Callable 2/1/50 @ 100		1,471,775
698,000	Kinder Morgan, Inc., 3.60%, 2/15/51, Callable 8/15/50 @ 100		480,360
3,034,000	NGPL PipeCo LLC, 3.25%, 7/15/31, Callable 4/15/31 @ 100(a)		2,511,888
1,242,000	NGPL PipeCo LLC, 7.77%, 12/15/37(a)		1,318,073
1,586,000	NGPL PipeCo. LLC, 4.88%, 8/15/27, Callable 2/15/27 @ 100(a)		1,504,718
1,942,000	Northern Natural Gas Co., 4.30%, 1/15/49, Callable 7/15/48 @ 100(a)		1,566,542
1,689,000	Northern Natural Gas Co., 3.40%, 10/16/51, Callable 4/16/51 @ 100(a)		1,165,608
2,745,000	Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100		2,603,888
2,028,000	Pioneer Natural Resources Co., 5.10%, 3/29/26		2,013,323
6,782,000	Sabine Pass Liquefaction LLC, 5.00%, 3/15/27, Callable 9/15/26 @ 100		6,674,166
1,531,000	Sabine Pass Liquefaction LLC, 5.90%, 9/15/37, Callable 3/15/37 @ 100(a)		1,548,607
1,374,000	Targa Resources Corp., 5.20%, 7/1/27, Callable 6/1/27 @ 100		1,347,873
766,000	Targa Resources Corp., 6.50%, 2/15/53, Callable 8/15/52 @ 100		774,956
470,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28, Callable 8/7/23 @ 102.5		448,615
2,554,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44		2,352,873
1,670,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102		1,438,288
1,696,000	Texas Eastern Transmission LP, 3.50%, 1/15/28, Callable 10/15/27 @ 100(a)		1,565,954
3,477,000	Texas Eastern Transmission LP, 4.15%, 1/15/48, Callable 7/15/47 @ 100(a)		2,728,325
3,050,000	Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26, Callable 11/1/25 @ 100		3,190,736

Principal Amount		Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$2,198,000	Transcontinental Gas Pipe Line Co. LLC, 4.00%, 3/15/28, Callable 12/15/27 @ 100	$	2,056,774
2,266,000	Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50, Callable 11/15/49 @ 100		1,750,229
424,000	Williams Cos., Inc., Series A, 7.50%, 1/15/31		464,235
			98,424,381
Passenger Airlines (0.1%):
739,139	American Airlines Pass Through Trust, Series 2015- 2, Class B, 4.40%, 3/22/25		731,640
443,150	American Airlines Pass Through Trust, Series 2015- 2, Class AA, 3.60%, 3/22/29		408,022
188,887	American Airlines Pass Through Trust, Series 2016- 2, Class AA, 3.20%, 12/15/29		168,935
68,160	American Airlines Pass Through Trust, Series 2017- 1, Class AA, 3.65%, 8/15/30		62,199
615,405	American Airlines Pass Through Trust, Series 2019- 1, 3.15%, 8/15/33		532,517
420,000	Delta Airlines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25		409,726
5,289	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.65%, 4/7/27		4,903
216,482	United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, 9/1/27		199,831
9,923	United Airlines Pass Through Trust, Series 2015-1, Class AA, 3.45%, 6/1/29		9,072
302,604	United Airlines Pass Through Trust, Series 2019-2, Class B, 3.50%, 11/1/29		272,601
41,168	United Airlines Pass Through Trust, Series 2016-2, Class AA, 3.10%, 1/7/30		37,138
159,583	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.88%, 4/7/30		138,047
196,083	United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 9/1/31		175,202
315,035	United Airlines Pass Through Trust, Series 2016-1, Class AA, 4.15%, 2/25/33		286,859
433,794	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/1/33		366,783
			3,803,475
Pharmaceuticals (0.0%†):
375,000	Merck & Co., Inc., 5.15%, 5/17/63, Callable 11/17/62 @ 100		383,074
Professional Services (0.2%):
733,000	Broadridge Financial Solutions, Inc., 3.40%, 6/27/26, Callable 3/27/26 @ 100		689,562
3,439,000	Equifax, Inc., 5.10%, 6/1/28, Callable 5/1/28 @ 100		3,399,324
1,603,000	Global Payments, Inc., 4.95%, 8/15/27, Callable 7/15/27 @ 100		1,551,912
			5,640,798
Real Estate Management & Development (0.0%†):
915,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		839,944
Retail REITs (0.2%):
534,000	Kimco Realty OP LLC, 2.25%, 12/1/31, Callable 9/1/31 @ 100		415,117
593,000	National Retail Properties, Inc., 3.10%, 4/15/50, Callable 10/15/49 @ 100		369,483

See accompanying notes to the financial statements.

16

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Retail REITs, continued
$1,548,000	National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100	$	1,035,809
402,000	National Retail Properties, Inc., 3.00%, 4/15/52, Callable 10/15/51 @ 100		241,181
1,081,000	Realty Income Corp., 3.25%, 1/15/31, Callable 10/15/30 @ 100		941,821
1,987,000	VICI Properties LP/VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102.06(a)		1,743,593
			4,747,004
Semiconductors & Semiconductor Equipment (0.7%):
1,998,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100		1,830,158
933,000	Broadcom, Inc., 4.15%, 4/15/32, Callable 1/15/32 @ 100(a)		841,806
1,760,000	Broadcom, Inc., 3.42%, 4/15/33, Callable 1/15/33 @ 100(a)		1,467,564
5,091,000	Broadcom, Inc., 3.47%, 4/15/34, Callable 1/15/34 @ 100(a)		4,181,187
471,000	Broadcom, Inc., 3.19%, 11/15/36, Callable 8/15/36 @ 100(a)		356,333
3,751,000	Intel Corp., 4.88%, 2/10/28, Callable 1/10/28 @ 100		3,732,680
745,000	Intel Corp., 3.73%, 12/8/47, Callable 6/8/47 @ 100		577,721
774,000	Intel Corp., 5.05%, 8/5/62, Callable 2/5/62 @ 100		708,534
1,870,000	KLA Corp., 5.25%, 7/15/62, Callable 1/15/62 @ 100		1,882,364
1,177,000	KLA-Tencor Corp., 4.10%, 3/15/29, Callable 12/15/28 @ 100		1,131,980
618,000	QUALCOMM, Inc., 4.25%, 5/20/32, Callable 2/20/32 @ 100		600,656
1,837,000	QUALCOMM, Inc., 5.40%, 5/20/33, Callable 2/20/33 @ 100		1,932,638
632,000	QUALCOMM, Inc., 4.50%, 5/20/52, Callable 11/20/51 @ 100		574,260
1,738,998	Texas Electric Market Stabilization Funding N LLC, 4.26%, 8/1/36(a)		1,663,885
494,000	TSMC Arizona Corp., 4.25%, 4/22/32, Callable 1/22/32 @ 100^		476,446
			21,958,212
Software (0.6%):
347,000	Autodesk, Inc., 2.85%, 1/15/30, Callable 10/15/29 @ 100		302,812
1,560,000	Oracle Corp., 3.85%, 7/15/36, Callable 1/15/36 @ 100		1,300,155
573,000	Oracle Corp., 3.80%, 11/15/37, Callable 5/15/37 @ 100		467,025
1,611,000	Oracle Corp., 3.60%, 4/1/40, Callable 10/1/39 @ 100		1,243,197
1,903,000	Oracle Corp., 5.38%, 7/15/40		1,805,517
6,158,000	Oracle Corp., 3.65%, 3/25/41, Callable 9/25/40 @ 100		4,731,407
409,000	Oracle Corp., 4.50%, 7/8/44, Callable 1/8/44 @ 100		342,153
878,000	Oracle Corp., 4.00%, 11/15/47, Callable 5/15/47 @ 100		670,229
1,854,000	Oracle Corp., 3.60%, 4/1/50, Callable 10/1/49 @ 100		1,320,730
1,981,000	Oracle Corp., 6.90%, 11/9/52, Callable 5/9/52 @ 100		2,218,076
327,000	Vmware, Inc., 4.65%, 5/15/27, Callable 3/15/27 @ 100		317,981

Principal Amount		Value
Corporate Bonds, continued
Software, continued
$545,000	Vmware, Inc., 1.80%, 8/15/28, Callable 6/15/28 @ 100	$	455,339
2,348,000	Vmware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100		1,845,620
			17,020,241
Specialized REITs (1.3%):
1,582,000	American Tower Corp., 2.95%, 1/15/25, Callable 12/15/24 @ 100		1,513,169
3,000,000	American Tower Corp., 0.45%, 1/15/27, Callable 11/15/26 @ 100		2,836,467
359,000	American Tower Corp., 2.75%, 1/15/27, Callable 11/15/26 @ 100		326,188
347,000	American Tower Corp., 3.13%, 1/15/27, Callable 10/15/26 @ 100		319,280
318,000	American Tower Corp., 3.65%, 3/15/27, Callable 2/15/27 @ 100		297,905
1,592,000	American Tower Corp., 3.55%, 7/15/27, Callable 4/15/27 @ 100		1,476,562
1,454,000	American Tower Corp., 5.50%, 3/15/28, Callable 2/15/28 @ 100		1,442,448
2,191,000	American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100		1,989,393
530,000	American Tower Corp., 1.88%, 10/15/30, Callable 7/15/30 @ 100		418,288
1,406,000	American Tower Corp., 2.70%, 4/15/31, Callable 1/15/31 @ 100		1,164,404
1,504,000	American Tower Corp., 2.30%, 9/15/31, Callable 6/15/31 @ 100		1,196,479
1,078,000	American Tower Corp., 4.05%, 3/15/32, Callable 12/15/31 @ 100		982,093
1,823,000	American Tower Corp., 5.65%, 3/15/33, Callable 12/15/32 @ 100		1,844,685
3,450,000	American Tower Corp., 5.55%, 7/15/33, Callable 4/15/33 @ 100		3,457,493
1,226,000	Crown Castle International Corp., 3.10%, 11/15/29, Callable 8/15/29 @ 100		1,066,296
2,060,000	Crown Castle International Corp., 2.25%, 1/15/31, Callable 10/15/30 @ 100		1,676,836
2,873,000	Crown Castle International Corp., 2.50%, 7/15/31, Callable 4/15/31 @ 100		2,356,595
2,354,000	Crown Castle, Inc., 5.00%, 1/11/28, Callable 12/11/27 @ 100		2,309,891
2,318,000	Crown Castle, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100		2,160,962
3,830,000	Crown Castle, Inc., 5.10%, 5/1/33, Callable 2/1/33 @ 100		3,749,382
870,000	Equifax, Inc., 1.80%, 7/15/27, Callable 5/15/27 @ 100		753,420
1,299,000	Equifax, Inc., 1.55%, 3/15/28, Callable 1/15/28 @ 100		1,088,402
1,211,000	Equifax, Inc., 2.50%, 5/15/31, Callable 2/15/31 @ 100		984,146
772,000	Equinix, Inc., 2.00%, 5/15/28, Callable 3/15/28 @ 100		656,058
1,956,000	Equinix, Inc., 3.20%, 11/18/29, Callable 8/18/29 @ 100		1,717,055

See accompanying notes to the financial statements.

17

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Specialized REITs, continued
$2,283,000	Equinix, Inc., 2.15%, 7/15/30, Callable 4/15/30 @ 100	$	1,844,422
			39,628,319
Specialty Retail (0.3%):
1,510,000	General Motors Financial Co., Inc., 5.80%, 6/23/28, Callable 5/23/28 @ 100		1,500,165
1,298,000	General Motors Financial Co., Inc., 5.85%, 4/6/30, Callable 2/6/30 @ 100		1,282,688
862,000	Home Depot, Inc. (The), 2.75%, 9/15/51, Callable 3/15/51 @ 100		578,289
3,551,000	Lowe’s Cos., Inc., 3.65%, 4/5/29, Callable 1/5/29 @ 100		3,286,110
2,736,000	Lowe’s Cos., Inc., 2.63%, 4/1/31, Callable 1/1/31 @ 100		2,305,887
			8,953,139
Technology Hardware, Storage & Peripherals (0.1%):
1,008,000	Dell International LLC/EMC Corp., 3.45%, 12/15/51, Callable 6/15/51 @ 100(a)		669,956
1,502,000	Hewlett Packard Enterprise Co., 5.25%, 7/1/28, Callable 6/1/28 @ 100		1,487,892
			2,157,848
Tobacco (0.4%):
2,243,000	Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100		1,753,638
1,537,000	Altria Group, Inc., 5.80%, 2/14/39, Callable 8/14/38 @ 100		1,494,656
800,000	Altria Group, Inc., 4.25%, 8/9/42		620,670
921,000	BAT Capital Corp., 4.70%, 4/2/27, Callable 2/2/27 @ 100		886,278
242,000	BAT Capital Corp., 4.76%, 9/6/49, Callable 3/6/49 @ 100		181,616
1,165,000	BAT Capital Corp., 3.98%, 9/25/50, Callable 3/25/50 @ 100		784,481
2,482,000	Philip Morris International, Inc., 5.13%, 11/17/27, Callable 10/17/27 @ 100		2,488,510
2,995,000	Philip Morris International, Inc., 4.88%, 2/15/28, Callable 1/15/28 @ 100		2,950,021
1,157,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		1,028,532
			12,188,402
Water Utilities (0.0%†):
1,220,000	CenterPoint Energy Resources Corp., 5.25%, 3/1/28, Callable 2/1/28 @ 100		1,219,227
Wireless Telecommunication Services (0.6%):
860,000	Sprint LLC, 7.88%, 9/15/23		862,150
5,191,000	Sprint LLC, 7.13%, 6/15/24		5,242,910
6,092,000	Sprint LLC, 7.63%, 2/15/25, Callable 11/15/24 @ 100		6,221,455
4,678,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		4,418,156
1,502,000	T-Mobile USA, Inc., 4.95%, 3/15/28, Callable 2/15/28 @ 100		1,478,483
			18,223,154
Total Corporate Bonds (Cost $700,550,976)			670,509,190

Principal Amount		Value
Foreign Bonds (0.5%):
Automobiles (0.0%†):
$600,000	Volkswagen International Finance NV, 1.25%, 9/23/32+(a)	$	505,454
300,000	Volkswagen International Finance NV, 4.13%, 11/16/38+(a)		312,020
			817,474
Banks (0.1%):
3,000,000	ING Groep NV, 4.50%, 5/23/29, Callable 5/23/28 @ 100+(a)		3,236,462
Capital Markets (0.1%):
100,000	Deutsche Bank AG, 1.00% (EUR003M+1.6bps), 11/19/25, Callable 11/19/24 @ 100+(a)		102,972
1,140,000	Viterra Finance BV, 0.38%, 9/24/25, Callable 8/24/25 @ 100, MTN+(a)		1,133,146
			1,236,118
Chemicals (0.1%):
2,200,000	Linde plc, 3.38%, 6/12/29, Callable 3/12/29 @ 100+(a)		2,380,727
Electric Utilities (0.0%†):
600,000	RTE Reseau de Transport d’Electricite SADIR, 3.75%, 7/4/35, Callable 4/4/35 @ 100, MTN+(a)		651,482
Household Durables (0.1%):
1,200,000	Robert Bosch GmbH, 4.38%, 6/2/43, Callable 3/2/43 @ 100, MTN+(a)		1,340,948
Oil, Gas & Consumable Fuels (0.0%†):
600,000	Digital Dutch Finco BV, 1.00%, 1/15/32, Callable 10/15/31 @ 100+(a)		461,560
630,000	Eni SpA, 4.25%, 5/19/33, MTN+(a)		681,778
			1,143,338
Pharmaceuticals (0.1%):
3,170,000	Bayer AG, 4.00%, 8/26/26, Callable 7/26/26 @ 100+(a)		3,461,367
Sovereign Bond (0.0%†):
152,000	Romanian Government International Bond, 2.88%, 3/11/29, MTN+(a)		143,797
163,000	Romanian Government International Bond, Registered Shares, 2.50%, 2/8/30, MTN+(a)		145,961
			289,758
Total Foreign Bonds (Cost $15,024,358)			14,557,674
Yankee Debt Obligations (3.0%):
Banks (0.1%):
428,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 6/6/24^(a)		419,660
317,000	Bank Gospodarstwa Krajowego, 5.38%, 5/22/33(a)		317,364
487,000	Barclays plc, 7.44% (H15T1Y+350 bps), 11/2/33, Callable 11/2/32 @ 100		526,385
446,000	Credicorp, Ltd., 2.75%, 6/17/25, Callable 5/17/25 @ 100(a)		420,355
348,000	Intercorp Peru, Ltd., 3.88%, 8/15/29, Callable 5/15/29 @ 100(a)		293,279
419,000	Perusahaan Penerbit SBSN Indonesia III, 4.40%, 6/6/27(a)		412,715
			2,389,758

See accompanying notes to the financial statements.

18

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Yankee Debt Obligations, continued
Biotechnology (0.0%†):
$941,000	Shire Acquisitions Investments, 3.20%, 9/23/26, Callable 6/23/26 @ 100	$	881,321
Capital Markets (0.4%):
438,000	Credit Suisse AG, 4.75%, 8/9/24		427,689
715,000	Eig Pearl Holdings Sarl, 4.39%, 11/30/46(a)		558,594
2,000	Macquarie Group, Ltd., 4.65% (US0003M+173 bps), 3/27/29, Callable 3/27/28 @ 100(a)		1,908
347,000	MDGH GMTN RSC, Ltd., 4.38%, 11/22/33, Callable 8/22/33 @ 100(a)		333,564
650,000	SA Global Sukuk, Ltd., 2.69%, 6/17/31, Callable 3/17/31 @ 100(a)		561,265
3,177,000	UBS Group AG, 3.75%, 3/26/25		3,040,176
538,000	UBS Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(a)		509,853
686,000	UBS Group AG, 4.55%, 4/17/26		659,343
608,000	UBS Group AG, 2.19% (SOFR+204 bps), 6/5/26, Callable 6/5/25 @ 100(a)		556,107
494,000	UBS Group AG, 4.28%, 1/9/28, Callable 1/9/27 @ 100(a)		455,793
750,000	UBS Group AG, 6.54% (SOFR+392 bps), 8/12/33, Callable 8/12/32 @ 100(a)		759,375
2,010,000	UBS Group AG, 9.02% (SOFR+502 bps), 11/15/33, Callable 11/15/32 @ 100(a)		2,411,612
			10,275,279
Chemicals (0.1%):
660,000	Equate Petrochemical BV, 4.25%, 11/3/26(a)		631,950
561,000	SABIC Capital II BV, 4.50%, 10/10/28(a)		547,036
515,000	Sociedad Quimica y Minera de Chile SA, 4.25%, 1/22/50, Callable 7/22/49 @ 100^(a)		408,138
			1,587,124
Construction Materials (0.0%†):
425,000	Freeport Indonesia PT, Registered Shares, 4.76%, 4/14/27, Callable 3/14/27 @ 100(a)		410,871
Consumer Staples Distribution & Retail (0.0%†):
561,000	Cencosud SA, 5.15%, 2/12/25, Callable 11/12/24 @ 100(a)		553,825
Diversified Telecommunication Services (0.0%†):
344,000	CK Hutchison International 23, Ltd., 4.75%, 4/21/28, Callable 3/21/28 @ 100(a)		339,954
389,000	Deutsche Telekom International Finance BV, 2.49%, 9/19/23, Callable 7/19/23 @ 100(a)		388,407
330,000	NTT Finance Corp., 4.14%, 7/26/24(a)		322,956
			1,051,317
Electric Utilities (0.1%):
418,000	Comision Federal de Electricidad, 4.88%, 1/15/24(a)		413,064
597,000	Israel Electric Corp., Ltd., 4.25%, 8/14/28, MTN(a)		553,946
527,000	Kallpa Generacion SA, 4.13%, 8/16/27, Callable 5/16/27 @ 100(a)		488,353
			1,455,363
Financial Services (0.6%):
470,000	Banco Latinoamericano de Comercio Exterior SA, 2.38%, 9/14/25, Callable 8/15/25 @ 100(a)		434,918
200,000	Banco Nacional de Panama, 2.50%, 8/11/30, Callable 5/11/30 @ 100(a)		157,000
1,703,000	BAT International Finance plc, 4.45%, 3/16/28, Callable 2/16/28 @ 100		1,607,206

Principal Amount		Value
Yankee Debt Obligations, continued
Financial Services, continued
$762,000	Consorcio Transmantaro SA, 4.70%, 4/16/34(a)	$	701,040
460,000	Credit Suisse AG, 0.50%, 2/2/24		441,405
4,961,000	Credit Suisse AG, 3.63%, 9/9/24		4,764,907
744,000	Credit Suisse AG, 7.95%, 1/9/25		758,557
4,952,000	Credit Suisse AG, 3.70%, 2/21/25		4,726,694
750,000	Credit Suisse AG, 2.95%, 4/9/25		704,153
1,935,000	Credit Suisse AG, 5.00%, 7/9/27		1,859,264
2,263,000	Credit Suisse AG, 7.50%, 2/15/28		2,404,709
			18,559,853
Food Products (0.0%†):
697,000	Grupo Bimbo SAB de CV, 4.00%, 9/6/49(a)		562,526
Independent Power and Renewable Electricity Producers (0.0%†):
267,583	AES Panama Generation Holdings SRL, 4.38%, 5/31/30, Callable 2/28/30 @ 100(a)		231,124
506,000	Colbun SA, 3.15%, 1/19/32, Callable 10/19/31 @ 100(a)		425,857
			656,981
Interactive Media & Services (0.1%):
490,000	Baidu, Inc., 4.38%, 5/14/24, Callable 4/14/24 @ 100		483,319
475,000	Baidu, Inc., 4.38%, 3/29/28, Callable 12/29/27 @ 100		455,196
515,000	Tencent Holdings, Ltd., 3.60%, 1/19/28, Callable 10/19/27 @ 100(a)		478,741
			1,417,256
Machinery (0.1%):
1,864,000	CNH Industrial N.V., 3.85%, 11/15/27, Callable 8/15/27 @ 100, MTN		1,747,194
Metals & Mining (0.4%):
3,581,000	Anglo American Capital plc, 4.00%, 9/11/27(a)		3,368,038
3,304,000	Anglo American Capital plc, 4.50%, 3/15/28, Callable 12/15/27 @ 100(a)		3,148,613
1,969,000	Anglo American Capital plc, 2.25%, 3/17/28, Callable 1/17/28 @ 100(a)		1,687,081
2,017,000	Anglo American Capital plc, 5.50%, 5/2/33, Callable 2/2/33 @ 100(a)		1,961,837
525,000	Antofagasta plc, 2.38%, 10/14/30, Callable 7/14/30 @ 100(a)		424,821
858,000	Corp. Nacional del Cobre de Chile, Registered Shares, 3.63%, 8/1/27, Callable 5/1/27 @ 100(a)		808,974
409,000	POSCO, 5.63%, 1/17/26(a)		407,597
			11,806,961
Oil, Gas & Consumable Fuels (0.2%):
2,459,000	Cenovus Energy, Inc., 3.75%, 2/15/52, Callable 8/15/51 @ 100		1,730,280
555,000	Ecopetrol SA, 4.13%, 1/16/25		532,106
2,364,000	Enbridge, Inc., 5.70%, 3/8/33, Callable 12/8/32 @ 100		2,386,763
588,907	Galaxy Pipeline Assets Bidco, Ltd., 2.94%, 9/30/40(a)		472,010
270,000	KazMunayGas National Co. JSC, 3.50%, 4/14/33, Callable 10/14/32 @ 100(a)		208,575
470,000	Pertamina Persero PT, 3.10%, 1/21/30, Callable 10/21/29 @ 100(a)		414,775
495,000	Qatar Energy, 2.25%, 7/12/31, Callable 4/12/31 @ 100(a)		413,222

See accompanying notes to the financial statements.

19

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Yankee Debt Obligations, continued
Oil, Gas & Consumable Fuels, continued
$623,000	Saudi Arabian Oil Co., 3.25%, 11/24/50, Callable 5/24/50 @ 100(a)	$	434,323
604,000	Saudi Arabian Oil Co., 3.50%, 11/24/70, Callable 5/24/70 @ 100(a)		399,395
196,000	Suncor Energy, Inc., 7.15%, 2/1/32		210,647
			7,202,096
Paper & Forest Products (0.1%):
615,000	Celulosa Arauco y Constitucion SA, 4.20%, 1/29/30, Callable 10/29/29 @ 100(a)		546,378
278,000	Fibria Overseas Finance, Ltd., 5.50%, 1/17/27		278,000
552,000	Suzano Austria GmbH, 5.75%, 7/14/26(a)		552,928
327,000	Suzano Austria GmbH, 3.75%, 1/15/31, Callable 10/15/30 @ 100		278,358
			1,655,664
Passenger Airlines (0.0%†):
257,816	Air Canada Pass Through Trust, Series 2017-1, Class A, 3.30%, 7/15/31(a)		226,886
Real Estate Management & Development (0.0%†):
269,000	Trust Fibra Uno, 5.25%, 12/15/24, Callable 9/15/24 @ 100^(a)		263,620
453,000	Trust Fibra Uno, 6.39%, 1/15/50, Callable 7/15/49 @ 100(a)		356,728
			620,348
Semiconductors & Semiconductor Equipment (0.1%):
2,213,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 6/18/29, Callable 3/18/29 @ 100		2,075,502
2,377,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 5/1/30, Callable 2/1/30 @ 100		2,097,457
			4,172,959
Sovereign Bond (0.7%):
434,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(a)		364,516
1,905,000	Colombia Government International Bond, 3.13%, 4/15/31, Callable 1/15/31 @ 100		1,435,938
860,000	Colombia Government International Bond, 3.25%, 4/22/32, Callable 1/22/32 @ 100		632,238
20,000	Hungary Government International Bond, 5.38%, 3/25/24		19,899
425,000	Hungary Government International Bond, 5.25%, 6/16/29(a)		412,805
240,000	Hungary Government International Bond, 7.63%, 3/29/41		270,609
1,015,000	Mexico Government International Bond, 3.75%, 1/11/28		962,348
378,000	Mexico Government International Bond, 4.75%, 4/27/32, Callable 1/27/32 @ 100		359,422
4,915,000	Mexico Government International Bond, 6.35%, 2/9/35, Callable 11/9/34 @ 100		5,153,658
200,000	Mexico Government International Bond, 6.34%, 5/4/53, Callable 11/4/52 @ 100		202,501
322,000	Mexico Government International Bond, 5.75%, 10/12/10		286,529
393,041	Oriental Republic of Uruguay, 4.50%, 8/14/24		391,500
1,062,000	Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100		929,250
421,000	Panama Government International Bond, 3.30%, 1/19/33, Callable 10/19/32 @ 100		349,430

Principal Amount		Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$1,095,000	Panama Government International Bond, 4.50%, 4/1/56, Callable 10/1/55 @ 100	$	817,144
430,000	Peruvian Government International Bond, 2.78%, 1/23/31, Callable 10/23/30 @ 100		366,342
397,000	Peruvian Government International Bond, 1.86%, 12/1/32, Callable 9/1/32 @ 100		304,304
116,000	Peruvian Government International Bond, 3.00%, 1/15/34, Callable 10/15/33 @ 100		95,558
200,000	Qatar Government International Bond, 4.00%, 3/14/29(a)		195,101
200,000	Qatar Government International Bond, 3.75%, 4/16/30(a)		191,966
200,000	Qatar Government International Bond, 5.10%, 4/23/48(a)		199,408
3,516,000	Republic of Colombia, 3.88%, 4/25/27, Callable 1/25/27 @ 100		3,175,215
275,000	Republic of Colombia, 4.50%, 3/15/29, Callable 12/15/28 @ 100		240,453
567,000	Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100		440,217
1,137,000	Republic of Panama, 3.88%, 3/17/28, Callable 12/17/27 @ 100		1,074,465
1,031,000	Republic of Peru, 5.63%, 11/18/50		1,052,422
412,000	Republic of Poland Government International Bond, 5.50%, 4/4/53, Callable 10/4/52 @ 100		414,950
278,000	Romanian Government International Bond, 5.25%, 11/25/27(a)		270,892
368,000	Romanian Government International Bond, 3.63%, 3/27/32(a)		312,801
112,000	Romanian Government International Bond, 7.13%, 1/17/33(a)		118,730
236,000	Romanian Government International Bond, 7.63%, 1/17/53(a)		259,482
212,000	Saudi Government International Bond, 2.75%, 2/3/32(a)		182,256
200,000	Saudi Government International Bond, 5.00%, 4/17/49(a)		186,275
200,000	Saudi Government International Bond, 3.25%, 11/17/51, MTN(a)		140,131
478,000	Saudi Government International Bond, 3.75%, 1/21/55(a)		360,938
			22,169,693
Wireless Telecommunication Services (0.0%†):
280,000	Bharti Airtel, Ltd., 3.25%, 6/3/31, Callable 3/5/31 @ 100(a)		241,335
523,000	Empresa Nacional del Petroleo, 3.75%, 8/5/26, Callable 5/5/26 @ 100(a)		493,681
285,000	Empresa Nacional del Petroleo, 6.15%, 5/10/33, Callable 2/10/33 @ 100(a)		284,287
			1,019,303
Total Yankee Debt Obligations (Cost $94,145,455)			90,422,578
Municipal Bonds (0.5%):
California (0.2%):
905,000	California State University Revenue, Series B, 2.72%, 11/1/52		650,496
435,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		526,572

See accompanying notes to the financial statements.

20

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Municipal Bonds, continued
California, continued
$600,000	California State, Build America Bonds, GO, 7.55%, 4/1/39	$	754,236
1,240,000	Los Angeles Department of Water & Power Power System Revenue, 6.57%, 7/1/45		1,536,186
645,000	Regents of the University of California Medical Center Pooled Revenue, 4.13%, 5/15/32, Continuously Callable @100		614,124
440,000	University of California Revenue, Series BF, 2.65%, 5/15/50, Continuously Callable @100		287,729
347,000	University of California Revenue, 4.77%, 5/15/15		316,707
50,000	University of California Revenue, 4.86%, 5/15/12		44,538
			4,730,588
Louisiana (0.2%):
4,735,000	Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 5.05%, 12/1/34		4,778,562
Michigan (0.0%†):
801,000	University of Michigan Revenue, 3.50%, 4/1/52, Continuously Callable @100		663,765
Minnesota (0.0%†):
406,000	University of Minnesota Revenue, 4.05%, 4/1/52		359,683
New Jersey (0.0%†):
575,000	New Jersey State Transportation Authority Revenue, Build America Bonds, GO, 6.56%, 12/15/40		664,085
270,000	New Jersey Transportation Trust Fund Authority Revenue, 4.13%, 6/15/42		242,735
165,000	New Jersey Turnpike Authority Revenue, Series B, 2.78%, 1/1/40, Continuously Callable @100		125,940
			1,032,760
New York (0.1%):
1,420,000	New York State Dormitory Authority Revenue, 2.15%, 3/15/31		1,181,966
1,045,000	New York State Dormitory Authority Revenue, 2.05%, 3/15/30		889,232
			2,071,198
Oklahoma (0.0%†):
255,000	Oklahoma Development Finance Authority Revenue, Series A2, 4.62%, 6/1/44		244,346
Texas (0.0%†):
710,000	City of Houston TX, GO, 3.96%, 3/1/47		635,251
430,000	State of Texas, GO, Series B, 2.75%, 10/1/41, Continuously Callable @100		343,157
			978,408
Total Municipal Bonds (Cost $16,359,249)			14,859,310
U.S. Government Agency Mortgages (33.8%):
Federal National Mortgage Association (16.5%):
35,183	2.50%, 9/1/27, Pool #AP5205		33,097
51,906	2.50%, 9/1/27, Pool #AB6194		48,804
13,640	2.50%, 2/1/28, Pool #AB8446		12,831
29,936	2.50%, 4/1/28, Pool #AB8870		28,170
20,698	3.00%, 4/1/28, Pool #AT3121		19,869
24,462	3.00%, 5/1/28, Pool #AT6033		23,482
91,154	2.50%, 8/1/28, Pool #AS0190		85,768
108,033	3.50%, 10/1/28, Pool #AV0198		104,895

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$4,787	3.00%, 10/1/28, Pool #AQ4132	$	4,507
55,170	3.00%, 10/1/28, Pool #AU8774		52,730
6,249	3.00%, 11/1/28, Pool #AV0298		5,883
208,784	3.50%, 11/1/28, Pool #AV1360		202,722
136,330	3.00%, 4/1/29, Pool #AW0937		130,555
127,023	3.00%, 5/1/29, Pool #AW2544		121,861
201,829	3.00%, 6/1/29, Pool #AS2676		193,280
262,560	3.00%, 7/1/29, Pool #AW4229		251,948
46,168	3.00%, 7/1/29, Pool #AW1281		44,453
46,039	3.50%, 9/1/29, Pool #AX0105		44,426
380,194	3.00%, 9/1/29, Pool #AL6897		363,346
127,716	3.00%, 9/1/29, Pool #AS3220		122,311
14,977	3.50%, 10/1/29, Pool #AX2741		14,453
76,660	3.00%, 10/1/29, Pool #AS3594		73,549
279,765	3.00%, 1/1/30, Pool #AL6144		267,937
2,605,000	5.00%, 1/15/30(c)		1,955,620
11,123	2.50%, 2/1/30, Pool #AS4488		10,456
9,934	2.50%, 2/1/30, Pool #AS4485		9,179
34,408	2.50%, 2/1/30, Pool #BM3403		32,347
77,851	2.50%, 3/1/30, Pool #AS4688		73,731
60,197	3.00%, 3/1/30, Pool #AL6583		56,898
30,476	2.50%, 4/1/30, Pool #AY3416		28,861
49,405	3.00%, 4/1/30, Pool #AL6584		47,246
16,242	2.50%, 5/1/30, Pool #AY0828		15,244
26,609	3.00%, 5/1/30, Pool #AL6761		25,431
3,901,000	5.04%, 5/15/30(c)		2,886,022
148,587	3.00%, 6/1/30, Pool #AL9381		141,724
18,785	2.50%, 7/1/30, Pool #AZ2170		17,793
10,746	3.00%, 7/1/30, Pool #AX9700		10,157
10,988	2.50%, 7/1/30, Pool #AS5405		10,371
40,824	3.00%, 7/1/30, Pool #AL7139		39,045
53,988	3.00%, 7/1/30, Pool #AX9701		51,633
62,990	2.50%, 7/1/30, Pool #AS5403		59,207
7,226	3.00%, 7/1/30, Pool #AZ2297		6,830
58,929	3.00%, 8/1/30, Pool #AL7227		56,329
39,977	3.50%, 8/1/30, Pool #AS5708		38,428
47,558	3.00%, 8/1/30, Pool #AS5622		45,488
53,532	3.00%, 8/1/30, Pool #AS5623		51,167
29,327	2.50%, 8/1/30, Pool #AS5548		27,564
37,672	2.50%, 8/1/30, Pool #AS5614		35,686
69,573	3.00%, 8/1/30, Pool #AL7225		66,545
61,909	2.50%, 8/1/30, Pool #AS5616		57,210
104,843	2.50%, 8/1/30, Pool #BM3552		95,871
3,930	3.00%, 8/1/30, Pool #AZ8597		3,715
9,459	3.00%, 8/1/30, Pool #AZ7833		8,943
10,231	3.00%, 8/1/30, Pool #AX3298		9,671
43,818	3.00%, 9/1/30, Pool #AS5714		41,906
50,144	2.50%, 9/1/30, Pool #AS5872		47,496
20,789	3.00%, 9/1/30, Pool #AZ5719		19,654
39,418	2.50%, 9/1/30, Pool #AS5786		37,050
12,901	3.00%, 9/1/30, Pool #AL7320		12,378
51,590	3.00%, 9/1/30, Pool #AS5728		48,766
40,872	2.50%, 11/1/30, Pool #AS6142		38,418
6,247	2.50%, 11/1/30, Pool #AL7800		5,772
36,913	2.50%, 11/1/30, Pool #AS6116		34,843
49,477	2.50%, 11/1/30, Pool #AS6141		46,859
43,314	2.50%, 11/1/30, Pool #AS6115		40,011
649,236	3.00%, 1/1/31, Pool #BM3537		617,726
56,234	2.50%, 3/1/31, Pool #BM1595		52,619

See accompanying notes to the financial statements.

21

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$76,113	2.50%, 6/1/31, Pool #AS7320	$	71,442
1,180,447	1.50%, 6/1/31, Pool #MA4367		1,069,006
118,167	2.50%, 7/1/31, Pool #AS7605		110,936
124,922	2.50%, 7/1/31, Pool #AS7617		117,266
2,176,711	1.50%, 7/1/31, Pool #MA4389		1,971,139
10,146	4.00%, 8/1/31, Pool #AY4688		9,909
21,536	4.00%, 8/1/31, Pool #AY4707		21,123
840,441	3.00%, 8/1/31, Pool #AL9376		790,527
4,961	2.50%, 8/1/31, Pool #BC2777		4,655
85,820	3.00%, 9/1/31, Pool #AL9378		81,710
511,028	2.50%, 10/1/31, Pool #AS8195		480,164
310,840	2.50%, 10/1/31, Pool #AS8208		291,736
163,730	2.50%, 10/1/31, Pool #AS8009		153,460
216,533	2.50%, 10/1/31, Pool #AS8193		202,963
43,545	2.00%, 10/1/31, Pool #MA2774		39,847
1,051,488	2.50%, 10/1/31, Pool #BC4773		987,715
72,455	2.00%, 11/1/31, Pool #BC9040		66,311
87,898	2.50%, 11/1/31, Pool #AS8245		82,579
161,335	2.50%, 11/1/31, Pool #BC2631		150,948
220,602	2.00%, 11/1/31, Pool #AS8251		201,862
13,594	2.00%, 11/1/31, Pool #AS8291		12,438
117,183	2.50%, 11/1/31, Pool #AS8241		109,823
184,073	2.50%, 11/1/31, Pool #AS8240		172,779
94,942	2.50%, 11/1/31, Pool #BC2628		89,245
257,270	2.00%, 11/1/31, Pool #BM3054		235,408
78,776	2.50%, 11/1/31, Pool #BC2629		73,932
60,554	2.00%, 12/1/31, Pool #MA2845		55,413
9,521	3.00%, 2/1/32, Pool #BE5670		8,992
16,202	2.50%, 2/1/32, Pool #BM1036		15,163
248,813	3.00%, 3/1/32, Pool #AS9327		234,879
293,363	2.50%, 3/1/32, Pool #AS9321		273,393
401,931	2.00%, 3/1/32, Pool #BM3061		367,772
321,735	2.50%, 3/1/32, Pool #AS9319		300,520
286,505	2.50%, 3/1/32, Pool #AS9318		266,924
164,514	2.50%, 3/1/32, Pool #AS9317		152,968
178,655	2.50%, 3/1/32, Pool #AS9316		167,663
1,218,794	3.50%, 4/1/32, Pool #BM3503		1,168,578
1,295,000	Class A2 , Series 2022-M1S, 2.08%, 4/25/32		1,068,871
882,672	3.50%, 5/1/32, Pool #BM1602		848,381
1,271,082	3.00%, 6/1/32, Pool #BM1791		1,208,677
385,964	2.50%, 8/1/32, Pool #BM3578		359,791
143,166	3.00%, 9/1/32, Pool #BM3240		135,803
49,337	3.50%, 11/1/32, Pool #BJ2054		47,306
30,061	3.50%, 1/1/33, Pool #BJ2096		29,021
51,673	5.50%, 1/1/33, Pool #676661		52,418
730,981	2.50%, 2/1/33, Pool #BM3793		689,769
1,664,565	3.00%, 5/1/33, Pool #FM1880		1,570,510
36,032	5.50%, 5/1/33, Pool #555424		36,696
48,620	4.00%, 9/1/33, Pool #BK7642		47,370
148,290	4.00%, 10/1/33, Pool #CA2527		143,858
141,824	4.00%, 11/1/33, Pool #CA2555		139,123
273,458	2.50%, 12/1/33, Pool #FM1680		250,402
3,430,000	Class A3 , Series 2022-M5, 2.45%, 1/1/34		2,812,777
272,975	5.00%, 2/1/35, Pool #735226		276,661
87,987	5.50%, 2/1/35, Pool #735989		89,607
21,555	5.00%, 3/1/35, Pool #735288		21,660
8,378	6.00%, 4/1/35, Pool #735504		8,405
297,800	2.00%, 6/1/35, Pool #CA5939		268,413
626,005	2.00%, 6/1/35, Pool #CA5933		562,876

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$154,904	3.00%, 8/1/35, Pool #CA6876	$	145,838
164,410	3.00%, 8/1/35, Pool #CA6849		154,751
2,585,000	1.53%, 8/17/35, Callable 8/17/23 @ 100.00		1,828,184
3,170,000	1.60%, 8/24/35, Callable 8/24/23 @ 100.00		2,258,419
40,826	5.00%, 9/1/35, Pool #889974		41,318
307,089	2.00%, 9/1/35, Pool #CA7136		273,078
284,485	2.00%, 9/1/35, Pool #CA6840		253,854
2,770,000	1.78%, 11/16/35, Callable 8/16/23 @ 100.00		2,004,294
1,029,896	1.50%, 12/1/35, Pool #CA8377		886,684
880,690	2.50%, 12/1/35, Pool #CA8387		803,869
1,004,787	2.50%, 12/1/35, Pool #CA8388		919,781
46,465	3.00%, 12/1/35, Pool #CA8391		43,559
99,440	3.00%, 12/1/35, Pool #CA8389		93,600
101,880	4.00%, 1/1/36, Pool #AB0686		100,292
389,137	2.00%, 2/1/36, Pool #FM6149		347,241
418,147	2.50%, 3/1/36, Pool #CA9444		382,690
537,260	2.00%, 3/1/36, Pool #CA9432		478,207
282,541	1.50%, 3/1/36, Pool #CA9422		246,106
731,876	2.00%, 4/1/36, Pool #FM7495		652,064
445,983	1.50%, 5/1/36, Pool #CB0622		388,434
520,299	2.00%, 5/1/36, Pool #CB0428		463,567
1,600,002	1.50%, 6/1/36, Pool #FM7423		1,377,860
802,083	2.00%, 7/1/36, Pool #FM8117		714,253
206,385	5.50%, 9/1/36, Pool #995113		209,872
23,084	3.00%, 10/1/36, Pool #AL9227		21,132
378,741	2.00%, 11/1/36, Pool #FM9318		338,214
77,270	3.00%, 11/1/36, Pool #AS8349		70,732
187,912	3.00%, 11/1/36, Pool #AS8348		173,527
5,912,419	1.50%, 12/1/36, Pool #FS0003		5,134,691
181,859	3.00%, 12/1/36, Pool #BE1896		166,470
244,603	3.00%, 12/1/36, Pool #AS8553		222,624
372,730	2.00%, 1/1/37, Pool #FS0216		333,499
366,981	2.00%, 2/1/37, Pool #FS0754		327,090
828,907	2.00%, 2/1/37, Pool #CB2967		737,309
159,958	2.00%, 2/1/37, Pool #FS0610		142,149
468,778	1.50%, 2/1/37, Pool #FS3221		408,169
1,484,599	2.00%, 3/1/37, Pool #FS1331		1,322,147
433,006	2.00%, 3/1/37, Pool #CB2966		384,004
1,906,980	2.00%, 3/1/37, Pool #FS1330		1,688,996
1,140,179	2.00%, 4/1/37, Pool #FS3325		1,018,251
8,216	5.50%, 2/1/38, Pool #961545		8,354
7,489	6.00%, 3/1/38, Pool #889529		7,789
46,359	5.50%, 5/1/38, Pool #889692		46,885
21,423	6.00%, 5/1/38, Pool #889466		22,566
43,466	5.50%, 5/1/38, Pool #889441		44,215
31,588	5.50%, 6/1/38, Pool #995018		32,132
1,236,710	1.50%, 7/25/38, TBA		1,065,116
12,346,333	2.00%, 7/25/38, TBA		10,938,079
5,871,000	2.50%, 7/25/38, TBA		5,340,775
2,331,000	3.00%, 7/25/38, TBA		2,173,658
1,486,000	4.50%, 7/25/38, TBA		1,457,267
1,146,000	4.00%, 7/25/38, TBA		1,106,360
555,234	3.50%, 7/25/38, TBA		527,993
9,141	5.50%, 9/1/38, Pool #889995		9,270
21,896	6.00%, 10/1/38, Pool #889983		22,780
130,834	5.50%, 1/1/39, Pool #AB0200		137,468
41,200	4.50%, 4/1/39, Pool #930922		41,045
51,206	4.50%, 5/1/39, Pool #AL1472		50,813
33,861	3.50%, 5/1/39, Pool #MA3660		31,931

See accompanying notes to the financial statements.

22

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$496,193	5.00%, 6/1/39, Pool #AL7521	$	502,178
341,798	6.00%, 7/1/39, Pool #BF0056		357,602
23,579	5.50%, 10/1/39, Pool #AD0362		24,495
181,285	5.50%, 12/1/39, Pool #AC6680		181,706
24,014	5.50%, 12/1/39, Pool #AD0571		24,727
143,103	3.50%, 12/1/39, Pool #MA3869		134,947
2,330,841	4.50%, 1/1/40, Pool #AC8568		2,305,468
61,727	3.50%, 1/1/40, Pool #MA3891		58,214
109,098	3.50%, 2/1/40, Pool #MA3935		102,873
19,244	5.50%, 3/1/40, Pool #AL5304		19,667
146,918	6.00%, 4/1/40, Pool #AL4141		152,852
16,533	4.50%, 4/1/40, Pool #AD4038		16,407
27,677	6.50%, 5/1/40, Pool #AL1704		28,927
31,822	4.50%, 7/1/40, Pool #AB1226		31,475
37,778	4.50%, 7/1/40, Pool #AD7127		37,371
16,464	6.00%, 9/1/40, Pool #AE0823		17,205
2,680,000	Class CY , Series 2010-136, 4.00%, 12/25/40		2,545,913
17,800	4.00%, 1/1/41, Pool #AL7167		17,079
2,639,559	Class ZA , Series 2011-8, 4.00%, 2/25/41		2,469,926
37,414	6.00%, 6/1/41, Pool #AL4142		39,365
237,786	5.00%, 7/1/41, Pool #AL7524		244,141
13,916	4.50%, 7/1/41, Pool #AB3314		13,478
25,995	4.50%, 9/1/41, Pool #AI8961		25,840
425,576	5.50%, 9/1/41, Pool #AL8430		432,888
14,284,573	1.50%, 11/1/41, Pool #FS0316		11,622,538
7,284,888	1.50%, 12/1/41, Pool #MA4500		5,928,777
2,279,162	2.00%, 12/1/41, Pool #MA4501		1,904,713
555,193	4.00%, 1/1/42, Pool #AB4307		538,657
131,584	3.50%, 1/1/42, Pool #AW8154		121,665
576,593	2.00%, 2/1/42, Pool #MA4540		488,756
862,395	2.00%, 3/1/42, Pool #MA4586		730,960
5,557,975	2.00%, 3/1/42, Pool #MA4570		4,711,329
52,826	3.50%, 4/1/42, Pool #AO0777		49,381
19,992	3.50%, 4/1/42, Pool #AK7510		18,918
111,855	4.00%, 5/1/42, Pool #AO2961		107,693
27,650	4.00%, 5/1/42, Pool #A02114		26,622
7,169	3.50%, 5/1/42, Pool #AO2881		6,782
10,990	3.50%, 6/1/42, Pool #AK9225		10,392
8,466	3.50%, 6/1/42, Pool #AO3048		8,007
24,559	3.50%, 7/1/42, Pool #AO9707		23,221
110,972	4.50%, 9/1/42, Pool #AL2482		108,886
656,841	4.50%, 1/1/43, Pool #AL8206		645,712
52,306	3.00%, 3/1/43, Pool #AR7576		47,173
61,432	3.00%, 3/1/43, Pool #AR9218		55,412
41,584	3.00%, 3/1/43, Pool #AR7568		37,510
53,331	3.00%, 4/1/43, Pool #AT2043		48,115
613	3.50%, 4/1/43, Pool #CA1530		566
51,945	3.00%, 4/1/43, Pool #AB8923		46,854
50,952	3.00%, 4/1/43, Pool #AB8924		45,941
83,591	3.00%, 4/1/43, Pool #AT2040		75,393
21,162	3.00%, 4/1/43, Pool #AT2037		19,091
62,897	3.00%, 4/1/43, Pool #AR8630		56,721
7,291	3.00%, 6/1/43, Pool #AB9564		6,573
440,283	5.00%, 12/1/43, Pool #AL7777		443,242
227,050	5.00%, 11/1/44, Pool #AL8878		227,206
185,929	3.50%, 2/1/45, Pool #BM1100		175,018
568,090	3.50%, 2/1/45, Pool #FM5294		533,041
126,702	5.00%, 6/1/45, Pool #BM3784		126,728
2,538,041	3.50%, 9/1/45, Pool #FM3224		2,366,314

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$92,008	4.50%, 9/1/45, Pool #AL7936	$	90,934
2,954	4.50%, 11/1/45, Pool #AS6233		2,925
55,254	4.50%, 11/1/45, Pool #AL9501		54,885
5,454,477	3.50%, 11/1/45, Pool #FM6411		5,068,807
125,444	4.50%, 12/1/45, Pool #BM1756		121,928
13,542	3.00%, 6/1/46, Pool #AS7365		12,173
382,707	4.50%, 7/1/46, Pool #BM1920		377,887
951,657	3.50%, 7/1/46, Pool #BA7748		886,791
303,770	4.50%, 7/1/46, Pool #BM3053		298,673
16,737	3.00%, 8/1/46, Pool #AL9031		15,127
525,589	Class UF , Series 2016-48, 5.55% (US0001M+40bps), 8/25/46		520,484
950,396	3.00%, 9/1/46, Pool #BD1469		853,073
112,045	3.00%, 11/1/46, Pool #BD9643		101,084
145,929	3.00%, 11/1/46, Pool #BD9645		128,543
282,975	3.00%, 11/1/46, Pool #BD9644		255,280
228,934	3.50%, 12/1/46, Pool #BE2103		211,789
918,481	3.00%, 12/1/46, Pool #AS8486		824,556
356,237	3.50%, 2/1/47, Pool #BE1534		329,581
794,002	3.50%, 2/1/47, Pool #AL9920		734,649
71,151	3.50%, 3/1/47, Pool #BH0158		65,820
281,612	4.00%, 5/1/47, Pool #BH0398		269,068
339,344	3.50%, 5/1/47, Pool #BM1174		319,818
176,338	3.50%, 5/1/47, Pool #BE9375		163,128
477,251	3.50%, 5/1/47, Pool #BD2417		441,541
133,076	3.50%, 6/1/47, Pool #BH0567		123,106
218,483	4.00%, 7/1/47, Pool #BH3401		208,759
300,891	4.00%, 8/1/47, Pool #BM1619		287,524
20,230	4.00%, 9/1/47, Pool #MA3121		19,254
150,527	4.50%, 10/1/47, Pool #BM3052		148,203
632,724	3.50%, 11/1/47, Pool #MA3182		582,778
182,519	4.50%, 12/1/47, Pool #BH7067		178,238
434,361	4.00%, 1/1/48, Pool #BH9222		413,402
382,594	3.50%, 1/1/48, Pool #MA3238		352,393
1,335,893	3.50%, 1/1/48, Pool #FM5293		1,236,864
67,855	4.00%, 2/1/48, Pool #BJ9057		64,955
75,942	4.00%, 2/1/48, Pool #BJ9058		72,564
291,575	3.50%, 2/1/48, Pool #BH9277		269,104
3,500,899	3.50%, 3/1/48, Pool #BJ0650		3,230,992
192,972	3.50%, 3/1/48, Pool #BJ0648		178,104
372,637	3.50%, 3/1/48, Pool #BJ4916		343,964
124,714	3.50%, 3/1/48, Pool #BK1958		115,101
36,223	4.00%, 4/1/48, Pool #MA3333		34,410
3,340,524	4.50%, 4/1/48, Pool #FM7783		3,269,593
226,274	3.50%, 4/1/48, Pool #FM5295		211,806
143,923	4.50%, 4/1/48, Pool #BM3846		141,531
1,995,308	4.50%, 5/1/48, Pool #CA1704		1,958,758
1,700,511	3.50%, 5/1/48, Pool #MA3356		1,570,966
41,455	4.00%, 5/1/48, Pool #CA2708		39,377
29,968	4.00%, 6/1/48, Pool #MA3384		28,467
163,640	5.00%, 6/1/48, Pool #CA2317		163,197
29,987	4.00%, 7/1/48, Pool #MA3415		28,486
74,332	4.50%, 7/1/48, Pool #BK6113		73,150
10,736	4.50%, 7/1/48, Pool #BK4471		10,540
279,064	4.00%, 8/1/48, Pool #BK4772		265,095
400,865	4.00%, 9/1/48, Pool #FM5566		381,896
643,906	5.00%, 9/1/48, Pool #MA3472		642,160
88,063	4.00%, 10/1/48, Pool #CA2469		83,924
48,669	5.00%, 10/1/48, Pool #MA3501		48,537

See accompanying notes to the financial statements.

23

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$128,525	5.00%, 10/1/48, Pool #BK7881	$	128,177
89,254	5.00%, 11/1/48, Pool #MA3527		89,012
8,812	3.50%, 11/1/48, Pool #FM1543		8,148
30,258	5.00%, 12/1/48, Pool #BN4404		30,137
1,233,601	4.00%, 1/1/49, Pool #FM5296		1,177,102
90,499	5.00%, 1/1/49, Pool #BN3949		90,253
28,284	5.00%, 1/1/49, Pool #BN4430		28,171
269,930	3.50%, 6/1/49, Pool #FM5315		249,796
785,002	4.00%, 9/1/49, Pool #FM3665		748,104
634,417	3.50%, 12/1/49, Pool #MA3210		584,349
4,723,548	3.00%, 3/1/50, Pool #FM5290		4,227,786
355,993	4.00%, 3/1/50, Pool #CA5368		338,521
327,349	4.00%, 5/1/50, Pool #FM7973		310,667
460,106	4.00%, 6/1/50, Pool #CA6106		438,170
2,964,246	2.50%, 7/1/50, Pool #CA6341		2,549,027
2,979,550	2.50%, 7/1/50, Pool #CA6343		2,562,212
1,718,275	2.50%, 7/1/50, Pool #CA6359		1,485,629
2,915,879	2.50%, 7/1/50, Pool #CA6342		2,507,522
3,425,140	2.50%, 8/1/50, Pool #CA6577		2,945,719
2,803,210	2.50%, 8/1/50, Pool #CA6636		2,410,716
875,472	2.50%, 8/1/50, Pool #CA6711		752,829
1,777,851	3.00%, 8/1/50, Pool #FM5292		1,583,257
271,253	4.00%, 8/1/50, Pool #FM7703		257,507
382,887	2.00%, 9/1/50, Pool #BQ0697		313,251
1,231,287	2.00%, 9/1/50, Pool #MA4119		1,007,409
2,216,014	2.00%, 10/1/50, Pool #MA4158		1,813,088
2,003,467	1.50%, 10/1/50, Pool #MA4157		1,547,963
1,739,269	1.50%, 11/1/50, Pool #MA4181		1,343,776
1,980,465	2.50%, 11/1/50, Pool #CA7597		1,712,238
563,315	2.50%, 11/1/50, Pool #FM4874		487,045
304,354	2.00%, 11/1/50, Pool #BQ6334		249,049
432,506	2.00%, 12/1/50, Pool #FM5305		357,453
1,353,024	2.00%, 12/1/50, Pool #FM5176		1,117,490
14,347,711	3.50%, 1/1/51, Pool #FM7599		13,211,329
30,978,259	2.00%, 1/1/51, Pool #MA4237		25,384,234
1,660,180	4.00%, 1/1/51, Pool #FM7031		1,575,556
511,205	2.50%, 1/1/51, Pool #CA8592		439,572
2,720,679	2.00%, 2/1/51, Pool #BR1615		2,221,154
1,429,166	2.50%, 2/1/51, Pool #CA9038		1,223,191
1,828,222	4.00%, 3/1/51, Pool #FM7460		1,732,747
180,609	2.50%, 3/1/51, Pool #BR4654		154,530
494,527	2.00%, 3/1/51, Pool #BN9004		408,712
880,646	2.00%, 3/1/51, Pool #BN8997		726,636
2,328,746	1.50%, 3/1/51, Pool #MA4280		1,799,070
653,286	2.00%, 4/1/51, Pool #BR7241		541,035
822,022	2.00%, 4/1/51, Pool #BR7802		678,290
1,237,002	2.00%, 4/1/51, Pool #FM6863		1,022,509
223,798	2.50%, 4/1/51, Pool #BR8896		191,532
126,231	2.50%, 4/1/51, Pool #BR8283		108,060
308,160	2.00%, 4/1/51, Pool #FS0599		254,791
2,119,277	2.50%, 5/1/51, Pool #CB0383		1,818,906
121,543	2.50%, 5/1/51, Pool #BR8915		103,992
9,191,530	4.00%, 5/1/51, Pool #FS1463		8,748,345
68,096	2.50%, 5/1/51, Pool #BR8296		57,903
6,115,544	3.00%, 6/1/51, Pool #CB0848		5,436,118
199,434	2.50%, 7/1/51, Pool #BP3574		170,656
10,413,142	2.00%, 8/1/51, Pool #CB1309		8,501,490
8,855,698	2.00%, 8/1/51, Pool #CB1310		7,229,344
70,787	2.50%, 10/1/51, Pool #BT8452		60,564

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$717,488	2.50%, 10/1/51, Pool #CB1806	$	615,764
460,407	2.00%, 10/1/51, Pool #MA4465		375,941
2,195,699	2.00%, 11/1/51, Pool #FM9538		1,817,845
2,293,021	2.00%, 11/1/51, Pool #CB2079		1,884,527
1,077,410	2.00%, 11/1/51, Pool #FM9452		890,204
3,031,730	2.00%, 11/1/51, Pool #FS1334		2,485,424
2,502,555	2.00%, 11/1/51, Pool #CB2054		2,068,242
956,999	2.50%, 11/1/51, Pool #FS0026		824,721
1,210,741	2.00%, 11/1/51, Pool #CB2139		1,002,456
2,601,122	3.00%, 11/1/51, Pool #CB2165		2,307,128
1,585,619	2.00%, 12/1/51, Pool #FS0211		1,303,721
1,568,766	2.00%, 12/1/51, Pool #FS0212		1,293,921
1,049,838	2.00%, 12/1/51, Pool #FM9925		863,846
700,533	2.00%, 12/1/51, Pool #FM9730		578,988
550,511	2.50%, 12/1/51, Pool #CB2372		472,414
1,330,429	2.00%, 12/1/51, Pool #MA4492		1,086,128
1,155,957	3.00%, 12/1/51, Pool #CB2418		1,028,508
305,425	2.00%, 12/1/51, Pool #FS0598		252,747
1,127,664	Class IO , Series 2021-88, 2.50%, 12/25/51		167,165
2,352,801	2.50%, 1/1/52, Pool #FS0208		2,012,965
3,557,103	2.50%, 1/1/52, Pool #CB2622		3,043,200
1,433,655	2.00%, 1/1/52, Pool #CB2601		1,186,925
802,974	2.00%, 1/1/52, Pool #FS1406		655,394
1,946,788	2.50%, 1/1/52, Pool #CB2620		1,677,405
2,924,959	2.50%, 1/1/52, Pool #FS0209		2,510,598
1,907,469	2.00%, 1/1/52, Pool #FS0497		1,576,677
1,247,204	2.00%, 1/1/52, Pool #FS0290		1,032,400
2,644,242	2.50%, 1/1/52, Pool #FS0378		2,287,835
1,804,272	2.50%, 1/1/52, Pool #FS0193		1,544,248
2,360,118	2.50%, 1/1/52, Pool #CB2621		2,034,493
1,109,175	2.50%, 1/1/52, Pool #CB2633		955,267
1,691,049	2.00%, 2/1/52, Pool #CB2837		1,385,740
730,092	2.00%, 2/1/52, Pool #CB2836		599,066
2,381,019	2.50%, 2/1/52, Pool #CB2856		2,038,039
881,653	2.00%, 2/1/52, Pool #FS0646		722,565
2,013,728	2.50%, 2/1/52, Pool #CB2855		1,729,504
564,644	2.50%, 2/1/52, Pool #CB2854		484,958
6,822,902	2.00%, 2/1/52, Pool #FS2040		5,566,898
390,347	2.50%, 2/1/52, Pool #CB2863		338,582
3,759,829	2.00%, 2/1/52, Pool #CB2838		3,078,794
4,208,704	2.00%, 3/1/52, Pool #CB3102		3,450,603
915,350	2.50%, 3/1/52, Pool #FS1661		789,099
293,035	3.00%, 3/1/52, Pool #CB3115		261,109
1,614,680	2.00%, 3/1/52, Pool #CB3105		1,322,951
2,303,025	2.00%, 3/1/52, Pool #CB3101		1,885,915
850,995	3.00%, 4/1/52, Pool #FS1520		757,904
830,520	4.00%, 4/1/52, Pool #FS1267		785,358
1,328,828	3.00%, 5/1/52, Pool #FS1522		1,176,673
603,131	3.50%, 5/1/52, Pool #BV8545		557,009
4,405,124	4.00%, 5/1/52, Pool #FS1133		4,173,307
5,071,668	4.00%, 5/1/52, Pool #FS3377		4,817,618
485,488	4.50%, 7/1/52, Pool #MA4656		467,108
621,138	3.50%, 7/1/52, Pool #FS2812		571,307
457,200	3.50%, 8/1/52, Pool #CB4324		420,897
387,925	3.50%, 9/1/52, Pool #CB4660		354,668
294,591	3.50%, 9/1/52, Pool #CB4658		270,175
473,157	3.50%, 9/1/52, Pool #CB4661		433,530
96,503	3.50%, 9/1/52, Pool #CB4657		88,793
487,130	6.00%, 11/1/52, Pool #FS3251		493,111

See accompanying notes to the financial statements.

24

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$982,632	5.00%, 12/1/52, Pool #MA4841	$	963,066
2,496,092	5.00%, 1/1/53, Pool #CB5450		2,452,545
1,075,980	5.50%, 1/1/53, Pool #CB5462		1,073,596
425,915	5.00%, 1/1/53, Pool #BX4207		417,820
1,394,308	5.50%, 1/1/53, Pool #BX6108		1,389,702
2,983,651	6.00%, 1/1/53, Pool #FS3832		3,015,686
9,273,721	5.00%, 4/1/53, Pool #CB6063		9,097,406
2,409,439	6.00%, 4/1/53, Pool #CB6094		2,439,329
457,011	6.00%, 5/1/53, Pool #BY0568		462,694
855,127	5.50%, 5/1/53, Pool #BY0557		853,237
831,617	5.50%, 5/1/53, Pool #BY2967		829,780
3,228,275	6.00%, 5/1/53, Pool #CB6329		3,268,385
957,444	6.00%, 5/1/53, Pool #FS4641		969,348
3,250,815	5.50%, 5/1/53, Pool #FS4629		3,243,634
4,040,036	5.50%, 5/1/53, Pool #CB6321		4,031,113
2,358,428	5.50%, 6/1/53, Pool #CB6463		2,353,219
13,218,232	3.00%, 7/25/53, TBA		11,629,979
34,450,000	4.00%, 7/25/53, TBA		32,323,789
3,274,000	6.50%, 7/25/53, TBA		3,342,549
1,660,998	5.00%, 7/25/53, TBA		1,627,778
5,916,200	1.50%, 7/25/53, TBA		4,570,264
31,299,488	2.00%, 7/25/53, TBA		25,509,083
10,229,055	3.50%, 7/25/53, TBA		9,318,030
26,912,500	2.50%, 8/25/53, TBA		22,848,292
			499,384,619
Federal Home Loan Mortgage Corporation (8.6%):
3,310,300	Class A2 , Series KC02, 3.37%, 7/25/25		3,189,517
64,687	3.00%, 9/1/27, Pool #U70060		61,754
37,734	3.00%, 7/1/28, Pool #U79018		36,018
591,000	4.97%, 9/15/29(c)		449,940
4,510,000	Class XFX , Series KL06, 1.36%, 12/25/29, Callable 9/25/29 @ 100.00		272,543
17,743	3.00%, 1/1/30, Pool #V60696		17,000
22,458	3.00%, 1/1/30, Pool #V60724		21,464
39,197	2.50%, 3/1/30, Pool #V60770		36,895
79,953	3.00%, 5/1/30, Pool #J31689		75,652
91,039	2.50%, 5/1/30, Pool #J31728		84,236
42,248	2.50%, 5/1/30, Pool #J31418		39,523
58,287	2.50%, 5/1/30, Pool #V60796		53,830
151,183	3.00%, 6/1/30, Pool #V60840		144,396
4,300	2.50%, 7/1/30, Pool #V60905		3,970
3,524	2.50%, 7/1/30, Pool #J32491		3,260
15,151	2.50%, 7/1/30, Pool #J32204		14,257
13,032	2.50%, 7/1/30, Pool #J32209		12,192
10,533	3.00%, 7/1/30, Pool #J32181		9,967
71,063	3.00%, 7/1/30, Pool #G15520		68,005
10,076	3.00%, 8/1/30, Pool #J32436		9,640
15,799	3.00%, 8/1/30, Pool #V60909		15,091
52,557	2.50%, 8/1/30, Pool #V60902		49,092
62,726	2.50%, 8/1/30, Pool #V60886		58,596
51,053	2.50%, 9/1/30, Pool #V60903		48,062
160,043	2.50%, 9/1/30, Pool #V60904		147,819
7,211,993	Class X1 , Series K121, 1.12%, 10/25/30		404,071
190,000	6.75%, 3/15/31		222,820
197,000	5.18%, 3/15/31(c)		140,193
280,780	2.50%, 4/1/31, Pool #G16186		262,902
4,925,100	1.50%, 5/1/31, Pool #RD5057		4,460,394
749,727	1.50%, 6/1/31, Pool #RD5059		678,968
570,000	Class A2 , Series K142, 2.40%, 3/25/32		484,849

Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$2,300,000	Class A2 , Series K144, 2.45%, 4/25/32		$	1,961,857
3,575,000	Class A2 , Series K145, 2.58%, 5/25/32			3,079,680
6,021	3.00%, 10/1/32, Pool #J37706			5,682
8,014	3.00%, 11/1/32, Pool #J37835			7,563
1,480,000	Class A2 , Series K-152, 3.78%, 11/25/32			1,398,938
5,483	3.00%, 12/1/32, Pool #J38060			5,176
1,670,000	Class A2 , Series K-154, 4.35%, 1/25/33			1,652,721
1,985,734	2.50%, 4/1/33, Pool #ZS8087			1,815,704
4,491,000	Class A3 , Series K156, 3.70%, 6/25/33			4,222,895
98,288	3.50%, 1/1/34, Pool #ZS9068			89,805
1,065,158	2.50%, 1/1/35, Pool #SB0298			973,456
60,479	5.50%, 2/1/35, Pool #G04692			60,558
365,388	3.50%, 5/1/35, Pool #SC0063			354,418
1,550,000	1.46%, 8/17/35, Callable 8/17/23 @ 100.00			1,086,372
861,380	2.00%, 9/1/35, Pool #SB0539			766,149
1,866,984	2.00%, 1/1/36, Pool #SB0546			1,670,885
1,148,371	2.00%, 2/1/36, Pool #SB8507			1,030,647
1,030,262	2.00%, 2/1/36, Pool #RC1819			918,067
353,456	2.00%, 3/1/36, Pool #SB0544			314,971
2,174,784	1.50%, 4/1/36, Pool #SB0514			1,872,764
331,416	1.50%, 4/1/36, Pool #SB0510			288,685
2,166,757	2.00%, 5/1/36, Pool #RC1999			1,930,361
439,001	1.50%, 5/1/36, Pool #RC1975	��		378,017
3,155,000	1.72%, 9/22/36, Callable 9/22/23 @ 100.00			2,216,315
1,727,867	2.00%, 4/1/37, Pool #SB0679			1,539,737
42,590	3.00%, 9/1/37, Pool #ZA2471			39,333
871,956	3.00%, 6/1/38, Pool #SC0111			800,549
95,011	6.00%, 4/1/39, Pool #G07613			98,046
14,421	4.50%, 12/1/39, Pool #A90196			14,259
446,912	3.50%, 1/1/40, Pool #RB5028			421,434
55,861	3.50%, 2/1/40, Pool #RB5034			52,675
15,163	4.50%, 7/1/40, Pool #A93010			14,998
14,910	4.00%, 8/1/40, Pool #A93534			14,040
300,901	4.50%, 9/1/40, Pool #A93700			298,600
101,921	4.00%, 9/1/40, Pool #A93851			98,931
22,079	4.00%, 10/1/40, Pool #A95923			21,427
14,723	4.00%, 11/1/40, Pool #A94779			14,291
15,514	4.00%, 11/1/40, Pool #A94977			15,056
14,700	4.00%, 11/1/40, Pool #A95144			14,266
978	4.00%, 4/1/41, Pool #Q00093			942
37,445	4.50%, 5/1/41, Pool #Q00959			36,267
31,843	4.50%, 5/1/41, Pool #Q00804			30,843
213,492	Class FL , Series 4248, 5.64% (US0001M+45bps), 5/15/41			209,249
238,907	5.50%, 6/1/41, Pool #G07553			243,615
24,605	4.00%, 10/1/41, Pool #Q04022			23,874
17,925	4.00%, 10/1/41, Pool #Q03841			17,390
50,397	5.00%, 10/1/41, Pool #G07642			50,642
353,100	2.00%, 2/1/42, Pool #RB5145			299,293
1,845,108	2.00%, 3/1/42, Pool #RB5148			1,564,039
120,830	3.50%, 4/1/42, Pool #Q07417			115,201
368,994	2.00%, 4/1/42, Pool #RB5153			312,748
132,519	3.50%, 4/1/42, Pool #C03811			124,704
11,261	3.50%, 5/1/42, Pool #Q08239			10,718
3,934	3.50%, 5/1/42, Pool #Q08306			3,744
99,459	3.50%, 8/1/42, Pool #G07106			94,842
17,227	3.50%, 8/1/42, Pool #Q12162			16,424
6,709	3.50%, 10/1/42, Pool #Q11909			6,396
159,742	3.00%, 1/1/43, Pool #Q14866			147,289

See accompanying notes to the financial statements.

25

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$63,954	3.00%, 3/1/43, Pool #Q16403	$	57,670
124,222	3.00%, 3/1/43, Pool #Q16673		112,032
64,991	3.50%, 6/1/43, Pool #Q18718		61,937
115,026	3.50%, 7/1/43, Pool #Q20206		107,412
44,058	4.00%, 9/1/43, Pool #Q21579		42,440
108,018	4.50%, 12/1/43, Pool #Q23779		106,484
90,577	4.50%, 12/1/43, Pool #G60018		87,695
12,986	3.50%, 1/1/44, Pool #Q24368		12,190
1,052,984	Class XZ , Series 4316, 4.50%, 3/15/44		1,041,440
53,072	4.00%, 4/1/44, Pool #Q25643		51,411
529,658	3.50%, 4/1/44, Pool #G07848		488,584
902,009	Class ZX , Series 4352, 4.00%, 4/15/44		861,291
13,199	3.50%, 5/1/44, Pool #Q26218		12,412
64,065	3.50%, 6/1/44, Pool #Q28764		61,084
1,744,645	3.00%, 6/1/44, Pool #SD0498		1,580,144
12,216	3.50%, 7/1/44, Pool #Q27319		11,488
45,839	4.00%, 7/1/44, Pool #G60901		44,122
1,796,107	3.50%, 9/1/44, Pool #SD0481		1,675,779
18,907	3.50%, 9/1/44, Pool #Q28604		17,789
1,759,556	4.00%, 1/1/45, Pool #SD0478		1,692,184
1,993,040	4.00%, 1/1/45, Pool #SD0490		1,928,326
14,182	4.00%, 2/1/45, Pool #Q31338		13,706
6,249	4.00%, 2/1/45, Pool #Q31128		6,040
2,636,262	4.00%, 9/1/45, Pool #SD0507		2,543,563
13,643	3.50%, 9/1/45, Pool #Q36302		12,878
18,204	4.00%, 12/1/45, Pool #Q37955		17,594
16,274	4.00%, 12/1/45, Pool #Q37957		15,709
1,228,679	3.50%, 3/1/46, Pool #SD0485		1,140,464
376,784	Class FB , Series 4606, 5.69% (US0001M+50bps), 8/15/46		369,933
230,298	3.50%, 9/1/46, Pool #SD0486		214,335
219,343	3.00%, 9/1/46, Pool #G60718		193,268
563,975	3.00%, 9/1/46, Pool #Q42979		496,784
759,805	3.00%, 12/1/46, Pool #V82781		696,529
237,379	3.00%, 12/1/46, Pool #Q45064		209,139
131,739	3.00%, 12/1/46, Pool #Q45080		118,537
63,557	3.00%, 12/1/46, Pool #Q45083		57,665
629,845	3.00%, 2/1/47, Pool #SD0496		565,702
360,732	3.50%, 3/1/47, Pool #G60968		337,487
643,867	4.00%, 7/1/47, Pool #SD0504		616,626
817,728	4.50%, 7/1/47, Pool #G61047		804,210
350,197	3.50%, 10/1/47, Pool #G61178		328,207
424,736	3.50%, 12/1/47, Pool #G61208		398,122
382,390	3.50%, 1/1/48, Pool #ZS4751		353,048
90,606	3.50%, 1/1/48, Pool #Q53648		84,740
55,312	3.50%, 1/1/48, Pool #Q53630		51,863
392,984	3.50%, 2/1/48, Pool #ZT1353		363,474
2,746,512	3.50%, 4/1/48, Pool #G08808		2,534,965
269,848	4.00%, 4/1/48, Pool #ZM6153		256,045
2,956,863	3.50%, 4/1/48, Pool #Q55389		2,728,966
586,597	4.00%, 4/1/48, Pool #SD0489		562,149
2,754,874	3.50%, 5/1/48, Pool #G08813		2,542,485
933,540	4.50%, 8/1/48, Pool #G67715		919,172
2,780,562	4.00%, 8/1/48, Pool #SD0492		2,674,128
2,184,415	4.00%, 5/1/49, Pool #SD0488		2,087,926
2,479,741	4.00%, 3/1/50, Pool #SD0296		2,366,413
1,769,570	4.50%, 3/1/50, Pool #SD0294		1,727,068
1,672,049	4.00%, 7/1/50, Pool #SD1146		1,595,624
589,592	4.00%, 7/1/50, Pool #SD0878		560,042

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$502,279	2.50%, 7/1/50, Pool #QB1193	$	432,145
13,401	3.00%, 7/1/50, Pool #QB1488		12,017
11,943	3.00%, 7/1/50, Pool #QB1158		10,723
102,980	3.00%, 7/1/50, Pool #QB1479		92,541
27,559	3.00%, 7/1/50, Pool #QB1486		24,731
2,599,318	Class AK , Series 4988, 1.00%, 7/25/50		2,107,527
2,561,476	Class TJ , Series 5002, 2.00%, 7/25/50		2,181,099
779,570	3.00%, 8/1/50, Pool #RA3313		694,633
803,605	3.00%, 8/1/50, Pool #RA3282		717,987
763,591	1.50%, 8/1/50, Pool #RA3217		590,058
82,155	3.00%, 8/1/50, Pool #QB2339		73,710
268,819	2.00%, 8/1/50, Pool #QB2296		222,164
3,900,000	Class PO , Series 5319, 1.38%, 8/25/50		2,682,645
5,360,802	3.00%, 9/1/50, Pool #SD0592		4,834,844
1,918,398	1.50%, 10/1/50, Pool #SD8082		1,482,132
606,285	2.00%, 11/1/50, Pool #SD7528		500,680
1,055,738	3.00%, 12/1/50, Pool #SD0519		942,761
882,097	4.00%, 12/1/50, Pool #SD0520		839,807
3,779,934	2.50%, 2/1/51, Pool #SD7534		3,268,476
5,324,285	2.00%, 3/1/51, Pool #SD8134		4,346,954
2,006,285	2.00%, 4/1/51, Pool #SD7539		1,662,941
1,089,361	2.00%, 5/1/51, Pool #SD7541		900,423
2,364,538	2.50%, 5/1/51, Pool #SD0702		2,038,053
8,404,838	2.50%, 5/1/51, Pool #RA5077		7,191,723
1,024,166	Class ID , Series 5109, 2.50%, 5/25/51		152,617
1,158,261	3.00%, 7/1/51, Pool #SD7544		1,026,925
3,504,603	2.00%, 7/1/51, Pool #SD0716		2,896,045
776,003	2.00%, 9/1/51, Pool #SD8172		633,509
760,069	2.00%, 9/1/51, Pool #SD0730		627,200
1,022,725	2.00%, 9/1/51, Pool #SD0732		841,015
3,360,995	2.00%, 10/1/51, Pool #RA6071		2,761,467
1,006,648	3.00%, 10/1/51, Pool #RA6015		894,764
7,403,461	2.50%, 11/1/51, Pool #SD7548		6,325,116
2,321,984	2.50%, 11/1/51, Pool #RA6397		2,000,718
200,931	2.00%, 12/1/51, Pool #SD0789		166,031
4,509,517	2.50%, 12/1/51, Pool #RA6388		3,858,301
1,095,662	2.00%, 12/1/51, Pool #SD0786		907,048
1,046,263	2.00%, 12/1/51, Pool #SD0785		864,083
5,700,388	2.00%, 12/1/51, Pool #SD8182		4,653,611
411,071	2.00%, 12/1/51, Pool #SD0783		339,762
2,596,293	2.00%, 1/1/52, Pool #SD0892		2,149,304
1,914,790	2.00%, 1/1/52, Pool #SD0894		1,582,382
23,317,317	2.50%, 1/1/52, Pool #SD7552		19,963,775
8,024,716	2.00%, 1/1/52, Pool #SD7549		6,626,198
7,086,444	2.50%, 1/1/52, Pool #SD0923		6,062,490
1,330,881	2.00%, 2/1/52, Pool #RA6768		1,085,026
854,979	3.00%, 2/1/52, Pool #SD7550		762,721
23,266,175	3.00%, 3/1/52, Pool #SD7553		20,733,106
1,122,780	3.50%, 6/1/52, Pool #SD1049		1,027,998
422,811	3.50%, 6/1/52, Pool #SD1086		387,149
608,645	4.00%, 6/1/52, Pool #SD1952		578,910
1,023,416	3.50%, 6/1/52, Pool #SD1053		942,783
457,344	4.50%, 7/1/52, Pool #SD8231		439,771
2,871,264	4.50%, 7/1/52, Pool #RA7506		2,760,960
894,790	4.50%, 8/1/52, Pool #QE8252		860,646
3,383,629	3.00%, 8/1/52, Pool #SD7556		3,002,593
461,084	6.00%, 11/1/52, Pool #RA8216		466,771
718,664	5.00%, 11/1/52, Pool #SD1882		705,019
2,018,117	4.50%, 11/1/52, Pool #SD2000		1,942,427

See accompanying notes to the financial statements.

26

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$908,277	5.00%, 12/1/52, Pool #RA8295	$	891,040
1,489,415	5.00%, 12/1/52, Pool #SD1991		1,461,137
803,821	5.00%, 12/1/52, Pool #SD2081		788,565
1,635,952	5.50%, 1/1/53, Pool #QF6560		1,632,335
556,075	5.50%, 1/1/53, Pool #SD2275		554,843
928,725	5.00%, 1/1/53, Pool #RA8404		911,076
2,197,803	6.00%, 1/1/53, Pool #SD2163		2,221,401
1,238,407	6.00%, 2/1/53, Pool #RA8560		1,251,732
363,527	5.00%, 2/1/53, Pool #SD2306		356,618
4,788,616	5.50%, 3/1/53, Pool #RA8758		4,778,028
751,443	6.00%, 3/1/53, Pool #SD2598		759,524
1,658,627	6.00%, 4/1/53, Pool #SD2760		1,679,245
3,203,100	6.00%, 5/1/53, Pool #RA9073		3,242,909
1,166,935	6.00%, 5/1/53, Pool #SD2886		1,181,430
3,546,551	5.50%, 5/1/53, Pool #SD2893		3,538,716
4,005,764	5.50%, 5/1/53, Pool #RA9063		3,996,914
2,575,412	6.00%, 6/1/53, Pool #SD3176		2,607,432
1,740,000	Class A2 , Series K146, 2.92%, 6/25/54, Callable 7/25/32 @ 100.00		1,539,733
			259,334,677
Federal Home Loan Bank (0.9%):
3,020,000	0.92%, 2/26/27, Callable 8/26/23 @ 100.00		2,640,763
22,560,000	2.06%, 9/27/29, Callable 9/27/23 @ 100.00		19,462,828
4,080,000	3.56%, 5/16/33		3,811,271
1,435,000	1.85%, 1/25/36, Callable 7/25/23 @ 100.00		1,043,581
1,720,000	1.87%, 2/8/36, Callable 8/8/23 @ 100.00		1,252,746
920,000	1.87%, 2/8/36, Callable 8/8/23 @ 100.00		670,074
			28,881,263
Federal Farm Credit Banks Funding Corp. (1.2%):
14,521,000	2.25%, 8/15/29, Callable 8/15/24 @ 100.00		12,684,181
10,440,000	2.17%, 10/29/29, Callable 10/29/24 @ 100.00		9,054,309
6,095,000	1.68%, 9/17/35, Callable 7/14/23 @ 100.00		4,392,471
3,450,000	1.84%, 1/25/36, Callable 7/14/23 @ 100.00		2,505,749
4,730,000	2.10%, 2/25/36, Callable 7/14/23 @ 100.00		3,531,371
2,569,000	2.50%, 4/14/36, Callable 7/14/23 @ 100.00		2,004,211
2,875,000	2.49%, 5/19/36, Callable 7/14/23 @ 100.00		2,236,258
			36,408,550
Government National Mortgage Association (6.6%):
8,085	4.50%, 9/15/33, Pool #615516		8,081
28,816	5.00%, 12/15/33, Pool #783571		28,459
9,597	6.50%, 8/20/38, Pool #4223		10,272
7,663	6.50%, 10/15/38, Pool #673213		7,661
5,466	6.50%, 11/20/38, Pool #4292		5,850
9,979	6.50%, 12/15/38, Pool #782510		10,344
104,853	5.00%, 1/15/39, Pool #782557		103,922
66,332	5.00%, 4/15/39, Pool #782619		67,151
52,211	5.00%, 4/15/39, Pool #711939		52,809
6,543	4.00%, 4/20/39, Pool #4422		6,233
6,342	5.00%, 6/15/39, Pool #782696		6,420
22,592	4.00%, 7/20/39, Pool #4494		21,521
38,213	5.00%, 10/20/39, Pool #4559		38,971
4,251	4.50%, 12/20/39, Pool #G24598		4,227
10,636	4.50%, 1/15/40, Pool #728627		10,573
5,195	4.50%, 1/20/40, Pool #4617		5,167
4,247	4.50%, 2/20/40, Pool #G24636		4,200
30,087	5.00%, 5/15/40, Pool #782958		30,331
273	4.50%, 5/20/40, Pool #G24696		270
18,414	5.00%, 6/15/40, Pool #697862		18,529

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$199,850	4.50%, 7/15/40, Pool #733795	$	198,667
26,313	4.50%, 7/15/40, Pool #745793		26,421
10,573	4.50%, 7/20/40, Pool #4746		10,457
19,352	4.50%, 8/20/40, Pool #4771		19,139
11,629	4.50%, 9/20/40, Pool #748948		11,515
5,827	4.00%, 9/20/40, Pool #G24800		5,654
43,377	4.50%, 10/15/40, Pool #783609		43,120
19,590	4.50%, 10/20/40, Pool #4834		19,375
152,481	4.00%, 10/20/40, Pool #G24833		147,939
284,675	4.00%, 11/20/40, Pool #4853		281,465
140,025	4.00%, 12/20/40, Pool #G24882		135,855
77,257	4.00%, 1/15/41, Pool #759138		73,628
125,809	4.00%, 1/20/41, Pool #4922		122,061
12,509	4.50%, 2/15/41, Pool #738019		12,456
513,516	4.00%, 2/20/41, Pool #742887		495,578
2,151	4.00%, 2/20/41, Pool #4945		2,087
41,904	4.00%, 3/15/41, Pool #762838		39,938
3,141	5.00%, 4/20/41, Pool #5018		3,148
6,817	5.00%, 6/20/41, Pool #5083		6,831
49,975	4.50%, 6/20/41, Pool #783590		49,425
3,668	5.00%, 7/20/41, Pool #5116		3,676
117,041	4.50%, 7/20/41, Pool #5115		115,753
15,781	4.50%, 7/20/41, Pool #754367		15,615
122,107	4.00%, 7/20/41, Pool #742895		116,353
34,728	4.50%, 7/20/41, Pool #783584		34,346
35,191	4.50%, 11/15/41, Pool #783610		35,005
100,926	3.50%, 1/15/42, Pool #553461		95,924
139,106	4.00%, 4/20/42, Pool #MA0023		134,962
59,977	5.00%, 7/20/42, Pool #MA0223		61,453
141,277	3.50%, 4/15/43, Pool #AD2334		132,847
266,532	3.50%, 4/20/43, Pool #MA0934		251,408
151,102	3.50%, 5/20/43, Pool #MA1012		142,385
13,073	4.00%, 7/20/43, Pool #MA1158		12,683
519,459	4.50%, 6/20/44, Pool #MA1997		516,623
8,447	4.00%, 8/20/44, Pool #AJ2723		8,159
14,469	4.00%, 8/20/44, Pool #AI4167		13,973
418,980	4.00%, 8/20/44, Pool #MA2149		406,501
10,747	4.00%, 8/20/44, Pool #AJ4687		10,379
20,244	3.00%, 12/20/44, Pool #MA2444		18,466
235,148	5.00%, 12/20/44, Pool #MA2448		235,649
237,154	3.00%, 2/15/45, Pool #784439		212,448
1,067,739	3.50%, 5/20/45, Pool #MA2826		1,006,209
146,416	5.00%, 12/20/45, Pool #MA3313		147,713
5,401,758	3.50%, 3/20/46, Pool #MA3521		5,079,773
1,036,079	3.50%, 5/20/46, Pool #MA3663		974,329
345,953	3.50%, 7/20/46, Pool #MA3803		325,336
1,403,217	3.50%, 9/20/46, Pool #MA3937		1,316,775
55,307	3.50%, 10/20/46, Pool #AX4343		51,930
8,676	4.00%, 10/20/46, Pool #AQ0542		8,389
63,477	3.50%, 10/20/46, Pool #AX4341		59,890
86,973	3.50%, 10/20/46, Pool #AX4345		81,404
140,061	3.50%, 10/20/46, Pool #AX4344		130,762
69,623	3.50%, 10/20/46, Pool #AX4342		65,452
78,633	4.50%, 3/15/47, Pool #AZ8560		77,740
63,259	4.50%, 4/15/47, Pool #AZ8597		62,541
109,447	4.50%, 4/15/47, Pool #AZ8596		108,207
57,704	4.50%, 5/15/47, Pool #BA7888		57,055
1,332,277	4.00%, 6/20/47, Pool #MA4511		1,285,907
15,161	4.00%, 9/15/47, Pool #BC5919		14,242

See accompanying notes to the financial statements.

27

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$14,468	4.00%, 10/15/47, Pool #BD3187	$	13,606
17,249	4.00%, 10/15/47, Pool #BE1031		16,203
16,754	4.00%, 11/15/47, Pool #BE1030		15,740
1,045,662	4.00%, 11/20/47, Pool #MA4838		1,009,243
19,301	4.00%, 12/15/47, Pool #BE4664		18,135
510,524	4.00%, 12/20/47, Pool #MA4901		492,746
22,618	4.00%, 1/15/48, Pool #BE0143		21,246
15,922	4.00%, 1/15/48, Pool #BE0204		14,965
223,346	4.50%, 9/20/48, Pool #BD0560		220,028
423,615	4.50%, 3/20/49, Pool #MA5818		415,844
17,932	4.50%, 4/20/49, Pool #MA5877		17,603
191,223	4.50%, 5/20/49, Pool #MA5932		187,716
593,999	3.00%, 4/20/50, Pool #MA6599		535,442
353,443	4.50%, 4/20/50, Pool #MA6602		346,085
76,131	3.00%, 5/20/50, Pool #MA6656		68,605
271,355	4.00%, 5/20/50, Pool #MA6658		259,548
1,654,515	Class LP , Series 2020-127, 1.50%, 6/20/50		1,281,874
5,778,508	2.00%, 8/20/50, Pool #MA6818		4,866,996
1,369,842	3.00%, 10/20/50, Pool #MA6932		1,234,887
1,020,303	2.00%, 11/20/50, Pool #MA6994		862,031
12,666,535	2.00%, 1/20/51, Pool #MA7135		10,656,573
1,247,376	3.00%, 1/20/51, Pool #MA7137		1,117,682
1,921,808	2.00%, 2/20/51, Pool #MA7192		1,618,023
5,731,323	2.50%, 4/20/51, Pool #MA7312		4,973,278
6,534,789	3.00%, 6/20/51, Pool #MA7419		5,862,710
8,417,340	3.00%, 8/20/51, Pool #MA7535		7,555,292
2,971,578	2.50%, 10/20/51, Pool #MA7649		2,575,589
2,115,352	3.00%, 12/20/51, Pool #MA7768		1,893,781
7,067,006	2.50%, 12/20/51, Pool #MA7767		6,121,901
88,730	3.00%, 1/20/52, Pool #MA7828		79,641
4,773,159	2.50%, 5/20/52, Pool #MA8042		4,131,695
18,977,204	2.50%, 6/20/52, Pool #MA8097		16,428,412
5,563,451	2.50%, 7/20/52, Pool #MA8147		4,828,374
237,585	2.50%, 8/20/52, Pool #MA8197		205,697
1,270,383	2.50%, 12/20/52, Pool #MA8485		1,099,798
4,162,607	2.50%, 1/20/53, Pool #MA8564		3,610,236
220,759	6.00%, 4/20/53, Pool #CT7444		224,228
1,526,000	6.50%, 6/20/53, TBA		1,552,705
25,711,000	4.50%, 7/20/53, TBA		24,815,132
11,597,000	4.00%, 7/20/53, TBA		10,964,601
14,703,797	3.50%, 7/20/53, TBA		13,568,848
12,421,700	3.00%, 7/20/53, TBA		11,092,190
9,069,000	5.00%, 7/20/53, TBA		8,910,292
5,964,000	5.50%, 7/20/53, TBA		5,938,839
22,711,100	2.00%, 7/20/53, TBA		19,063,130
2,981,000	6.00%, 7/20/53, TBA		3,012,906
			199,374,108
Total U.S. Government Agency Mortgages (Cost $1,089,298,382)			1,023,383,217
U.S. Treasury Obligations (23.5%):
U.S. Treasury Bonds (10.3%):
2,480,000	5.38%, 2/15/31		2,705,525
14,025,000	4.75%, 2/15/37		15,491,051
10,000,000	5.00%, 5/15/37		11,307,812
12,855,000	1.13%, 8/15/40		8,249,295
33,230,000	1.88%, 2/15/41		24,081,366
4,580,000	1.75%, 8/15/41		3,211,725
23,885,000	3.13%, 11/15/41		21,003,872
2,795,000	2.00%, 11/15/41		2,041,660

Principal Amount		Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds, continued
$5,045,000	2.38%, 2/15/42	$	3,922,488
33,675,000	4.00%, 11/15/42		33,406,652
16,285,000	2.75%, 11/15/42		13,368,967
1,360,000	3.88%, 2/15/43		1,323,875
4,335,000	3.88%, 5/15/43		4,222,561
7,022,500	3.63%, 8/15/43		6,577,010
1,205,000	3.13%, 8/15/44		1,040,442
15,000	2.50%, 2/15/45		11,590
955,000	3.00%, 5/15/45		804,886
1,770,000	2.88%, 8/15/45		1,458,038
12,235,000	3.00%, 11/15/45		10,296,517
22,700,000	2.25%, 8/15/46		16,542,625
6,855,000	2.88%, 11/15/46		5,637,166
3,105,000	2.75%, 11/15/47		2,492,248
5,645,000	3.00%, 2/15/48		4,748,856
63,515,000	3.13%, 5/15/48(d)		54,702,294
4,055,000	3.38%, 11/15/48		3,657,103
8,700,000	3.00%, 2/15/49		7,346,062
125,000	2.88%, 5/15/49		103,145
10,975,000	1.25%, 5/15/50		6,156,289
8,590,000	1.38%, 8/15/50		4,982,200
5,954,000	1.63%, 11/15/50		3,689,619
13,650,000	2.38%, 5/15/51		10,130,859
1,102,000	1.88%, 11/15/51		725,942
1,054,000	2.25%, 2/15/52		760,362
18,188,000	2.88%, 5/15/52		15,050,570
5,054,000	3.00%, 8/15/52		4,289,583
1,052,000	3.63%, 2/15/53		1,007,948
5,910,000	3.63%, 5/15/53		5,670,830
			312,219,033
U.S. Treasury Inflation Index Bonds (0.5%):
17,064,169	1.25%, 4/15/28		16,504,358
U.S. Treasury Notes (12.7%):
51,475,000	4.25%, 12/31/24		50,751,133
3,992,000	2.88%, 6/15/25		3,839,181
12,640,000	3.00%, 7/15/25		12,181,800
890,000	3.00%, 10/31/25		855,790
1,550,000	2.88%, 11/30/25		1,485,336
7,810,000	0.38%, 12/31/25		7,037,542
95,875,000	3.88%, 1/15/26		94,077,344
84,589,000	4.00%, 2/15/26		83,280,514
4,310,000	0.50%, 2/28/26		3,870,919
12,275,000	3.75%, 4/15/26		12,010,320
2,435,000	2.38%, 4/30/26		2,296,129
5,100,000	3.63%, 5/31/28		4,986,844
110,000	1.25%, 6/30/28		95,717
12,246,000	4.00%, 6/30/28		12,173,289
11,165,000	4.00%, 10/31/29		11,131,854
998,000	3.88%, 11/30/29		988,644
30,871,000	3.88%, 12/31/29		30,591,231
5,515,000	3.50%, 4/30/30		5,352,997
15,162,000	3.75%, 5/31/30		14,944,046
4,520,000	3.75%, 6/30/30		4,459,969
6,599,000	2.75%, 8/15/32		6,046,334
5,539,000	4.13%, 11/15/32		5,656,704
9,534,000	3.50%, 2/15/33		9,282,243

See accompanying notes to the financial statements.

28

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued
$6,740,000	3.38%, 5/15/33	$	6,495,675
			383,891,555
Total U.S. Treasury Obligations (Cost $776,872,819)			712,614,946
Shares
Short-Term Security Held as Collateral for Securities on Loan (0.1%):
$1,751,168	BlackRock Liquidity FedFund, Institutional Class, 3.57%(c)(e)		1,751,168
Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,751,168)			1,751,168

Shares		Value
Unaffiliated Investment Company (10.1%):
Money Markets (10.1%):
307,113,687	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(c)	$	307,113,687
Total Unaffiliated Investment Company (Cost $307,113,687)			307,113,687
Total Investment Securities (Cost $3,450,730,547) — 107.8%			3,267,827,152
Net other assets (liabilities) — (7.8)%			(237,035,499)
Net Assets — 100.0%		$	3,030,791,653

Percentages indicated are based on net assets as of June 30, 2023.

EUR003M	-	3 Month EUR LIBOR
EUSA5	-	Euro 5 Year Swap Rate
GO	-	General Obligation
H15T1Y	-	1 Year Treasury Constant Maturity Rate
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
SOFR	-	Secured Overnight Financing Rate
TBA	-	To Be Announced Security
US0001M	-	1 Month US Dollar LIBOR
US0003M	-	3 Month US Dollar LIBOR

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $1,693,191.

+ The principal amount is disclosed in local currency and the fair value is disclosed in U.S. Dollars.

† Represents less than 0.05%.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at June 30, 2023.

(c) The rate represents the effective yield at June 30, 2023.

(d) All or a portion of this security has been pledged as collateral for open derivative positions.

(e) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

Securities Sold Short (-1.7%):

At June 30, 2023, the Fund’s securities sold short were as follows:

Security Description	Coupon Rate		Maturity Date		Par Amount			Proceeds Received			Fair Value
U.S. Government Agency Mortgages
Federal National Mortgage Association
Federal National Mortgage Association, TBA		4.50%		8/25/53		$(10,000,000	)	$	(9,690,324	)	$	(9,619,531	)
Federal National Mortgage Association, TBA		4.50%		7/25/53		(1,167,800	)		(1,134,591	)		(1,122,548	)
Federal National Mortgage Association, TBA		5.50%		7/25/53		(13,584,000	)		(13,565,959	)		(13,522,447	)
Federal National Mortgage Association, TBA		6.00%		7/25/53		(16,037,400	)		(16,212,477	)		(16,177,727	)
Federal National Mortgage Association, TBA		2.50%		7/25/53		(675,000	)		(572,379	)		(572,168	)
Federal National Mortgage Association, TBA		4.00%		8/25/53		(6,877,600	)		(6,501,240	)		(6,459,571	)
Government National Mortgage Association
Government National Mortgage Association, TBA		2.50%		7/20/53		(5,684,522	)		(4,936,281	)		(4,918,888	)
									$(52,613,251	)		$(52,392,880	)

See accompanying notes to the financial statements.

29

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Short Futures

Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
30-Day Federal Funds July Futures (U.S. Dollar)		7/31/23		133	$	(52,591,853	)	$	(1,758	)
30-Day Federal Funds June Futures (U.S. Dollar)		6/30/23		38		(15,030,994	)		(6,775	)
Euro Buxl 30-Year Bond September Futures (Euro)		9/7/23		9		(1,370,852	)		(12,845	)
Euro-Bobl September Futures (Euro)		9/7/23		30		(3,787,520	)		58,051
Euro-Bund September Futures (Euro)		9/7/23		125		(18,240,390	)		192,373
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/20/23		575		(68,101,563	)		368,980
U.S. Treasury 30-Year Bond September Futures (U.S. Dollar)		9/20/23		123		(15,609,469	)		45,841
Ultra Long Term U.S. Treasury Bond September Futures (U.S. Dollar)		9/20/23		37		(5,040,094	)		(36,196	)
								$	607,671

Long Futures

Description	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Euro Schatz Index September Futures (Euro)	9/7/23	52	$	5,948,871	$	(23,082	)
ICE 3 Month Sonia December 24 Futures (U.S. Dollar)	3/18/25	489		146,453,802		(902,027	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)	9/20/23	484		54,336,563		(208,259	)
U.S. Treasury 2-Year Note October Futures (U.S. Dollar)	9/29/23	1,140		231,811,875		(2,810,567	)
U.S. Treasury 5-Year Note October Futures (U.S. Dollar)	9/29/23	2,628		281,442,375		(5,521,930	)
					$	(9,465,865	)
Total Net Futures Contracts					$	(8,858,194	)

Forward Currency Contracts

At June 30, 2023, the Fund’s open forward currency contracts were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Net Unrealized Appreciation/ (Depreciation)
U.S. Dollar	17,389,796	European Euro	15,846,678	Bank National Paribas		9/20/23		$27,624
U.S. Dollar	187,506	European Euro	171,000	BMO Capital Markets		9/20/23		152
U.S. Dollar	9,870,336	European Euro	8,993,322	TD Securities International		9/20/23		16,940
								$44,716
U.S. Dollar	104,665	European Euro	96,700	TD Securities International		9/14/23		(1,251	)
U.S. Dollar	1,640,871	European Euro	1,503,000	BMO Capital Markets		9/20/23		(5,868	)
U.S. Dollar	1,322,082	European Euro	1,215,000	HSBC		9/20/23		(9,114	)
U.S. Dollar	3,362,860	European Euro	3,097,000	Morgan Stanley		9/20/23		(30,320	)
							$	(46,553	)
Total Net Forward Currency Contracts							$	(1,837	)

Balances Reported in the Statement of Assets and Liabilities for Forward Currency Contracts.

	Unrealized   Appreciation		Unrealized       Depreciation
Forward currency contracts		$44,716		$(46,553)

See accompanying notes to the financial statements.

30

AZL Enhanced Bond Index Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	3,450,730,547
Investment securities, at value(a)	$	3,267,827,152
Interest and dividends receivable		21,181,500
Foreign currency, at value (cost $7,787,759)		7,817,621
Unrealized appreciation on forward currency contracts		44,716
Receivable for capital shares issued		191,561
Receivable for investments sold		3,722,648
Receivable for TBA investments sold		213,841,353
Prepaid expenses		295
Total Assets		3,514,626,846
Liabilities:
Cash overdraft		17,082
Unrealized depreciation on forward currency contracts		46,553
Payable for investments purchased		31,511,994
Payable for TBA investments purchased		395,004,761
Payable for capital shares redeemed		1,191,011
Payable for collateral received on loaned securities		1,751,168
Securities sold short (Proceeds received $52,613,251)		52,392,880
Payable for variation margin on futures contracts		398,222
Management fees payable		873,814
Administration fees payable		20,886
Distribution fees payable		624,154
Custodian fees payable		355
Administrative and compliance services fees payable		130
Transfer agent fees payable		36
Trustee fees payable		776
Other accrued liabilities		1,371
Total Liabilities		483,835,193
Commitments and contingent liabilities^
Net Assets	$	3,030,791,653
Net Assets Consist of:
Paid in capital	$	3,325,769,421
Total distributable earnings		(294,977,768	)
Net Assets	$	3,030,791,653
Shares of beneficial interest (unlimited number of shares authorized, no par value)		313,357,234
Net Asset Value (offering and redemption price per share)	$	9.67

(a) Includes securities on loan of $1,693,191.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Interest	$	53,469,631
Dividends		4,983,802
Income from securities lending		38,784
Foreign withholding tax		1,116
Total Investment Income		58,493,333
Expenses:
Management fees		4,682,285
Administration fees		318,230
Distribution fees		3,344,496
Custodian fees		22,306
Administrative and compliance services fees		10,353
Transfer agent fees		3,314
Trustee fees		38,188
Professional fees		27,247
Shareholder reports		11,643
Other expenses		16,131
Total expenses		8,474,193
Net Investment Income/(Loss)		50,019,140
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(60,080,735	)
Net realized gains/(losses) on forward currency contracts		(40,512	)
Net realized gains/(losses) on futures contracts		3,629,485
Net realized gains/(losses) on securities held short		1,111,996
Change in net unrealized appreciation/depreciation on securities and foreign currencies		61,451,347
Change in net unrealized appreciation/depreciation on forward currency contracts		219,929
Change in net unrealized appreciation/depreciation on futures contracts		(10,125,773	)
Change in net unrealized appreciation/depreciation on securities held short		(287,651	)
Net realized and Change in net unrealized gains/losses on investments		(4,121,914	)
Change in Net Assets Resulting From Operations	$	45,897,226

See accompanying notes to the financial statements.

31

AZL Enhanced Bond Index Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023				For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	50,019,140			$	46,816,878
Net realized gains/(losses) on investments			(55,379,766	)			(139,490,260	)
Change in unrealized appreciation/depreciation on investments			51,257,852				(265,407,947	)
Change in net assets resulting from operations			45,897,226				(358,081,329	)
Distributions to Shareholders:
Distributions			—				(34,867,754	)
Change in net assets resulting from distributions to shareholders			—				(34,867,754	)
Capital Transactions:
Proceeds from shares issued			979,164,421				6,443,530
Proceeds from shares issued in merger			10,164,890				—
Proceeds from dividends reinvested			—				34,867,754
Value of shares redeemed			(92,303,856	)			(250,225,785	)
Change in net assets resulting from capital transactions			897,025,455				(208,914,501	)
Change in net assets			942,922,681				(601,863,584	)
Net Assets:
Beginning of period			2,087,868,972				2,689,732,556
End of period		$	3,030,791,653			$	2,087,868,972
Share Transactions:
Shares issued			101,603,535				632,822
Shares issued in merger			1,056,536				—
Dividends reinvested			—				3,733,164
Shares redeemed			(9,519,941	)			(24,963,335	)
Change in shares			93,140,130				(20,597,349	)
Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

32

AZL Enhanced Bond Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	Ended			December 31,			December 31,			December 31,			December 31,			December 31,
	June 30, 2023			2022			2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Period		$9.48			$11.17			$11.78			$11.21			$10.59			$10.89
Investment Activities:
Net Investment Income/(Loss)		0.18	(a)		0.20	(a)		0.09	(a)		0.17	(a)		0.25	(a)		0.28
Net Realized and Unrealized Gains/ (Losses) on Investments		0.01			(1.73	)		(0.32	)		0.67			0.64			(0.35	)
Total from Investment Activities		0.19			(1.53	)		(0.23	)		0.84			0.89			(0.07	)
Distributions to Shareholders From:
Net Investment Income		—			(0.15	)		(0.09	)		(0.27	)		(0.27	)		(0.23	)
Net Realized Gains		—			(0.01	)		(0.29	)		—			—			—
Total Dividends		—			(0.16	)		(0.38	)		(0.27	)		(0.27	)		(0.23	)
Net Asset Value, End of Period		$9.67			$9.48			$11.17			$11.78			$11.21			$10.59
Total Return(b)		2.00	%(c)		(13.68	)%		(1.94	)%		7.53	%		8.38	%		(0.58	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$3,030,792			$2,087,869			$2,689,733			$2,081,430			$2,239,557			$1,936,318
Net Investment Income/(Loss)(d)		3.74	%		2.03	%		0.80	%		1.45	%		2.28	%		2.41	%
Expenses Before Reductions(d)(e)		0.63	%		0.64	%		0.66	%		0.66	%		0.65	%		0.65	%
Expenses Net of Reductions(d)		0.63	%		0.64	%		0.66	%		0.66	%		0.65	%		0.65	%
Portfolio Turnover Rate		87	%(c)		133	%		137	%		140	%		119	%		144	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

33

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Enhanced Bond Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Securities Purchased on a When-Issued Basis

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. The Fund will not pay for such securities or start earning interest on them until they are received. When the Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Short Sales

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest

34

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

payment. When the Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $3,711 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,751,168 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sales Commitments

The Fund may enter into to-be-announced (TBA) purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of June 30, 2023, no collateral had been posted by the Fund to counterparties for TBAs.

35

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Forward Currency Contracts

During the period ended June 30, 2023, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $1.6 million and the monthly average notional amount for short contracts was $32.8 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $354.3 million, and the monthly average notional amount for short contracts was $107.1 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Interest Rate Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$665,245	Payable for variation margin on futures contracts*		$9,523,439
Foreign Exchange Risk
Forward Currency Contracts	Unrealized appreciation on forward currency contracts		44,716	Unrealized depreciation on forward currency contracts		46,553

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized     Appreciation/Depreciation     on Derivatives  Recognized
Interest Rate Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		$3,629,485			$(10,125,773)
Foreign Exchange Risk
Forward Currency Contracts	Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts		(40,512	)		219,929

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the

36

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at June 30, 2023. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023.

As of June 30, 2023, the Fund’s derivative assets and liabilities by type were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward Currency Contracts		$44,716		$46,553
Futures Contracts		—		398,222
Total derivative assets and liabilities in the Statement of Assets and Liabilities		$44,716		$444,775
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)		—		(398,222)
Total derivative assets and liabilities subject to a MNA		$44,716		$46,553

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2023:

Counterparty	Derivative Assets Subject to a MNA by Counterparty	Derivatives Available for Offset	Non-Cash Collateral Pledged*	Cash Collateral Pledged*	Net Amount of Derivative Assets
Bank National Paribas	$27,624	$—	$—	$—	$27,624
BMO Capital Markets	152	(152)	—	—	—
TD Securities International	16,940	(1,251)	—	—	15,689
Total	$44,716	$(1,403)	$—	$—	$43,313
The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2023:
Counterparty	Derivative Liabilities Subject to a MNA by Counterparty	Derivatives Available for Offset	Non-Cash Collateral Pledged*	Cash Collateral Pledged*	Net Amount of Derivative Liabilities
BMO Capital Markets	$5,868	$(152)	$—	$—	$5,716
HSBC	9,114	—	—	—	9,114
Morgan Stanley	30,320	—	—	—	30,320
TD Securities International	1,251	(1,251)	—	—	—
Total	$46,553	$(1,403)	$—	$—	$45,150

* The actual collateral received or pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL Enhanced Bond Index Fund	0.35%	0.70%

* The annual rate due to the Subadviser from the Manager is 0.14% of the first $100 million of the Fund’s net assets, 0.09% of the next $200 million of the Fund’s net assets and 0.05% of the Fund’s net assets over $300 million.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the

37

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement prices established each day on the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source in accordance with valuation procedures approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

38

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Forward currency contracts are generally valued at the forward foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3		Total
Asset Backed Securities		$—		$233,930,194		$—		$233,930,194
Collateralized Mortgage Obligations		—		198,685,188		—		198,685,188
Corporate Bonds+		—		670,509,190		—		670,509,190
Foreign Bonds+		—		14,557,674		—		14,557,674
Yankee Debt Obligations+		—		90,422,578		—		90,422,578
Municipal Bonds		—		14,859,310		—		14,859,310
U.S. Government Agency Mortgages		—		1,023,383,217		—		1,023,383,217
U.S. Treasury Obligations		—		712,614,946		—		712,614,946
Short-Term Security Held as Collateral for Securities on Loan		1,751,168		—		—		1,751,168
Unaffiliated Investment Company		307,113,687		—		—		307,113,687
Total Investment Securities		308,864,855		2,958,962,297		—		3,267,827,152
Securities Sold Short		—		(52,392,880)		—		(52,392,880)
Other Financial Instruments:*
Futures Contracts		(8,858,194)		—		—		(8,858,194)
Forward Currency Contracts		—		(1,837)		—		(1,837)
Total Investments		$300,006,661		$2,906,567,580		$—		$3,206,574,241

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

^*  Other Financial Instruments would include any derivative instruments, such as futures contracts and forward currency contracts. These investments are generally presented in the financial statements at variation margin for futures contracts or at unrealized gain or loss on forward currency contracts.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding fund merger transactions and securities maturing less than one year from acquisition) were as follows:

	Purchases		Sales
AZL Enhanced Bond Index Fund		$2,684,358,545		$1,869,137,275

For the period ended June 30, 2023 purchases and sales of long-term U.S. government securities were as follows:

	Purchases		Sales
AZL Enhanced Bond Index Fund		$1,471,785,933		$976,879,263

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

39

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Interest Rate Risk: Debt securities held by the Fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund’s investments have maturities which extend beyond the transition period, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor or SOFR) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

Mortgage-Related and Other Asset-Backed Securities Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, investments in mortgage-related securities may cause the fund to exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If the Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Short Sale Risk: The Fund may engage in short sales, which are transactions in which the Fund sells securities borrowed from others with the expectation that the price of the security will fall before the Fund must purchase the security to return it to the lender. The Fund may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value. Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the security sold short. The Fund will realize a gain if the security declines in price between those dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform similar funds that do not make short sales in securities they do not own. There can be no assurance that the Fund will be able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold. The Fund may also pay transaction costs and borrowing fees in connection with short sales.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

40

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $2,410,443,059. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$2,965,741
Unrealized (depreciation)	(250,943,827)
Net unrealized appreciation/(depreciation)	$(247,978,086)

As of the end of its tax year ended December 31, 2022, the Fund had capital loss carry forwards (“CLCFs”) as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

CLCFs not subject to expiration:

	Short-Term Amount	Long-Term Amount	Total
AZL Enhanced Bond Index Fund	$51,350,351	$89,856,106	$141,206,457
The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:
	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL Enhanced Bond Index Fund	$33,654,146	$1,213,608	$34,867,754

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed	Undistributed	Accumulated	Unrealized	Total
	Ordinary	Long-Term	Capital and	Appreciation/	Accumulated
	Income	Capital Gains	Other Losses	Depreciation(a)	Earnings/ (Deficit)
AZL Enhanced Bond Index Fund	$49,043,424	$—	$(141,206,457)	$(248,193,827)	$(340,356,860)

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had no shareholder accounts which are affiliated with the Manager representing ownership in excess of 25% of the Fund.

10. Acquisition of Funds

Effective as of the close of business March 10, 2023, the Fund acquired all the assets and liabilities of the AZL DFA Five-Year Global Fixed Income Fund (“AZL DFA Five-Year Fund”), an open-end management investment company, pursuant to a plan of reorganization approved by the Board on December 13, 2022 (the “Plan”). The acquisition was accomplished by a taxable exchange of 1,217,405 shares of the AZL DFA Five-Year Fund outstanding as of close of business March 10, 2023, valued at $10,164,890 for1,056,536 shares of the Fund.

At the close of business March 10, 2023, the AZL DFA Five-Year Fund’s investment holdings had a fair value of $9,967,081 and identified cost of $9,967,081. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value, including the cost basis of investments received. All fees and expenses incurred by the AZL DFA Five-Year Fund and the Fund directly in connection with the Plan were borne by the Manager. There are no material differences in accounting policies of the AZL DFA Five-Year Fund as compared to those of the Fund.

Assuming the acquisition had been completed on January 1, 2023, the beginning of the semi-annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended June 30, 2023, are as follows:

Net investment income/(loss)	$51,331,615
Net realized/unrealized gains/(losses)	(3,835,144)
Change in net assets resulting from operations	$47,496,471

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the AZL DFA Five-Year Fund that have been included in the Fund’s Statement of Operations subsequent to March 10, 2023. The Fund did not purchase or sell securities following the acquisition for purposes of realigning its investment portfolio. Accordingly, the acquisition of the AZL DFA Five-Year Fund did not affect the Fund’s portfolio turnover ratio for the period ended June 30, 2023.

41

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

11. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

12. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

42

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

43

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

44

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Fidelity Institutional Asset Management

Multi-Strategy Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 30

Page 30

Page 31

Page 32

Page 33

Page 42

Page 43

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning	Ending	Expenses Paid	Annualized Expense
	Account Value	Account Value	During Period	Ratio During Period
	1/1/23	6/30/23	1/1/23 - 6/30/23*	1/1/23 - 6/30/23
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1	$1,000.00	$1,079.30	$2.37	0.46%
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2	$1,000.00	$1,077.50	$3.66	0.71%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning	Ending	Expenses Paid	Annualized Expense
	Account Value	Account Value	During Period	Ratio During Period
	1/1/23	6/30/23	1/1/23 - 6/30/23*	1/1/23 - 6/30/23
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1	$1,000.00	$1,022.51	$2.31	0.46%
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2	$1,000.00	$1,021.27	$3.56	0.71%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Common Stocks		40.9	%
U.S. Treasury Obligations		18.8
Corporate Bonds		18.0
U.S. Government Agency Mortgages		12.3
Collateralized Mortgage Obligations		5.4
Unaffiliated Investment Company		4.5
Yankee Debt Obligations		4.3
Short-Term Security Held as Collateral for Securities on Loan		0.6
Asset Backed Securities		0.5
Municipal Bonds		0.2
Bank Loans		0.1
Convertible Bonds		—	†
Preferred Stock		—	†
Warrants		—	†
Total Investment Securities		105.6
Net other assets (liabilities)		(5.6	)
Net Assets		100.0	%

† Represents less than 0.05%.

3

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks (40.9%):
Aerospace & Defense (0.7%):
14,476	L3Harris Technologies, Inc.	$	2,833,967
11,275	Lockheed Martin Corp.		5,190,784
8,168	Parsons Corp.*		393,208
7,351	Raytheon Technologies Corp.		720,104
35,742	Textron, Inc.		2,417,231
			11,555,294
Automobile Components (0.9%):
48,949	General Motors Co.		1,887,473
51,205	Tesla, Inc.*		13,403,933
			15,291,406
Banks (1.1%):
199,103	Bank of America Corp.		5,712,265
1,749	Columbia Banking System, Inc.		35,470
15,273	East West Bancorp, Inc.		806,262
48,519	JPMorgan Chase & Co.		7,056,603
124,788	US Bancorp		4,122,995
			17,733,595
Beverages (0.7%):
123,405	Coca-Cola Co. (The)		7,431,449
272	Coca-Cola Consolidated, Inc.		172,998
19,792	PepsiCo, Inc.		3,665,874
			11,270,321
Biotechnology (0.9%):
12,016	AbbVie, Inc.		1,618,916
11,117	Amgen, Inc.		2,468,196
105,384	Exelixis, Inc.*		2,013,888
65,087	Gilead Sciences, Inc.		5,016,255
39,380	Incyte Corp.*		2,451,405
375	Sarepta Therapeutics, Inc.*		42,945
4,008	United Therapeutics Corp.*		884,766
23,818	Vir Biotechnology, Inc.*		584,256
			15,080,627
Broadline Retail (1.6%):
180,103	Amazon.com, Inc.*		23,478,227
32,992	eBay, Inc.		1,474,412
9,119	Etsy, Inc.*		771,559
			25,724,198
Building Products (0.1%):
16,457	Johnson Controls International plc		1,121,380
5,301	Trane Technologies plc		1,013,869
			2,135,249
Capital Markets (0.8%):
11,913	Bank of New York Mellon Corp. (The)		530,367
72,332	Charles Schwab Corp. (The)		4,099,778
2,227	CME Group, Inc.		412,641
4,378	Goldman Sachs Group, Inc. (The)		1,412,080
9,529	LPL Financial Holdings, Inc.		2,071,890
71,906	Nasdaq, Inc.		3,584,514
666	SEI Investments Co.		39,707
6,125	Stifel Financial Corp.		365,479
			12,516,456
Chemicals (0.4%):
27,152	CF Industries Holdings, Inc.		1,884,892
15,522	Chemours Co. (The)		572,606
1,827	Ecolab, Inc.		341,083

Shares		Value
Common Stocks, continued
Chemicals, continued
5,336	Linde plc	$	2,033,443
7,993	Westlake Corp.		954,924
			5,786,948
Commercial Services & Supplies (0.6%):
8,235	Cintas Corp.		4,093,454
26,630	Republic Services, Inc.		4,078,917
5,838	Waste Management, Inc.		1,012,426
			9,184,797
Communications Equipment (0.6%):
140,853	Cisco Systems, Inc.		7,287,734
27,403	Juniper Networks, Inc.		858,536
4,105	Motorola Solutions, Inc.		1,203,915
			9,350,185
Construction & Engineering (0.1%):
4,541	Valmont Industries, Inc.		1,321,658
Consumer Finance (0.3%):
22,947	American Express Co.		3,997,367
49,103	Synchrony Financial		1,665,574
			5,662,941
Consumer Staples Distribution & Retail (0.1%):
1,539	Costco Wholesale Corp.		828,567
3,373	Walmart, Inc.		530,168
			1,358,735
Containers & Packaging (0.1%):
26,554	Sealed Air Corp.		1,062,160
Distributors (0.1%):
9,030	Genuine Parts Co.		1,528,147
Electric Utilities (0.2%):
39,636	Hawaiian Electric Industries, Inc.		1,434,823
7,670	NextEra Energy, Inc.		569,114
33,988	Xcel Energy, Inc.		2,113,034
			4,116,971
Electrical Equipment (0.6%):
25,676	AMETEK, Inc.		4,156,431
49,798	Emerson Electric Co.		4,501,241
26,532	nVent Electric plc		1,370,909
			10,028,581
Electronic Equipment, Instruments & Components (0.0%†):
368	Keysight Technologies, Inc.*		61,622
4,224	Vontier Corp.		136,055
			197,677
Energy Equipment & Services (0.0%†):
475	Weatherford International plc*		31,549
Entertainment (0.5%):
4,423	Activision Blizzard, Inc.*		372,859
30,560	Electronic Arts, Inc.		3,963,632
7,823	Netflix, Inc.*		3,445,953
			7,782,444
Financial Services (2.2%):
41,668	Berkshire Hathaway, Inc., Class B*		14,208,788
68,803	Fidelity National Information Services, Inc.		3,763,524
23,465	Mastercard, Inc., Class A		9,228,784
66,241	PayPal Holdings, Inc.*		4,420,262

See accompanying notes to the financial statements.

4

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Financial Services, continued
14,412	Visa, Inc., Class A	$	3,422,562
			35,043,920
Food Products (0.5%):
87,994	Kraft Heinz Co. (The)		3,123,787
68,909	Mondelez International, Inc., Class A		5,026,222
			8,150,009
Ground Transportation (0.9%):
139,858	CSX Corp.		4,769,158
8,520	Norfolk Southern Corp.		1,931,995
45,195	Uber Technologies, Inc.*		1,951,068
26,886	Union Pacific Corp.		5,501,413
			14,153,634
Health Care Equipment & Supplies (0.7%):
56,842	Abbott Laboratories		6,196,915
1,030	Becton Dickinson & Co.		271,930
10,624	Lantheus Holdings, Inc.*		891,566
28,133	Zimmer Biomet Holdings, Inc.		4,096,165
4,544	Zimvie, Inc.*		51,029
			11,507,605
Health Care Providers & Services (2.0%):
54,458	Centene Corp.*		3,673,192
9,120	Cigna Group (The)		2,559,072
70,739	CVS Health Corp.		4,890,187
10,828	Elevance Health, Inc.		4,810,772
9,559	Humana, Inc.		4,274,116
1,838	McKesson Corp.		785,396
23,616	UnitedHealth Group, Inc.		11,350,794
			32,343,529
Health Care Technology (0.1%):
5,405	Veeva Systems, Inc., Class A*		1,068,731
Hotel & Resort REITs (0.1%):
19,570	Ryman Hospitality Properties, Inc.		1,818,444
Hotels, Restaurants & Leisure (1.0%):
23,765	Airbnb, Inc., Class A*		3,045,722
1,069	Booking Holdings, Inc.*		2,886,653
370	Chipotle Mexican Grill, Inc.*		791,430
14,348	McDonald’s Corp.		4,281,587
24,893	MGM Resorts International		1,093,301
37,854	Starbucks Corp.		3,749,817
			15,848,510
Household Durables (0.5%):
410	NVR, Inc.*		2,603,754
38,672	Toll Brothers, Inc.		3,057,795
7,617	TopBuild Corp.*		2,026,275
			7,687,824
Household Products (0.9%):
41,327	Colgate-Palmolive Co.		3,183,832
21,794	Kimberly-Clark Corp.		3,008,880
51,835	Procter & Gamble Co. (The)		7,865,443
			14,058,155
Industrial Conglomerates (0.1%):
21,603	3M Co.		2,162,244
Insurance (0.5%):
41,612	Hartford Financial Services Group, Inc. (The)		2,996,896
21,899	Progressive Corp. (The)		2,898,771

Shares		Value
Common Stocks, continued
Insurance, continued
3,307	Travelers Cos., Inc. (The)	$	574,294
26,083	Unum Group		1,244,159
			7,714,120
Interactive Media & Services (2.5%):
105,715	Alphabet, Inc., Class A*		12,654,086
119,273	Alphabet, Inc., Class C*		14,428,455
44,978	Meta Platforms, Inc., Class A*		12,907,786
			39,990,327
IT Services (0.5%):
132	Accenture plc, Class A		40,733
6,238	Gartner, Inc.*		2,185,234
38,469	GoDaddy, Inc., Class A*		2,890,176
8,716	VeriSign, Inc.*		1,969,554
8,734	Wix.com, Ltd.*		683,348
			7,769,045
Life Sciences Tools & Services (0.1%):
64	10X Genomics, Inc., Class A*		3,574
5,320	Danaher Corp.		1,276,800
22,307	Syneos Health, Inc.*		940,017
519	Thermo Fisher Scientific, Inc.		270,788
			2,491,179
Machinery (0.7%):
6,885	AGCO Corp.		904,827
18,792	Allison Transmission Holdings, Inc.		1,060,997
17,723	Caterpillar, Inc.		4,360,744
4,380	Deere & Co.		1,774,732
31,851	PACCAR, Inc.		2,664,336
			10,765,636
Media (0.5%):
5,184	Charter Communications, Inc., Class A*		1,904,446
150,678	Comcast Corp., Class A		6,260,671
			8,165,117
Metals & Mining (0.3%):
25,906	Nucor Corp.		4,248,066
Office REITs (0.0%†):
3,000	Highwoods Properties, Inc.		71,730
Oil, Gas & Consumable Fuels (1.5%):
49,800	Chevron Corp.		7,836,030
2,114	Civitas Resources, Inc.		146,648
34,564	ConocoPhillips		3,581,176
5,526	Denbury, Inc.*		476,673
8,097	Devon Energy Corp.		391,409
40,278	EOG Resources, Inc.		4,609,414
60,879	Exxon Mobil Corp.		6,529,273
911	Pioneer Natural Resources Co.		188,741
4,011	Sanchez Energy Corp.*		599,560
1,572	Scorpio Tankers, Inc.		74,246
7,762	Targa Resources Corp.		590,688
			25,023,858
Passenger Airlines (0.1%):
118,294	American Airlines Group, Inc.*		2,122,194
Pharmaceuticals (2.1%):
82,705	Bristol-Myers Squibb Co.		5,288,985
6,700	Eli Lilly & Co.		3,142,166
66,445	Johnson & Johnson		10,997,976

See accompanying notes to the financial statements.

5

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Pharmaceuticals, continued
73,968	Merck & Co., Inc.	$	8,535,167
189,892	Pfizer, Inc.		6,965,239
			34,929,533
Professional Services (0.0%†):
7,984	Leidos Holdings, Inc.		706,424
Residential REITs (0.0%†):
19,341	Invitation Homes, Inc.		665,330
Retail REITs (0.2%):
35,646	Simon Property Group, Inc.		4,116,400
Semiconductors & Semiconductor Equipment (2.9%):
4,178	Advanced Micro Devices, Inc.*		475,916
1,558	Applied Materials, Inc.		225,193
11,563	Broadcom, Inc.		10,030,093
3,213	Enphase Energy, Inc.*		538,113
174,959	Intel Corp.		5,850,629
8,159	Lattice Semiconductor Corp.*		783,835
436	Micron Technology, Inc.		27,516
45,785	NVIDIA Corp.		19,367,971
21,929	NXP Semiconductors NV		4,488,428
49,483	QUALCOMM, Inc.		5,890,456
			47,678,150
Software (4.8%):
15,381	Adobe, Inc.*		7,521,155
7,131	AppLovin Corp., Class A*		183,481
486	Autodesk, Inc.*		99,441
107,660	Dropbox, Inc., Class A*		2,871,292
141,978	Microsoft Corp.		48,349,188
4,462	New Relic, Inc.*		291,993
15,079	Palo Alto Networks, Inc.*		3,852,835
53,095	RingCentral, Inc., Class A*		1,737,800
12,978	Salesforce, Inc.*		2,741,732
10,099	Synopsys, Inc.*		4,397,206
34,237	Teradata Corp.*		1,828,598
15,900	Workday, Inc., Class A*		3,591,651
4,331	Zoom Video Communications, Inc., Class A*		293,988
			77,760,360
Specialized REITs (0.4%):
1,454	American Tower Corp.		281,989
19,866	Crown Castle, Inc.		2,263,532
12,232	Public Storage		3,570,276
4,461	SBA Communications Corp.		1,033,881
			7,149,678
Specialty Retail (0.7%):
4,382	Bath & Body Works, Inc.		164,325
16,060	Home Depot, Inc. (The)		4,988,879
828	Murphy U.S.A., Inc.		257,599
2,678	O’Reilly Automotive, Inc.*		2,558,293
17,881	TJX Cos., Inc. (The)		1,516,130
3,539	Ulta Beauty, Inc.*		1,665,436
			11,150,662
Technology Hardware, Storage & Peripherals (3.5%):
280,903	Apple, Inc.		54,486,755
17,235	NetApp, Inc.		1,316,754
24,912	Pure Storage, Inc., Class A*		917,260
			56,720,769

Shares		Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (0.1%):
8,642	Capri Holdings, Ltd.*	$	310,161
8,786	Crocs, Inc.*		987,898
			1,298,059
Trading Companies & Distributors (0.1%):
10,497	Univar Solutions, Inc.*		376,212
661	W.W. Grainger, Inc.		521,258
			897,470
Total Common Stocks (Cost $584,607,431)			663,996,651
Preferred Stock (0.0%†):
Electric Utilities (0.0%†):
1,000	PG&E Corp., 8/16/23		149,510
Total Preferred Stock (Cost $117,395)			149,510
Contracts		Value
Warrants (0.0%†):
Oil, Gas & Consumable Fuels (0.0%†):
63	California Resources Corp., 10/27/24		747
2,121	Occidental Petroleum Corp., 8/3/27		79,156
			79,903
Total Warrants (Cost $20,366)			79,903
Principal Amount		Value
Asset Backed Securities (0.5%):
$90,249	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(a)		65,209
174,780	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(a)		109,064
461,777	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(a)		384,673
123,838	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(a)		104,037
138,939	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(a)		69,541
207,390	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(a)		173,765
641,005	Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(a)		565,088
1,239,294	Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(a)		1,054,164
490,231	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		451,916
45,333	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		43,239
940,573	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(a)		799,424
200,526	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(a)		178,017
186,315	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(a)		134,655
171,286	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(a)		156,296
118,874	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(a)		108,093
359,073	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(a)		311,390

See accompanying notes to the financial statements.

6

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Asset Backed Securities, continued
$348,680	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(a)	$	319,274
189,077	Horizon Aircraft Finance, Ltd., Class A, Series 2019- 1, 3.72%, 7/15/39(a)		160,508
192,545	Horizon Aircraft Finance, Ltd., Class A, Series 2018- 1, 4.46%, 12/15/38(a)		166,036
611,263	Planet Fitness Master Issuer LLC, Class A2I, Series 2022-1A, 3.25%, 12/5/51, Callable 12/5/24 @ 100(a)		542,601
212,300	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(a)		179,873
549,050	Planet Fitness Master Issuer LLC, Class A2II, Series 2022-1A, 4.01%, 12/5/51, Callable 12/5/27 @ 100(a)		436,009
210,631	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(a)		175,602
204,707	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(a)		172,093
233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(a)		164,014
193,261	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(a)(b)		176,983
297,184	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(a)		246,621
271,485	Thunderbolt II Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(a)(b)		224,464
Total Asset Backed Securities (Cost $9,076,684)			7,672,649
Collateralized Mortgage Obligations (5.4%):
250,000	Aimco CLO, Class AR, Series 2018-BA, 6.36%(US0003M+110bps), 1/15/32, Callable 7/15/23 @ 100(a)		247,313
523,000	Aimco CLO 11, Ltd., Class AR, Series 2020-11A, 6.39%(US0003M+113bps), 10/17/34, Callable 10/17/23 @ 100(a)		513,423
387,000	Aimco CLO 14, Ltd., Class A, Series 2021-14A, 6.24%(US0003M+99bps), 4/20/34, Callable 7/20/23 @ 100(a)		378,949
250,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 6.39%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(a)		244,357
2,812,000	Allegro CLO XIV, Ltd., Class A1, Series 2021-2A, 6.42%(US0003M+116bps), 10/15/34, Callable 10/15/23 @ 100(a)		2,764,157
624,000	Allegro CLO XV, Ltd., Class A, Series 2022-1A, 6.55%(TSFR3M+150bps), 7/20/35, Callable 7/20/24 @ 100(a)		613,843
256,000	Ares CLO, Ltd., Class A, Series 2019-54A, 6.58%(US0003M+132bps), 10/15/32, Callable 7/15/23 @ 100(a)		253,518
853,000	Ares LV CLO, Ltd., Class A1R, Series 2020-55A, 6.39%(US0003M+113bps), 7/15/34, Callable 7/15/23 @ 100(a)		839,811
660,000	Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 6.33%(US0003M+107bps), 4/15/34, Callable 7/15/23 @ 100(a)		646,055
105,000	BAMLL Commercial Mortgage Securities Trust, Class B, Series 2022-DKLX, 6.70%(TSFR1M+155bps), 1/15/39(a)		101,435

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$100,000	BAMLL Commercial Mortgage Securities Trust, Class C, Series 2022-DKLX, 7.30%(TSFR1M+215bps), 1/15/39(a)	$	96,012
177,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(a)		166,008
555,000	BAMLL Commercial Mortgage Securities Trust, Class A, Series 2022-DKLX, 6.30%(TSFR1M+115bps), 1/15/39(a)		539,440
30,000	Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 10/15/29 @ 100		25,384
310,000	Barings CLO, Ltd., Class A, Series 2020-4A, 6.47%(US0003M+122bps), 1/20/32, Callable 7/20/23 @ 100(a)		306,911
786,000	Barings CLO, Ltd., Class AR, Series 2020-1A, 6.41%(US0003M+115bps), 10/15/36, Callable 10/15/23 @ 100(a)		769,169
417,000	Beechwood Park CLO, Ltd., Class A1R, Series 2019- 1A, 6.29%(TSFR3M+130bps), 1/17/35, Callable 1/17/24 @ 100(a)		408,625
34,000	Benchmark Mortgage Trust, Class A5, Series 2018- B4, 4.12%, 7/15/51, Callable 7/15/28 @ 100(b)		31,583
1,139,000	Bethpage Park CLO, Ltd., Class A, Series 2021-1A, 6.39%(US0003M+113bps), 1/15/35, Callable 10/15/23 @ 100(a)		1,115,120
139,000	BFLD Trust, Class A, Series 2020-OBRK, 7.31%(US0001M+205bps), 11/15/28(a)		138,552
488,000	BPR Trust, Class B, Series 2022-OANA, 7.59%(TSFR1M+245bps), 4/15/37(a)		476,593
1,835,000	BPR Trust, Class A, Series 2022-OANA, 7.04%(TSFR1M+190bps), 4/15/37(a)		1,786,550
285,089	Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 6.25%(US0003M+99bps), 4/15/29, Callable 7/15/23 @ 100(a)		282,349
390,852	BX Commercial Mortgage Trust, Class B, Series 2022-LP2, 6.46%(TSFR1M+131bps), 2/15/39(a)		374,856
1,297,889	BX Commercial Mortgage Trust, Class A, Series 2022-LP2, 6.16%(TSFR1M+101bps), 2/15/39(a)		1,258,310
390,852	BX Commercial Mortgage Trust, Class C, Series 2022-LP2, 6.71%(TSFR1M+156bps), 2/15/39(a)		370,100
155,550	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 6.51%(US0001M+125bps), 10/15/36(a)		153,903
390,852	BX Commercial Mortgage Trust, Class D, Series 2022-LP2, 7.11%(TSFR1M+196bps), 2/15/39(a)		372,642
309,400	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 7.06%(US0001M+180bps), 10/15/36(a)		305,189
124,100	BX Commercial Mortgage Trust, Class B, Series 2019-XL, 6.34%(US0001M+108bps), 10/15/36(a)		122,984
164,425	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 6.18%(US0001M+92bps), 10/15/36(a)		163,393
220,150	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 6.71%(US0001M+145bps), 10/15/36(a)		217,552
119,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 7.09%(US0001M+190bps), 4/15/34(a)		116,338
113,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 6.79%(US0001M+160bps), 4/15/34(a)		110,558
172,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 6.49%(US0001M+130bps), 4/15/34(a)		168,611
5,017,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 6.19%(US0001M+100bps), 4/15/34(a)		4,962,782

See accompanying notes to the financial statements.

7

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$162,000	BX Mortgage Trust, Class B, Series 2021-PAC, 6.09%(US0001M+90bps), 10/15/36(a)	$	156,031
216,000	BX Mortgage Trust, Class C, Series 2021-PAC, 6.29%(US0001M+110bps), 10/15/36(a)		206,557
2,708,000	BX Mortgage Trust, Class A, Series 2021-PAC, 5.88%(US0001M+69bps), 10/15/36(a)		2,626,824
210,000	BX Mortgage Trust, Class D, Series 2021-PAC, 6.49%(US0001M+130bps), 10/15/36(a)		199,049
730,000	BX Mortgage Trust, Class E, Series 2021-PAC, 7.14%(US0001M+195bps), 10/15/36(a)		695,351
904,645	BX Trust, Class A, Series 2022-IND A, 6.64%(TSFR1M+149bps), 4/15/24(a)		891,431
472,000	BX Trust, Class A, Series 2022-GPA, 7.31%(TSFR1M+217bps), 10/15/39(a)		471,353
4,846,662	BX Trust, Class A, Series 2021-SOAR, 5.86%(US0001M+67bps), 6/15/38(a)		4,720,338
104,382	BX Trust, Class C, Series 2022-IND, 7.44%(TSFR1M+229bps), 4/15/24(a)		101,908
461,479	BX Trust, Class B, Series 2022-IND, 7.09%(TSFR1M+194bps), 4/15/24(a)		453,047
86,985	BX Trust, Class D, Series 2022-IND, 7.99%(TSFR1M+284bps), 4/15/24(a)		83,406
380,345	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 7/25/23 @ 100(a)(b)		358,921
17,105,000	Cedar Funding V CLO, Ltd., Class A1R, Series 2016- 5A, 6.36%(US0003M+110bps), 7/17/31, Callable 7/17/23 @ 100(a)		16,940,574
235,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016- 6A, 6.30%(US0003M+105bps), 4/20/34, Callable 7/20/23 @ 100(a)		228,851
643,000	Cedar Funding X CLO, Ltd., Class AR, Series 2019- 10A, 6.35%(US0003M+110bps), 10/20/32, Callable 7/20/23 @ 100(a)		632,913
485,000	Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 6.39%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(a)		475,521
942,000	Cedar Funding XV CLO, Ltd., Class A, Series 2022- 15A, 6.37%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(a)		917,694
43,164	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 6.94%(US0001M+175bps), 6/15/34(a)		42,071
791,000	Columbia Cent CLO 29, Ltd., Class AR, Series 2020- 29A, 6.42%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(a)		768,902
410,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020- 30A, 6.56%(US0003M+131bps), 1/20/34, Callable 7/20/23 @ 100(a)		403,415
310,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021- 31A, 6.45%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(a)		302,028
920,000	Columbia Cent CLO 32, Ltd., Class A1, Series 2022- 32A, 6.77%(TSFR3M+170bps), 7/20/34, Callable 1/24/24 @ 100(a)		906,185
57,000	Commercial Mortgage Trust, Class A5, Series 2014- CR18, 3.83%, 7/15/47, Callable 7/15/24 @ 100		55,617
242,397	Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 6.42%(US0001M+123bps), 5/15/36(a)		240,511

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$3,680,584	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(a)	$	3,245,677
100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(a)		96,415
860,000	CSMC Trust, Class D, Series 2017-PFHP, 7.44%(US0001M+225bps), 12/15/30(a)		813,422
205,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(a)		198,508
100,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(a)		94,333
100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(a)		96,020
527,000	Dryden 76 CLO, Ltd., Class A1R, Series 2019-76A, 6.40%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(a)		518,325
577,000	Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 6.48%(US0003M+122bps), 1/18/32, Callable 7/18/23 @ 100(a)		569,741
1,019,000	Dryden 85 CLO, Ltd., Class AR, Series 2020-85A, 6.41%(US0003M+115bps), 10/15/35, Callable 10/15/23 @ 100(a)		997,605
670,000	Dryden 90 CLO, Ltd., Class A1A, Series 2021-90A, 6.51%(US0003M+113bps), 2/20/35, Callable 2/20/24 @ 100(a)		655,916
250,000	Dryden CLO, Ltd., Class A, Series 2020-78A, 6.44%(US0003M+118bps), 4/17/33, Callable 7/17/23 @ 100(a)		246,868
363,000	Eaton Vance CLO, Ltd., Class AR, Series 2019-1A, 6.36%(US0003M+110bps), 4/15/31, Callable 7/15/23 @ 100(a)		357,555
930,000	Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 6.41%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(a)		914,756
250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 6.51%(US0003M+125bps), 1/15/34, Callable 7/15/23 @ 100(a)		245,121
1,469,000	ELP Commercial Mortgage Trust, Class A, Series 2021-ELP, 5.90%(US0001M+70bps), 11/15/36(a)		1,425,823
293,940	Extended Stay America Trust, Class B, Series 2021- ESH, 6.57%(US0001M+138bps), 7/15/38(a)		286,807
216,841	Extended Stay America Trust, Class C, Series 2021- ESH, 6.89%(US0001M+170bps), 7/15/38(a)		211,019
433,682	Extended Stay America Trust, Class D, Series 2021- ESH, 7.44%(US0001M+225bps), 7/15/38(a)		421,556
515,600	Extended Stay America Trust, Class A, Series 2021- ESH, 6.27%(US0001M+108bps), 7/15/38(a)		505,443
508,000	Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 6.68%(US0003M+130bps), 11/20/33, Callable 8/20/23 @ 100(a)		502,877
250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 6.37%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(a)		246,065
643,000	GS Mortgage Securities Corp. Trust, Class A, Series 2021-IP, 6.14%(US0001M+95bps), 10/15/36(a)		604,712
100,000	GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 6.34%(US0001M+115bps), 10/15/36(a)		92,508
100,000	GS Mortgage Securities Corp. Trust, Class C, Series 2021-IP, 6.74%(US0001M+155bps), 10/15/36(a)		91,164

See accompanying notes to the financial statements.

8

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$800,000	INTOWN STAY Mortgage Trust, Class A, Series 2022, 7.64%(TSFR1M+249bps), 8/15/37, Callable 8/15/24 @ 100(a)	$	799,957
556,000	Invesco CLO, Ltd., Class A, Series 2021-3A, 6.40%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(a)		545,517
41,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23(a)		37,890
64,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23(a)		58,243
87,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23(a)		77,795
98,297	Life Mortgage Trust, Class E, Series 2021-BMR, 7.01%(US0001M+175bps), 3/15/38(a)		93,954
280,147	Life Mortgage Trust, Class A, Series 2021-BMR, 5.96%(US0001M+70bps), 3/15/38(a)		272,979
1,420,000	Life Mortgage Trust, Class A1, Series 2022-BMR2, 6.44%(TSFR1M+130bps), 5/15/39, Callable 5/15/24 @ 100(a)		1,388,512
855,000	Life Mortgage Trust, Class B, Series 2022-BMR2, 6.94%(TSFR1M+179bps), 5/15/39, Callable 5/15/24 @ 100(a)		835,240
479,000	Life Mortgage Trust, Class C, Series 2022-BMR2, 7.24%(TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100(a)		465,535
426,000	Life Mortgage Trust, Class D, Series 2022-BMR2, 7.69%(TSFR1M+254bps), 5/15/39, Callable 5/15/24 @ 100(a)		404,846
98,297	Life Mortgage Trust, Class C, Series 2021-BMR, 6.36%(US0001M+110bps), 3/15/38(a)		94,650
98,297	Life Mortgage Trust, Class B, Series 2021-BMR, 6.14%(US0001M+88bps), 3/15/38(a)		95,355
98,297	Life Mortgage Trust, Class D, Series 2021-BMR, 6.66%(US0001M+140bps), 3/15/38(a)		94,497
500,000	Lucali CLO, Ltd., Class A, Series 2020-1A, 6.47%(US0003M+121bps), 1/15/32, Callable 7/15/23 @ 100(a)		495,334
320,000	Madison Park Funding L, Ltd., Class A, Series 2021- 50A, 6.43%(US0003M+114bps), 4/19/34, Callable 7/19/23 @ 100(a)		314,996
910,000	Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 6.37%(US0003M+110bps), 1/22/35, Callable 1/22/24 @ 100(a)		890,039
250,000	Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A, 6.38%(US0003M+112bps), 7/15/34, Callable 7/15/23 @ 100(a)		246,016
430,465	Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 6.19%(US0003M+92bps), 1/22/28, Callable 7/22/23 @ 100(a)		427,925
250,000	Magnetite XXI, Ltd., Class AR, Series 2019-21A, 6.27%(US0003M+102bps), 4/20/34, Callable 7/20/23 @ 100(a)		244,230
680,000	Magnetite XXIX, Ltd., Class A, Series 2021-29A, 6.25% (US0003M+99bps), 1/15/34, Callable 7/15/23 @ 100(a)		672,935

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$250,000	Magnetite XXVII, Ltd., Class AR, Series 2020-27A, 6.39%(US0003M+114bps), 10/20/34, Callable 10/20/23 @ 100(a)	$	245,495
968,000	Magnetite XXX, Ltd., Class A, Series 2021-30A, 6.39%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(a)		950,038
54,850	Mesquite Energy, Inc., 13.00%(LIBOR+800bps), 7/15/23(a)(c)		54,850
31,702	Mesquite Energy, Inc., 15.00%(LIBOR+0bps), 7/15/23(a)(c)		31,702
260,000	MHC Commercial Mortgage Trust, Class A, Series 2021-MHC, 6.06%(US0001M+80bps), 4/15/38(a)		255,113
302,496	Milos CLO, Ltd., Class AR, Series 2017-1A, 6.32%(US0003M+107bps), 10/20/30, Callable 7/20/23 @ 100(a)		299,987
196,000	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 6.44%(US0001M+125bps), 6/15/35(a)		163,774
132,000	Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 1/15/29 @ 100		122,879
56,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(a)		52,177
385,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(a)		361,597
471,200	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 6.69%(US0001M+150bps), 6/15/35(a)		338,437
53,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.28%, 11/10/36, Callable 11/10/24 @ 100(a)(b)		48,763
326,000	Peace Park CLO, Ltd., Class A, Series 2021-1A, 6.38%(US0003M+113bps), 10/20/34, Callable 10/20/23 @ 100(a)		320,183
17,385	Prima Capital CRE Securitization, Class A, Series 2021-9A, 6.61%(US0001M+145bps), 12/15/37, Callable 5/25/24 @ 100(a)		17,331
333,000	Rockland Park CLO, Ltd., Class A, Series 2021-1A, 6.37%(US0003M+112bps), 4/20/34, Callable 7/20/23 @ 100(a)		328,369
130,000	SPGN Mortgage Trust, Class C, Series 2022-TFLM, 7.80%(TSFR1M+265bps), 2/15/39, Callable 2/15/24 @ 100(a)		122,408
250,000	SPGN Mortgage Trust, Class B, Series 2022-TFLM, 7.15%(TSFR1M+200bps), 2/15/39, Callable 2/15/24 @ 100(a)		238,714
1,013,000	SREIT Trust, Class A, Series 2021-MFP, 5.92%(US0001M+73bps), 11/15/38(a)		983,260
237,000	SREIT Trust, Class D, Series 2021-MFP, 6.77%(US0001M+158bps), 11/15/38(a)		227,368
580,000	SREIT Trust, Class B, Series 2021-MFP, 6.27%(US0001M+108bps), 11/15/38(a)		562,485
360,000	SREIT Trust, Class C, Series 2021-MFP, 6.52%(US0001M+133bps), 11/15/38(a)		346,767
234,475	Stratus CLO, Ltd., Class A, Series 2022-1A, 6.80%(TSFR3M+175bps), 7/20/30, Callable 7/20/23 @ 100(a)		233,570
403,000	Symphony CLO XIX, Ltd., Class A, Series 2018-19A, 6.22%(US0003M+96bps), 4/16/31, Callable 7/16/23 @ 100(a)		398,536

See accompanying notes to the financial statements.

9

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$500,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021- 26A, 6.33%(US0003M+108bps), 4/20/33, Callable 7/20/23 @ 100(a)	$	491,569
1,054,000	Symphony CLO XXXII, Ltd., Class A1, Series 2022- 32A, 6.39%(TSFR3M+132bps), 4/23/35, Callable 4/23/24 @ 100(a)		1,030,561
20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(a)		15,445
285,000	VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(a)		222,516
564,000	Voya CLO, Ltd., Class AR, Series 2020-1A, 6.41%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(a)		554,415
551,000	Voya CLO, Ltd., Class A1R, Series 2020-2A, 6.42%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(a)		540,891
335,000	Voya CLO, Ltd., Class A, Series 2019-2, 6.52%(US0003M+127bps), 7/20/32, Callable 7/20/23 @ 100(a)		331,484
1,073,000	Voya CLO, Ltd., Class AR, Series 2020-3A, 6.40%(US0003M+115bps), 10/20/34, Callable 10/20/23 @ 100(a)		1,052,953
155,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100		145,554
185,000	Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 6.39%(US0001M+120bps), 5/15/31(a)		177,156
Total Collateralized Mortgage Obligations (Cost $90,012,071)			87,581,901
Convertible Bonds (0.0%†):
Entertainment (0.0%† ):
25,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		26,530
Hotels, Restaurants & Leisure (0.0%†):
37,000	Booking Holdings, Inc., 0.75%, 5/1/25		55,270
27,000	Vail Resorts, Inc., 4.70%, 1/1/26		24,062
			79,332
Leisure Products (0.0%†):
19,000	Callaway Golf Co., 2.75%, 5/1/26		24,793
Media (0.0%†):
54,000	DISH Network Corp., 2.38%, 3/15/24		48,143
846,000	DISH Network Corp., 3.38%, 8/15/26		421,734
			469,877
Professional Services (0.0%†):
23,000	KBR, Inc., 2.50%, 11/1/23		59,336
Semiconductors & Semiconductor Equipment (0.0%†):
8,000	ON Semiconductor Corp., 1.63%, 10/15/23		36,723
Total Convertible Bonds (Cost $996,633)			696,591
Bank Loans (0.1%):
Chemicals (0.0%†):
14,738	Consolidated Energy Term Incr B 1Ln, 8.56% (LIBOR+350bps)		14,296
19,750	Diversey Term B 1Ln, 0.00% (LIBOR+275bps), 9/14/28		19,718
			34,014

Principal Amount		Value
Bank Loans, continued
Construction & Engineering (0.0%†):
$35,000	Convergint Tech Term 2Ln, 9.14% (Term SOFR+675bps), 3/18/29	$	30,873
4,913	Convergint Tech Term B 1Ln, 11.89% (Term SOFR+375bps), 3/31/28		4,813
			35,686
Diversified Consumer Services (0.0%† ):
15,000	Ascend Learning Term 2Ln, 10.89% (Term SOFR+575bps), 12/10/29		12,687
162,938	Ascend Learning Term B 1Ln, 8.64% (Term SOFR+350bps), 12/10/28		152,831
			165,518
Health Care Providers & Services (0.0%†):
249,369	Cano Health Term B, 9.14% (Term SOFR+400bps), 11/23/27		208,846
Hotels, Restaurants & Leisure (0.0%†):
246,875	City Football Group Term B 1Ln, 8.06% (LIBOR+300bps), 7/21/28		241,937
172,368	Diamond Sports Group Term 2Ln, 8.64% (Term SOFR+350bps), 8/24/26		5,315
34,160	Golden Entertainment Term B 1Ln, 8.06% (LIBOR+300bps), 10/20/24		34,107
			281,359
Industrial Products (0.0%†):
118,538	Westinghouse Term 1Ln, 8.89% (Term SOFR+375bps), 8/1/25		118,508
Media (0.0%†):
44,662	Authentic Brands Term B1 1Ln, 8.64% (Term SOFR+350bps), 12/21/28		44,406
Software (0.0%†):
3,385	Ion Analytics Term 1Ln, 9.14% (Term SOFR+400bps), 2/16/28		3,338
Software & Computer Services (0.0%†):
335,000	UKG, Term 2Ln, 10.39% (Term SOFR+525bps), 5/3/27		323,992
Software & Tech Services (0.1%):
110,600	Athenahealth Term B 1Ln, 8.64% (Term SOFR+350bps), 2/15/29		106,314
13,587	Athenahealth Term DD 1Ln, 8.56% (LIBOR+350bps), 2/15/29+		13,061
300,000	Nielsen Holdings Term B 1Ln, 10.14% (Term SOFR+500bps), 4/11/29		263,400
			382,775
Utilities (0.0%†):
339,071	Breakwater Energy Term, 16.06% (LIBOR+1100bps), 9/1/26		322,117
Total Bank Loans (Cost $2,061,342)			1,920,559
Corporate Bonds (18.0%):
Aerospace & Defense (0.4%):
1,145,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100		1,131,506
145,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100		143,426
1,100,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		1,095,664

See accompanying notes to the financial statements.

10

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Aerospace & Defense, continued
$100,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100	$	98,830
1,150,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100		1,135,617
310,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 8/7/23 @ 102.06(a)		283,650
310,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		311,937
145,000	Moog, Inc., 4.25%, 12/15/27, Callable 8/7/23 @ 103.19(a)		134,306
40,000	TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 8/7/23 @ 101.72		39,600
40,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 8/7/23 @ 100		39,350
35,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 8/7/23 @ 101.88		34,913
1,655,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 8/7/23 @ 102.75		1,559,838
310,000	TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44		275,900
			6,284,537
Air Freight & Logistics (0.0%†):
255,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 7/24/23 @ 102.38(a)		222,169
237,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 8/7/23 @ 101.56(a)		234,630
			456,799
Automobile Components (0.0%†):
125,000	Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25		103,438
Automobiles (0.0%†):
165,000	Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(a)		140,044
Banks (2.1%):
410,000	Bank of America Corp., Series L, 3.95%, 4/21/25		397,247
151,000	Bank of America Corp., Series G, 4.45%, 3/3/26		146,306
1,300,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		1,189,252
980,000	Bank of America Corp., 2.30% (SOFR+122 bps), 7/21/32, Callable 7/21/31 @ 100		783,005
6,359,000	Bank of America Corp., 5.02% (SOFR+216 bps), 7/22/33, Callable 7/22/32 @ 100		6,180,134
165,000	CIT Group, Inc., 6.13%, 3/9/28		160,072
2,455,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		2,400,131
1,098,000	Citigroup, Inc., 4.30%, 11/20/26		1,049,340
1,156,000	Citigroup, Inc., 4.41% (SOFR+391 bps), 3/31/31, Callable 3/31/30 @ 100		1,084,971
2,635,000	Citigroup, Inc., 4.91% (SOFR+209 bps), 5/24/33, Callable 5/24/32 @ 100		2,541,144
2,500,000	JPMorgan Chase & Co., 4.49% (SOFR+379 bps), 3/24/31, Callable 3/24/30 @ 100		2,393,325
181,000	JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100		154,752
5,828,000	JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100		5,537,334
937,000	JPMorgan Chase & Co., 4.91% (SOFR+208 bps), 7/25/33, Callable 7/25/32 @ 100		911,809

Principal Amount		Value
Corporate Bonds, continued
Banks, continued
$724,000	Santander Holdings USA, Inc., 6.50% (SOFR+236 bps), 3/9/29, Callable 3/9/28 @ 100	$	714,454
3,705,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		3,530,042
1,099,000	Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100		1,025,477
2,645,000	Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN		2,515,741
1,800,000	Wells Fargo & Co., 5.01% (US0003M+424 bps), 4/4/51, Callable 4/4/50 @ 100, MTN		1,666,341
			34,380,877
Beverages (0.5%):
2,400,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		2,325,499
3,100,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		2,876,859
150,000	Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100		137,701
333,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		307,982
2,445,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		2,652,490
			8,300,531
Biotechnology (0.1%):
411,000	Amgen, Inc., 5.15%, 3/2/28, Callable 2/2/28 @ 100		410,853
375,000	Amgen, Inc., 5.25%, 3/2/30, Callable 1/2/30 @ 100		375,957
424,000	Amgen, Inc., 5.25%, 3/2/33, Callable 12/2/32 @ 100		424,585
403,000	Amgen, Inc., 5.60%, 3/2/43, Callable 9/2/42 @ 100		402,191
200,000	Amgen, Inc., 5.65%, 3/2/53, Callable 9/2/52 @ 100		202,337
365,000	Amgen, Inc., 5.75%, 3/2/63, Callable 9/2/62 @ 100		370,481
175,000	Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94(a)		97,125
			2,283,529
Building Products (0.1%):
795,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 7/24/23 @ 102.5(a)		753,263
120,000	Builders FirstSource, Inc., 4.25%, 2/1/32, Callable 8/1/26 @ 102.13(a)		104,400
35,000	Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(a)		31,237
			888,900
Capital Markets (1.3%):
457,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		447,860
2,707,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		2,503,212
105,000	Charles Schwab Corp. (The), 5.38% (H15T5Y+497 bps), Callable 6/1/25 @ 100		101,063
250,000	Charles Schwab Corp. (The), 4.00% (H15T10Y+308 bps), 12/31/99, Callable 12/1/30 @ 100		183,437
2,880,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		2,658,712
1,263,000	Goldman Sachs Group, Inc. (The), 2.38% (SOFR+125 bps), 7/21/32, Callable 7/21/31 @ 100		1,010,183
3,062,000	Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100		2,586,946

See accompanying notes to the financial statements.

11

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Capital Markets, continued
$128,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37	$	137,597
50,000	HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(a)		44,625
640,000	Hightower Holding LLC, 6.75%, 4/15/29, Callable 4/15/24 @ 103.38(a)		552,000
55,000	LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(a)		46,750
55,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(a)		40,700
1,100,000	Moody's Corp., 3.75%, 3/24/25, Callable 2/24/25 @ 100		1,069,024
1,100,000	Moody's Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		1,023,815
2,534,000	Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100		2,281,669
2,236,000	Morgan Stanley, 4.89% (SOFR+208 bps), 7/20/33, Callable 7/20/32 @ 100		2,148,615
1,700,000	Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100		1,798,762
500,000	MSCI, Inc., 3.88%, 2/15/31, Callable 6/1/25 @ 101.94(a)		431,875
100,000	MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(a)		79,625
485,000	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 10.75%, 7/1/25, Callable 8/7/23 @ 102.69(a)		468,025
650,000	Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(a)		512,687
300,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(a)		269,150
15,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(a)		12,225
			20,408,557
Chemicals (0.2%):
15,000	CF Industries, Inc., 4.95%, 6/1/43		12,975
510,000	Chemours Co. (The), 5.38%, 5/15/27, Callable 2/15/27 @ 100		477,488
915,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(a)		837,225
60,000	Diamond BC BV, 4.63%, 10/1/29(a)		60,525
20,000	Kobe US Midco 2, Inc., 9.25%, 11/1/26, Callable 8/7/23 @ 104.63(a)		13,200
555,000	LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13^(a)		495,338
410,000	SCIH Salt Holdings, Inc., 4.88%, 5/1/28, Callable 5/1/24 @ 102.44(a)		365,925
135,000	Scotts Miracle-Gro Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19		106,650
25,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(a)		24,469
450,000	WR Grace Holdings LLC, 4.88%, 6/15/27, Callable 8/7/23 @ 102.44(a)		419,185
125,000	WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(a)		102,187
40,000	WR Grace Holdings LLC, 7.38%, 3/1/31, Callable 3/1/26 @ 103.69(a)		39,200
			2,954,367

Principal Amount		Value
Corporate Bonds, continued
Commercial Services & Supplies (0.1%):
$125,000	ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(a)	$	107,969
430,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 8/7/23 @ 102.5(a)		404,737
55,000	Clean Harbors, Inc., 6.38%, 2/1/31, Callable 2/1/26 @ 103.19(a)		55,138
470,000	CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104.13		472,937
41,000	GEO Group, Inc. (The), 10.50%, 6/30/28, Callable 7/18/23 @ 103		41,205
85,000	GEO Group, Inc. (The), 9.50%, 12/31/28, Callable 7/18/23 @ 103(a)		79,050
25,000	Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 8/7/23 @ 102.5(a)		22,594
25,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44^(a)		18,500
45,000	Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63(a)		29,700
270,000	Rand Parent LLC, 8.50%, 2/15/30, Callable 2/15/26 @ 104.25(a)		244,350
270,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(a)		239,625
			1,715,805
Communications Equipment (0.0%†):
205,000	CommScope, Inc., 7.13%, 7/1/28, Callable 8/7/23 @ 103.56(a)		145,550
500,000	CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(a)		393,750
250,000	Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(a)		212,500
			751,800
Construction & Engineering (0.1%):
300,000	AECOM, 5.13%, 3/15/27, Callable 12/15/26 @ 100		290,250
25,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(a)		22,375
845,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 8/7/23 @ 100(a)		819,650
270,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(a)		244,687
55,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(a)		44,688
25,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(a)		20,938
785,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(a)		702,575
190,000	Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(a)		177,650
			2,322,813
Consumer Finance (1.3%):
90,000	Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100		88,527
100,000	Ally Financial, Inc., 5.13%, 9/30/24		98,054
224,000	Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100		219,667
1,500,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100^		1,443,812

See accompanying notes to the financial statements.

12

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Consumer Finance, continued
$1,000,000	Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100^	$	1,007,426
590,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100		418,326
577,000	Capital One Financial Corp., 2.64% (SOFR+129 bps), 3/3/26, Callable 3/3/25 @ 100		537,824
740,000	Capital One Financial Corp., 4.99% (SOFR+216 bps), 7/24/26, Callable 7/24/25 @ 100		715,847
2,665,000	Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100		2,459,275
343,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		314,341
738,000	Capital One Financial Corp., 3.27% (SOFR+179 bps), 3/1/30, Callable 3/1/29 @ 100		625,376
1,100,000	Capital One Financial Corp., 5.25% (SOFR+260 bps), 7/26/30, Callable 7/26/29 @ 100		1,037,649
250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		226,637
2,253,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		2,154,082
174,000	Discover Financial Services, 6.70%, 11/29/32, Callable 8/29/32 @ 100		178,769
295,000	Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100		269,174
550,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		469,405
329,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		326,152
55,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100		53,529
400,000	Ford Motor Credit Co. LLC, 2.90%, 2/10/29, Callable 12/10/28 @ 100		329,502
620,000	Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100		574,042
2,100,000	General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		2,035,956
295,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		252,594
155,000	OneMain Finance Corp., 3.88%, 9/15/28, Callable 9/15/24 @ 101.94		126,713
430,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		330,563
244,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		239,048
797,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		764,569
3,605,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		3,137,298
			20,434,157
Consumer Staples Distribution & Retail (0.2%):
25,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 1/15/27, Callable 8/7/23 @ 103.47(a)		23,687
210,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 6.50%, 2/15/28, Callable 2/15/25 @ 103.25(a)		209,738
50,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(a)		43,250

Principal Amount		Value
Corporate Bonds, continued
Consumer Staples Distribution & Retail, continued
$605,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(a)	$	556,600
475,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 2/1/28, Callable 1/1/28 @ 100(a)		455,406
975,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/1/33, Callable 1/1/33 @ 100(a)		911,625
445,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 8/7/23 @ 101.72(a)		444,444
70,000	Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(a)		62,388
93,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		97,279
140,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		158,629
285,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(a)		244,031
45,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(a)		37,294
660,000	US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)		590,700
			3,835,071
Containers & Packaging (0.1%):
200,000	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc, 6.00%, 6/15/27, Callable 6/15/24 @ 103(a)		196,500
705,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 7/18/23 @ 102.06(a)		654,769
190,000	Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100		156,037
65,000	Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(a)		56,144
180,000	Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31, Callable 5/15/26 @ 103.63(a)		182,250
135,000	Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 2/1/28, Callable 2/1/25 @ 103.06(a)		133,481
			1,379,181
Diversified Consumer Services (0.0%†):
22,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(a)		18,480
350,000	APX Group, Inc., 6.75%, 2/15/27, Callable 8/7/23 @ 103.38(a)		342,125
			360,605
Diversified REITs (0.5%):
1,039,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		992,245
1,265,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		1,002,418
62,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		45,415
719,000	Brandywine Operating Partnership LP, 7.55%, 3/15/28, Callable 2/15/28 @ 100		644,404
45,000	CTR Partnership LP/CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(a)		38,630
430,000	Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(a)		315,513

See accompanying notes to the financial statements.

13

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Diversified REITs, continued
$40,000	Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100	$	34,200
45,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		34,931
96,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		80,743
1,277,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		925,171
400,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		394,582
3,000,000	WP Carey, Inc., 4.25%, 10/1/26, Callable 7/1/26 @ 100		2,883,090
66,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		59,399
			7,450,741
Diversified Telecommunication Services (0.6%):
138,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		130,506
400,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		370,197
1,200,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100		868,480
15,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(a)		11,156
300,000	Cogent Communications Group, Inc., 7.00%, 6/15/27, Callable 6/15/24 @ 103.5(a)		290,250
25,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(a)		18,750
635,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(a)		441,325
185,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 8/7/23 @ 103.06(a)		115,394
640,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(a)		584,000
5,496	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94		4,012
145,000	Frontier Communications Holdings LLC, 8.75%, 5/15/30, Callable 5/15/25 @ 104.38(a)		141,194
3,725,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		3,266,568
209,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		174,449
1,250,000	Verizon Communications, Inc., 2.99%, 10/30/56, Callable 4/30/56 @ 100		789,570
485,000	Warnermedia Holdings, Inc., 3.43%, 3/15/24		476,337
265,000	Warnermedia Holdings, Inc., 3.64%, 3/15/25		255,720
519,000	Warnermedia Holdings, Inc., 3.76%, 3/15/27, Callable 2/15/27 @ 100		482,750
180,000	Warnermedia Holdings, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100		163,602
753,000	Warnermedia Holdings, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100		663,629
391,000	Warnermedia Holdings, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100		326,322
576,000	Warnermedia Holdings, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100		466,551
55,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 8/7/23 @ 100(a)		38,844
			10,079,606

Principal Amount			Value
Corporate Bonds, continued
Electric Utilities (0.5%):
$10,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(a)		$	9,225
941,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 8/7/23 @ 103.38(a)			884,540
155,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(a)			136,206
165,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100			139,770
54,000	Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(a)			43,051
587,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a)	��		456,833
1,000,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100			945,244
173,000	Exelon Corp., 2.75%, 3/15/27, Callable 2/15/27 @ 100			158,273
1,075,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100			1,002,210
210,000	Exelon Corp., 3.35%, 3/15/32, Callable 12/15/31 @ 100			182,413
255,000	Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104			247,987
136,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100			131,240
17,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(a)			16,150
430,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 7/24/23 @ 102.88			407,425
20,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(a)			16,300
40,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(a)			31,100
123,139	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(a)			122,062
795,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100			625,359
1,370,000	PG&E Corp., 5.00%, 7/1/28, Callable 7/18/23 @ 102.5			1,255,262
311,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63^			277,956
605,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/18/23 @ 102.5(a)			565,675
				7,654,281
Electrical Equipment (0.1%):
55,000	Artera Services LLC, 9.03%, 12/4/25, Callable 8/7/23 @ 104.52(a)			47,850
110,000	GrafTech Global Enterprises, Inc., 9.88%, 12/15/28, Callable 12/15/25 @ 104.94(a)			109,175
665,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(a)			590,187
310,000	Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(a)			278,225
				1,025,437

See accompanying notes to the financial statements.

14

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Electronic Equipment, Instruments & Components (0.0%†):
$565,000	II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5^(a)	$	509,206
Energy Equipment & Services (0.0%†):
400,000	Transocean, Inc., 11.50%, 1/30/27, Callable 7/30/23 @ 105.75(a)		412,000
170,000	Transocean, Inc., 8.75%, 2/15/30, Callable 2/15/26 @ 104.38(a)		172,125
			584,125
Entertainment (0.0%† ):
255,000	Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 8/7/23 @ 113(a)		130,050
680,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 7/24/23 @ 102.69(a)		22,950
310,000	ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(a)		260,400
			413,400
Financial Services (0.8%):
585,000	Acrisure LLC/Acrisure Finance, Inc., 6.00%, 8/1/29, Callable 8/1/24 @ 103(a)		506,025
70,000	AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(a)		63,088
2,052,000	Blackstone Private Credit Fund, 4.70%, 3/24/25^		1,976,421
888,000	Blackstone Private Credit Fund, 7.05%, 9/29/25^		884,951
570,000	Clydesdale Acquisition Holdings, Inc., 6.63%, 4/15/29, Callable 4/15/25 @ 103.31(a)		542,925
120,000	Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(a)		84,600
242,000	Corebridge Financial, Inc., 3.50%, 4/4/25, Callable 3/4/25 @ 100		230,285
824,000	Corebridge Financial, Inc., 3.65%, 4/5/27, Callable 3/5/27 @ 100		764,422
339,000	Corebridge Financial, Inc., 3.85%, 4/5/29, Callable 2/5/29 @ 100		304,828
404,000	Corebridge Financial, Inc., 3.90%, 4/5/32, Callable 1/5/32 @ 100		348,894
92,000	Corebridge Financial, Inc., 4.35%, 4/5/42, Callable 10/5/41 @ 100		73,716
271,000	Corebridge Financial, Inc., 4.40%, 4/5/52, Callable 10/5/51 @ 100		209,848
968,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		934,438
300,000	GGAM Finance, Ltd., 7.75%, 5/15/26, Callable 11/15/25 @ 100(a)		300,750
505,000	HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(a)		452,606
240,000	HUB International, Ltd., 7.25%, 6/15/30, Callable 6/15/26 @ 103.63(a)		247,500
358,000	Jackson Financial, Inc., 5.17%, 6/8/27, Callable 5/8/27 @ 100^		338,224
452,000	Jackson Financial, Inc., 5.67%, 6/8/32, Callable 3/8/32 @ 100^		427,132
70,000	Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(a)		60,200
825,000	Level 3 Financing, Inc., 4.25%, 7/1/28, Callable 8/7/23 @ 102.13(a)		532,125
15,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(a)		8,962

Principal Amount		Value
Corporate Bonds, continued
Financial Services, continued
$35,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(a)	$	28,875
205,000	Neptune Bidco U.S., Inc., 9.29%, 4/15/29, Callable 10/15/25 @ 104.65(a)		187,319
130,000	OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(a)		116,350
500,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)		481,482
2,296,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(a)		2,108,543
600,000	Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29, Callable 2/15/29 @ 100(a)		520,500
55,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(a)		37,125
			12,772,134
Food Products (0.2%):
110,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(a)		84,425
154,000	JBS Finance Luxembourg Sarl, 3.63%, 1/15/32, Callable 1/15/27 @ 101.81(a)		124,355
180,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(a)		172,125
1,375,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(a)		1,055,312
650,000	Pilgrim's Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13		557,375
500,000	Post Holdings, Inc., 5.75%, 3/1/27, Callable 7/24/23 @ 101.92(a)		487,500
45,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 7/24/23 @ 102.81(a)		43,144
69,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(a)		58,909
			2,583,145
Ground Transportation (0.1%):
1,050,000	Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(a)		966,000
Health Care Equipment & Supplies (0.0%†):
600,000	Hologic, Inc., 4.63%, 2/1/28, Callable 8/7/23 @ 102.31(a)		565,500
Health Care Providers & Services (1.1%):
495,000	180 Medical, Inc., 3.88%, 10/15/29, Callable 10/7/24 @ 101.94(a)		431,888
140,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(a)		120,750
35,000	Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(a)		21,963
3,765,000	Centene Corp., 4.25%, 12/15/27, Callable 7/24/23 @ 102.13		3,525,922
1,485,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		1,265,962
410,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		377,200
245,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		209,475
610,000	Centene Corp., 2.63%, 8/1/31, Callable 5/1/31 @ 100		485,712

See accompanying notes to the financial statements.

15

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$255,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(a)	$	223,763
255,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(a)		214,519
385,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(a)		231,000
285,000	CHS/Community Health Systems, Inc., 5.25%, 5/15/30, Callable 5/15/25 @ 102.63(a)		224,437
45,000	CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(a)		33,975
4,341,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		4,192,907
605,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 8/7/23 @ 102(a)		585,338
343,000	CVS Health Corp., 5.00%, 1/30/29, Callable 12/30/28 @ 100		339,691
140,000	CVS Health Corp., 5.25%, 1/30/31, Callable 11/30/30 @ 100		139,321
495,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)		424,462
55,000	Garden Spinco Corp., 8.63%, 7/20/30, Callable 7/20/27 @ 102.16(a)		59,263
534,000	HCA, Inc., 5.63%, 9/1/28, Callable 3/1/28 @ 100		534,000
503,000	HCA, Inc., 5.88%, 2/1/29, Callable 8/1/28 @ 100		504,257
510,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		446,888
99,000	HCA, Inc., 3.63%, 3/15/32, Callable 12/15/31 @ 100(a)		85,880
50,000	HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(a)		43,875
314,000	Humana, Inc., 3.70%, 3/23/29, Callable 2/23/29 @ 100		286,526
400,000	IQVIA, Inc., 5.00%, 10/15/26, Callable 8/7/23 @ 101.67(a)		385,500
40,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(a)		34,200
470,000	Molina Healthcare, Inc., 3.88%, 5/15/32, Callable 2/15/32 @ 100(a)		394,213
25,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(a)		20,875
127,000	Surgery Center Holdings, Inc., 6.75%, 7/1/25, Callable 8/7/23 @ 100(a)		126,365
600,000	Tenet Healthcare Corp., 4.88%, 1/1/26, Callable 7/24/23 @ 101.22		583,500
590,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 7/24/23 @ 101.56		582,625
510,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06		490,237
295,000	Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13		265,500
140,000	Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19		126,000
117,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		94,331
35,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 8/7/23 @ 102.66(a)		8,750
			18,121,070
Health Care REITs (0.4%):
66,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		60,315

Principal Amount		Value
Corporate Bonds, continued
Health Care REITs, continued
$63,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100	$	53,655
535,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 8/7/23 @ 100.88^		474,144
335,000	MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 8/7/23 @ 102.5		281,400
360,000	MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31, Callable 3/15/26 @ 101.75		248,400
114,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23		113,406
101,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		96,802
1,278,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		1,169,278
2,482,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		2,037,059
133,000	Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100		105,060
1,214,000	Sabra Health Care LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100		905,088
131,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		120,822
367,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100		313,727
1,430,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		1,355,248
			7,334,404
Health Care Technology (0.0%†):
465,000	Minerva Merger Sub, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(a)		389,438
Hotel & Resort REITs (0.0%†):
540,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100		474,525
Hotels, Restaurants & Leisure (0.5%):
15,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(a)		13,200
500,000	Boyd Gaming Corp., 4.75%, 6/15/31, Callable 6/15/26 @ 102.38(a)		446,250
145,000	Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(a)		126,512
350,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/7/23 @ 105.25(a)		367,920
565,000	Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91^(a)		552,288
245,000	Carnival Corp., 10.50%, 6/1/30, Callable 6/1/25 @ 105.25^(a)		259,700
125,000	Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(a)		102,344
550,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 8/7/23 @ 104.06(a)		561,687
160,000	Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(a)		135,600
530,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 8/7/23 @ 101.91(a)		531,325
500,000	Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31, Callable 5/1/26 @ 102(a)		433,125

See accompanying notes to the financial statements.

16

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$40,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(a)	$	35,500
75,000	Jacobs Entertainment, Inc., 6.75%, 2/15/29, Callable 2/15/25 @ 103.38(a)		66,188
45,000	Life Time, Inc., 5.75%, 1/15/26, Callable 8/7/23 @ 102.88(a)		43,763
40,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(a)		34,500
900,000	NCL Corp., Ltd., 5.88%, 3/15/26, Callable 12/15/25 @ 100(a)		843,750
170,000	NCL Corp., Ltd., 5.88%, 2/15/27, Callable 2/15/24 @ 102.94(a)		165,307
20,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(a)		18,100
202,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 7/18/23 @ 105.75(a)		214,120
310,000	Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(a)		293,725
115,000	Royal Caribbean Cruises, Ltd., 5.38%, 7/15/27, Callable 10/15/26 @ 100(a)		107,525
95,000	Royal Caribbean Cruises, Ltd., 7.25%, 1/15/30, Callable 12/15/25 @ 103.63(a)		96,187
510,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 8/7/23 @ 102.25(a)		457,087
255,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 7/11/23 @ 104.88(a)		267,801
240,000	Viking Cruises, Ltd., 9.13%, 7/15/31, Callable 7/15/26 @ 104.56^(a)		241,500
255,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 3/1/25, Callable 12/1/24 @ 100(a)		250,856
390,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27, Callable 2/15/27 @ 100(a)		369,525
105,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 2/15/31, Callable 11/15/30 @ 100^(a)		104,475
700,000	Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100		603,750
			7,743,610
Household Durables (0.1%):
65,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 8/7/23 @ 102.44(a)		34,125
70,000	Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(a)		58,800
150,000	Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(a)		129,750
295,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(a)		243,375
290,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		240,700
90,000	Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 4/30/27, Callable 10/15/23 @ 102.38(a)		79,313
15,000	Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(a)		11,906
130,000	Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(a)		104,650

Principal Amount		Value
Corporate Bonds, continued
Household Durables, continued
$265,000	TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(a)	$	225,581
			1,128,200
Household Products (0.0%†):
55,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(a)		45,306
Independent Power and Renewable Electricity Producers (0.2%):
1,457,000	AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(a)		1,373,279
1,412,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(a)		1,268,600
218,000	AES Corp. (The), 2.45%, 1/15/31, Callable 10/15/30 @ 100		175,129
30,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 7/18/23 @ 103.56(a)		27,675
35,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(a)		31,763
85,000	Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94(a)		77,669
15,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(a)		13,838
49,137	Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		47,540
			3,015,493
Industrial Conglomerates (0.1%):
1,400,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		1,200,500
Industrial REITs (0.0%†):
735,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		717,378
Insurance (0.3%):
400,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		376,805
40,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(a)		34,600
70,000	BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(a)		60,900
2,771,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(a)		2,351,836
115,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 7/18/23 @ 100(a)		114,425
436,000	Pacific Lifecorp, 5.13%, 1/30/43(a)		399,813
185,000	Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(a)		163,031
227,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		208,424
1,000,000	Unum Group, 5.75%, 8/15/42		917,945
685,000	USI, Inc., 6.88%, 5/1/25, Callable 8/7/23 @ 100(a)		679,863
			5,307,642
Interactive Media & Services (0.0%†):
190,000	Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(a)		155,325
25,000	Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(a)		21,344
			176,669

See accompanying notes to the financial statements.

17

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
IT Services (0.0%†):
$25,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(a)	$	21,562
10,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(a)		8,550
15,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(a)		13,369
500,000	Gartner, Inc., 4.50%, 7/1/28, Callable 8/7/23 @ 102.25(a)		466,250
45,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(a)		39,150
35,000	Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		29,794
35,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		29,181
			607,856
Leisure Products (0.0%†):
202,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		194,062
5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 8/7/23 @ 104.41(a)		4,894
170,000	Mattel, Inc., 6.20%, 10/1/40		151,088
			350,044
Life Sciences Tools & Services (0.0%†):
15,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 7/24/23 @ 102.13(a)		13,687
30,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(a)		26,288
85,000	Toledo Hospital (The), 6.02%, 11/15/48		59,500
			99,475
Machinery (0.1%):
55,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(a)		44,688
170,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(a)		142,800
230,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(a)		202,400
650,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(a)		523,250
45,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(a)		39,937
			953,075
Media (1.0%):
300,000	Advantage Sales & Marketing, Inc., 6.50%, 11/15/28, Callable 11/15/23 @ 103.25(a)		253,875
25,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(a)		20,437
20,000	Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(a)		16,675
1,250,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(a)		1,062,500
880,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(a)		731,500
390,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25		310,050
270,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(a)		211,275

Principal Amount		Value
Corporate Bonds, continued
Media, continued
$1,500,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 7/23/25, Callable 4/23/25 @ 100	$	1,469,667
813,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100		710,209
1,000,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, 5/1/47, Callable 11/1/46 @ 100		826,594
1,064,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100		858,916
1,064,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.50%, 4/1/63, Callable 10/1/62 @ 100		849,031
345,000	Clear Channel Outdoor Holdings, Inc., 5.13%, 8/15/27, Callable 8/7/23 @ 102.56(a)		309,637
845,000	CSC Holdings LLC, 4.63%, 12/1/30, Callable 12/1/25 @ 102.31(a)		376,025
2,346,000	Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100		2,051,849
392,000	Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		297,440
605,000	DISH DBS Corp., 7.75%, 7/1/26		373,587
790,000	DISH Network Corp., 11.75%, 11/15/27, Callable 5/15/25 @ 105.88(a)		770,250
1,094,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		1,061,821
93,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		86,595
140,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38^(a)		93,800
145,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 103.25(a)		83,737
1,400,000	Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(a)		1,081,500
350,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 8/7/23 @ 102.38(a)		333,375
250,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 7/18/23 @ 104.44(a)		177,500
69,000	Time Warner Cable LLC, 5.50%, 9/1/41, Callable 3/1/41 @ 100		57,005
1,620,000	Time Warner Cable, Inc., 6.55%, 5/1/37		1,543,944
280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		284,630
435,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 7/18/23 @ 103.31(a)		420,863
245,000	Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(a)		210,088
			16,934,375
Metals & Mining (0.1%):
45,000	Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(a)		40,140
400,000	Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 8/7/23 @ 102.94		387,000
60,000	Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44		54,011
45,000	Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56		40,163
45,000	Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(a)		40,500

See accompanying notes to the financial statements.

18

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Metals & Mining, continued
$45,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(a)	$	39,375
60,000	Commercial Metals Co., 4.13%, 1/15/30, Callable 1/15/25 @ 102.06		53,550
60,000	Commercial Metals Co., 4.38%, 3/15/32, Callable 3/15/27 @ 102.19		51,900
200,000	Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 8/7/23 @ 102.31(a)		174,750
195,000	Mauser Packaging Solutions Holding Co., 7.88%, 8/15/26, Callable 8/15/24 @ 103.94(a)		192,806
125,000	Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(a)		102,656
			1,176,851
Mortgage Real Estate Investment Trusts (REITs) (0.0%†):
40,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(a)		32,550
45,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		42,581
			75,131
Multi-Utilities (0.2%):
1,100,000	NiSource, Inc., 2.95%, 9/1/29, Callable 6/1/29 @ 100		961,889
1,000,000	NiSource, Inc., 5.25%, 2/15/43, Callable 8/15/42 @ 100		956,292
140,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100		127,229
714,000	Puget Energy, Inc., 4.22%, 3/15/32, Callable 12/15/31 @ 100		639,594
			2,685,004
Office REITs (0.0%†):
68,000	Corporate Office Properties LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		59,491
93,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100		69,067
400,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		283,500
189,000	Piedmont Operating Partnership LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100		127,067
72,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		60,788
			599,913
Oil, Gas & Consumable Fuels (2.0%):
45,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		36,562
10,000	Apache Corp., 7.38%, 8/15/47		9,625
95,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 7/15/28, Callable 7/15/25 @ 104.88(a)		93,338
145,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102		127,411
440,000	Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63		361,680
247,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(a)		245,311

Principal Amount		Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$300,000	CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 8/7/23 @ 103.19(a)	$	288,750
50,000	Cnx Midstream Partners LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(a)		42,125
20,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(a)		18,500
65,000	Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(a)		60,775
305,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(a)		279,075
25,000	Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(a)		21,625
485,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(a)		460,750
42,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 8/7/23 @ 100		41,370
795,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(a)		742,331
140,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 7.38%, 2/1/31, Callable 2/1/26 @ 103.69(a)		138,075
605,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 7/24/23 @ 101.31(a)		580,800
20,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 7/24/23 @ 102.88(a)		17,600
230,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		227,412
2,905,000	DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100		2,901,369
321,000	DCP Midstream Operating LP, 5.13%, 5/15/29, Callable 2/15/29 @ 100		313,777
25,000	Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(a)		23,125
26,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 7/18/23 @ 102.63		25,599
40,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(a)		35,000
124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		121,360
300,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 8/7/23 @ 102.88(a)		292,500
2,229,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		2,161,461
106,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		103,064
109,000	Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		98,292
73,000	Energy Transfer LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		70,893
1,908,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		1,610,232
65,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		64,195
67,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		66,793
128,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		121,565

See accompanying notes to the financial statements.

19

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$83,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100	$	78,193
350,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(a)		339,063
400,000	EQM Midstream Partners LP, 7.50%, 6/1/27, Callable 6/1/24 @ 103.75(a)		403,000
50,000	EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(a)		49,125
45,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(a)		40,050
30,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		28,163
650,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		622,854
71,000	Hess Corp., 7.30%, 8/15/31		77,406
50,000	Hess Corp., 7.13%, 3/15/33		54,280
2,002,000	Hess Corp., 5.60%, 2/15/41		1,894,401
1,166,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		1,128,098
405,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 8/7/23 @ 101.41(a)		398,419
80,000	Hess Midstream Operations LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(a)		69,600
110,000	Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 4/15/27, Callable 4/15/24 @ 103.19(a)		108,900
125,000	Kinetik Holdings LP, 5.88%, 6/15/30, Callable 6/15/25 @ 102.94(a)		115,766
125,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(a)		111,094
159,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		156,646
722,000	MPLX LP, 4.95%, 9/1/32, Callable 6/1/32 @ 100		690,514
390,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 7/24/23 @ 102.94		378,300
400,000	New Fortress Energy, Inc., 6.75%, 9/15/25, Callable 7/28/23 @ 103.38(a)		373,000
250,000	New Fortress Energy, Inc., 6.50%, 9/30/26, Callable 8/7/23 @ 103.25(a)		223,438
375,000	NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 8/7/23 @ 103.75(a)		369,375
1,506,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		1,485,293
310,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		266,212
255,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100		292,612
1,464,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,597,590
16,000	Occidental Petroleum Corp., 7.88%, 9/15/31		17,820
78,000	Occidental Petroleum Corp., 6.45%, 9/15/36		80,145
30,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		23,250
25,000	Occidental Petroleum Corp., 6.20%, 3/15/40		24,625
410,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		420,762
295,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		230,469
430,000	Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100		307,450
55,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		40,769
65,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		47,775

Principal Amount		Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$280,000	PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 8/7/23 @ 103	$	261,800
20,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 8/7/23 @ 101.44		19,900
26,000	Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100		25,227
1,172,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		1,133,263
270,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100		264,600
335,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		316,994
278,000	Sanchez Energy Corp., 7.25%, 2/15/23(a)(c)		—
10,000	SM Energy Co., 5.63%, 6/1/25, Callable 8/7/23 @ 100		9,725
50,000	SM Energy Co., 6.75%, 9/15/26, Callable 8/7/23 @ 102.25		48,625
300,000	SM Energy Co., 6.50%, 7/15/28, Callable 7/15/24 @ 103.25		286,500
130,000	Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38		113,750
5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 8/7/23 @ 102		4,912
242,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 8/7/23 @ 102.94		232,720
430,000	Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25		378,400
350,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(a)		306,250
25,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		23,938
445,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44		409,956
45,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102		38,756
43,000	Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30, Callable 2/15/30 @ 100		38,099
40,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		38,350
137,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		132,034
1,000,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		945,000
66,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		62,617
1,000,000	Western Midstream Operating LP, 3.35%, 2/1/25, Callable 1/1/25 @ 100		953,750
525,000	Western Midstream Operating LP, 4.30%, 2/1/30, Callable 11/1/29 @ 100		471,844
755,000	Williams Cos., Inc. (The), 4.65%, 8/15/32, Callable 5/15/32 @ 100		712,522
171,000	Williams Cos., Inc. (The), 5.30%, 8/15/52, Callable 2/15/52 @ 100		157,909
162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		161,186
			31,895,424

See accompanying notes to the financial statements.

20

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Paper & Forest Products (0.0%†):
$100,000	Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(a)	$	65,375
45,000	Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56		34,819
			100,194
Passenger Airlines (0.0%†):
80,000	American Airlines, Inc., 7.25%, 2/15/28, Callable 2/15/25 @ 103.63(a)		79,200
Personal Care Products (0.0%†):
125,000	BellRing Brands, Inc., 7.00%, 3/15/30, Callable 3/15/27 @ 101.75(a)		125,781
Pharmaceuticals (0.2%):
97,000	Bausch Health Cos., Inc., 11.00%, 9/30/28(a)		68,385
19,000	Bausch Health Cos., Inc., 14.00%, 10/15/30, Callable 10/15/25 @ 106(a)		11,305
1,000,000	Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(a)		962,511
55,000	Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(a)		44,550
115,000	Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75^(a)		93,437
180,000	Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 8/7/23 @ 100		179,348
76,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100^		73,910
30,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(a)		26,775
315,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(a)		279,563
40,000	Viatris, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100		36,832
1,406,000	Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100		1,136,059
90,000	Viatris, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100		62,211
			2,974,886
Professional Services (0.1%):
140,000	Asgn, Inc., 4.63%, 5/15/28, Callable 8/7/23 @ 102.31(a)		126,875
600,000	Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(a)		537,000
40,000	Block, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100		36,200
40,000	Block, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100		33,074
335,000	CoreLogic, Inc., 4.50%, 5/1/28, Callable 5/1/24 @ 102.25^(a)		270,094
400,000	SS&C Technologies, Inc., 5.50%, 9/30/27, Callable 8/7/23 @ 102.75(a)		383,000
			1,386,243
Real Estate Management & Development (0.2%):
210,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		167,508
68,000	Corporate Office Properties LP, 2.00%, 1/15/29, Callable 11/15/28 @ 100		51,401
550,000	Invitation Homes Operating Partnership LP, 4.15%, 4/15/32, Callable 1/15/32 @ 100^		490,207
175,000	Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38		131,688

Principal Amount		Value
Corporate Bonds, continued
Real Estate Management & Development, continued
$145,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(a)	$	108,750
725,000	TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 8/7/23 @ 102.63(a)		667,906
1,082,000	VICI Properties LP, 4.95%, 2/15/30, Callable 12/15/29 @ 100		1,010,318
25,000	VICI Properties LP/VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(a)		24,156
			2,651,934
Residential REITs (0.0%†):
371,000	American Homes 4 Rent LP, 3.63%, 4/15/32, Callable 1/15/32 @ 100		319,891
212,000	Sun Communities Operating LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100		178,124
272,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		213,960
			711,975
Retail REITs (0.3%):
536,000	Boston Properties LP, 6.75%, 12/1/27, Callable 11/1/27 @ 100		540,639
355,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		339,124
15,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		13,502
2,200,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		1,939,192
581,000	Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100		416,773
60,000	Vici Properties, 3.50%, 2/15/25, Callable 8/7/23 @ 100.88(a)		57,075
731,000	VICI Properties LP, 4.75%, 2/15/28, Callable 1/15/28 @ 100		689,881
249,000	VICI Properties LP, 5.13%, 5/15/32, Callable 2/15/32 @ 100		232,192
			4,228,378
Semiconductors & Semiconductor Equipment (0.4%):
65,000	Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(a)		55,922
4,456,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(a)		3,603,144
564,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(a)		439,420
1,648,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(a)		1,226,830
210,000	Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(a)		154,278
310,000	Entegris, Inc., 4.38%, 4/15/28, Callable 7/18/23 @ 102.19(a)		281,325
50,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(a)		45,500
285,000	Qorvo, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19		256,500
			6,062,919
Software (0.4%):
40,000	Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)		30,550

See accompanying notes to the financial statements.

21

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Software, continued
$35,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 8/7/23 @ 101.78(a)	$	34,825
25,000	Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(a)		22,062
625,000	Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44^(a)		552,344
65,000	Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(a)		56,062
150,000	Fair Isaac Corp., 4.00%, 6/15/28, Callable 7/24/23 @ 102(a)		136,125
253,000	Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100		229,609
2,200,000	Oracle Corp., 2.80%, 4/1/27, Callable 2/1/27 @ 100		2,021,444
400,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		352,927
2,990,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		2,545,964
			5,981,912
Specialized REITs (0.1%):
297,000	SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(a)		279,997
97,000	SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(a)		87,076
74,000	SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(a)		63,571
355,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(a)		239,625
335,000	Vici Properties, 4.25%, 12/1/26, Callable 8/7/23 @ 102.13(a)		312,806
93,000	VICI Properties LP, 4.38%, 5/15/25		89,396
			1,072,471
Specialty Retail (0.3%):
80,000	Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(a)		71,000
85,000	Asbury Automotive Group, Inc., 5.00%, 2/15/32, Callable 11/15/26 @ 102.5(a)		73,844
32,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		29,747
49,000	AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100		47,281
1,229,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		1,140,127
150,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(a)		87,000
430,000	Carvana Co., 4.88%, 9/1/29, Callable 9/1/24 @ 102.44(a)		240,800
125,000	Carvana Co., 10.25%, 5/1/30, Callable 5/1/27 @ 105.13(a)		96,250
275,000	Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 1/15/29, Callable 1/15/25 @ 102.31(a)		241,312
65,000	Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102(a)		48,913
125,000	Gap, Inc. (The), 3.88%, 10/1/31, Callable 10/1/26 @ 101.94(a)		85,313
565,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(a)		542,400

Principal Amount		Value
Corporate Bonds, continued
Specialty Retail, continued
$80,000	Lowe's Cos., Inc., 3.35%, 4/1/27, Callable 3/1/27 @ 100	$	75,571
1,003,000	Lowe's Cos., Inc., 4.25%, 4/1/52, Callable 10/1/51 @ 100		816,087
1,138,000	Lowe's Cos., Inc., 4.45%, 4/1/62, Callable 10/1/61 @ 100		915,582
340,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(a)		272,850
20,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(a)		2,650
15,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(a)		13,312
350,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(a)		283,938
85,000	Victoria's Secret & Co., 4.63%, 7/15/29, Callable 7/15/24 @ 102.31(a)		62,050
			5,146,027
Technology Hardware, Storage & Peripherals (0.0%†):
55,000	Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100		55,128
83,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		84,165
101,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		103,479
87,000	Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100		89,924
115,000	Seagate HDD Cayman, 8.25%, 12/15/29, Callable 7/15/26 @ 104.13(a)		119,600
			452,296
Textiles, Apparel & Luxury Goods (0.0%†):
130,000	Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(a)		104,650
40,000	Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(a)		33,400
45,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75^(a)		37,237
235,000	Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(a)		187,119
			362,406
Tobacco (0.1%):
294,000	Altria Group, Inc., 4.25%, 8/9/42		228,096
191,000	Altria Group, Inc., 4.50%, 5/2/43		151,501
175,000	Altria Group, Inc., 5.38%, 1/31/44		162,307
72,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		68,050
232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		225,611
120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		112,530
45,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 7/18/23 @ 102.81(a)		40,894
			988,989
Trading Companies & Distributors (0.2%):
295,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		291,743
2,465,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		2,333,251

See accompanying notes to the financial statements.

22

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Trading Companies & Distributors, continued
$30,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(a)	$	25,050
30,000	SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(a)		26,775
15,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(a)		12,975
90,000	SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(a)		77,625
			2,767,419
Wireless Telecommunication Services (0.3%):
1,155,000	Sprint Capital Corp., 8.75%, 3/15/32		1,391,775
2,860,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		2,701,138
40,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 7/18/23 @ 102.38		38,900
45,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69		40,396
430,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		395,370
56,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		49,263
110,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		93,990
			4,710,832
Total Corporate Bonds (Cost $331,417,207)			292,439,831
Yankee Debt Obligations (4.3%):
Aerospace & Defense (0.0%†):
35,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 8/8/23 @ 103.56(a)		34,650
620,000	Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(a)		582,800
			617,450
Banks (0.9%):
585,000	Barclays plc, 4.38%, 1/12/26		560,607
2,543,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		2,378,898
2,377,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		2,148,939
200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(a)		167,482
530,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		511,394
205,000	HSBC Holdings plc, 4.25%, 3/14/24		202,242
1,000,000	HSBC Holdings plc, 4.95%, 3/31/30		981,803
200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(a)		193,790
4,069,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(a)		3,861,778
680,000	Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100(a)		639,949
3,863,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(a)		3,394,720
186,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		161,919
			15,203,521
Biotechnology (0.0%†):
200,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(a)		172,500

Principal Amount		Value
Yankee Debt Obligations, continued
Capital Markets (0.6%):
$314,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(a)	$	278,179
4,610,000	Deutsche Bank AG, 4.50%, 4/1/25		4,385,373
4,009,000	UBS Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(a)		3,799,261
774,000	UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(a)		661,742
			9,124,555
Chemicals (0.1%):
125,000	Cerdia Finanz GmbH, 10.50%, 2/15/27, Callable 2/15/24 @ 105.25(a)		123,594
510,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		473,662
255,000	Methanex Corp., 5.65%, 12/1/44, Callable 6/1/44 @ 100		207,825
530,000	NOVA Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100(a)		469,050
500,000	Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30, Callable 1/27/25 @ 102.5(a)		441,875
125,000	SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(a)		111,875
			1,827,881
Communications Equipment (0.0%†):
160,000	Nokia Oyj, 6.63%, 5/15/39		153,000
Construction Materials (0.0%†):
205,000	INEOS Finance plc, 6.75%, 5/15/28, Callable 2/15/25 @ 103.38(a)		197,056
Consumer Staples Distribution & Retail (0.1%):
1,380,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 2.50%, 1/15/27, Callable 12/15/26 @ 100(a)		1,205,775
Containers & Packaging (0.1%):
15,000	Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 8/7/23 @ 103(a)		12,769
740,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/7/23 @ 102.75(a)		712,250
			725,019
Diversified Consumer Services (0.1%):
33,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(a)		27,844
980,000	GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, 7/31/26, Callable 8/7/23 @ 101.78(a)		949,375
			977,219
Diversified Telecommunication Services (0.1%):
365,000	Altice France SA, 6.00%, 2/15/28, Callable 8/7/23 @ 103(a)		176,113
470,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(a)		339,575
550,000	Telecom Italia Capital SA, 6.38%, 11/15/33		464,750
55,000	Telecom Italia SpA, 6.00%, 9/30/34		43,862
			1,024,300

See accompanying notes to the financial statements.

23

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Yankee Debt Obligations, continued
Energy Equipment & Services (0.0%†):
$329,063	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 8/7/23 @ 103.44(a)	$	325,361
Financial Services (0.4%):
151,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		151,606
1,245,000	Altice Financing SA, 5.00%, 1/15/28, Callable 8/7/23 @ 102.5(a)		989,775
2,000,000	Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(a)		1,859,504
767,000	Avolon Holdings Funding, Ltd., 6.38%, 5/4/28, Callable 4/4/28 @ 100(a)		756,707
711,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 7/18/23 @ 103.44(a)		617,681
430,000	Dolya Holdco 18 DAC, 5.00%, 7/15/28, Callable 8/7/23 @ 102.5(a)		376,250
250,000	Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(a)		226,929
1,355,000	Park Aerospace Holdings, 5.50%, 2/15/24^(a)		1,338,063
780,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(a)		629,850
			6,946,365
Hotels, Restaurants & Leisure (0.1%):
35,000	1011778 BC ULC/New Red Finance, Inc., 5.75%, 4/15/25, Callable 8/8/23 @ 101.44(a)		34,913
525,000	1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(a)		448,219
45,000	Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 8/7/23 @ 102.88(a)		39,206
40,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(a)		33,150
115,000	Studio City Co., Ltd., 7.00%, 2/15/27, Callable 2/15/24 @ 103.5(a)		107,956
			663,444
Industrial Services (0.0%†):
54,000	1375209 BC, Ltd., 9.00%, 1/30/28, Callable 7/18/23 @ 103(a)		54,000
Insurance (0.2%):
1,414,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(a)		1,291,249
1,200,000	AIA Group, Ltd., 3.20%, 9/16/40, Callable 3/16/40 @ 100(a)		917,148
200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(a)		186,910
			2,395,307
Media (0.0%†):
200,000	VZ Secured Financing BV, 5.00%, 1/15/32, Callable 1/15/27 @ 102.5(a)		163,750
335,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(a)		252,925
			416,675
Metals & Mining (0.1%):
695,000	ERO Copper Corp., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(a)		597,700
370,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 7/18/23 @ 101.72(a)		363,525

Principal Amount		Value
Yankee Debt Obligations, continued
Metals & Mining, continued
$35,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(a)	$	34,125
5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(a)		4,675
180,000	Mineral Resources, Ltd., 8.00%, 11/1/27, Callable 11/1/24 @ 104(a)		179,775
			1,179,800
Oil, Gas & Consumable Fuels (0.8%):
335,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 7/18/23 @ 100(a)		324,531
510,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 8/7/23 @ 102.13(a)		494,700
145,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 8/7/23 @ 100		144,276
565,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 8/8/23 @ 103.56(a)		572,063
2,500,000	Petroleos Mexicanos, 4.50%, 1/23/26^		2,234,375
916,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		729,365
4,780,000	Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100		3,489,400
2,228,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,398,070
5,000,000	Petroleos Mexicanos, 6.35%, 2/12/48		3,012,500
336,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		209,580
45,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(a)		40,950
			12,649,810
Passenger Airlines (0.0%†):
240,000	VistaJet Malta Finance plc/Vista Management Holding, Inc., 7.88%, 5/1/27, Callable 5/1/24 @ 103.94(a)		214,800
215,000	VistaJet Malta Finance plc/Vista Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(a)		173,612
			388,412
Pharmaceuticals (0.0%†):
295,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 8/8/23 @ 100(a)		258,125
Software (0.0%†):
60,000	Open Text Corp., 3.88%, 2/15/28, Callable 8/8/23 @ 101.94(a)		52,650
305,000	Open Text Corp., 3.88%, 12/1/29, Callable 12/1/24 @ 101.94(a)		254,294
			306,944
Sovereign Bond (0.3%):
300,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(a)		251,969
37,622	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 8/7/23 @ 100		12,227
342,505	Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 8/7/23 @ 100		113,883
627,494	Argentine Republic Government International Bond, 1.50%, 7/9/35, Callable 8/7/23 @ 100		186,366
900,000	Dominican Republic, 5.50%, 1/27/25(a)		885,375
3,150,000	Dominican Republic, 6.00%, 7/19/28(a)		3,051,563

See accompanying notes to the financial statements.

24

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$375,000	Indonesia Government International Bond, 4.20%, 10/15/50	$	321,128
350,000	Qatar Government International Bond, 4.40%, 4/16/50(a)		317,993
200,000	Saudi Government International Bond, 3.25%, 10/22/30(a)		180,996
200,000	Saudi Government International Bond, 4.50%, 4/22/60(a)		173,246
			5,494,746
Tobacco (0.0%†):
390,000	Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(a)		390,704
Trading Companies & Distributors (0.3%):
320,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		317,745
2,200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, 8/14/24, Callable 7/14/24 @ 100		2,115,291
1,379,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24, Callable 9/29/24 @ 100		1,294,787
163,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		155,736
503,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100		448,465
527,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28, Callable 8/29/28 @ 100		454,975
564,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100		459,668
			5,246,667
Wireless Telecommunication Services (0.1%):
450,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(a)		405,562
295,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(a)		227,150
562,000	Rogers Communications, Inc., 3.20%, 3/15/27, Callable 2/15/27 @ 100(a)		522,130
490,000	Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(a)		427,334
			1,582,176
Total Yankee Debt Obligations (Cost $80,762,335)			69,526,812
Municipal Bonds (0.2%):
Illinois (0.2%):
3,235,000	Illinois State, GO, 5.10%, 6/1/33		3,175,929
New Jersey (0.0%†):
339,000	New Jersey Economic Development Authority Revenue, GO, Series A, 7.43%, 2/15/29		364,665
Total Municipal Bonds (Cost $3,518,040)			3,540,594
U.S. Government Agency Mortgages (12.3%):
Federal Home Loan Mortgage Corporation (2.9%):
18,730	2.50%, 6/1/31, Pool #G18604		17,494
26,268	2.50%, 6/1/31, Pool #J34501		24,671
33,404	2.50%, 7/1/31, Pool #V61246		30,909
55,307	2.50%, 8/1/31, Pool #V61273		51,084
147,601	3.50%, 3/1/32, Pool #C91403		141,551
446,349	3.50%, 7/1/32, Pool #C91467		428,056
114,657	2.50%, 12/1/32, Pool #G18669		104,912

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$26,123	2.50%, 3/1/33, Pool #G18680	$	24,090
104,542	3.00%, 4/1/33, Pool #G18684		98,426
33,530	3.00%, 5/1/33, Pool #G16550		31,616
86,950	2.50%, 7/1/33, Pool #G16661		79,629
24,418	3.00%, 4/1/34, Pool #G16829		23,171
128,348	3.50%, 10/1/34, Pool #C91793		121,595
430,656	3.00%, 5/1/35, Pool #SB0836		403,091
2,979,432	2.00%, 6/1/35, Pool #QN2416		2,654,910
462,748	1.50%, 8/1/35, Pool #SB8066		400,772
539,365	1.50%, 11/1/35, Pool #SB8073		467,127
505,134	1.50%, 1/1/36, Pool #SB8083		437,463
964,551	1.50%, 2/1/36, Pool #RC1756		836,083
645,836	2.00%, 5/1/36, Pool #QN6400		572,914
1,176,333	2.00%, 6/1/36, Pool #SB8107		1,043,409
3,207,895	2.50%, 7/1/36, Pool #SB0535		2,937,551
435,464	1.50%, 12/1/36, Pool #SB8131		375,755
2,884,406	1.50%, 4/1/37, Pool #SB8147		2,483,782
355,175	4.00%, 5/1/37, Pool #C91938		342,497
159,974	4.00%, 11/1/40, Pool #A95150		155,247
32,353	1.50%, 12/1/40, Pool #RB5089		26,333
53,669	1.50%, 2/1/41, Pool #RB5099		43,679
54,409	1.50%, 3/1/41, Pool #RB5104		44,284
19,990	2.00%, 4/1/41, Pool #RB5108		16,886
54,293	1.50%, 4/1/41, Pool #RB5107		44,188
732,589	2.00%, 7/1/41, Pool #SC0162		618,970
20,765	2.00%, 7/1/41, Pool #RB5118		17,542
90,307	2.50%, 10/1/41, Pool #RB5132		79,381
21,751	2.00%, 10/1/41, Pool #RB5131		18,477
337,813	2.00%, 11/1/41, Pool #RB5135		285,391
160,679	2.00%, 11/1/41, Pool #QK1180		135,717
172,608	2.50%, 1/1/42, Pool #RB5142		151,733
225,107	3.50%, 1/1/44, Pool #G60271		213,417
445,774	3.50%, 1/1/44, Pool #G07922		415,553
56,073	4.00%, 2/1/45, Pool #G07949		54,049
52,255	3.50%, 11/1/45, Pool #Q37467		49,196
5,909	4.00%, 4/1/46, Pool #Q39975		5,660
13,399	4.00%, 4/1/46, Pool #V82292		12,812
107,803	3.50%, 9/1/46, Pool #Q43257		100,837
167,314	3.00%, 12/1/46, Pool #G60989		150,176
5,705	4.50%, 12/1/46, Pool #Q45028		5,605
4,690	4.50%, 1/1/47, Pool #Q45635		4,609
9,865	4.50%, 2/1/47, Pool #Q46222		9,662
448,166	2.50%, 4/1/47, Pool #SD0978		380,109
27,425	4.50%, 5/1/47, Pool #Q48095		26,859
17,417	4.50%, 5/1/47, Pool #Q47935		17,058
8,210	4.50%, 5/1/47, Pool #Q47942		8,042
213,599	4.00%, 6/1/47, Pool #Q48877		205,084
34,515	4.50%, 6/1/47, Pool #Q48759		33,805
16,553	4.50%, 7/1/47, Pool #Q49393		16,214
84,486	4.50%, 12/1/47, Pool #Q53017		82,526
25,534	4.00%, 2/1/48, Pool #G61343		24,416
11,521	4.00%, 2/1/48, Pool #Q54499		10,967
26,705	4.50%, 4/1/48, Pool #Q55500		26,172
47,976	4.50%, 4/1/48, Pool #Q55660		46,997
20,182	4.50%, 4/1/48, Pool #Q55724		19,770
93,218	4.00%, 5/1/48, Pool #Q55992		88,762
26,636	4.50%, 5/1/48, Pool #Q55839		26,093
137,135	4.00%, 6/1/48, Pool #G67713		131,587
44,221	4.00%, 7/1/48, Pool #Q59935		42,398

See accompanying notes to the financial statements.

25

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$23,374	4.50%, 10/1/48, Pool #G67716	$	23,029
140,136	3.00%, 6/1/49, Pool #ZT2090		124,335
672,106	4.50%, 7/1/49, Pool #RA1171		659,740
5,888	3.00%, 10/1/49, Pool #QA3907		5,241
8,466	3.00%, 11/1/49, Pool #QA4483		7,537
24,000	3.00%, 12/1/49, Pool #QA5154		21,361
9,172	3.00%, 12/1/49, Pool #QA5521		8,166
138,872	3.00%, 4/1/50, Pool #QA9049		123,261
327,012	2.00%, 6/1/50, Pool #RA2677		271,667
419,509	2.50%, 11/1/50, Pool #SD7530		358,962
30,289	3.00%, 11/1/50, Pool #SD8108		26,861
257,870	3.00%, 12/1/50, Pool #SD8115		228,682
2,127,558	2.50%, 2/1/51, Pool #SD7535		1,821,151
4,826,129	1.50%, 4/1/51, Pool #SD8139		3,728,643
1,277,610	2.00%, 5/1/51, Pool #SD7541		1,056,022
2,071,838	2.50%, 5/1/51, Pool #SD7540		1,779,089
43,668	2.00%, 5/1/51, Pool #QC1514		36,030
340,489	2.50%, 7/1/51, Pool #RA5574		291,156
26,414	2.00%, 7/1/51, Pool #QC4163		21,799
457,865	3.00%, 9/1/51, Pool #QC7496		404,689
384,415	3.00%, 9/1/51, Pool #QC6608		339,117
668,822	2.00%, 10/1/51, Pool #RA6076		550,022
421,607	3.00%, 10/1/51, Pool #QC9077		372,620
447,991	3.00%, 11/1/51, Pool #QD1240		395,981
405,507	2.00%, 11/1/51, Pool #RA6302		333,002
1,185,437	2.00%, 11/1/51, Pool #RA6241		974,688
2,070,695	2.50%, 12/1/51, Pool #RA6435		1,770,331
436,528	3.00%, 12/1/51, Pool #QD3200		385,729
631,742	2.50%, 12/1/51, Pool #RA6434		539,484
458,470	2.00%, 12/1/51, Pool #RA6510		378,290
146,377	2.50%, 12/1/51, Pool #SD8183		124,079
779,361	2.50%, 1/1/52, Pool #RA6622		666,329
246,073	3.00%, 1/1/52, Pool #QD5561		216,759
390,382	3.00%, 1/1/52, Pool #RA6604		345,041
1,017,918	2.00%, 2/1/52, Pool #RA6823		832,756
110,464	3.50%, 2/1/52, Pool #RA6700		101,163
1,004,571	2.00%, 2/1/52, Pool #RA6824		823,600
982,829	2.00%, 2/1/52, Pool #SD8193		801,296
182,738	3.50%, 2/1/52, Pool #RA6799		167,316
698,197	3.50%, 3/1/52, Pool #RA6950		639,612
1,196,813	3.50%, 3/1/52, Pool #RA6987		1,096,736
2,324,816	3.00%, 3/1/52, Pool #RA6988		2,049,749
670,846	3.50%, 3/1/52, Pool #RA6949		614,303
245,217	3.00%, 3/1/52, Pool #SD2219		217,060
186,898	3.50%, 4/1/52, Pool #SD0927		172,711
189,591	5.00%, 9/1/52, Pool #SD1572		187,287
803,554	4.00%, 10/1/52, Pool #SD1772		763,181
556,736	4.50%, 10/1/52, Pool #SD2467		535,457
293,178	5.00%, 11/1/52, Pool #SD1862		290,339
684,492	5.00%, 12/1/52, Pool #SD1924		676,158
212,292	6.00%, 6/1/53, Pool #RA9278		216,177
220,204	6.00%, 6/1/53, Pool #RA9277		224,786
246,640	6.00%, 6/1/53, Pool #RA9276		252,366
			47,029,767
Federal National Mortgage Association (6.9%):
27,874	2.50%, 5/1/31, Pool #BC0919		25,635
40,516	2.50%, 8/1/31, Pool #BC2778		37,264
28,727	2.50%, 10/1/31, Pool #AS8010		26,878
185,761	2.50%, 1/1/32, Pool #BE3032		173,485

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$32,499	2.50%, 9/1/32, Pool #MA3124	$	29,760
17,185	3.00%, 3/1/33, Pool #BM4614		16,279
578,848	2.00%, 10/1/35, Pool #BK5705		515,734
510,997	1.50%, 1/1/36, Pool #MA4228		442,538
192,658	1.50%, 2/1/36, Pool #FM6507		166,273
203,645	1.50%, 4/1/36, Pool #MA4302		175,724
297,282	6.00%, 5/1/36, Pool #745512		307,444
341,704	2.00%, 6/1/36, Pool #BP3507		303,059
1,264,337	2.00%, 7/1/36, Pool #MA4383		1,121,473
116,334	2.00%, 12/1/36, Pool #BU1384		103,084
2,498,916	2.00%, 2/1/37, Pool #FS0427		2,216,126
250,000	1.50%, 7/25/38, TBA		215,312
900,000	2.50%, 7/25/38, TBA		818,719
39,600	2.50%, 3/1/40, Pool #FM2646		35,029
29,614	2.50%, 5/1/40, Pool #MA4016		26,202
463,830	2.00%, 10/1/40, Pool #MA4176		396,296
49,665	1.50%, 11/1/40, Pool #MA4175		40,424
17,868	2.00%, 12/1/40, Pool #MA4204		14,871
49,810	1.50%, 12/1/40, Pool #MA4202		40,538
11,246	3.50%, 12/1/40, Pool #AH1556		10,506
61,315	2.00%, 12/1/40, Pool #FM5042		51,679
52,306	1.50%, 1/1/41, Pool #MA4231		42,574
53,583	1.50%, 1/1/41, Pool #MA4266		43,610
54,633	1.50%, 2/1/41, Pool #MA4286		44,465
19,168	2.00%, 2/1/41, Pool #MA4268		16,193
129,159	2.50%, 2/1/41, Pool #MA4269		113,542
19,600	2.00%, 3/1/41, Pool #MA4287		16,558
20,233	2.00%, 4/1/41, Pool #MA4311		17,092
117,220	2.50%, 4/1/41, Pool #MA4312		103,054
314,405	2.00%, 5/1/41, Pool #MA4333		265,600
20,809	2.00%, 6/1/41, Pool #MA4364		17,709
80,876	2.50%, 7/1/41, Pool #CB2014		71,136
139,489	2.00%, 7/1/41, Pool #FM8066		117,835
195,556	2.00%, 7/1/41, Pool #CB1069		165,240
295,337	2.00%, 7/1/41, Pool #CB1071		249,468
178,060	2.00%, 8/1/41, Pool #CB1337		150,407
249,496	2.00%, 8/1/41, Pool #FM8393		210,773
20,540	2.00%, 8/1/41, Pool #FM8410		17,353
182,735	2.00%, 8/1/41, Pool #FM8334		154,393
135,660	2.00%, 9/1/41, Pool #FM8862		115,378
144,595	2.50%, 9/1/41, Pool #FM8850		126,784
77,892	2.00%, 10/1/41, Pool #BQ6615		65,791
286,619	2.00%, 10/1/41, Pool #FM9396		243,784
136,470	2.00%, 10/1/41, Pool #CB1837		115,284
21,490	2.00%, 10/1/41, Pool #MA4446		18,155
174,874	2.50%, 11/1/41, Pool #FM9558		153,324
114,955	2.50%, 11/1/41, Pool #MA4475		101,048
359,926	2.00%, 11/1/41, Pool #BQ6743		304,014
78,687	2.00%, 11/1/41, Pool #BU6530		66,457
318,647	2.00%, 11/1/41, Pool #FS0106		271,113
252,530	2.00%, 11/1/41, Pool #CB2110		213,357
110,854	2.00%, 12/1/41, Pool #FM9851		93,659
210,848	2.00%, 12/1/41, Pool #BU7091		178,103
31,441	4.00%, 10/1/43, Pool #BM1167		30,325
216,535	4.50%, 3/1/44, Pool #AV0957		212,535
131,985	4.50%, 7/1/44, Pool #AS3062		129,271
149,266	4.50%, 12/1/44, Pool #AS4176		147,117
81,603	4.00%, 5/1/45, Pool #AZ1207		78,389
119,755	4.00%, 6/1/45, Pool #AY8096		115,044

See accompanying notes to the financial statements.

26

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$57,649	4.00%, 6/1/45, Pool #AY8126	$	55,685
21,749	4.00%, 12/1/45, Pool #AS6352		21,010
6,952	4.50%, 1/1/46, Pool #AY3890		6,836
58,741	4.00%, 2/1/46, Pool #BC1578		56,041
2,923	4.50%, 3/1/46, Pool #BC0287		2,889
19,404	4.00%, 4/1/46, Pool #AS7024		18,458
215,138	4.00%, 4/1/46, Pool #AL8468		208,292
22,680	4.50%, 6/1/46, Pool #BD1238		22,413
149,824	4.00%, 6/1/46, Pool #AL9282		142,941
82,252	4.00%, 7/1/46, Pool #BC1443		79,097
25,794	4.00%, 9/1/46, Pool #BD1489		24,608
91,945	4.00%, 9/1/46, Pool #BC2843		88,410
38,863	4.50%, 10/1/46, Pool #BE1671		38,088
86,116	4.00%, 10/1/46, Pool #BC4754		82,805
17,156	4.00%, 10/1/46, Pool #BD7599		16,367
49,676	4.50%, 11/1/46, Pool #BE2386		49,101
231,571	3.50%, 12/1/46, Pool #BC9077		215,832
4,614	4.50%, 12/1/46, Pool #BC9079		4,561
99,256	4.50%, 12/1/46, Pool #BE4488		98,108
29,258	4.50%, 1/1/47, Pool #BE6506		28,914
17,866	4.50%, 1/1/47, Pool #BE7087		17,498
249,202	2.50%, 2/1/47, Pool #FS0594		211,347
324,643	4.00%, 2/1/47, Pool #AL9779		309,771
46,768	4.50%, 2/1/47, Pool #BE8498		45,668
49,792	2.50%, 3/1/47, Pool #FS0976		42,239
43,279	4.00%, 5/1/47, Pool #BM1277		41,324
5,181	4.00%, 6/1/47, Pool #BH4269		4,946
8,440	4.50%, 6/1/47, Pool #BE9387		8,267
12,628	4.50%, 6/1/47, Pool #BH0561		12,347
47,876	4.50%, 6/1/47, Pool #BE3663		46,895
23,593	4.00%, 7/1/47, Pool #AS9968		22,528
39,529	4.50%, 7/1/47, Pool #BE3749		38,720
44,394	4.00%, 4/1/48, Pool #BM3700		42,391
18,785	4.50%, 4/1/48, Pool #BJ5454		18,428
6,008	4.50%, 5/1/48, Pool #BJ5507		5,894
237,479	4.50%, 10/1/48, Pool #CA2432		233,135
58,775	4.50%, 10/25/48, Pool #BM4548		57,926
273,149	4.50%, 12/1/48, Pool #CA2797		268,153
159,125	4.50%, 9/1/49, Pool #FM1534		156,084
8,698	3.00%, 11/1/49, Pool #BO8254		7,745
224,013	4.00%, 11/1/49, Pool #CA4628		213,560
163,462	3.00%, 1/1/50, Pool #MA3905		145,170
117,918	3.00%, 1/1/50, Pool #CA5019		105,255
482,838	4.00%, 3/1/50, Pool #FM3663		458,073
123,474	3.00%, 4/1/50, Pool #MA3991		109,486
120,650	2.00%, 7/1/50, Pool #CA6275		99,444
85,229	2.00%, 7/1/50, Pool #FM3897		70,396
555,765	3.00%, 8/1/50, Pool #FM6118		492,600
323,209	2.50%, 8/1/50, Pool #SD0430		277,071
128,023	3.00%, 9/1/50, Pool #CA6998		113,480
48,945	3.00%, 9/1/50, Pool #FM4317		43,501
125,161	2.00%, 10/1/50, Pool #CA7323		103,889
149,925	2.50%, 10/1/50, Pool #CA7229		128,941
84,829	2.00%, 11/1/50, Pool #C47616		70,054
46,196	3.00%, 11/1/50, Pool #MA4184		40,962
423,092	3.00%, 12/1/50, Pool #MA4211		375,100
139,204	3.00%, 12/1/50, Pool #FM7827		123,548
236,282	3.00%, 1/1/51, Pool #MA4239		209,500
2,062,423	2.00%, 3/1/51, Pool #MA4281		1,689,271

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$4,224,443	3.00%, 4/1/51, Pool #BR9775	$	3,732,841
1,013,277	2.50%, 4/1/51, Pool #FM6540		883,691
2,009,290	2.00%, 4/1/51, Pool #MA4305		1,640,433
2,958,323	2.00%, 4/1/51, Pool #CB0153		2,413,285
443,074	2.50%, 5/1/51, Pool #MA4326		376,357
553,324	3.00%, 5/1/51, Pool #CB0531		489,110
1,280,800	3.00%, 6/1/51, Pool #CB0850		1,127,078
19,835	2.00%, 7/1/51, Pool #BT1461		16,361
492,813	3.00%, 7/1/51, Pool #FM8077		435,510
776,888	2.50%, 7/1/51, Pool #CB0997		664,346
43,464	2.00%, 7/1/51, Pool #BQ1010		35,729
483,363	2.50%, 8/1/51, Pool #CB1384		413,288
97,778	2.50%, 8/1/51, Pool #MA4399		83,051
353,570	2.50%, 9/1/51, Pool #CB1549		302,644
930,273	2.50%, 10/1/51, Pool #MA4438		788,596
629,001	2.00%, 10/1/51, Pool #CB1801		518,994
45,648	3.00%, 10/1/51, Pool #CB1878		40,279
474,934	2.00%, 10/1/51, Pool #CB1799		393,137
502,324	2.00%, 11/1/51, Pool #FM9539		414,569
1,252,937	2.50%, 11/1/51, Pool #FM9501		1,072,304
496,919	2.50%, 11/1/51, Pool #FM9517		422,746
378,294	2.50%, 11/1/51, Pool #FM9505		323,094
1,169,624	2.50%, 11/1/51, Pool #MA4466		991,468
801,261	2.00%, 11/1/51, Pool #FM9568		662,235
408,267	3.00%, 12/1/51, Pool #BT9503		360,866
362,052	2.50%, 12/1/51, Pool #CB2320		309,852
274,871	2.00%, 12/1/51, Pool #CB2347		227,163
273,285	2.00%, 12/1/51, Pool #CB2348		225,477
1,011,821	2.00%, 12/1/51, Pool #CB2349		834,928
361,329	2.00%, 12/1/51, Pool #CB2350		297,123
340,382	2.50%, 12/1/51, Pool #CB2376		291,009
863,610	2.50%, 12/1/51, Pool #CB2289		737,417
97,687	3.00%, 12/1/51, Pool #FM9777		86,329
1,531,353	2.50%, 12/1/51, Pool #FM9865		1,310,572
384,472	2.50%, 12/1/51, Pool #CB2321		328,311
146,424	2.50%, 1/1/52, Pool #MA4512		124,119
335,116	3.50%, 1/1/52, Pool #MA4514		307,194
1,537,471	2.00%, 1/1/52, Pool #FS0286		1,268,557
264,432	3.00%, 1/1/52, Pool #CB2662		234,833
1,814,425	2.50%, 1/1/52, Pool #FS1648		1,539,656
97,595	3.50%, 1/1/52, Pool #CB2679		90,226
659,914	2.00%, 1/1/52, Pool #FS0288		541,849
1,583,180	2.00%, 2/1/52, Pool #CB2842		1,294,128
902,821	3.00%, 2/1/52, Pool #FS0631		794,395
97,757	3.00%, 2/1/52, Pool #CB2886		86,539
191,996	3.50%, 2/1/52, Pool #CB2905		175,899
291,105	3.50%, 2/1/52, Pool #CB2906		266,270
497,483	3.50%, 3/1/52, Pool #CB3128		455,474
388,355	2.50%, 3/1/52, Pool #BV4139		331,411
640,643	3.00%, 3/1/52, Pool #BV0350		564,754
425,572	3.50%, 3/1/52, Pool #CB3174		390,039
270,399	2.00%, 3/1/52, Pool #MA4562		220,453
985,954	2.00%, 4/1/52, Pool #FS1598		803,798
714,096	4.00%, 4/1/52, Pool #FS1647		675,314
670,566	4.50%, 7/1/52, Pool #CB4064		650,631
613,271	5.00%, 9/1/52, Pool #CB4682		605,815
47,861	5.00%, 10/1/52, Pool #CB4893		47,279
384,530	5.50%, 10/1/52, Pool #CB4843		383,321
233,177	4.50%, 10/1/52, Pool #BX0507		224,272

See accompanying notes to the financial statements.

27

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$448,162	4.50%, 10/1/52, Pool #BX1265	$	431,086
285,804	5.00%, 11/1/52, Pool #FS3248		282,332
145,073	5.00%, 11/1/52, Pool #FS3295		143,082
484,251	5.00%, 11/1/52, Pool #CB5128		479,410
1,469,385	4.50%, 11/1/52, Pool #BX1765		1,413,188
343,134	5.00%, 12/1/52, Pool #MA4841		336,302
145,174	5.00%, 12/1/52, Pool #CB5273		143,408
400,770	6.00%, 6/1/53, Pool #CB6538		410,075
798,685	5.50%, 6/1/53, Pool #CB6527		802,377
303,362	6.00%, 6/1/53, Pool #CB6539		309,675
1,100,000	4.50%, 7/25/53, TBA		1,057,375
500,000	5.00%, 7/25/53, TBA		490,000
3,000,000	5.50%, 7/25/53, TBA		2,986,406
8,450,000	3.50%, 7/25/53, TBA		7,697,422
6,550,000	3.00%, 7/25/53, TBA		5,762,977
12,300,000	2.50%, 7/25/53, TBA		10,426,172
3,100,000	1.50%, 7/25/53, TBA		2,394,750
16,000,000	2.00%, 7/25/53, TBA		13,040,000
7,425,000	4.00%, 7/25/53, TBA		6,966,738
2,350,000	2.00%, 8/25/53, TBA		1,918,187
			112,444,710
Government National Mortgage Association (2.5%):
16,247	4.00%, 10/20/40, Pool #G24833		15,763
48,902	4.00%, 1/20/41, Pool #4922		47,445
51,724	4.00%, 8/15/41, Pool #430354		49,018
559,314	4.00%, 1/20/42, Pool #5280		542,649
75,106	4.00%, 11/20/42, Pool #MA0535		72,867
180,239	3.00%, 12/20/42, Pool #AA5872		161,484
118,482	3.00%, 3/20/43, Pool #AA6146		106,663
22,362	3.50%, 3/20/43, Pool #AD8884		20,992
50,795	3.00%, 3/20/43, Pool #AD8812		45,805
23,132	3.50%, 4/20/43, Pool #AD9075		21,712
8,453	3.50%, 4/20/43, Pool #AB9891		7,935
48,166	4.00%, 5/20/46, Pool #MA3664		46,645
241,121	3.00%, 12/20/46, Pool #MA4126		217,710
41,747	4.00%, 1/15/47, Pool #AX5857		39,257
36,503	4.00%, 1/15/47, Pool #AX5831		34,289
342,329	3.00%, 1/20/47, Pool #MA4195		309,100
142,751	4.00%, 3/20/47, Pool #MA4322		137,781
79,227	4.00%, 4/20/47, Pool #784303		74,714
80,576	4.00%, 4/20/47, Pool #784304		75,978
24,275	4.00%, 4/20/47, Pool #MA4383		23,429
17,118	3.50%, 2/20/48, Pool #MA5019		15,889
15,050	4.00%, 4/20/48, Pool #BG3507		14,443
13,612	4.00%, 4/20/48, Pool #BG7744		13,059
3,320	3.50%, 12/20/49, Pool #BR8987		3,119
6,976	3.50%, 12/20/49, Pool #BR8985		6,519
2,774	3.50%, 12/20/49, Pool #BR8984		2,569
581,233	2.00%, 11/20/50, Pool #MA6994		491,071
1,017,969	2.00%, 1/20/51, Pool #MA7135		856,434
1,774,071	2.00%, 2/20/51, Pool #MA7192		1,493,639
1,087,564	2.50%, 7/20/51, Pool #MA7472		943,648
894,248	2.50%, 9/20/51, Pool #MA7589		775,086
66,567	2.50%, 12/20/51, Pool #MA7767		57,664
7,125,000	3.00%, 7/20/53, TBA		6,362,402
2,400,000	3.50%, 7/20/53, TBA		2,214,750
7,550,000	2.00%, 7/20/53, TBA		6,337,281
2,725,000	2.50%, 7/20/53, TBA		2,357,977
1,900,000	5.50%, 7/20/53, TBA		1,891,984

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$1,250,000	4.00%, 7/20/53, TBA	$	1,181,836
3,200,000	4.50%, 7/20/53, TBA		3,088,500
2,700,000	3.50%, 8/1/53, TBA		2,492,438
3,250,000	2.00%, 8/20/53, TBA		2,731,650
5,850,000	2.50%, 8/20/53, TBA		5,068,248
			40,451,442
Total U.S. Government Agency Mortgages (Cost $210,905,539)			199,925,919
U.S. Treasury Obligations (18.8%):
U.S. Treasury Bonds (6.2%):
32,428,000	1.75%, 8/15/41		22,740,135
3,796,700	3.38%, 8/15/42		3,440,166
1,605,300	3.00%, 2/15/47		1,348,703
66,722,000	2.00%, 8/15/51		45,391,811
6,906,000	1.88%, 11/15/51		4,549,327
7,300,000	2.25%, 2/15/52		5,266,266
3,500,000	2.88%, 5/15/52		2,896,250
15,000,000	3.63%, 2/15/53		14,371,875
			100,004,533
U.S. Treasury Notes (12.6%):
52,500,000	0.75%, 5/31/26		47,143,359
18,472,000	1.25%, 12/31/26		16,619,027
5,255,200	1.25%, 5/31/28		4,581,878
17,310,000	1.25%, 9/30/28		14,978,559
26,000,000	4.00%, 2/28/30		25,971,563
2,800,000	3.63%, 3/31/30		2,737,875
19,600,000	3.75%, 5/31/30		19,318,250
23,500,000	2.88%, 5/15/32		21,774,219
8,600,000	4.13%, 11/15/32		8,782,750
32,000,000	3.50%, 2/15/33		31,155,000
12,800,000	3.38%, 5/15/33		12,336,000
			205,398,480
Total U.S. Treasury Obligations (Cost $354,704,444)			305,403,013
Shares
Short-Term Security Held as Collateral for Securities on Loan (0.6%):
$10,544,401	BlackRock Liquidity FedFund, Institutional Class, 3.57%(d)(e)		10,544,401
Total Short-Term Security Held as Collateral for Securities on Loan (Cost $10,544,401)			10,544,401
Unaffiliated Investment Company (4.5%):
Money Markets (4.5%):
73,720,653	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(e)		73,720,653
Total Unaffiliated Investment Company (Cost $73,720,653)			73,720,653
Total Investment Securities (Cost $1,752,464,542) — 105.6%			1,717,198,987
Net other assets (liabilities) — (5.6)%			(91,465,674)
Net Assets — 100.0%		$	1,625,733,313

GO -      General Obligation

H15T1Y -      1 Year Treasury Constant Maturity Rate

H15T5Y -      5 Year Treasury Constant Maturity Rate

See accompanying notes to the financial statements.

28

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

LIBOR -      London Interbank Offered Rate

MTN -      Medium Term Note

SOFR -      Secured Overnight Financing Rate

TBA -      To Be Announced Security

US0001M -      1 Month US Dollar LIBOR

US0003M -      3 Month US Dollar LIBOR

USSW5 -      USD 5 Year Swap Rate

Percentages indicated are based on net assets as of June 30, 2023.

* Non-income producing security.

† Represents less than 0.05%.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at June 30, 2023.

(c) Security was valued using significant unobservable inputs as of June 30, 2023.

+ This security, in part or entirely, represents an unfunded loan commitment.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $10,163,320.

(d) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(e) The rate represents the effective yield at June 30, 2023.

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/15/23		75	$	16,830,938	$	398,099
							$	398,099

See accompanying notes to the financial statements.

29

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	1,752,464,542
Investment securities, at value(a)	$	1,717,198,987
Deposit at broker for futures contracts collateral		873,600
Interest and dividends receivable		9,385,845
Foreign currency, at value (cost $2,553)		2,558
Receivable for investments sold		7,402,923
Receivable for TBA investments sold		22,740,266
Receivable for variation margin on futures contracts		204,451
Reclaims receivable		3,424
Prepaid expenses		4,951
Total Assets		1,757,817,005
Liabilities:
Cash overdraft		1,481
Payable for investments purchased		7,429,111
Payable for TBA investments purchased		110,896,037
Payable for capital shares redeemed		2,238,957
Payable for collateral received on loaned securities		10,544,401
Management fees payable		548,995
Administration fees payable		41,166
Distribution fees payable		315,030
Custodian fees payable		8,009
Administrative and compliance services fees payable		2,875
Transfer agent fees payable		1,951
Trustee fees payable		14,166
Other accrued liabilities		41,513
Total Liabilities		132,083,692
Commitments and contingent liabilities^
Net Assets	$	1,625,733,313
Net Assets Consist of:
Paid in capital	$	1,667,410,182
Total distributable earnings		(41,676,869)
Net Assets	$	1,625,733,313
Class 1
Net Assets	$	86,298,965
Shares of beneficial interest (unlimited number of shares authorized, no par value)		10,395,959
Net Asset Value (offering and redemption price per share)	$	8.30
Class 2
Net Assets	$	1,539,434,348
Shares of beneficial interest (unlimited number of shares authorized, no par value)		115,312,016
Net Asset Value (offering and redemption price per share)	$	13.35

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Interest	$	16,006,916
Dividends		7,112,439
Income from securities lending		49,414
Foreign withholding tax		(4,219)
Total Investment Income		23,164,550
Expenses:
Management fees		3,292,016
Administration fees		165,102
Distribution fees - Class 2		1,807,605
Custodian fees		25,206
Administrative and compliance services fees		9,989
Transfer agent fees		9,005
Trustee fees		40,619
Professional fees		33,139
Shareholder reports		33,852
Other expenses		23,219
Total expenses before reductions		5,439,752
Less expense contractually waived/reimbursed by the Manager		(110,435)
Net expenses		5,329,317
Net Investment Income/(Loss)		17,835,233
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(7,792,013)
Net realized gains/(losses) on futures contracts		654,781
Net realized gains/(losses) on securities held short		(89,369)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		107,323,762
Change in net unrealized appreciation/depreciation on futures contracts		876,879
Net realized and Change in net unrealized gains/losses on investments		100,974,040
Change in Net Assets Resulting From Operations	$	118,809,273

(a) Includes securities on loan of $10,163,320.

^ See Note 3 in Notes to the Financial Statements.

See accompanying notes to the financial statements.

30

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Statements of Changes in Net Assets

	For the       Six Months Ended       June 30, 2023		For the Year Ended       December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)	$	17,835,233	$	26,800,220
Net realized gains/(losses) on investments		(7,226,601)		(41,659,990)
Change in unrealized appreciation/depreciation on investments		108,200,641		(247,561,486)
Change in net assets resulting from operations		118,809,273		(262,421,256)
Distributions to Shareholders:
Class 1		—		(10,958,966)
Class 2		—		(109,130,381)
Change in net assets resulting from distributions to shareholders		—		(120,089,347)
Capital Transactions:
Class 1
Proceeds from shares issued		70,339		213,171
Proceeds from dividends reinvested		—		10,958,966
Value of shares redeemed		(5,307,853)		(12,968,837)
Total Class 1 Shares		(5,237,514)		(1,796,700)
Class 2
Proceeds from shares issued		170,232,410		5,307,519
Proceeds from shares issued in merger		62,128,067		—
Proceeds from dividends reinvested		—		109,130,381
Value of shares redeemed		(115,298,100)		(202,741,466)
Total Class 2 Shares		117,062,377		(88,303,566)
Change in net assets resulting from capital transactions		111,824,863		(90,100,266)
Change in net assets		230,634,136		(472,610,869)
Net Assets:
Beginning of period		1,395,099,177		1,867,710,046
End of period	$	1,625,733,313	$	1,395,099,177
Share Transactions:
Class 1
Shares issued		8,791		25,660
Dividends reinvested		—		1,451,519
Shares redeemed		(664,055)		(1,449,051)
Total Class 1 Shares		(655,264)		28,128
Class 2
Shares issued		13,513,774		382,308
Shares issued in merger		4,953,915		—
Dividends reinvested		—		8,967,163
Shares redeemed		(8,926,357)		(14,515,051)
Total Class 2 Shares		9,541,332		(5,165,580)
Change in shares		8,886,068		(5,137,452)

      Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

31

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended   June 30, 2023			Year Ended   December 31,   2022			Year Ended   December 31,   2021^			Year Ended   December 31,   2020			Year Ended   December 31,   2019			Year Ended   December 31,   2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$	7.69		$	10.29		$	10.00
Investment Activities:
Net Investment Income/(Loss)		0.10	(a)		0.17	(a)		0.07	(a)
Net Realized and Unrealized Gains/(Losses) on Investments		0.51			(1.67	)		0.52
Total from Investment Activities		0.61			(1.50	)		0.59
Distributions to Shareholders From:
Net Investment Income		—			(0.14	)		(0.08	)
Net Realized Gains		—			(0.96	)		(0.22	)
Total Dividends		—			(1.10	)		(0.30	)
Net Asset Value, End of Period	$	8.30		$	7.69		$	10.29
Total Return(b)		7.93	%(c)		(14.40	)%		6.03	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	86,299		$	85,004		$	113,445
Net Investment Income/(Loss)(d)		2.56	%		1.95	%		1.35	%
Expenses Before Reductions(d)(e)		0.47	%		0.47	%		0.51	%
Expenses Net of Reductions(d)		0.46	%		0.46	%		0.46	%
Portfolio Turnover Rate(f)		37	%		72	%		115	%
Class 2
Net Asset Value, Beginning of Period	$	12.39		$	15.81		$	14.44		$	13.45		$	12.26		$	13.35
Investment Activities:
Net Investment Income/(Loss)		0.15	(a)		0.24	(a)		0.19	(a)		0.26	(a)		0.31	(a)		0.34
Net Realized and Unrealized Gains/(Losses) on Investments		0.81			(2.56	)		1.48			1.51			1.76			(0.58	)
Total from Investment Activities		0.96			(2.32	)		1.67			1.77			2.07			(0.24	)
Distributions to Shareholders From:
Net Investment Income		—			(0.14	)		(0.08	)		(0.35	)		(0.33	)		(0.32	)
Net Realized Gains		—			(0.96	)		(0.22	)		(0.43	)		(0.55	)		(0.53	)
Total Dividends		—			(1.10	)		(0.30	)		(0.78	)		(0.88	)		(0.85	)
Net Asset Value, End of Period	$	13.35		$	12.39		$	15.81		$	14.44		$	13.45		$	12.26
Total Return(b)		7.75	%(c)		(14.56	)%		11.65	%		13.47	%		17.27	%		(2.02	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	1,539,434		$	1,310,095		$	1,754,265		$	558,527		$	559,027		$	539,355
Net Investment Income/(Loss)(d)		2.31	%		1.70	%		1.22	%		1.92	%		2.35	%		2.24	%
Expenses Before Reductions(d)(e)		0.72	%		0.72	%		0.80	%		1.03	%		1.02	%		1.01	%
Expenses Net of Reductions(d)		0.71	%		0.71	%		0.71	%		0.71	%		0.71	%		0.71	%
Portfolio Turnover Rate(f)		37	%		72	%		115	%		77	%		77	%		66	%

^ Class 1 activity is for the period June 21, 2021 (commencement of operations) to December 31, 2021.

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

32

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Structured Notes

The Fund may invest in structured notes, the values of which are based on the price movements of a reference security or index. Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. The terms of the structured notes may provide that in certain circumstances no principal is due at maturity and therefore, may result in a loss of invested capital. Structured notes may be positively or negatively indexed, so that appreciation of the reference may produce an increase or a decrease in the interest rate or the value of the structured note at maturity may be calculated as a specified multiple of the change in the value of the reference; therefore, the value of such security may be very volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

33

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Securities Purchased on a When-Issued Basis

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. The Fund will not pay for such securities or start earning interest on them until they are received. When the Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Short Sales

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest payment. When the Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Bank Loans

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium as shown in the Schedule of Portfolio Investments. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Schedule of Portfolio Investments. All or a portion of any bank loans may be unfunded. The Fund reflects both the funded portion of a bank loan, as well as its unfunded commitment in the Schedule of Portfolio Investments. The portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

34

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $4,885 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $10,544,401 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

The Fund may enter into to-be-announced (TBA) purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of June 30, 2023, no collateral had been posted by the Fund to counterparties for TBAs.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $11.0 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
	Statement of Assets			Statement of Assets
Primary Risk Exposure	and Liabilities Location	Total Value		and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$398,099	Payable for variation margin on futures contracts*		$—

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

35

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

	Location of Gains/(Losses)	Realized Gains/(Losses)		Change in Net Unrealized
	on Derivatives	on Derivatives		Appreciation/Depreciation
Primary Risk Exposure	Recognized	Recognized		on Derivatives Recognized
Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		$654,781		$876,879

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization, FIAM LLC (“FIAM”) to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with the Manager, FIAM provides investment advisory services as the subadviser for the Fund subject to the general supervision of the Trustees and the Manager. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1	0.43%	0.46%
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2	0.43%	0.71%

* The annual rate due to the Manager is 0.43% of the first $20 billion of the Fund’s net assets and 0.40% of the Fund’s net assets over $20 billion. The annual rate due to the Subadviser from the Manager is 0.25% of the first $200 million of the Fund’s net assets, 0.20% of the next $200 million of the Fund’s net assets and 0.15% of the Fund’s net assets over $400 million.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager”.

At June 30, 2023, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

	Expires	Expires	Expires	Expires
	12/31/2023	12/31/2024	12/31/2025	12/31/2026	Total
AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$353,628	$564,106	$228,020	$110,435	$1,256,189

The Fund has not recorded a commitment or contingent liability at June 30, 2023.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

36

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source in accordance with valuation procedures approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Forward currency contracts are generally valued at the forward foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks+		$663,397,091		$599,560		$—			$663,996,651
Preferred Stock+		149,510		—		—			149,510
Warrants+		79,903		—		—			79,903
Asset Backed Securities		—		7,672,649		—			7,672,649
Collateralized Mortgage Obligations		—		87,495,349		86,552			87,581,901
Convertible Bonds+		—		696,591		—			696,591
Bank Loans		—		1,920,559		—			1,920,559
Corporate Bonds+		—		292,439,831		—	#		292,439,831
Yankee Debt Obligations+		—		69,526,812		—			69,526,812
Municipal Bonds		—		3,540,594		—			3,540,594
U.S. Government Agency Mortgages		—		199,925,919		—			199,925,919
U.S. Treasury Obligations		—		305,403,013		—			305,403,013
Short-Term Security Held as Collateral for Securities on Loan		10,544,401		—		—			10,544,401

37

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Investment Securities:	Level 1		Level 2		Level 3		Total
Unaffiliated Investment Companies		$73,720,653		$—		$—		$73,720,653
Total Investment Securities		747,891,558		969,220,877		86,552		1,717,198,987
Other Financial Instruments:*
Futures Contracts		398,099		—		—		398,099
Total Investments		$748,289,657		$969,220,877		$86,552		$1,717,597,086

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

# Represents the interest in securities that were determined to have a value of zero at June 30, 2023.

* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding fund merger transactions and securities maturing less than one year from acquisition) were as follows:

	Purchases		Sales
AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$	593,935,872	$	466,721,848

For the period ended June 30, 2023 purchases and sales of long-term U.S. government securities were as follows:

	Purchases		Sales
AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$	160,442,882	$	48,017,352

6. Restricted Securities

A restricted security is a security which has been 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.

Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2023 are identified below.

					Shares or
	Acquisition		Acquisition		Principal		Fair		Percentage of Net
Security	Date(a)		Cost		Amount		Value		Assets
Mesquite Energy, Inc, 15.00%, 7/15/23		7/10/20	$	26,314		31,702	$	31,702	0.00%
Mesquite Energy, Inc., 13.00%, 7/15/23		11/5/20		46,000		54,850		54,850	0.00%
Sanchez Energy Corp, 7.25%, 2/15/23		10/30/18		286,488		278,000		–	0.00%

7. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

38

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Interest Rate Risk: Debt securities held by the Fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund’s investments have maturities which extend beyond the transition period, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor or SOFR) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

Mortgage-Related and Other Asset-Backed Securities Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, investments in mortgage-related securities may cause the fund to exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If the Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Short Sale Risk: The Fund may engage in short sales, which are transactions in which the Fund sells securities borrowed from others with the expectation that the price of the security will fall before the Fund must purchase the security to return it to the lender. The Fund may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value. Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the security sold short. The Fund will realize a gain if the security declines in price between those dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform similar funds that do not make short sales in securities they do not own. There can be no assurance that the Fund will be able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold. The Fund may also pay transaction costs and borrowing fees in connection with short sales.

8. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

9. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

39

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,640,453,507. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$7,775,519
Unrealized (depreciation)	(176,907,925)
Net unrealized appreciation/(depreciation)	$(169,132,406)

As of the end of its tax year ended December 31, 2022, the Fund had capital loss carry forwards (“CLCFs”) as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

CLCFs not subject to expiration:

	Short-Term	Long-Term
	Amount	Amount	Total
AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$17,799,083	$—	$17,799,083

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

		Net
	Ordinary	Long-Term
	Income	Capital Gains	Total Distributions(a)
AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$42,108,022	$77,981,325	$120,089,347

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed	Undistributed	Accumulated	Unrealized	Total
	Ordinary	Long-Term	Capital and	Appreciation/	Accumulated
	Income	Capital Gains	Other Losses	Depreciation(a)	Earnings/(Deficit)
AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$26,438,940	$—	$(17,799,083)	$(169,125,999)	$(160,486,142)

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

10. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

11. Acquisition of Funds

Effective as of the close of business March 10, 2023, the Fund acquired all the assets and liabilities of the AZL Gateway Fund (“Gateway Fund”), an open-end management investment company, pursuant to a plan of reorganization approved by the Board on December 13, 2022 (the “Plan”). The acquisition was accomplished by a taxable exchange of 9,596,369 shares of the Gateway Fund outstanding as of close of business March 10, 2023, valued at $62,128,067 for Class 2 shares of the Fund.

At the close of business March 10, 2023, the Gateway Fund’s investment holdings had a fair value of $62,047,868 and identified cost of $62,047,868. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value, including the cost basis of investments received. All fees and expenses incurred by the Gateway Fund and the Fund directly in connection with the Plan were borne by the Manager. There are no material differences in accounting policies of the Gateway Fund as compared to those of the Fund.

Assuming the acquisition had been completed on January 1, 2023, the beginning of the semi-annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended June 30, 2023, are as follows:

Net investment income/(loss)	$ 18,594,046
Net realized/unrealized gains/(losses)	167,675,745
Change in net assets resulting from operations	$186,269,791

40

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Gateway Fund that have been included in the Fund’s Statement of Operations subsequent to March 10, 2023. The Fund did not purchase or sell securities following the acquisition for purposes of realigning its investment portfolio. Accordingly, the acquisition of the Gateway Fund did not affect the Fund’s portfolio turnover ratio for the period ended June 30, 2023.

12. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

13. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

41

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

42

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

43

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Fidelity Institutional Asset Management Total Bond Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 22

Page 22

Page 23

Page 24

Page 25

Page 32

Page 33

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Fidelity Institutional Asset Management Total Bond Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Fidelity Institutional Asset Management Total Bond Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1		$	1,000.00		$	1,031.00		$	2.87		0.57	%
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		$	1,000.00		$	1,029.90		$	4.13		0.82	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1		$	1,000.00		$	1,021.97		$	2.86		0.57	%
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		$	1,000.00		$	1,020.73		$	4.11		0.82	%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net   Assets
Corporate Bonds		29.8	%
U.S. Treasury Obligations		25.5
U.S. Government Agency Mortgages		20.7
Collateralized Mortgage Obligations		10.7
Yankee Debt Obligations		8.1
Asset Backed Securities		4.0
Short-Term Security Held as Collateral for Securities on Loan		1.6
Municipal Bonds		0.9
Common Stocks		0.6
Unaffiliated Investment Company		0.6
Bank Loans		0.4
Convertible Bonds		0.1
Preferred Stock		—	†
Warrant		—	†
Total Investment Securities		103.0
Net other assets (liabilities)		(3.0	)
Net Assets		100.0	%

† Represents less than 0.05%.

3

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks (0.6%):
Oil, Gas & Consumable Fuels (0.6%):
22	Amplify Energy Corp.*	$	149
1,149	Denbury, Inc.*		99,113
5,889	Sanchez Energy Corp.*		880,174
Total Common Stocks (Cost $161,768)			979,436
Preferred Stock (0.0%†):
Electric Utilities (0.0%†):
300	PG&E Corp., 8/16/23		44,853
Total Preferred Stock (Cost $35,219)			44,853
Contracts		Value
Warrant (0.0%†):
Oil, Gas & Consumable Fuels (0.0%†):
95	California Resources Corp., 10/27/24		1,127
Total Warrant (Cost $—)			1,127
Principal Amount		Value
Asset Backed Securities (4.0%):
$686,537	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(a)		571,905
502,439	Aaset Trust, Class A, Series 2021-2A, 2.80%, 1/15/47(a)		427,383
267,342	Aaset Trust, Class A, Series 2021-1A, 2.95%, 11/16/41(a)		235,680
138,939	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(a)		69,541
123,838	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(a)		104,037
318,704	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(a)		267,032
139,065	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(a)		100,482
193,277	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(a)		120,606
45,333	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		43,239
512,341	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		472,299
398,765	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(a)		338,923
181,239	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(a)		164,801
186,315	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(a)		134,655
309,266	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(a)		274,552
154,946	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(a)		141,386
514,576	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(a)		446,244
197,166	Horizon Aircraft Finance, Ltd., Class A, Series 2018- 1, 4.46%, 12/15/38(a)		170,021
189,077	Horizon Aircraft Finance, Ltd., Class A, Series 2019- 1, 3.72%, 7/15/39(a)		160,508
325,205	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(a)		275,532

Principal Amount		Value
Asset Backed Securities, continued
$214,288	Planet Fitness Master Issuer LLC, Class A2II, Series 2022-1A, 4.01%, 12/5/51, Callable 12/5/27 @ 100(a)	$	170,169
250,825	Planet Fitness Master Issuer LLC, Class A2I, Series 2022-1A, 3.25%, 12/5/51, Callable 12/5/24 @ 100(a)		222,650
325,734	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(a)		271,563
303,531	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(a)		255,173
233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(a)		164,014
455,682	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(a)		378,152
292,692	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(a)(b)		268,039
413,981	Thunderbolt II Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(a)(b)		342,279
Total Asset Backed Securities (Cost $7,849,985)			6,590,865
Collateralized Mortgage Obligations (10.7%):
273,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A, 6.39%(US0003M+114bps), 7/20/34, Callable 7/20/23 @ 100(a)		266,838
254,000	Allegro CLO XV, Ltd., Class A, Series 2022-1A, 6.55%(TSFR3M+150bps), 7/20/35, Callable 7/20/24 @ 100(a)		249,866
250,000	Ares CLO, Ltd., Class AR2, Series 2015-2A, 6.51%(US0003M+125bps), 4/17/33, Callable 7/17/23 @ 100(a)		245,868
408,000	Ares LVIII CLO, Ltd., Class AR, Series 2020-58A, 6.32%(TSFR3M+133bps), 1/15/35, Callable 1/15/24 @ 100(a)		396,430
227,000	BAMLL Commercial Mortgage Securities Trust, Class A, Series 2022-DKLX, 6.30%(TSFR1M+115bps), 1/15/39(a)		220,636
100,000	BAMLL Commercial Mortgage Securities Trust, Class C, Series 2022-DKLX, 7.30%(TSFR1M+215bps), 1/15/39(a)		96,013
273,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(a)		256,046
100,000	BAMLL Commercial Mortgage Securities Trust, Class BNM, Series 2019-BPR, 3.47%, 11/5/32(a)		84,468
201,000	BFLD Trust, Class A, Series 2020-OBRK, 7.31%(US0001M+205bps), 11/15/28(a)		200,353
197,000	BPR Trust, Class B, Series 2022-OANA, 7.59%(TSFR1M+245bps), 4/15/37(a)		192,395
185,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 7.09%(US0001M+190bps), 4/15/34(a)		180,862
176,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 6.79%(US0001M+160bps), 4/15/34(a)		172,197
266,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 6.49%(US0001M+130bps), 4/15/34(a)		260,759
400,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 6.19%(US0001M+100bps), 4/15/34(a)		395,677
238,850	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 6.51%(US0001M+125bps), 10/15/36(a)		236,321

See accompanying notes to the financial statements.

4

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$476,000	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 7.06%(US0001M+180bps), 10/15/36(a)	$	469,521
160,611	BX Commercial Mortgage Trust, Class D, Series 2022-LP2, 7.11%(TSFR1M+196bps), 2/15/39(a)		153,128
339,150	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 6.71%(US0001M+145bps), 10/15/36(a)		335,147
160,611	BX Commercial Mortgage Trust, Class B, Series 2022-LP2, 6.46%(TSFR1M+131bps), 2/15/39(a)		154,038
160,611	BX Commercial Mortgage Trust, Class C, Series 2022-LP2, 6.71%(TSFR1M+156bps), 2/15/39(a)		152,084
100,000	BX Mortgage Trust, Class C, Series 2021-PAC, 6.29%(US0001M+110bps), 10/15/36(a)		95,628
100,000	BX Mortgage Trust, Class D, Series 2021-PAC, 6.49%(US0001M+130bps), 10/15/36(a)		94,785
302,000	BX Mortgage Trust, Class E, Series 2021-PAC, 7.14%(US0001M+195bps), 10/15/36(a)		287,666
35,710	BX Trust, Class D, Series 2022-IND, 7.99%(TSFR1M+284bps), 4/15/24(a)		34,240
42,119	BX Trust, Class C, Series 2022-IND, 7.44%(TSFR1M+229bps), 4/15/24(a)		41,121
161,375	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 7/25/23 @ 100(a)(b)		152,285
336,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016- 6A, 6.30%(US0003M+105bps), 4/20/34, Callable 7/20/23 @ 100(a)		327,209
264,000	Cedar Funding X CLO, Ltd., Class AR, Series 2019- 10A, 6.35%(US0003M+110bps), 10/20/32, Callable 7/20/23 @ 100(a)		259,858
250,000	Cedar Funding XII CLO, Ltd., Class A1R, Series 2020-12A, 6.39%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(a)		245,114
387,000	Cedar Funding XV CLO, Ltd., Class A, Series 2022- 15A, 6.37%(TSFR3M+132bps), 4/20/35, Callable 4/20/24 @ 100(a)		377,015
59,998	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 6.94%(US0001M+175bps), 6/15/34(a)		58,479
328,000	Columbia Cent CLO 29, Ltd., Class AR, Series 2020- 29A, 6.42%(US0003M+117bps), 10/20/34, Callable 10/20/23 @ 100(a)		318,837
580,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020- 30A, 6.56%(US0003M+131bps), 1/20/34, Callable 7/20/23 @ 100(a)		570,685
440,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021- 31A, 6.45%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(a)		428,685
116,301	Credit Suisse Mortgage Capital Certificates, Class A, Series 2020-NET, 2.26%, 8/15/37(a)		102,559
309,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(a)		299,214
100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(a)		96,415
128,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(a)		120,746
1,384,000	CSMC Trust, Class D, Series 2017-PFHP, 7.44%(US0001M+225bps), 12/15/30(a)		1,309,041
100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(a)		96,020

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$250,000	Dryden 98 CLO, Ltd., Class A, Series 2022-98A, 6.35%(TSFR3M+130bps), 4/20/35, Callable 4/20/24 @ 100(a)	$	242,672
250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 6.51%(US0003M+125bps), 1/15/34, Callable 7/15/23 @ 100(a)		245,121
378,000	Eaton Vance CLO, Ltd., Class AR, Series 2020-2A, 6.41%(US0003M+115bps), 1/15/35, Callable 1/15/24 @ 100(a)		371,804
130,105	Extended Stay America Trust, Class D, Series 2021- ESH, 7.44%(US0001M+225bps), 7/15/38(a)		126,467
96,374	Extended Stay America Trust, Class C, Series 2021- ESH, 6.89%(US0001M+170bps), 7/15/38(a)		93,786
250,000	Flatiron CLO 19, Ltd., Class AR, Series 2019-1A, 6.40%(US0003M+108bps), 11/16/34, Callable 8/16/23 @ 100(a)		246,271
250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 6.37%(US0003M+111bps), 7/19/34, Callable 7/19/23 @ 100(a)		246,065
100,000	GS Mortgage Securities Corp. Trust, Class B, Series 2021-IP, 6.34%(US0001M+115bps), 10/15/36(a)		92,508
250,000	Invesco CLO, Ltd., Class A, Series 2021-3A, 6.40%(US0003M+113bps), 10/22/34, Callable 10/22/23 @ 100(a)		245,286
97,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23(a)		88,274
133,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23(a)		118,927
63,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23(a)		58,221
506,000	KKR CLO 41, Ltd., Class A1, Series 2022-41A, 6.32%(TSFR3M+133bps), 4/15/35, Callable 4/15/24 @ 100(a)		490,554
173,000	Life Mortgage Trust, Class D, Series 2022-BMR2, 7.69%(TSFR1M+254bps), 5/15/39, Callable 5/15/24 @ 100(a)		164,409
98,297	Life Mortgage Trust, Class E, Series 2021-BMR, 7.01%(US0001M+175bps), 3/15/38(a)		93,954
194,000	Life Mortgage Trust, Class C, Series 2022-BMR2, 7.24%(TSFR1M+209bps), 5/15/39, Callable 5/15/24 @ 100(a)		188,547
98,297	Life Mortgage Trust, Class C, Series 2021-BMR, 6.36%(US0001M+110bps), 3/15/38(a)		94,650
98,297	Life Mortgage Trust, Class D, Series 2021-BMR, 6.66%(US0001M+140bps), 3/15/38(a)		94,497
369,000	Madison Park Funding LII, Ltd., Class A, Series 2021-52A, 6.37%(US0003M+110bps), 1/22/35, Callable 1/22/24 @ 100(a)		360,906
400,000	Magnetite XXX, Ltd., Class A, Series 2021-30A, 6.39%(US0003M+113bps), 10/25/34, Callable 10/25/23 @ 100(a)		392,578
46,865	Mesquite Energy, Inc., 15.00%(LIBOR+0bps), 7/15/23(a)(c)		46,865
79,890	Mesquite Energy, Inc., 13.00%(LIBOR+800bps), 7/15/23(a)(c)		79,890
723,200	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 6.69%(US0001M+150bps), 6/15/35(a)		519,434

See accompanying notes to the financial statements.

5

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Collateralized Mortgage Obligations, continued
$82,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.28%, 11/10/36, Callable 11/10/24 @ 100(a)(b)	$	75,445
300,000	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 6.44%(US0001M+125bps), 6/15/35(a)		250,674
86,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(a)		80,130
593,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(a)		556,954
24,835	Prima Capital CRE Securitization, Class A, Series 2021-9A, 6.61%(US0001M+145bps), 12/15/37, Callable 5/25/24 @ 100(a)		24,758
420,000	RR 7, Ltd., Class A1AB, Series 2019-7A, 6.33%(TSFR3M+134bps), 1/15/37, Callable 7/15/23 @ 100(a)		410,607
53,000	SPGN Mortgage Trust, Class C, Series 2022-TFLM, 7.80%(TSFR1M+265bps), 2/15/39, Callable 2/15/24 @ 100(a)		49,905
103,000	SPGN Mortgage Trust, Class B, Series 2022-TFLM, 7.15%(TSFR1M+200bps), 2/15/39, Callable 2/15/24 @ 100(a)		98,350
146,000	SREIT Trust, Class C, Series 2021-MFP, 6.52%(US0001M+133bps), 11/15/38(a)		140,633
100,000	SREIT Trust, Class D, Series 2021-MFP, 6.77%(US0001M+158bps), 11/15/38(a)		95,936
350,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021- 26A, 6.33%(US0003M+108bps), 4/20/33, Callable 7/20/23 @ 100(a)		344,099
20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(a)		15,445
250,000	Voya CLO, Ltd., Class AR, Series 2020-1A, 6.41%(US0003M+115bps), 7/16/34, Callable 7/16/23 @ 100(a)		245,751
516,000	Voya CLO, Ltd., Class A, Series 2019-2, 6.52%(US0003M+127bps), 7/20/32, Callable 7/20/23 @ 100(a)		510,584
250,000	Voya CLO, Ltd., Class A1R, Series 2020-2A, 6.42%(US0003M+116bps), 7/19/34, Callable 7/19/23 @ 100(a)		245,413
Total Collateralized Mortgage Obligations (Cost $18,688,533)			17,880,619
Convertible Bonds (0.1%):
Entertainment (0.0%†):
17,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		18,041
Hotels, Restaurants & Leisure (0.0%†):
18,000	Booking Holdings, Inc., 0.75%, 5/1/25		26,888
15,000	Vail Resorts, Inc., 4.70%, 1/1/26		13,368
			40,256
Leisure Products (0.0%†):
13,000	Callaway Golf Co., 2.75%, 5/1/26		16,963
Media (0.1%):
35,000	DISH Network Corp., 2.38%, 3/15/24		31,204
89,000	DISH Network Corp., 3.38%, 8/15/26		44,367
			75,571
Professional Services (0.0%†):
13,000	KBR, Inc., 2.50%, 11/1/23		33,537

Principal Amount		Value
Convertible Bonds, continued
Semiconductors & Semiconductor Equipment (0.0%†):
$8,000	ON Semiconductor Corp., 1.63%, 10/15/23	$	36,723
Total Convertible Bonds (Cost $212,501)			221,091
Bank Loans (0.4%):
Chemicals (0.0%†):
24,563	Consolidated Energy Term Incr B 1Ln, 8.56% (LIBOR+350bps )		23,826
9,875	Diversey Term B 1Ln, 0.00% (LIBOR+275bps ), 9/14/28		9,859
			33,685
Construction & Engineering (0.0%†):
50,000	Convergint Tech Term 2Ln, 9.14% (Term SOFR+675bps ), 3/31/29		44,104
9,825	Convergint Tech Term B 1Ln, 11.89% (Term SOFR+375bps ), 3/31/28		9,626
			53,730
Diversified Consumer Services (0.1%):
5,000	Ascend Learning Term 2Ln, 10.89% (Term SOFR+575bps ), 12/10/29		4,229
74,063	Ascend Learning Term B 1Ln, 8.64% (Term SOFR+350bps ), 12/10/28		69,468
			73,697
Health Care Providers & Services (0.1%):
104,735	Cano Health Term B, 9.14% (Term SOFR+400bps ), 11/23/27		87,715
Hotels, Restaurants & Leisure (0.1%):
108,625	City Football Group Term B 1Ln, 8.06% (LIBOR+300bps ), 7/21/28		106,453
75,095	Diamond Sports Group Term 2Ln, 8.64% (Term SOFR+350bps ), 8/24/26		2,315
51,241	Golden Entertainment Term B 1Ln, 8.06% (LIBOR+300bps ), 10/20/24		51,161
			159,929
Industrial Products (0.0%†):
49,750	Westinghouse Term 1Ln, 8.89% (Term SOFR+375bps ), 8/1/25		49,738
Media (0.0%†):
19,850	Authentic Brands Term B1 1Ln, 8.64% (Term SOFR+350bps ), 12/21/28		19,736
Software (0.0%†):
6,771	Ion Analytics Term 1Ln, 9.14% (Term SOFR+400bps ), 2/16/28		6,676
Software & Computer Services (0.0%†):
55,000	UKG, Term 2Ln, 10.39% (Term SOFR+525bps ), 5/3/27		53,193
Software & Tech Services (0.1%):
48,664	Athenahealth Term B 1Ln, 8.64% (Term SOFR+350bps ), 2/15/29		46,778
5,978	Athenahealth Term DD 1Ln, 8.56% (LIBOR+350bps ), 2/15/29+		5,747
125,000	Nielsen Holdings Term B 1Ln, 10.14% (Term SOFR+500bps ), 4/11/29		109,750
			162,275
Total Bank Loans (Cost $764,730)			700,374

See accompanying notes to the financial statements.

6

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds (29.8%):
Aerospace & Defense (0.6%):
$214,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100	$	211,677
100,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		99,606
200,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100		197,659
55,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 8/7/23 @ 102.06(a)		50,325
30,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		30,187
30,000	Moog, Inc., 4.25%, 12/15/27, Callable 8/7/23 @ 103.19(a)		27,788
60,000	TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 8/7/23 @ 101.72		59,400
60,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 8/7/23 @ 100		59,025
55,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 8/7/23 @ 101.88		54,863
160,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 8/7/23 @ 102.75		150,800
			941,330
Air Freight & Logistics (0.0%†):
45,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 7/24/23 @ 102.38(a)		39,206
38,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 8/7/23 @ 101.56(a)		37,620
			76,826
Automobile Components (0.0%†):
20,000	Clarios Global LP/Clarios US Finance Co., 6.75%, 5/15/28, Callable 5/15/25 @ 103.38(a)		19,925
25,000	Dana, Inc., 4.50%, 2/15/32, Callable 2/15/27 @ 102.25		20,688
			40,613
Automobiles (0.0%†):
30,000	Thor Industries, Inc., 4.00%, 10/15/29, Callable 10/15/24 @ 102(a)		25,463
Banks (3.0%):
612,000	Bank of America Corp., Series L, 3.95%, 4/21/25		592,963
128,000	Bank of America Corp., Series G, 4.45%, 3/3/26		124,021
790,000	Bank of America Corp., 5.02% (SOFR+216 bps), 7/22/33, Callable 7/22/32 @ 100^		767,779
120,000	CIT Group, Inc., 6.13%, 3/9/28		116,416
770,000	Citigroup, Inc., 4.30%, 11/20/26		735,876
150,000	Citigroup, Inc., 4.91% (SOFR+209 bps), 5/24/33, Callable 5/24/32 @ 100		144,657
100,000	Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100		69,683
1,250,000	JPMorgan Chase & Co., 4.59% (SOFR+180 bps), 4/26/33, Callable 4/26/32 @ 100		1,187,658
449,000	Wells Fargo & Co., 3.53% (SOFR+151 bps), 3/24/28, Callable 3/24/27 @ 100		418,962
925,000	Wells Fargo & Co., 4.90% (SOFR+210 bps), 7/25/33, Callable 7/25/32 @ 100		886,576
			5,044,591
Beverages (0.5%):
250,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		232,005

Principal Amount		Value
Corporate Bonds, continued
Beverages, continued
$509,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100	$	470,760
100,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		108,486
			811,251
Biotechnology (0.3%):
154,000	Amgen, Inc., 5.25%, 3/2/30, Callable 1/2/30 @ 100		154,393
174,000	Amgen, Inc., 5.25%, 3/2/33, Callable 12/2/32 @ 100		174,240
165,000	Amgen, Inc., 5.60%, 3/2/43, Callable 9/2/42 @ 100		164,669
70,000	Emergent BioSolutions, Inc., 3.88%, 8/15/28, Callable 8/15/23 @ 101.94(a)		38,850
			532,152
Building Products (0.1%):
110,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 7/24/23 @ 102.5(a)		104,225
25,000	Builders FirstSource, Inc., 4.25%, 2/1/32, Callable 8/1/26 @ 102.13(a)		21,750
15,000	Roller Bearing Co. of America, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19(a)		13,387
			139,362
Capital Markets (1.9%):
340,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		321,101
540,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		499,348
20,000	Charles Schwab Corp. (The), 5.38% (H15T5Y+497 bps), Callable 6/1/25 @ 100		19,250
40,000	Charles Schwab Corp. (The), 4.00% (H15T10Y+308 bps), 12/31/99, Callable 12/1/30 @ 100		29,350
530,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		489,277
270,000	Goldman Sachs Group, Inc. (The), 3.10% (SOFR+141 bps), 2/24/33, Callable 2/24/32 @ 100		228,111
90,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		96,748
75,000	Hightower Holding LLC, 6.75%, 4/15/29, Callable 4/15/24 @ 103.38(a)		64,687
10,000	LCM Investments Holdings II LLC, 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(a)		8,500
25,000	ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(a)		18,500
965,000	Morgan Stanley, 6.34% (SOFR+256 bps), 10/18/33, Callable 10/18/32 @ 100		1,021,062
45,000	MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(a)		35,831
80,000	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 10.75%, 7/1/25, Callable 8/7/23 @ 102.69(a)		77,200
85,000	Olympus Water US Holding Corp., 4.25%, 10/1/28, Callable 10/1/24 @ 102.13(a)		67,044
250,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(a)		224,291
20,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(a)		16,300
			3,216,600
Chemicals (0.3%):
16,000	CF Industries, Inc., 4.95%, 6/1/43		13,840
170,000	Chemours Co. (The), 5.38%, 5/15/27, Callable 2/15/27 @ 100		159,162

See accompanying notes to the financial statements.

7

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Chemicals, continued
$75,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(a)	$	68,625
25,000	Diamond BC BV, 4.63%, 10/1/29(a)		25,219
5,000	Kobe US Midco 2, Inc., 9.25%, 11/1/26, Callable 8/7/23 @ 104.63(a)		3,300
50,000	LSB Industries, Inc., 6.25%, 10/15/28, Callable 10/15/24 @ 103.13^(a)		44,625
70,000	SCIH Salt Holdings, Inc., 4.88%, 5/1/28, Callable 5/1/24 @ 102.44(a)		62,475
25,000	Scotts Miracle-Gro Co. (The), 4.38%, 2/1/32, Callable 8/1/26 @ 102.19		19,750
35,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(a)		34,256
55,000	WR Grace Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(a)		44,963
15,000	WR Grace Holdings LLC, 7.38%, 3/1/31, Callable 3/1/26 @ 103.69(a)		14,700
			490,915
Commercial Services & Supplies (0.3%):
25,000	ADT Security Corp. (The), 4.13%, 8/1/29, Callable 8/1/28 @ 100(a)		21,594
70,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 8/7/23 @ 102.5(a)		65,887
25,000	Clean Harbors, Inc., 6.38%, 2/1/31, Callable 2/1/26 @ 103.19(a)		25,063
110,000	CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104.13		110,687
56,000	GEO Group, Inc. (The), 10.50%, 6/30/28, Callable 7/18/23 @ 103		56,280
35,000	Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 8/7/23 @ 102.5(a)		31,631
35,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44^(a)		25,900
50,000	Rand Parent LLC, 8.50%, 2/15/30, Callable 2/15/26 @ 104.25(a)		45,250
50,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(a)		44,375
			426,667
Communications Equipment (0.1%):
90,000	CommScope, Inc., 4.75%, 9/1/29, Callable 9/1/24 @ 102.38(a)		70,875
50,000	Viavi Solutions, Inc., 3.75%, 10/1/29, Callable 10/1/24 @ 101.88(a)		42,500
			113,375
Construction & Engineering (0.2%):
40,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(a)		35,800
140,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 8/7/23 @ 100(a)		135,800
45,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(a)		40,781
35,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(a)		28,438
35,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(a)		29,312

Principal Amount		Value
Corporate Bonds, continued
Construction & Engineering, continued
$150,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(a)	$	134,250
			404,381
Consumer Finance (1.7%):
370,000	Ally Financial, Inc., 7.10%, 11/15/27, Callable 10/15/27 @ 100^		372,748
85,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100		60,267
636,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		582,859
440,000	Capital One Financial Corp., 5.25% (SOFR+260 bps), 7/26/30, Callable 7/26/29 @ 100		415,059
250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		226,637
355,000	Discover Financial Services, 4.10%, 2/9/27, Callable 11/9/26 @ 100		327,255
215,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		183,495
80,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100		77,860
110,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		94,188
75,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		57,656
470,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		409,024
			2,807,048
Consumer Staples Distribution & Retail (0.4%):
35,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 1/15/27, Callable 8/7/23 @ 103.47(a)		33,163
80,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(a)		69,200
50,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(a)		46,000
180,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/1/33, Callable 1/1/33 @ 100(a)		168,300
65,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 8/7/23 @ 101.72(a)		64,919
30,000	Performance Food Group, Inc., 4.25%, 8/1/29, Callable 8/1/24 @ 102.13(a)		26,737
70,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		73,221
100,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		113,307
65,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(a)		55,656
30,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38(a)		24,862
25,000	US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)		22,375
			697,740
Containers & Packaging (0.2%):
115,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 7/18/23 @ 102.06(a)		106,806
30,000	Ball Corp., 6.00%, 6/15/29, Callable 5/15/26 @ 103		29,700

See accompanying notes to the financial statements.

8

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Containers & Packaging, continued
$35,000	Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100	$	28,744
30,000	Graphic Packaging International LLC, 3.75%, 2/1/30, Callable 8/1/29 @ 100(a)		25,912
30,000	Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31, Callable 5/15/26 @ 103.63(a)		30,375
25,000	Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 2/1/28, Callable 2/1/25 @ 103.06(a)		24,719
			246,256
Diversified Consumer Services (0.1%):
32,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(a)		26,880
61,000	APX Group, Inc., 6.75%, 2/15/27, Callable 8/7/23 @ 103.38(a)		59,628
			86,508
Diversified REITs (0.7%):
421,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		333,611
288,000	Brandywine Operating Partnership LP, 7.55%, 3/15/28, Callable 2/15/28 @ 100		258,120
30,000	CTR Partnership LP/CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(a)		25,753
75,000	Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(a)		55,031
60,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		46,575
112,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		81,143
300,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100		290,690
101,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		90,898
			1,181,821
Diversified Telecommunication Services (1.0%):
110,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		104,027
235,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		217,491
25,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(a)		18,594
40,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(a)		30,000
130,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(a)		90,350
30,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 8/7/23 @ 103.06(a)		18,712
25,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(a)		22,813
8,244	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94		6,018
60,000	Frontier Communications Holdings LLC, 8.75%, 5/15/30, Callable 5/15/25 @ 104.38(a)		58,425
299,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		249,571
213,000	Warnermedia Holdings, Inc., 3.76%, 3/15/27, Callable 2/15/27 @ 100		198,123

Principal Amount		Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$74,000	Warnermedia Holdings, Inc., 4.05%, 3/15/29, Callable 1/15/29 @ 100	$	67,259
310,000	Warnermedia Holdings, Inc., 4.28%, 3/15/32, Callable 12/15/31 @ 100		273,207
155,000	Warnermedia Holdings, Inc., 5.05%, 3/15/42, Callable 9/15/41 @ 100		129,360
234,000	Warnermedia Holdings, Inc., 5.14%, 3/15/52, Callable 9/15/51 @ 100		189,536
25,000	Zayo Group Holdings, Inc., 4.00%, 3/1/27, Callable 8/7/23 @ 100(a)		17,656
			1,691,142
Electric Utilities (0.7%):
20,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(a)		18,450
96,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 8/7/23 @ 103.38(a)		90,240
70,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(a)		61,512
130,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		110,122
160,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a)		124,520
110,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100		102,552
45,000	Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104		43,763
29,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(a)		27,550
40,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 7/24/23 @ 102.88		37,900
30,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(a)		24,450
55,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(a)		42,762
40,812	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(a)		40,455
210,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		165,189
140,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63^		125,125
110,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/18/23 @ 102.5(a)		102,850
			1,117,440
Electrical Equipment (0.1%):
35,000	Artera Services LLC, 9.03%, 12/4/25, Callable 8/7/23 @ 104.52(a)		30,450
20,000	GrafTech Global Enterprises, Inc., 9.88%, 12/15/28, Callable 12/15/25 @ 104.94(a)		19,850
45,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(a)		39,937
60,000	Vertiv Group Corp., 4.13%, 11/15/28, Callable 11/15/24 @ 102.06(a)		53,850
			144,087

See accompanying notes to the financial statements.

9

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Electronic Equipment, Instruments & Components (0.1%):
$110,000	II-VI, Inc., 5.00%, 12/15/29, Callable 12/14/24 @ 102.5(a)	$	99,138
Energy Equipment & Services (0.0%†):
70,000	Transocean, Inc., 8.75%, 2/15/30, Callable 2/15/26 @ 104.38(a)		70,875
Entertainment (0.1%):
45,000	Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 8/7/23 @ 113(a)		22,950
745,000	Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 7/24/23 @ 102.69(a)		25,144
60,000	ROBLOX Corp., 3.88%, 5/1/30, Callable 11/1/24 @ 101.94(a)		50,400
			98,494
Financial Services (1.8%):
35,000	AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(a)		31,544
640,000	Blackstone Private Credit Fund, 4.70%, 3/24/25^		616,428
15,000	Clydesdale Acquisition Holdings, Inc., 6.63%, 4/15/29, Callable 4/15/25 @ 103.31(a)		14,287
75,000	Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30, Callable 4/15/25 @ 104.38(a)		66,094
60,000	Cobra AcquisitionCo LLC, 6.38%, 11/1/29, Callable 11/1/24 @ 103.25(a)		42,300
190,000	Corebridge Financial, Inc., 3.65%, 4/5/27, Callable 3/5/27 @ 100		176,262
130,000	Corebridge Financial, Inc., 3.90%, 4/5/32, Callable 1/5/32 @ 100		112,268
70,000	Corebridge Financial, Inc., 4.40%, 4/5/52, Callable 10/5/51 @ 100		54,204
45,000	Ford Motor Credit Co LLC, 4.27%, 1/9/27, Callable 11/9/26 @ 100		41,623
940,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		907,409
50,000	GGAM Finance, Ltd., 7.75%, 5/15/26, Callable 11/15/25 @ 100(a)		50,125
50,000	HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(a)		44,813
80,000	HUB International, Ltd., 7.25%, 6/15/30, Callable 6/15/26 @ 103.63(a)		82,500
70,000	Jackson Financial, Inc., 5.17%, 6/8/27, Callable 5/8/27 @ 100^		66,133
90,000	Jackson Financial, Inc., 5.67%, 6/8/32, Callable 3/8/32 @ 100^		85,048
30,000	Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29, Callable 11/15/24 @ 102.25(a)		25,800
140,000	Level 3 Financing, Inc., 4.25%, 7/1/28, Callable 8/7/23 @ 102.13(a)		90,300
20,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(a)		11,950
15,000	MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(a)		12,375
25,000	OI European Group BV, 4.75%, 2/15/30, Callable 11/15/24 @ 102.38(a)		22,375
250,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)		240,741
230,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(a)		211,222

Principal Amount		Value
Corporate Bonds, continued
Financial Services, continued
$35,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(a)	$	23,625
			3,029,426
Food Products (0.4%):
75,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(a)		57,563
550,000	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 5/15/32, Callable 2/15/32 @ 100(a)		422,125
110,000	Pilgrim’s Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13		94,325
15,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 7/24/23 @ 102.81(a)		14,381
28,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(a)		23,905
			612,299
Ground Transportation (0.1%):
180,000	Uber Technologies, Inc., 4.50%, 8/15/29, Callable 8/15/24 @ 102.25(a)		165,600
Health Care Providers & Services (1.6%):
50,000	180 Medical, Inc., 3.88%, 10/15/29, Callable 10/7/24 @ 101.94(a)		43,625
30,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(a)		25,875
5,000	Cano Health LLC, 6.25%, 10/1/28, Callable 10/1/24 @ 103.13(a)		3,138
30,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		25,575
630,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		579,600
360,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		307,800
100,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(a)		87,750
100,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(a)		84,125
55,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(a)		33,000
250,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		241,471
90,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 8/7/23 @ 102(a)		87,075
62,000	CVS Health Corp., 5.00%, 1/30/29, Callable 12/30/28 @ 100		61,402
25,000	CVS Health Corp., 5.25%, 1/30/31, Callable 11/30/30 @ 100		24,879
85,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)		72,887
25,000	Garden Spinco Corp., 8.63%, 7/20/30, Callable 7/20/27 @ 102.16(a)		26,937
203,000	HCA, Inc., 5.88%, 2/1/29, Callable 8/1/28 @ 100		203,508
110,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		96,388
25,000	HealthEquity, Inc., 4.50%, 10/1/29, Callable 10/1/24 @ 102.25(a)		21,937
64,000	Humana, Inc., 3.70%, 3/23/29, Callable 2/23/29 @ 100		58,400
60,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(a)		51,300

See accompanying notes to the financial statements.

10

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$40,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(a)	$	33,400
21,000	Surgery Center Holdings, Inc., 6.75%, 7/1/25, Callable 8/7/23 @ 100(a)		20,895
195,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06		187,444
65,000	Tenet Healthcare Corp., 4.38%, 1/15/30, Callable 12/1/24 @ 102.19		58,500
181,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		145,931
20,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 8/7/23 @ 102.66(a)		5,000
			2,587,842
Health Care REITs (1.0%):
98,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		83,462
140,000	MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 8/7/23 @ 102.5		117,600
150,000	MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31, Callable 3/15/26 @ 101.75		103,500
350,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		320,225
435,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		357,019
230,000	Sabra Health Care LP, 3.20%, 12/1/31, Callable 9/1/31 @ 100		171,475
631,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		598,015
			1,751,296
Health Care Technology (0.0%†):
90,000	Minerva Merger Sub, Inc., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(a)		75,375
Hotel & Resort REITs (0.0%†):
55,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100		48,331
Hotels, Restaurants & Leisure (0.8%):
25,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(a)		22,000
65,000	Caesars Entertainment, Inc., 4.63%, 10/15/29, Callable 10/15/24 @ 102.31(a)		56,713
130,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/7/23 @ 105.25(a)		136,656
45,000	Carnival Corp., 10.50%, 6/1/30, Callable 6/1/25 @ 105.25^(a)		47,700
70,000	Churchill Downs, Inc., 6.75%, 5/1/31, Callable 5/1/26 @ 103.38(a)		69,213
65,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 8/7/23 @ 104.06(a)		66,381
70,000	Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30, Callable 1/15/25 @ 103.38(a)		59,325
25,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(a)		22,187
30,000	Jacobs Entertainment, Inc., 6.75%, 2/15/29, Callable 2/15/25 @ 103.38(a)		26,475
25,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(a)		21,562

Principal Amount		Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$105,000	MGM Resorts International, 5.75%, 6/15/25, Callable 3/15/25 @ 100	$	103,556
45,000	NCL Corp., Ltd., 3.63%, 12/15/24, Callable 7/18/23 @ 100.91(a)		43,088
75,000	NCL Corp., Ltd., 5.88%, 2/15/27, Callable 2/15/24 @ 102.94(a)		72,930
55,000	NCL Corp., Ltd., 8.38%, 2/1/28, Callable 2/1/25 @ 104.19(a)		57,475
25,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(a)		22,625
27,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 7/18/23 @ 105.75(a)		28,620
40,000	Royal Caribbean Cruises, Ltd., 5.50%, 8/31/26, Callable 2/28/26 @ 100(a)		37,900
50,000	Royal Caribbean Cruises, Ltd., 5.38%, 7/15/27, Callable 10/15/26 @ 100(a)		46,750
40,000	Royal Caribbean Cruises, Ltd., 7.25%, 1/15/30, Callable 12/15/25 @ 103.63(a)		40,500
85,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 8/7/23 @ 102.25(a)		76,181
45,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 7/11/23 @ 104.88(a)		47,259
50,000	Viking Cruises, Ltd., 9.13%, 7/15/31, Callable 7/15/26 @ 104.56(a)		50,312
100,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 3/1/25, Callable 12/1/24 @ 100(a)		98,375
40,000	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 2/15/31, Callable 11/15/30 @ 100(a)		39,800
110,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		99,275
			1,392,858
Household Durables (0.2%):
30,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 8/7/23 @ 102.44(a)		15,750
35,000	Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 4/1/30, Callable 4/1/25 @ 102.31(a)		29,400
30,000	Century Communities, Inc., 3.88%, 8/15/29, Callable 2/15/29 @ 100(a)		25,950
65,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(a)		53,625
40,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		33,200
25,000	Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(a)		19,844
45,000	Tempur Sealy International, Inc., 4.00%, 4/15/29, Callable 4/15/24 @ 102(a)		38,475
25,000	Tempur Sealy International, Inc., 3.88%, 10/15/31, Callable 10/15/26 @ 101.94(a)		20,125
50,000	TopBuild Corp., 4.13%, 2/15/32, Callable 10/15/26 @ 102.06(a)		42,562
			278,931
Household Products (0.0%†):
35,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(a)		28,831
Independent Power and Renewable Electricity Producers (0.4%):
350,000	AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(a)		329,889

See accompanying notes to the financial statements.

11

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Independent Power and Renewable Electricity Producers, continued
$280,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(a)	$	251,564
20,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 7/18/23 @ 103.56(a)		18,450
20,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(a)		18,150
40,000	Sunnova Energy Corp., 5.88%, 9/1/26, Callable 9/1/23 @ 102.94^(a)		36,550
40,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(a)		36,900
19,655	Topaz Solar Farms LLC, 5.75%, 9/30/39(a)		19,016
			710,519
Industrial Conglomerates (0.1%):
165,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		141,488
Industrial REITs (0.1%):
135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		131,763
Industrial Services (0.0%†):
35,000	Railworks Holdings LP/Railworks Rally, Inc., 8.25%, 11/15/28, Callable 11/15/24 @ 104.13(a)		32,725
Insurance (0.8%):
300,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		282,603
25,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(a)		21,625
30,000	BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(a)		26,100
340,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(a)		288,569
70,000	Liberty Mutual Group, Inc., 4.57%, 2/1/29(a)		65,729
330,000	Pacific Lifecorp, 5.13%, 1/30/43(a)		302,611
35,000	Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(a)		30,844
280,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		257,087
110,000	USI, Inc., 6.88%, 5/1/25, Callable 8/7/23 @ 100(a)		109,175
			1,384,343
Interactive Media & Services (0.0%†):
85,000	Match Group Holdings II LLC, 3.63%, 10/1/31, Callable 10/1/26 @ 101.81(a)		69,488
IT Services (0.1%):
10,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(a)		8,625
15,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(a)		12,825
20,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(a)		17,825
30,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(a)		26,100
50,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		41,687
			107,062

Principal Amount		Value
Corporate Bonds, continued
Leisure Products (0.0%†):
$5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 8/7/23 @ 104.41(a)	$	4,894
30,000	Mattel, Inc., 6.20%, 10/1/40		26,662
			31,556
Life Sciences Tools & Services (0.0%†):
20,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 7/24/23 @ 102.13(a)		18,250
15,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(a)		13,144
35,000	Toledo Hospital (The), 6.02%, 11/15/48		24,500
			55,894
Machinery (0.1%):
35,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(a)		28,438
30,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(a)		25,200
40,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(a)		35,200
135,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(a)		108,675
25,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(a)		22,187
			219,700
Media (1.3%):
35,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(a)		28,613
395,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(a)		335,750
105,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(a)		82,162
160,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 4/1/33, Callable 1/1/33 @ 100		139,771
332,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.25%, 4/1/53, Callable 10/1/52 @ 100		268,008
110,000	CSC Holdings LLC, 4.63%, 12/1/30, Callable 12/1/25 @ 102.31(a)		48,950
230,000	DISH DBS Corp., 7.75%, 7/1/26		142,025
45,000	Emerald Debt Merger Sub LLC, 6.63%, 12/15/30, Callable 6/15/26 @ 103.31(a)		44,494
75,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		72,794
75,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		69,834
30,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(a)		20,100
25,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 103.25(a)		14,437
190,000	Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94(a)		146,775
140,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 8/7/23 @ 102.38(a)		133,350
40,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 7/18/23 @ 104.44(a)		28,400
600,000	Time Warner Cable, Inc., 6.75%, 6/15/39		568,131
55,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 7/18/23 @ 103.31(a)		53,212
			2,196,806

See accompanying notes to the financial statements.

12

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Metals & Mining (0.1%):
$30,000	Allegheny Technologies, Inc., 4.88%, 10/1/29, Callable 10/1/24 @ 102.44	$	27,006
40,000	Cleveland-Cliffs, Inc., 6.75%, 4/15/30, Callable 4/15/26 @ 103.38(a)		38,400
25,000	Commercial Metals Co., 4.13%, 1/15/30, Callable 1/15/25 @ 102.06		22,313
35,000	Mauser Packaging Solutions Holding Co., 7.88%, 8/15/26, Callable 8/15/24 @ 103.94(a)		34,606
25,000	Novelis Corp., 3.88%, 8/15/31, Callable 8/15/26 @ 101.94(a)		20,531
			142,856
Mortgage Real Estate Investment Trusts (REITs) (0.0%†):
25,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(a)		20,344
30,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		28,387
			48,731
Multi-Utilities (0.2%):
100,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100		90,878
141,000	Puget Energy, Inc., 4.22%, 3/15/32, Callable 12/15/31 @ 100		126,307
55,000	Sempra Energy, 6.00%, 10/15/39		55,816
			273,001
Office REITs (0.3%):
98,000	Corporate Office Properties LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		85,737
85,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100		63,126
290,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		205,538
35,000	Piedmont Operating Partnership LP, 2.75%, 4/1/32, Callable 1/1/32 @ 100		23,531
50,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		42,214
			420,146
Oil, Gas & Consumable Fuels (3.7%):
25,000	Apache Corp., 7.38%, 8/15/47		24,062
15,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 7/15/28, Callable 7/15/25 @ 104.88(a)		14,737
70,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102		61,509
55,000	Cheniere Energy Partners, LP, 3.25%, 1/31/32, Callable 1/31/27 @ 101.63		45,210
160,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(a)		158,906
10,000	Cnx Midstream Partners LP, 4.75%, 4/15/30, Callable 4/15/25 @ 102.38(a)		8,425
15,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(a)		13,875
30,000	Colgate Energy Partners III LLC, 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(a)		28,050
80,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(a)		73,200

Principal Amount		Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$85,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(a)	$	80,750
105,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(a)		98,044
55,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 7.38%, 2/1/31, Callable 2/1/26 @ 103.69(a)		54,244
90,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 7/24/23 @ 101.31(a)		86,400
25,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 7/24/23 @ 102.88(a)		22,000
105,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		103,819
60,000	DCP Midstream Operating LP, 5.13%, 5/15/29, Callable 2/15/29 @ 100		58,650
100,000	DCP Midstream Operating LP, 5.60%, 4/1/44, Callable 10/1/43 @ 100		94,320
35,000	Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(a)		32,375
18,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 7/18/23 @ 102.63		17,722
25,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(a)		21,875
124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		121,360
350,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		339,395
427,000	Energy Transfer LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		360,361
60,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(a)		58,125
70,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(a)		62,300
45,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		42,244
150,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		143,736
109,000	Hess Corp., 7.30%, 8/15/31		118,835
610,000	Hess Corp., 5.60%, 2/15/41		577,215
70,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 8/7/23 @ 101.41(a)		68,862
35,000	Hess Midstream Operations LP, 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(a)		30,450
20,000	Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 4/15/27, Callable 4/15/24 @ 103.19(a)		19,800
20,000	Kinetik Holdings LP, 5.88%, 6/15/30, Callable 6/15/25 @ 102.94(a)		18,523
25,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(a)		22,219
140,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		137,928
200,000	MPLX LP, 4.95%, 9/1/32, Callable 6/1/32 @ 100		191,278
65,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 7/24/23 @ 102.94		63,050
60,000	NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 8/7/23 @ 103.75(a)		59,100
30,000	Northern Oil and Gas, Inc., 8.75%, 6/15/31, Callable 6/15/26 @ 104.38(a)		29,475
50,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		42,937

See accompanying notes to the financial statements.

13

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$85,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100	$	97,537
412,000	Occidental Petroleum Corp., 7.50%, 5/1/31		449,595
25,000	Occidental Petroleum Corp., 7.88%, 9/15/31		27,844
40,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		31,000
40,000	Occidental Petroleum Corp., 6.20%, 3/15/40		39,400
120,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		93,750
80,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		59,300
50,000	PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 8/7/23 @ 103		46,750
15,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 8/7/23 @ 101.44		14,925
110,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		106,364
45,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100		44,100
230,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		217,637
408,000	Sanchez Energy Corp., 7.25%, 2/15/23(a)(c)		—
20,000	SM Energy Co., 5.63%, 6/1/25, Callable 8/7/23 @ 100		19,450
346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(a)		326,105
25,000	Southwestern Energy Co., 4.75%, 2/1/32, Callable 2/1/27 @ 102.38		21,875
5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 8/7/23 @ 102		4,912
95,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 8/7/23 @ 102.94		91,357
60,000	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(a)		52,500
30,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		28,725
20,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102		17,225
13,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		12,529
600,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		567,000
85,000	Western Midstream Operating LP, 4.30%, 2/1/30, Callable 11/1/29 @ 100		76,394
220,000	Williams Cos., Inc. (The), 4.65%, 8/15/32, Callable 5/15/32 @ 100		207,622
			6,259,262
Paper & Forest Products (0.0%†):
45,000	Glatfelter Corp., 4.75%, 11/15/29, Callable 11/1/24 @ 102.38(a)		29,419
Passenger Airlines (0.0%†):
35,000	American Airlines, Inc., 7.25%, 2/15/28, Callable 2/15/25 @ 103.63(a)		34,650

Principal Amount		Value
Corporate Bonds, continued
Personal Care Products (0.0%†):
$25,000	BellRing Brands, Inc., 7.00%, 3/15/30, Callable 3/15/27 @ 101.75(a)	$	25,156
Pharmaceuticals (0.3%):
37,000	Bausch Health Cos., Inc., 11.00%, 9/30/28(a)		26,085
7,000	Bausch Health Cos., Inc., 14.00%, 10/15/30, Callable 10/15/25 @ 106(a)		4,165
20,000	Catalent Pharma Solutions, Inc., 3.50%, 4/1/30, Callable 4/1/25 @ 101.75^(a)		16,250
116,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100^		112,810
20,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(a)		17,850
70,000	Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(a)		62,125
230,000	Viatris, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100		185,842
			425,127
Professional Services (0.1%):
25,000	Asgn, Inc., 4.63%, 5/15/28, Callable 8/7/23 @ 102.31(a)		22,656
25,000	Block, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100		22,625
25,000	Block, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100		20,671
90,000	CoreLogic, Inc., 4.50%, 5/1/28, Callable 5/1/24 @ 102.25(a)		72,563
			138,515
Real Estate Management & Development (0.5%):
150,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		119,648
27,000	Corporate Office Properties LP, 2.00%, 1/15/29, Callable 11/15/28 @ 100		20,409
225,000	Invitation Homes Operating Partnership LP, 4.15%, 4/15/32, Callable 1/15/32 @ 100		200,539
35,000	Kennedy-Wilson, Inc., 4.75%, 2/1/30, Callable 9/1/24 @ 102.38		26,338
120,000	TK Elevator US Newco, Inc., 5.25%, 7/15/27, Callable 8/7/23 @ 102.63(a)		110,550
390,000	VICI Properties LP, 4.95%, 2/15/30, Callable 12/15/29 @ 100		364,163
40,000	VICI Properties LP/VICI Note Co., Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(a)		38,650
			880,297
Residential REITs (0.2%):
150,000	American Homes 4 Rent LP, 3.63%, 4/15/32, Callable 1/15/32 @ 100		129,336
87,000	Sun Communities Operating LP, 2.30%, 11/1/28, Callable 9/1/28 @ 100		73,098
232,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		182,495
			384,929
Retail REITs (0.4%):
100,000	Boston Properties LP, 6.75%, 12/1/27, Callable 11/1/27 @ 100		100,865
22,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		19,803
387,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		341,122

See accompanying notes to the financial statements.

14

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Corporate Bonds, continued
Retail REITs, continued
$237,000	Tanger Properties LP, 2.75%, 9/1/31, Callable 6/1/31 @ 100	$	170,009
			631,799
Semiconductors & Semiconductor Equipment (0.7%):
55,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(a)		44,473
797,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(a)		620,953
490,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(a)		364,774
30,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(a)		27,300
50,000	Qorvo, Inc., 4.38%, 10/15/29, Callable 10/15/24 @ 102.19		45,000
			1,102,500
Software (0.6%):
55,000	Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)		42,006
25,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 8/7/23 @ 101.78(a)		24,875
40,000	Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44^(a)		35,350
110,000	Cloud Software Group, Inc., 9.00%, 9/30/29, Callable 9/30/25 @ 104.5(a)		95,150
30,000	Elastic NV, 4.13%, 7/15/29, Callable 7/15/24 @ 102.06(a)		25,875
30,000	Fair Isaac Corp., 4.00%, 6/15/28, Callable 7/24/23 @ 102(a)		27,225
55,000	MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(a)		49,156
555,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		489,686
240,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		204,359
			993,682
Specialized REITs (0.0%†):
70,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30, Callable 1/15/25 @ 103(a)		47,250
Specialty Retail (0.5%):
35,000	Asbury Automotive Group, Inc., 4.63%, 11/15/29, Callable 11/15/24 @ 102.31(a)		31,063
47,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		43,691
200,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		185,537
66,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(a)		38,280
10,000	Carvana Co., 4.88%, 9/1/29, Callable 9/1/24 @ 102.44(a)		5,600
55,000	Carvana Co., 10.25%, 5/1/30, Callable 5/1/27 @ 105.13(a)		42,350
30,000	Foot Locker, Inc., 4.00%, 10/1/29, Callable 10/1/24 @ 102(a)		22,575
95,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(a)		91,200
410,000	Lowe’s Cos., Inc., 4.25%, 4/1/52, Callable 10/1/51 @ 100		333,595

Principal Amount		Value
Corporate Bonds, continued
Specialty Retail, continued
$25,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(a)	$	20,062
30,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(a)		3,975
20,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(a)		17,750
50,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(a)		40,563
			876,241
Technology Hardware, Storage & Peripherals (0.2%):
129,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		130,810
148,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		151,633
20,000	Seagate HDD Cayman, 8.25%, 12/15/29, Callable 7/15/26 @ 104.13(a)		20,800
			303,243
Textiles, Apparel & Luxury Goods (0.1%):
25,000	Crocs, Inc., 4.13%, 8/15/31, Callable 8/15/26 @ 102.06(a)		20,125
20,000	Kontoor Brands, Inc., 4.13%, 11/15/29, Callable 11/15/24 @ 102.06(a)		16,700
30,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75^(a)		24,825
45,000	Wolverine World Wide, Inc., 4.00%, 8/15/29, Callable 8/15/24 @ 102(a)		35,831
			97,481
Tobacco (0.0%†):
30,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 7/18/23 @ 102.81(a)		27,263
Trading Companies & Distributors (0.2%):
290,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		274,500
40,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(a)		33,400
25,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(a)		21,625
40,000	SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(a)		34,500
			364,025
Wireless Telecommunication Services (0.5%):
175,000	Sprint Communications, Inc., 6.88%, 11/15/28		185,281
65,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 7/18/23 @ 102.38		63,213
500,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		459,732
80,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		68,356
			776,582
Total Corporate Bonds (Cost $55,494,716)			49,838,363
Yankee Debt Obligations (8.1%):
Aerospace & Defense (0.1%):
55,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 8/8/23 @ 103.56(a)		54,450

See accompanying notes to the financial statements.

15

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Yankee Debt Obligations, continued
Aerospace & Defense, continued
$45,000	Bombardier, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103(a)	$	42,300
			96,750
Banks (1.9%):
200,000	Barclays plc, 4.38%, 1/12/26		191,661
503,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		470,541
270,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		244,095
200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(a)		167,482
370,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		357,011
205,000	HSBC Holdings plc, 4.25%, 3/14/24		202,242
800,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(a)		759,259
286,000	Royal Bank of Scotland Group plc, 3.07% (H15T1Y+255 bps), 5/22/28, Callable 5/22/27 @ 100		257,329
513,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(a)		450,813
135,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		117,522
			3,217,955
Biotechnology (0.0%†):
85,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28, Callable 10/15/24 @ 102.38(a)		73,313
Capital Markets (1.1%):
280,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(a)		248,057
680,000	Deutsche Bank AG, 4.50%, 4/1/25		646,866
25,000	Macquarie Airfinance Holdings, Ltd., 8.38%, 5/1/28, Callable 5/1/25 @ 104.19(a)		25,125
720,000	UBS Group AG, 3.75%, 3/26/25		688,992
314,000	UBS Group AG, 1.49% (H15T1Y+85 bps), 8/10/27, Callable 8/10/26 @ 100(a)		268,459
			1,877,499
Chemicals (0.1%):
25,000	Cerdia Finanz GmbH, 10.50%, 2/15/27, Callable 2/15/24 @ 105.25(a)		24,719
85,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		78,943
95,000	NOVA Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100(a)		84,075
25,000	SPCM SA, 3.13%, 3/15/27, Callable 3/15/24 @ 101.56(a)		22,375
			210,112
Communications Equipment (0.0%†):
30,000	Nokia Oyj, 6.63%, 5/15/39		28,687
Construction Materials (0.1%):
85,000	INEOS Finance plc, 6.75%, 5/15/28, Callable 2/15/25 @ 103.38^(a)		81,706
Containers & Packaging (0.1%):
10,000	Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 8/7/23 @ 103(a)		8,512

Principal Amount		Value
Yankee Debt Obligations, continued
Containers & Packaging, continued
$110,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/7/23 @ 102.75(a)	$	105,875
			114,387
Diversified Consumer Services (0.1%):
95,000	GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, 7/31/26, Callable 8/7/23 @ 101.78(a)		92,031
Diversified Telecommunication Services (0.2%):
270,000	Altice France SA, 6.00%, 2/15/28, Callable 8/7/23 @ 103(a)		130,275
185,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(a)		133,663
540,000	Intelsat, 0.00%(c)		—
111,000	Intelsat, 0.00%(c)		—
20,000	Telecom Italia Capital SA, 6.38%, 11/15/33		16,900
80,000	Telecom Italia SpA, 6.00%, 9/30/34		63,800
			344,638
Energy Equipment & Services (0.0%†):
48,750	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 8/7/23 @ 103.44(a)		48,202
Financial Services (0.7%):
130,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 7/18/23 @ 103.44(a)		112,938
45,000	Intelsat Jackson Holdings SA, 6.50%, 3/15/30, Callable 3/15/25 @ 102(a)		40,847
1,000,000	Park Aerospace Holdings, 5.50%, 2/15/24(a)		987,500
130,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(a)		104,975
			1,246,260
Hotels, Restaurants & Leisure (0.1%):
55,000	1011778 BC ULC/New Red Finance, Inc., 5.75%, 4/15/25, Callable 8/8/23 @ 101.44(a)		54,862
80,000	1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(a)		68,300
65,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(a)		53,869
25,000	Studio City Co., Ltd., 7.00%, 2/15/27, Callable 2/15/24 @ 103.5(a)		23,469
			200,500
Industrial Services (0.0%†):
21,000	1375209 BC, Ltd., 9.00%, 1/30/28, Callable 7/18/23 @ 103(a)		21,000
Insurance (0.2%):
230,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(a)		210,033
200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(a)		186,910
			396,943
Media (0.0%†):
50,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(a)		37,750
Metals & Mining (0.1%):
85,000	ERO Copper Corp., 6.50%, 2/15/30, Callable 2/15/25 @ 103.25(a)		73,100

See accompanying notes to the financial statements.

16

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
Yankee Debt Obligations, continued
Metals & Mining, continued
$25,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 7/18/23 @ 101.72(a)	$	24,563
55,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(a)		53,625
5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(a)		4,675
30,000	Mineral Resources, Ltd., 8.00%, 11/1/27, Callable 11/1/24 @ 104(a)		29,962
			185,925
Oil, Gas & Consumable Fuels (1.2%):
115,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 7/18/23 @ 100(a)		111,406
55,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 8/7/23 @ 102.13(a)		53,350
100,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 8/8/23 @ 103.56(a)		101,250
785,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		625,056
1,662,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,042,905
30,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(a)		27,300
			1,961,267
Passenger Airlines (0.1%):
95,000	VistaJet Malta Finance plc/Vista Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(a)		76,712
Pharmaceuticals (0.0%†):
40,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 8/8/23 @ 100(a)		35,000
Software (0.1%):
95,000	Open Text Corp., 3.88%, 2/15/28, Callable 8/8/23 @ 101.94(a)		83,363
Sovereign Bond (1.1%):
56,434	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 8/7/23 @ 100		18,341
513,757	Argentine Republic Government International Bond, 0.50%, 7/9/30, Callable 8/7/23 @ 100		170,824
941,242	Argentine Republic Government International Bond, 1.50%, 7/9/35, Callable 8/7/23 @ 100		279,549
444,000	Dominican Republic, 5.50%, 1/27/25^(a)		436,785
250,000	Dominican Republic, 6.00%, 7/19/28(a)		242,188
300,000	Indonesia Government International Bond, 4.20%, 10/15/50		256,903
200,000	Qatar Government International Bond, 4.40%, 4/16/50(a)		181,710
230,000	Saudi Government International Bond, 3.25%, 10/22/30(a)		208,145
			1,794,445
Tobacco (0.1%):
200,000	Imperial Brands Finance plc, 6.13%, 7/27/27, Callable 6/27/27 @ 100(a)		200,361
Trading Companies & Distributors (0.4%):
251,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		239,815
209,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26, Callable 9/29/26 @ 100		186,340

Principal Amount		Value
Yankee Debt Obligations, continued
Trading Companies & Distributors, continued
$234,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32, Callable 10/30/31 @ 100	$	190,713
			616,868
Transportation Infrastructure (0.0%†):
35,000	Seaspan Corp., 5.50%, 8/1/29, Callable 8/1/24 @ 102.75(a)		27,519
Wireless Telecommunication Services (0.3%):
315,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(a)		283,894
60,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(a)		46,200
110,000	Rogers Communications, Inc., 3.20%, 3/15/27, Callable 2/15/27 @ 100(a)		102,196
100,000	Rogers Communications, Inc., 3.80%, 3/15/32, Callable 12/15/31 @ 100(a)		87,211
			519,501
Total Yankee Debt Obligations (Cost $16,399,005)			13,588,694
Municipal Bonds (0.9%):
Illinois (0.6%):
290,769	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		303,496
392,308	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		411,319
295,000	Illinois State, GO, 5.10%, 6/1/33		289,613
			1,004,428
New Jersey (0.3%):
504,000	New Jersey Economic Development Authority Revenue, GO, Series A, 7.43%, 2/15/29		542,158
Total Municipal Bonds (Cost $1,600,037)			1,546,586
U.S. Government Agency Mortgages (20.7%):
Federal National Mortgage Association (10.1%):
83,097	2.50%, 6/1/29, Pool #MA3734		75,612
47,554	2.50%, 9/1/31, Pool #AS8012		44,489
202,712	2.50%, 12/1/32, Pool #CA3748		185,595
2,330	4.50%, 7/1/33, Pool #729327		2,293
983	4.50%, 7/1/33, Pool #720240		963
3,570	4.50%, 8/1/33, Pool #723124		3,497
2,725	4.50%, 8/1/33, Pool #729713		2,668
13,863	4.50%, 8/1/33, Pool #729380		13,581
2,581	4.50%, 8/1/33, Pool #727160		2,528
2,062	4.50%, 8/1/33, Pool #727029		2,018
7,060	4.50%, 8/1/33, Pool #726956		6,918
9,005	4.50%, 8/1/33, Pool #726928		8,822
12,505	4.50%, 9/1/33, Pool #727147		12,305
4,771	4.50%, 9/1/33, Pool #734922		4,695
20,335	4.50%, 12/1/33, Pool #AL5321		20,011
15,542	6.00%, 10/1/34, Pool #AL2130		16,215
1,175,801	2.00%, 6/1/35, Pool #BP5619		1,047,371
30,530	4.50%, 9/1/35, Pool #AB8198		29,788
178,107	2.00%, 10/1/35, Pool #BK5705		158,688
297,282	6.00%, 5/1/36, Pool #745512		307,444
144,311	6.00%, 1/1/37, Pool #932030		150,946
26,736	6.00%, 3/1/37, Pool #889506		27,789
106,842	1.50%, 4/1/37, Pool #MA4581		92,005
39,501	6.00%, 1/1/38, Pool #889371		40,778
14,468	6.00%, 3/1/38, Pool #889219		15,010

See accompanying notes to the financial statements.

17

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$6,948	6.00%, 7/1/38, Pool #889733	$	7,145
50,000	1.50%, 7/25/38, TBA		43,062
40,130	4.50%, 3/1/39, Pool #AB0051		39,492
209,839	4.50%, 4/1/39, Pool #AB0043		204,722
137,146	2.50%, 8/1/39, Pool #MA3761		121,325
17,408	4.50%, 11/1/39, Pool #AC5442		17,212
55,775	6.00%, 5/1/40, Pool #AL2129		57,628
17,428	2.00%, 10/1/40, Pool #MA4176		14,890
22,465	4.00%, 12/1/40, Pool #AA4757		21,801
17,867	2.00%, 12/1/40, Pool #MA4204		14,870
19,168	2.00%, 2/1/41, Pool #MA4268		16,193
26,299	4.50%, 2/1/41, Pool #AH5580		26,112
19,600	2.00%, 3/1/41, Pool #MA4287		16,558
20,233	2.00%, 4/1/41, Pool #MA4311		17,092
20,497	2.00%, 5/1/41, Pool #MA4333		17,316
20,809	2.00%, 6/1/41, Pool #MA4364		17,709
161,664	2.00%, 10/1/41, Pool #MA4446		136,573
444,199	1.50%, 11/1/41, Pool #MA4473		361,527
3,975	6.00%, 1/1/42, Pool #AL2128		3,945
133,382	2.50%, 2/1/43, Pool #AB8465		116,655
31,441	4.00%, 10/1/43, Pool #BM1167		30,325
126,459	4.50%, 3/1/44, Pool #AL5082		123,527
7,220	4.00%, 12/1/44, Pool #AY0045		6,890
66,915	4.00%, 5/1/45, Pool #AZ1207		64,279
42,944	3.00%, 5/1/45, Pool #AS4972		38,590
23,743	5.00%, 6/1/45, Pool #AZ3448		23,970
98,199	4.00%, 6/1/45, Pool #AY8096		94,336
47,273	4.00%, 6/1/45, Pool #AY8126		45,662
28,113	4.00%, 6/1/45, Pool #AZ3341		26,797
21,580	4.00%, 6/1/45, Pool #AZ2719		20,571
111,312	4.00%, 7/1/45, Pool #AZ0833		106,107
93,958	3.00%, 8/1/45, Pool #AS5634		84,406
15,165	3.00%, 8/1/45, Pool #AZ3728		13,622
35,747	3.00%, 8/1/45, Pool #AZ8288		32,112
13,814	4.00%, 11/1/45, Pool #AZ0560		13,270
41,436	4.00%, 12/1/45, Pool #BA6404		39,803
31,013	4.50%, 2/1/46, Pool #BM5199		30,516
232,715	3.50%, 5/1/46, Pool #BC0880		216,876
7,925	4.00%, 5/1/46, Pool #BC2276		7,589
88,186	4.00%, 7/1/46, Pool #BC1443		84,803
28,073	4.50%, 8/1/46, Pool #AL9111		27,536
98,567	4.00%, 9/1/46, Pool #BC2843		94,777
307,421	3.50%, 12/1/46, Pool #BC9077		286,527
47,698	3.50%, 2/1/47, Pool #BE5696		44,242
376,299	4.50%, 2/1/47, Pool #AL9846		369,694
5,181	4.00%, 6/1/47, Pool #BH4269		4,946
27,780	3.00%, 5/1/49, Pool #MA3670		24,673
290,888	2.50%, 8/1/50, Pool #SD0430		249,364
188,519	1.50%, 12/1/50, Pool #CA8005		145,771
428,896	2.00%, 4/1/51, Pool #MA4305		350,161
253,319	2.50%, 4/1/51, Pool #FM6540		220,923
147,692	2.50%, 5/1/51, Pool #MA4326		125,453
443,584	1.50%, 6/1/51, Pool #MA4354		342,698
512,320	3.00%, 6/1/51, Pool #CB0850		450,831
291,334	2.50%, 7/1/51, Pool #CB0997		249,131
9,917	2.00%, 7/1/51, Pool #BT1461		8,180
43,943	2.50%, 8/1/51, Pool #CB1384		37,572
84,749	3.00%, 8/1/51, Pool #FM9973		75,291
176,785	2.50%, 9/1/51, Pool #CB1549		151,322

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$237,467	2.00%, 10/1/51, Pool #CB1799	$	196,568
314,501	2.00%, 10/1/51, Pool #CB1801		259,497
141,743	3.00%, 11/1/51, Pool #FM9632		125,916
715,959	2.50%, 11/1/51, Pool #FM9501		612,741
207,859	2.00%, 11/1/51, Pool #FM9539		171,546
331,557	2.00%, 11/1/51, Pool #FM9568		274,028
178,514	3.00%, 11/1/51, Pool #FM9633		158,245
189,143	3.00%, 11/1/51, Pool #CB2164		168,125
181,026	2.50%, 12/1/51, Pool #CB2320		154,925
127,643	2.50%, 12/1/51, Pool #CB2376		109,129
59,913	3.00%, 12/1/51, Pool #CB2420		53,253
97,687	3.00%, 12/1/51, Pool #FM9777		86,328
1,080,954	2.50%, 12/1/51, Pool #FM9865		925,109
135,498	2.00%, 12/1/51, Pool #CB2350		111,421
505,909	2.00%, 12/1/51, Pool #CB2349		417,463
137,435	2.00%, 12/1/51, Pool #CB2347		113,582
91,095	2.00%, 12/1/51, Pool #CB2348		75,159
90,726	3.00%, 12/1/51, Pool #BT9503		80,193
357,454	2.00%, 1/1/52, Pool #FS0288		293,502
832,797	2.00%, 1/1/52, Pool #FS0286		687,135
225,705	3.00%, 2/1/52, Pool #FS0631		198,598
146,635	3.00%, 2/1/52, Pool #CB2886		129,808
884,718	2.00%, 2/1/52, Pool #CB2842		723,189
49,749	3.50%, 3/1/52, Pool #CB3128		45,548
47,607	4.00%, 4/1/52, Pool #FS1647		45,021
192,265	5.50%, 10/1/52, Pool #CB4843		191,660
193,700	5.00%, 11/1/52, Pool #CB5128		191,764
95,268	5.00%, 11/1/52, Pool #FS3248		94,111
48,357	5.00%, 11/1/52, Pool #FS3295		47,694
100,192	6.00%, 6/1/53, Pool #CB6538		102,519
99,835	5.50%, 6/1/53, Pool #CB6527		100,297
100,000	3.50%, 7/25/53, TBA		91,094
1,175,000	5.50%, 7/25/53, TBA		1,169,676
350,000	2.00%, 7/25/53, TBA		285,250
450,000	2.50%, 7/25/53, TBA		381,445
50,000	2.00%, 8/25/53, TBA		40,812
			16,819,350
Government National Mortgage Association (4.1%):
3,357	5.00%, 6/15/34, Pool #629493		3,318
2,299	5.00%, 3/15/38, Pool #676766		2,329
1,378	5.00%, 4/15/38, Pool #672672		1,396
5,392	5.00%, 8/15/38, Pool #687818		5,462
46,559	5.00%, 1/15/39, Pool #705997		47,092
584	5.00%, 3/15/39, Pool #697946		591
81,601	5.00%, 3/15/39, Pool #646746		82,529
88,709	4.00%, 10/15/40, Pool #783143		84,540
24,371	4.00%, 10/20/40, Pool #G24833		23,645
73,353	4.00%, 1/20/41, Pool #4922		71,168
202,376	4.50%, 3/20/41, Pool #4978		200,148
70,626	4.50%, 5/20/41, Pool #005055		69,848
149,311	4.00%, 5/20/41, Pool #5054		144,864
70,158	4.50%, 6/15/41, Pool #366975		69,736
47,029	4.50%, 6/20/41, Pool #005082		46,511
190,314	3.50%, 12/20/41, Pool #5258		178,510
330,505	4.00%, 1/20/42, Pool #5280		320,658
180,239	3.00%, 12/20/42, Pool #AA5872		161,484
117,301	3.00%, 12/20/42, Pool #MA0624		107,404
20,529	3.00%, 1/20/43, Pool #MA0698		18,334
254,068	3.50%, 2/20/43, Pool #MA0783		239,408

See accompanying notes to the financial statements.

18

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$33,544	3.50%, 3/20/43, Pool #AD8884	$	31,487
50,795	3.00%, 3/20/43, Pool #AD8812		45,805
118,482	3.00%, 3/20/43, Pool #AA6146		106,663
12,679	3.50%, 4/20/43, Pool #AB9891		11,902
34,698	3.50%, 4/20/43, Pool #AD9075		32,569
2,940	4.00%, 7/20/44, Pool #MA2074		2,853
126,938	4.00%, 4/15/46, Pool #784232		120,241
19,306	3.50%, 7/20/46, Pool #784391		18,136
10,723	3.00%, 10/20/46, Pool #MA4003		9,730
559,438	3.00%, 12/20/46, Pool #MA4126		505,120
57,401	4.00%, 1/15/47, Pool #AX5857		53,978
50,191	4.00%, 1/15/47, Pool #AX5831		47,147
176,193	3.00%, 1/20/47, Pool #MA4195		159,090
106,097	3.00%, 2/20/47, Pool #MA4261		96,113
177,267	4.00%, 4/20/47, Pool #784304		167,151
174,301	4.00%, 4/20/47, Pool #784303		164,372
54,448	4.00%, 4/20/48, Pool #BG7744		52,237
60,199	4.00%, 4/20/48, Pool #BG3507		57,772
242,180	2.00%, 11/20/50, Pool #MA6994		204,612
387,800	2.00%, 1/20/51, Pool #MA7135		326,263
282,124	2.00%, 2/20/51, Pool #MA7192		237,528
100,271	2.50%, 6/20/51, POOL# MA7418		87,005
199,100	2.50%, 9/20/51, Pool #MA7589		172,569
700,000	4.50%, 7/20/53, TBA		675,609
50,000	4.00%, 7/20/53, TBA		47,274
275,000	2.50%, 7/20/53, TBA		237,961
400,000	2.00%, 7/20/53, TBA		335,750
350,000	5.50%, 7/20/53, TBA		348,523
550,000	2.50%, 8/20/53, TBA		476,502
150,000	2.00%, 8/20/53, TBA		126,076
			6,837,013
Federal Home Loan Mortgage Corporation (6.5%):
18,730	2.50%, 6/1/31, Pool #G18604		17,494
33,404	2.50%, 7/1/31, Pool #V61246		30,909
55,307	2.50%, 8/1/31, Pool #V61273		51,084
201,274	3.50%, 3/1/32, Pool #C91403		193,025
608,658	3.50%, 7/1/32, Pool #C91467		583,712
5,298	2.50%, 8/1/32, Pool #G18654		4,847
5,645	2.50%, 11/1/32, Pool #G18665		5,164
171,986	2.50%, 12/1/32, Pool #G18669		157,368
26,123	2.50%, 3/1/33, Pool #G18680		24,090
10,567	2.50%, 4/1/33, Pool #G18683		9,745
61,794	3.00%, 4/1/33, Pool #G18684		58,179
5,393	2.50%, 5/1/33, Pool #G18687		4,973
115,933	2.50%, 7/1/33, Pool #G16661		106,173
24,418	3.00%, 4/1/34, Pool #G16829		23,171
224,610	3.50%, 10/1/34, Pool #C91793		212,792
443,969	4.00%, 5/1/37, Pool #C91938		428,121
17,554	3.50%, 4/1/40, Pool #V81744		16,319
38,150	3.50%, 5/1/40, Pool #V81750		35,448
40,093	3.50%, 6/1/40, Pool #V81792		37,268
23,169	3.50%, 8/1/40, Pool #V81886		21,528
15,746	3.50%, 9/1/40, Pool #V81958		14,631
26,693	4.50%, 1/1/41, Pool #A96051		26,402
24,980	4.50%, 3/1/41, Pool #A97673		24,192
19,990	2.00%, 4/1/41, Pool #RB5108		16,886
39,050	4.50%, 4/1/41, Pool #A97942		37,819
140,792	5.00%, 6/1/41, Pool #G06596		141,528
20,765	2.00%, 7/1/41, Pool #RB5118		17,542

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$21,751	2.00%, 10/1/41, Pool #RB5131	$	18,477
502,083	4.50%, 1/1/42, Pool #G60517		503,665
70,484	3.00%, 12/1/42, Pool #C04320		63,561
22,235	4.00%, 5/1/43, Pool #Q18481		21,412
23,174	4.00%, 7/1/43, Pool #Q19597		22,317
22,656	4.00%, 10/1/43, Pool #Q22499		21,729
167,166	3.50%, 1/1/44, Pool #G07922		155,833
84,414	3.50%, 1/1/44, Pool #G60271		80,030
26,997	4.00%, 1/1/44, Pool #V80950		25,852
90,429	4.00%, 1/1/45, Pool #Q30720		87,043
84,109	4.00%, 2/1/45, Pool #G07949		81,073
22,720	3.50%, 3/1/45, Pool #Q32328		21,394
26,153	3.50%, 3/1/45, Pool #Q31974		24,619
42,039	3.50%, 3/1/45, Pool #Q32008		39,579
15,857	3.00%, 5/1/45, Pool #Q33468		14,439
99,854	3.50%, 5/1/45, Pool #Q33547		91,636
113,476	3.00%, 6/1/45, Pool #Q34156		103,345
135,191	3.50%, 6/1/45, Pool #Q34164		124,088
19,888	3.50%, 6/1/45, Pool #Q33791		18,261
9,722	3.00%, 7/1/45, Pool #Q34979		8,800
31,170	3.00%, 7/1/45, Pool #Q34759		28,883
46,036	4.00%, 8/1/45, Pool #Q35845		43,401
9,035	4.00%, 9/1/45, Pool #Q37853		8,667
156,753	3.50%, 11/1/45, Pool #Q37467		147,576
4,127	4.00%, 11/1/45, Pool #Q38812		3,958
1,650	4.00%, 2/1/46, Pool #Q38879		1,580
8,515	4.00%, 2/1/46, Pool #Q38782		8,157
11,387	4.00%, 2/1/46, Pool #Q38783		10,893
5,909	4.00%, 4/1/46, Pool #Q39975		5,659
25,088	4.00%, 4/1/46, Pool #V82292		23,989
50,425	3.50%, 5/1/46, Pool #Q40647		47,233
59,326	3.50%, 5/1/46, Pool #G60603		55,498
178,136	3.50%, 5/1/46, Pool #G60553		167,109
161,704	3.50%, 9/1/46, Pool #Q43257		151,256
7,935	4.00%, 9/1/47, Pool #Q50433		7,583
14,456	4.00%, 10/1/47, Pool #Q51189		13,813
10,517	4.00%, 2/1/48, Pool #Q54192		10,013
114,797	4.00%, 5/1/48, Pool #Q55992		109,309
356,552	4.00%, 6/1/48, Pool #G67713		342,126
44,221	4.00%, 7/1/48, Pool #Q59935		42,399
339,303	2.50%, 10/1/50, Pool #SD7525		290,975
489,427	2.50%, 11/1/50, Pool #SD7530		418,788
38,683	2.50%, 2/1/51, Pool #SD7535		33,112
349,993	1.50%, 4/1/51, Pool #QC0798		270,463
591,439	3.00%, 5/1/51, Pool #QC1881		525,120
127,569	2.00%, 5/1/51, Pool #SD7541		105,444
13,207	2.00%, 7/1/51, Pool #QC4163		10,900
137,359	3.00%, 9/1/51, Pool #QC7496		121,407
312,116	2.00%, 10/1/51, Pool #RA6076		256,677
180,226	2.00%, 11/1/51, Pool #RA6302		148,001
455,938	2.00%, 11/1/51, Pool #RA6241		374,880
183,388	2.00%, 12/1/51, Pool #RA6510		151,316
1,080,362	2.50%, 12/1/51, Pool #RA6435		923,651
320,914	2.50%, 1/1/52, Pool #RA6622		274,372
277,614	2.00%, 2/1/52, Pool #RA6823		227,115
551,511	2.00%, 2/1/52, Pool #RA6820		450,936
604,452	3.00%, 3/1/52, Pool #RA6988		532,935
223,615	3.50%, 3/1/52, Pool #RA6949		204,768
232,732	3.50%, 3/1/52, Pool #RA6950		213,204

See accompanying notes to the financial statements.

19

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount		Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$147,130	3.00%, 3/1/52, Pool #SD2219	$	130,236
47,268	4.00%, 10/1/52, Pool #SD1772		44,893
97,726	5.00%, 11/1/52, Pool #SD1862		96,779
			10,862,637
Total U.S. Government Agency Mortgages (Cost $38,174,343)			34,519,000
U.S. Treasury Obligations (25.5%):
U.S. Treasury Bonds (11.0%):
3,103,000	1.75%, 8/15/41		2,175,979
15,086,000	2.00%, 8/15/51		10,263,194
6,100,000	3.63%, 2/15/53		5,844,563
200,000	3.63%, 5/15/53		191,906
			18,475,642
U.S. Treasury Notes (14.5%):
1,000,000	3.50%, 4/30/28		971,250
4,100,000	4.00%, 2/28/30		4,095,516
3,300,000	3.63%, 3/31/30		3,226,781
900,000	3.50%, 4/30/30		873,562
10,800,000	3.50%, 2/15/33		10,514,813

Principal Amount		Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued
$4,700,000	3.38%, 5/15/33	$	4,529,625
			24,211,547
Total U.S. Treasury Obligations (Cost $48,965,591)			42,687,189
Shares
Short-Term Security Held as Collateral for Securities on Loan (1.6%):
$2,688,732	BlackRock Liquidity FedFund, Institutional Class, 3.57%(d)(e)		2,688,732
Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,688,732)			2,688,732
Unaffiliated Investment Company (0.6%):
Money Markets (0.6%):
950,820	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(e)		950,820
Total Unaffiliated Investment Company (Cost $950,820)			950,820
Total Investment Securities (Cost $191,985,980) — 103.0%			172,237,749
Net other assets (liabilities) — (3.0)%			(4,992,640	)
Net Assets — 100.0%		$	167,245,109

Percentages indicated are based on net assets as of June 30, 2023.

GO	-	General Obligation
H15T1Y	-	1 Year Treasury Constant Maturity Rate
H15T5Y	-	5 Year Treasury Constant Maturity Rate
LIBOR	-	London Interbank Offered Rate
SOFR	-	Secured Overnight Financing Rate
TBA	-	To Be Announced Security
US0001M	-	1 Month US Dollar LIBOR
US0003M	-	3 Month US Dollar LIBOR
USSW5	-	USD 5 Year Swap Rate

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $2,579,036.

+ This security, in part or entirely, represents an unfunded loan commitment.

† Represents less than 0.05%.

* Non-income producing security.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at June 30, 2023.

(c) Security was valued using significant unobservable inputs as of June 30, 2023.

(d) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(e) The rate represents the effective yield at June 30, 2023.

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

20

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2023:

(Unaudited)
Country	Percentage
Argentina		0.3%
Australia		0.2%
Brazil		—%	†
Canada		0.5%
Cayman Islands		4.2%
Colombia		—%	†
Dominican Republic		0.4%
Finland		—%	†
France		0.4%
Germany		0.4%
Hong Kong		0.2%
Indonesia		0.1%
Ireland		0.4%
Italy		0.4%
Jersey		0.1%
Luxembourg		0.5%
Macau		—%	†
Mexico		1.0%
Netherlands		0.3%
Qatar		0.1%
Saudi Arabia		0.1%
Spain		—%	†
Switzerland		0.7%
United Arab Emirates		0.1%
United Kingdom		1.1%
United States		88.5%
Zambia		—%	†
		100.0%

† Represents less than 0.05%.

See accompanying notes to the financial statements.

21

AZL Fidelity Institutional Asset Management Total Bond Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	191,985,980
Investment securities, at value(a)	$	172,237,749
Cash		4,243
Interest and dividends receivable		1,719,668
Receivable for capital shares issued		183,527
Receivable for investments sold		398,435
Receivable for TBA investments sold		1,141,070
Receivable from Manager		1,379
Prepaid expenses		985
Total Assets		175,687,056
Liabilities:
Payable for investments purchased		118,149
Payable for TBA investments purchased		5,437,773
Payable for capital shares redeemed		88,697
Payable for collateral received on loaned securities		2,688,732
Management fees payable		68,923
Administration fees payable		4,348
Distribution fees payable		31,123
Custodian fees payable		1,829
Transfer agent fees payable		540
Trustee fees payable		231
Other accrued liabilities		1,602
Total Liabilities		8,441,947
Commitments and contingent liabilities^
Net Assets	$	167,245,109
Net Assets Consist of:
Paid in capital	$	209,950,697
Total distributable earnings		(42,705,588	)
Net Assets	$	167,245,109
Class 1
Net Assets	$	16,153,818
Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,866,757
Net Asset Value (offering and redemption price per share)	$	8.65
Class 2
Net Assets	$	151,091,291
Shares of beneficial interest (unlimited number of shares authorized, no par value)		16,876,714
Net Asset Value (offering and redemption price per share)	$	8.95

(a) Includes securities on loan of $2,579,036.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Interest	$	5,015,082
Dividends		383,480
Income from securities lending		18,106
Total Investment Income		5,416,668
Expenses:
Management fees		583,597
Administration fees		58,497
Distribution fees - Class 2		271,163
Custodian fees		14,577
Administrative and compliance services fees		1,471
Transfer agent fees		6,303
Trustee fees		4,295
Professional fees		3,443
Shareholder reports		4,349
Other expenses		2,354
Total expenses before reductions		950,049
Less Management fees contractually waived		(11,489	)
Net expenses		938,560
Net Investment Income/(Loss)		4,478,108
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		(27,288,411	)
Net realized gains/(losses) on securities held short		(50,434	)
Change in net unrealized appreciation/depreciation on securities		29,520,612
Change in net unrealized appreciation/depreciation on securities held short		(1,512	)
Net realized and Change in net unrealized gains/losses on investments		2,180,255
Change in Net Assets Resulting From Operations	$	6,658,363

See accompanying notes to the financial statements.

22

AZL Fidelity Institutional Asset Management Total Bond Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,478,108		$	9,937,255
Net realized gains/(losses) on investments			(27,338,845)			(10,020,985)
Change in unrealized appreciation/depreciation on investments			29,519,100			(57,358,544)
Change in net assets resulting from operations			6,658,363			(57,442,274)
Distributions to Shareholders:
Class 1			—			(974,028)
Class 2			—			(17,125,298)
Change in net assets resulting from distributions to shareholders			—			(18,099,326)
Capital Transactions:
Class 1
Proceeds from shares issued			609,030			253,242
Proceeds from dividends reinvested			—			974,029
Value of shares redeemed			(1,502,452)			(2,198,278)
Total Class 1 Shares			(893,422)			(971,007)
Class 2
Proceeds from shares issued			10,333,443			5,486,206
Proceeds from shares issued in merger			22,585,126			—
Proceeds from dividends reinvested			—			17,125,298
Value of shares redeemed			(207,222,242)			(56,817,482)
Total Class 2 Shares			(174,303,673)			(34,205,978)
Change in net assets resulting from capital transactions			(175,197,095)			(35,176,985)
Change in net assets			(168,538,732)			(110,718,585)
Net Assets:
Beginning of period			335,783,841			446,502,426
End of period		$	167,245,109		$	335,783,841
Share Transactions:
Class 1
Shares issued			68,655			27,965
Dividends reinvested			—			118,064
Shares redeemed			(174,845)			(238,277)
Total Class 1 Shares			(106,190)			(92,248)
Class 2
Shares issued			1,156,525			589,079
Shares issued in merger			2,540,209			—
Dividends reinvested			—			2,002,959
Shares redeemed			(23,550,174)			(5,969,229)
Total Class 2 Shares			(19,853,440)			(3,377,191)
Change in shares			(19,959,630)			(3,469,439)

    Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

23

AZL Fidelity Institutional Asset Management Total Bond Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$	8.39		$	10.27		$	10.73		$	10.20		$	9.54		$	9.96
Investment Activities:
Net Investment Income/(Loss)		0.18	(a)		0.27	(a)		0.23	(a)		0.29	(a)		0.32	(a)		0.32
Net Realized and Unrealized Gains/(Losses) on Investments		0.08			(1.64	)		(0.17	)		0.63			0.69			(0.42	)
Total from Investment Activities		0.26			(1.37	)		0.06			0.92			1.01			(0.10	)
Distributions to Shareholders From:
Net Investment Income		—			(0.27	)		(0.31	)		(0.39	)		(0.35	)		(0.32	)
Net Realized Gains		—			(0.24	)		(0.21	)		—			—			—
Total Dividends		—			(0.51	)		(0.52	)		(0.39	)		(0.35	)		(0.32	)
Net Asset Value, End of Period	$	8.65		$	8.39		$	10.27		$	10.73		$	10.20		$	9.54
Total Return(b)		3.10	%(c)		(13.20	)%		0.59	%		9.12	%		10.57	%		(1.00	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	16,154		$	16,553		$	21,203		$	22,495		$	22,823		$	21,476
Net Investment Income/(Loss)(d)		4.18	%		2.89	%		2.21	%		2.78	%		3.17	%		2.96	%
Expenses Before Reductions(d)(e)		0.58	%		0.56	%		0.57	%		0.58	%		0.57	%		0.56	%
Expenses Net of Reductions(d)		0.57	%		0.56	%		0.57	%		0.58	%		0.57	%		0.56	%
Portfolio Turnover Rate(f)		75	%		24	%		76	%		71	%		68	%		38	%
Class 2
Net Asset Value, Beginning of Period	$	8.69		$	10.60		$	11.06		$	10.50		$	9.81		$	10.23
Investment Activities:
Net Investment Income/(Loss)		0.17	(a)		0.25	(a)		0.21	(a)		0.27	(a)		0.30	(a)		0.31
Net Realized and Unrealized Gains/(Losses) on Investments		0.09			(1.68	)		(0.18	)		0.65			0.71			(0.44	)
Total from Investment Activities		0.26			(1.43	)		0.03			0.92			1.01			(0.13	)
Distributions to Shareholders From:
Net Investment Income		—			(0.24	)		(0.28	)		(0.36	)		(0.32	)		(0.29	)
Net Realized Gains		—			(0.24	)		(0.21	)		—			—			—
Total Dividends		—			(0.48	)		(0.49	)		(0.36	)		(0.32	)		(0.29	)
Net Asset Value, End of Period	$	8.95		$	8.69		$	10.60		$	11.06		$	10.50		$	9.81
Total Return(b)		2.99	%(c)		(13.37	)%		0.31	%		8.84	%		10.28	%		(1.25	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	151,091		$	319,231		$	425,299		$	436,803		$	470,864		$	478,991
Net Investment Income/(Loss)(d)		3.81	%		2.64	%		1.96	%		2.53	%		2.92	%		2.71	%
Expenses Before Reductions(d)(e)		0.83	%		0.81	%		0.82	%		0.83	%		0.82	%		0.81	%
Expenses Net of Reductions(d)		0.82	%		0.81	%		0.82	%		0.83	%		0.82	%		0.81	%
Portfolio Turnover Rate(f)		75	%		24	%		76	%		71	%		68	%		38	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

24

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Total Bond Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Securities Purchased on a When-Issued Basis

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. The Fund will not pay for such securities or start earning interest on them until they are received. When the Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Short Sales

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest payment. When the Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating

25

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Bank Loans

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium as shown in the Schedule of Portfolio Investments. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Schedule of Portfolio Investments. All or a portion of any bank loans may be unfunded. The Fund reflects both the funded portion of a bank loan, as well as its unfunded commitment in the Schedule of Portfolio Investments. The portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,782 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,688,732 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

The Fund may enter into to-be-announced (TBA) purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of June 30, 2023, no collateral had been posted by the Fund to counterparties for TBAs.

26

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with FIAM LLC (“FIAM”), FIAM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1	0.50%	0.70%
AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2	0.50%	0.95%

* The annual rate due to the Manager is 0.50% of the first $2.5 billion of the Fund’s net assets, 0.40% of the next $15 billion of the Fund’s net assets, and 0.37% on the Fund’s net assets over $17.5 billion. The Manager waived, prior to any application of expense limit, the management fee to 0.49% on all assets in order to maintain a more competitive expense ratio. The annual rate due to the Subadviser from the Manager is 0.25% of the first $100 million of the Fund’s net assets, 0.18% of the next $400 million of the Fund’s net assets and 0.13% of the Fund’s net assets over $500 million.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

27

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source in accordance with valuation procedures approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Forward currency contracts are generally valued at the forward foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks+		$99,262		$880,174		$—			$979,436
Preferred Stock+		44,853		—		—			44,853
Warrant+		1,127		—		—			1,127
Asset Backed Securities		—		6,590,865		—			6,590,865
Collateralized Mortgage Obligations		—		17,753,863		126,755			17,880,618
Convertible Bonds+		—		221,091		—			221,091
Bank Loans		—		700,374		—			700,374
Corporate Bonds+		—		49,838,363		—	#		49,838,363
Yankee Debt Obligations+		—		13,588,694		—	#		13,588,694
Municipal Bonds		—		1,546,586		—			1,546,586
U.S. Government Agency Mortgages		—		34,519,001		—			34,519,001
U.S. Treasury Obligations		—		42,687,189		—			42,687,189
Short-Term Security Held as Collateral for Securities on Loan		2,688,732		—		—			2,688,732
Unaffiliated Investment Company		950,820		—		—			950,820
Total Investment Securities		$3,784,794		$168,326,200		$126,755			$172,237,749

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

^#  Represents the interest in securities that were determined to have a value of zero at June 30, 2023.

28

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding fund merger transactions and securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL Fidelity Institutional Asset Management Total Bond Fund		$	138,456,685		$	296,073,279
For the period ended June 30, 2023 purchases and sales of long-term U.S. government securities were as follows:
	Purchases			Sales
AZL Fidelity Institutional Asset Management Total Bond Fund		$	132,262,800		$	174,015,647

6. Restricted Securities

A restricted security is a security which has been 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.

Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2023 are identified below.

Security	Acquisition Date(a)		Acquisition Cost	Shares or Principal Amount		Fair Value	Percentage of Net Assets
Mesquite Energy, Inc, 15.00%, 7/15/23	7/10/20	$	38,899	46,865	$	46,865	0.03%
Mesquite Energy, Inc, 13.00%, 7/15/23	11/5/20		67,000	79,890		79,890	0.05%
Sanchez Energy Corp, 7.25%, 2/15/23	10/30/18		420,525	408,000		–	0.00%

(a) Acquisition date represents the initial purchase date of the security.

7. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Interest Rate Risk: Debt securities held by the Fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund’s investments have maturities which extend beyond the transition period, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor or SOFR) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

29

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

Mortgage-Related and Other Asset-Backed Securities Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, investments in mortgage-related securities may cause the Fund to exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If the Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Short Sale Risk: The Fund may engage in short sales, which are transactions in which the Fund sells securities borrowed from others with the expectation that the price of the security will fall before the Fund must purchase the security to return it to the lender. The Fund may make short sales of securities, either as a hedge against potential declines in value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value. Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the security sold short. The Fund will realize a gain if the security declines in price between those dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform similar funds that do not make short sales in securities they do not own. There can be no assurance that the Fund will be able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold. The Fund may also pay transaction costs and borrowing fees in connection with short sales.

8. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

9. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $ 411,273,278. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$1,746,827
Unrealized (depreciation)	(51,055,844)
Net unrealized appreciation/(depreciation)	$(49,309,017)

As of the end of its tax year ended December 31, 2022, the fund had capital loss carry forwards (“CLCFs”) as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the fund until any applicable CLCF has been offset.

CLCFS not subject to expiration:

	Ordinary Income	Long-Term Amount	Total
AZL Fidelity Institutional Asset Management Total Bond Fund	$5,836,668	$4,156,354	$9,993,022

30

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL Fidelity Institutional Asset Management Total Bond Fund	$9,225,806	$8,873,521	$18,099,327

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated     Earnings/(Deficit)
AZL Fidelity Institutional Asset Management Total Bond Fund	$9,938,088	$—	$(9,993,022)	$(49,309,017)	$(49,363,951)

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) was attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

10. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

11. Acquisition of Funds

Effective as of the close of business March 10, 2023, the Fund acquired all the assets and liabilities of the AZL Metwest Total Return Bond Fund (“Metwest Total Return Bond Fund”), an open-end management investment company, pursuant to a plan of reorganization approved by the Board on December 13, 2022 (the “Plan”). The acquisition was accomplished by a taxable exchange of 2,756,614 shares of the Metwest Total Return Bond Fund outstanding as of close of business March 10, 2023, valued at $22,585,126 for 2,540,209 Class 2 shares of the Fund.

At the close of business March 10, 2023, the Metwest Total Return Bond Fund’s investment holdings had a fair value of $23,604,604 and identified cost of $23,953,216. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value, including the cost basis of investments received. All fees and expenses incurred by the Metwest Total Return Bond Fund and the Fund directly in connection with the Plan were borne by the Manager. There are no material differences in accounting policies of the Metwest Total Return Bond Fund as compared to those of the Fund.

Assuming the acquisition had been completed on January 1, 2023, the beginning of the semi-annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended June 30, 2023, are as follows:

Net investment income/(loss)	$5,872,423
Net realized/unrealized gains/(losses)	1,075,584
Change in net assets resulting from operations	$6,948,007

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Metwest Total Return Bond Fund that have been included in the Fund’s Statement of Operations subsequent to March 10, 2023. The Fund did not purchase or sell securities following the acquisition for purposes of realigning its investment portfolio. Accordingly, the acquisition of the Metwest Total Return Bond Fund did not affect the Fund’s portfolio turnover ratio for the period ended June 30, 2023.

12. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

13. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

31

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

32

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

33

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Government Money Market Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 6

Page 6

Page 7

Page 8

Page 9

Page 14

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Government Money Market Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Government Money Market Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Government Money Market Fund	$1,000.00	$1,019.30	$4.36	0.87%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Government Money Market Fund	$1,000.00	$1,020.48	$4.36	0.87%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Repurchase Agreements	58.3%
U.S. Government Agency Mortgages	36.5
U.S. Treasury Obligations	5.5
Total Investment Securities	100.3
Net other assets (liabilities)	(0.3)
Net Assets	100.0%

† Represents less than 0.05%.

3

AZL Government Money Market Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount			Value
U.S. Government Agency Mortgages (36.5%):
Federal Farm Credit Bank (6.5%):
	$370,000	5.09%(SOFR+4bps), 7/12/23	$	369,999
	1,420,000	5.08%(SOFR+3bps), 7/25/23		1,419,997
	2,740,000	5.10%(SOFR+5bps), 8/22/23		2,740,000
	1,135,000	5.13%, 9/11/23(a)		1,123,650
	1,870,000	5.10%(SOFR+5bps), 9/28/23		1,870,000
	315,000	4.78%, 10/16/23(a)		310,647
	2,955,000	5.11%(SOFR+5bps), 10/16/23		2,955,000
	315,000	4.80%, 11/13/23(a)		309,507
	3,435,000	5.11%(SOFR+6bps), 11/22/23		3,435,000
	580,000	5.11%(SOFR+6bps), 1/10/24		580,000
	3,825,000	5.09%(SOFR+5bps), 2/20/24		3,825,000
	2,425,000	5.10%(SOFR+5bps), 5/9/24		2,425,000
	1,040,000	5.15%(SOFR+10bps), 8/1/24		1,040,000
	4,180,000	5.14%(SOFR+9bps), 8/26/24		4,180,000
	2,885,000	5.19%(SOFR+14bps), 11/7/24		2,885,000
	2,355,000	5.22%(SOFR+17bps), 1/23/25		2,355,000
				31,823,800
Federal Home Loan Bank (30.0%):
	8,900,000	5.07%(SOFR+2bps), 7/13/23		8,900,000
	735,000	4.94%, 7/14/23(a)		733,710
	3,105,000	5.14%, 7/19/23(a)		3,097,082
	4,315,000	5.05%, 7/25/23(a)		4,300,732
	11,900,000	5.06%(SOFR-–), 8/3/23		11,900,000
	1,470,000	4.83%, 8/4/23(a)		1,463,455
	8,400,000	5.05%(SOFR-–), 8/8/23		8,400,000
	2,350,000	5.07%, 8/16/23(a)		2,334,956
	1,790,000	5.20%(SOFR+7bps), 8/22/23		1,790,000
	2,520,000	5.22%, 8/23/23(a)		2,500,894
	6,420,000	5.07%(SOFR+1bps), 8/25/23		6,420,000
	1,340,000	4.92%, 8/29/23(a)		1,329,415
	3,210,000	3.60%, 9/1/23		3,208,815
	2,175,000	5.12%, 9/1/23(a)		2,156,308
	6,510,000	5.12%(SOFR+6bps), 9/5/23		6,510,000
	5,100,000	5.07%(SOFR+2bps), 9/8/23		5,100,000
	3,015,000	5.14%(SOFR+9bps), 9/8/23		3,015,000
	8,820,000	5.12%, 9/15/23(a)		8,727,086
	9,445,000	5.07%(SOFR+2bps), 9/18/23		9,445,000
	7,630,000	5.08%(SOFR+3bps), 9/19/23		7,630,000
	10,600,000	5.07%(SOFR+2bps), 9/19/23		10,600,000
	1,230,000	5.12%(SOFR+7bps), 9/25/23		1,230,000
	11,600,000	5.09%(SOFR+4bps), 9/26/23		11,600,000
	1,785,000	5.14%(SOFR+10bps), 10/6/23		1,785,000
	2,090,000	5.12%(SOFR+7bps), 11/30/23		2,090,000
	7,000,000	5.13%(SOFR+8bps), 1/24/24		7,000,000
	1,540,000	4.91%, 2/2/24(a)		1,496,757
	6,430,000	5.42%, 2/9/24(a)		6,232,972
	1,465,000	5.50%, 3/8/24		1,464,365
	3,940,000	5.40%, 3/27/24, Callable 6/27/23 @ –		3,940,000
				146,401,547
	Total U.S. Government Agency Mortgages (Cost $178,225,347)			178,225,347
U.S. Treasury Obligations (5.5%):
U.S. Treasury Bills (3.6%):
	2,700,000	5.19%, 8/1/23(a)		2,689,703
	12,090,000	5.21%, 8/10/23(a)		12,021,170
	1,630,000	5.30%, 9/14/23(a)		1,612,512
	1,530,000	5.21%, 6/13/24(a)		1,457,085
				17,780,470

Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes (1.9%):
	$4,520,000	5.18%(USBMMY3M-(8)bps), 4/30/24	$	4,517,957
	4,500,000	5.40%(USBMMY3M+20bps), 1/31/25		4,500,000
				9,017,957
	Total U.S. Treasury Obligations (Cost $26,798,427)			26,798,427
Repurchase Agreements (58.3%):
	38,000,000	Bank of Montreal, 5.05%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $38,015,992, Collateralized by U.S. Treasury Obligations, 0.00%, 8/15/34 - 5/15/50, fair value of $38,760,000)		38,000,000
	25,000,000	Bank of Nova Scotia, 5.04%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $25,010,500, Collateralized by U.S. Treasury Obligations, 0.13% - 3.38%, 10/15/26 - 8/15/51, fair value of $25,510,726)		25,000,000
	30,000,000	BNP Paribas, 5.06%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $30,012,625, Collateralized by U.S. Government Agency Obligations, 0.00% - 6.00%, 10/31/24 - 11/20/52, fair value of $30,600,076)		30,000,000
	31,000,000	Citigroup Global Markets, 5.06%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $31,013,072, Collateralized by U.S. Government Agency Obligations, 3.00% - 4.50%, 10/20/45 - 5/20/46, fair value of $31,620,817)		31,000,000
	44,000,000	Mitsubishi UFJ Securities USA, Inc., 5.05%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $44,018,517, Collateralized by U.S. Treasury Obligations, 0.00% - 3.63%, 10/15/24 - 2/15/53, fair value of $44,880,010)		44,000,000
	40,000,000	Morgan Stanley & Co., 5.05%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $40,016,833, Collateralized by U.S. Treasury Obligations, 0.00% - 5.25%, 5/15/24 - 8/15/52, fair value of $40,800,096)		40,000,000
	37,000,000	Natixis, 5.06%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $37,015,602, Collateralized by U.S. Treasury Obligations, 0.38% - 4.63%, 10/15/24 - 2/15/40, fair value of $37,740,001)		37,000,000
	20,000,000	Toronto Dominion Bank NY, 5.05%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $20,008,417, Collateralized by U.S. Treasury Notes, 0.13% - 3.75%, 8/31/23 - 6/30/30, fair value of $20,400,017)		20,000,000
	20,000,000	Toronto Dominion Bank NY, 5.06%, 7/3/23, (Purchased on 6/30/23, proceeds at maturity $20,008,417, Collateralized by U.S. Treasury Notes, 0.13% - 3.75%, 8/31/23 - 6/30/30, fair value of $20,400,017)		20,000,000
	Total Repurchase Agreements (Cost $285,000,000)			285,000,000
	Total Investment Securities (Cost $490,023,774) — 100.3%			490,023,774
	Net other assets (liabilities) — (0.3)%			(1,447,041	)
	Net Assets — 100.0%		$	488,576,733

Percentages indicated are based on net assets as of June 30, 2023.

See accompanying notes to the financial statements.

4

AZL Government Money Market Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

SOFR	-	Secured Overnight Financing Rate
USBMMY3M	-	3 Month Treasury Bill Rate

(a) The rate represents the effective yield at June 30, 2023.

See accompanying notes to the financial statements.

5

AZL Government Money Market Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	205,023,774
Investment securities, at value	$	205,023,774
Repurchase agreements, at value/cost		285,000,000
Cash		574,500
Interest and dividends receivable		960,062
Prepaid expenses		2,441
Total Assets		491,560,777
Liabilities:
Payable for investments purchased		2,689,703
Management fees payable		189,728
Administration fees payable		7,930
Distribution fees payable		93,834
Custodian fees payable		26
Administrative and compliance services fees payable		110
Transfer agent fees payable		125
Trustee fees payable		684
Other accrued liabilities		1,904
Total Liabilities		2,984,044
Commitments and contingent liabilities^
Net Assets	$	488,576,733
Net Assets Consist of:
Paid in capital	$	488,555,792
Total distributable earnings		20,941
Net Assets	$	488,576,733
Shares of beneficial interest (unlimited number of shares authorized, no par value)		488,555,914
Net Asset Value (offering and redemption price per share)	$	1.00

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Interest	$	10,686,027
Total Investment Income		10,686,027
Expenses:
Management fees		790,809
Administration fees		73,241
Distribution fees		564,865
Custodian fees		234
Administrative and compliance services fees		1,582
Transfer agent fees		1,649
Trustee fees		5,933
Professional fees		4,829
Shareholder reports		4,009
Recoupment of prior expenses reimbursed by the manager		536,525
Other expenses		4,558
Total expenses before reductions		1,988,234
Less Management fees contractually waived		(22,597	)
Net expenses		1,965,637
Net Investment Income/(Loss)		8,720,390
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		4,684
Net realized and Change in net unrealized gains/losses on investments		4,684
Change in Net Assets Resulting From Operations	$	8,725,074

See accompanying notes to the financial statements.

6

AZL Government Money Market Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	8,720,390		$	3,731,725
Net realized gains/(losses) on investments			4,684			7,260
Change in net assets resulting from operations			8,725,074			3,738,985
Distributions to Shareholders:
Distributions			(8,720,426)			(3,731,691)
Change in net assets resulting from distributions to shareholders			(8,720,426)			(3,731,691)
Capital Transactions:
Proceeds from shares issued			336,458,531			777,345,401
Proceeds from dividends reinvested			8,720,427			3,731,690
Value of shares redeemed			(373,816,467)			(803,770,501)
Change in net assets resulting from capital transactions			(28,637,509)			(22,693,410)
Change in net assets			(28,632,861)			(22,686,116)
Net Assets:
Beginning of period			517,209,594			539,895,710
End of period		$	488,576,733		$	517,209,594
Share Transactions:
Shares issued			336,458,531			777,345,400
Dividends reinvested			8,720,427			3,731,690
Shares redeemed			(373,816,467)			(803,770,501)
Change in shares			(28,637,509)			(22,693,411)

See accompanying notes to the financial statements.

7

AZL Government Money Market Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023				Year Ended December 31, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018
	(Unaudited)
Net Asset Value, Beginning of Period			$1.00				$1.00				$1.00				$1.00				$1.00				$1.00
Investment Activities:
Net Investment Income/(Loss)			0.02	(a)			0.01	(a)			—	(a)(b)			—	(a)(b)			0.01	(a)			0.01
Net Realized and Unrealized Gains/(Losses) on Investments			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Total from Investment Activities			0.02				0.01				—	(b)			—	(b)			0.01				0.01
Distributions to Shareholders From:
Net Investment Income			(0.02	)			(0.01	)			—	(b)			—	(b)			(0.01	)			(0.01	)
Total Dividends			(0.02	)			0.01				—	(b)			—	(b)			0.01				(0.01	)
Net Asset Value, End of Period			$1.00				$1.00				$1.00				$1.00				$1.00				$1.00
Total Return(c)			1.93	%(d)			0.77	%			0.00	%			0.21	%			1.39	%			1.01	%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period (000’s)		$	488,577			$	517,210			$	539,896			$	608,070			$	481,524			$	453,175
Net Investment Income/(Loss)(e)			3.86	%			0.77	%			0.00	%(b)			0.18	%			1.37	%			1.00	%
Expenses Before Reductions(e)(f)			0.88	%			0.88	%			0.65	%			0.66	%			0.88	%			0.87	%
Expenses Net of Reductions(e)			0.87	%			0.87	%			0.08	%(g)			0.35	%(g)			0.87	%			0.87	%

(a) Calculated using the average shares method.

(b) Represents less than $0.005 or 0.005%.

(c) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(g) The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum yield.

See accompanying notes to the financial statements.

8

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Government Money Market Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Repurchase Agreements

The Fund may invest in repurchase agreements with financial institutions such as member banks of the Federal Reserve System or from registered broker/dealers that the adviser deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by the Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

9

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Advisors, LLC (“BlackRock Advisors”), BlackRock Advisors provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL Government Money Market Fund		0.35	%		0.87	%

* The Manager waived, prior to any application of expense limit, the management fee to 0.34% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager is 0.06% of the first $500 million of the Fund’s net assets and 0.04% of the Fund’s net assets over $500 million.

The Manager, the Distributor and the Fund have entered into a written agreement to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily yield for the Fund of 0.00%. The Distributor may waive its Rule 12b-1 fees under this agreement. This agreement will continue from year to year in accordance with its terms, and will terminate upon termination of the investment management agreement with the Manager. There is no guarantee the Fund will avoid a negative yield. Such amounts waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

1. The repayments will not cause the Fund’s net investment income to fall below 0.00%.

2. The repayments must be made no later than three years after the waiver, reimbursement or payment, calculated monthly from when the waiver, reimbursement or payment was recorded.

3. Any expense recovery paid by the Fund will not cause its expense ratio to exceed 0.87%.

The ability of the Manager and/or Distributor to receive such payments could negatively affect the Fund’s future yield. Amounts waived under this agreement during the period ended

June 30, 2023 are reflected on the Statement of Operations as “Expenses waived/reimbursed by the Manager for minimum daily yield.”

At June 30, 2023, the reimbursements of minimum daily yield waivers subject to repayment by the Fund in subsequent years were as follows:

	Expires 12/31/2023			Expires 12/31/2024			Total
AZL Government Money Market Fund		$	309,380		$	2,758,972		$	3,068,352

The Fund has not recorded a commitment or contingent liability at June 30, 2023.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager”.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

10

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

The Fund, which operates as a government money market fund, is eligible and has elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the investment.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3		Total
U.S. Government Agency Mortgages		$—		$178,225,347		$—		$178,225,347
U.S. Treasury Obligations		—		26,798,427		—		26,798,427
Repurchase Agreements		—		285,000,000		—		285,000,000
Total Investment Securities		$—		$490,023,774		$—		$490,023,774

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL Government Money Market Fund		$	23,160,919		$	38,697,859

For the period ended June 30, 2023 purchases and sales of long-term U.S. government securities were as follows:

	Purchases			Sales
AZL Government Money Market Fund		$	23,160,919		$	38,697,859

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

11

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Interest Rate Risk: Debt securities held by the Fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

Repurchase Agreement Risk: The Fund may invest in repurchase agreements as a principal strategy. There is a potential for loss to the Fund if the seller defaults and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. It is possible the fair value of the collateral securities could decline in value during the period in which the Fund seeks to assert its rights.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $492,249,215. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$–
Unrealized (depreciation)	–
Net unrealized appreciation/(depreciation)	$–

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary           Income	Net Long-Term           Capital Gains	Total Distributions(a)
AZL Government Money Market Fund	$3,731,691	$–	$3,731,691

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed         Ordinary Income	Undistributed       Long-Term Capital Gains	Accumulated       Capital and Other Losses	Unrealized Appreciation/       Depreciation(a)	Total Accumulated       Earnings/ (Deficit)
AZL Government Money Market Fund	$16,293	$—	$—	$—	$16,293

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) was attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

12

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

13

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission each month on Form N-MFP. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov. The Fund makes portfolio holdings information available to shareholders on the website.

14

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® International Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 14

Page 14

Page 15

Page 16

Page 17

Page 24

Page 25

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL International Index Fund

Consolidated Expense Examples

(Unaudited)

As a shareholder of the AZL International Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL International Index Fund, Class 1	$1,000.00	$1,116.50	$2.26	0.43%
AZL International Index Fund, Class 2	$1,000.00	$1,116.00	$3.57	0.68%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL International Index Fund, Class 1	$1,000.00	$1,022.66	$2.16	0.43%
AZL International Index Fund, Class 2	$1,000.00	$1,021.42	$3.41	0.68%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Financials		17.7	%
Industrials		16.5
Health Care		13.0
Consumer Discretionary		12.2
Consumer Staples		10.0
Information Technology		8.1
Materials		7.3
Energy		4.2
Communication Services		4.1
Utilities		3.4
Real Estate		2.3
Total Common Stocks and Preferred Stocks		98.8
Short-Term Security Held as Collateral for Securities on Loan		0.9
Unaffiliated Investment Company		—	†
Total Investment Securities		99.7
Net other assets (liabilities)		0.3
Net Assets		100.0	%

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Japan	22.2%
United Kingdom	13.0
France	11.3
Switzerland	10.4
Germany	8.4
Australia	7.3
Netherlands	6.9
Denmark	3.3
Sweden	2.7
Spain	2.5
All other countries	11.7
Total Investment Securities	99.7
Net other assets (liabilities)	0.3
Net Assets	100.0%

† Represents less than 0.05%.

3

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks (98.5%):
Aerospace & Defense (1.6%):
47,028	Airbus SE	$	6,797,496
244,859	BAE Systems plc		2,888,603
1,828	Dassault Aviation SA		365,728
2,295	Elbit Systems, Ltd.		478,668
7,036	Kongsberg Gruppen ASA		320,187
4,312	MTU Aero Engines AG		1,117,152
3,321	Rheinmetall AG		911,759
675,295	Rolls-Royce Holdings plc*		1,296,770
6,378	Saab AB, Class B		344,910
27,203	Safran SA		4,273,499
127,200	Singapore Technologies Engineering, Ltd.		347,099
8,612	Thales SA		1,288,989
			20,430,860
Air Freight & Logistics (0.6%):
80,061	Deutsche Post AG		3,909,198
14,786	DSV A/S		3,112,199
5,800	NIPPON EXPRESS HOLDINGS, INC.		327,142
21,200	SG Holdings Co., Ltd.		302,506
21,600	Yamato Holdings Co., Ltd.		390,679
			8,041,724
Automobile Components (3.2%):		��
10,600	Aisin Corp.		327,692
26,721	Bayerische Motoren Werke AG		3,281,461
46,100	Bridgestone Corp.		1,894,462
54,750	Cie Generale des Etablissements Michelin SCA		1,618,324
8,230	Continental AG		620,189
35,000	Denso Corp.		2,359,817
122,600	Honda Motor Co., Ltd.		3,703,956
49,200	Isuzu Motors, Ltd.		599,070
16,300	Koito Manufacturing Co., Ltd.		295,886
46,900	Mazda Motor Corp.		458,398
68,173	Mercedes-Benz Group AG		5,486,144
191,700	Nissan Motor Co., Ltd.		791,739
16,054	Renault SA		677,314
6,855	Stellantis NV		120,655
50,400	Subaru Corp.		953,672
54,000	Sumitomo Electric Industries, Ltd.		662,691
29,700	Suzuki Motor Corp.		1,079,373
844,830	Toyota Motor Corp.		13,502,663
18,025	Valeo		386,731
45,248	Volvo Car AB, Class B*^		179,980
22,500	Yamaha Motor Co., Ltd.		648,408
			39,648,625
Automobiles (0.6%):
8,726	Dr Ing hc F Porsche AG		1,082,926
9,968	Ferrari NV		3,263,062
170,799	Stellantis NV		3,001,722
2,396	Volkswagen AG		399,707
			7,747,417
Banks (9.3%):
34,205	ABN AMRO Bank NV		531,973
81,200	AIB Group plc		341,590
237,447	ANZ Group Holdings, Ltd.		3,764,430
475,951	Banco Bilbao Vizcaya Argentaria SA		3,669,573
1,310,625	Banco Santander SA		4,862,589
96,434	Bank Hapoalim BM		791,427
124,590	Bank Leumi Le-Israel BM		934,108

Shares		Value
Common Stocks, continued
Banks, continued
87,644	Bank of Ireland Group plc	$	837,275
2,155	Banque Cantonale Vaudoise, Registered Shares		227,731
1,247,325	Barclays plc		2,436,052
88,975	BNP Paribas SA		5,619,956
299,000	BOC Hong Kong Holdings, Ltd.		915,198
328,666	CaixaBank SA		1,363,127
41,200	Chiba Bank, Ltd. (The)		249,981
85,909	Commerzbank AG		951,178
134,964	Commonwealth Bank of Australia		9,047,950
78,500	Concordia Financial Group, Ltd.		309,411
98,218	Credit Agricole SA^		1,166,656
55,665	Danske Bank A/S*		1,355,849
146,100	DBS Group Holdings, Ltd.		3,416,917
75,072	DNB Bank ASA		1,404,103
27,754	Erste Group Bank AG		974,454
50,162	FinecoBank Banca Fineco SpA		676,566
58,300	Hang Seng Bank, Ltd.		830,345
1,588,922	HSBC Holdings plc		12,565,382
288,308	ING Groep NV		3,893,103
1,279,815	Intesa Sanpaolo SpA		3,363,433
105,115	Israel Discount Bank, Ltd., Class A		522,953
120,700	Japan Post Bank Co,m Ltd,		945,746
19,310	KBC Group NV		1,350,194
5,321,269	Lloyds Banking Group plc		2,949,481
45,023	Mediobanca Banca di Credito Finanziario SpA		539,852
909,600	Mitsubishi UFJ Financial Group, Inc.		6,714,785
12,599	Mizrahi Tefahot Bank, Ltd.		421,333
190,163	Mizuho Financial Group, Inc.		2,902,778
251,614	National Australia Bank, Ltd.		4,440,184
428,442	NatWest Group plc		1,315,254
258,423	Nordea Bank Abp		2,816,677
273,199	Oversea-Chinese Banking Corp., Ltd.		2,489,852
175,187	Resona Holdings, Inc.		839,556
317,881	Sberbank of Russia*(a)(b)		—
33,000	Shizuoka Financial Group, Inc.		239,762
12,520	SinoPac Financial Holdings Co., Ltd.		6,988
130,163	Skandinaviska Enskilda Banken AB, Class A		1,440,633
57,939	Societe Generale SA		1,508,117
190,526	Standard Chartered plc		1,661,331
103,769	Sumitomo Mitsui Financial Group, Inc.		4,441,895
26,803	Sumitomo Mitsui Trust Holdings, Inc.		959,179
117,713	Svenska Handelsbanken AB, Class A		987,696
67,627	Swedbank AB, Class A		1,142,557
3,719	TCS Group Holding plc, GDR*(a)		—
—	Turkiye Is Bankasi AS, Class C		—
146,861	UniCredit SpA		3,424,497
95,173	United Overseas Bank, Ltd.		1,973,380
97,280,589	VTB Bank PJSC*(a)(b)		—
278,304	Westpac Banking Corp.		3,969,167
			116,504,204
Beverages (2.0%):
70,159	Anheuser-Busch InBev SA		3,973,158
36,800	Asahi Group Holdings, Ltd.		1,426,627
137,100	Budweiser Brewing Co. APAC, Ltd.		353,539
7,856	Carlsberg AS, Class B		1,256,300
15,762	Coca-Cola Europacific Partners plc		1,014,706
16,149	Coca-Cola HBC AG		481,100
39,691	David Campari-Milano NV, Class M		550,009

See accompanying notes to the financial statements.

4

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Beverages, continued
179,598	Diageo plc	$	7,702,773
8,891	Heineken Holding NV		773,000
20,369	Heineken NV		2,096,009
66,500	Kirin Holdings Co., Ltd.		971,289
16,596	Pernod Ricard SA		3,666,357
1,876	Remy Cointreau SA		300,737
10,600	Suntory Beverage & Food, Ltd.		384,412
55,069	Treasury Wine Estates, Ltd.		413,673
			25,363,689
Biotechnology (0.9%):
4,465	Argenx SE*		1,737,009
110	Celltrion, Inc.		12,830
38,551	CSL, Ltd.		7,132,220
5,171	Genmab A/S*		1,962,920
22,071	Grifols SA*		283,046
13,318	Swedish Orphan Biovitrum AB*		259,831
			11,387,856
Broadline Retail (0.8%):
2,694	Hanwha Galleria Corp.*		3,125
10,534	Next plc		924,926
965	Ozon Holdings plc, ADR*(a)		—
321	Ozon Holdings plc, ADR*(a)(b)		—
31,900	Pan Pacific International Holdings Corp.		571,701
63,928	Prosus NV		4,677,675
109,300	Rakuten Group, Inc.		380,732
89,762	Wesfarmers, Ltd.		2,959,462
			9,517,621
Building Products (1.1%):
14,700	AGC, Inc.^		529,115
80,676	Assa Abloy AB, Class B		1,937,261
38,403	Cie de Saint-Gobain		2,339,188
21,000	Daikin Industries, Ltd.		4,287,064
2,715	Geberit AG, Registered Shares		1,421,842
12,620	Kingspan Group plc		840,142
24,300	Lixil Corp.		308,647
122,306	Nibe Industrier AB, Class B		1,162,906
817	ROCKWOOL A/S, Class B		211,303
10,800	TOTO, Ltd.		325,777
131,000	Xinyi Glass Holdings, Ltd.		204,814
			13,568,059
Capital Markets (2.5%):
78,825	3i Group plc		1,957,240
154,007	abrdn plc		427,322
4,937	Amundi SA		291,757
16,066	ASX, Ltd.		676,593
100,600	Daiwa Securities Group, Inc.		520,579
154,388	Deutsche Bank AG		1,619,882
15,031	Deutsche Boerse AG		2,775,724
28,691	EQT AB		552,801
7,317	Euronext NV		497,643
5,487	Futu Holdings, Ltd., ADR*^		218,053
27,012	Hargreaves Lansdown plc		279,687
91,693	Hong Kong Exchanges & Clearing, Ltd.		3,487,130
38,300	Japan Exchange Group, Inc.		670,084
17,255	Julius Baer Group, Ltd.		1,088,282
31,846	London Stock Exchange Group plc		3,374,067
29,528	Macquarie Group, Ltd.		3,517,921
45,462	Moscow Exchange MICEX-RTS PJSC*(a)(b)		—

Shares		Value
Common Stocks, continued
Capital Markets, continued
235,900	Nomura Holdings, Inc.	$	895,388
1,832	Partners Group Holding AG		1,725,479
18,590	SBI Holdings, Inc.		358,912
74,473	Schroders plc		414,220
64,600	Singapore Exchange, Ltd.		460,035
41,470	St James’s Place plc		573,036
261,978	UBS Group AG		5,331,597
			31,713,432
Chemicals (3.0%):
41,697	Air Liquide SA		7,474,806
13,575	Akzo Nobel NV		1,109,114
5,156	Arkema SA		486,317
103,200	Asahi Kasei Corp.		700,600
71,199	BASF SE		3,456,562
8,009	Chr Hansen Holding A/S		557,139
17,007	Clariant AG		245,908
14,675	Covestro AG*		761,932
11,396	Croda International plc		814,325
14,106	DSM-Firmenich AG*		1,517,875
586	EMS-Chemie Holding AG		443,948
15,923	Evonik Industries AG		302,636
746	Givaudan SA, Registered Shares		2,475,502
2,389	Hanwha Solutions Corp.*		77,258
53,836	ICL Group, Ltd.		294,972
15,179	Johnson Matthey plc		337,598
14,100	JSR Corp.		405,397
97,000	Mitsubishi Chemical Group Corp.		584,914
13,900	Mitsui Chemicals, Inc.		410,830
62,900	Nippon Paint Holdings Co., Ltd.		520,044
13,900	Nippon Sanso Holdings Corp.		302,170
10,600	Nissan Chemical Corp.		456,840
10,800	Nitto Denko Corp.		800,633
16,801	Novozymes A/S, B Shares		782,608
8,000	OCI NV		192,034
34,383	Orica, Ltd.		340,931
1,447	PhosAgro PJSC(a)(b)		—
27	Phosagro Public Joint Stock Co., GDR*(a)		—
147,100	Shin-Etsu Chemical Co., Ltd.		4,889,640
11,746	Sika AG, Registered Shares		3,360,560
5,641	Solvay SA, Class A		631,717
121,000	Sumitomo Chemical Co., Ltd.		368,359
10,716	Symrise AG		1,122,506
115,800	Toray Industries, Inc.		647,015
19,100	Tosoh Corp.		226,469
17,362	Umicore SA		485,293
1,454	Wacker Chemie AG		199,515
12,572	Yara International ASA		444,090
			38,228,057
Commercial Services & Supplies (0.4%):
105,801	Brambles, Ltd.		1,018,082
18,700	Dai Nippon Printing Co., Ltd.		530,251
203,376	Rentokil Initial plc		1,588,257
17,000	Secom Co., Ltd.		1,151,231
37,053	Securitas AB, Class B		304,425
21,600	TOPPAN, INC.		466,735
			5,058,981
Communications Equipment (0.2%):
434,694	Nokia Oyj		1,824,029

See accompanying notes to the financial statements.

5

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Communications Equipment, continued
235,556	Telefonaktiebolaget LM Ericsson, Class B	$	1,285,198
			3,109,227
Construction & Engineering (0.8%):
16,519	ACS Actividades de Construccion y Servicios SA		580,748
17,061	Bouygues SA		572,952
5,855	Eiffage SA		611,350
39,327	Ferrovial SE*		1,245,042
31,800	Kajima Corp.		481,048
49,300	Obayashi Corp.		427,244
49,400	Shimizu Corp.		312,016
28,674	Skanska AB, Class B		402,443
13,600	Taisei Corp.		475,729
42,334	Vinci SA		4,919,896
			10,028,468
Construction Materials (0.6%):
59,013	CRH plc		3,259,121
11,884	Heidelberg Materials AG		975,760
44,751	Holcim AG		3,009,563
34,080	James Hardie Industries plc		908,246
			8,152,690
Consumer Finance (0.0%†):
—	Isracard, Ltd.		2
Consumer Staples Distribution & Retail (1.3%):
52,900	Aeon Co., Ltd.		1,082,988
48,162	Carrefour SA^		912,639
107,929	Coles Group, Ltd.		1,326,206
118,540	Endeavour Group, Ltd.		499,206
12,116	HelloFresh SE*		299,554
133,541	J Sainsbury plc		457,084
23,703	Jeronimo Martins SGPS SA		653,438
22,901	Kesko Oyj, Class B		430,953
11,400	Kobe Bussan Co., Ltd.		294,720
77,717	Koninklijke Ahold Delhaize NV		2,650,659
2,004	Magnit PJSC*(a)(b)		—
8,700	MatsukiyoCocokara & Co.		488,943
47,375	Ocado Group plc*		342,209
60,700	Seven & i Holdings Co., Ltd.		2,624,815
597,360	Tesco plc		1,887,370
6,600	Welcia Holdings Co., Ltd.		137,340
95,784	Woolworths Group, Ltd.		2,540,907
3,565	X5 Retail Group NV, GDR*(a)		—
			16,629,031
Containers & Packaging (0.1%):
23,221	SIG Group AG		641,937
20,419	Smurfit Kappa Group plc		681,504
			1,323,441
Distributors (0.0%†):
2,056	D’ieteren Group		363,554
Diversified Consumer Services (0.1%):
18,013	IDP Education, Ltd.		266,297
48,999	Pearson plc		516,297
			782,594
Diversified REITs (0.4%):
71,275	British Land Co. plc (The)		274,828
3,599	Covivio SA		170,245
167	Daiwa House REIT Investment Corp.		320,555

Shares		Value
Common Stocks, continued
Diversified REITs, continued
91,238	Dexus	$	474,741
160,534	GPT Group (The)		443,563
51,805	Land Securities Group plc		378,779
336,024	Mirvac Group		507,924
126	Nippon Building Fund, Inc.^		495,670
322	Nomura Real Estate Master Fund, Inc.		371,384
98,328	Segro plc		896,315
201,393	Stockland		543,016
293,814	Vicinity, Ltd.		361,101
			5,238,121
Diversified Telecommunication Services (1.8%):
561,580	BT Group plc		873,589
44,186	Cellnex Telecom SA		1,791,136
257,519	Deutsche Telekom AG		5,612,589
10,800	Elisa Oyj		576,795
333,525	HKT Trust & HKT, Ltd.		388,470
28,522	Infrastrutture Wireless Italiane SpA		376,557
268,346	Koninklijke KPN NV		957,875
2,360,100	Nippon Telegraph & Telephone Corp.		2,796,760
148,319	Orange SA		1,734,617
666,400	Singapore Telecommunications, Ltd.		1,234,979
142,233	Spark New Zealand, Ltd.		444,435
2,092	Swisscom AG, Registered Shares		1,305,473
761,503	Telecom Italia SpA*		214,685
87,057	Telefonica Deutschland Holding AG		244,626
419,474	Telefonica SA		1,701,572
53,260	Telenor ASA		540,130
195,453	Telia Co. AB		428,794
329,257	Telstra Group, Ltd.		944,808
			22,167,890
Electric Utilities (1.9%):
2,028	Acciona SA^		344,388
1,549	BKW AG		273,701
49,000	Chubu Electric Power Co., Inc.		598,457
52,070	CK Infrastructure Holdings, Ltd.		275,636
133,500	CLP Holdings, Ltd.		1,039,142
236,366	EDP - Energias de Portugal SA		1,156,863
2,469	Elia Group SA/NV		313,621
26,114	Endesa SA^		560,944
648,312	Enel SpA		4,366,799
37,972	Fortum Oyj		508,454
463,691	Iberdrola SA		6,056,095
952,130	Inter Rao Ues PJSC*(a)(b)		—
54,000	Kansai Electric Power Co., Inc. (The)		678,517
62,734	Mercury NZ, Ltd.		250,260
141,758	Origin Energy, Ltd.		792,256
15,267	Orsted AS		1,442,598
105,500	Power Assets Holdings, Ltd.		553,391
30,305	Red Electrica Corp. SA^		508,868
84,709	SSE plc		1,984,171
114,749	Terna - Rete Elettrica Nazionale		977,339
122,700	Tokyo Electric Power Co. Holdings, Inc.*		450,069
5,165	Verbund AG, Class A		414,775
			23,546,344
Electrical Equipment (1.8%):
125,219	ABB, Ltd., Registered Shares		4,928,532
10,100	Fuji Electric Co., Ltd.		445,116
21,502	Legrand SA		2,132,829

See accompanying notes to the financial statements.

6

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Electrical Equipment, continued
156,000	Mitsubishi Electric Corp.	$	2,192,455
33,200	NIDEC CORP.		1,825,059
20,835	Prysmian SpA		872,571
43,297	Schneider Electric SE		7,890,863
40,267	Siemens Energy AG*		710,725
79,254	Vestas Wind Systems A/S*		2,106,011
			23,104,161
Electronic Equipment, Instruments & Components (1.5%):
8,200	Azbil Corp.		259,506
28,976	Halma plc		838,617
11,700	Hamamatsu Photonics KK		574,411
157,083	Hexagon AB, Class B		1,934,873
2,214	Hirose Electric Co., Ltd.		294,712
9,300	Ibiden Co., Ltd.		527,422
15,380	Keyence Corp.		7,274,238
25,900	Kyocera Corp.		1,407,973
46,400	Murata Manufacturing Co., Ltd.		2,662,702
15,200	Omron Corp.		931,233
18,100	Shimadzu Corp.		560,418
31,400	TDK Corp.		1,215,973
22,100	Venture Corp., Ltd.		241,435
17,300	Yokogawa Electric Corp.		317,518
			19,041,031
Energy Equipment & Services (0.0%†):
39,743	Tenaris SA		594,645
Entertainment (0.8%):
70,633	Bollore SE		440,125
13,400	Capcom Co., Ltd.		531,137
49,180	Embracer Group AB*^		123,137
8,260	Koei Tecmo Holdings Co., Ltd.		142,881
7,100	Konami Group Corp.		372,104
31,100	Nexon Co., Ltd.		595,999
82,800	Nintendo Co., Ltd.		3,766,781
29,061	Sea, Ltd., ADR*		1,686,701
6,500	Square Enix Holdings Co., Ltd.		302,687
9,200	Toho Co., Ltd.		350,040
65,263	Universal Music Group NV		1,449,847
			9,761,439
Financial Services (0.9%):
20,143	Edenred		1,348,665
3,632	Eurazeo SE		255,643
8,959	EXOR NV		800,437
3,200	GMO Payment Gateway, Inc.		249,850
7,548	Groupe Bruxelles Lambert NV		594,815
10,704	Industrivarden AB, Class A		296,899
11,693	Industrivarden AB, Class C		322,781
38,075	Investor AB		762,258
137,868	Investor AB, Class B		2,759,720
18,428	Kinnevik AB, Class B*		255,737
6,582	L E Lundbergforetagen AB		280,326
189,651	M&G plc		461,623
50,900	Mitsubishi HC Capital, Inc.		303,319
96,500	ORIX Corp.		1,765,030
1,204	Sofina SA		249,584
2,005	Wendel SE		205,964
19,597	Worldline SA*		717,179
			11,629,830

Shares		Value
Common Stocks, continued
Food Products (3.2%):
36,800	Ajinomoto Co., Inc.	$	1,465,367
27,030	Associated British Foods plc		685,495
273	Barry Callebaut AG, Registered Shares		527,141
274,400	China Huishan Dairy Holdings Co., Ltd.*(a)		—
85	Chocoladefabriken Lindt & Spruengli AG		1,068,037
8	Chocoladefabriken Lindt & Spruengli AG		992,741
50,899	Danone SA		3,118,630
7,602	JDE Peet’s NV		226,114
12,854	Kerry Group plc, Class A		1,254,066
11,100	Kikkoman Corp.		626,442
16,904	MEIJI Holdings Co., Ltd.		377,666
31,757	Mowi ASA		504,185
219,082	Nestle SA, Registered Shares		26,368,341
14,545	Nisshin Seifun Group, Inc.		179,763
5,100	Nissin Foods Holdings Co., Ltd.		421,287
61,109	Orkla ASA, Class A		439,030
5,798	Salmar ASA		233,970
664,797	WH Group, Ltd.		353,307
166,500	Wilmar International, Ltd.		468,985
10,600	Yakult Honsha Co., Ltd.		671,679
			39,982,246
Gas Utilities (0.3%):
89,389	APA Group		578,164
18,899	Enagas SA^		371,302
918,135	Hong Kong & China Gas Co., Ltd.		794,085
11,581	Naturgy Energy Group SA		344,929
30,400	Osaka Gas Co., Ltd.		466,386
165,445	Snam SpA		864,537
29,800	Tokyo Gas Co., Ltd.		651,127
			4,070,530
Ground Transportation (0.6%):
139,342	Aurizon Holdings, Ltd.		364,853
11,600	Central Japan Railway Co.		1,454,865
24,413	East Japan Railway Co.		1,353,977
148,794	Grab Holdings, Ltd.*		510,363
18,700	Hankyu Hanshin Holdings, Inc.		619,453
8,100	Keio Corp.		254,727
10,500	Keisei Electric Railway Co., Ltd.		435,238
12,800	Kintetsu Group Holdings Co., Ltd.		443,555
129,494	MTR Corp., Ltd.		596,071
23,500	Odakyu Electric Railway Co., Ltd.		314,978
14,300	Tobu Railway Co., Ltd.		383,727
40,500	Tokyu Corp.		488,466
16,800	West Japan Railway Co.		699,239
			7,919,512
Health Care Equipment & Supplies (2.1%):
40,328	Alcon, Inc.		3,351,614
17,500	Asahi Intecc Co., Ltd.		344,124
3,108	BioMerieux		326,150
3,472	Carl Zeiss Meditec AG		375,393
5,393	Cochlear, Ltd.		825,039
9,588	Coloplast A/S, Class B		1,198,940
7,748	Demant A/S*		327,912
1,912	DiaSorin SpA		198,969
23,181	EssilorLuxottica SA		4,386,533
43,974	Fisher & Paykel Healthcare Corp., Ltd.		660,671
17,368	Getinge AB, Class B		304,547
127	HLB, Inc.*		3,156

See accompanying notes to the financial statements.

7

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
28,700	Hoya Corp.	$	3,423,962
74,976	Koninklijke Philips NV*		1,622,351
98,600	Olympus Corp.		1,560,890
21,692	Siemens Healthineers AG		1,227,589
70,295	Smith & Nephew plc		1,134,084
4,195	Sonova Holding AG		1,117,842
8,629	Straumann Holding AG, Class R		1,401,657
13,700	Sysmex Corp.		936,588
50,100	Terumo Corp.		1,593,552
			26,321,563
Health Care Providers & Services (0.3%):
10,391	Amplifon SpA		381,332
105	Celltrion Healthcare Co., Ltd.		5,255
13,978	EBOS Group, Ltd.		316,165
15,701	Fresenius Medical Care AG & Co., KGaA		749,786
32,423	Fresenius SE & Co. KGaA		897,384
15,256	Ramsay Health Care, Ltd.		573,750
37,378	Sonic Healthcare, Ltd.		888,860
			3,812,532
Health Care Technology (0.1%):
36,000	M3, Inc.		778,371
Hotels, Restaurants & Leisure (1.7%):
12,982	Accor SA		482,697
47,923	Aristocrat Leisure, Ltd.		1,240,663
138,990	Compass Group plc		3,887,369
13,159	Delivery Hero SE*		580,039
48,536	Entain plc		788,107
14,265	Evolution AB		1,808,302
14,053	Flutter Entertainment plc*		2,828,108
176,000	Galaxy Entertainment Group, Ltd.*		1,123,324
521,157	Genting Singapore, Ltd.		361,721
14,222	InterContinental Hotels Group plc		981,959
14,853	Just Eat Takeaway.com NV*		227,841
9,131	La Francaise des Jeux SAEM		359,481
169,008	Lottery Corp., Ltd. (The)		579,535
7,029	McDonald’s Holdings Co., Ltd.		273,395
17,520	Meituan*		275,391
86,900	Oriental Land Co., Ltd.		3,393,021
184,732	Sands China, Ltd.*		632,265
6,718	Sodexo SA		739,747
15,373	Whitbread plc		661,443
			21,224,408
Household Durables (1.2%):
82,761	Barratt Developments plc		434,403
8,253	Berkeley Group Holdings plc		411,006
11,900	Iida Group Holdings Co., Ltd.		201,408
6,700	Open House Group Co., Ltd.		241,724
178,200	Panasonic Holdings Corp.		2,183,173
27,040	Persimmon plc		352,460
1,891	SEB SA		195,495
29,700	Sekisui Chemical Co., Ltd.		429,662
49,800	Sekisui House, Ltd.		1,007,863
16,000	Sharp Corp.^		89,171
100,300	Sony Group Corp.		8,997,609
259,842	Taylor Wimpey plc		339,354
			14,883,328

Shares		Value
Common Stocks, continued
Household Products (0.6%):
47,177	Essity AB, Class B	$	1,256,159
7,943	Henkel AG & Co. KGaA		559,003
57,015	Reckitt Benckiser Group plc		4,281,148
32,600	Unicharm Corp.		1,207,988
			7,304,298
Independent Power and Renewable Electricity Producers (0.2%):
6,231	Corp ACCIONA Energias Renovables SA^		208,463
19,458	EDP Renovaveis SA		389,696
103,728	Meridian Energy, Ltd.		357,303
50,524	RWE AG		2,198,958
			3,154,420
Industrial Conglomerates (1.6%):
215,744	CK Hutchison Holdings, Ltd.		1,320,603
8,216	DCC plc		459,160
74,720	Hitachi, Ltd.		4,625,022
12,438	Investment AB Latour, Class B		246,915
6,600	Jardine Cycle & Carriage, Ltd.		170,388
12,100	Jardine Matheson Holdings, Ltd.		613,723
111,400	Keppel Corp., Ltd.		554,613
20,043	Lifco AB, Class B		436,327
60,945	Siemens AG, Registered Shares		10,143,232
26,917	Smiths Group plc		563,108
31,600	Toshiba Corp.		990,577
			20,123,668
Industrial REITs (0.3%):
256,683	CapitaLand Ascendas REIT		517,872
340	GLP J-Reit		335,292
136,410	Goodman Group		1,826,883
271,034	Mapletree Logistics Trust		325,475
184	Nippon Prologis REIT, Inc.		369,165
12,391	Warehouses De Pauw CVA		339,864
			3,714,551
Insurance (5.0%):
13,489	Admiral Group plc		357,367
134,420	Aegon NV		680,732
13,611	Ageas SA/NV		551,593
927,600	AIA Group, Ltd.		9,464,835
32,215	Allianz SE, Registered Shares+		7,492,780
80,732	Assicurazioni Generali SpA		1,644,058
226,219	Aviva plc		1,139,964
146,130	AXA SA		4,316,783
3,478	Baloise Holding AG, Registered Shares		511,656
75,700	Dai-ichi Life Holdings, Inc.		1,452,257
15,186	Gjensidige Forsikring ASA		243,492
4,905	Hannover Rueck SE		1,040,003
2,957	Helvetia Holding AG, Registered Shares		400,394
187,315	Insurance Australia Group, Ltd.		713,499
174,800	Japan Post Holdings Co., Ltd.		1,257,040
15,600	Japan Post Insurance Co., Ltd.		234,566
482,101	Legal & General Group plc		1,397,303
207,807	Medibank Pvt, Ltd.		488,915
34,611	MS&AD Insurance Group Holdings, Inc.		1,233,375
11,267	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		4,224,565
19,973	NN Group NV		741,045
56,342	Phoenix Group Holdings plc		380,753
43,375	Poste Italiane SpA		470,538

See accompanying notes to the financial statements.

8

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Insurance, continued
217,685	Prudential plc	$	3,069,369
119,821	QBE Insurance Group, Ltd.		1,260,782
38,718	Sampo Oyj, A Shares		1,736,293
25,225	Sompo Holdings, Inc.		1,130,959
103,227	Suncorp Group, Ltd.		931,018
2,388	Swiss Life Holding AG		1,397,575
24,342	Swiss Re AG		2,451,820
39,836	T&D Holdings, Inc.		588,607
5,045	Talanx AG		289,198
144,800	Tokio Marine Holdings, Inc.		3,343,662
27,304	Tryg A/S		591,069
12,053	Zurich Insurance Group AG		5,728,026
			62,955,891
Interactive Media & Services (0.2%):
25,768	Adevinta ASA*		169,070
71,470	Auto Trader Group plc		553,848
3,995	REA Group, Ltd.		382,621
6,090	Scout24 SE		386,007
28,658	SEEK, Ltd.		415,707
3,760	VK Co., Ltd., GDR*(a)		—
9,068	Yandex NV, Class A*(a)		—
224,800	Z Holdings Corp.		542,925
			2,450,178
IT Services (0.8%):
6,916	Bechtle AG		274,005
12,869	Capgemini SE		2,437,686
14,000	Fujitsu, Ltd.		1,805,165
6,900	Itochu Techno-Solutions Corp.		174,618
20,200	NEC Corp.		982,251
32,038	Nomura Research Institute, Ltd.		883,667
52,500	NTT Data Corp.		735,163
5,300	Obic Co., Ltd.		849,799
8,700	Otsuka Corp.		338,591
13,500	SCSK Corp.		212,510
18,500	TIS, Inc.		463,576
4,347	Wix.com, Ltd.*		340,109
			9,497,140
Leisure Products (0.2%):
48,600	Bandai Namco Holdings, Inc.		1,124,691
5,900	Shimano, Inc.		987,684
10,700	Yamaha Corp.		411,520
			2,523,895
Life Sciences Tools & Services (0.5%):
2,520	Bachem Holding AG, Registered B		220,119
10,204	Eurofins Scientific SE^		648,081
5,920	Lonza Group AG		3,536,355
18,590	QIAGEN NV*		833,818
1,990	Sartorius AG		682,355
2,285	Sartorius Stedim Biotech		570,959
			6,491,687
Machinery (3.1%):
22,193	Alfa Laval AB		809,629
26,350	Alstom SA		786,464
212,445	Atlas Copco AB, Class A		3,065,035
125,968	Atlas Copco AB, Class B		1,570,067
82,584	CNH Industrial NV		1,193,526
24,300	Daifuku Co., Ltd.		497,620

Shares		Value
Common Stocks, continued
Machinery, continued
36,528	Daimler Truck Holding AG	$	1,315,049
50,260	Epiroc AB, Class A		952,349
29,884	Epiroc AB, Class B		483,512
75,700	FANUC Corp.		2,661,918
12,696	GEA Group AG		530,541
7,700	Hitachi Construction Machinery Co., Ltd.		216,916
9,400	Hoshizaki Corp.		338,067
33,497	Husqvarna AB, B Shares		303,951
20,933	Indutrade AB		472,509
5,878	Knorr-Bremse AG		448,741
74,400	Komatsu, Ltd.		2,013,348
26,333	Kone Oyj, Class B		1,375,401
81,700	Kubota Corp.^		1,190,276
8,400	Kurita Water Industries, Ltd.		322,885
18,500	Makita Corp.		519,346
50,641	Metso Oyj		610,004
30,600	MINEBEA MITSUMI, Inc.		579,520
21,600	MISUMI Group, Inc.		432,357
26,000	Mitsubishi Heavy Industries, Ltd.		1,216,511
20,900	NGK Insulators, Ltd.		250,042
423	Rational AG		306,019
86,048	Sandvik AB		1,680,825
3,073	Schindler Holding AG		721,108
1,919	Schindler Holding AG, Registered Shares		431,352
3,435,869	Seatrium, Ltd.*		318,251
29,127	SKF AB, B Shares		507,434
4,400	SMC Corp.		2,445,776
6,041	Spirax-Sarco Engineering plc		795,589
111,000	Techtronic Industries Co., Ltd.		1,214,625
12,100	Toyota Industries Corp.		868,141
2,069	VAT Group AG		857,169
15,205	Volvo AB, Class A		324,376
121,785	Volvo AB, Class B		2,526,960
35,945	Wartsila Oyj Abp, Class B		404,950
19,700	Yaskawa Electric Corp.		906,997
			38,465,156
Marine Transportation (0.4%):
228	AP Moller - Maersk A/S, Class A		397,942
408	AP Moller - Maersk A/S, Class B		717,899
11,000	Kawasaki Kisen Kaisha, Ltd.		266,895
4,385	Kuehne + Nagel International AG		1,296,647
28,500	Mitsui OSK Lines, Ltd.		682,083
39,200	Nippon Yusen KK		871,214
104,000	SITC International Holdings Co., Ltd.		190,883
			4,423,563
Media (0.4%):
34,500	CyberAgent, Inc.		251,988
16,577	Dentsu Group, Inc.		543,785
17,600	Hakuhodo DY Holdings, Inc.		185,843
115,470	Informa plc		1,064,234
17,649	Publicis Groupe SA		1,376,649
54,314	Vivendi SE		500,691
86,428	WPP plc		903,289
			4,826,479
Metals & Mining (3.3%):
77,337	Alrosa PAO*(a)(b)		—
100,521	Anglo American plc		2,848,744
29,973	Antofagasta plc		558,484

See accompanying notes to the financial statements.

9

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Metals & Mining, continued
38,457	ArcelorMittal SA	$	1,047,641
403,574	BHP Group, Ltd.		12,038,747
35,184	BlueScope Steel, Ltd.		485,288
22,331	Boliden AB		646,613
14,787	Endeavour Mining PLC		355,518
136,631	Fortescue Metals Group, Ltd.		2,034,389
850,191	Glencore plc		4,821,956
51,460	IGO, Ltd.		525,114
41,800	JFE Holdings, Inc.		599,877
14,064	Mineral Resources, Ltd.		675,438
1,857	MMC Norilsk Nickel PJSC*(a)(b)		—
68,956	Newcrest Mining, Ltd.		1,231,760
65,148	Nippon Steel Corp.		1,367,697
110,543	Norsk Hydro ASA		657,313
89,610	Northern Star Resources, Ltd.		727,296
42,350	Novolipetsk Steel PJSC*(a)(b)		—
193,306	Pilbara Minerals, Ltd.		637,332
10,301	Polymetal International plc*(a)(b)		—
1,026	Polyus PJSC*(a)(b)		—
89,182	Rio Tinto plc		5,664,768
29,106	Rio Tinto, Ltd.		2,239,451
6,613	Severstal*(a)(b)		—
370,193	South32, Ltd.		933,421
20,400	Sumitomo Metal Mining Co., Ltd.		657,578
84,297	United Co. RUSAL International PJSC(a)(b)		—
9,422	voestalpine AG		338,550
			41,092,975
Multi-Utilities (0.9%):
452,926	Centrica plc		713,167
177,107	E.ON SE		2,257,250
143,755	Engie SA		2,390,866
295,598	National Grid plc		3,905,432
53,712	Veolia Environnement SA		1,698,023
			10,964,738
Office REITs (0.1%):
3,809	Gecina SA		405,736
100	Japan Real Estate Investment Corp.		380,517
			786,253
Oil, Gas & Consumable Fuels (4.1%):
26,158	Aker BP ASA		613,217
18,095	Ampol, Ltd.		362,861
1,409,460	BP plc		8,256,464
250,220	ENEOS Holdings, Inc.		857,421
184,914	Eni SpA		2,666,109
74,561	Equinor ASA		2,166,863
41,896	Galp Energia SGPS SA		489,817
354,974	Gazprom PJSC*(a)(b)		—
17,887	Idemitsu Kosan Co., Ltd.		359,108
84,600	Inpex Corp.^		943,568
12,219	LUKOIL PJSC*(a)(b)		—
32,856	Neste Oyj		1,266,180
27,220	Novatek PJSC(a)(b)		—
12,445	OMV AG		527,266
105,732	Repsol SA^		1,537,197
34,912	Rosneft Oil Co. PJSC(a)(b)		—
254,684	Santos, Ltd.		1,282,475
545,448	Shell plc		16,237,307
50	SK Innovation Co., Ltd.*		6,015

Shares		Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
171,452	Surgutneftegas PJSC(a)(b)	$	—
199,091	Surgutneftegas Prefernce(a)(b)		—
43,241	Tatneft PJSC(a)(b)		—
188,441	TotalEnergies SE		10,798,983
15,937	Washington H Soul Pattinson & Co., Ltd.		337,783
144,176	Woodside Energy Group, Ltd.		3,327,128
6,149	Woodside Energy Group, Ltd.		142,370
			52,178,132
Paper & Forest Products (0.3%):
7,469	Holmen AB, B Shares		268,524
36,635	Mondi plc		559,258
62,500	Oji Holdings Corp.		234,134
41,849	Stora Enso Oyj, Class R		484,965
50,586	Svenska Cellulosa AB SCA, Class B		645,527
42,807	UPM-Kymmene Oyj		1,275,626
			3,468,034
Passenger Airlines (0.2%):
12,100	ANA Holdings, Inc.*		288,722
50,751	Deutsche Lufthansa AG*		519,409
12,270	Japan Airlines Co., Ltd.		266,574
70,174	Qantas Airways, Ltd.*		290,923
102,150	Singapore Airlines, Ltd.		540,734
			1,906,362
Personal Care Products (2.0%):
8,162	Beiersdorf AG		1,079,787
409,895	Haleon plc		1,686,575
37,600	Kao Corp.		1,361,998
4,200	Kobayashi Pharmaceutical Co., Ltd.		228,547
2,500	Kose Corp.^		240,342
19,234	L’Oreal SA		8,975,214
31,000	Shiseido Co., Ltd.		1,404,637
201,899	Unilever plc		10,525,809
			25,502,909
Pharmaceuticals (9.1%):
144,100	Astellas Pharma, Inc.		2,147,525
123,444	AstraZeneca plc		17,679,023
78,511	Bayer AG, Registered Shares		4,340,141
26	Celltrion Pharm, Inc.*		1,515
51,800	Chugai Pharmaceutical Co., Ltd.		1,473,348
147,300	Daiichi Sankyo Co., Ltd.		4,671,577
20,300	Eisai Co., Ltd.		1,368,189
322,791	GSK plc		5,701,074
12,542	Hikma Pharmaceuticals plc		301,266
3,054	Ipsen SA		367,491
2,556	Kangmei Pharmaceutical Co. A*(a)		—
22,000	Kyowa Kirin Co., Ltd.		406,713
10,430	Merck KGaA		1,724,251
4,100	Nippon Shinyaku Co., Ltd.		167,259
163,269	Novartis AG		16,482,920
131,882	Novo Nordisk A/S, Class B		21,303,880
30,400	Ono Pharmaceutical Co., Ltd.		551,264
9,112	Orion Oyj, Class B		378,089
29,900	Otsuka Holdings Co., Ltd.		1,095,966
8,986	Recordati Industria Chimica e Farmaceutica SpA		429,451
55,970	Roche Holding AG		17,108,959
2,550	Roche Holding AG		837,108
90,308	Sanofi		9,680,361
21,500	Shionogi & Co., Ltd.		908,472

See accompanying notes to the financial statements.

10

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Pharmaceuticals, continued
126,073	Takeda Pharmaceutical Co., Ltd.	$	3,963,019
83,515	Teva Pharmaceutical Industries, Ltd., ADR*		628,868
10,307	UCB SA		913,394
			114,631,123
Professional Services (2.1%):
13,783	Adecco Group AG		450,012
1,714	Adyen NV*		2,969,416
36,231	Amadeus IT Group SA*		2,762,032
11,400	BayCurrent Consulting, Inc.		428,337
22,303	Bureau Veritas SA		611,708
44,998	Computershare, Ltd.		704,357
74,346	Experian plc		2,856,322
12,261	Intertek Group plc		665,420
44,818	Nexi SpA*		351,834
13,500	Persol Holdings Co., Ltd.		244,333
9,079	Randstad NV		478,432
114,100	Recruit Holdings Co., Ltd.		3,641,711
152,837	RELX plc		5,094,514
11,940	SGS SA, Registered Shares		1,128,035
4,771	Teleperformance		800,858
48,972	Wise plc, Class A*		408,573
20,300	Wolters Kluwer NV		2,577,342
			26,173,236
Real Estate Management & Development (1.2%):
3,664	Azrieli Group, Ltd.		207,222
199,200	CapitaLand Investment, Ltd.		489,712
60,000	China Evergrande Group*		5,248
33,900	City Developments, Ltd.		169,043
160,744	CK Asset Holdings, Ltd.		892,122
4,700	Daito Trust Construction Co., Ltd.		476,940
48,400	Daiwa House Industry Co., Ltd.		1,279,321
165,400	ESR Group, Ltd.		284,760
47,911	Fastighets AB Balder, B Shares*		175,141
173,000	Hang Lung Properties, Ltd.		267,022
109,956	Henderson Land Development Co., Ltd.		327,875
96,400	Hongkong Land Holdings, Ltd.		376,623
29,800	Hulic Co., Ltd.		255,773
5,995	LEG Immobilien SE		344,266
50,412	Lendlease Corp., Ltd.		260,797
90,800	Mitsubishi Estate Co., Ltd.		1,083,176
72,800	Mitsui Fudosan Co., Ltd.		1,452,660
114,655	New World Development Co., Ltd.		283,205
9,400	Nomura Real Estate Holdings, Inc.		223,627
13,919	Sagax AB, Class B		275,204
41,676	Shimao Group Holdings, Ltd.*		7,403
302,601	Sino Land Co., Ltd.		372,122
22,800	Sumitomo Realty & Development Co., Ltd.		565,154
112,000	Sun Hung Kai Properties, Ltd.		1,412,694
81,000	Sunac China Holdings, Ltd.*		14,174
42,964	Swire Pacific, Ltd., Class A		330,563
96,400	Swire Properties, Ltd.		237,621
5,841	Swiss Prime Site AG, Registered Shares		507,059
36,896	UOL Group, Ltd.		175,760
57,805	Vonovia SE		1,128,506
127,300	Wharf Real Estate Investment Co., Ltd.		637,167
			14,517,960
Retail REITs (0.3%):
404,713	CapitaLand Integrated Commercial Trust		572,546

Shares		Value
Common Stocks, continued
Retail REITs, continued
591	Japan Metropolitan Fund Invest	$	394,765
17,429	Klepierre SA		432,364
204,420	Link REIT		1,138,119
182,400	Mapletree Pan Asia Commercial Trust		218,906
424,787	Scentre Group		750,102
9,878	Unibail-Rodamco-Westfield*		522,034
			4,028,836
Semiconductors & Semiconductor Equipment (3.5%):
14,700	Advantest Corp.		1,969,485
3,783	ASM International NV		1,608,677
32,116	ASML Holding NV		23,245,608
6,600	Disco Corp.		1,044,259
103,656	Infineon Technologies AG		4,274,418
6,100	Lasertec Corp.		922,042
101,400	Renesas Electronics Corp.*		1,919,173
7,400	Rohm Co., Ltd.		699,506
53,706	STMicroelectronics NV		2,671,536
28,800	SUMCO Corp.		407,669
35,700	Tokyo Electron, Ltd.		5,112,899
8,897	Tower Semiconductor, Ltd.*		328,948
			44,204,220
Software (1.6%):
8,103	Check Point Software Technologies, Ltd.*		1,017,899
3,389	CyberArk Software, Ltd.*		529,802
52,250	Dassault Systemes SE		2,316,862
1,521	Monday.com, Ltd.*		260,426
4,385	Nemetschek SE		328,350
5,127	Nice, Ltd.*		1,058,729
2,800	Oracle Corp.		208,091
84,002	Sage Group plc (The)		986,625
83,484	SAP SE		11,398,139
5,103	Temenos AG, Registered Shares		406,426
11,100	Trend Micro, Inc.		537,604
11,262	WiseTech Global, Ltd.		603,204
10,262	Xero, Ltd.*		819,964
			20,472,121
Specialty Retail (0.9%):
7,852	Dufry AG, Registered Shares*		358,026
13,800	Fast Retailing Co., Ltd.		3,543,145
55,987	H & M Hennes & Mauritz AB, Class B^		963,191
1,500	Hikari Tsushin, Inc.		215,596
88,107	Industria de Diseno Textil SA		3,422,827
217,795	JD Sports Fashion plc		403,617
146,299	Kingfisher plc		430,337
6,100	Nitori Holdings Co., Ltd.		682,594
16,600	USS Co., Ltd.		275,146
18,592	Zalando SE*		534,865
10,300	ZOZO, Inc.		213,199
			11,042,543
Technology Hardware, Storage & Peripherals (0.4%):
17,600	Brother Industries, Ltd.		258,119
80,700	Canon, Inc.		2,129,734
27,900	FUJIFILM Holdings Corp.		1,657,178
14,283	Logitech International SA, Class R		849,461
44,400	Ricoh Co., Ltd.		379,142
23,600	Seiko Epson Corp.		366,484
			5,640,118

See accompanying notes to the financial statements.

11

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (3.4%):
12,748	adidas AG	$	2,472,301
31,278	Burberry Group plc		841,664
41,586	Cie Financiere Richemont SA, Registered Shares		7,058,020
2,316	FF Group*(a)		—
2,533	Hermes International		5,509,879
5,930	Kering SA		3,283,943
21,982	LVMH Moet Hennessy Louis Vuitton SE		20,742,990
16,565	Moncler SpA		1,146,080
7,545	Pandora A/S		674,337
8,021	Puma SE		482,302
3,854	Swatch Group AG (The)		211,901
2,177	Swatch Group AG (The), Class BR		638,234
		43,061,651
Tobacco (0.7%):
168,817	British American Tobacco plc		5,599,835
72,257	Imperial Brands plc, Class A		1,597,687
96,700	Japan Tobacco, Inc.^		2,119,795
		9,317,317
Trading Companies & Distributors (1.9%):
13,676	AerCap Holdings NV*		868,700
35,304	Ashtead Group plc		2,451,109
26,827	Beijer Ref AB		342,950
11,799	Brenntag SE		919,166
27,346	Bunzl plc		1,040,981
4,712	IMCD NV		677,706
94,100	ITOCHU Corp.		3,742,585
124,800	Marubeni Corp.		2,132,278
98,700	Mitsubishi Corp.		4,784,889
104,600	Mitsui & Co., Ltd.		3,936,130
18,500	MonotaRO Co., Ltd.^		235,767
15,779	Reece, Ltd.		196,628
90,900	Sumitomo Corp.		1,931,507
16,100	Toyota Tsushu Corp.		803,783
		24,064,179
Transportation Infrastructure (0.4%):
6,063	Aena SME SA		979,958
2,254	Aeroports de Paris		323,833
106,200	Auckland International Airport, Ltd.*		556,322
28,476	Getlink SE		484,456

Shares		Value
Common Stocks, continued
Transportation Infrastructure, continued
248,159	Transurban Group	$	2,363,234
		4,707,803
Water Utilities (0.1%):
20,867	Severn Trent plc		679,676
51,908	United Utilities Group plc		633,812
		1,313,488
Wireless Telecommunication Services (1.0%):
119,200	KDDI Corp.		3,684,360
29,884	Mobile TeleSystems PJSC(a)(b)		—
231,500	SoftBank Corp.		2,476,840
82,000	SoftBank Group Corp.		3,892,260
47,483	Tele2 AB		393,147
1,827,554	Vodafone Group plc		1,724,053
		12,170,660
Total Common Stocks (Cost $834,051,716)			1,238,851,067
Preferred Stocks (0.3%):
Automobile Components (0.2%):
12,611	Porsche Automobil Holding SE, 4.64%, 5/20/20*		758,463
16,425	Volkswagen AG, 7.13%, 5/8/20		2,202,832
		2,961,295
Automobiles (0.0%†):
4,531	Bayerische Motoren Werke AG, 8.18%, 5/15/20		515,140
Household Products (0.1%):
14,378	Henkel AG & Co. KGaA, 2.53%, 4/21/20		1,149,220
Total Preferred Stocks (Cost $3,995,882)			4,625,655
Short-Term Security Held as Collateral for Securities on Loan (0.9%):
10,695,325	BlackRock Liquidity FedFund, Institutional Class, 3.57%(c)(d)		10,695,325
Total Short-Term Security Held as Collateral for Securities on Loan (Cost $10,695,325)			10,695,325
Unaffiliated Investment Company (0.0%†):
Money Markets (0.0%†):
492,315	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(d)		492,315
Total Unaffiliated Investment Company (Cost $492,315)			492,315
Total Investment Securities (Cost $849,235,238) — 99.7%			1,254,664,362
Net other assets (liabilities) — 0.3%			3,264,064
Net Assets — 100.0%		$	1,257,928,426

Percentages indicated are based on net assets as of June 30, 2023.

ADR	-	American Depository Receipt
GDR	-	Global Depositary Receipt
REIT	-	Real Estate Investment Trust

* Non-income producing security.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $9,919,707.

† Represents less than 0.05%.

+ Affiliated Securities

(a) Security was valued using significant unobservable inputs as of June 30, 2023.

(b) These securities are held by the AZL MSCI Emerging Markets Equity Index Fund (the “Subsidiary”). See Note 2 in Notes to the Consolidated Financial Statements.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(d) The rate represents the effective yield at June 30, 2023.

Amounts shown as “—“ are either $0 or round to less than $1.

See accompanying notes to the financial statements.

12

AZL International Index Fund

Consolidated Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2023:

(Unaudited)

Country	Percentage
Australia		7.1	%
Austria		0.2	%
Belgium		0.8	%
Bermuda		0.1	%
China		0.1	%
Cyprus		—	%†
Denmark		3.0	%
Finland		1.1	%
France		11.3	%
Germany		8.4	%
Greece		—	%†
Hong Kong		2.4	%
Ireland		1.2	%
Isle of Man		0.1	%
Israel		0.6	%
Italy		2.1	%
Japan		22.2	%
Korea, Republic Of		—	%†
Luxembourg		0.2	%
Netherlands		6.9	%
New Zealand		0.3	%
Norway		0.6	%
Portugal		0.2	%
Republic of Korea (South)		—	%†
Russian Federation		—	%†
Singapore		1.4	%
Spain		2.5	%
Sweden		3.0	%
Switzerland		10.5	%
Taiwan, Province Of China		—	%†
Turkey	��	—	%†
United Kingdom		12.8	%
United States		0.9	%
		100.0	%

† Represents less than 0.05%.

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 50 September Futures (Euro)		9/15/23		69	$	3,332,893	$	58,900
FTSE 100 Index September Futures (British Pounds)		9/15/23		23		2,202,513		(15,397	)
SGX Nikkei 225 Index September Futures (Japenese Yen)		9/7/23		17		1,954,446		72,638
SPI 200 Index September Futures (Australian Dollar)		9/21/23		9		1,073,077		10,074
							$	126,215

See accompanying notes to the financial statements.

13

AZL International Index Fund

Consolidated Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investments in non-affiliates, at cost	$	844,921,883
Investments in affiliates, at cost		4,313,355
Investments in non-affiliates, at value(a)	$	1,247,171,582
Investments in affiliates, at value		7,492,780
Deposit at broker for futures contracts collateral		583,421
Interest and dividends receivable		1,767,726
Foreign currency, at value (cost $5,845,464)		5,897,716
Receivable for investments sold		12,332
Receivable for variation margin on futures contracts		60,614
Reclaims receivable		6,986,936
Prepaid expenses		2,027
Total Assets		1,269,975,134
Liabilities:
Payable for investments purchased		10,256
Payable for capital shares redeemed		634,913
Payable for collateral received on loaned securities		10,695,325
Management fees payable		359,449
Administration fees payable		24,076
Distribution fees payable		237,989
Custodian fees payable		40,387
Administrative and compliance services fees payable		854
Transfer agent fees payable		934
Trustee fees payable		4,308
Other accrued liabilities		38,217
Total Liabilities		12,046,708
Commitments and contingent liabilities^
Net Assets	$	1,257,928,426
Net Assets Consist of:
Paid in capital	$	843,722,042
Total distributable earnings		414,206,384
Net Assets	$	1,257,928,426
Class 1
Net Assets	$	91,736,205
Shares of beneficial interest (unlimited number of shares authorized, no par value)		8,322,229
Net Asset Value (offering and redemption price per share)	$	11.02
Class 2
Net Assets	$	1,166,192,221
Shares of beneficial interest (unlimited number of shares authorized, no par value)		68,489,889
Net Asset Value (offering and redemption price per share)	$	17.03

Consolidated Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends from non-affiliates	$	28,604,122
Dividends from affiliates		407,892
Interest		5,641
Income from securities lending		78,744
Foreign withholding tax		(3,207,692	)
Total Investment Income		25,888,707
Expenses:
Management fees		2,232,903
Administration fees		162,571
Distribution fees - Class 2		1,486,804
Custodian fees		164,188
Administrative and compliance services fees		4,358
Transfer agent fees		5,507
Trustee fees		17,654
Professional fees		13,786
Licensing fees		116,517
Shareholder reports		11,970
Other expenses		20,414
Total expenses		4,236,672
Net Investment Income/(Loss)		21,652,035
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		9,759,645
Net realized gains/(losses) on affiliated transactions		261,129
Net realized gains/(losses) on futures contracts		1,325,921
Net realized gains/(losses) on foreign taxes		(136,757	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		110,196,824
Change in net unrealized appreciation/depreciation on affiliated transactions		420,453
Change in net unrealized appreciation/depreciation on futures contracts		125,870
Net realized and Change in net unrealized gains/losses on investments		121,953,085
Change in Net Assets Resulting From Operations	$	143,605,120

(a) Includes securities on loan of $9,919,707.

^ See Note 3 in Notes to the Financial Statements.

See accompanying notes to the financial statements.

14

AZL International Index Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023		For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)	$	21,652,035	$	35,131,429
Net realized gains/(losses) on investments		11,209,938		(10,176,778)
Change in unrealized appreciation/depreciation on investments		110,743,147		(272,172,800)
Change in net assets resulting from operations		143,605,120		(247,218,149)
Distributions to Shareholders:
Class 1		—		(6,471,396)
Class 2		—		(68,421,061)
Change in net assets resulting from distributions to shareholders		—		(74,892,457)
Capital Transactions:
Class 1
Proceeds from shares issued		393,919		128,793
Proceeds from shares issued in merger		11,495,461		—
Proceeds from dividends reinvested		—		6,471,396
Value of shares redeemed		(5,973,250)		(9,090,033)
Total Class 1 Shares		5,916,130		(2,489,844)
Class 2
Proceeds from shares issued		24,888,060		5,011,709
Proceeds from shares issued in merger		65,241,566		—
Proceeds from dividends reinvested		—		68,421,061
Value of shares redeemed		(273,849,407)		(206,126,900)
Total Class 2 Shares		(183,719,781)		(132,694,130)
Change in net assets resulting from capital transactions		(177,803,651)		(135,183,974)
Change in net assets		(34,198,531)		(457,294,580)
Net Assets:
Beginning of period		1,292,126,957		1,749,421,537
End of period	$	1,257,928,426	$	1,292,126,957
Share Transactions:
Class 1
Shares issued		44,253		12,242
Shares issued in merger		1,113,784		—
Dividends reinvested		—		737,061
Shares redeemed		(560,209)		(847,600)
Total Class 1 Shares		597,828		(98,297)
Class 2
Shares issued		1,569,251		330,418
Shares issued in merger		4,090,043		—
Dividends reinvested		—		5,038,369
Shares redeemed		(16,831,912)		(12,702,582)
Total Class 2 Shares		(11,172,618)		(7,333,795)
Change in shares		(10,574,790)		(7,432,092)

        Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

15

AZL International Index Fund

Consolidated Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$	9.87		$	12.69		$	11.76		$	11.53		$	9.94		$	12.30
Investment Activities:
Net Investment Income/(Loss)		0.20	(a)		0.29	(a)		0.27	(a)		0.20	(a)		0.32	(a)		0.36
Net Realized and Unrealized Gains/(Losses) on Investments		0.95			(2.21	)		0.99			0.61			1.79			(2.00	)
Total from Investment Activities		1.15			(1.92	)		1.26			0.81			2.11			(1.64	)
Distributions to Shareholders From:
Net Investment Income		—			(0.51	)		(0.33	)		(0.55	)		(0.42	)		(0.50	)
Net Realized Gains		—			(0.39	)		—			(0.03	)		(0.10	)		(0.22	)
Total Dividends		—			(0.90	)		(0.33	)		(0.58	)		(0.52	)		(0.72	)
Net Asset Value, End of Period	$	11.02		$	9.87		$	12.69		$	11.76		$	11.53		$	9.94
Total Return(b)		11.65	%(c)		(14.25	)%		10.80	%		7.66	%		21.67	%		(13.80	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	91,736		$	76,241		$	99,304		$	100,924		$	106,657		$	98,902
Net Investment Income/(Loss)(d)		3.77	%		2.72	%		2.13	%		1.93	%		2.89	%		2.62	%
Expenses Before Reductions(d)(e)		0.43	%		0.43	%		0.45	%		0.46	%		0.44	%		0.45	%
Expenses Net of Reductions(d)		0.43	%		0.43	%		0.45	%		0.46	%		0.44	%		0.45	%
Portfolio Turnover Rate(f)		9	%		2	%		14	%		9	%		4	%		2	%
Class 2
Net Asset Value, Beginning of Period	$	15.26		$	18.97		$	17.43		$	16.79		$	14.25		$	17.30
Investment Activities:
Net Investment Income/(Loss)		0.28	(a)		0.40	(a)		0.35	(a)		0.26	(a)		0.42	(a)		0.43
Net Realized and Unrealized Gains/(Losses) on Investments		1.49			(3.26	)		1.48			0.91			2.60			(2.81	)
Total from Investment Activities		1.77			(2.86	)		1.83			1.17			3.02			(2.38	)
Distributions to Shareholders From:
Net Investment Income		—			(0.46	)		(0.29	)		(0.50	)		(0.38	)		(0.45	)
Net Realized Gains		—			(0.39	)		—			(0.03	)		(0.10	)		(0.22	)
Total Dividends		—			(0.85	)		(0.29	)		(0.53	)		(0.48	)		(0.67	)
Net Asset Value, End of Period	$	17.03		$	15.26		$	18.97		$	17.43		$	16.79		$	14.25
Total Return(b)		11.60	%(c)		(14.52	)%		10.55	%		7.40	%		21.44	%		(14.04	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	1,166,192		$	1,215,886		$	1,650,118		$	1,496,990		$	1,591,233		$	1,422,711
Net Investment Income/(Loss)(d)		3.36	%		2.47	%		1.85	%		1.69	%		2.64	%		2.36	%
Expenses Before Reductions(d)(e)		0.68	%		0.68	%		0.70	%		0.71	%		0.69	%		0.70	%
Expenses Net of Reductions(d)		0.68	%		0.68	%		0.70	%		0.71	%		0.69	%		0.70	%
Portfolio Turnover Rate(f)		9	%		2	%		14	%		9	%		4	%		2	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

16

AZL International Index Fund

Notes to the Consolidated Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL International Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

17

AZL International Index Fund

Notes to the Consolidated Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Consolidated Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $7,793 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations. The Fund had securities lending transactions of $10,695,325 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Consolidation of Subsidiary

Effective as of the close of business March 10, 2023, the Fund via a Purchase Agreement invested in shares of another series of the Trust managed by the Manager, the AZL MSCI Emerging Markets Equity Index Fund (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund. As of June 30, 2023, the Fund’s aggregate investment in the Subsidiary was $1, representing less than 0.01% of the Fund’s net assets. The Subsidiary is a disregarded entity for federal income tax purposes and holds certain Russian-based securities which have settlement restrictions. The Subsidiary’s financial statements, including its investments, and its operating results have been consolidated with those of the Fund. All intercompany transactions have been eliminated.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Consolidated Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk

18

AZL International Index Fund

Notes to the Consolidated Financial Statements

June 30, 2023 (Unaudited)

related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $8.9 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Consolidated Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Consolidated Statement of Assets and Liabilities Location	Total Value		Consolidated Statement of Assets and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$141,612	Payable for variation margin on futures contracts*		$15,397

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Consolidated Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/ depreciation on futures contracts		$1,325,921		$125,869

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Consolidated Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL International Index Fund, Class 1	0.35%		0.52	%
AZL International Index Fund, Class 2	0.35%		0.77	%

* The annual rate due to the Subadviser from the Manager is 0.04%.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

At June 30, 2023, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.

	Value 12/31/22			Purchases at Cost			Proceeds from Sales			Net Realized Gains (Losses)			Change in Net Unrealized Appreciation (Depreciation)			Value 06/30/23			Shares as of 06/30/23		Dividend Income			Capital Gains Distributions
Allianz SE, Registered Shares		$	7,909,903		$	539,571		$	(1,638,276)		$	261,129		$	420,453		$	7,492,780		32,215		$	407,892		$	—

19

AZL International Index Fund

Notes to the Consolidated Financial Statements

June 30, 2023 (Unaudited)

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as

“Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks+		$6,060,921		$1,232,790,146		$—	#		$1,238,851,067
Preferred Stocks+		—		4,625,655		—			4,625,655

20

AZL International Index Fund

Notes to the Consolidated Financial Statements

June 30, 2023 (Unaudited)

Investment Securities:	Level 1		Level 2		Level 3		Total
Short-Term Security Held as Collateral for Securities on Loan		$10,695,325		$—		$—		$10,695,325
Unaffiliated Investment Company		492,315		—		—		492,315
Total Investment Securities		17,248,561		1,237,415,801		—		1,254,664,362
Other Financial Instruments:*
Futures Contracts		126,215		—		—		126,215
Total Investments		$17,374,776		$1,237,415,801		$—		$1,254,790,577

+ For detailed industry descriptions, see the accompanying Consolidated Schedule of Portfolio Investments.

# Represents the interest in securities that were determined to have a value of zero at June 30, 2023.

* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding fund merger transactions and securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL International Index Fund		$	98,399,604		$	257,482,217

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

21

AZL International Index Fund

Notes to the Consolidated Financial Statements

June 30, 2023 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,043,866,512. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$	345,703,798
Unrealized (depreciation)		(92,218,054	)
Net unrealized appreciation/(depreciation)	$	253,485,744

As of the end of its tax year ended December 31, 2022, the Fund had capital loss carry forwards (“CLCFs”) as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

CLCFs not subject to expiration:

	Short-Term Amount	Long-Term Amount	Total
AZL International Index Fund	$2,628,421	$9,717,567	$12,345,988

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL International Index Fund	$42,815,668	$32,076,789	$74,892,457

(a) Total distributions paid may differ from the Consolidated Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total     Accumulated     Earnings/ (Deficit)
AZL International Index Fund	$29,669,843	$—	$(12,345,988)	$253,277,409	$270,601,264

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 65% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Acquisition of Funds

Effective as of the close of business March 10, 2023, the Fund acquired all the assets and liabilities of the AZL MSCI Emerging Markets Equity Index Fund (“AZL MSCI Emerging Markets Fund”), an open-end management investment company, pursuant to a plan of reorganization approved by the Board on December 13, 2022 (the “Plan”). The acquisition was accomplished by a taxable exchange of 1,113,784 Class 1 shares and 4,090,043 Class 2 shares of the AZL MSCI Emerging Markets Fund outstanding as of close of business March 10, 2023, valued at $11,495,461 and $65,241,566, respectively, for 2,549,011 Class 1 shares and 14,367,622 Class 2 shares of the Fund.

At the close of business March 10, 2023, the AZL MSCI Emerging Markets Fund’s investment holdings had a fair value of $74,501,099 and identified cost of $81,121,843. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value, including the cost basis of investments received. All fees and expenses incurred by the AZL MSCI Emerging Markets Fund and the Fund directly in connection with the Plan were borne by the Manager. There are no material differences in accounting policies of the AZL MSCI Emerging Markets Fund as compared to those of the Fund.

Assuming the acquisition had been completed on January 1, 2023, the beginning of the semi-annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended June 30, 2023, are as follows:

Net investment income/(loss)	$    22,043,032
Net realized/unrealized gains/(losses)	127,965,078
Change in net assets resulting from operations	$  150,008,110

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the AZL MSCI Emerging Markets Fund that have been included in the Fund’s Statement of Operations subsequent to March 10, 2023. The Fund did not purchase or sell securities following the acquisition for purposes of realigning its investment portfolio. Accordingly, the acquisition of the AZL MSCI Emerging Markets Fund did not affect the Fund’s portfolio turnover ratio for the period ended June 30, 2023.

22

AZL International Index Fund

Notes to the Consolidated Financial Statements

June 30, 2023 (Unaudited)

11. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

12. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

23

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

24

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

25

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Mid Cap Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 10

Page 10

Page 11

Page 12

Page 13

Page 19

Page 20

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Mid Cap Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Mid Cap Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Mid Cap Index Fund, Class 1		$	1,000.00		$	1,085.80		$	1.60		0.31	%
AZL Mid Cap Index Fund, Class 2		$	1,000.00		$	1,086.60		$	2.85		0.55	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Mid Cap Index Fund, Class 1		$	1,000.00		$	1,023.26		$	1.56		0.31	%
AZL Mid Cap Index Fund, Class 2		$	1,000.00		$	1,022.07		$	2.76		0.55	%

^*  Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent   of Net Assets
Industrials		22.8%
Consumer Discretionary		14.9
Financials		13.4
Information Technology		10.3
Health Care		9.4
Real Estate		7.4
Materials		7.3
Consumer Staples		4.3
Energy		4.2
Utilities		3.3
Communication Services		2.1
Total Common Stocks		99.4
Unaffiliated Investment Company		0.5
Short-Term Security Held as Collateral for Securities on Loan		0.5
Total Investment Securities		100.4
Net other assets (liabilities)		(0.4)
Net Assets		100.0%

3

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks (99.4%):
Aerospace & Defense (1.3%):
33,314	BWX Technologies, Inc.	$	2,384,283
13,968	Curtiss-Wright Corp.		2,565,363
30,736	Hexcel Corp.		2,336,551
21,198	Mercury Systems, Inc.*		733,239
21,871	Woodward, Inc.		2,600,680
			10,620,116
Air Freight & Logistics (0.3%):
43,325	GXO Logistics, Inc.*		2,721,677
Automobile Components (2.1%):
34,500	Adient plc*		1,322,040
28,141	Autoliv, Inc.		2,393,111
15,411	Fox Factory Holding Corp.*		1,672,248
85,137	Gentex Corp.		2,491,109
104,665	Goodyear Tire & Rubber Co. (The)*		1,431,817
47,658	Harley-Davidson, Inc.		1,678,038
21,502	Lear Corp.		3,086,612
19,497	Thor Industries, Inc.		2,017,939
10,488	Visteon Corp.*		1,506,182
			17,599,096
Banks (5.2%):
54,969	Associated Banc-Corp.		892,147
39,269	Bank OZK		1,577,043
66,296	Cadence Bank		1,302,053
26,425	Cathay General Bancorp		850,621
75,941	Columbia Banking System, Inc.		1,540,084
41,345	Commerce Bancshares, Inc.		2,013,502
23,460	Cullen/Frost Bankers, Inc.		2,522,654
51,533	East West Bancorp, Inc.		2,720,427
47,317	First Financial Bankshares, Inc.		1,348,061
195,924	First Horizon Corp.		2,208,063
132,545	FNB Corp.		1,516,315
40,390	Glacier Bancorp, Inc.		1,258,956
31,358	Hancock Whitney Corp.		1,203,520
68,708	Home BancShares, Inc.		1,566,542
19,234	International Bancshares Corp.		850,143
263,068	New York Community Bancorp, Inc.		2,956,884
106,593	Old National Bancorp		1,485,906
27,957	Pinnacle Financial Partners, Inc.		1,583,764
34,123	Prosperity Bancshares, Inc.		1,927,267
27,659	SouthState Corp.		1,819,962
53,230	Synovus Financial Corp.		1,610,208
17,439	Texas Capital Bancshares, Inc.*		898,109
15,905	UMB Financial Corp.		968,615
49,029	United Bankshares, Inc.		1,454,690
153,564	Valley National Bancorp		1,190,121
63,659	Webster Financial Corp.		2,403,127
22,646	Wintrust Financial Corp.		1,644,553
			43,313,337
Beverages (0.5%):
3,412	Boston Beer Co., Inc. (The), Class A*		1,052,397
14,826	Celsius Holdings, Inc.*		2,211,891
1,677	Coca-Cola Consolidated, Inc.		1,066,606
			4,330,894
Biotechnology (1.5%):
38,943	Arrowhead Pharmaceuticals, Inc.*		1,388,707
118,629	Exelixis, Inc.*		2,267,000

Shares		Value
Common Stocks, continued
Biotechnology, continued
47,971	Halozyme Therapeutics, Inc.*	$	1,730,314
35,546	Neurocrine Biosciences, Inc.*		3,351,988
17,038	United Therapeutics Corp.*		3,761,139
			12,499,148
Broadline Retail (0.6%):
40,248	Kohl’s Corp.		927,717
99,208	Macy’s, Inc.		1,592,288
42,090	Nordstrom, Inc.^		861,582
20,970	Ollie’s Bargain Outlet Holdings, Inc.*		1,214,792
			4,596,379
Building Products (3.8%):
22,787	Advanced Drainage Systems, Inc.		2,592,705
46,692	Builders FirstSource, Inc.*		6,350,112
18,567	Carlisle Cos., Inc.		4,762,993
46,160	Fortune Brands Innovations, Inc.		3,321,212
11,769	Lennox International, Inc.		3,837,518
32,826	Owens Corning		4,283,793
15,545	Simpson Manufacturing Co., Inc.		2,152,982
39,637	Trex Co., Inc.*		2,598,602
22,621	UFP Industries, Inc.		2,195,368
			32,095,285
Capital Markets (1.9%):
13,152	Affiliated Managers Group, Inc.		1,971,353
12,852	Evercore, Inc., Class A		1,588,379
30,978	Federated Hermes, Inc., Class B		1,110,561
37,520	Interactive Brokers Group, Inc., Class A		3,116,787
48,279	Janus Henderson Group plc		1,315,603
67,637	Jefferies Financial Group, Inc.		2,243,519
36,908	SEI Investments Co.		2,200,455
38,663	Stifel Financial Corp.		2,307,021
			15,853,678
Chemicals (2.4%):
17,696	Ashland, Inc.		1,537,959
31,106	Avient Corp.		1,272,236
80,704	Axalta Coating Systems, Ltd.*		2,647,898
20,454	Cabot Corp.		1,368,168
54,337	Chemours Co. (The)		2,004,492
2,420	NewMarket Corp.		973,130
43,798	Olin Corp.		2,250,779
46,962	RPM International, Inc.		4,213,900
14,895	Scotts Miracle-Gro Co. (The)		933,768
15,554	Sensient Technologies Corp.		1,106,356
12,555	Westlake Corp.		1,499,946
			19,808,632
Commercial Services & Supplies (1.4%):
16,912	Brink’s Co. (The)		1,147,141
18,330	Clean Harbors, Inc.*		3,014,002
13,447	MSA Safety, Inc.		2,339,240
33,677	Stericycle, Inc.*		1,563,960
19,391	Tetra Tech, Inc.		3,175,082
			11,239,425
Communications Equipment (0.6%):
20,995	Calix, Inc.*		1,047,860
54,339	Ciena Corp.*		2,308,864
25,027	Lumentum Holdings, Inc.*		1,419,782
			4,776,506

See accompanying notes to the financial statements.

4

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Construction & Engineering (1.8%):
50,637	AECOM	$	4,288,447
17,321	EMCOR Group, Inc.		3,200,574
52,135	Fluor Corp.*		1,543,196
21,734	MasTec, Inc.*		2,563,960
74,185	MDU Resources Group, Inc.		1,553,434
7,671	Valmont Industries, Inc.		2,232,645
			15,382,256
Construction Materials (0.4%):
13,134	Eagle Materials, Inc.		2,448,440
18,458	Knife River Corp.*		802,923
			3,251,363
Consumer Finance (0.3%):
13,417	FirstCash Holdings, Inc.		1,252,209
88,298	SLM Corp.		1,441,023
			2,693,232
Consumer Staples Distribution & Retail (1.9%):
48,957	BJ’s Wholesale Club Holdings, Inc.*		3,084,781
13,574	Casey’s General Stores, Inc.		3,310,427
32,583	Grocery Outlet Holding Corp.*		997,366
56,884	Performance Food Group Co.*		3,426,692
37,540	Sprouts Farmers Market, Inc.*		1,378,844
82,007	US Foods Holding Corp.*		3,608,308
			15,806,418
Containers & Packaging (2.0%):
23,869	AptarGroup, Inc.		2,765,462
43,424	Berry Global Group, Inc.		2,793,900
43,752	Crown Holdings, Inc.		3,800,736
111,890	Graphic Packaging Holding Co.		2,688,717
9,683	Greif, Inc., Class A		667,062
30,525	Silgan Holdings, Inc.		1,431,317
35,685	Sonoco Products Co.		2,106,129
			16,253,323
Diversified Consumer Services (0.9%):
1,377	Graham Holdings Co., Class B		786,928
11,193	Grand Canyon Education, Inc.*		1,155,229
55,477	H&R Block, Inc.		1,768,052
55,071	Service Corp. International		3,557,036
			7,267,245
Diversified Telecommunication Services (0.5%):
81,337	Frontier Communications Parent, Inc.*		1,516,122
45,874	Iridium Communications, Inc.		2,849,693
			4,365,815
Electric Utilities (1.2%):
20,880	ALLETE, Inc.		1,210,414
39,917	Hawaiian Electric Industries, Inc.		1,444,995
18,436	IDACORP, Inc.		1,891,534
72,964	OGE Energy Corp.		2,620,137
31,269	PNM Resources, Inc.		1,410,232
35,199	Portland General Electric Co.		1,648,369
			10,225,681
Electrical Equipment (2.2%):
11,584	Acuity Brands, Inc.		1,889,119
14,882	EnerSys		1,614,995
19,522	Hubbell, Inc.		6,472,714
60,352	nVent Electric plc		3,118,388
24,145	Regal Rexnord Corp.		3,715,916

Shares		Value
Common Stocks, continued
Electrical Equipment, continued
79,368	Sunrun, Inc.*	$	1,417,512
8,056	Vicor Corp.*		435,024
			18,663,668
Electronic Equipment, Instruments & Components (3.8%):
20,578	Arrow Electronics, Inc.*		2,947,387
33,296	Avnet, Inc.		1,679,783
15,501	Belden, Inc.		1,482,671
62,878	Cognex Corp.		3,522,426
50,775	Coherent Corp.*		2,588,509
11,374	IPG Photonics Corp.*		1,544,817
48,336	Jabil, Inc.		5,216,904
9,046	Littelfuse, Inc.		2,635,190
47,904	National Instruments Corp.		2,749,690
13,044	Novanta, Inc.*		2,401,400
15,125	TD SYNNEX Corp.		1,421,750
46,479	Vishay Intertechnology, Inc.		1,366,483
56,692	Vontier Corp.		1,826,049
			31,383,059
Energy Equipment & Services (0.7%):
72,121	ChampionX Corp.		2,238,636
143,433	NOV, Inc.		2,300,665
21,911	Valaris, Ltd.*		1,378,859
			5,918,160
Entertainment (0.2%):
15,811	World Wrestling Entertainment, Inc., Class A		1,715,019
Financial Services (1.5%):
39,074	Essent Group, Ltd.		1,828,663
17,175	Euronet Worldwide, Inc.*		2,015,830
104,415	MGIC Investment Corp.		1,648,713
35,799	Voya Financial, Inc.		2,567,146
109,788	Western Union Co. (The)		1,287,813
15,607	WEX, Inc.*		2,841,567
			12,189,732
Food Products (1.4%):
58,129	Darling Ingredients, Inc.*		3,708,049
70,223	Flowers Foods, Inc.		1,747,148
24,049	Ingredion, Inc.		2,547,992
7,219	Lancaster Colony Corp.		1,451,669
17,162	Pilgrim’s Pride Corp.*		368,811
19,505	Post Holdings, Inc.*		1,690,108
			11,513,777
Gas Utilities (1.2%):
33,444	National Fuel Gas Co.		1,717,684
35,324	New Jersey Resources Corp.		1,667,293
20,149	ONE Gas, Inc.		1,547,644
24,160	Southwest Gas Holdings, Inc.		1,537,784
19,161	Spire, Inc.		1,215,574
76,258	UGI Corp.		2,056,678
			9,742,657
Ground Transportation (2.0%):
8,691	Avis Budget Group, Inc.*		1,987,371
57,421	Hertz Global Holdings, Inc.*		1,055,972
58,663	Knight-Swift Transportation Holdings, Inc.		3,259,316
13,090	Landstar System, Inc.		2,520,349
16,937	Ryder System, Inc.		1,436,088
9,666	Saia, Inc.*		3,309,735

See accompanying notes to the financial statements.

5

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Ground Transportation, continued
21,472	Werner Enterprises, Inc.	$	948,633
42,206	XPO, Inc.*		2,490,154
			17,007,618
Health Care Equipment & Supplies (3.6%):
17,470	Enovis Corp.*		1,120,176
59,636	Envista Holdings Corp.*		2,018,082
29,250	Globus Medical, Inc.*		1,741,545
18,378	Haemonetics Corp.*		1,564,703
7,364	ICU Medical, Inc.*		1,312,191
18,745	Inari Medical, Inc.*		1,089,834
25,959	Integra LifeSciences Holdings Corp.*		1,067,694
24,894	Lantheus Holdings, Inc.*		2,089,104
19,588	LivaNova plc*		1,007,411
17,689	Masimo Corp.*		2,910,725
78,769	Neogen Corp.*		1,713,226
16,423	Omnicell, Inc.*		1,209,882
13,935	Penumbra, Inc.*		4,794,476
19,939	QuidelOrtho Corp.*		1,652,146
13,343	Shockwave Medical, Inc.*		3,808,226
17,838	STAAR Surgical Co.*		937,744
			30,037,165
Health Care Providers & Services (2.3%):
33,528	Acadia Healthcare Co., Inc.*		2,670,170
11,871	Amedisys, Inc.*		1,085,484
5,472	Chemed Corp.		2,964,018
36,516	Encompass Health Corp.		2,472,499
31,533	HealthEquity, Inc.*		1,990,994
60,249	Option Care Health, Inc.*		1,957,490
31,828	Patterson Cos., Inc.		1,058,599
27,815	Progyny, Inc.*		1,094,242
50,276	R1 RCM, Inc.*		927,592
37,135	Tenet Healthcare Corp.*		3,022,046
			19,243,134
Health Care REITs (1.1%):
138,731	Healthcare Realty Trust, Inc.		2,616,467
217,959	Medical Properties Trust, Inc.		2,018,300
85,374	Omega Healthcare Investors, Inc.		2,620,128
84,668	Physicians Realty Trust		1,184,505
84,224	Sabra Health Care REIT, Inc.		991,317
			9,430,717
Health Care Technology (0.2%):
43,244	Doximity, Inc., Class A*		1,471,161
Hotel & Resort REITs (0.1%):
78,553	Park Hotels & Resorts, Inc.		1,007,050
Hotels, Restaurants & Leisure (3.5%):
94,939	Aramark		4,087,124
27,971	Boyd Gaming Corp.		1,940,348
9,660	Choice Hotels International, Inc.		1,135,243
24,001	Churchill Downs, Inc.		3,340,219
28,003	Hilton Grand Vacations, Inc.*		1,272,456
33,194	Light & Wonder, Inc., Class A*		2,282,419
13,409	Marriott Vacations Worldwide Corp.		1,645,553
10,826	Papa John’s International, Inc.		799,284
56,144	Penn Entertainment, Inc.*		1,349,140
30,950	Planet Fitness, Inc., Class A*		2,087,268
24,408	Texas Roadhouse, Inc.		2,740,530
27,797	Travel + Leisure Co.		1,121,331

Shares		Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
61,417	Wendy’s Co. (The)	$	1,335,820
10,918	Wingstop, Inc.		2,185,347
31,280	Wyndham Hotels & Resorts, Inc.		2,144,870
			29,466,952
Household Durables (1.7%):
8,757	Helen of Troy, Ltd.*		945,931
29,244	KB Home		1,512,207
48,492	Leggett & Platt, Inc.		1,436,333
40,283	Taylor Morrison Home Corp., Class A*		1,964,602
62,685	Tempur Sealy International, Inc.		2,511,788
37,516	Toll Brothers, Inc.		2,966,390
11,566	TopBuild Corp.*		3,076,788
			14,414,039
Household Products (0.1%):
24,216	Energizer Holdings, Inc.		813,173
Independent Power and Renewable Electricity Producers (0.2%):
19,141	Ormat Technologies, Inc.		1,540,085
Industrial REITs (1.4%):
16,290	EastGroup Properties, Inc.		2,827,944
48,176	First Industrial Realty Trust, Inc.		2,535,985
73,206	Rexford Industrial Realty, Inc.		3,822,817
65,347	STAG Industrial, Inc.		2,344,650
			11,531,396
Insurance (3.8%):
25,445	American Financial Group, Inc.		3,021,594
24,357	Brighthouse Financial, Inc.*		1,153,304
41,732	CNO Financial Group, Inc.		987,796
37,601	First American Financial Corp.		2,144,009
13,015	Hanover Insurance Group, Inc. (The)		1,471,085
23,312	Kemper Corp.		1,125,037
7,929	Kinsale Capital Group, Inc.		2,967,032
99,189	Old Republic International Corp.		2,496,587
13,197	Primerica, Inc.		2,609,839
24,241	Reinsurance Group of America, Inc.		3,361,984
18,299	RenaissanceRe Holdings, Ltd.		3,413,130
14,770	RLI Corp.		2,015,662
22,037	Selective Insurance Group, Inc.		2,114,450
67,484	Unum Group		3,218,987
			32,100,496
Interactive Media & Services (0.5%):
39,593	TripAdvisor, Inc.*		652,889
17,225	Ziff Davis, Inc.*		1,206,783
98,200	ZoomInfo Technologies, Inc.*		2,493,298
			4,352,970
IT Services (0.1%):
74,591	Kyndryl Holdings, Inc.*		990,569
Leisure Products (1.1%):
25,761	Brunswick Corp.		2,231,933
128,946	Mattel, Inc.*		2,519,605
19,487	Polaris, Inc.		2,356,563
51,327	Topgolf Callaway Brands Corp.*		1,018,841
31,566	YETI Holdings, Inc.*		1,226,023
			9,352,965
Life Sciences Tools & Services (1.3%):
23,740	Azenta, Inc.*		1,108,183

See accompanying notes to the financial statements.

6

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Life Sciences Tools & Services, continued
36,348	Bruker Corp.	$	2,686,844
9,000	Medpace Holdings, Inc.*		2,161,530
18,864	Repligen Corp.*		2,668,501
35,689	Sotera Health Co.*		672,381
37,763	Syneos Health, Inc.*		1,591,333
			10,888,772
Machinery (4.8%):
22,636	AGCO Corp.		2,974,823
15,288	Chart Industries, Inc.*		2,442,869
17,521	Crane Co.		1,561,472
17,831	Crane NXT Co.		1,006,382
44,181	Donaldson Co., Inc.		2,761,754
18,867	Esab Corp.		1,255,410
47,777	Flowserve Corp.		1,774,916
61,326	Graco, Inc.		5,295,500
30,018	ITT, Inc.		2,797,978
20,974	Lincoln Electric Holdings, Inc.		4,166,066
19,495	Middleby Corp. (The)*		2,881,946
23,794	Oshkosh Corp.		2,060,322
24,699	Terex Corp.		1,477,741
24,000	Timken Co. (The)		2,196,720
37,991	Toro Co. (The)		3,861,785
9,985	Watts Water Technologies, Inc., Class A		1,834,544
			40,350,228
Marine Transportation (0.2%):
21,858	Kirby Corp.*		1,681,973
Media (0.8%):
1,718	Cable One, Inc.		1,128,863
59,691	New York Times Co. (The), Class A		2,350,632
13,063	Nexstar Media Group, Inc.		2,175,643
81,977	TEGNA, Inc.		1,331,306
			6,986,444
Metals & Mining (2.4%):
64,991	Alcoa Corp.		2,205,145
187,642	Cleveland-Cliffs, Inc.*		3,144,880
42,665	Commercial Metals Co.		2,246,739
33,648	MP Materials Corp.*		769,866
21,418	Reliance Steel & Aluminum Co.		5,816,914
23,926	Royal Gold, Inc.		2,746,226
82,497	United States Steel Corp.		2,063,250
11,057	Worthington Industries, Inc.		768,130
			19,761,150
Mortgage Real Estate Investment Trusts (REITs) (0.7%):
179,919	Annaly Capital Management, Inc.		3,600,179
113,694	Starwood Property Trust, Inc.^		2,205,664
			5,805,843
Multi-Utilities (0.3%):
24,208	Black Hills Corp.		1,458,774
21,832	NorthWestern Corp.		1,239,184
			2,697,958
Office REITs (0.6%):
40,989	Corporate Office Properties Trust		973,489
55,262	Cousins Properties, Inc.		1,259,974
38,418	Highwoods Properties, Inc.		918,574
38,400	Kilroy Realty Corp.		1,155,456

Shares		Value
Common Stocks, continued
Office REITs, continued
58,717	Vornado Realty Trust	$	1,065,126
			5,372,619
Oil, Gas & Consumable Fuels (3.5%):
122,316	Antero Midstream Corp.		1,418,866
100,591	Antero Resources Corp.*		2,316,611
15,137	Chord Energy Corp.		2,328,071
60,319	CNX Resources Corp.*		1,068,853
35,297	DT Midstream, Inc.		1,749,672
157,807	Equitrans Midstream Corp.		1,508,635
46,938	HF Sinclair Corp.		2,093,904
41,247	Matador Resources Co.		2,158,043
53,454	Murphy Oil Corp.		2,047,288
89,079	Ovintiv, Inc.		3,391,237
39,965	PBF Energy, Inc., Class A		1,636,167
31,860	PDC Energy, Inc.		2,266,520
87,900	Range Resources Corp.		2,584,260
401,189	Southwestern Energy Co.*		2,411,146
			28,979,273
Paper & Forest Products (0.2%):
26,667	Louisiana-Pacific Corp.		1,999,492
Passenger Airlines (0.1%):
119,250	JetBlue Airways Corp.*		1,056,555
Personal Care Products (0.4%):
48,380	BellRing Brands, Inc.*		1,770,708
133,589	Coty, Inc., Class A*		1,641,809
			3,412,517
Pharmaceuticals (0.6%):
23,539	Jazz Pharmaceuticals plc*		2,918,130
49,299	Perrigo Co. plc		1,673,701
			4,591,831
Professional Services (3.2%):
17,960	ASGN, Inc.*		1,358,315
8,303	CACI International, Inc., Class A*		2,829,994
15,552	Concentrix Corp.		1,255,824
12,112	ExlService Holdings, Inc.*		1,829,639
18,519	Exponent, Inc.		1,728,193
12,379	FTI Consulting, Inc.*		2,354,486
61,719	Genpact, Ltd.		2,318,783
13,275	Insperity, Inc.		1,579,194
49,443	KBR, Inc.		3,216,761
18,370	ManpowerGroup, Inc.		1,458,578
22,143	Maximus, Inc.		1,871,305
15,047	Paylocity Holding Corp.*		2,776,623
19,669	Science Applications International Corp.		2,212,369
			26,790,064
Real Estate Management & Development (0.3%):
17,401	Jones Lang LaSalle, Inc.*		2,711,076
Residential REITs (0.4%):
54,354	Apartment Income REIT Corp.		1,961,636
81,717	Independence Realty Trust, Inc.		1,488,884
			3,450,520
Retail REITs (1.4%):
33,952	Agree Realty Corp.		2,220,121
109,489	Brixmor Property Group, Inc.		2,408,758
79,900	Kite Realty Group Trust		1,784,966
66,334	NNN REIT, Inc.		2,838,432

See accompanying notes to the financial statements.

7

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Retail REITs, continued
51,474	Spirit Realty Capital, Inc.	$	2,027,046
			11,279,323
Semiconductors & Semiconductor Equipment (2.6%):
23,751	Allegro MicroSystems, Inc.*		1,072,120
36,689	Amkor Technology, Inc.		1,091,498
20,130	Cirrus Logic, Inc.*		1,630,731
50,145	Lattice Semiconductor Corp.*		4,817,430
18,851	MACOM Technology Solutions Holdings, Inc.*		1,235,306
20,918	MKS Instruments, Inc.		2,261,236
20,893	Power Integrations, Inc.		1,977,940
11,656	Silicon Laboratories, Inc.*		1,838,618
14,398	Synaptics, Inc.*		1,229,301
15,864	Universal Display Corp.		2,286,479
45,346	Wolfspeed, Inc.*		2,520,784
			21,961,443
Software (2.7%):
39,461	ACI Worldwide, Inc.*		914,311
10,634	Aspen Technology, Inc.*		1,782,365
16,483	Blackbaud, Inc.*		1,173,260
16,020	CommVault Systems, Inc.*		1,163,373
99,075	Dropbox, Inc., Class A*		2,642,330
78,976	Dynatrace, Inc.*		4,064,895
18,400	Envestnet, Inc.*		1,092,040
22,596	Manhattan Associates, Inc.*		4,516,489
51,917	NCR Corp.*		1,308,308
12,231	Qualys, Inc.*		1,579,878
36,830	Teradata Corp.*		1,967,090
			22,204,339
Specialized REITs (2.0%):
81,849	CubeSmart		3,655,376
27,741	EPR Properties		1,298,279
31,871	Lamar Advertising Co., Class A		3,163,197
30,998	Life Storage, Inc.		4,121,494
29,917	National Storage Affiliates Trust		1,042,009
29,113	PotlatchDeltic Corp.		1,538,622
53,996	Rayonier, Inc.		1,695,475
			16,514,452
Specialty Retail (3.0%):
11,464	AutoNation, Inc.*		1,887,089
22,370	Dick’s Sporting Goods, Inc.		2,957,090
20,278	Five Below, Inc.*		3,985,438
28,931	Foot Locker, Inc.		784,319
92,136	GameStop Corp., Class A*^		2,234,298
79,706	Gap, Inc. (The)		711,775
10,028	Lithia Motors, Inc.		3,049,615

Shares		Value
Common Stocks, continued
Specialty Retail, continued
7,301	Murphy U.S.A., Inc.	$	2,271,414
6,505	RH*		2,143,983
50,580	Valvoline, Inc.		1,897,256
23,921	Williams-Sonoma, Inc.		2,993,474
			24,915,751
Technology Hardware, Storage & Peripherals (0.6%):
16,635	Super Micro Computer, Inc.*		4,146,274
42,332	Xerox Holdings Corp.		630,323
			4,776,597
Textiles, Apparel & Luxury Goods (2.0%):
45,796	Capri Holdings, Ltd.*		1,643,618
13,730	Carter’s, Inc.		996,798
13,106	Columbia Sportswear Co.		1,012,308
22,596	Crocs, Inc.*		2,540,694
9,603	Deckers Outdoor Corp.*		5,067,119
22,873	PVH Corp.		1,943,519
48,915	Skechers U.S.A., Inc., Class A*		2,575,864
68,133	Under Armour, Inc., Class A*		491,920
70,868	Under Armour, Inc., Class C*		475,524
			16,747,364
Trading Companies & Distributors (1.6%):
13,075	GATX Corp.		1,683,276
17,216	MSC Industrial Direct Co., Inc.		1,640,340
57,466	Univar Solutions, Inc.*		2,059,581
12,176	Watsco, Inc.		4,644,779
16,437	WESCO International, Inc.		2,943,209
			12,971,185
Water Utilities (0.4%):
87,645	Essential Utilities, Inc.		3,497,912
Total Common Stocks (Cost $587,278,251)			829,989,749
Short-Term Security Held as Collateral for Securities on Loan (0.5%):
4,224,566	BlackRock Liquidity FedFund, Institutional Class, 3.57%(a)(b)		4,224,566
Total Short-Term Security Held as Collateral for         Securities on Loan (Cost $4,224,566)			4,224,566
Unaffiliated Investment Company (0.5%):
Money Markets (0.5%):
4,277,910	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(b)		4,277,910
Total Unaffiliated Investment Company         (Cost $4,277,910)			4,277,910
Total Investment Securities         (Cost $595,780,727) — 100.4%			838,492,225
Net other assets (liabilities) — (0.4)%			(3,691,982)
Net Assets — 100.0%		$	834,800,243

Percentages indicated are based on net assets as of June 30, 2023.

REIT      -     Real Estate Investment Trust

* Non-income producing security.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $4,101,010.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(b) The rate represents the effective yield at June 30, 2023.

See accompanying notes to the financial statements.

8

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Midcap 400 E-Mini September Futures (U.S. Dollar)		9/15/23		20	$	5,288,200	$	137,718
							$	137,718

See accompanying notes to the financial statements.

9

AZL Mid Cap Index Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	595,780,727
Investment securities, at value(a)	$	838,492,225
Deposit at broker for futures contracts collateral		291,000
Interest and dividends receivable		968,361
Receivable for investments sold		15,000
Receivable for variation margin on futures contracts		34,418
Prepaid expenses		1,533
Total Assets		839,802,537
Liabilities:
Payable for capital shares redeemed		409,930
Payable for collateral received on loaned securities		4,224,566
Management fees payable		166,846
Administration fees payable		16,355
Distribution fees payable		157,709
Custodian fees payable		3,163
Administrative and compliance services fees payable		755
Transfer agent fees payable		736
Trustee fees payable		3,600
Other accrued liabilities		18,634
Total Liabilities		5,002,294
Commitments and contingent liabilities^
Net Assets	$	834,800,243
Net Assets Consist of:
Paid in capital	$	545,133,626
Total distributable earnings		289,666,617
Net Assets	$	834,800,243
Class 1
Net Assets	$	45,718,647
Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,037,158
Net Asset Value (offering and redemption price per share)	$	2.53
Class 2
Net Assets	$	789,081,596
Shares of beneficial interest (unlimited number of shares authorized, no par value)		37,874,563
Net Asset Value (offering and redemption price per share)	$	20.83

(a) Includes securities on loan of $4,101,010.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends	$	7,236,849
Interest		6,445
Income from securities lending		77,500
Total Investment Income		7,320,794
Expenses:
Management fees		1,024,663
Administration fees		102,283
Distribution fees - Class 2		968,433
Custodian fees		13,660
Administrative and compliance services fees		3,757
Transfer agent fees		4,745
Trustee fees		15,582
Professional fees		12,483
Licensing fees		57,038
Shareholder reports		8,601
Other expenses		7,894
Total expenses		2,219,139
Net Investment Income/(Loss)		5,101,655
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		6,736,832
Net realized gains/(losses) on futures contracts		(33,230	)
Change in net unrealized appreciation/depreciation on securities		60,517,347
Change in net unrealized appreciation/depreciation on futures contracts		159,483
Net realized and Change in net unrealized gains/losses on investments		67,380,432
Change in Net Assets Resulting From Operations	$	72,482,087

See accompanying notes to the financial statements.

10

AZL Mid Cap Index Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	5,101,655		$	8,458,043
Net realized gains/(losses) on investments			6,703,602			39,303,616
Change in unrealized appreciation/depreciation on investments			60,676,830			(201,344,448)
Change in net assets resulting from operations			72,482,087			(153,582,789)
Distributions to Shareholders:
Class 1			—			(30,765,163)
Class 2			—			(173,154,510)
Change in net assets resulting from distributions to shareholders			—			(203,919,673)
Capital Transactions:
Class 1
Proceeds from shares issued			—			99,647
Proceeds from dividends reinvested			—			30,765,163
Value of shares redeemed			(2,781,812)			(5,812,935)
Total Class 1 Shares			(2,781,812)			25,051,875
Class 2
Proceeds from shares issued			34,373,411			1,689,684
Proceeds from dividends reinvested			—			173,154,510
Value of shares redeemed			(110,456,378)			(166,491,923)
Total Class 2 Shares			(76,082,967)			8,352,271
Change in net assets resulting from capital transactions			(78,864,779)			33,404,146
Change in net assets			(6,382,692)			(324,098,316)
Net Assets:
Beginning of period			841,182,935			1,165,281,251
End of period		$	834,800,243		$	841,182,935
Share Transactions:
Class 1
Shares issued			—			12,192
Dividends reinvested			—			13,734,448
Shares redeemed			(1,156,263)			(1,115,941)
Total Class 1 Shares			(1,156,263)			12,630,699
Class 2
Shares issued			1,799,183			77,998
Dividends reinvested			—			9,390,158
Shares redeemed			(5,464,981)			(7,115,501)
Total Class 2 Shares			(3,665,798)			2,352,655
Change in shares			(4,822,061)			14,983,354

    Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

11

AZL Mid Cap Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$	2.33		$	8.85		$	8.40		$	8.28		$	8.16		$	11.25
Investment Activities:
Net Investment Income/(Loss)		0.02	(a)		0.06	(a)		0.09	(a)		0.09	(a)		0.12	(a)		0.15
Net Realized and Unrealized Gains/(Losses) on Investments		0.18			(1.45	)		1.83			0.97			1.79			(1.13	)
Total from Investment Activities		0.20			(1.39	)		1.92			1.06			1.91			(0.98	)
Distributions to Shareholders From:
Net Investment Income		—			(0.26	)		(0.26	)		(0.31	)		(0.30	)		(0.28	)
Net Realized Gains		—			(4.87	)		(1.21	)		(0.63	)		(1.49	)		(1.83	)
Total Dividends		—			(5.13	)		(1.47	)		(0.94	)		(1.79	)		(2.11	)
Net Asset Value, End of Period	$	2.53		$	2.33		$	8.85		$	8.40		$	8.28		$	8.16
Total Return(b)		8.58	%(c)		(13.34	)%		24.03	%(c)		14.82	%		25.47	%		(11.01	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	45,719		$	44,716		$	58,070		$	51,879		$	50,096		$	44,788
Net Investment Income/(Loss)(d)		1.48	%		1.14	%		1.01	%		1.21	%		1.31	%		1.32	%
Expenses Before Reductions(d)(e)		0.31	%		0.31	%		0.32	%		0.33	%		0.32	%		0.31	%
Expenses Net of Reductions(d)		0.31	%		0.31	%		0.32	%		0.33	%		0.32	%		0.31	%
Portfolio Turnover Rate(f)		13	%		11	%		30	%		22	%		14	%		18	%
Class 2
Net Asset Value, Beginning of Period	$	19.17		$	28.25		$	24.06		$	21.91		$	19.00		$	23.45
Investment Activities:
Net Investment Income/(Loss)		0.12	(a)		0.21	(a)		0.21	(a)		0.19	(a)		0.23	(a)		0.25
Net Realized and Unrealized Gains/(Losses) on Investments		1.54			(4.24	)		5.39			2.84			4.41			(2.65	)
Total from Investment Activities		1.66			(4.03	)		5.60			3.03			4.64			(2.40	)
Distributions to Shareholders From:
Net Investment Income		—			(0.18	)		(0.20	)		(0.25	)		(0.24	)		(0.22	)
Net Realized Gains		—			(4.87	)		(1.21	)		(0.63	)		(1.49	)		(1.83	)
Total Dividends		—			(5.05	)		(1.41	)		(0.88	)		(1.73	)		(2.05	)
Net Asset Value, End of Period	$	20.83		$	19.17		$	28.25		$	24.06		$	21.91		$	19.00
Total Return(b)		8.66	%(c)		(13.55	)%		23.66	%		14.53	%		25.28	%		(11.35	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	789,082		$	796,467		$	1,107,212		$	1,052,145		$	1,150,058		$	1,020,140
Net Investment Income/(Loss)(d)		1.23	%		0.88	%		0.76	%		0.96	%		1.06	%		1.08	%
Expenses Before Reductions(d)(e)		0.55	%		0.56	%		0.57	%		0.58	%		0.57	%		0.56	%
Expenses Net of Reductions(d)		0.55	%		0.56	%		0.57	%		0.58	%		0.57	%		0.56	%
Portfolio Turnover Rate(f)		13	%		11	%		30	%		22	%		14	%		18	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

12

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Mid Cap Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Private Placements

The Fund may invest in private placement securities which are securities issued by corporations without registration under the Securities Act of 1933, as amended (the “1933 Act”), in reliance on a “private placement” exemption. These unregistered securities may be restricted and generally are sold to institutional investors, such as the Fund, who agree that they are purchasing the securities for investment and not with a view to public distribution. Unregistered securities are normally resold to other institutional investors through or with the assistance of the issuer or investment dealers who make a market in such securities.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

13

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $7,608 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $4,224,566 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $5.9 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

14

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$137,718	Payable for variation margin on futures contracts*		$—

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/ depreciation on futures contracts		$(33,230)		$159,483

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL Mid Cap Index Fund, Class 1		0.25	%		0.46	%
AZL Mid Cap Index Fund, Class 2		0.25	%		0.71	%

* The annual rate due to the Subadviser from the Manager is 0.015%.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

15

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+		$829,989,749		$—		$—		$829,989,749
Short-Term Security Held as Collateral for Securities on Loan		4,224,566		—		—		4,224,566
Unaffiliated Investment Company		4,277,910		—		—		4,277,910
Total Investment Securities		838,492,225		—		—		838,492,225
Other Financial Instruments:*
Futures Contracts		137,718		—		—		137,718
Total Investments		$838,629,943		$—		$—		$838,629,943

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

^*  Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL Mid Cap Index Fund		$	92,089,774		$	161,060,688

16

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $672,331,702. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$228,556,803
Unrealized (depreciation)	(58,473,551)
Net unrealized appreciation/(depreciation)	$170,083,252

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL Mid Cap Index Fund	$30,037,653	$173,882,020	$203,919,673

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated Earnings/(Deficit)
AZL Mid Cap Index Fund	$9,881,740	$37,219,538	$—	$170,083,252	$217,184,530

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

17

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

18

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

19

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting

Period, and none were recommended by the Program Administrators in connection with the Report.

20

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Moderate Index Strategy Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 5

Page 5

Page 6

Page 7

Page 8

Page 13

Page 14

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Moderate Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Moderate Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Moderate Index Strategy Fund	$1,000.00	$1,086.80	$0.41	0.08%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Moderate Index Strategy Fund	$1,000.00	$1,024.40	$0.40	0.08%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Domestic Equity Funds		45.9	%
Fixed Income Fund		39.1
International Equity Fund		15.1
Total Investment Securities		100.1
Net other assets (liabilities)		(0.1	)
Net Assets		100.0	%

3

AZL Moderate Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Affiliated Investment Companies (100.1%):
Domestic Equity Funds (45.9%):
6,395,662	AZL Mid Cap Index Fund, Class 2	$	133,221,639
23,655,587	AZL S&P 500 Index Fund, Class 2		467,197,850
5,355,163	AZL Small Cap Stock Index Fund, Class 2		64,743,919
			665,163,408
Fixed Income Fund (39.1%):
58,697,732	AZL Enhanced Bond Index Fund		567,607,068

Percentages indicated are based on net assets as of June 30, 2023.

Shares		Value
Affiliated Investment Companies, continued
International Equity Fund (15.1%):
12,840,286	AZL International Index Fund, Class 2	$	218,670,070
Total Affiliated Investment Companies       (Cost $1,594,256,161)			1,451,440,546
Total Investment Securities       (Cost $1,594,256,161) — 100.1%			1,451,440,546
Net other assets (liabilities) — (0.1)%			(964,747)
Net Assets — 100.0%		$	1,450,475,799

See accompanying notes to the financial statements.

4

AZL Moderate Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investments in affiliates, at cost	$	1,594,256,161
Investments in affiliates, at value	$	1,451,440,546
Interest and dividends receivable		37
Foreign currency, at value (cost $105,369)		108,608
Receivable for investments sold		449,020
Prepaid expenses		6,189
Total Assets		1,452,004,400
Liabilities:
Cash overdraft		449,020
Payable for capital shares redeemed		932,056
Management fees payable		59,179
Administration fees payable		15,382
Custodian fees payable		8,114
Administrative and compliance services fees payable		2,740
Transfer agent fees payable		1,228
Trustee fees payable		18,101
Other accrued liabilities		42,781
Total Liabilities		1,528,601
Commitments and contingent liabilities^
Net Assets	$	1,450,475,799
Net Assets Consist of:
Paid in capital	$	1,496,605,508
Total distributable earnings		(46,129,709)
Net Assets	$	1,450,475,799
Shares of beneficial interest (unlimited number of shares authorized, no par value)		111,361,114
Net Asset Value (offering and redemption price per share)	$	13.02

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends from non-affiliates	$	107
Total Investment Income		107
Expenses:
Management fees		1,437,270
Administration fees		51,088
Custodian fees		19,895
Administrative and compliance services fees		11,702
Transfer agent fees		4,491
Trustee fees		43,101
Professional fees		35,295
Shareholder reports		20,633
Other expenses		24,571
Total expenses before reductions		1,648,046
Less Management fees contractually waived		(1,077,946)
Net expenses		570,100
Net Investment Income/(Loss)		(569,993)
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		173
Net realized gains/(losses) on affiliated underlying funds		(24,662,817)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		2,921
Change in net unrealized appreciation/depreciation on affiliated underlying funds		146,612,736
Net realized and Change in net unrealized gains/losses on investments		121,953,013
Change in Net Assets Resulting From Operations	$	121,383,020

See accompanying notes to the financial statements.

5

AZL Moderate Index Strategy Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023		For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)	$	(569,993)	$	21,467,794
Net realized gains/(losses) on investments		(24,662,644)		101,072,356
Change in unrealized appreciation/depreciation on investments		146,615,657		(409,829,174)
Change in net assets resulting from operations		121,383,020		(287,289,024)
Distributions to Shareholders:
Distributions		—		(134,314,453)
Change in net assets resulting from distributions to shareholders		—		(134,314,453)
Capital Transactions:
Proceeds from shares issued		1,204,925		1,308,760
Proceeds from dividends reinvested		—		134,314,453
Value of shares redeemed		(105,335,852)		(208,394,291)
Change in net assets resulting from capital transactions		(104,130,927)		(72,771,078)
Change in net assets		17,252,093		(494,374,555)
Net Assets:
Beginning of period		1,433,223,706		1,927,598,261
End of period	$	1,450,475,799	$	1,433,223,706
Share Transactions:
Shares issued		95,454		108,134
Dividends reinvested		—		11,598,830
Shares redeemed		(8,385,606)		(15,415,962)
Change in shares		(8,290,152)		(3,708,998)
Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

6

AZL Moderate Index Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
	(Unaudited)
Net Asset Value, Beginning of Period		$11.98			$15.63			$14.20			$13.32			$11.98			$13.30
Investment Activities:
Net Investment Income/(Loss)		—	(a)(b)		0.18	(a)		0.20	(a)		0.26	(a)		0.23	(a)		0.26
Net Realized and Unrealized Gains/
(Losses) on Investments		1.04			(2.63	)		1.50			1.39			2.03			(0.92	)
Total from Investment Activities		1.04			(2.45	)		1.70			1.65			2.26			(0.66	)
Distributions to Shareholders From:
Net Investment Income		—			(0.31	)		(0.09	)		(0.27	)		(0.32	)		(0.13	)
Net Realized Gains		—			(0.89	)		(0.18	)		(0.50	)		(0.60	)		(0.53	)
Total Dividends		—			(1.20	)		(0.27	)		(0.77	)		(0.92	)		(0.66	)
Net Asset Value, End of Period		$13.02			$11.98			$15.63			$14.20			$13.32			$11.98
Total Return(c)		8.68	%(d)		(15.37	)%		12.06	%		12.84	%		19.33	%		(5.17	)%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period (000’s)		$1,450,476			$1,433,224			$1,927,598			$611,279			$611,984			$590,092
Net Investment Income/(Loss)(e)		(0.08	)%		1.35	%		1.30	%		1.95	%		1.78	%		1.75	%
Expenses Before Reductions*(e)(f)		0.23	%		0.22	%		0.26	%		0.43	%		0.43	%		0.42	%
Expenses Net of Reductions*(e)		0.08	%		0.07	%		0.07	%		0.08	%		0.08	%		0.07	%
Portfolio Turnover Rate		—	(d)(g)		8	%		14	%		15	%		5	%		4	%

* The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a) Calculated using the average shares method.

(b) Represents less than $0.005.

(c) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(g) Represents less than 0.5%.

See accompanying notes to the financial statements.

7

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Moderate Index Strategy Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund is a “fund of funds,” which means that the Fund invests primarily in other mutual funds (the “Underlying Funds”). Underlying Funds invest in stocks, bonds, and other securities and reflect varying amounts of potential investment risk and reward. The Underlying Funds record their investments at fair value. Periodically, the Fund will adjust its asset allocation as it seeks to achieve its investment objective.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

8

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Management fees.”

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL Moderate Index Strategy Fund	0.20%	0.20%

* The Manager waived, prior to any application of expense limit, the management fee to 0.05% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations, as applicable.

The Manager serves as the investment adviser of the underlying funds in which the Fund invests. At June 30, 2023, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. Additional information, including financial statements, about these Funds is available at www.allianzlife.com. The Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2023 is as follows:

																										Net Realized
															Change in Net											Gains
															Unrealized						Shares					Distributions
	Value			Purchases			Proceeds				Net Realized				Appreciation			Value			as of		Dividend			from Affiliated
	12/31/22			at Cost			from Sales				Gains (Losses)				(Depreciation)			06/30/23			06/30/23		Income			Underlying Funds
AZL Enhanced Bond Index Fund		$	570,683,693		$	151,967		$	(14,792,122	)		$	(2,709,491	)		$	14,273,021		$	567,607,068		58,697,732		$	—		$	—
AZL International Index Fund, Class 2			216,290,154			—			(21,870,227	)			(3,584,011	)			27,834,154			218,670,070		12,840,286			—			—
AZL Mid Cap Index Fund, Class 2			130,847,055			904,739			(9,754,714	)			(3,531,639	)			14,756,198			133,221,639		6,395,662			—			—
AZL S&P 500 Index Fund, Class 2			449,858,814			—			(53,724,150	)			(13,014,582	)			84,077,768			467,197,850		23,655,587			—			—
AZL Small Cap Stock Index Fund,
Class 2			65,801,250			—			(4,905,832	)			(1,823,094	)			5,671,595			64,743,919		5,355,163			—			—
		$	1,433,480,966		$	1,056,706		$	(105,047,045	)		$	(24,662,817	)		$	146,612,736		$	1,451,440,546		106,944,430		$	—		$	—

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

9

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a fee, accrued daily and paid monthly. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the Fund’s average daily net assets, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Investments in other investment companies are valued at their published net asset value (“NAV”). Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). The investments utilizing Level 1 valuations represent investments in open-end investment companies.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies		$1,451,440,546		$—		$—		$1,451,440,546
Total Investment Securities		$1,451,440,546		$—		$—		$1,451,440,546

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL Moderate Index Strategy Fund		$	1,056,706		$	105,047,045

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

10

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Fund of Fund Risk: The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds. In addition, the Fund maintains indirect exposure to various types of risk which may exist in the underlying Funds, such as foreign securities risk, fixed income securities risk and other risks.

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

Market Risk: The market price of securities owned by the underlying funds may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,731,614,065. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$–
Unrealized (depreciation)	(298,133,099)
Net unrealized appreciation/(depreciation)	$(298,133,099)

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL Moderate Index Strategy Fund	$34,672,494	$99,641,959	$134,314,453

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated Earnings/ (Deficit)
AZL Moderate Index Strategy Fund	$27,153,503	$103,466,549	$—	$(298,132,781)	$(167,512,729)

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

11

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

12

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

13

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

14

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® MSCI Global Equity Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 20

Page 20

Page 21

Page 22

Page 23

Page 29

Page 30

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL MSCI Global Equity Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MSCI Global Equity Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense     Ratio During Period     1/1/23 - 6/30/23
AZL MSCI Global Equity Index Fund, Class 1		$	1,000.00		$	1,152.10		$	2.13		0.40	%
AZL MSCI Global Equity Index Fund, Class 2		$	1,000.00		$	1,149.50		$	3.46		0.65	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense     Ratio During Period     1/1/23 - 6/30/23
AZL MSCI Global Equity Index Fund, Class 1		$	1,000.00		$	1,022.81		$	2.01		0.40	%
AZL MSCI Global Equity Index Fund, Class 2		$	1,000.00		$	1,021.57		$	3.26		0.65	%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Information Technology		22.1	%
Financials		14.4
Health Care		12.8
Industrials		11.2
Consumer Discretionary		11.0
Consumer Staples		7.3
Communication Services		7.0
Energy		4.5
Materials		4.1
Utilities		2.8
Real Estate		2.3
Total Common Stocks and Preferred Stocks		99.5
Short-Term Security Held as Collateral for Securities on Loan		0.5
Unaffiliated Investment Company		0.2
Total Investment Securities		100.2
Net other assets (liabilities)		(0.2	)
Net Assets		100.0	%

3

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks (99.4%):
	Aerospace & Defense (1.6%):
	4,181	Airbus SE	$	604,328
	521	Axon Enterprise, Inc.*		101,658
	23,346	BAE Systems plc		275,413
	4,123	Boeing Co. (The)*		870,613
	2,614	CAE, Inc.*		58,512
	196	Dassault Aviation SA		39,214
	169	Elbit Systems, Ltd.		35,248
	1,736	General Dynamics Corp.		373,500
	276	HEICO Corp.		48,835
	499	HEICO Corp., Class A		70,159
	2,863	Howmet Aerospace, Inc.		141,890
	271	Huntington Ingalls Industries, Inc.		61,680
	700	Kongsberg Gruppen ASA		31,855
	1,431	L3Harris Technologies, Inc.		280,147
	1,628	Lockheed Martin Corp.		749,499
	376	MTU Aero Engines AG		97,414
	1,062	Northrop Grumman Corp.		484,060
	10,541	Raytheon Technologies Corp.		1,032,596
	340	Rheinmetall AG		93,345
	61,901	Rolls-Royce Holdings plc*		118,869
	2,424	Safran SA		380,802
	10,000	Singapore Technologies Engineering, Ltd.		27,288
	1,491	Textron, Inc.		100,836
	795	Thales SA		118,990
	384	TransDigm Group, Inc.		343,361
				6,540,112
Air Freight & Logistics (0.6%):
	768	CH Robinson Worldwide, Inc.		72,461
	7,478	Deutsche Post AG		365,134
	1,287	DSV A/S		270,891
	1,183	Expeditors International of Washington, Inc.		143,297
	1,690	FedEx Corp.		418,951
	700	NIPPON EXPRESS HOLDINGS, INC.		39,483
	1,800	SG Holdings Co., Ltd.		25,684
	5,166	United Parcel Service, Inc., Class B		926,006
	1,600	Yamato Holdings Co., Ltd.		28,939
				2,290,846
Automobile Components (2.5%):
	800	Aisin Corp.		24,731
	1,977	Aptiv plc*		201,832
	2,421	Bayerische Motoren Werke AG		297,310
	1,650	BorgWarner, Inc.		80,702
	4,100	Bridgestone Corp.		168,488
	4,919	Cie Generale des Etablissements Michelin SCA		145,398
	819	Continental AG		61,717
	3,200	Denso Corp.		215,755
	27,845	Ford Motor Co.		421,295
	10,256	General Motors Co.		395,471
	11,200	Honda Motor Co., Ltd.		338,371
	5,100	Isuzu Motors, Ltd.		62,099
	2,000	Koito Manufacturing Co., Ltd.		36,305
	419	Lear Corp.		60,147
	3,397	Lucid Group, Inc.*		23,405
	1,989	Magna International, Inc.		112,304
	3,600	Mazda Motor Corp.		35,186
	5,758	Mercedes-Benz Group AG		463,368
	16,900	Nissan Motor Co., Ltd.		69,799
	1,315	Renault SA		55,479

Shares			Value
	Common Stocks, continued
	Automobile Components, continued
	2,401	Rivian Automotive, Inc., Class A*^	$	40,001
	98	Stellantis NV		1,725
	4,300	Subaru Corp.		81,365
	5,200	Sumitomo Electric Industries, Ltd.		63,815
	2,700	Suzuki Motor Corp.		98,125
	20,546	Tesla, Inc.*		5,378,326
	76,400	Toyota Motor Corp.		1,221,078
	1,230	Valeo		26,390
	4,663	Volvo Car AB, Class B*		18,548
	2,600	Yamaha Motor Co., Ltd.		74,927
				10,273,462
Automobiles (0.2%):
	861	Dr Ing hc F Porsche AG		106,853
	949	Ferrari NV		310,659
	16,003	Stellantis NV		281,246
	201	Volkswagen AG		33,531
				732,289
Banks (5.3%):
	2,689	ABN AMRO Bank NV		41,821
	8,372	AIB Group plc		35,219
	22,179	ANZ Group Holdings, Ltd.		351,621
	42,642	Banco Bilbao Vizcaya Argentaria SA		328,769
	120,410	Banco Santander SA		446,737
	8,532	Bank Hapoalim BM		70,021
	10,762	Bank Leumi Le-Israel BM		80,688
	52,064	Bank of America Corp.		1,493,716
	7,994	Bank of Ireland Group plc		76,368
	5,052	Bank of Montreal		456,305
	8,558	Bank of Nova Scotia (The)^		428,223
	236	Banque Cantonale Vaudoise, Registered Shares		24,939
	111,451	Barclays plc		217,666
	8,077	BNP Paribas SA		510,170
	27,500	BOC Hong Kong Holdings, Ltd.		84,174
	28,315	CaixaBank SA		117,435
	6,589	Canadian Imperial Bank of Commerce		281,348
	2,800	Chiba Bank, Ltd. (The)		16,989
	13,938	Citigroup, Inc.		641,705
	3,112	Citizens Financial Group, Inc.		81,161
	7,358	Commerzbank AG		81,467
	12,127	Commonwealth Bank of Australia		812,991
	8,400	Concordia Financial Group, Ltd.		33,109
	8,923	Credit Agricole SA^		105,989
	5,146	Danske Bank A/S*		125,343
	13,300	DBS Group Holdings, Ltd.		311,054
	6,447	DNB Bank ASA		120,581
	2,582	Erste Group Bank AG		90,655
	4,619	Fifth Third Bancorp		121,064
	3,940	FinecoBank Banca Fineco SpA		53,141
	75	First Citizens BancShares, Inc., Class A		96,259
	4,008	First Horizon Corp.		45,170
	5,700	Hang Seng Bank, Ltd.		81,183
	142,927	HSBC Holdings plc		1,130,283
	10,474	Huntington Bancshares, Inc.		112,910
	26,502	ING Groep NV		357,864
	115,585	Intesa Sanpaolo SpA		303,764
	7,605	Israel Discount Bank, Ltd., Class A		37,835
	12,100	Japan Post Bank Co,m Ltd,		94,810
	21,116	JPMorgan Chase & Co.		3,071,111

See accompanying notes to the financial statements.

4

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Banks, continued
	1,716	KBC Group NV	$	119,986
	6,790	KeyCorp		62,740
	501,308	Lloyds Banking Group plc		277,866
	1,171	M&T Bank Corp.		144,923
	3,850	Mediobanca Banca di Credito Finanziario SpA		46,164
	83,700	Mitsubishi UFJ Financial Group, Inc.		617,884
	1,433	Mizrahi Tefahot Bank, Ltd.		47,922
	17,450	Mizuho Financial Group, Inc.		266,369
	22,602	National Australia Bank, Ltd.		398,853
	2,471	National Bank of Canada		184,122
	41,793	NatWest Group plc		128,298
	23,542	Nordea Bank Abp		256,596
	25,500	Oversea-Chinese Banking Corp., Ltd.		232,399
	2,914	PNC Financial Services Group, Inc. (The)		367,018
	6,785	Regions Financial Corp.		120,909
	14,100	Resona Holdings, Inc.		67,572
	10,056	Royal Bank of Canada		960,505
	2,200	Shizuoka Financial Group, Inc.		15,984
	11,377	Skandinaviska Enskilda Banken AB, Class A		125,920
	5,044	Societe Generale SA		131,292
	17,950	Standard Chartered plc		156,519
	9,200	Sumitomo Mitsui Financial Group, Inc.		393,812
	2,300	Sumitomo Mitsui Trust Holdings, Inc.		82,308
	11,088	Svenska Handelsbanken AB, Class A		93,036
	5,800	Swedbank AB, Class A		97,991
	13,268	Toronto-Dominion Bank (The)		822,464
	9,778	Truist Financial Corp.		296,762
	13,100	UniCredit SpA		305,465
	9,604	United Overseas Bank, Ltd.		199,136
	10,614	US Bancorp		350,687
	1,465	Webster Financial Corp.		55,304
	27,121	Wells Fargo & Co.		1,157,524
	24,628	Westpac Banking Corp.		351,244
				21,907,232
Beverages (1.7%):
	6,085	Anheuser-Busch InBev SA		344,598
	3,500	Asahi Group Holdings, Ltd.		135,685
	2,232	Brown-Forman Corp., Class B		149,053
	11,900	Budweiser Brewing Co. APAC, Ltd.		30,686
	665	Carlsberg AS, Class B		106,344
	29,549	Coca-Cola Co. (The)		1,779,441
	1,460	Coca-Cola Europacific Partners plc		93,990
	1,283	Coca-Cola HBC AG		38,222
	1,183	Constellation Brands, Inc., Class A		291,172
	3,162	David Campari-Milano NV, Class M		43,817
	16,401	Diageo plc		703,422
	771	Heineken Holding NV		67,032
	1,959	Heineken NV		201,585
	5,730	Keurig Dr Pepper, Inc.		179,177
	6,100	Kirin Holdings Co., Ltd.		89,096
	1,314	Molson Coors Beverage Co., Class B		86,514
	5,842	Monster Beverage Corp.*		335,565
	9,981	PepsiCo, Inc.		1,848,681
	1,529	Pernod Ricard SA		337,784
	125	Remy Cointreau SA		20,038
	800	Suntory Beverage & Food, Ltd.		29,012
	6,592	Treasury Wine Estates, Ltd.		49,518
				6,960,432

Shares			Value
	Common Stocks, continued
	Biotechnology (1.7%):
	12,738	AbbVie, Inc.	$	1,716,191
	852	Alnylam Pharmaceuticals, Inc.*		161,829
	3,844	Amgen, Inc.		853,445
	423	Argenx SE*		164,559
	1,062	Biogen, Inc.*		302,511
	1,338	BioMarin Pharmaceutical, Inc.*		115,978
	3,472	CSL, Ltd.		642,346
	1,266	Exact Sciences Corp.*		118,877
	491	Genmab A/S*		186,384
	9,061	Gilead Sciences, Inc.		698,331
	2,757	Grifols SA*		35,357
	1,538	Horizon Therapeutics plc*		158,183
	1,359	Incyte Corp.*		84,598
	2,345	Moderna, Inc.*		284,917
	652	Neurocrine Biosciences, Inc.*		61,484
	760	Regeneron Pharmaceuticals, Inc.*		546,090
	1,000	Seagen, Inc.*		192,460
	1,322	Swedish Orphan Biovitrum AB*		25,792
	351	United Therapeutics Corp.*		77,483
	1,880	Vertex Pharmaceuticals, Inc.*		661,591
				7,088,406
Broadline Retail (2.5%):
	66,501	Amazon.com, Inc.*		8,669,070
	380	Canadian Tire Corp., Ltd., Class A		51,960
	2,154	Dollarama, Inc.		145,898
	3,829	eBay, Inc.		171,118
	821	Etsy, Inc.*		69,465
	325	MercadoLibre, Inc.*		384,995
	846	Next plc		74,282
	2,700	Pan Pacific International Holdings Corp.		48,388
	5,958	Prosus NV		435,953
	8,000	Rakuten Group, Inc.		27,867
	8,296	Wesfarmers, Ltd.		273,520
				10,352,516
Building Products (0.7%):
	953	A O Smith Corp.		69,359
	1,200	AGC, Inc.^		43,193
	644	Allegion plc		77,293
	7,067	Assa Abloy AB, Class B		169,699
	1,012	Builders FirstSource, Inc.*		137,632
	397	Carlisle Cos., Inc.		101,842
	6,227	Carrier Global Corp.		309,544
	3,605	Cie de Saint-Gobain		219,586
	1,900	Daikin Industries, Ltd.		387,877
	1,013	Fortune Brands Innovations, Inc.		72,885
	228	Geberit AG, Registered Shares		119,403
	4,871	Johnson Controls International plc		331,910
	1,045	Kingspan Group plc		69,568
	223	Lennox International, Inc.		72,714
	2,500	Lixil Corp.		31,754
	1,508	Masco Corp.		86,529
	11,325	Nibe Industrier AB, Class B		107,680
	729	Owens Corning		95,135
	52	ROCKWOOL A/S, Class B		13,449
	600	TOTO, Ltd.		18,099
	1,698	Trane Technologies plc		324,760
	13,000	Xinyi Glass Holdings, Ltd.		20,325
				2,880,236

See accompanying notes to the financial statements.

5

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Capital Markets (2.8%):
	6,868	3i Group plc	$	170,534
	12,364	abrdn plc		34,306
	754	Ameriprise Financial, Inc.		250,449
	375	Amundi SA		22,161
	1,156	Ares Management Corp., Class A		111,381
	1,391	ASX, Ltd.		58,580
	5,531	Bank of New York Mellon Corp. (The)		246,240
	1,090	BlackRock, Inc., Class A+		753,343
	5,048	Blackstone, Inc., Class A		469,313
	2,652	Brookfield Asset Management, Ltd.		86,571
	10,609	Brookfield Corp.		357,211
	1,473	Carlyle Group, Inc. (The)		47,062
	717	Cboe Global Markets, Inc.		98,953
	10,750	Charles Schwab Corp. (The)		609,310
	2,595	CME Group, Inc.		480,828
	938	Coinbase Global, Inc., Class A*^		67,114
	8,900	Daiwa Securities Group, Inc.		46,055
	14,426	Deutsche Bank AG		151,362
	1,382	Deutsche Boerse AG		255,209
	2,202	EQT AB		42,427
	719	Euronext NV		48,900
	295	FactSet Research Systems, Inc.		118,192
	2,020	Franklin Resources, Inc.		53,954
	458	Futu Holdings, Ltd., ADR*^		18,201
	2,432	Goldman Sachs Group, Inc. (The)		784,417
	3,288	Hargreaves Lansdown plc		34,045
	8,600	Hong Kong Exchanges & Clearing, Ltd.		327,062
	889	IGM Financial, Inc.^		27,067
	3,993	Intercontinental Exchange, Inc.		451,528
	2,555	Invesco, Ltd.		42,950
	3,400	Japan Exchange Group, Inc.		59,485
	1,702	Julius Baer Group, Ltd.		107,346
	3,986	KKR & Co., Inc., Class A		223,216
	2,774	London Stock Exchange Group plc		293,904
	529	LPL Financial Holdings, Inc.		115,020
	2,709	Macquarie Group, Ltd.		322,746
	287	MarketAxess Holdings, Inc.		75,028
	1,166	Moody’s Corp.		405,442
	8,968	Morgan Stanley		765,867
	594	MSCI, Inc.		278,758
	2,481	Nasdaq, Inc.		123,678
	23,000	Nomura Holdings, Inc.		87,299
	1,377	Northern Trust Corp.		102,091
	177	Partners Group Holding AG		166,708
	1,455	Raymond James Financial, Inc.		150,985
	2,382	S&P Global, Inc.		954,920
	1,400	SBI Holdings, Inc.		27,029
	6,758	Schroders plc		37,588
	757	SEI Investments Co.		45,132
	3,200	Singapore Exchange, Ltd.		22,788
	3,801	St James’s Place plc		52,523
	2,406	State Street Corp.		176,071
	1,699	T. Rowe Price Group, Inc.		190,322
	1,625	TMX Group, Ltd.		36,570
	922	Tradeweb Markets, Inc., Class A		63,139
	23,263	UBS Group AG		473,433
				11,621,813
Chemicals (2.1%):
	3,728	Air Liquide SA		668,299

Shares			Value
	Common Stocks, continued
	Chemicals, continued
	1,595	Air Products and Chemicals, Inc.	$	477,750
	1,253	Akzo Nobel NV		102,373
	875	Albemarle Corp.		195,204
	413	Arkema SA		38,954
	9,200	Asahi Kasei Corp.		62,457
	6,379	BASF SE		309,687
	692	Celanese Corp.		80,134
	1,430	CF Industries Holdings, Inc.		99,271
	801	Chr Hansen Holding A/S		55,721
	2,080	Clariant AG		30,075
	5,288	Corteva, Inc.		303,002
	1,415	Covestro AG*		73,467
	1,096	Croda International plc		78,317
	5,054	Dow, Inc.		269,176
	1,181	DSM-Firmenich AG*		127,081
	3,366	DuPont de Nemours, Inc.		240,467
	795	Eastman Chemical Co.		66,557
	1,892	Ecolab, Inc.		353,218
	62	EMS-Chemie Holding AG		46,971
	1,938	Evonik Industries AG		36,834
	949	FMC Corp.		99,019
	67	Givaudan SA, Registered Shares		222,331
	6,835	ICL Group, Ltd.		37,450
	1,948	International Flavors & Fragrances, Inc.		155,041
	890	Johnson Matthey plc		19,795
	1,200	JSR Corp.		34,502
	3,518	Linde plc		1,340,639
	2,005	LyondellBasell Industries NV, Class A		184,119
	8,000	Mitsubishi Chemical Group Corp.		48,240
	1,700	Mitsui Chemicals, Inc.		50,245
	2,249	Mosaic Co. (The)		78,715
	6,600	Nippon Paint Holdings Co., Ltd.		54,567
	1,100	Nippon Sanso Holdings Corp.		23,913
	800	Nissan Chemical Corp.		34,479
	1,000	Nitto Denko Corp.		74,133
	1,580	Novozymes A/S, B Shares		73,598
	3,587	Nutrien, Ltd.		211,792
	824	OCI NV		19,780
	2,876	Orica, Ltd.		28,517
	1,714	PPG Industries, Inc.		254,186
	942	RPM International, Inc.		84,526
	1,760	Sherwin-Williams Co. (The)		467,315
	13,100	Shin-Etsu Chemical Co., Ltd.		435,447
	1,096	Sika AG, Registered Shares		313,568
	456	Solvay SA, Class A		51,066
	13,800	Sumitomo Chemical Co., Ltd.		42,011
	979	Symrise AG		102,551
	9,200	Toray Industries, Inc.		51,404
	1,200	Tosoh Corp.		14,228
	1,822	Umicore SA		50,928
	301	Westlake Corp.		35,960
	1,092	Yara International ASA		38,574
				8,447,654
Commercial Services & Supplies (0.6%):
	10,643	Brambles, Ltd.		102,414
	668	Cintas Corp.		332,049
	3,198	Copart, Inc.*		291,690
	1,800	Dai Nippon Printing Co., Ltd.		51,040
	1,558	GFL Environmental, Inc.		60,504

See accompanying notes to the financial statements.

6

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	1,016	RB Global, Inc.	$	60,978
	18,835	Rentokil Initial plc		147,091
	1,544	Republic Services, Inc.		236,495
	1,446	Rollins, Inc.		61,932
	1,500	Secom Co., Ltd.		101,579
	4,897	Securitas AB, Class B		40,233
	1,600	TOPPAN, INC.		34,573
	1,899	Waste Connections, Inc.		271,424
	2,983	Waste Management, Inc.		517,312
				2,309,314
Communications Equipment (0.6%):
	1,856	Arista Networks, Inc.*		300,783
	29,514	Cisco Systems, Inc.		1,527,054
	438	F5, Inc.*		64,062
	2,336	Juniper Networks, Inc.		73,187
	1,189	Motorola Solutions, Inc.		348,710
	38,181	Nokia Oyj		160,212
	22,141	Telefonaktiebolaget LM Ericsson, Class B		120,802
				2,594,810
Construction & Engineering (0.3%):
	1,670	ACS Actividades de Construccion y Servicios SA		58,711
	1,016	AECOM		86,045
	1,522	Bouygues SA		51,113
	559	Eiffage SA		58,368
	3,697	Ferrovial SE*		117,042
	2,700	Kajima Corp.		40,844
	4,900	Obayashi Corp.		42,464
	1,006	Quanta Services, Inc.		197,629
	5,900	Shimizu Corp.		37,265
	3,144	Skanska AB, Class B		44,127
	1,100	Taisei Corp.		38,478
	3,871	Vinci SA		449,873
	876	WSP Global, Inc.		115,746
				1,337,705
Construction Materials (0.3%):
	5,231	CRH plc		288,893
	993	Heidelberg Materials AG		81,532
	4,174	Holcim AG		280,707
	3,417	James Hardie Industries plc		91,065
	447	Martin Marietta Materials, Inc.		206,375
	970	Vulcan Materials Co.		218,677
				1,167,249
Consumer Finance (0.4%):
	1,862	Ally Financial, Inc.		50,293
	4,616	American Express Co.		804,107
	2,795	Capital One Financial Corp.		305,689
	1,849	Discover Financial Services		216,056
	1	Isracard, Ltd.		2
	2,983	Synchrony Financial		101,183
				1,477,330
Consumer Staples Distribution & Retail (1.7%):
	4,900	Aeon Co., Ltd.		100,315
	2,104	Albertsons Cos., Inc., Class A		45,909
	5,677	Alimentation Couche-Tard, Inc.		291,136
	4,522	Carrefour SA^		85,689
	8,877	Coles Group, Ltd.		109,078
	3,183	Costco Wholesale Corp.		1,713,663

Shares			Value
	Common Stocks, continued
	Consumer Staples Distribution & Retail, continued
	1,581	Dollar General Corp.	$	268,422
	1,624	Dollar Tree, Inc.*		233,044
	787	Empire Co., Ltd., Class A		22,358
	11,695	Endeavour Group, Ltd.		49,251
	528	George Weston, Ltd.		62,430
	1,243	HelloFresh SE*		30,732
	15,420	J Sainsbury plc		52,780
	1,662	Jeronimo Martins SGPS SA		45,818
	1,609	Kesko Oyj, Class B		30,278
	1,000	Kobe Bussan Co., Ltd.		25,853
	7,054	Koninklijke Ahold Delhaize NV		240,588
	5,167	Kroger Co. (The)		242,849
	1,246	Loblaw Cos., Ltd.		114,083
	900	MatsukiyoCocokara & Co.		50,580
	1,796	Metro, Inc.		101,447
	3,324	Ocado Group plc*		24,011
	5,400	Seven & i Holdings Co., Ltd.		233,509
	3,549	Sysco Corp.		263,336
	3,356	Target Corp.		442,656
	51,610	Tesco plc		163,063
	5,273	Walgreens Boots Alliance, Inc.		150,228
	10,700	Walmart, Inc.		1,681,826
	500	Welcia Holdings Co., Ltd.		10,405
	9,046	Woolworths Group, Ltd.		239,967
				7,125,304
Containers & Packaging (0.2%):
	1,733	Amcor plc		17,295
	8,910	Amcor plc		88,922
	648	Avery Dennison Corp.		111,326
	2,167	Ball Corp.		126,141
	1,000	CCL Industries, Inc.		49,162
	998	Crown Holdings, Inc.		86,696
	2,127	International Paper Co.		67,660
	682	Packaging Corp. of America		90,133
	1,076	Sealed Air Corp.		43,040
	2,350	SIG Group AG		64,965
	1,807	Smurfit Kappa Group plc		60,311
	1,935	Westrock Co.		56,251
				861,902
Distributors (0.1%):
	195	D’ieteren Group		34,481
	1,036	Genuine Parts Co.		175,322
	1,795	LKQ Corp.		104,595
	263	Pool Corp.		98,530
				412,928
Diversified Consumer Services (0.0%†):
	1,753	IDP Education, Ltd.		25,916
	4,820	Pearson plc		50,788
				76,704
Diversified REITs (0.1%):
	8,137	British Land Co. plc (The)		31,375
	316	Covivio SA		14,948
	18	Daiwa House REIT Investment Corp.		34,551
	6,489	Dexus		33,764
	11,976	GPT Group (The)		33,090
	4,133	Land Securities Group plc		30,219
	36,393	Mirvac Group		55,011
	10	Nippon Building Fund, Inc.		39,339

See accompanying notes to the financial statements.

7

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Diversified REITs, continued
	39	Nomura Real Estate Master Fund, Inc.	$	44,981
	460	RioCan Real Estate Investment Trust		6,695
	9,532	Segro plc		86,890
	15,451	Stockland		41,661
	24,703	Vicinity, Ltd.		30,360
	1,532	WP Carey, Inc.		103,502
				586,386
Diversified Telecommunication Services (1.0%):
	51,278	AT&T, Inc.		817,884
	692	BCE, Inc.		31,554
	54,369	BT Group plc		84,576
	4,277	Cellnex Telecom SA		173,374
	22,677	Deutsche Telekom AG		494,242
	937	Elisa Oyj		50,042
	20,000	HKT Trust & HKT, Ltd.		23,295
	2,027	Infrastrutture Wireless Italiane SpA		26,761
	24,798	Koninklijke KPN NV		88,518
	914	Liberty Global plc, Class A*		15,410
	1,489	Liberty Global plc, Class C*		26,460
	217,500	Nippon Telegraph & Telephone Corp.		257,741
	12,743	Orange SA		149,032
	62,100	Singapore Telecommunications, Ltd.		115,084
	17,116	Spark New Zealand, Ltd.		53,482
	191	Swisscom AG, Registered Shares		119,190
	92,093	Telecom Italia SpA*		25,963
	10,489	Telefonica Deutschland Holding AG		29,474
	37,089	Telefonica SA		150,449
	5,021	Telenor ASA		50,920
	18,848	Telia Co. AB		41,350
	29,855	Telstra Group, Ltd.		85,669
	3,112	TELUS Corp.		60,567
	30,201	Verizon Communications, Inc.		1,123,175
				4,094,212
Electric Utilities (1.7%):
	193	Acciona SA^		32,774
	1,716	Alliant Energy Corp.		90,056
	3,808	American Electric Power Co., Inc.		320,634
	165	BKW AG		29,155
	4,300	Chubu Electric Power Co., Inc.		52,518
	3,500	CK Infrastructure Holdings, Ltd.		18,527
	12,500	CLP Holdings, Ltd.		97,298
	2,388	Constellation Energy Corp.		218,621
	5,612	Duke Energy Corp.		503,621
	2,803	Edison International		194,668
	20,856	EDP - Energias de Portugal SA		102,077
	240	Elia Group SA/NV		30,486
	1,880	Emera, Inc.		77,437
	2,156	Endesa SA^		46,312
	60,677	Enel SpA		408,699
	1,468	Entergy Corp.		142,939
	1,705	Evergy, Inc.		99,606
	2,630	Eversource Energy		186,520
	7,027	Exelon Corp.		286,280
	3,886	FirstEnergy Corp.		151,088
	3,321	Fortis, Inc.		143,134
	3,188	Fortum Oyj		42,688
	2,288	Hydro One, Ltd.		65,379
	42,691	Iberdrola SA		557,571
	4,800	Kansai Electric Power Co., Inc. (The)		60,313

Shares			Value
	Common Stocks, continued
	Electric Utilities, continued
	4,873	Mercury NZ, Ltd.	$	19,439
	14,583	NextEra Energy, Inc.		1,082,059
	1,642	NRG Energy, Inc.		61,394
	12,220	Origin Energy, Ltd.		68,295
	1,339	Orsted AS		126,524
	11,217	PG&E Corp.*		193,830
	10,000	Power Assets Holdings, Ltd.		52,454
	5,489	PPL Corp.		145,239
	1,850	Red Electrica Corp. SA^		31,064
	7,943	Southern Co. (The)		557,996
	7,619	SSE plc		178,463
	10,285	Terna - Rete Elettrica Nazionale		87,599
	14,900	Tokyo Electric Power Co. Holdings, Inc.*		54,654
	453	Verbund AG, Class A		36,378
	3,996	Xcel Energy, Inc.		248,431
				6,902,220
Electrical Equipment (0.9%):
	11,145	ABB, Ltd., Registered Shares		438,659
	1,622	AMETEK, Inc.		262,569
	2,885	Eaton Corp. plc		580,174
	4,141	Emerson Electric Co.		374,305
	1,200	Fuji Electric Co., Ltd.		52,885
	515	Generac Holdings, Inc.*		76,802
	401	Hubbell, Inc.		132,956
	1,991	Legrand SA		197,492
	13,400	Mitsubishi Electric Corp.		188,326
	3,100	NIDEC CORP.		170,412
	1,722	Prysmian SpA		72,118
	834	Rockwell Automation, Inc.		274,761
	3,890	Schneider Electric SE		708,951
	994	Sensata Technologies Holding plc		44,720
	3,694	Siemens Energy AG*		65,200
	7,230	Vestas Wind Systems A/S*		192,122
				3,832,452
Electronic Equipment, Instruments & Components (0.9%):
	4,398	Amphenol Corp., Class A		373,610
	499	Arrow Electronics, Inc.*		71,472
	800	Azbil Corp.		25,318
	996	CDW Corp.		182,766
	1,304	Cognex Corp.		73,050
	5,870	Corning, Inc.		205,685
	2,865	Halma plc		82,918
	900	Hamamatsu Photonics KK		44,186
	14,804	Hexagon AB, Class B		182,349
	205	Hirose Electric Co., Ltd.		27,288
	600	Ibiden Co., Ltd.		34,027
	1,400	Keyence Corp.		662,154
	1,302	Keysight Technologies, Inc.*		218,020
	2,500	Kyocera Corp.		135,905
	4,200	Murata Manufacturing Co., Ltd.		241,020
	1,300	Omron Corp.		79,645
	1,400	Shimadzu Corp.		43,347
	2,900	TDK Corp.		112,303
	2,238	TE Connectivity, Ltd.		313,678
	321	Teledyne Technologies, Inc.*		131,966
	1,612	Trimble, Inc.*		85,339
	2,800	Venture Corp., Ltd.		30,589
	2,200	Yokogawa Electric Corp.		40,378

See accompanying notes to the financial statements.

8

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	344	Zebra Technologies Corp., Class A*	$	101,766
				3,498,779
Energy Equipment & Services (0.2%):
	7,448	Baker Hughes Co.		235,431
	6,562	Halliburton Co.		216,480
	10,264	Schlumberger, Ltd.		504,168
	3,045	Tenaris SA		45,560
				1,001,639
Entertainment (1.2%):
	5,464	Activision Blizzard, Inc.*		460,615
	5,483	Bollore SE		34,165
	1,200	Capcom Co., Ltd.		47,565
	1,965	Electronic Arts, Inc.		254,860
	3,590	Embracer Group AB*		8,989
	780	Koei Tecmo Holdings Co., Ltd.		13,492
	900	Konami Group Corp.		47,168
	1,414	Liberty Media Corp-Liberty Formula One, Class C*		106,446
	1,290	Live Nation Entertainment, Inc.*		117,532
	3,199	Netflix, Inc.*		1,409,128
	3,600	Nexon Co., Ltd.		68,990
	7,600	Nintendo Co., Ltd.		345,743
	2,750	ROBLOX Corp., Class A*		110,825
	924	Roku, Inc.*		59,099
	2,662	Sea, Ltd., ADR*		154,502
	400	Square Enix Holdings Co., Ltd.		18,627
	1,199	Take-Two Interactive Software, Inc.*		176,445
	600	Toho Co., Ltd.		22,829
	4,901	Universal Music Group NV		108,878
	13,259	Walt Disney Co. (The)*		1,183,764
	17,412	Warner Bros Discovery, Inc.*		218,346
				4,968,008
Financial Services (2.9%):
	2,817	Apollo Global Management, Inc.		216,374
	9,361	Berkshire Hathaway, Inc., Class B*		3,192,101
	3,853	Block, Inc.*		256,494
	1,792	Edenred		119,983
	2,947	Element Fleet Management Corp.		44,897
	2,830	Equitable Holdings, Inc.		76,863
	414	Eurazeo SE		29,140
	740	EXOR NV		66,115
	4,459	Fidelity National Information Services, Inc.		243,907
	4,420	Fiserv, Inc.*		557,583
	548	FleetCor Technologies, Inc.*		137,592
	1,989	Global Payments, Inc.		195,956
	200	GMO Payment Gateway, Inc.		15,616
	823	Groupe Bruxelles Lambert NV		64,856
	885	Industrivarden AB, Class A		24,547
	1,476	Industrivarden AB, Class C		40,744
	3,138	Investor AB		62,823
	12,518	Investor AB, Class B		250,574
	2,236	Kinnevik AB, Class B*		31,030
	418	L E Lundbergforetagen AB		17,803
	15,826	M&G plc		38,522
	6,133	Mastercard, Inc., Class A		2,412,109
	4,100	Mitsubishi HC Capital, Inc.		24,432
	340	Nuvei Corp.*		10,041
	397	Onex Corp.		21,930
	8,600	ORIX Corp.		157,298

Shares			Value
	Common Stocks, continued
	Financial Services, continued
	7,756	PayPal Holdings, Inc.*	$	517,558
	142	Sofina SA		29,436
	1,929	Toast, Inc., Class A*		43,538
	11,752	Visa, Inc., Class A		2,790,865
	122	Wendel SE		12,532
	1,617	Worldline SA*		59,176
				11,762,435
Food Products (1.6%):
	3,400	Ajinomoto Co., Inc.		135,387
	3,935	Archer-Daniels-Midland Co.		297,329
	2,448	Associated British Foods plc		62,083
	23	Barry Callebaut AG, Registered Shares		44,411
	1,034	Bunge, Ltd.		97,558
	1,385	Campbell Soup Co.		63,308
	7	Chocoladefabriken Lindt & Spruengli AG		87,956
	3,715	Conagra Brands, Inc.		125,270
	4,583	Danone SA		280,805
	1,198	Darling Ingredients, Inc.*		76,420
	4,181	General Mills, Inc.		320,683
	1,030	Hershey Co. (The)		257,191
	2,218	Hormel Foods Corp.		89,208
	476	JDE Peet’s NV		14,158
	815	JM Smucker Co. (The)		120,351
	1,968	Kellogg Co.		132,643
	1,279	Kerry Group plc, Class A		124,782
	1,300	Kikkoman Corp.		73,367
	5,513	Kraft Heinz Co. (The)		195,712
	1,074	Lamb Weston Holdings, Inc.		123,456
	1,749	McCormick & Co., Inc.		152,565
	1,600	MEIJI Holdings Co., Ltd.		35,747
	9,859	Mondelez International, Inc., Class A		719,115
	3,271	Mowi ASA		51,932
	19,887	Nestle SA, Registered Shares		2,393,566
	2,400	Nisshin Seifun Group, Inc.		29,662
	600	Nissin Foods Holdings Co., Ltd.		49,563
	5,748	Orkla ASA, Class A		41,296
	461	Salmar ASA		18,603
	2,279	Saputo, Inc.		51,065
	2,173	Tyson Foods, Inc., Class A		110,910
	68,033	WH Group, Ltd.		36,156
	18,000	Wilmar International, Ltd.		50,701
	900	Yakult Honsha Co., Ltd.		57,029
				6,519,988
Gas Utilities (0.1%):
	2,666	AltaGas, Ltd.		47,902
	8,525	APA Group		55,139
	960	Atmos Energy Corp.		111,686
	595	Enagas SA^		11,690
	83,117	Hong Kong & China Gas Co., Ltd.		71,887
	985	Naturgy Energy Group SA		29,337
	3,600	Osaka Gas Co., Ltd.		55,230
	14,344	Snam SpA		74,955
	3,500	Tokyo Gas Co., Ltd.		76,475
	1,451	UGI Corp.		39,134
				573,435
Ground Transportation (1.1%):
	11,052	Aurizon Holdings, Ltd.		28,939
	4,078	Canadian National Railway Co.		493,879

See accompanying notes to the financial statements.

9

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Ground Transportation, continued
	6,774	Canadian Pacific Kansas City, Ltd.	$	547,198
	1,100	Central Japan Railway Co.		137,961
	14,791	CSX Corp.		504,373
	2,300	East Japan Railway Co.		127,561
	8,772	Grab Holdings, Ltd.*		30,088
	1,400	Hankyu Hanshin Holdings, Inc.		46,376
	653	JB Hunt Transport Services, Inc.		118,213
	1,000	Keio Corp.		31,448
	900	Keisei Electric Railway Co., Ltd.		37,306
	1,000	Kintetsu Group Holdings Co., Ltd.		34,653
	1,052	Knight-Swift Transportation Holdings, Inc.		58,449
	10,500	MTR Corp., Ltd.		48,332
	1,654	Norfolk Southern Corp.		375,061
	2,700	Odakyu Electric Railway Co., Ltd.		36,189
	684	Old Dominion Freight Line, Inc.		252,909
	527	TFI International, Inc.		60,048
	1,800	Tobu Railway Co., Ltd.		48,301
	4,600	Tokyu Corp.		55,480
	13,292	Uber Technologies, Inc.*		573,816
	612	U-Haul Holding Co.		31,010
	4,385	Union Pacific Corp.		897,259
	1,500	West Japan Railway Co.		62,432
				4,637,281
Health Care Equipment & Supplies (2.5%):
	12,558	Abbott Laboratories		1,369,073
	3,713	Alcon, Inc.		308,583
	554	Align Technology, Inc.*		195,917
	1,400	Asahi Intecc Co., Ltd.		27,530
	3,685	Baxter International, Inc.		167,889
	2,067	Becton Dickinson & Co.		545,709
	245	BioMerieux		25,710
	10,416	Boston Scientific Corp.*		563,401
	372	Carl Zeiss Meditec AG		40,221
	451	Cochlear, Ltd.		68,995
	934	Coloplast A/S, Class B		116,793
	340	Cooper Cos., Inc. (The)		130,366
	522	Demant A/S*		22,092
	1,576	DENTSPLY SIRONA, Inc.		63,071
	2,733	Dexcom, Inc.*		351,218
	233	DiaSorin SpA		24,247
	4,379	Edwards Lifesciences Corp.*		413,071
	2,063	EssilorLuxottica SA		390,381
	4,138	Fisher & Paykel Healthcare Corp., Ltd.		62,170
	2,722	GE HealthCare Technologies, Inc.		221,135
	1,920	Getinge AB, Class B		33,667
	1,772	Hologic, Inc.*		143,479
	2,400	Hoya Corp.		286,324
	613	IDEXX Laboratories, Inc.*		307,867
	499	Insulet Corp.*		143,882
	2,503	Intuitive Surgical, Inc.*		855,876
	6,404	Koninklijke Philips NV*		138,571
	395	Masimo Corp.*		64,997
	9,689	Medtronic plc		853,601
	825	Novocure, Ltd.*		34,237
	8,700	Olympus Corp.		137,726
	1,066	ResMed, Inc.		232,921
	2,110	Siemens Healthineers AG		119,409
	6,641	Smith & Nephew plc		107,141
	384	Sonova Holding AG		102,325

Shares			Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	694	STERIS plc	$	156,136
	860	Straumann Holding AG, Class R		139,695
	2,450	Stryker Corp.		747,470
	1,100	Sysmex Corp.		75,200
	354	Teleflex, Inc.		85,679
	4,800	Terumo Corp.		152,676
	1,512	Zimmer Biomet Holdings, Inc.		220,147
				10,246,598
Health Care Providers & Services (2.0%):
	1,106	AmerisourceBergen Corp.		212,828
	845	Amplifon SpA		31,010
	1,956	Cardinal Health, Inc.		184,979
	3,866	Centene Corp.*		260,762
	2,160	Cigna Group (The)		606,096
	9,094	CVS Health Corp.		628,668
	457	DaVita, Inc.*		45,915
	1,704	Elevance Health, Inc.		757,070
	1,484	Fresenius Medical Care AG & Co., KGaA		70,867
	3,378	Fresenius SE & Co. KGaA		93,494
	1,491	HCA Healthcare, Inc.		452,489
	997	Henry Schein, Inc.*		80,857
	912	Humana, Inc.		407,782
	643	Laboratory Corp. of America Holdings		155,175
	1,004	McKesson Corp.		429,019
	453	Molina Healthcare, Inc.*		136,462
	755	Quest Diagnostics, Inc.		106,123
	1,328	Ramsay Health Care, Ltd.		49,944
	3,322	Sonic Healthcare, Ltd.		78,998
	6,719	UnitedHealth Group, Inc.		3,229,420
	521	Universal Health Services, Inc., Class B		82,198
				8,100,156
Health Care REITs (0.1%):
	2,942	Healthcare Realty Trust, Inc.		55,486
	4,227	Healthpeak Properties, Inc.		84,963
	3,011	Ventas, Inc.		142,330
	3,372	Welltower, Inc.		272,761
				555,540
Health Care Technology (0.1%):
	3,600	M3, Inc.		77,837
	1,069	Veeva Systems, Inc., Class A*		211,374
				289,211
Hotel & Resort REITs (0.0%†):
	5,303	Host Hotels & Resorts, Inc.		89,250
Hotels, Restaurants & Leisure (2.0%):
	1,023	Accor SA		38,037
	2,698	Airbnb, Inc., Class A*		345,776
	1,475	Aramark		63,499
	3,958	Aristocrat Leisure, Ltd.		102,467
	274	Booking Holdings, Inc.*		739,890
	1,690	Caesars Entertainment, Inc.*		86,139
	6,824	Carnival Corp., Class A*		128,496
	195	Chipotle Mexican Grill, Inc.*		417,105
	12,429	Compass Group plc		347,623
	888	Darden Restaurants, Inc.		148,367
	1,331	Delivery Hero SE*		58,669
	260	Domino’s Pizza, Inc.		87,617
	1,849	DoorDash, Inc., Class A*		141,301

See accompanying notes to the financial statements.

10

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	4,276	Entain plc	$	69,432
	1,406	Evolution AB		178,232
	1,136	Expedia Group, Inc.*		124,267
	1,257	Flutter Entertainment plc*		252,966
	16,000	Galaxy Entertainment Group, Ltd.*		102,120
	53,300	Genting Singapore, Ltd.		36,994
	1,870	Hilton Worldwide Holdings, Inc.		272,178
	1,297	InterContinental Hotels Group plc		89,551
	1,296	Just Eat Takeaway.com NV*		19,880
	883	La Francaise des Jeux SAEM		34,763
	2,602	Las Vegas Sands Corp.*		150,916
	14,501	Lottery Corp., Ltd. (The)		49,724
	1,924	Marriott International, Inc., Class A		353,420
	5,246	McDonald’s Corp.		1,565,459
	900	McDonald’s Holdings Co., Ltd.		35,006
	1,993	MGM Resorts International		87,533
	7,000	Oriental Land Co., Ltd.		273,316
	2,135	Restaurant Brands International, Inc.		165,505
	1,567	Royal Caribbean Cruises, Ltd.*		162,561
	15,600	Sands China, Ltd.*		53,393
	597	Sodexo SA		65,738
	8,209	Starbucks Corp.		813,184
	297	Vail Resorts, Inc.		74,773
	1,279	Whitbread plc		55,031
	750	Wynn Resorts, Ltd.		79,207
	2,074	Yum! Brands, Inc.		287,353
				8,157,488
Household Durables (0.6%):
	6,179	Barratt Developments plc		32,433
	658	Berkeley Group Holdings plc		32,769
	2,201	DR Horton, Inc.		267,840
	212	Garmin, Ltd.		22,109
	841	Garmin, Ltd.		87,708
	600	Iida Group Holdings Co., Ltd.		10,155
	1,831	Lennar Corp., Class A		229,443
	380	Mohawk Industries, Inc.*		39,201
	22	NVR, Inc.*		139,714
	700	Open House Group Co., Ltd.		25,255
	15,700	Panasonic Holdings Corp.		192,345
	2,260	Persimmon plc		29,458
	1,687	PulteGroup, Inc.		131,046
	256	SEB SA		26,466
	3,500	Sekisui Chemical Co., Ltd.		50,633
	4,500	Sekisui House, Ltd.		91,072
	1,000	Sharp Corp.^		5,573
	9,000	Sony Group Corp.		807,363
	19,704	Taylor Wimpey plc		25,733
	460	Whirlpool Corp.		68,443
				2,314,759
Household Products (1.1%):
	1,743	Church & Dwight Co., Inc.		174,701
	885	Clorox Co. (The)		140,750
	5,666	Colgate-Palmolive Co.		436,509
	4,133	Essity AB, Class B		110,047
	659	Henkel AG & Co. KGaA		46,378
	2,495	Kimberly-Clark Corp.		344,460
	17,003	Procter & Gamble Co. (The)		2,580,035
	5,087	Reckitt Benckiser Group plc		381,973

Shares			Value
	Common Stocks, continued
	Household Products, continued
	3,000	Unicharm Corp.	$	111,165
				4,326,018
Independent Power and Renewable Electricity Producers (0.1%):
	4,828	AES Corp. (The)		100,084
	787	Brookfield Renewable Corp., Class A		24,829
	516	Corp ACCIONA Energias Renovables SA^		17,263
	2,038	EDP Renovaveis SA		40,816
	12,972	Meridian Energy, Ltd.		44,684
	2,059	Northland Power, Inc.		42,949
	4,774	RWE AG		207,779
	2,304	Vistra Corp.		60,480
				538,884
Industrial Conglomerates (1.0%):
	3,950	3M Co.		395,355
	21,000	CK Hutchison Holdings, Ltd.		128,544
	654	DCC plc		36,550
	7,908	General Electric Co.		868,694
	6,600	Hitachi, Ltd.		408,527
	4,759	Honeywell International, Inc.		987,492
	1,007	Investment AB Latour, Class B		19,991
	1,000	Jardine Cycle & Carriage, Ltd.		25,816
	1,100	Jardine Matheson Holdings, Ltd.		55,793
	11,400	Keppel Corp., Ltd.		56,756
	1,957	Lifco AB, Class B		42,603
	5,489	Siemens AG, Registered Shares		913,548
	2,548	Smiths Group plc		53,305
	3,100	Toshiba Corp.		97,177
				4,090,151
Industrial REITs (0.3%):
	29,744	CapitaLand Ascendas REIT		60,010
	28	GLP J-Reit		27,612
	12,390	Goodman Group		165,934
	21,123	Mapletree Logistics Trust		25,366
	20	Nippon Prologis REIT, Inc.		40,127
	6,567	Prologis, Inc.		805,311
	1,164	Warehouses De Pauw CVA		31,927
				1,156,287
Insurance (3.0%):
	1,729	Admiral Group plc		45,807
	12,269	Aegon NV		62,133
	4,181	Aflac, Inc.		291,834
	1,180	Ageas SA/NV		47,820
	85,000	AIA Group, Ltd.		867,304
	2,905	Allianz SE, Registered Shares+		675,664
	1,883	Allstate Corp. (The)		205,322
	506	American Financial Group, Inc.		60,088
	5,265	American International Group, Inc.		302,948
	1,459	Aon plc, Class A		503,647
	2,728	Arch Capital Group, Ltd.*		204,191
	1,545	Arthur J. Gallagher & Co.		339,236
	7,899	Assicurazioni Generali SpA		160,858
	407	Assurant, Inc.		51,168
	20,405	Aviva plc		102,825
	13,302	AXA SA		392,950
	296	Baloise Holding AG, Registered Shares		43,545
	1,810	Brown & Brown, Inc.		124,600
	2,967	Chubb, Ltd.		571,326

See accompanying notes to the financial statements.

11

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Insurance, continued
	1,005	Cincinnati Financial Corp.	$	97,807
	6,600	Dai-ichi Life Holdings, Inc.		126,617
	202	Erie Indemnity Co., Class A		42,422
	281	Everest Re Group, Ltd.		96,063
	157	Fairfax Financial Holdings, Ltd.		117,613
	1,917	Fidelity National Financial, Inc.		69,012
	1,848	Gjensidige Forsikring ASA		29,631
	676	Globe Life, Inc.		74,103
	1,806	Great-West Lifeco, Inc.		52,451
	437	Hannover Rueck SE		92,657
	2,083	Hartford Financial Services Group, Inc. (The)		150,018
	679	iA Financial Corp., Inc.		46,263
	16,630	Insurance Australia Group, Ltd.		63,345
	1,269	Intact Financial Corp.		195,954
	15,300	Japan Post Holdings Co., Ltd.		110,027
	1,700	Japan Post Insurance Co., Ltd.		25,562
	41,596	Legal & General Group plc		120,560
	1,606	Loews Corp.		95,364
	13,145	Manulife Financial Corp.		248,491
	91	Markel Group, Inc.*		125,869
	3,554	Marsh & McLennan Cos., Inc.		668,436
	17,323	Medibank Pvt, Ltd.		40,756
	4,659	MetLife, Inc.		263,373
	3,200	MS&AD Insurance Group Holdings, Inc.		114,033
	1,000	Muenchener Rueckversicherungs-Gesellschaft AG in
		Muenchen, Class R		374,950
	2,086	NN Group NV		77,395
	6,201	Phoenix Group Holdings plc		41,906
	2,955	Poste Italiane SpA		32,056
	4,218	Power Corp. of Canada^		113,554
	1,871	Principal Financial Group, Inc.		141,897
	4,273	Progressive Corp. (The)		565,617
	2,777	Prudential Financial, Inc.		244,987
	20,125	Prudential plc		283,764
	10,666	QBE Insurance Group, Ltd.		112,230
	3,651	Sampo Oyj, A Shares		163,728
	2,300	Sompo Holdings, Inc.		103,120
	4,106	Sun Life Financial, Inc.		214,072
	9,098	Suncorp Group, Ltd.		82,056
	244	Swiss Life Holding AG		142,801
	2,255	Swiss Re AG		227,132
	3,200	T&D Holdings, Inc.		47,282
	12,700	Tokio Marine Holdings, Inc.		293,263
	1,651	Travelers Cos., Inc. (The)		286,713
	2,488	Tryg A/S		53,860
	1,540	W R Berkley Corp.		91,722
	797	Willis Towers Watson plc		187,694
	1,092	Zurich Insurance Group AG		518,958
				12,520,450
Interactive Media & Services (3.6%):
	1,569	Adevinta ASA*		10,295
	42,902	Alphabet, Inc., Class A*		5,135,369
	38,683	Alphabet, Inc., Class C*		4,679,482
	6,294	Auto Trader Group plc		48,775
	2,194	Match Group, Inc.*		91,819
	15,947	Meta Platforms, Inc., Class A*		4,576,470
	3,899	Pinterest, Inc., Class A*		106,599
	488	REA Group, Ltd.		46,738
	483	Scout24 SE		30,614

Shares			Value
	Common Stocks, continued
	Interactive Media & Services, continued
	3,100	SEEK, Ltd.	$	44,968
	8,297	Snap, Inc., Class A*		98,236
	19,800	Z Holdings Corp.		47,820
	1,887	ZoomInfo Technologies, Inc.*		47,911
				14,965,096
IT Services (1.3%):
	4,527	Accenture plc, Class A		1,396,942
	1,051	Akamai Technologies, Inc.*		94,453
	589	Bechtle AG		23,336
	1,256	Capgemini SE		237,915
	1,553	CGI, Inc.*		163,788
	1,927	Cloudflare, Inc., Class A*		125,968
	3,653	Cognizant Technology Solutions Corp., Class A		238,468
	418	EPAM Systems, Inc.*		93,946
	1,300	Fujitsu, Ltd.		167,623
	585	Gartner, Inc.*		204,931
	938	GoDaddy, Inc., Class A*		70,472
	6,600	International Business Machines Corp.		883,146
	800	Itochu Techno-Solutions Corp.		20,246
	523	MongoDB, Inc.*		214,948
	1,800	NEC Corp.		87,527
	2,520	Nomura Research Institute, Ltd.		69,506
	4,600	NTT Data Corp.		64,414
	400	Obic Co., Ltd.		64,136
	1,193	Okta, Inc.*		82,735
	1,100	Otsuka Corp.		42,810
	900	SCSK Corp.		14,167
	8,545	Shopify, Inc., Class A*		552,335
	1,688	Snowflake, Inc., Class A*		297,054
	1,600	TIS, Inc.		40,093
	1,365	Twilio, Inc., Class A*		86,841
	709	VeriSign, Inc.*		160,213
	514	Wix.com, Ltd.*		40,215
				5,538,228
Leisure Products (0.1%):
	4,200	Bandai Namco Holdings, Inc.		97,196
	298	BRP, Inc.		25,195
	961	Hasbro, Inc.		62,244
	600	Shimano, Inc.		100,442
	1,200	Yamaha Corp.		46,152
				331,229
Life Sciences Tools & Services (1.2%):
	2,059	Agilent Technologies, Inc.		247,595
	5,277	Avantor, Inc.*		108,389
	260	Bachem Holding AG, Registered B		22,711
	171	Bio-Rad Laboratories, Inc., Class A*		64,829
	1,220	Bio-Techne Corp.		99,589
	403	Charles River Laboratories International, Inc.*		84,731
	5,001	Danaher Corp.		1,200,240
	1,012	Eurofins Scientific SE^		64,275
	1,166	Illumina, Inc.*		218,613
	1,290	IQVIA Holdings, Inc.*		289,953
	534	Lonza Group AG		318,989
	155	Mettler-Toledo International, Inc.*		203,304
	1,659	QIAGEN NV*		74,411
	394	Repligen Corp.*		55,735
	892	Revvity, Inc.		105,961
	198	Sartorius AG		67,893

See accompanying notes to the financial statements.

12

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Life Sciences Tools & Services, continued
	206	Sartorius Stedim Biotech	$	51,474
	2,790	Thermo Fisher Scientific, Inc.		1,455,682
	450	Waters Corp.*		119,943
	551	West Pharmaceutical Services, Inc.		210,741
				5,065,058
Machinery (2.1%):
	2,154	Alfa Laval AB		78,581
	2,573	Alstom SA		76,796
	18,605	Atlas Copco AB, Class A		268,422
	11,256	Atlas Copco AB, Class B		140,295
	3,694	Caterpillar, Inc.		908,909
	7,981	CNH Industrial NV		115,344
	1,049	Cummins, Inc.		257,173
	2,100	Daifuku Co., Ltd.		43,004
	3,580	Daimler Truck Holding AG		128,884
	2,013	Deere & Co.		815,647
	1,026	Dover Corp.		151,489
	5,056	Epiroc AB, Class A		95,803
	2,340	Epiroc AB, Class B		37,860
	7,000	FANUC Corp.		246,148
	2,617	Fortive Corp.		195,673
	952	GEA Group AG		39,782
	1,299	Graco, Inc.		112,169
	800	Hitachi Construction Machinery Co., Ltd.		22,537
	600	Hoshizaki Corp.		21,579
	2,525	Husqvarna AB, B Shares		22,912
	495	IDEX Corp.		106,554
	2,168	Illinois Tool Works, Inc.		542,347
	2,137	Indutrade AB		48,237
	3,004	Ingersoll Rand, Inc.		196,341
	395	Knorr-Bremse AG		30,155
	7,100	Komatsu, Ltd.		192,134
	2,391	Kone Oyj, Class B		124,885
	7,100	Kubota Corp.^		103,439
	1,000	Kurita Water Industries, Ltd.		38,439
	1,500	Makita Corp.		42,109
	5,113	Metso Oyj		61,589
	2,300	MINEBEA MITSUMI, Inc.		43,559
	1,800	MISUMI Group, Inc.		36,030
	2,300	Mitsubishi Heavy Industries, Ltd.		107,614
	1,400	NGK Insulators, Ltd.		16,749
	411	Nordson Corp.		102,002
	3,040	Otis Worldwide Corp.		270,590
	3,675	PACCAR, Inc.		307,414
	942	Parker-Hannifin Corp.		367,418
	1,194	Pentair PLC		77,132
	32	Rational AG		23,150
	8,277	Sandvik AB		161,679
	275	Schindler Holding AG		64,531
	187	Schindler Holding AG, Registered Shares		42,034
	217,569	Seatrium, Ltd.*		20,153
	2,448	SKF AB, B Shares		42,648
	400	SMC Corp.		222,343
	388	Snap-on, Inc.		111,818
	556	Spirax-Sarco Engineering plc		73,224
	1,129	Stanley Black & Decker, Inc.		105,799
	10,500	Techtronic Industries Co., Ltd.		114,897
	802	Toro Co. (The)		81,523
	1,100	Toyota Industries Corp.		78,922

Shares			Value
	Common Stocks, continued
	Machinery, continued
	227	VAT Group AG	$	94,044
	863	Volvo AB, Class A		18,411
	11,054	Volvo AB, Class B		229,363
	4,375	Wartsila Oyj Abp, Class B		49,288
	1,184	Westinghouse Air Brake Technologies Corp.		129,849
	1,706	Xylem, Inc.		192,130
	1,600	Yaskawa Electric Corp.		73,665
				8,523,215
Marine Transportation (0.1%):
	20	AP Moller - Maersk A/S, Class A		34,907
	39	AP Moller - Maersk A/S, Class B		68,623
	408	Kuehne + Nagel International AG		120,646
	2,700	Mitsui OSK Lines, Ltd.		64,618
	3,600	Nippon Yusen KK		80,010
	12,000	SITC International Holdings Co., Ltd.		22,025
				390,829
Media (0.7%):
	720	Charter Communications, Inc., Class A*		264,506
	30,354	Comcast Corp., Class A		1,261,209
	3,700	CyberAgent, Inc.		27,025
	1,300	Dentsu Group, Inc.		42,645
	2,345	Fox Corp., Class A		79,730
	968	Fox Corp., Class B		30,870
	1,700	Hakuhodo DY Holdings, Inc.		17,951
	10,971	Informa plc		101,115
	2,935	Interpublic Group of Cos., Inc. (The)		113,232
	991	Liberty Broadband Corp., Class C*		79,389
	1,069	Liberty Media Corp-Liberty SiriusXM, Class C*		34,988
	2,491	News Corp., Class A		48,574
	1,360	Omnicom Group, Inc.		129,404
	3,327	Paramount Global, Class B		52,933
	1,673	Publicis Groupe SA		130,497
	717	Quebecor, Inc., Class B		17,673
	6,283	Sirius XM Holdings, Inc.^		28,462
	3,134	Trade Desk, Inc. (The), Class A*		242,007
	5,833	Vivendi SE		53,771
	7,540	WPP plc		78,803
				2,834,784
Metals & Mining (1.5%):
	3,422	Agnico Eagle Mines, Ltd.		170,893
	1,443	Alcoa Corp.		48,961
	9,363	Anglo American plc		265,346
	2,646	Antofagasta plc		49,303
	3,710	ArcelorMittal SA		101,067
	12,813	Barrick Gold Corp.		216,774
	36,402	BHP Group, Ltd.		1,085,884
	2,969	BlueScope Steel, Ltd.		40,951
	2,098	Boliden AB		60,749
	4,103	Cleveland-Cliffs, Inc.*		68,766
	4,279	First Quantum Minerals, Ltd.		101,241
	12,334	Fortescue Metals Group, Ltd.		183,649
	1,429	Franco-Nevada Corp.		203,691
	10,176	Freeport-McMoRan, Inc.		407,040
	76,489	Glencore plc		433,816
	5,091	IGO, Ltd.		51,950
	4,254	Ivanhoe Mines, Ltd., Class A*		38,860
	3,100	JFE Holdings, Inc.		44,489
	7,700	Kinross Gold Corp.		36,739

See accompanying notes to the financial statements.

13

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Metals & Mining, continued
	4,089	Lundin Mining Corp.	$	32,043
	1,374	Mineral Resources, Ltd.		65,988
	6,174	Newcrest Mining, Ltd.		110,286
	5,797	Newmont Corp.		247,300
	6,300	Nippon Steel Corp.		132,260
	10,117	Norsk Hydro ASA		60,158
	8,015	Northern Star Resources, Ltd.		65,052
	1,798	Nucor Corp.		294,836
	1,988	Pan American Silver Corp.		28,966
	18,950	Pilbara Minerals, Ltd.		62,478
	453	Reliance Steel & Aluminum Co.		123,030
	8,195	Rio Tinto plc		520,540
	2,653	Rio Tinto, Ltd.		204,125
	33,578	South32, Ltd.		84,665
	1,147	Steel Dynamics, Inc.		124,943
	1,800	Sumitomo Metal Mining Co., Ltd.		58,022
	3,439	Teck Resources, Ltd., Class B		144,715
	1,156	voestalpine AG		41,537
	3,194	Wheaton Precious Metals Corp.		138,143
				6,149,256
Mortgage Real Estate Investment Trusts (REITs) (0.0%†):
	3,240	Annaly Capital Management, Inc.		64,832
Multi-Utilities (0.7%):
	5,519	Algonquin Power & Utilities Corp.^		45,624
	1,839	Ameren Corp.		150,191
	993	Canadian Utilities, Ltd., Class A		25,721
	4,546	CenterPoint Energy, Inc.		132,516
	41,700	Centrica plc		65,660
	2,272	CMS Energy Corp.		133,480
	2,626	Consolidated Edison, Inc.		237,390
	6,169	Dominion Energy, Inc.		319,493
	1,413	DTE Energy Co.		155,458
	16,775	E.ON SE		213,799
	13,346	Engie SA		221,964
	26,334	National Grid plc		347,924
	2,789	NiSource, Inc.		76,279
	3,719	Public Service Enterprise Group, Inc.		232,847
	2,330	Sempra Energy		339,225
	4,592	Veolia Environnement SA		145,169
	2,188	WEC Energy Group, Inc.		193,069
				3,035,809
Office REITs (0.1%):
	1,079	Alexandria Real Estate Equities, Inc.		122,456
	1,147	Boston Properties, Inc.		66,056
	424	Gecina SA		45,164
	7	Japan Real Estate Investment Corp.		26,636
				260,312
Oil, Gas & Consumable Fuels (4.3%):
	2,453	Aker BP ASA		57,505
	1,369	Ampol, Ltd.		27,453
	2,297	APA Corp.		78,488
	3,848	ARC Resources, Ltd.		51,332
	126,386	BP plc		740,355
	2,904	Cameco Corp.		90,961
	8,059	Canadian Natural Resources, Ltd.		453,144
	9,982	Cenovus Energy, Inc.		169,557
	1,707	Cheniere Energy, Inc.		260,079
	767	Chesapeake Energy Corp.		64,183

Shares			Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	12,936	Chevron Corp.	$	2,035,480
	8,690	ConocoPhillips		900,371
	5,788	Coterra Energy, Inc.		146,436
	4,662	Devon Energy Corp.		225,361
	1,284	Diamondback Energy, Inc.		168,666
	14,260	Enbridge, Inc.		530,094
	22,150	ENEOS Holdings, Inc.		75,901
	17,025	Eni SpA		245,468
	4,238	EOG Resources, Inc.		484,997
	2,651	EQT Corp.		109,036
	7,062	Equinor ASA		205,233
	29,163	Exxon Mobil Corp.		3,127,732
	4,420	Galp Energia SGPS SA		51,675
	2,038	Hess Corp.		277,066
	1,215	HF Sinclair Corp.		54,201
	1,482	Idemitsu Kosan Co., Ltd.		29,753
	1,615	Imperial Oil, Ltd.		82,640
	7,500	Inpex Corp.		83,650
	2,058	Keyera Corp.		47,465
	14,812	Kinder Morgan, Inc.		255,063
	4,175	Marathon Oil Corp.		96,109
	3,239	Marathon Petroleum Corp.		377,667
	2,999	Neste Oyj		115,573
	5,280	Occidental Petroleum Corp.		310,464
	981	OMV AG		41,563
	3,296	ONEOK, Inc.		203,429
	1,899	Ovintiv, Inc.		72,295
	697	Parkland Corp.		17,364
	3,603	Pembina Pipeline Corp.		113,291
	3,388	Phillips 66		323,147
	1,678	Pioneer Natural Resources Co.		347,648
	10,175	Repsol SA^		147,930
	24,668	Santos, Ltd.		124,217
	49,520	Shell plc		1,474,149
	9,400	Suncor Energy, Inc.		275,769
	1,413	Targa Resources Corp.		107,529
	7,433	TC Energy Corp.^		300,440
	48	Texas Pacific Land Corp.		63,192
	17,009	TotalEnergies SE		974,734
	2,246	Tourmaline Oil Corp.		105,840
	2,565	Valero Energy Corp.		300,875
	1,889	Washington H Soul Pattinson & Co., Ltd.		40,037
	8,864	Williams Cos., Inc. (The)		289,232
	13,699	Woodside Energy Group, Ltd.		316,130
	275	Woodside Energy Group, Ltd.		6,367
				17,674,336
Paper & Forest Products (0.1%):
	734	Holmen AB, B Shares		26,389
	3,443	Mondi plc		52,560
	8,500	Oji Holdings Corp.		31,842
	4,244	Stora Enso Oyj, Class R		49,181
	4,358	Svenska Cellulosa AB SCA, Class B		55,612
	3,794	UPM-Kymmene Oyj		113,059
	391	West Fraser Timber Co., Ltd.		33,595
			��	362,238
Passenger Airlines (0.1%):
	990	Air Canada*		18,677
	1,000	ANA Holdings, Inc.*		23,861
	962	Delta Air Lines, Inc.*		45,734

See accompanying notes to the financial statements.

14

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Passenger Airlines, continued
	4,680	Deutsche Lufthansa AG*	$	47,897
	1,000	Japan Airlines Co., Ltd.		21,726
	5,489	Qantas Airways, Ltd.*		22,756
	8,850	Singapore Airlines, Ltd.		46,848
	1,365	Southwest Airlines Co.		49,427
				276,926
Personal Care Products (0.6%):
	707	Beiersdorf AG		93,532
	1,624	Estee Lauder Cos., Inc. (The), Class A		318,921
	39,256	Haleon plc		161,525
	3,500	Kao Corp.		126,782
	500	Kobayashi Pharmaceutical Co., Ltd.		27,208
	100	Kose Corp.^		9,614
	1,752	L’Oreal SA		817,540
	2,800	Shiseido Co., Ltd.		126,870
	18,351	Unilever plc		956,712
				2,638,704
Pharmaceuticals (5.3%):
	13,000	Astellas Pharma, Inc.		193,739
	11,127	AstraZeneca plc		1,593,552
	7,025	Bayer AG, Registered Shares		388,347
	15,244	Bristol-Myers Squibb Co.		974,854
	1,386	Catalent, Inc.*		60,097
	4,600	Chugai Pharmaceutical Co., Ltd.		130,838
	13,100	Daiichi Sankyo Co., Ltd.		415,463
	1,700	Eisai Co., Ltd.		114,577
	5,842	Eli Lilly & Co.		2,739,781
	29,601	GSK plc		522,807
	1,106	Hikma Pharmaceuticals plc		26,567
	283	Ipsen SA		34,054
	415	Jazz Pharmaceuticals plc*		51,448
	18,769	Johnson & Johnson		3,106,645
	2,500	Kyowa Kirin Co., Ltd.		46,217
	18,209	Merck & Co., Inc.		2,101,137
	999	Merck KGaA		165,151
	200	Nippon Shinyaku Co., Ltd.		8,159
	14,825	Novartis AG		1,496,667
	11,973	Novo Nordisk A/S, Class B		1,934,088
	2,500	Ono Pharmaceutical Co., Ltd.		45,334
	612	Orion Oyj, Class B		25,394
	2,900	Otsuka Holdings Co., Ltd.		106,298
	40,456	Pfizer, Inc.		1,483,926
	990	Recordati Industria Chimica e Farmaceutica SpA		47,313
	5,109	Roche Holding AG		1,561,724
	187	Roche Holding AG		61,388
	2,369	Royalty Pharma plc, Class A		72,823
	8,129	Sanofi		871,370
	2,000	Shionogi & Co., Ltd.		84,509
	11,050	Takeda Pharmaceutical Co., Ltd.		347,349
	8,695	Teva Pharmaceutical Industries, Ltd., ADR*		65,473
	950	UCB SA		84,188
	9,546	Viatris, Inc.		95,269
	3,307	Zoetis, Inc.		569,498
				21,626,044
Professional Services (1.3%):
	1,432	Adecco Group AG		46,754
	160	Adyen NV*		277,192
	3,441	Amadeus IT Group SA*		262,321

Shares			Value
	Common Stocks, continued
	Professional Services, continued
	2,975	Automatic Data Processing, Inc.	$	653,875
	1,000	BayCurrent Consulting, Inc.		37,573
	973	Booz Allen Hamilton Holding Corp.		108,587
	793	Broadridge Financial Solutions, Inc.		131,345
	1,956	Bureau Veritas SA		53,648
	1,003	Ceridian HCM Holding, Inc.*		67,171
	3,091	Clarivate plc*		29,457
	3,893	Computershare, Ltd.		60,937
	2,990	CoStar Group, Inc.*		266,110
	922	Equifax, Inc.		216,947
	6,667	Experian plc		256,142
	1,287	Intertek Group plc		69,847
	546	Jack Henry & Associates, Inc.		91,362
	860	Jacobs Solutions, Inc.		102,245
	995	Leidos Holdings, Inc.		88,038
	4,062	Nexi SpA*		31,888
	2,419	Paychex, Inc.		270,614
	353	Paycom Software, Inc.		113,398
	310	Paylocity Holding Corp.*		57,204
	1,300	Persol Holdings Co., Ltd.		23,528
	647	Randstad NV		34,095
	10,500	Recruit Holdings Co., Ltd.		335,127
	13,714	RELX plc		457,129
	825	Robert Half International, Inc.		62,056
	1,175	SGS SA, Registered Shares		111,008
	1,465	SS&C Technologies Holdings, Inc.		88,779
	405	Teleperformance		67,983
	1,168	Thomson Reuters Corp.		157,757
	1,266	TransUnion		99,166
	1,041	Verisk Analytics, Inc.		235,297
	1,843	Wolters Kluwer NV		233,992
				5,198,572
Real Estate Management & Development (0.4%):
	116	Azrieli Group, Ltd.		6,561
	17,300	CapitaLand Investment, Ltd.		42,530
	2,320	CBRE Group, Inc., Class A*		187,247
	3,700	City Developments, Ltd.		18,450
	14,000	CK Asset Holdings, Ltd.		77,699
	500	Daito Trust Construction Co., Ltd.		50,738
	4,200	Daiwa House Industry Co., Ltd.		111,015
	18,800	ESR Group, Ltd.		32,367
	3,858	Fastighets AB Balder, B Shares*		14,103
	257	FirstService Corp., Class WI		39,584
	11,000	Hang Lung Properties, Ltd.		16,978
	13,324	Henderson Land Development Co., Ltd.		39,731
	6,600	Hongkong Land Holdings, Ltd.		25,785
	2,400	Hulic Co., Ltd.		20,599
	666	LEG Immobilien SE		38,245
	4,109	Lendlease Corp., Ltd.		21,257
	7,600	Mitsubishi Estate Co., Ltd.		90,662
	6,300	Mitsui Fudosan Co., Ltd.		125,711
	8,827	New World Development Co., Ltd.		21,803
	1,000	Nomura Real Estate Holdings, Inc.		23,790
	1,352	Sagax AB, Class B		26,732
	24,117	Sino Land Co., Ltd.		29,658
	2,100	Sumitomo Realty & Development Co., Ltd.		52,054
	9,500	Sun Hung Kai Properties, Ltd.		119,827
	5,000	Swire Pacific, Ltd., Class A		38,470
	9,200	Swire Properties, Ltd.		22,678

See accompanying notes to the financial statements.

15

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	702	Swiss Prime Site AG, Registered Shares	$	60,941
	1,769	UOL Group, Ltd.		8,427
	5,641	Vonovia SE		110,127
	11,000	Wharf Real Estate Investment Co., Ltd.		55,058
	1,012	Zillow Group, Inc., Class C*		50,863
				1,579,690
Residential REITs (0.3%):
	2,448	American Homes 4 Rent, Class A		86,781
	973	AvalonBay Communities, Inc.		184,160
	739	Camden Property Trust		80,455
	815	Canadian Apartment Properties REIT^		31,293
	1,394	Equity LifeStyle Properties, Inc.		93,245
	2,712	Equity Residential		178,911
	428	Essex Property Trust, Inc.		100,280
	4,453	Invitation Homes, Inc.		153,183
	795	Mid-America Apartment Communities, Inc.		120,729
	860	Sun Communities, Inc.		112,196
	2,272	UDR, Inc.		97,605
				1,238,838
Retail REITs (0.3%):
	44,406	CapitaLand Integrated Commercial Trust		62,821
	43	Japan Metropolitan Fund Invest		28,722
	4,981	Kimco Realty Corp.		98,225
	1,908	Klepierre SA		47,332
	17,300	Link REIT		96,319
	15,100	Mapletree Pan Asia Commercial Trust		18,122
	4,556	Realty Income Corp.		272,403
	1,170	Regency Centers Corp.		72,271
	36,788	Scentre Group		64,962
	2,386	Simon Property Group, Inc.		275,535
	812	Unibail-Rodamco-Westfield*		42,913
				1,079,625
Semiconductors & Semiconductor Equipment (5.9%):
	11,592	Advanced Micro Devices, Inc.*		1,320,445
	1,400	Advantest Corp.		187,570
	3,701	Analog Devices, Inc.		720,992
	6,055	Applied Materials, Inc.		875,190
	323	ASM International NV		137,352
	2,887	ASML Holding NV		2,089,615
	3,003	Broadcom, Inc.		2,604,892
	600	Disco Corp.		94,933
	979	Enphase Energy, Inc.*		163,963
	1,138	Entegris, Inc.		126,113
	717	First Solar, Inc.*		136,294
	9,326	Infineon Technologies AG		384,572
	30,102	Intel Corp.		1,006,611
	1,011	KLA Corp.		490,355
	960	Lam Research Corp.		617,146
	500	Lasertec Corp.		75,577
	1,009	Lattice Semiconductor Corp.*		96,935
	6,104	Marvell Technology, Inc.		364,897
	4,087	Microchip Technology, Inc.		366,154
	7,960	Micron Technology, Inc.		502,356
	311	Monolithic Power Systems, Inc.		168,011
	17,792	NVIDIA Corp.		7,526,372
	1,879	NXP Semiconductors NV		384,594
	3,160	ON Semiconductor Corp.*		298,873
	704	Qorvo, Inc.*		71,829

Shares			Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	8,121	QUALCOMM, Inc.	$	966,724
	8,700	Renesas Electronics Corp.*		164,663
	500	Rohm Co., Ltd.		47,264
	1,188	Skyworks Solutions, Inc.		131,500
	386	SolarEdge Technologies, Inc.*		103,853
	4,717	STMicroelectronics NV		234,641
	2,600	SUMCO Corp.		36,803
	1,111	Teradyne, Inc.		123,688
	6,567	Texas Instruments, Inc.		1,182,191
	3,300	Tokyo Electron, Ltd.		472,621
	853	Tower Semiconductor, Ltd.*		31,538
	928	Wolfspeed, Inc.*		51,587
				24,358,714
Software (7.7%):
	3,318	Adobe, Inc.*		1,622,469
	650	ANSYS, Inc.*		214,676
	217	Aspen Technology, Inc.*		36,371
	1,026	Atlassian Corp., Class A*		172,173
	1,549	Autodesk, Inc.*		316,941
	1,586	Bentley Systems, Inc., Class B		86,009
	597	BILL Holdings, Inc.*		69,759
	1,147	Black Knight, Inc.*		68,510
	1,958	Cadence Design Systems, Inc.*		459,190
	748	Check Point Software Technologies, Ltd.*		93,964
	147	Constellation Software, Inc.		304,605
	1,478	Crowdstrike Holdings, Inc., Class A*		217,074
	382	CyberArk Software, Ltd.*		59,718
	4,699	Dassault Systemes SE		208,362
	1,802	Datadog, Inc., Class A*		177,281
	633	Descartes Systems Group, Inc. (The)*		50,713
	1,635	DocuSign, Inc.*		83,532
	1,999	Dropbox, Inc., Class A*		53,313
	1,408	Dynatrace, Inc.*		72,470
	188	Fair Isaac Corp.*		152,132
	4,938	Fortinet, Inc.*		373,263
	4,346	Gen Digital, Inc.		80,618
	320	HubSpot, Inc.*		170,269
	2,011	Intuit, Inc.		921,420
	50,938	Microsoft Corp.		17,346,427
	423	Nemetschek SE		31,674
	487	Nice, Ltd.*		100,566
	2,016	Open Text Corp.		83,861
	300	Oracle Corp.		22,295
	11,695	Oracle Corp.		1,392,758
	12,569	Palantir Technologies, Inc., Class A*		192,683
	2,158	Palo Alto Networks, Inc.*		551,391
	818	PTC, Inc.*		116,401
	784	Roper Technologies, Inc.		376,947
	7,580	Sage Group plc (The)		89,029
	7,201	Salesforce, Inc.*		1,521,283
	7,544	SAP SE		1,029,989
	1,490	ServiceNow, Inc.*		837,335
	1,105	Splunk, Inc.*		117,229
	1,098	Synopsys, Inc.*		478,080
	617	Temenos AG, Registered Shares		49,141
	800	Trend Micro, Inc.		38,746
	326	Tyler Technologies, Inc.*		135,769
	1,510	Unity Software, Inc.*		65,564
	1,501	VMware, Inc., Class A*		215,679

See accompanying notes to the financial statements.

16

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares				Value
	Common Stocks, continued
	Software, continued
	1,150	WiseTech Global, Ltd.		$	61,595
	1,487	Workday, Inc., Class A*			335,898
	951	Xero, Ltd.*			75,988
	1,326	Zoom Video Communications, Inc., Class A*			90,009
	663	Zscaler, Inc.*			96,997
					31,518,166
Specialized REITs (0.7%):
	3,341	American Tower Corp.			647,953
	3,067	Crown Castle, Inc.			349,454
	2,111	Digital Realty Trust, Inc.			240,380
	684	Equinix, Inc.			536,215
	984	Extra Space Storage, Inc.			146,468
	1,963	Gaming and Leisure Properties, Inc.			95,127
	2,113	Iron Mountain, Inc.			120,061
	1,172	Public Storage			342,083
	819	SBA Communications Corp.			189,811
	7,051	VICI Properties, Inc.			221,613
	4,962	Weyerhaeuser Co.			166,277
					3,055,442
Specialty Retail (1.6%):
	492	Advance Auto Parts, Inc.	��		34,588
	129	AutoZone, Inc.*			321,643
	1,673	Bath & Body Works, Inc.			62,737
	1,357	Best Buy Co., Inc.			111,206
	521	Burlington Stores, Inc.*			82,000
	1,047	CarMax, Inc.*			87,634
	819	Chewy, Inc., Class A*			32,326
	455	Dick’s Sporting Goods, Inc.			60,146
	1,200	Fast Retailing Co., Ltd.			308,100
	5,397	H & M Hennes & Mauritz AB, Class B			92,849
	100	Hikari Tsushin, Inc.			14,373
	7,291	Home Depot, Inc. (The)			2,264,876
	7,837	Industria de Diseno Textil SA			304,456
	17,355	JD Sports Fashion plc			32,162
	12,728	Kingfisher plc			37,439
	4,274	Lowe’s Cos., Inc.			964,642
	500	Nitori Holdings Co., Ltd.			55,950
	449	O’Reilly Automotive, Inc.*			428,930
	2,420	Ross Stores, Inc.			271,355
	8,311	TJX Cos., Inc. (The)			704,690
	839	Tractor Supply Co.			185,503
	379	Ulta Beauty, Inc.*			178,355
	1,700	USS Co., Ltd.			28,178
	1,812	Zalando SE*			52,129
	1,200	ZOZO, Inc.			24,839
					6,741,106
Technology Hardware, Storage & Peripherals (5.7%):
	113,969	Apple, Inc.			22,106,567
	2,300	Brother Industries, Ltd.			33,731
	7,200	Canon, Inc.			190,013
	2,057	Dell Technologies, Inc., Class C			111,304
	2,500	FUJIFILM Holdings Corp.			148,493
	9,036	Hewlett Packard Enterprise Co.			151,805
	6,502	HP, Inc.			199,676
	1,306	Logitech International SA, Class R			77,673
	1,454	NetApp, Inc.			111,086
	3,600	Ricoh Co., Ltd.			30,741
	1,345	Seagate Technology Holdings plc			83,215

Shares			Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals, continued
	2,200	Seiko Epson Corp.	$	34,164
	2,418	Western Digital Corp.*		91,715
				23,370,183
Textiles, Apparel & Luxury Goods (1.3%):
	1,229	adidas AG		238,348
	2,711	Burberry Group plc		72,951
	3,812	Cie Financiere Richemont SA, Registered Shares		646,977
	193	Deckers Outdoor Corp.*		101,838
	1,244	Gildan Activewear, Inc.		40,111
	226	Hermes International		491,604
	522	Kering SA		289,075
	835	Lululemon Athletica, Inc.*		316,047
	1,983	LVMH Moet Hennessy Louis Vuitton SE		1,871,229
	1,545	Moncler SpA		106,894
	8,846	NIKE, Inc., Class B		976,333
	733	Pandora A/S		65,512
	767	Puma SE		46,120
	437	Swatch Group AG (The)		24,027
	209	Swatch Group AG (The), Class BR		61,273
	2,236	VF Corp.		42,685
				5,391,024
Tobacco (0.6%):
	12,793	Altria Group, Inc.		579,523
	15,602	British American Tobacco plc		517,534
	6,629	Imperial Brands plc, Class A		146,575
	8,700	Japan Tobacco, Inc.^		190,716
	11,105	Philip Morris International, Inc.		1,084,070
				2,518,418
Trading Companies & Distributors (0.8%):
	1,088	AerCap Holdings NV*		69,110
	3,106	Ashtead Group plc		215,645
	1,133	Brenntag SE		88,263
	2,452	Bunzl plc		93,340
	4,048	Fastenal Co.		238,791
	1,437	Ferguson plc		226,827
	478	IMCD NV		68,749
	8,700	ITOCHU Corp.		346,020
	11,600	Marubeni Corp.		198,192
	9,000	Mitsubishi Corp.		436,312
	9,600	Mitsui & Co., Ltd.		361,251
	1,400	MonotaRO Co., Ltd.^		17,842
	1,239	Reece, Ltd.		15,440
	8,000	Sumitomo Corp.		169,990
	731	Toromont Industries, Ltd.		60,059
	1,400	Toyota Tsushu Corp.		69,894
	527	United Rentals, Inc.		234,710
	327	W.W. Grainger, Inc.		257,869
	244	Watsco, Inc.		93,079
				3,261,383
Transportation Infrastructure (0.1%):
	546	Aena SME SA		88,250
	215	Aeroports de Paris		30,889
	8,354	Auckland International Airport, Ltd.*		43,762
	2,993	Getlink SE		50,919
	21,423	Transurban Group		204,012
				417,832

See accompanying notes to the financial statements.

17

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
	Common Stocks, continued
	Water Utilities (0.1%):
	1,396	American Water Works Co., Inc.	$	199,279
	1,659	Essential Utilities, Inc.		66,211
	1,696	Severn Trent plc		55,242
	4,770	United Utilities Group plc		58,243
				378,975
Wireless Telecommunication Services (0.4%):
	11,000	KDDI Corp.		340,000
	2,761	Rogers Communications, Inc., Class B		125,981
	21,500	SoftBank Corp.		230,031
	7,500	SoftBank Group Corp.		355,999
	4,629	Tele2 AB		38,327
	4,267	T-Mobile US, Inc.*		592,686
	168,258	Vodafone Group plc		158,729
				1,841,753
	Total Common Stocks (Cost $336,669,647)			408,906,488
Preferred Stocks (0.1%):
Automobile Components (0.1%):
	1,151	Porsche Automobil Holding SE, 4.64%, 5/20/20*		69,224
	1,331	Volkswagen AG, 7.13%, 5/8/20		178,507
				247,731

Shares			Value
	Preferred Stocks, continued
	Automobiles (0.0%†):
	335	Bayerische Motoren Werke AG, 8.18%, 5/15/20	$	38,087
Household Products (0.0%†):
	1,314	Henkel AG & Co. KGaA, 2.53%, 4/21/20		105,027
	Total Preferred Stocks (Cost $516,440)			390,845
Short-Term Security Held as Collateral for Securities on Loan (0.5%):
	2,010,818	BlackRock Liquidity FedFund, Institutional Class, 3.57%(a)(b)		2,010,818
	Total Short-Term Security Held as Collateral        for Securities on Loan        (Cost $2,010,818)			2,010,818
Unaffiliated Investment Company (0.2%):
Money Markets (0.2%):
	696,373	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(b)		696,373
	Total Unaffiliated Investment Company           (Cost $696,373)			696,373
	Total Investment Securities       (Cost $339,893,278) — 100.2%			412,004,524
	Net other assets (liabilities) — (0.2)%			(711,561	)
	Net Assets — 100.0%		$	411,292,963

Percentages indicated are based on net assets as of June 30, 2023.

ADR              -       American Depository Receipt

REIT             -       Real Estate Investment Trust

* Non-income producing security.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $1,894,027.

+ Affiliated Securities

† Represents less than 0.05%.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(b) The rate represents the effective yield at June 30, 2023.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2023:

(Unaudited)
Country	Percentage
Argentina		0.1%
Australia		2.0%
Austria		0.1%
Belgium		0.2%
Bermuda		0.1%
Canada		3.3%
China		—%	†
Denmark		0.8%
Finland		0.3%
France		3.1%
Germany		2.3%
Hong Kong		0.7%
Ireland		0.9%
Isle of Man		—%	†
Israel		0.2%
Italy		0.6%
Japan		6.2%
Jersey		—%	†
Liberia		—%	†
Luxembourg		0.1%
Netherlands		2.2%
New Zealand		0.1%
Norway		0.2%

See accompanying notes to the financial statements.

18

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Country	Percentage
Panama		—%	†
Portugal		—%	†
Singapore		0.4%
Spain		0.7%
Sweden		0.8%
Switzerland		3.1%
United Kingdom		3.8%
United States		67.7%
		100.0%

† Represents less than 0.05%.

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 50 September Futures (Euro)		9/15/23		6	$	289,817	$	7,788
FTSE 100 Index September Futures (British Pounds)		9/15/23		3		287,284		1,087
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/15/23		6		1,346,475		39,598
SGX Nikkei 225 Index September Futures (Japenese Yen)		9/7/23		1		114,967		4,273
							$	52,746

See accompanying notes to the financial statements.

19

AZL MSCI Global Equity Index Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investments in non-affiliates, at cost	$	338,556,979
Investments in affiliates, at cost		1,336,299
Investments in non-affiliates, at value(a)	$	410,575,517
Investments in affiliates, at value		1,429,007
Deposit at broker for futures contracts collateral		113,582
Interest and dividends receivable		369,871
Foreign currency, at value (cost $931,894)		933,016
Receivable for capital shares issued		915
Receivable for investments sold		15,273
Receivable for variation margin on futures contracts		23,223
Reclaims receivable		407,725
Prepaid expenses		481
Total Assets		413,868,610
Liabilities:
Payable for investments purchased		584
Payable for capital shares redeemed		331,117
Payable for collateral received on loaned securities		2,010,818
Management fees payable		103,554
Administration fees payable		10,742
Distribution fees payable		74,771
Custodian fees payable		8,367
Administrative and compliance services fees payable		597
Transfer agent fees payable		1,296
Trustee fees payable		2,933
Other accrued liabilities		30,868
Total Liabilities		2,575,647
Commitments and contingent liabilities^
Net Assets	$	411,292,963
Net Assets Consist of:
Paid in capital	$	335,950,042
Total distributable earnings		75,342,921
Net Assets	$	411,292,963
Class 1
Net Assets	$	43,186,096
Shares of beneficial interest (unlimited number of shares authorized, no par value)		5,137,924
Net Asset Value (offering and redemption price per share)	$	8.41
Class 2
Net Assets	$	368,106,867
Shares of beneficial interest (unlimited number of shares authorized, no par value)		25,591,340
Net Asset Value (offering and redemption price per share)	$	14.38

(a) Includes securities on loan of $1,894,027.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends from non-affiliates	$	5,129,366
Dividends from affiliates		48,830
Interest		770
Income from securities lending		14,044
Foreign withholding tax		(305,453)
Total Investment Income		4,887,557
Expenses:
Management fees		1,396,571
Administration fees		50,671
Distribution fees - Class 2		447,180
Custodian fees		31,128
Administrative and compliance services fees		2,657
Transfer agent fees		7,191
Trustee fees		10,879
Professional fees		8,789
Licensing fees		56,079
Shareholder reports		8,025
Other expenses		5,172
Total expenses before reductions		2,024,342
Less Management fees contractually waived		(778,086)
Net expenses		1,246,256
Net Investment Income/(Loss)		3,641,301
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(4,175,206)
Net realized gains/(losses) on affiliated transactions		(18,797)
Net realized gains/(losses) on futures contracts		299,569
Change in net unrealized appreciation/depreciation on securities and foreign currencies		54,702,167
Change in net unrealized appreciation/depreciation on affiliated transactions		44,896
Change in net unrealized appreciation/depreciation on futures contracts		86,438
Net realized and Change in net unrealized gains/losses on investments		50,939,067
Change in Net Assets Resulting From Operations	$	54,580,368

See accompanying notes to the financial statements.

20

AZL MSCI Global Equity Index Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	3,641,301		$	5,933,192
Net realized gains/(losses) on investments			(3,894,434)			535,485
Change in unrealized appreciation/depreciation on investments			54,833,501			(97,877,432)
Change in net assets resulting from operations			54,580,368			(91,408,755)
Distributions to Shareholders:
Class 1			—			(5,669,928)
Class 2			—			(29,626,829)
Change in net assets resulting from distributions to shareholders			—			(35,296,757)
Capital Transactions:
Class 1
Proceeds from shares issued			29,446			71,634
Proceeds from dividends reinvested			—			5,669,928
Value of shares redeemed			(2,539,168)			(5,131,647)
Total Class 1 Shares			(2,509,722)			609,915
Class 2
Proceeds from shares issued			25,202,718			5,426,058
Proceeds from dividends reinvested			—			29,626,829
Value of shares redeemed			(38,014,522)			(54,949,045)
Total Class 2 Shares			(12,811,804)			(19,896,158)
Change in net assets resulting from capital transactions			(15,321,526)			(19,286,243)
Change in net assets			39,258,842			(145,991,755)
Net Assets:
Beginning of period			372,034,121			518,025,876
End of period		$	411,292,963		$	372,034,121
Share Transactions:
Class 1
Shares issued			3,828			7,887
Dividends reinvested			—			809,990
Shares redeemed			(322,243)			(585,641)
Total Class 1 Shares			(318,415)			232,236
Class 2
Shares issued			1,843,822			398,125
Dividends reinvested			—			2,468,902
Shares redeemed			(2,805,867)			(3,868,175)
Total Class 2 Shares			(962,045)			(1,001,148)
Change in shares			(1,280,460)			(768,912)

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

21

AZL MSCI Global Equity Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023				Year Ended December 31, 2022				Year Ended December 31, 2021^				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period		$	7.30			$	10.43			$	10.00
Investment Activities:
Net Investment Income/(Loss)			0.08	(a)			0.14	(a)			0.06	(a)
Net Realized and Unrealized Gains/(Losses) on Investments			1.03				(2.07	)			0.91
Total from Investment Activities			1.11				(1.93	)			0.97
Distributions to Shareholders From:
Net Investment Income			—				(0.17	)			(0.13	)
Net Realized Gains			—				(1.03	)			(0.41	)
Total Dividends			—				(1.20	)			(0.54	)
Net Asset Value, End of Period		$	8.41			$	7.30			$	10.43
Total Return(b)			15.21	%(c)			(18.08	)%			10.00	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	43,186			$	39,839			$	54,468
Net Investment Income/(Loss)(d)			2.04	%			1.65	%			1.06	%
Expenses Before Reductions(d)(e)			0.79	%			0.79	%			0.83	%
Expenses Net of Reductions(d)			0.40	%			0.39	%			0.44	%
Portfolio Turnover Rate(f)			8	%			2	%			49	%
Class 2
Net Asset Value, Beginning of Period		$	12.51			$	16.82			$	14.35			$	12.55			$	10.03			$	11.22
Investment Activities:
Net Investment Income/(Loss)			0.12	(a)			0.20	(a)			0.16	(a)			0.16	(a)			0.19	(a)			0.21
Net Realized and Unrealized Gains/(Losses) on Investments			1.75				(3.31	)			2.85				1.75				2.52				(1.19	)
Total from Investment Activities			1.87				(3.11	)			3.01				1.91				2.71				(0.98	)
Distributions to Shareholders From:
Net Investment Income			—				(0.17	)			(0.13	)			(0.11	)			(0.19	)			(0.21	)
Net Realized Gains			—				(1.03	)			(0.41	)			—				—				—
Total Dividends			—				(1.20	)			(0.54	)			(0.11	)			(0.19	)			(0.21	)
Net Asset Value, End of Period		$	14.38			$	12.51			$	16.82			$	14.35			$	12.55			$	10.03
Total Return(b)			14.95	%(c)			(18.23	)%			21.18	%			15.36	%			27.25	%			(8.94	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	368,107			$	332,195			$	463,557			$	321,637			$	331,138			$	127,860
Net Investment Income/(Loss)(d)			1.80	%			1.40	%			1.03	%			1.32	%			1.68	%			1.67	%
Expenses Before Reductions(d)(e)			1.04	%			1.04	%			1.09	%			1.08	%			1.12	%			1.14	%
Expenses Net of Reductions(d)			0.65	%			0.65	%			0.70	%			0.69	%			0.73	%			0.75	%
Portfolio Turnover Rate(f)			8	%			2	%			49	%			13	%			9	%			4	%

^ Class 1 activity is for the period June 21, 2021 (commencement of operations) to December 31, 2021.

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

22

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MSCI Global Equity Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

23

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,385 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,010,818 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $2.8 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

24

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*	$	52,746	Payable for variation margin on futures contracts*	$	—

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		$299,569		$86,438

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL MSCI Global Equity Index Fund, Class 1	0.70%	0.55%
AZL MSCI Global Equity Index Fund, Class 2	0.70%	0.80%

* The annual rate due to the Manager is 0.70% of the first $5 billion of the Fund’s net assets, 0.65% of the next $5 billion of the Fund’s net assets, and 0.61% of the Fund’s assets over $10 billion. The Manager waived, prior to any application of expense limit, the management fee to 0.31% on all assets in order to maintain more competitive expense ratios. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager is 0.06% of the first $300 million of the Fund’s net assets and 0.03% of the Fund’s net assets over $300 million.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

At June 30, 2023, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.

	Value 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gains (Losses)			Change in Net Unrealized Appreciation (Depreciation)			Value 06/30/23		Shares as of 06/30/23		Dividend Income		Capital Gains Distributions
Allianz SE, Registered Shares	$	658,102	$	52,991	$	(88,061	)	$	(1,998	)	$	54,630		$	675,664		2,905	$	37,625	$	—
BlackRock, Inc., Class A		781,618		59,347		(61,089	)		(16,799	)		(9,734	)		753,343		1,090		11,205		—
	$	1,439,720	$	112,338	$	(149,150	)	$	(18,797	)	$	44,896		$	1,429,007		3,995	$	48,830	$	—

25

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+		$297,135,895		$111,770,593		$—		$408,906,488
Preferred Stocks		—		390,845		—		390,845

26

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Investment Securities:	Level 1		Level 2		Level 3		Total
Short-Term Security Held as Collateral for Securities on Loan		$2,010,818		$—		$—		$2,010,818
Unaffiliated Investment Company		696,373		—		—		696,373
Total Investment Securities		299,843,086		112,161,438		—		412,004,524
Other Financial Instruments:*
Futures Contracts		52,746		—		—		52,746
Total Investments		$299,895,832		$112,161,438		$—		$412,057,270

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases		Sales
AZL MSCI Global Equity Index Fund		$26,804,020		$37,969,394

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

27

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $358,602,087. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$53,152,897
Unrealized (depreciation)	(38,642,577	)
Net unrealized appreciation/(depreciation)	$14,510,320

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL MSCI Global Equity Index Fund	$29,139,384	$6,157,373	$35,296,757

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated     Earnings/ (Deficit)
AZL MSCI Global Equity Index Fund	$6,245,628	$—	$—	$14,517,547	$20,763,175

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 95% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

28

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

29

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

30

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Russell 1000 Growth Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 10

Page 10

Page 11

Page 12

Page 13

Page 19

Page 20

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Russell 1000 Growth Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Russell 1000 Growth Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Russell 1000 Growth Index Fund, Class 1		$	1,000.00		$	1,296.30		$	2.33		0.41	%
AZL Russell 1000 Growth Index Fund, Class 2		$	1,000.00		$	1,294.10		$	3.75		0.66	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Russell 1000 Growth Index Fund, Class 1		$	1,000.00		$	1,022.76		$	2.06		0.41	%
AZL Russell 1000 Growth Index Fund, Class 2		$	1,000.00		$	1,021.52		$	3.31		0.66	%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Information Technology		43.1	%
Consumer Discretionary		15.9
Health Care		10.9
Communication Services		10.7
Financials		6.3
Industrials		6.0
Consumer Staples		4.4
Real Estate		0.9
Materials		0.7
Energy		0.5
Utilities		0.1
Total Common Stocks		99.5
Unaffiliated Investment Company		0.6
Short-Term Security Held as Collateral for Securities on Loan		—	†
Total Investment Securities		100.1
Net other assets (liabilities)		(0.1	)
Net Assets		100.0	%

† Represents less than 0.05%.

3

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks (99.5%):
Aerospace & Defense (0.8%):
	1,778	Axon Enterprise, Inc.*	$	346,923
	1,940	Boeing Co. (The)*		409,650
	399	BWX Technologies, Inc.		28,556
	1,021	HEICO Corp.		180,656
	1,856	HEICO Corp., Class A		260,954
	5,770	Lockheed Martin Corp.		2,656,393
	209	Northrop Grumman Corp.		95,262
	275	Spirit AeroSystems Holdings, Inc., Class A		8,027
	227	TransDigm Group, Inc.		202,977
				4,189,398
Air Freight & Logistics (0.2%):
	2,289	CH Robinson Worldwide, Inc.		215,967
	531	Expeditors International of Washington, Inc.		64,320
	5,132	United Parcel Service, Inc., Class B		919,911
				1,200,198
Automobile Components (3.3%):
	70,593	Tesla, Inc.*		18,479,130
Banks (0.1%):
	30	First Citizens BancShares, Inc., Class A		38,504
	40,399	NU Holdings, Ltd., Class A*		318,748
				357,252
Beverages (1.7%):
	238	Boston Beer Co., Inc. (The), Class A*		73,409
	711	Brown-Forman Corp., Class A		48,398
	3,732	Brown-Forman Corp., Class B		249,223
	1,390	Celsius Holdings, Inc.*		207,374
	49,425	Coca-Cola Co. (The)		2,976,373
	391	Constellation Brands, Inc., Class C		96,237
	19,029	Monster Beverage Corp.*		1,093,026
	24,356	PepsiCo, Inc.		4,511,218
				9,255,258
Biotechnology (2.5%):
	45,149	AbbVie, Inc.		6,082,925
	2,541	Alnylam Pharmaceuticals, Inc.*		482,637
	9,294	Amgen, Inc.		2,063,454
	2,549	Apellis Pharmaceuticals, Inc.*		232,214
	564	BioMarin Pharmaceutical, Inc.*		48,887
	1,584	Exact Sciences Corp.*		148,738
	7,273	Exelixis, Inc.*		138,987
	5,163	Horizon Therapeutics plc*		531,015
	3,477	Incyte Corp.*		216,443
	3,450	Ionis Pharmaceuticals, Inc.*		141,553
	812	Karuna Therapeutics, Inc.*		176,082
	2,412	Natera, Inc.*		117,368
	2,349	Neurocrine Biosciences, Inc.*		221,511
	180	Regeneron Pharmaceuticals, Inc.*		129,337
	5,898	Roivant Sciences, Ltd.*		59,452
	2,116	Sarepta Therapeutics, Inc.*		242,324
	3,469	Seagen, Inc.*		667,644
	1,383	Ultragenyx Pharmaceutical, Inc.*		63,798
	6,102	Vertex Pharmaceuticals, Inc.*		2,147,355
				13,911,724
Broadline Retail (5.5%):
	230,510	Amazon.com, Inc.*		30,049,284
	28,013	Coupang, Inc.*		487,426
	847	eBay, Inc.		37,852

Shares			Value
Common Stocks, continued
Broadline Retail, continued
	1,760	Etsy, Inc.*	$	148,914
	506	Ollie’s Bargain Outlet Holdings, Inc.*		29,312
				30,752,788
Building Products (0.2%):
	336	A O Smith Corp.		24,454
	1,521	Advanced Drainage Systems, Inc.		173,059
	1,845	Allegion plc		221,437
	696	Armstrong World Industries, Inc.		51,128
	1,718	Trane Technologies plc		328,585
	2,655	Trex Co., Inc.*		174,062
				972,725
Capital Markets (1.2%):
	2,688	Ameriprise Financial, Inc.		892,846
	3,890	Ares Management Corp., Class A		374,802
	18,056	Blackstone, Inc., Class A		1,678,666
	1,702	Blue Owl Capital, Inc.		19,828
	970	FactSet Research Systems, Inc.		388,631
	4,063	KKR & Co., Inc., Class A		227,528
	2,041	LPL Financial Holdings, Inc.		443,775
	935	MarketAxess Holdings, Inc.		244,428
	3,702	Moody’s Corp.		1,287,259
	599	Morningstar, Inc.		117,446
	994	MSCI, Inc.		466,474
	681	S&P Global, Inc.		273,006
	1,018	Tradeweb Markets, Inc., Class A		69,713
	705	XP, Inc.*		16,539
				6,500,941
Chemicals (0.6%):
	1,426	Axalta Coating Systems, Ltd.*		46,787
	4,944	Ecolab, Inc.		922,995
	476	FMC Corp.		49,666
	1,180	Linde plc		449,675
	1,507	PPG Industries, Inc.		223,488
	621	RPM International, Inc.		55,722
	1,055	Scotts Miracle-Gro Co. (The)		66,138
	5,068	Sherwin-Williams Co. (The)		1,345,655
				3,160,126
Commercial Services & Supplies (0.7%):
	1,972	Cintas Corp.		980,242
	10,751	Copart, Inc.*		980,599
	159	MSA Safety, Inc.		27,660
	3,552	RB Global, Inc.		213,120
	5,317	Rollins, Inc.		227,727
	245	Tetra Tech, Inc.		40,116
	9,353	Waste Management, Inc.		1,621,997
				4,091,461
Communications Equipment (0.4%):
	6,413	Arista Networks, Inc.*		1,039,291
	3,888	Motorola Solutions, Inc.		1,140,273
	18	Ubiquiti, Inc.		3,163
				2,182,727
Construction & Engineering (0.1%):
	415	EMCOR Group, Inc.		76,684
	967	Quanta Services, Inc.		189,967
	76	Valmont Industries, Inc.		22,120

See accompanying notes to the financial statements.

4

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	1,267	WillScot Mobile Mini Holdings Corp.*	$	60,550
				349,321
Construction Materials (0.1%):
	709	Eagle Materials, Inc.		132,172
	745	Vulcan Materials Co.		167,953
				300,125
Consumer Finance (0.2%):
	4,965	American Express Co.		864,903
	2,428	SLM Corp.		39,625
				904,528
Consumer Staples Distribution & Retail (1.8%):
	1,176	BJ’s Wholesale Club Holdings, Inc.*		74,100
	137	Casey’s General Stores, Inc.		33,412
	11,335	Costco Wholesale Corp.		6,102,537
	5,716	Dollar General Corp.		970,462
	1,841	Performance Food Group Co.*		110,902
	12,876	Sysco Corp.		955,399
	11,767	Target Corp.		1,552,067
				9,798,879
Containers & Packaging (0.1%):
	679	Avery Dennison Corp.		116,652
	4,163	Graphic Packaging Holding Co.		100,037
	2,032	Sealed Air Corp.		81,280
				297,969
Distributors (0.1%):
	966	Pool Corp.		361,902
Diversified Consumer Services (0.0%†):
	431	Bright Horizons Family Solutions, Inc.*		39,846
	2,515	H&R Block, Inc.		80,153
	1,384	Service Corp. International		89,393
				209,392
Diversified Telecommunication Services (0.0%†):
	2,983	Iridium Communications, Inc.		185,304
Electrical Equipment (0.2%):
	6,727	ChargePoint Holdings, Inc.*^		59,130
	624	Hubbell, Inc.		206,894
	2,938	Rockwell Automation, Inc.		967,924
	1,096	Vertiv Holdings Co.		27,148
				1,261,096
Electronic Equipment, Instruments & Components (0.3%):
	7,500	Amphenol Corp., Class A		637,125
	3,404	CDW Corp.		624,634
	2,076	Jabil, Inc.		224,063
	1,161	Keysight Technologies, Inc.*		194,410
	2,618	National Instruments Corp.		150,273
	1,344	Vontier Corp.		43,290
	235	Zebra Technologies Corp., Class A*		69,520
				1,943,315
Energy Equipment & Services (0.0%†):
	4,618	Halliburton Co.		152,348
Entertainment (1.1%):
	904	Live Nation Entertainment, Inc.*		82,364
	11,219	Netflix, Inc.*		4,941,857
	1,929	Playtika Holding Corp.*		22,376
	11,466	ROBLOX Corp., Class A*		462,080

Shares			Value
Common Stocks, continued
Entertainment, continued
	391	Roku, Inc.*	$	25,008
	3,615	Spotify Technology SA*		580,388
	1,144	World Wrestling Entertainment, Inc., Class A		124,090
				6,238,163
Financial Services (4.2%):
	13,341	Apollo Global Management, Inc.		1,024,722
	5,157	Block, Inc.*		343,301
	9,136	Equitable Holdings, Inc.		248,134
	603	Euronet Worldwide, Inc.*		70,774
	4,310	Fiserv, Inc.*		543,707
	1,709	FleetCor Technologies, Inc.*		429,096
	21,465	Mastercard, Inc., Class A		8,442,185
	26,024	PayPal Holdings, Inc.*		1,736,582
	1,773	Rocket Cos., Inc., Class A*^		15,886
	1,341	Shift4 Payments, Inc., Class A*		91,067
	9,054	Toast, Inc., Class A*		204,349
	604	UWM Holdings Corp.^		3,382
	41,432	Visa, Inc., Class A		9,839,271
	2,516	Western Union Co. (The)		29,513
	501	WEX, Inc.*		91,217
				23,113,186
Food Products (0.2%):
	675	Freshpet, Inc.*		44,422
	2,795	Hershey Co. (The)		697,912
	3,694	Lamb Weston Holdings, Inc.		424,625
				1,166,959
Ground Transportation (0.9%):
	180	Avis Budget Group, Inc.*		41,161
	5,764	CSX Corp.		196,552
	415	JB Hunt Transport Services, Inc.		75,127
	845	Landstar System, Inc.		162,696
	6,755	Lyft, Inc., Class A*		64,780
	2,348	Old Dominion Freight Line, Inc.		868,173
	49,618	Uber Technologies, Inc.*		2,142,009
	792	U-Haul Holding Co.		40,131
	6,675	Union Pacific Corp.		1,365,839
				4,956,468
Health Care Equipment & Supplies (2.0%):
	2,790	Abbott Laboratories		304,166
	1,952	Align Technology, Inc.*		690,305
	9,890	Dexcom, Inc.*		1,270,964
	15,597	Edwards Lifesciences Corp.*		1,471,265
	544	GE HealthCare Technologies, Inc.		44,195
	2,085	IDEXX Laboratories, Inc.*		1,047,149
	735	Inspire Medical Systems, Inc.*		238,610
	1,725	Insulet Corp.*		497,386
	8,935	Intuitive Surgical, Inc.*		3,055,234
	1,214	Masimo Corp.*		199,764
	2,552	Novocure, Ltd.*		105,908
	898	Penumbra, Inc.*		308,966
	3,712	ResMed, Inc.		811,072
	927	Shockwave Medical, Inc.*		264,575
	2,308	Stryker Corp.		704,148
	222	Tandem Diabetes Care, Inc.*		5,448
				11,019,155
Health Care Providers & Services (2.4%):
	6,287	agilon health, Inc.*		109,016

See accompanying notes to the financial statements.

5

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	4,131	AmerisourceBergen Corp.	$	794,928
	3,377	Cardinal Health, Inc.		319,363
	268	Chemed Corp.		145,167
	553	Cigna Group (The)		155,172
	1,478	DaVita, Inc.*		148,495
	807	Elevance Health, Inc.		358,542
	1,083	HCA Healthcare, Inc.		328,669
	1,387	Humana, Inc.		620,169
	1,335	McKesson Corp.		570,459
	803	Molina Healthcare, Inc.*		241,896
	20,001	UnitedHealth Group, Inc.		9,613,281
				13,405,157
Health Care Technology (0.1%):
	1,995	Certara, Inc.*		36,329
	1,384	Doximity, Inc., Class A*		47,084
	3,703	Veeva Systems, Inc., Class A*		732,194
				815,607
Hotels, Restaurants & Leisure (2.9%):
	10,369	Airbnb, Inc., Class A*		1,328,891
	949	Booking Holdings, Inc.*		2,562,613
	2,150	Caesars Entertainment, Inc.*		109,586
	692	Chipotle Mexican Grill, Inc.*		1,480,188
	855	Choice Hotels International, Inc.		100,480
	1,790	Churchill Downs, Inc.		249,114
	1,441	Darden Restaurants, Inc.		240,762
	905	Domino’s Pizza, Inc.		304,976
	6,040	DoorDash, Inc., Class A*		461,577
	10,687	DraftKings, Inc.*		283,954
	2,688	Expedia Group, Inc.*		294,040
	3,011	Hilton Worldwide Holdings, Inc.		438,251
	7,886	Las Vegas Sands Corp.*		457,388
	6,454	Marriott International, Inc., Class A		1,185,535
	7,706	McDonald’s Corp.		2,299,547
	2,604	Norwegian Cruise Line Holdings, Ltd.*		56,689
	1,039	Planet Fitness, Inc., Class A*		70,070
	1,801	Royal Caribbean Cruises, Ltd.*		186,836
	28,865	Starbucks Corp.		2,859,367
	1,709	Texas Roadhouse, Inc.		191,887
	1,524	Travel + Leisure Co.		61,478
	101	Vail Resorts, Inc.		25,428
	4,532	Wendy’s Co. (The)		98,571
	765	Wingstop, Inc.		153,122
	153	Wyndham Hotels & Resorts, Inc.		10,491
	349	Wynn Resorts, Ltd.		36,858
	6,295	Yum! Brands, Inc.		872,172
				16,419,871
Household Durables (0.0%†):
	7	NVR, Inc.*		44,454
	866	Tempur Sealy International, Inc.		34,701
	53	TopBuild Corp.*		14,099
				93,254
Household Products (0.7%):
	5,596	Church & Dwight Co., Inc.		560,887
	3,162	Clorox Co. (The)		502,885
	8,108	Kimberly-Clark Corp.		1,119,390
	11,324	Procter & Gamble Co. (The)		1,718,304
				3,901,466

Shares			Value
Common Stocks, continued
Independent Power and Renewable Electricity Producers (0.1%):
	10,433	AES Corp. (The)	$	216,276
	2,792	Vistra Corp.		73,290
				289,566
Industrial Conglomerates (0.1%):
	2,197	Honeywell International, Inc.		455,878
Insurance (0.8%):
	1,289	Arch Capital Group, Ltd.*		96,482
	303	Arthur J. Gallagher & Co.		66,530
	2,364	Brown & Brown, Inc.		162,738
	146	Everest Re Group, Ltd.		49,911
	558	Kinsale Capital Group, Inc.		208,804
	933	Lincoln National Corp.		24,034
	10,143	Marsh & McLennan Cos., Inc.		1,907,695
	602	Primerica, Inc.		119,051
	11,199	Progressive Corp. (The)		1,482,412
	333	RenaissanceRe Holdings, Ltd.		62,111
	227	RLI Corp.		30,979
	2,186	Ryan Specialty Holdings, Inc.*		98,129
	340	Willis Towers Watson plc		80,070
				4,388,946
Interactive Media & Services (9.2%):
	152,041	Alphabet, Inc., Class A*		18,199,308
	131,763	Alphabet, Inc., Class C*		15,939,370
	6,481	Match Group, Inc.*		271,230
	56,592	Meta Platforms, Inc., Class A*		16,240,772
	15,167	Pinterest, Inc., Class A*		414,666
	4,122	ZoomInfo Technologies, Inc.*		104,657
				51,170,003
IT Services (1.6%):
	16,166	Accenture plc, Class A		4,988,504
	7,027	Cloudflare, Inc., Class A*		459,355
	1,404	EPAM Systems, Inc.*		315,549
	1,940	Gartner, Inc.*		679,601
	991	Globant SA*		178,103
	2,388	GoDaddy, Inc., Class A*		179,410
	1,694	MongoDB, Inc.*		696,217
	540	Okta, Inc.*		37,449
	7,926	Snowflake, Inc., Class A*		1,394,818
	714	Twilio, Inc., Class A*		45,425
	123	VeriSign, Inc.*		27,794
				9,002,225
Leisure Products (0.0%†):
	334	Brunswick Corp.		28,938
	7,878	Peloton Interactive, Inc., Class A*		60,582
	121	Polaris, Inc.		14,632
	2,292	YETI Holdings, Inc.*		89,021
				193,173
Life Sciences Tools & Services (1.4%):
	2,191	10X Genomics, Inc., Class A*		122,345
	6,140	Agilent Technologies, Inc.		738,335
	3,948	Bio-Techne Corp.		322,275
	2,629	Bruker Corp.		194,336
	310	ICON plc*		77,562
	1,205	Illumina, Inc.*		225,925
	4,370	IQVIA Holdings, Inc.*		982,245
	2,918	Maravai LifeSciences Holdings, Inc., Class A*		36,271

See accompanying notes to the financial statements.

6

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Life Sciences Tools & Services, continued
	595	Medpace Holdings, Inc.*	$	142,901
	556	Mettler-Toledo International, Inc.*		729,272
	627	Repligen Corp.*		88,695
	2,627	Sotera Health Co.*		49,493
	6,080	Thermo Fisher Scientific, Inc.		3,172,240
	1,518	Waters Corp.*		404,608
	1,879	West Pharmaceutical Services, Inc.		718,661
				8,005,164
Machinery (1.4%):
	225	Allison Transmission Holdings, Inc.		12,703
	9,910	Caterpillar, Inc.		2,438,356
	6,524	Deere & Co.		2,643,460
	1,284	Donaldson Co., Inc.		80,263
	1,747	Graco, Inc.		150,853
	157	IDEX Corp.		33,796
	6,323	Illinois Tool Works, Inc.		1,581,762
	1,397	Lincoln Electric Holdings, Inc.		277,486
	624	Otis Worldwide Corp.		55,542
	2,628	Toro Co. (The)		267,136
	722	Xylem, Inc.		81,312
				7,622,669
Media (0.4%):
	10	Cable One, Inc.		6,571
	2,692	Charter Communications, Inc., Class A*		988,960
	215	Liberty Broadband Corp., Class A*		17,142
	616	Liberty Broadband Corp., Class C*		49,347
	300	Nexstar Media Group, Inc.		49,965
	11,199	Trade Desk, Inc. (The), Class A*		864,787
				1,976,772
Metals & Mining (0.0%†):
	2,180	Southern Copper Corp.		156,393
Oil, Gas & Consumable Fuels (0.5%):
	2,894	Antero Midstream Corp.		33,570
	7,027	APA Corp.		240,113
	6,201	Cheniere Energy, Inc.		944,784
	3,966	Hess Corp.		539,178
	1,464	New Fortress Energy, Inc.		39,206
	629	ONEOK, Inc.		38,822
	2,747	Ovintiv, Inc.		104,578
	5,802	Targa Resources Corp.		441,532
	140	Texas Pacific Land Corp.		184,310
				2,566,093
Passenger Airlines (0.0%†):
	6,159	American Airlines Group, Inc.*		110,492
	837	Delta Air Lines, Inc.*		39,791
				150,283
Personal Care Products (0.1%):
	1,852	Estee Lauder Cos., Inc. (The), Class A		363,696
Pharmaceuticals (2.5%):
	21,652	Eli Lilly & Co.		10,154,355
	808	Jazz Pharmaceuticals plc*		100,168
	11,958	Merck & Co., Inc.		1,379,833
	11,909	Zoetis, Inc.		2,050,849
				13,685,205
Professional Services (1.1%):
	9,078	Automatic Data Processing, Inc.		1,995,254

Shares			Value
Common Stocks, continued
Professional Services, continued
	3,330	Booz Allen Hamilton Holding Corp.	$	371,628
	2,505	Broadridge Financial Solutions, Inc.		414,903
	691	Ceridian HCM Holding, Inc.*		46,276
	4,445	CoStar Group, Inc.*		395,605
	2,156	Equifax, Inc.		507,307
	157	FTI Consulting, Inc.*		29,861
	1,141	Genpact, Ltd.		42,867
	589	Jack Henry & Associates, Inc.		98,557
	1,258	KBR, Inc.		81,846
	8,241	Paychex, Inc.		921,921
	1,309	Paycom Software, Inc.		420,503
	1,055	Paylocity Holding Corp.*		194,679
	3,649	Verisk Analytics, Inc.		824,784
				6,345,991
Residential REITs (0.0%†):
	1,485	Equity LifeStyle Properties, Inc.		99,332
	685	Sun Communities, Inc.		89,365
				188,697
Retail REITs (0.0%†):
	1,809	Simon Property Group, Inc.		208,903
Semiconductors & Semiconductor Equipment (9.2%):
	23,335	Advanced Micro Devices, Inc.*		2,658,090
	1,669	Allegro MicroSystems, Inc.*		75,339
	18,249	Applied Materials, Inc.		2,637,710
	10,443	Broadcom, Inc.		9,058,571
	3,315	Enphase Energy, Inc.*		555,196
	198	Entegris, Inc.		21,942
	3,501	KLA Corp.		1,698,055
	3,250	Lam Research Corp.		2,089,295
	3,425	Lattice Semiconductor Corp.*		329,040
	9,807	Microchip Technology, Inc.		878,609
	1,169	Monolithic Power Systems, Inc.		631,529
	60,794	NVIDIA Corp.		25,717,078
	24,889	QUALCOMM, Inc.		2,962,787
	3,319	Teradyne, Inc.		369,504
	9,476	Texas Instruments, Inc.		1,705,870
	540	Universal Display Corp.		77,830
				51,466,445
Software (18.1%):
	11,723	Adobe, Inc.*		5,732,430
	1,596	Alteryx, Inc., Class A*		72,458
	1,831	ANSYS, Inc.*		604,724
	1,496	AppLovin Corp., Class A*		38,492
	3,712	Atlassian Corp., Class A*		622,911
	5,548	Autodesk, Inc.*		1,135,176
	4,553	Bentley Systems, Inc., Class B		246,909
	6,890	Cadence Design Systems, Inc.*		1,615,843
	4,730	Confluent, Inc., Class A*		167,016
	5,486	Crowdstrike Holdings, Inc., Class A*		805,729
	6,982	Datadog, Inc., Class A*		686,889
	4,968	DocuSign, Inc.*		253,815
	2,873	DoubleVerify Holdings, Inc.*		111,817
	6,011	Dropbox, Inc., Class A*		160,313
	5,380	Dynatrace, Inc.*		276,909
	2,057	Elastic NV*		131,895
	602	Fair Isaac Corp.*		487,144
	1,643	Five9, Inc.*		135,465
	16,797	Fortinet, Inc.*		1,269,685

See accompanying notes to the financial statements.

7

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Software, continued
	2,209	Gen Digital, Inc.	$	40,977
	1,249	Gitlab, Inc., Class A*		63,836
	1,623	HashiCorp, Inc.*		42,490
	1,162	HubSpot, Inc.*		618,289
	6,983	Intuit, Inc.		3,199,541
	1,575	Manhattan Associates, Inc.*		314,811
	190,414	Microsoft Corp.		64,843,584
	471	nCino, Inc.*		14,187
	1,416	New Relic, Inc.*		92,663
	1,427	Nutanix, Inc., Class A*		40,027
	15,989	Oracle Corp.		1,904,130
	46,927	Palantir Technologies, Inc., Class A*		719,391
	7,629	Palo Alto Networks, Inc.*		1,949,286
	1,099	Pegasystems, Inc.		54,181
	2,006	Procore Technologies, Inc.*		130,530
	1,454	PTC, Inc.*		206,904
	2,265	RingCentral, Inc., Class A*		74,133
	18,259	Salesforce, Inc.*		3,857,396
	645	SentinelOne, Inc., Class A*		9,740
	5,209	ServiceNow, Inc.*		2,927,302
	3,379	Smartsheet, Inc., Class A*		129,281
	4,133	Splunk, Inc.*		438,470
	3,854	Synopsys, Inc.*		1,678,070
	2,599	Teradata Corp.*		138,813
	804	Tyler Technologies, Inc.*		334,842
	7,364	UiPath, Inc., Class A*		122,022
	2,894	Unity Software, Inc.*		125,658
	5,502	VMware, Inc., Class A*		790,582
	5,075	Workday, Inc., Class A*		1,146,392
	2,121	Zscaler, Inc.*		310,302
				100,873,450
Specialized REITs (0.8%):
	11,910	American Tower Corp.		2,309,825
	1,173	Crown Castle, Inc.		133,652
	1,199	Equinix, Inc.		939,944
	197	Extra Space Storage, Inc.		29,323
	3,665	Iron Mountain, Inc.		208,245
	1,846	Lamar Advertising Co., Class A		183,216
	2,328	Public Storage		679,497
	277	SBA Communications Corp.		64,198
				4,547,900
Specialty Retail (3.3%):
	392	AutoZone, Inc.*		977,397
	682	Best Buy Co., Inc.		55,890
	1,562	Burlington Stores, Inc.*		245,843
	487	CarMax, Inc.*		40,762
	1,373	Five Below, Inc.*		269,850
	2,570	Floor & Decor Holdings, Inc., Class A*		267,177
	25,911	Home Depot, Inc. (The)		8,048,993
	11,192	Lowe’s Cos., Inc.		2,526,034

Shares			Value
Common Stocks, continued
Specialty Retail, continued
	478	Murphy U.S.A., Inc.	$	148,711
	1,324	O’Reilly Automotive, Inc.*		1,264,817
	68	RH*		22,412
	8,013	Ross Stores, Inc.		898,498
	29,410	TJX Cos., Inc. (The)		2,493,674
	2,803	Tractor Supply Co.		619,743
	1,272	Ulta Beauty, Inc.*		598,597
	1,149	Valvoline, Inc.		43,099
	1,541	Victoria’s Secret & Co.*		26,860
	736	Wayfair, Inc., Class A*		47,847
	215	Williams-Sonoma, Inc.		26,905
				18,623,109
Technology Hardware, Storage & Peripherals (13.4%):
	381,826	Apple, Inc.		74,062,789
	4,507	HP, Inc.		138,410
	2,176	NetApp, Inc.		166,247
	5,621	Pure Storage, Inc., Class��A*		206,965
				74,574,411
Textiles, Apparel & Luxury Goods (0.6%):
	1,555	Crocs, Inc.*		174,844
	670	Deckers Outdoor Corp.*		353,532
	2,822	Lululemon Athletica, Inc.*		1,068,127
	16,216	NIKE, Inc., Class B		1,789,760
	413	Skechers U.S.A., Inc., Class A*		21,749
	869	Tapestry, Inc.		37,193
				3,445,205
Trading Companies & Distributors (0.3%):
	10,936	Fastenal Co.		645,115
	285	Ferguson PLC		44,833
	366	SiteOne Landscape Supply, Inc.*		61,254
	360	United Rentals, Inc.		160,333
	1,150	W.W. Grainger, Inc.		906,879
	211	Watsco, Inc.		80,490
				1,898,904
	Total Common Stocks (Cost $222,899,679)			554,146,274
Short-Term Security Held as Collateral for Securities on Loan (0.0%†):
	78,737	BlackRock Liquidity FedFund, Institutional Class, 3.57%(a)(b)		78,737
	Total Short-Term Security Held as Collateral
	for Securities on Loan (Cost $78,737)			78,737
Unaffiliated Investment Company (0.6%):
Money Markets (0.6%):
	3,171,695	Dreyfus Treasury Securities Cash Management
		Fund, Institutional Shares, 4.96%(b)		3,171,695
	Total Unaffiliated Investment Company
	(Cost $3,171,695)			3,171,695
	Total Investment Securities
	(Cost $226,150,111) — 100.1%			557,396,706
	Net other assets (liabilities) — (0.1)%			(565,230)
	Net Assets — 100.0%		$	556,831,476

Percentages indicated are based on net assets as of June 30, 2023.

* Non-income producing security.

† Represents less than 0.05%.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $76,818.

See accompanying notes to the financial statements.

8

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(b) The rate represents the effective yield at June 30, 2023.

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini September Futures (U.S. Dollar)	9/15/23	8	$	2,453,920	$	41,254
S&P 500 Index E-Mini September Futures (U.S. Dollar)	9/15/23	5		1,122,063		22,731
					$	63,985

See accompanying notes to the financial statements.

9

AZL Russell 1000 Growth Index Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	226,150,111
Investment securities, at value(a)	$	557,396,706
Deposit at broker for futures contracts collateral		193,200
Interest and dividends receivable		164,665
Receivable for variation margin on futures contracts		49,911
Reclaims receivable		1,468
Receivable from Manager		40,380
Prepaid expenses		2,416
Total Assets		557,848,746
Liabilities:
Payable for capital shares redeemed		522,184
Payable for collateral received on loaned securities		78,737
Management fees payable		197,412
Administration fees payable		16,238
Distribution fees payable		99,973
Custodian fees payable		7,452
Administrative and compliance services fees payable		1,331
Transfer agent fees payable		2,353
Trustee fees payable		6,804
Other accrued liabilities		84,786
Total Liabilities		1,017,270
Commitments and contingent liabilities^
Net Assets	$	556,831,476
Net Assets Consist of:
Paid in capital	$	38,382,181
Total distributable earnings		518,449,295
Net Assets	$	556,831,476
Class 1
Net Assets	$	60,690,101
Shares of beneficial interest (unlimited number of shares authorized, no par value)		6,423,286
Net Asset Value (offering and redemption price per share)	$	9.45
Class 2
Net Assets	$	496,141,375
Shares of beneficial interest (unlimited number of shares authorized, no par value)		29,291,660
Net Asset Value (offering and redemption price per share)	$	16.94

(a) Includes securities on loan of $76,818.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends	$	3,242,480
Interest		4,378
Income from securities lending		11,088
Foreign withholding tax		570
Total Investment Income		3,258,516
Expenses:
Management fees		1,318,669
Administration fees		72,867
Distribution fees - Class 2		680,654
Custodian fees		10,750
Administrative and compliance services fees		2,925
Transfer agent fees		5,068
Trustee fees		11,933
Professional fees		9,376
Licensing fees		45,395
Shareholder reports		7,962
Other expenses		7,021
Total expenses before reductions		2,172,620
Less Management fees contractually waived		(269,733	)
Net expenses		1,902,887
Net Investment Income/(Loss)		1,355,629
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		146,155,287
Net realized gains/(losses) on futures contracts		427,274
Change in net unrealized appreciation/depreciation on securities and foreign currencies		528,865
Change in net unrealized appreciation/depreciation on futures contracts		90,475
Net realized and Change in net unrealized gains/losses on investments		147,201,901
Change in Net Assets Resulting From Operations	$	148,557,530

See accompanying notes to the financial statements.

10

AZL Russell 1000 Growth Index Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023				For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,355,629			$	2,564,495
Net realized gains/(losses) on investments			146,582,561				39,063,766
Change in unrealized appreciation/depreciation on investments			619,340				(361,760,059	)
Change in net assets resulting from operations			148,557,530				(320,131,798	)
Distributions to Shareholders:
Class 1			—				(17,707,517	)
Class 2			—				(144,665,246	)
Change in net assets resulting from distributions to shareholders			—				(162,372,763	)
Capital Transactions:
Class 1
Proceeds from shares issued			44,541				347,832
Proceeds from dividends reinvested			—				17,707,517
Value of shares redeemed			(4,266,983	)			(7,701,896	)
Total Class 1 Shares			(4,222,442	)			10,353,453
Class 2
Proceeds from shares issued			1,256,044				7,831,397
Proceeds from dividends reinvested			—				144,665,246
Value of shares redeemed			(289,584,453	)			(97,282,257	)
Total Class 2 Shares			(288,328,409	)			55,214,386
Change in net assets resulting from capital transactions			(292,550,851	)			65,567,839
Change in net assets			(143,993,321	)			(416,936,722	)
Net Assets:
Beginning of period			700,824,797				1,117,761,519
End of period		$	556,831,476			$	700,824,797
Share Transactions:
Class 1
Shares issued			5,526				28,219
Dividends reinvested			—				2,348,477
Shares redeemed			(515,019	)			(704,447	)
Total Class 1 Shares			(509,493	)			1,672,249
Class 2
Shares issued			87,012				456,011
Dividends reinvested			—				10,684,287
Shares redeemed			(20,478,214	)			(5,461,931	)
Total Class 2 Shares			(20,391,202	)			5,678,367
Change in shares			(20,900,695	)			7,350,616

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

11

AZL Russell 1000 Growth Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023				Year Ended December 31, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period		$	7.29			$	15.38			$	14.68			$	11.46			$	10.12			$	11.74
Investment Activities:
Net Investment Income/(Loss)			0.03	(a)			0.06	(a)			0.05	(a)			0.07	(a)			0.10	(a)			0.13
Net Realized and Unrealized Gains/(Losses) on Investments			2.13				(4.46	)			3.62				4.28				3.28				(0.20	)
Total from Investment Activities			2.16				(4.40	)			3.67				4.35				3.38				(0.07	)
Distributions to Shareholders From:
Net Investment Income			—				(0.08	)			(0.12	)			(0.15	)			(0.18	)			(0.20	)
Net Realized Gains			—				(3.61	)			(2.85	)			(0.98	)			(1.86	)			(1.35	)
Total Dividends			—				(3.69	)			(2.97	)			(1.13	)			(2.04	)			(1.55	)
Net Asset Value, End of Period		$	9.45			$	7.29			$	15.38			$	14.68			$	11.46			$	10.12
Total Return(b)			29.63	%(c)			(29.45	)%			27.14	%(c)			39.03	%			35.53	%			(1.86	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	60,690			$	50,561			$	80,919			$	70,903			$	57,430			$	48,665
Net Investment Income/ (Loss)(d)			0.67	%			0.54	%			0.31	%			0.56	%			0.86	%			0.96	%
Expenses Before Reductions(d)(e)			0.50	%			0.50	%			0.51	%			0.52	%			0.51	%			0.50	%
Expenses Net of Reductions(d)			0.41	%			0.41	%			0.42	%			0.43	%			0.43	%			0.43	%
Portfolio Turnover Rate(f)			13	%			12	%			18	%			22	%			15	%			17	%
Class 2
Net Asset Value, Beginning of Period		$	13.09			$	23.56			$	21.11			$	16.10			$	13.53			$	15.21
Investment Activities:
Net Investment Income/(Loss)			0.03	(a)			0.05	(a)			0.01	(a)			0.06	(a)			0.10	(a)			0.15
Net Realized and Unrealized Gains/(Losses) on Investments			3.82				(6.90	)			5.35				6.04				4.46				(0.33	)
Total from Investment Activities			3.85				(6.85	)			5.36				6.10				4.56				(0.18	)
Distributions to Shareholders From:
Net Investment Income			—				(0.01	)			(0.06	)			(0.11	)			(0.13	)			(0.15	)
Net Realized Gains			—				(3.61	)			(2.85	)			(0.98	)			(1.86	)			(1.35	)
Total Dividends			—				(3.62	)			(2.91	)			(1.09	)			(1.99	)			(1.50	)
Net Asset Value, End of Period		$	16.94			$	13.09			$	23.56			$	21.11			$	16.10			$	13.53
Total Return(b)			29.41	%(c)			(29.59	)%			26.87	%			38.58	%			35.28	%			(2.14	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	496,141			$	650,264			$	1,036,843			$	995,350			$	871,046			$	775,621
Net Investment Income/ (Loss)(d)			0.43	%			0.29	%			0.06	%			0.31	%			0.61	%			0.71	%
Expenses Before Reductions(d)(e)			0.75	%			0.75	%			0.76	%			0.77	%			0.76	%			0.75	%
Expenses Net of Reductions(d)			0.66	%			0.66	%			0.67	%			0.68	%			0.68	%			0.68	%
Portfolio Turnover Rate(f)			13	%			12	%			18	%			22	%			15	%			17	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

12

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Growth Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

13

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,088 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $78,737 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $3.7 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

14

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$63,985	Payable for variation margin on futures contracts*		$—

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized         Appreciation/Depreciation         on Derivatives Recognized
Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		$427,274		$90,475

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL Russell 1000 Growth Index Fund, Class 1		0.44	%		0.59	%
AZL Russell 1000 Growth Index Fund, Class 2		0.44	%		0.84	%

* The Manager waived, prior to any application of expense limit, the management fee to 0.35% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager is 0.015%.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any

15

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+		$554,146,274		$—		$—		$554,146,274
Short-Term Security Held as Collateral for Securities on Loan		78,737		—		—		78,737
Unaffiliated Investment Company		3,171,695		—		—		3,171,695
Total Investment Securities		557,396,706		—		—		557,396,706
Other Financial Instruments:*
Futures Contracts		63,985		—		—		63,985
Total Investments		$557,460,691		$—		$—		$557,460,691

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

^*  Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

16

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL Russell 1000 Growth Index Fund		$	64,753,319		$	356,876,346

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Concentration Risk: The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

Technology Sector Risk: Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $373,266,289. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$	352,903,743
Unrealized (depreciation)		(24,316,554	)
Net unrealized appreciation/(depreciation)	$	328,587,189

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL Russell 1000 Growth Index Fund	$4,773,902	$157,598,861	$162,372,763

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

17

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated Earnings/ (Deficit)
AZL Russell 1000 Growth Index Fund	$2,570,698	$38,733,878	$—	$328,587,189	$369,891,765

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 95% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

18

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

19

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

20

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC. These Funds are not FDIC Insured. SARRPT0623 08/23

AZL^® Russell 1000 Value Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 13

Page 13

Page 14

Page 15

Page 16

Page 22

Page 23

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Russell 1000 Value Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Russell 1000 Value Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Russell 1000 Value Index Fund, Class 1		$	1,000.00		$	1,056.00		$	2.09		0.41	%
AZL Russell 1000 Value Index Fund, Class 2		$	1,000.00		$	1,055.00		$	3.36		0.66	%
The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL Russell 1000 Value Index Fund, Class 1		$	1,000.00		$	1,022.76		$	2.06		0.41	%
AZL Russell 1000 Value Index Fund, Class 2		$	1,000.00		$	1,021.52		$	3.31		0.66	%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent   of Net Assets
Financials		19.8	%
Health Care		15.6
Industrials		13.5
Information Technology		9.0
Consumer Staples		8.3
Energy		7.9
Consumer Discretionary		5.2
Utilities		5.1
Communication Services		5.0
Materials		4.8
Real Estate		4.8
Total Common Stocks		99.0
Unaffiliated Investment Company		0.9
Short-Term Security Held as Collateral for Securities on Loan		0.3
Total Investment Securities		100.2
Net other assets (liabilities)		(0.2	)
Net Assets		100.0	%

3

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks (99.0%):
Aerospace & Defense (2.6%):
16,480	Boeing Co. (The)*	$	3,479,917
2,586	BWX Technologies, Inc.		185,080
1,376	Curtiss-Wright Corp.		252,716
8,371	General Dynamics Corp.		1,801,021
116	HEICO Corp.		20,525
118	HEICO Corp., Class A		16,591
3,011	Hexcel Corp.		228,896
12,965	Howmet Aerospace, Inc.		642,545
1,339	Huntington Ingalls Industries, Inc.		304,756
6,467	L3Harris Technologies, Inc.		1,266,045
1,767	Mercury Systems, Inc.*		61,120
4,617	Northrop Grumman Corp.		2,104,429
49,987	Raytheon Technologies Corp.		4,896,726
3,204	Spirit AeroSystems Holdings, Inc., Class A		93,525
6,882	Textron, Inc.		465,430
1,489	TransDigm Group, Inc.		1,331,419
1,935	Woodward, Inc.		230,091
			17,380,832
Air Freight & Logistics (0.9%):
868	CH Robinson Worldwide, Inc.		81,896
4,546	Expeditors International of Washington, Inc.		550,657
7,931	FedEx Corp.		1,966,095
3,998	GXO Logistics, Inc.*		251,154
17,910	United Parcel Service, Inc., Class B		3,210,368
			6,060,170
Automobile Components (1.0%):
9,253	Aptiv plc*		944,639
7,962	BorgWarner, Inc.		389,421
134,195	Ford Motor Co.		2,030,370
47,427	General Motors Co.		1,828,785
8,442	Gentex Corp.		247,013
4,834	Harley-Davidson, Inc.		170,205
2,114	Lear Corp.		303,465
25,457	Lucid Group, Inc.*		175,399
9,262	QuantumScape Corp.*^		74,003
17,421	Rivian Automotive, Inc., Class A*^		290,234
1,855	Thor Industries, Inc.		191,993
			6,645,527
Banks (6.2%):
238,270	Bank of America Corp.		6,835,966
3,521	Bank OZK		141,403
1,043	BOK Financial Corp.		84,254
66,529	Citigroup, Inc.		3,062,995
16,504	Citizens Financial Group, Inc.		430,424
7,439	Columbia Banking System, Inc.		150,863
4,694	Comerica, Inc.		198,838
4,085	Commerce Bancshares, Inc.		198,940
2,096	Cullen/Frost Bankers, Inc.		225,383
4,710	East West Bancorp, Inc.		248,641
22,876	Fifth Third Bancorp		599,580
330	First Citizens BancShares, Inc., Class A		423,539
4,589	First Hawaiian, Inc.		82,648
19,015	First Horizon Corp.		214,299
12,538	FNB Corp.		143,435
49,165	Huntington Bancshares, Inc.		529,999
100,010	JPMorgan Chase & Co.		14,545,454
30,969	KeyCorp		286,154

Shares		Value
Common Stocks, continued
Banks, continued
5,654	M&T Bank Corp.	$	699,739
24,050	New York Community Bancorp, Inc.		270,322
24,838	NU Holdings, Ltd., Class A*		195,972
2,693	Pinnacle Financial Partners, Inc.		152,558
13,620	PNC Financial Services Group, Inc. (The)		1,715,439
2,238	Popular, Inc.		135,444
3,146	Prosperity Bancshares, Inc.		177,686
32,411	Regions Financial Corp.		577,564
5,173	Synovus Financial Corp.		156,483
45,358	Truist Financial Corp.		1,376,615
52,412	US Bancorp		1,731,693
5,696	Webster Financial Corp.		215,024
129,286	Wells Fargo & Co.		5,517,926
3,694	Western Alliance Bancorp		134,720
2,153	Wintrust Financial Corp.		156,351
5,290	Zions Bancorp NA		142,089
			41,758,440
Beverages (1.4%):
344	Brown-Forman Corp., Class A		23,416
1,295	Brown-Forman Corp., Class B		86,480
67,147	Coca-Cola Co. (The)		4,043,592
4,707	Constellation Brands, Inc., Class A		1,158,534
32,591	Keurig Dr Pepper, Inc.		1,019,121
5,974	Molson Coors Beverage Co., Class B		393,328
14,562	PepsiCo, Inc.		2,697,174
			9,421,645
Biotechnology (1.7%):
834	Alnylam Pharmaceuticals, Inc.*		158,410
5,847	Amgen, Inc.		1,298,151
4,926	Biogen, Inc.*		1,403,171
5,641	BioMarin Pharmaceutical, Inc.*		488,962
3,985	Exact Sciences Corp.*		374,191
1,631	Exelixis, Inc.*		31,168
42,754	Gilead Sciences, Inc.		3,295,051
888	Horizon Therapeutics plc*		91,331
1,651	Incyte Corp.*		102,775
498	Ionis Pharmaceuticals, Inc.*		20,433
1,603	Mirati Therapeutics, Inc.*		57,916
11,499	Moderna, Inc.*		1,397,128
3,303	Regeneron Pharmaceuticals, Inc.*		2,373,338
1,603	United Therapeutics Corp.*		353,862
749	Vertex Pharmaceuticals, Inc.*		263,581
			11,709,468
Broadline Retail (0.2%):
16,519	eBay, Inc.		738,234
1,841	Etsy, Inc.*		155,767
4,170	Kohl’s Corp.		96,118
9,683	Macy’s, Inc.		155,412
3,899	Nordstrom, Inc.^		79,813
1,430	Ollie’s Bargain Outlet Holdings, Inc.*		82,840
			1,308,184
Building Products (1.1%):
3,412	A O Smith Corp.		248,325
225	Allegion plc		27,005
687	Armstrong World Industries, Inc.		50,467
3,997	AZEK Co., Inc. (The)*		121,069
4,352	Builders FirstSource, Inc.*		591,872

See accompanying notes to the financial statements.

4

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Building Products, continued
1,731	Carlisle Cos., Inc.	$	444,054
28,486	Carrier Global Corp.		1,416,039
4,320	Fortune Brands Innovations, Inc.		310,824
2,751	Hayward Holdings, Inc.*		35,350
23,493	Johnson Controls International plc		1,600,813
1,085	Lennox International, Inc.		353,786
7,675	Masco Corp.		440,392
3,068	Owens Corning		400,374
5,489	Trane Technologies plc		1,049,826
			7,090,196
Capital Markets (4.8%):
1,209	Affiliated Managers Group, Inc.		181,217
27,017	Bank of New York Mellon Corp. (The)		1,202,797
5,085	BlackRock, Inc., Class A+		3,514,447
12,993	Blue Owl Capital, Inc.		151,368
7,439	Carlyle Group, Inc. (The)		237,676
3,661	Cboe Global Markets, Inc.		505,255
50,697	Charles Schwab Corp. (The)		2,873,506
12,281	CME Group, Inc.		2,275,546
5,738	Coinbase Global, Inc., Class A*^		410,554
1,310	Evercore, Inc., Class A		161,903
10,253	Franklin Resources, Inc.		273,858
11,044	Goldman Sachs Group, Inc. (The)		3,562,132
1,573	Houlihan Lokey, Inc.		154,642
3,336	Interactive Brokers Group, Inc., Class A		277,121
18,954	Intercontinental Exchange, Inc.		2,143,318
13,417	Invesco, Ltd.		225,540
4,887	Janus Henderson Group plc		133,171
6,568	Jefferies Financial Group, Inc.		217,860
16,650	KKR & Co., Inc., Class A		932,400
2,974	Lazard, Ltd., Class A		95,168
478	Moody’s Corp.		166,210
41,126	Morgan Stanley		3,512,160
1,329	MSCI, Inc.		623,686
11,633	Nasdaq, Inc.		579,905
7,123	Northern Trust Corp.		528,099
6,680	Raymond James Financial, Inc.		693,184
20,194	Robinhood Markets, Inc., Class A*		201,536
10,063	S&P Global, Inc.		4,034,156
3,695	SEI Investments Co.		220,296
11,409	State Street Corp.		834,911
3,712	Stifel Financial Corp.		221,495
7,540	T. Rowe Price Group, Inc.		844,631
1,557	TPG, Inc.		45,558
2,561	Tradeweb Markets, Inc., Class A		175,377
3,390	Virtu Financial, Inc., Class A		57,935
10,408	XP, Inc.*		244,172
			32,512,790
Chemicals (2.9%):
7,585	Air Products and Chemicals, Inc.		2,271,935
4,002	Albemarle Corp.		892,806
1,820	Ashland, Inc.		158,176
6,006	Axalta Coating Systems, Ltd.*		197,057
3,378	Celanese Corp.		391,172
6,682	CF Industries Holdings, Inc.		463,865
5,079	Chemours Co. (The)		187,364
24,391	Corteva, Inc.		1,397,604
24,199	Dow, Inc.		1,288,839
15,698	DuPont de Nemours, Inc.		1,121,465

Shares		Value
Common Stocks, continued
Chemicals, continued
4,052	Eastman Chemical Co.	$	339,234
1,886	Ecolab, Inc.		352,097
8,100	Element Solutions, Inc.		155,520
3,632	FMC Corp.		378,963
47,683	Ginkgo Bioworks Holdings, Inc.*^		88,690
6,550	Huntsman Corp.		176,981
8,943	International Flavors & Fragrances, Inc.		711,773
15,203	Linde plc		5,793,559
8,844	Lyondellbasell Industries NV		812,145
10,665	Mosaic Co. (The)		373,275
209	NewMarket Corp.		84,043
4,177	Olin Corp.		214,656
6,011	PPG Industries, Inc.		891,431
3,516	RPM International, Inc.		315,491
1,358	Sherwin-Williams Co. (The)		360,576
1,186	Westlake Corp.		141,692
			19,560,409
Commercial Services & Supplies (0.4%):
326	Cintas Corp.		162,048
1,831	Clean Harbors, Inc.*		301,071
2,242	Driven Brands Holdings, Inc.*		60,669
1,046	MSA Safety, Inc.		181,962
1,459	RB Global, Inc.		87,540
7,062	Republic Services, Inc.		1,081,687
3,293	Stericycle, Inc.*		152,927
1,483	Tetra Tech, Inc.		242,826
1,405	Waste Management, Inc.		243,655
			2,514,385
Communications Equipment (1.3%):
5,294	Ciena Corp.*		224,942
140,262	Cisco Systems, Inc.		7,257,156
2,010	F5, Inc.*		293,983
10,858	Juniper Networks, Inc.		340,181
2,447	Lumentum Holdings, Inc.*		138,818
452	Motorola Solutions, Inc.		132,563
15	Ubiquiti, Inc.		2,636
2,581	Viasat, Inc.*		106,492
			8,496,771
Construction & Engineering (0.3%):
4,443	AECOM		376,278
1,048	EMCOR Group, Inc.		193,649
2,190	MasTec, Inc.*		258,354
7,258	MDU Resources Group, Inc.		151,983
3,622	Quanta Services, Inc.		711,542
650	Valmont Industries, Inc.		189,183
5,027	WillScot Mobile Mini Holdings Corp.*		240,240
			2,121,229
Construction Materials (0.3%):
417	Eagle Materials, Inc.		77,737
2,110	Martin Marietta Materials, Inc.		974,166
3,533	Vulcan Materials Co.		796,480
			1,848,383
Consumer Finance (0.9%):
9,246	Ally Financial, Inc.		249,735
13,600	American Express Co.		2,369,120
12,962	Capital One Financial Corp.		1,417,654
217	Credit Acceptance Corp.*		110,221

See accompanying notes to the financial statements.

5

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Consumer Finance, continued
8,665	Discover Financial Services	$	1,012,505
4,124	OneMain Holdings, Inc.		180,178
4,992	SLM Corp.		81,469
28,948	SoFi Technologies, Inc.*		241,426
14,584	Synchrony Financial		494,689
			6,156,997
Consumer Staples Distribution & Retail (1.8%):
13,010	Albertsons Cos., Inc., Class A		283,878
2,973	BJ’s Wholesale Club Holdings, Inc.*		187,329
1,089	Casey’s General Stores, Inc.		265,585
7,130	Dollar Tree, Inc.*		1,023,155
2,935	Grocery Outlet Holding Corp.*		89,840
22,309	Kroger Co. (The)		1,048,523
2,775	Performance Food Group Co.*		167,166
7,251	US Foods Holding Corp.*		319,044
24,490	Walgreens Boots Alliance, Inc.		697,720
48,826	Walmart, Inc.		7,674,471
			11,756,711
Containers & Packaging (0.6%):
49,658	Amcor plc		495,587
2,183	AptarGroup, Inc.		252,922
3,918	Ardagh Metal Packaging SA		14,732
1,852	Avery Dennison Corp.		318,174
10,531	Ball Corp.		613,009
4,150	Berry Global Group, Inc.		267,011
3,625	Crown Holdings, Inc.		314,904
4,838	Graphic Packaging Holding Co.		116,257
11,836	International Paper Co.		376,503
3,024	Packaging Corp. of America		399,652
2,195	Sealed Air Corp.		87,800
3,021	Silgan Holdings, Inc.		141,655
3,496	Sonoco Products Co.		206,334
9,107	Westrock Co.		264,740
			3,869,280
Distributors (0.2%):
4,795	Genuine Parts Co.		811,458
8,983	LKQ Corp.		523,439
			1,334,897
Diversified Consumer Services (0.1%):
7,509	ADT, Inc.		45,279
1,484	Bright Horizons Family Solutions, Inc.*		137,196
744	Grand Canyon Education, Inc.*		76,788
1,826	H&R Block, Inc.		58,195
490	Mister Car Wash, Inc.*		4,729
3,234	Service Corp. International		208,884
			531,071
Diversified REITs (0.1%):
2,884	Federal Realty Investment Trust		279,085
7,384	WP Carey, Inc.		498,863
			777,948
Diversified Telecommunication Services (1.4%):
244,899	AT&T, Inc.		3,906,139
8,800	Frontier Communications Parent, Inc.*		164,032
5,506	GCI Liberty, Inc.*		—
143,955	Verizon Communications, Inc.		5,353,687
			9,423,858

Shares		Value
Common Stocks, continued
Electric Utilities (3.3%):
8,588	Alliant Energy Corp.	$	450,698
17,614	American Electric Power Co., Inc.		1,483,099
2,547	Avangrid, Inc.		95,971
11,202	Constellation Energy Corp.		1,025,543
26,366	Duke Energy Corp.		2,366,085
12,922	Edison International		897,433
7,119	Entergy Corp.		693,177
7,611	Evergy, Inc.		444,635
11,873	Eversource Energy		842,033
33,993	Exelon Corp.		1,384,875
19,018	FirstEnergy Corp.		739,420
3,909	Hawaiian Electric Industries, Inc.		141,506
1,808	IDACORP, Inc.		185,501
69,248	NextEra Energy, Inc.		5,138,201
7,616	NRG Energy, Inc.		284,762
7,175	OGE Energy Corp.		257,654
61,593	PG&E Corp.*		1,064,327
3,810	Pinnacle West Capital Corp.		310,362
25,091	PPL Corp.		663,908
37,273	Southern Co. (The)		2,618,428
18,839	Xcel Energy, Inc.		1,171,221
			22,258,839
Electrical Equipment (1.2%):
1,152	Acuity Brands, Inc.		187,868
7,863	AMETEK, Inc.		1,272,862
13,621	Eaton Corp. plc		2,739,183
19,520	Emerson Electric Co.		1,764,413
2,078	Generac Holdings, Inc.*		309,892
996	Hubbell, Inc.		330,234
5,935	nVent Electric plc		306,661
17,751	Plug Power, Inc.*^		184,433
2,224	Regal Rexnord Corp.		342,274
5,433	Sensata Technologies Holding plc		244,431
7,484	Sunrun, Inc.*		133,664
9,184	Vertiv Holdings Co.		227,488
			8,043,403
Electronic Equipment, Instruments & Components (0.9%):
9,908	Amphenol Corp., Class A		841,685
1,914	Arrow Electronics, Inc.*		274,142
3,267	Avnet, Inc.		164,820
268	CDW Corp.		49,178
5,903	Cognex Corp.		330,686
3,590	Coherent Corp.*		183,018
26,003	Corning, Inc.		911,145
1,023	IPG Photonics Corp.*		138,944
1,644	Jabil, Inc.		177,437
4,513	Keysight Technologies, Inc.*		755,702
869	Littelfuse, Inc.		253,148
976	National Instruments Corp.		56,023
1,420	TD SYNNEX Corp.		133,480
1,615	Teledyne Technologies, Inc.*		663,943
8,422	Trimble, Inc.*		445,861
3,520	Vontier Corp.		113,379
1,434	Zebra Technologies Corp., Class A*		424,220
			5,916,811
Energy Equipment & Services (0.7%):
34,635	Baker Hughes Co.		1,094,812
24,541	Halliburton Co.		809,608

See accompanying notes to the financial statements.

6

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Energy Equipment & Services, continued
14,063	NOV, Inc.	$	225,570
48,731	Schlumberger, Ltd.		2,393,667
15,000	TechnipFMC plc*		249,300
			4,772,957
Entertainment (1.8%):
26,652	Activision Blizzard, Inc.*		2,246,764
18,570	AMC Entertainment Holdings, Inc., Class A*^		81,708
9,366	Electronic Arts, Inc.		1,214,770
630	Liberty Media Corp-Liberty Formula One, Class A*		42,601
6,403	Liberty Media Corp-Liberty Formula One, Class C*		482,018
4,140	Live Nation Entertainment, Inc.*		377,195
635	Madison Square Garden Sports Corp., Class A		119,412
3,689	Roku, Inc.*		235,948
5,637	Take-Two Interactive Software, Inc.*		829,541
62,554	Walt Disney Co. (The)*		5,584,821
75,327	Warner Bros Discovery, Inc.*		944,600
			12,159,378
Financial Services (4.1%):
7,710	Affirm Holdings, Inc.*^		118,194
62,640	Berkshire Hathaway, Inc., Class B*		21,360,240
11,641	Block, Inc.*		774,941
810	Euronet Worldwide, Inc.*		95,070
20,240	Fidelity National Information Services, Inc.		1,107,128
15,270	Fiserv, Inc.*		1,926,311
172	FleetCor Technologies, Inc.*		43,186
8,944	Global Payments, Inc.		881,163
10,612	MGIC Investment Corp.		167,563
3,610	PayPal Holdings, Inc.*		240,895
2,385	Rocket Cos., Inc., Class A*^		21,370
2,177	TFS Financial Corp.		27,365
3,497	Voya Financial, Inc.		250,770
7,276	Western Union Co. (The)		85,348
791	WEX, Inc.*		144,017
			27,243,561
Food Products (1.9%):
18,547	Archer-Daniels-Midland Co.		1,401,411
4,766	Bunge, Ltd.		449,672
6,536	Campbell Soup Co.		298,761
16,388	Conagra Brands, Inc.		552,603
5,352	Darling Ingredients, Inc.*		341,404
6,734	Flowers Foods, Inc.		167,542
720	Freshpet, Inc.*		47,383
20,088	General Mills, Inc.		1,540,750
1,299	Hershey Co. (The)		324,360
10,303	Hormel Foods Corp.		414,387
2,355	Ingredion, Inc.		249,512
3,588	JM Smucker Co. (The)		529,840
8,881	Kellogg Co.		598,579
27,467	Kraft Heinz Co. (The)		975,079
8,580	McCormick & Co., Inc.		748,434
46,516	Mondelez International, Inc., Class A		3,392,877
925	Pilgrim’s Pride Corp.*		19,878
1,742	Post Holdings, Inc.*		150,944
7	Seaboard Corp.		24,925
9,773	Tyson Foods, Inc., Class A		498,814
			12,727,155
Gas Utilities (0.1%):
4,974	Atmos Energy Corp.		578,675

Shares		Value
Common Stocks, continued
Gas Utilities, continued
2,894	National Fuel Gas Co.	$	148,636
7,522	UGI Corp.		202,868
			930,179
Ground Transportation (1.2%):
458	Avis Budget Group, Inc.*		104,731
61,727	CSX Corp.		2,104,891
4,594	Hertz Global Holdings, Inc.*		84,484
2,259	JB Hunt Transport Services, Inc.		408,947
5,605	Knight-Swift Transportation Holdings, Inc.		311,414
113	Landstar System, Inc.		21,757
7,770	Norfolk Southern Corp.		1,761,925	��
233	Old Dominion Freight Line, Inc.		86,152
1,745	Ryder System, Inc.		147,958
808	Saia, Inc.*		276,667
1,941	Schneider National, Inc., Class B		55,745
141	U-Haul Holding Co.		7,800
1,699	U-Haul Holding Co.		86,088
11,927	Union Pacific Corp.		2,440,503
3,398	XPO, Inc.*		200,482
			8,099,544
Health Care Equipment & Supplies (3.6%):
55,485	Abbott Laboratories		6,048,975
17,281	Baxter International, Inc.		787,322
9,694	Becton Dickinson & Co.		2,559,313
49,111	Boston Scientific Corp.*		2,656,414
1,701	Cooper Cos., Inc. (The)		652,215
7,197	DENTSPLY SIRONA, Inc.		288,024
1,819	Enovis Corp.*		116,634
5,848	Envista Holdings Corp.*		197,896
12,319	GE HealthCare Technologies, Inc.		1,000,796
2,560	Globus Medical, Inc.*		152,422
8,305	Hologic, Inc.*		672,456
590	ICU Medical, Inc.*		105,132
2,602	Integra LifeSciences Holdings Corp.*		107,020
45,435	Medtronic plc		4,002,824
1,752	QuidelOrtho Corp.*		145,171
3,390	STERIS plc		762,682
9,065	Stryker Corp.		2,765,641
1,904	Tandem Diabetes Care, Inc.*		46,724
1,606	Teleflex, Inc.		388,700
7,179	Zimmer Biomet Holdings, Inc.		1,045,262
			24,501,623
Health Care Providers & Services (3.0%):
3,200	Acadia Healthcare Co., Inc.*		254,848
35	agilon health, Inc.*		607
1,149	Amedisys, Inc.*		105,064
4,303	Cardinal Health, Inc.		406,935
18,747	Centene Corp.*		1,264,485
143	Chemed Corp.		77,459
9,248	Cigna Group (The)		2,594,989
43,801	CVS Health Corp.		3,027,963
7,030	Elevance Health, Inc.		3,123,359
3,144	Encompass Health Corp.		212,880
5,546	HCA Healthcare, Inc.		1,683,100
4,454	Henry Schein, Inc.*		361,219
2,418	Humana, Inc.		1,081,160
3,093	Laboratory Corp. of America Holdings		746,434
2,900	McKesson Corp.		1,239,199

See accompanying notes to the financial statements.

7

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Health Care Providers & Services, continued
900	Molina Healthcare, Inc.*	$	271,116
4,230	Premier, Inc., Class A		117,002
3,797	Quest Diagnostics, Inc.		533,706
5,224	R1 RCM, Inc.*		96,383
3,449	Tenet Healthcare Corp.*		280,680
5,056	UnitedHealth Group, Inc.		2,430,116
2,071	Universal Health Services, Inc., Class B		326,742
			20,235,446
Health Care REITs (0.5%):
13,623	Healthcare Realty Trust, Inc.		256,930
19,378	Healthpeak Properties, Inc.		389,498
21,340	Medical Properties Trust, Inc.^		197,608
8,444	Omega Healthcare Investors, Inc.		259,146
13,909	Ventas, Inc.		657,478
16,749	Welltower, Inc.		1,354,827
			3,115,487
Health Care Technology (0.0%†):
1,478	Certara, Inc.*		26,914
2,123	Doximity, Inc., Class A*		72,225
5,216	Teladoc Health, Inc.*		132,069
			231,208
Hotel & Resort REITs (0.1%):
24,163	Host Hotels & Resorts, Inc.		406,663
8,008	Park Hotels & Resorts, Inc.		102,663
			509,326
Hotels, Restaurants & Leisure (1.5%):
8,330	Aramark		358,606
2,455	Boyd Gaming Corp.		170,303
4,154	Caesars Entertainment, Inc.*		211,729
33,819	Carnival Corp., Class A*		636,812
2,199	Darden Restaurants, Inc.		367,409
2,238	DoorDash, Inc., Class A*		171,028
1,316	Expedia Group, Inc.*		143,957
4,764	Hilton Worldwide Holdings, Inc.		693,400
1,701	Hyatt Hotels Corp., Class A		194,901
769	Las Vegas Sands Corp.*		44,602
1,344	Marriott Vacations Worldwide Corp.		164,936
14,644	McDonald’s Corp.		4,369,916
10,250	MGM Resorts International		450,180
10,964	Norwegian Cruise Line Holdings, Ltd.*		238,686
5,550	Penn Entertainment, Inc.*		133,366
1,523	Planet Fitness, Inc., Class A*		102,711
5,592	Royal Caribbean Cruises, Ltd.*		580,114
1,387	Travel + Leisure Co.		55,952
1,231	Vail Resorts, Inc.		309,917
2,668	Wyndham Hotels & Resorts, Inc.		182,945
3,081	Wynn Resorts, Ltd.		325,384
1,170	Yum! Brands, Inc.		162,104
			10,068,958
Household Durables (0.8%):
10,639	DR Horton, Inc.		1,294,660
5,252	Garmin, Ltd.		547,731
4,781	Leggett & Platt, Inc.		141,613
8,503	Lennar Corp., Class A		1,065,511
547	Lennar Corp., Class B		61,800
1,890	Mohawk Industries, Inc.*		194,972
13,564	Newell Brands, Inc.		118,007

Shares		Value
Common Stocks, continued
Household Durables, continued
92	NVR, Inc.*	$	584,257
7,582	PulteGroup, Inc.		588,970
4,544	Tempur Sealy International, Inc.		182,078
3,773	Toll Brothers, Inc.		298,331
1,012	TopBuild Corp.*		269,212
1,916	Whirlpool Corp.		285,082
			5,632,224
Household Products (1.9%):
868	Church & Dwight Co., Inc.		87,000
28,070	Colgate-Palmolive Co.		2,162,513
680	Kimberly-Clark Corp.		93,881
65,393	Procter & Gamble Co. (The)		9,922,734
1,638	Reynolds Consumer Products, Inc.		46,273
1,432	Spectrum Brands Holdings, Inc.		111,767
			12,424,168
Independent Power and Renewable Electricity Producers (0.1%):
8,880	AES Corp. (The)		184,082
4,588	Brookfield Renewable Corp., Class A^		144,614
1,184	Clearway Energy, Inc., Class A		31,968
2,799	Clearway Energy, Inc., Class C		79,939
9,095	Vistra Corp.		238,744
			679,347
Industrial Conglomerates (1.5%):
18,806	3M Co.		1,882,293
37,085	General Electric Co.		4,073,787
19,837	Honeywell International, Inc.		4,116,177
			10,072,257
Industrial REITs (0.8%):
9,658	Americold Realty Trust, Inc.		311,953
1,478	EastGroup Properties, Inc.		256,581
4,733	First Industrial Realty Trust, Inc.		249,145
31,557	Prologis, Inc.		3,869,835
6,599	Rexford Industrial Realty, Inc.		344,600
6,135	STAG Industrial, Inc.		220,124
			5,252,238
Insurance (3.7%):
20,579	Aflac, Inc.		1,436,414
8,967	Allstate Corp. (The)		977,762
2,418	American Financial Group, Inc.		287,137
25,087	American International Group, Inc.		1,443,506
6,915	Aon plc, Class A		2,387,058
10,503	Arch Capital Group, Ltd.*		786,150
6,834	Arthur J. Gallagher & Co.		1,500,541
1,795	Assurant, Inc.		225,667
2,070	Assured Guaranty, Ltd.		115,506
2,796	Axis Capital Holdings, Ltd.		150,509
2,027	Brighthouse Financial, Inc.*		95,978
4,943	Brown & Brown, Inc.		340,276
14,099	Chubb, Ltd.		2,714,903
5,312	Cincinnati Financial Corp.		516,964
980	CNA Financial Corp.		37,848
1,251	Everest Re Group, Ltd.		427,667
8,763	Fidelity National Financial, Inc.		315,468
3,625	First American Financial Corp.		206,698
3,028	Globe Life, Inc.		331,929
1,272	Hanover Insurance Group, Inc. (The)		143,774

See accompanying notes to the financial statements.

8

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Insurance, continued
10,411	Hartford Financial Services Group, Inc. (The)	$	749,800
2,282	Kemper Corp.		110,129
4,835	Lincoln National Corp.		124,550
6,388	Loews Corp.		379,319
449	Markel Group, Inc.*		621,048
3,369	Marsh & McLennan Cos., Inc.		633,642
22,117	MetLife, Inc.		1,250,274
9,231	Old Republic International Corp.		232,344
435	Primerica, Inc.		86,026
8,421	Principal Financial Group, Inc.		638,649
5,018	Progressive Corp. (The)		664,233
12,550	Prudential Financial, Inc.		1,107,161
2,264	Reinsurance Group of America, Inc.		313,994
1,233	RenaissanceRe Holdings, Ltd.		229,979
1,070	RLI Corp.		146,023
7,883	Travelers Cos., Inc. (The)		1,368,962
6,688	Unum Group		319,018
7,390	W R Berkley Corp.		440,148
90	White Mountains Insurance Group, Ltd.		125,002
3,188	Willis Towers Watson plc		750,774
			24,732,830
Interactive Media & Services (0.1%):
2,761	IAC, Inc.*		173,391
407	Match Group, Inc.*		17,033
3,372	TripAdvisor, Inc.*		55,604
5,149	ZoomInfo Technologies, Inc.*		130,733
			376,761
IT Services (1.2%):
5,360	Akamai Technologies, Inc.*		481,703
4,125	Amdocs, Ltd.		407,756
17,368	Cognizant Technology Solutions Corp., Class A		1,133,783
8,265	DXC Technology Co.*		220,841
2,076	GoDaddy, Inc., Class A*		155,970
31,081	International Business Machines Corp.		4,158,949
7,343	Kyndryl Holdings, Inc.*		97,515
4,697	Okta, Inc.*		325,737
4,831	Twilio, Inc., Class A*		307,348
2,897	VeriSign, Inc.*		654,635
			7,944,237
Leisure Products (0.1%):
2,144	Brunswick Corp.		185,756
4,721	Hasbro, Inc.		305,779
12,028	Mattel, Inc.*		235,027
1,680	Polaris, Inc.		203,163
			929,725
Life Sciences Tools & Services (1.8%):
1,888	Agilent Technologies, Inc.		227,032
23,061	Avantor, Inc.*		473,673
2,193	Azenta, Inc.*		102,369
714	Bio-Rad Laboratories, Inc., Class A*		270,692
1,734	Charles River Laboratories International, Inc.*		364,573
22,514	Danaher Corp.		5,403,360
2,371	ICON plc*		593,224
3,795	Illumina, Inc.*		711,525
460	IQVIA Holdings, Inc.*		103,394
8,151	QIAGEN NV*		367,040
1,059	Repligen Corp.*		149,806
4,381	Revvity, Inc.		520,419

Shares		Value
Common Stocks, continued
Life Sciences Tools & Services, continued
3,037	Syneos Health, Inc.*	$	127,979
5,068	Thermo Fisher Scientific, Inc.		2,644,229
			12,059,315
Machinery (2.5%):
1,936	AGCO Corp.		254,429
2,803	Allison Transmission Holdings, Inc.		158,257
4,416	Caterpillar, Inc.		1,086,557
33,404	CNH Industrial NV		481,018
1,690	Crane Co.		150,613
1,690	Crane NXT Co.		95,384
4,848	Cummins, Inc.		1,188,536
606	Deere & Co.		245,545
2,420	Donaldson Co., Inc.		151,274
4,751	Dover Corp.		701,485
1,821	Esab Corp.		121,169
4,678	Flowserve Corp.		173,788
12,090	Fortive Corp.		903,969
3,877	Gates Industrial Corp. plc*		52,262
3,375	Graco, Inc.		291,431
2,244	IDEX Corp.		483,043
1,919	Illinois Tool Works, Inc.		480,057
13,836	Ingersoll Rand, Inc.		904,321
3,000	ITT, Inc.		279,630
1,789	Middleby Corp. (The)*		264,468
1,955	Nordson Corp.		485,192
2,359	Oshkosh Corp.		204,266
13,300	Otis Worldwide Corp.		1,183,833
17,530	PACCAR, Inc.		1,466,385
4,369	Parker-Hannifin Corp.		1,704,085
5,912	Pentair PLC		381,915
966	RBC Bearings, Inc.*		210,076
1,779	Snap-on, Inc.		512,690
5,306	Stanley Black & Decker, Inc.		497,225
2,197	Timken Co. (The)		201,091
6,095	Westinghouse Air Brake Technologies Corp.		668,439
7,142	Xylem, Inc.		804,332
			16,786,765
Marine Transportation (0.0%†):
2,145	Kirby Corp.*		165,058
Media (1.4%):
179	Cable One, Inc.		117,617
141,452	Comcast Corp., Class A		5,877,331
9,003	DISH Network Corp., Class A*		59,330
10,085	Fox Corp., Class A		342,890
5,118	Fox Corp., Class B		163,213
13,434	Interpublic Group of Cos., Inc. (The)		518,284
335	Liberty Broadband Corp., Class A*		26,710
3,156	Liberty Broadband Corp., Class C*		252,827
1,947	Liberty Media Corp-Liberty SiriusXM, Class A*		63,881
5,247	Liberty Media Corp-Liberty SiriusXM, Class C*		171,734
5,835	New York Times Co. (The), Class A		229,782
13,649	News Corp., Class A		266,156
4,252	News Corp., Class B		83,849
768	Nexstar Media Group, Inc.		127,910
6,744	Omnicom Group, Inc.		641,692
33	Paramount Global, Class A^		612
19,478	Paramount Global, Class B		309,895

See accompanying notes to the financial statements.

9

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Media, continued
25,216	Sirius XM Holdings, Inc.^	$	114,229
			9,367,942
Metals & Mining (1.0%):
6,352	Alcoa Corp.		215,523
17,165	Cleveland-Cliffs, Inc.*		287,685
48,855	Freeport-McMoRan, Inc.		1,954,200
3,553	MP Materials Corp.*		81,293
27,208	Newmont Corp.		1,160,693
8,607	Nucor Corp.		1,411,376
2,017	Reliance Steel & Aluminum Co.		547,797
2,202	Royal Gold, Inc.		252,746
7,402	SSR Mining, Inc.		104,960
5,491	Steel Dynamics, Inc.		598,135
7,428	United States Steel Corp.		185,774
			6,800,182
Mortgage Real Estate Investment Trusts (REITs) (0.1%):
20,499	AGNC Investment Corp.		207,655
15,791	Annaly Capital Management, Inc.		315,978
15,555	Rithm Capital Corp.		145,439
10,494	Starwood Property Trust, Inc.^		203,584
			872,656
Multi-Utilities (1.4%):
9,039	Ameren Corp.		738,215
21,974	CenterPoint Energy, Inc.		640,542
10,078	CMS Energy Corp.		592,083
11,864	Consolidated Edison, Inc.		1,072,506
28,585	Dominion Energy, Inc.		1,480,417
6,766	DTE Energy Co.		744,395
14,591	NiSource, Inc.		399,064
17,003	Public Service Enterprise Group, Inc.		1,064,558
10,773	Sempra Energy		1,568,441
10,788	WEC Energy Group, Inc.		951,933
			9,252,154
Office REITs (0.2%):
5,863	Alexandria Real Estate Equities, Inc.		665,392
5,632	Boston Properties, Inc.		324,347
5,426	Cousins Properties, Inc.		123,713
3,732	Highwoods Properties, Inc.		89,232
4,176	Kilroy Realty Corp.		125,656
6,340	Vornado Realty Trust		115,007
			1,443,347
Oil, Gas & Consumable Fuels (7.1%):
7,715	Antero Midstream Corp.		89,494
9,662	Antero Resources Corp.*		222,516
1,209	APA Corp.		41,312
4,352	Chesapeake Energy Corp.		364,175
59,152	Chevron Corp.		9,307,567
41,476	ConocoPhillips		4,297,328
25,882	Coterra Energy, Inc.		654,815
21,913	Devon Energy Corp.		1,059,274
6,193	Diamondback Energy, Inc.		813,513
3,482	DT Midstream, Inc.		172,603
20,101	EOG Resources, Inc.		2,300,358
12,321	EQT Corp.		506,763
138,953	Exxon Mobil Corp.		14,902,709
4,200	Hess Corp.		570,990
4,847	HF Sinclair Corp.		216,225

Shares		Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
67,060	Kinder Morgan, Inc.	$	1,154,773
21,065	Marathon Oil Corp.		484,916
15,095	Marathon Petroleum Corp.		1,760,077
23,854	Occidental Petroleum Corp.		1,402,615
14,439	ONEOK, Inc.		891,175
4,618	Ovintiv, Inc.		175,807
2,962	PDC Energy, Inc.		210,717
15,757	Phillips 66		1,502,903
7,960	Pioneer Natural Resources Co.		1,649,153
7,999	Range Resources Corp.		235,171
36,730	Southwestern Energy Co.*		220,747
12,327	Valero Energy Corp.		1,445,957
41,641	Williams Cos., Inc. (The)		1,358,746
			48,012,399
Paper & Forest Products (0.0%†):
2,306	Louisiana-Pacific Corp.		172,904
Passenger Airlines (0.4%):
4,445	Alaska Air Group, Inc.*		236,385
13,962	American Airlines Group, Inc.*		250,479
20,819	Delta Air Lines, Inc.*		989,735
20,618	Southwest Airlines Co.		746,578
11,322	United Airlines Holdings, Inc.*		621,238
			2,844,415
Personal Care Products (0.2%):
12,626	Coty, Inc., Class A*		155,174
5,385	Estee Lauder Cos., Inc. (The), Class A		1,057,506
			1,212,680
Pharmaceuticals (5.4%):
71,909	Bristol-Myers Squibb Co.		4,598,581
6,146	Catalent, Inc.*		266,491
16,000	Elanco Animal Health, Inc.*		160,960
1,005	Jazz Pharmaceuticals plc*		124,590
88,979	Johnson & Johnson		14,727,804
70,901	Merck & Co., Inc.		8,181,266
9,131	Organon & Co.		190,016
4,825	Perrigo Co. plc		163,809
193,283	Pfizer, Inc.		7,089,620
12,691	Royalty Pharma plc, Class A		390,121
40,887	Viatris, Inc.		408,052
			36,301,310
Professional Services (0.9%):
2,009	Automatic Data Processing, Inc.		441,558
657	Broadridge Financial Solutions, Inc.		108,819
771	CACI International, Inc., Class A*		262,788
4,607	Ceridian HCM Holding, Inc.*		308,531
16,961	Clarivate plc*		161,638
1,527	Concentrix Corp.		123,305
7,878	CoStar Group, Inc.*		701,142
9,034	Dun & Bradstreet Holdings, Inc.		104,523
1,283	Equifax, Inc.		301,890
927	FTI Consulting, Inc.*		176,316
4,601	Genpact, Ltd.		172,860
1,698	Jack Henry & Associates, Inc.		284,126
4,398	Jacobs Solutions, Inc.		522,878
2,939	KBR, Inc.		191,211
4,664	Leidos Holdings, Inc.		412,671
1,805	ManpowerGroup, Inc.		143,317

See accompanying notes to the financial statements.

10

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Professional Services, continued
1,611	Paycor HCM, Inc.*	$	38,132
3,594	Robert Half International, Inc.		270,341
1,793	Science Applications International Corp.		201,677
7,427	SS&C Technologies Holdings, Inc.		450,076
6,600	TransUnion		516,978
			5,894,777
Real Estate Management & Development (0.2%):
10,591	CBRE Group, Inc., Class A*		854,799
1,316	Howard Hughes Corp. (The)*		103,859
1,715	Jones Lang LaSalle, Inc.*		267,197
1,901	Zillow Group, Inc., Class A*		93,529
5,326	Zillow Group, Inc., Class C*		267,685
			1,587,069
Residential REITs (0.9%):
11,060	American Homes 4 Rent, Class A		392,077
4,943	Apartment Income REIT Corp.		178,393
4,777	AvalonBay Communities, Inc.		904,143
3,412	Camden Property Trust		371,464
4,086	Equity LifeStyle Properties, Inc.		273,313
12,988	Equity Residential		856,818
2,241	Essex Property Trust, Inc.		525,066
21,369	Invitation Homes, Inc.		735,094
3,997	Mid-America Apartment Communities, Inc.		606,984
3,285	Sun Communities, Inc.		428,561
10,586	UDR, Inc.		454,775
			5,726,688
Retail REITs (0.6%):
3,041	Agree Realty Corp.		198,851
10,717	Brixmor Property Group, Inc.		235,774
20,680	Kimco Realty Corp.		407,810
6,405	NNN REIT, Inc.		274,070
22,162	Realty Income Corp.		1,325,066
5,818	Regency Centers Corp.		359,378
8,676	Simon Property Group, Inc.		1,001,904
5,000	Spirit Realty Capital, Inc.		196,900
			3,999,753
Semiconductors & Semiconductor Equipment (3.7%):
23,632	Advanced Micro Devices, Inc.*		2,691,921
17,292	Analog Devices, Inc.		3,368,654
4,476	Applied Materials, Inc.		646,961
1,969	Cirrus Logic, Inc.*		159,509
4,838	Entegris, Inc.		536,147
3,718	First Solar, Inc.*		706,755
2,680	GLOBALFOUNDRIES, Inc.*		173,074
142,806	Intel Corp.		4,775,433
243	Lam Research Corp.		156,215
29,220	Marvell Technology, Inc.		1,746,772
5,278	Microchip Technology, Inc.		472,856
37,383	Micron Technology, Inc.		2,359,241
2,059	MKS Instruments, Inc.		222,578
14,742	ON Semiconductor Corp.*		1,394,298
3,419	Qorvo, Inc.*		348,840
4,885	QUALCOMM, Inc.		581,510
5,411	Skyworks Solutions, Inc.		598,944
890	Teradyne, Inc.		99,084
18,382	Texas Instruments, Inc.		3,309,128
875	Universal Display Corp.		126,114

Shares		Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
4,425	Wolfspeed, Inc.*	$	245,986
			24,720,020
Software (1.6%):
519	ANSYS, Inc.*		171,410
5,783	AppLovin Corp., Class A*		148,797
953	Aspen Technology, Inc.*		159,732
3,553	BILL Holdings, Inc.*		415,168
5,037	Black Knight, Inc.*		300,860
6,873	CCC Intelligent Solutions Holdings, Inc.*		77,046
1,963	Dolby Laboratories, Inc., Class A		164,264
117	Dropbox, Inc., Class A*		3,120
15,979	Gen Digital, Inc.		296,410
2,945	Guidewire Software, Inc.*		224,056
397	Informatica, Inc., Class A*		7,345
1,661	nCino, Inc.*		50,029
4,330	NCR Corp.*		109,116
5,942	Nutanix, Inc., Class A*		166,673
30,635	Oracle Corp.		3,648,322
1,773	PTC, Inc.*		252,298
3,615	Roper Technologies, Inc.		1,738,092
7,965	Salesforce, Inc.*		1,682,686
5,569	SentinelOne, Inc., Class A*		84,092
347	Tyler Technologies, Inc.*		144,515
2,991	UiPath, Inc., Class A*		49,561
5,952	Unity Software, Inc.*		258,436
8,450	Zoom Video Communications, Inc., Class A*		573,586
			10,725,614
Specialized REITs (1.4%):
13,227	Crown Castle, Inc.		1,507,084
7,591	CubeSmart		339,014
10,088	Digital Realty Trust, Inc.		1,148,721
2,660	EPR Properties		124,488
1,590	Equinix, Inc.		1,246,465
4,063	Extra Space Storage, Inc.		604,777
8,773	Gaming and Leisure Properties, Inc.		425,140
4,999	Iron Mountain, Inc.		284,043
680	Lamar Advertising Co., Class A		67,490
2,869	Life Storage, Inc.		381,462
3,050	National Storage Affiliates Trust		106,231
2,245	Public Storage		655,271
5,235	Rayonier, Inc.		164,379
3,300	SBA Communications Corp.		764,808
34,320	VICI Properties, Inc.		1,078,678
25,037	Weyerhaeuser Co.		838,990
			9,737,041
Specialty Retail (0.8%):
1,989	Advance Auto Parts, Inc.		139,827
1,041	AutoNation, Inc.*		171,359
104	AutoZone, Inc.*		259,309
8,221	Bath & Body Works, Inc.		308,288
5,747	Best Buy Co., Inc.		470,967
5,015	CarMax, Inc.*		419,755
1,910	Dick’s Sporting Goods, Inc.		252,483
9,646	GameStop Corp., Class A*^		233,916
6,989	Gap, Inc. (The)		62,412
974	Lithia Motors, Inc.		296,203
5,450	Lowe’s Cos., Inc.		1,230,065
317	O’Reilly Automotive, Inc.*		302,830

See accompanying notes to the financial statements.

11

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Specialty Retail, continued
686	Penske Automotive Group, Inc.	$	114,308
2,533	Petco Health & Wellness Co., Inc.*		22,544
465	RH*		153,259
769	Ross Stores, Inc.		86,228
4,328	Valvoline, Inc.		162,343
812	Victoria’s Secret & Co.*		14,153
1,827	Wayfair, Inc., Class A*		118,773
1,940	Williams-Sonoma, Inc.		242,772
			5,061,794
Technology Hardware, Storage & Peripherals (0.3%):
44,882	Hewlett Packard Enterprise Co.		754,018
23,514	HP, Inc.		722,115
4,401	NetApp, Inc.		336,236
2,095	Pure Storage, Inc., Class A*		77,138
10,920	Western Digital Corp.*		414,195
			2,303,702
Textiles, Apparel & Luxury Goods (0.5%):
3,972	Capri Holdings, Ltd.*		142,555
1,340	Carter’s, Inc.		97,284
1,294	Columbia Sportswear Co.		99,949
18,996	NIKE, Inc., Class B		2,096,589
2,097	PVH Corp.		178,182
1,457	Ralph Lauren Corp.		179,648
4,081	Skechers U.S.A., Inc., Class A*		214,905
7,054	Tapestry, Inc.		301,911
6,770	Under Armour, Inc., Class A*		48,879
7,090	Under Armour, Inc., Class C*		47,574
12,562	VF Corp.		239,809
			3,647,285
Tobacco (1.2%):
61,097	Altria Group, Inc.		2,767,694
53,086	Philip Morris International, Inc.		5,182,255
			7,949,949
Trading Companies & Distributors (0.5%):
3,733	Air Lease Corp.		156,226

Shares		Value
Common Stocks, continued
Trading Companies & Distributors, continued
1,876	Core & Main, Inc., Class A*	$	58,794
4,900	Fastenal Co.		289,051
6,673	Ferguson PLC		1,049,729
1,660	MSC Industrial Direct Co., Inc.		158,165
1,030	SiteOne Landscape Supply, Inc.*		172,381
1,865	United Rentals, Inc.		830,615
5,226	Univar Solutions, Inc.*		187,300
852	Watsco, Inc.		325,012
1,512	WESCO International, Inc.		270,739
			3,498,012
Water Utilities (0.2%):
6,661	American Water Works Co., Inc.		950,858
8,315	Essential Utilities, Inc.		331,851
			1,282,709
Wireless Telecommunication Services (0.4%):
18,578	T-Mobile US, Inc.*		2,580,484
Total Common Stocks (Cost $496,458,212)			665,142,877
Short-Term Security Held as Collateral for Securities on Loan (0.3%):
$2,066,883	BlackRock Liquidity FedFund, Institutional Class, 3.57%(a)(b)		2,066,883
Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,066,883)			2,066,883
Unaffiliated Investment Company (0.9%):
Money Markets (0.9%):
5,961,563	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(b)		5,961,563
Total Unaffiliated Investment Company (Cost $5,961,563)			5,961,563
Total Investment Securities (Cost $504,486,658) — 100.2%			673,171,323
Net other assets (liabilities) — (0.2)%			(1,602,778	)
Net Assets — 100.0%		$	671,568,545

Percentages indicated are based on net assets as of June 30, 2023.

REIT             -         Real Estate Investment Trust

* Non-income producing security.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $2,028,736.

+ Affiliated Securities

† Represents less than 0.05%.

(a) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(b) The rate represents the effective yield at June 30, 2023.

Amounts shown as “—“ are either $0 or round to less than $1.

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date	Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)	9/15/23		17	$	3,815,013	$	95,806
S&P Midcap 400 E-Mini September Futures (U.S. Dollar)	9/15/23		12		3,172,920		118,115
						$	213,921

See accompanying notes to the financial statements.

12

AZL Russell 1000 Value Index Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investments in non-affiliates, at cost	$	502,780,856
Investments in affiliates, at cost		1,705,802
Investments in non-affiliates, at value(a)	$	669,656,876
Investments in affiliates, at value		3,514,447
Deposit at broker for futures contracts collateral		368,200
Interest and dividends receivable		739,710
Receivable for variation margin on futures contracts		69,627
Reclaims receivable		13,934
Receivable from Manager		48,727
Prepaid expenses		3,292
Total Assets		674,414,813
Liabilities:
Cash overdraft		37
Payable for capital shares redeemed		285,855
Payable for collateral received on loaned securities		2,066,883
Management fees payable		238,218
Administration fees payable		19,794
Distribution fees payable		99,372
Custodian fees payable		10,199
Administrative and compliance services fees payable		1,646
Transfer agent fees payable		2,496
Trustee fees payable		8,199
Other accrued liabilities		113,569
Total Liabilities		2,846,268
Commitments and contingent liabilities^
Net Assets	$	671,568,545
Net Assets Consist of:
Paid in capital	$	428,141,173
Total distributable earnings		243,427,372
Net Assets	$	671,568,545
Class 1
Net Assets	$	178,326,494
Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,106,420
Net Asset Value (offering and redemption price per share)	$	8.87
Class 2
Net Assets	$	493,242,051
Shares of beneficial interest (unlimited number of shares authorized, no par value)		37,814,638
Net Asset Value (offering and redemption price per share)	$	13.04

(a) Includes securities on loan of $2,028,736.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends from non-affiliates	$	8,901,025
Dividends from affiliates		63,285
Interest		5,635
Income from securities lending		84,281
Foreign withholding tax		(56	)
Total Investment Income		9,054,170
Expenses:
Management fees		1,674,044
Administration fees		91,239
Distribution fees - Class 2		728,741
Custodian fees		14,412
Administrative and compliance services fees		3,689
Transfer agent fees		5,268
Trustee fees		15,243
Professional fees		11,854
Licensing fees		59,313
Shareholder reports		11,302
Other expenses		8,826
Total expenses before reductions		2,623,931
Less Management fees contractually waived		(342,424	)
Net expenses		2,281,507
Net Investment Income/(Loss)		6,772,663
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		23,044,082
Net realized gains/(losses) on affiliated transactions		(226,687	)
Net realized gains/(losses) on futures contracts		(15,952	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		5,237,349
Change in net unrealized appreciation/depreciation on affiliated transactions		60,242
Change in net unrealized appreciation/depreciation on futures contracts		308,056
Net realized and Change in net unrealized gains/losses on investments		28,407,090
Change in Net Assets Resulting From Operations	$	35,179,753

See accompanying notes to the financial statements.

13

AZL Russell 1000 Value Index Fund

Statements of Changes in Net Assets

	For the       Six Months Ended		For the Year Ended
	June 30, 2023		December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)	$	6,772,663	$	15,861,994
Net realized gains/(losses) on investments		22,801,443		39,929,522
Change in unrealized appreciation/depreciation on investments		5,605,647		(151,834,583)
Change in net assets resulting from operations		35,179,753		(96,043,067)
Distributions to Shareholders:
Class 1		—		(29,777,305)
Class 2		—		(86,902,859)
Change in net assets resulting from distributions to shareholders		—		(116,680,164)
Capital Transactions:
Class 1
Proceeds from shares issued		1,371,098		14,542
Proceeds from dividends reinvested		—		29,777,305
Value of shares redeemed		(13,457,469)		(23,577,132)
Total Class 1 Shares		(12,086,371)		6,214,715
Class 2
Proceeds from shares issued		1,963,522		8,911,501
Proceeds from dividends reinvested		—		86,902,859
Value of shares redeemed		(281,047,125)		(180,794,379)
Total Class 2 Shares		(279,083,603)		(84,980,019)
Change in net assets resulting from capital transactions		(291,169,974)		(78,765,304)
Change in net assets		(255,990,221)		(291,488,535)
Net Assets:
Beginning of period		927,558,766		1,219,047,301
End of period	$	671,568,545	$	927,558,766
Share Transactions:
Class 1
Shares issued		157,152		1,397
Dividends reinvested		—		3,764,514
Shares redeemed		(1,575,250)		(2,428,108)
Total Class 1 Shares		(1,418,098)		1,337,803
Class 2
Shares issued		152,172		664,830
Dividends reinvested		—		7,459,473
Shares redeemed		(22,734,192)		(12,986,670)
Total Class 2 Shares		(22,582,020)		(4,862,367)
Change in shares		(24,000,118)		(3,524,564)

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

14

AZL Russell 1000 Value Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
		(Unaudited	)
Class 1
Net Asset Value, Beginning of Period	$	8.40		$	10.98		$	9.02		$	9.75		$	8.55		$	10.65
Investment Activities:
Net Investment Income/(Loss)		0.08	(a)		0.17	(a)		0.16	(a)		0.18	(a)		0.21	(a)		0.24
Net Realized and Unrealized Gains/(Losses) on Investments		0.39			(1.14	)		2.04			(0.06	)		1.94			(1.02	)
Total from Investment Activities		0.47			(0.97	)		2.20			0.12			2.15			(0.78	)
Distributions to Shareholders From:
Net Investment Income		—			(0.22	)		(0.20	)		(0.27	)		(0.30	)		(0.30	)
Net Realized Gains		—			(1.39	)		(0.04	)		(0.58	)		(0.65	)		(1.02	)
Total Dividends		—			(1.61	)		(0.24	)		(0.85	)		(0.95	)		(1.32	)
Net Asset Value, End of Period	$	8.87		$	8.40		$	10.98		$	9.02		$	9.75		$	8.55
Total Return(b)		5.60	%(c)		(7.88	)%		24.55	%(c)		2.25	%		26.13	%		(8.50	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	178,326		$	180,772		$	221,723		$	146,474		$	165,337		$	148,796
Net Investment Income/(Loss)(d)		1.97	%		1.75	%		1.52	%		2.08	%		2.21	%		2.10	%
Expenses Before Reductions(d)(e)		0.50	%		0.50	%		0.52	%		0.52	%		0.51	%		0.50	%
Expenses Net of Reductions(d)		0.41	%		0.41	%		0.43	%		0.43	%		0.43	%		0.43	%
Portfolio Turnover Rate(f)		14	%		12	%		38	%(g)		27	%		15	%		22	%
Class 2
Net Asset Value, Beginning of Period	$	12.36		$	15.28		$	12.48		$	13.13		$	11.22		$	13.56
Investment Activities:
Net Investment Income/(Loss)		0.11	(a)		0.21	(a)		0.18	(a)		0.21	(a)		0.25	(a)		0.28
Net Realized and Unrealized Gains/(Losses) on Investments		0.57			(1.56	)		2.83			(0.04	)		2.57			(1.34	)
Total from Investment Activities		0.68			(1.35	)		3.01			0.17			2.82			(1.06	)
Distributions to Shareholders From:
Net Investment Income		—			(0.18	)		(0.17	)		(0.24	)		(0.26	)		(0.26	)
Net Realized Gains		—			(1.39	)		(0.04	)		(0.58	)		(0.65	)		(1.02	)
Total Dividends		—			(1.57	)		(0.21	)		(0.82	)		(0.91	)		(1.28	)
Net Asset Value, End of Period	$	13.04		$	12.36		$	15.28		$	12.48		$	13.13		$	11.22
Total Return(b)		5.50	%(c)		(8.18	)%		24.25	%		2.01	%		25.86	%		(8.72	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	493,242		$	746,787		$	997,324		$	779,649		$	787,403		$	720,365
Net Investment Income/(Loss)(d)		1.72	%		1.60	%		1.27	%		1.83	%		1.96	%		1.85	%
Expenses Before Reductions(d)(e)		0.75	%		0.75	%		0.77	%		0.77	%		0.76	%		0.75	%
Expenses Net of Reductions(d)		0.66	%		0.66	%		0.68	%		0.68	%		0.68	%		0.68	%
Portfolio Turnover Rate(f)		14	%		12	%		38	%(g)		27	%		15	%		22	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

(g) Excludes impact of in-kind transactions.

See accompanying notes to the financial statements.

15

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment

Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Value Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

16

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $8,321 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,066,883 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $4.7 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

17

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$213,921	Payable for variation margin on futures contracts*		$—

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		$	(15,952)		$308,056

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL Russell 1000 Value Index Fund, Class 1		0.44	%		0.59	%
AZL Russell 1000 Value Index Fund, Class 2		0.44	%		0.84	%

* The Manager waived, prior to any application of expense limit, the management fee to 0.35% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager is 0.015%.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager waived in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

At June 30, 2023, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.

	Value 12/31/22			Purchases at Cost			Proceeds from Sales		Net Realized Gains (Losses)		Change in Net Unrealized Appreciation (Depreciation)			Value 06/30/23			Shares as of 06/30/23		Dividend Income			Capital Gains Distributions
BlackRock, Inc., Class A		$	5,336,693		$	57,153		$      (1,712,954)		$      (226,687)		$	60,242		$	3,514,447		5,085		$	63,285		$	—

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

18

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

19

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3		Total
Common Stocks+		$665,142,877		$—		$—		$665,142,877
Short-Term Security Held as Collateral for Securities on Loan		2,066,883		—		—		2,066,883
Unaffiliated Investment Company		5,961,563		—		—		5,961,563
Total Investment Securities		673,171,323		—		—		673,171,323
Other Financial Instruments:*
Futures Contracts		213,921		—		—		213,921
Total Investments		$673,385,244		$—		$—		$673,385,244

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL Russell 1000 Value Index Fund		$	89,608,508		$	377,491,405

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Concentration Risk: The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

20

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $775,935,827. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$	217,654,189
Unrealized (depreciation)		(64,929,694)
Net unrealized appreciation/(depreciation)	$	152,724,495

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL Russell 1000 Value Index Fund	$33,190,347	$83,489,817	$116,680,164

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated     Earnings/ (Deficit)
AZL Russell 1000 Value Index Fund	$19,135,079	$36,388,045	$—	$152,724,495	$208,247,619

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 95% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

21

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

22

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

23

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® S&P 500 Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Expense Examples and Portfolio Composition

Page 3

Schedule of Portfolio Investments

Page 4

Statement of Assets and Liabilities

Page 10

Statement of Operations

Page 10

Statements of Changes in Net Assets

Page 11

Financial Highlights

Page 12

Notes to the Financial Statements

Page 13

Other Information

Page 19

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 20

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL S&P 500 Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL S&P 500 Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL S&P 500 Index Fund, Class 1		$	1,000.00		$	1,167.10		$	1.18		0.22	%
AZL S&P 500 Index Fund, Class 2		$	1,000.00		$	1,165.90		$	2.52		0.47	%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23			Ending Account Value 6/30/23			Expenses Paid During Period 1/1/23 - 6/30/23*			Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL S&P 500 Index Fund, Class 1		$	1,000.00		$	1,023.70		$	1.10		0.22	%
AZL S&P 500 Index Fund, Class 2		$	1,000.00		$	1,022.46		$	2.36		0.47	%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net Assets
Information Technology		28.1	%
Health Care		13.3
Financials		12.3
Consumer Discretionary		10.6
Industrials		8.6
Communication Services		8.3
Consumer Staples		6.6
Energy		4.1
Utilities		2.5
Materials		2.5
Real Estate		2.4
Total Common Stocks		99.3
Unaffiliated Investment Company		0.1
Total Investment Securities		99.4
Net other assets (liabilities)		0.6
Net Assets		100.0	%

3

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks (99.3%):
Aerospace & Defense (1.7%):
	5,078	Axon Enterprise, Inc.*	$	990,819
	40,186	Boeing Co. (The)*		8,485,676
	16,175	General Dynamics Corp.		3,480,051
	26,462	Howmet Aerospace, Inc.		1,311,457
	2,885	Huntington Ingalls Industries, Inc.		656,626
	13,389	L3Harris Technologies, Inc.		2,621,165
	16,038	Lockheed Martin Corp.		7,383,574
	10,228	Northrop Grumman Corp.		4,661,922
	103,931	Raytheon Technologies Corp.		10,181,081
	14,799	Textron, Inc.		1,000,856
	3,668	TransDigm Group, Inc.		3,279,816
				44,053,043
Air Freight & Logistics (0.6%):
	7,910	CH Robinson Worldwide, Inc.		746,308
	11,175	Expeditors International of Washington, Inc.		1,353,628
	16,413	FedEx Corp.		4,068,783
	51,840	United Parcel Service, Inc., Class B		9,292,320
				15,461,039
Automobile Components (2.3%):
	19,195	Aptiv plc*		1,959,618
	16,029	BorgWarner, Inc.		783,978
	278,299	Ford Motor Co.		4,210,664
	100,002	General Motors Co.		3,856,077
	191,823	Tesla, Inc.*		50,213,507
				61,023,844
Banks (3.0%):
	493,654	Bank of America Corp.		14,162,933
	138,284	Citigroup, Inc.		6,366,595
	33,285	Citizens Financial Group, Inc.		868,073
	9,769	Comerica, Inc.		413,815
	49,343	Fifth Third Bancorp		1,293,280
	105,467	Huntington Bancshares, Inc.		1,136,934
	208,072	JPMorgan Chase & Co.		30,261,992
	68,556	KeyCorp		633,458
	11,968	M&T Bank Corp.		1,481,160
	28,352	PNC Financial Services Group, Inc. (The)		3,570,934
	68,559	Regions Financial Corp.		1,221,721
	94,226	Truist Financial Corp.		2,859,759
	98,704	US Bancorp		3,261,180
	266,991	Wells Fargo & Co.		11,395,176
	10,729	Zions Bancorp NA		288,181
				79,215,191
Beverages (1.7%):
	13,128	Brown-Forman Corp., Class B		876,688
	277,126	Coca-Cola Co. (The)		16,688,528
	11,447	Constellation Brands, Inc., Class A		2,817,450
	60,249	Keurig Dr Pepper, Inc.		1,883,986
	13,901	Molson Coors Beverage Co., Class B		915,242
	54,227	Monster Beverage Corp.*		3,114,799
	98,094	PepsiCo, Inc.		18,168,970
				44,465,663
Biotechnology (1.9%):
	125,621	AbbVie, Inc.		16,924,917
	37,945	Amgen, Inc.		8,424,549
	10,245	Biogen, Inc.*		2,918,288
	89,251	Gilead Sciences, Inc.		6,878,575

Shares			Value
Common Stocks, continued
Biotechnology, continued
	13,664	Incyte Corp.*	$	850,584
	22,960	Moderna, Inc.*		2,789,640
	7,676	Regeneron Pharmaceuticals, Inc.*		5,515,513
	18,451	Vertex Pharmaceuticals, Inc.*		6,493,092
				50,795,158
Broadline Retail (3.2%):
	635,584	Amazon.com, Inc.*		82,854,730
	38,361	eBay, Inc.		1,714,353
	9,091	Etsy, Inc.*		769,190
				85,338,273
Building Products (0.4%):
	8,564	A O Smith Corp.		623,288
	6,110	Allegion plc		733,322
	58,820	Carrier Global Corp.		2,923,942
	48,984	Johnson Controls International plc		3,337,770
	16,009	Masco Corp.		918,596
	16,326	Trane Technologies plc		3,122,511
				11,659,429
Capital Markets (2.6%):
	7,395	Ameriprise Financial, Inc.		2,456,323
	51,034	Bank of New York Mellon Corp. (The)		2,272,034
	10,650	BlackRock, Inc., Class A+		7,360,641
	7,779	Cboe Global Markets, Inc.		1,073,580
	105,812	Charles Schwab Corp. (The)		5,997,424
	25,462	CME Group, Inc.		4,717,854
	2,750	FactSet Research Systems, Inc.		1,101,788
	19,919	Franklin Resources, Inc.		532,036
	23,744	Goldman Sachs Group, Inc. (The)		7,658,390
	39,903	Intercontinental Exchange, Inc.		4,512,231
	34,577	Invesco, Ltd.		581,239
	2,759	MarketAxess Holdings, Inc.		721,258
	11,330	Moody’s Corp.		3,939,668
	92,454	Morgan Stanley		7,895,572
	5,649	MSCI, Inc.		2,651,019
	24,828	Nasdaq, Inc.		1,237,676
	14,964	Northern Trust Corp.		1,109,431
	13,224	Raymond James Financial, Inc.		1,372,254
	23,423	S&P Global, Inc.		9,390,046
	24,117	State Street Corp.		1,764,882
	15,686	T. Rowe Price Group, Inc.		1,757,146
				70,102,492
Chemicals (1.7%):
	15,900	Air Products and Chemicals, Inc.		4,762,527
	8,172	Albemarle Corp.		1,823,091
	7,401	Celanese Corp.		857,036
	14,355	CF Industries Holdings, Inc.		996,524
	50,732	Corteva, Inc.		2,906,943
	51,063	Dow, Inc.		2,719,615
	32,753	DuPont de Nemours, Inc.		2,339,874
	8,352	Eastman Chemical Co.		699,229
	17,620	Ecolab, Inc.		3,289,478
	8,653	FMC Corp.		902,854
	17,952	International Flavors & Fragrances, Inc.		1,428,800
	34,860	Linde plc		13,284,449
	17,743	Lyondellbasell Industries NV		1,629,340
	24,077	Mosaic Co. (The)		842,695
	16,879	PPG Industries, Inc.		2,503,156

See accompanying notes to the financial statements.

4

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Chemicals, continued
	16,732	Sherwin-Williams Co. (The)	$	4,442,681
				45,428,292
Commercial Services & Supplies (0.5%):
	6,113	Cintas Corp.		3,038,650
	30,940	Copart, Inc.*		2,822,037
	14,660	Republic Services, Inc.		2,245,472
	15,853	Rollins, Inc.		678,984
	26,242	Waste Management, Inc.	��	4,550,888
				13,336,031
Communications Equipment (0.9%):
	17,949	Arista Networks, Inc.*		2,908,815
	291,630	Cisco Systems, Inc.		15,088,936
	4,113	F5, Inc.*		601,568
	21,995	Juniper Networks, Inc.		689,103
	11,997	Motorola Solutions, Inc.		3,518,480
				22,806,902
Construction & Engineering (0.1%):
	10,489	Quanta Services, Inc.		2,060,564
Construction Materials (0.2%):
	4,405	Martin Marietta Materials, Inc.		2,033,745
	9,410	Vulcan Materials Co.		2,121,390
				4,155,135
Consumer Finance (0.5%):
	42,328	American Express Co.		7,373,537
	26,967	Capital One Financial Corp.		2,949,381
	18,322	Discover Financial Services		2,140,926
	30,741	Synchrony Financial		1,042,735
				13,506,579
Consumer Staples Distribution & Retail (1.8%):
	31,577	Costco Wholesale Corp.		17,000,425
	15,610	Dollar General Corp.		2,650,266
	14,565	Dollar Tree, Inc.*		2,090,078
	46,640	Kroger Co. (The)		2,192,080
	35,622	Sysco Corp.		2,643,152
	33,160	Target Corp.		4,373,804
	50,371	Walgreens Boots Alliance, Inc.		1,435,070
	99,869	Walmart, Inc.		15,697,409
				48,082,284
Containers & Packaging (0.2%):
	103,433	Amcor plc		1,032,261
	5,928	Avery Dennison Corp.		1,018,430
	22,686	Ball Corp.		1,320,552
	24,599	International Paper Co.		782,494
	6,179	Packaging Corp. of America		816,617
	9,234	Sealed Air Corp.		369,360
	19,064	Westrock Co.		554,191
				5,893,905
Distributors (0.1%):
	9,863	Genuine Parts Co.		1,669,115
	17,554	LKQ Corp.		1,022,872
	2,690	Pool Corp.		1,007,782
				3,699,769
Diversified REITs (0.0%†):
	5,376	Federal Realty Investment Trust		520,236

Shares			Value
Common Stocks, continued
Diversified Telecommunication Services (0.7%):
	510,922	AT&T, Inc.	$	8,149,206
	299,217	Verizon Communications, Inc.		11,127,880
			19,277,086
Electric Utilities (1.7%):
	18,652	Alliant Energy Corp.		978,857
	36,762	American Electric Power Co., Inc.		3,095,361
	23,163	Constellation Energy Corp.		2,120,573
	54,758	Duke Energy Corp.		4,913,983
	27,066	Edison International		1,879,734
	14,867	Entergy Corp.		1,447,600
	15,858	Evergy, Inc.		926,424
	24,585	Eversource Energy		1,743,568
	70,461	Exelon Corp.		2,870,581
	39,625	FirstEnergy Corp.		1,540,620
	143,876	NextEra Energy, Inc.		10,675,599
	15,474	NRG Energy, Inc.		578,573
	114,347	PG&E Corp.*		1,975,916
	8,153	Pinnacle West Capital Corp.		664,143
	53,716	PPL Corp.		1,421,325
	77,946	Southern Co. (The)		5,475,707
	39,636	Xcel Energy, Inc.		2,464,170
				44,772,734
Electrical Equipment (0.6%):
	16,504	AMETEK, Inc.		2,671,668
	28,292	Eaton Corp. plc		5,689,521
	40,954	Emerson Electric Co.		3,701,832
	4,227	Generac Holdings, Inc.*		630,372
	8,239	Rockwell Automation, Inc.		2,714,339
				15,407,732
Electronic Equipment, Instruments & Components (0.6%):
	42,601	Amphenol Corp., Class A		3,618,955
	9,533	CDW Corp.		1,749,305
	53,670	Corning, Inc.		1,880,597
	12,695	Keysight Technologies, Inc.*		2,125,778
	22,535	TE Connectivity, Ltd.		3,158,506
	3,260	Teledyne Technologies, Inc.*		1,340,218
	17,285	Trimble, Inc.*		915,068
	3,706	Zebra Technologies Corp., Class A*		1,096,346
				15,884,773
Energy Equipment & Services (0.4%):
	71,335	Baker Hughes Co.		2,254,899
	64,790	Halliburton Co.		2,137,422
	102,114	Schlumberger, Ltd.		5,015,840
				9,408,161
Entertainment (1.4%):
	50,723	Activision Blizzard, Inc.*		4,275,949
	18,859	Electronic Arts, Inc.		2,446,012
	9,834	Live Nation Entertainment, Inc.*		895,976
	31,652	Netflix, Inc.*		13,942,389
	11,191	Take-Two Interactive Software, Inc.*		1,646,868
	130,097	Walt Disney Co. (The)*		11,615,060
	157,665	Warner Bros Discovery, Inc.*		1,977,119
				36,799,373
Financial Services (4.1%):
	126,974	Berkshire Hathaway, Inc., Class B*		43,298,134
	42,670	Fidelity National Information Services, Inc.		2,334,049
	43,906	Fiserv, Inc.*		5,538,742

See accompanying notes to the financial statements.

5

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Financial Services, continued
	5,156	FleetCor Technologies, Inc.*	$	1,294,568
	18,438	Global Payments, Inc.		1,816,512
	59,579	Mastercard, Inc., Class A		23,432,421
	79,062	PayPal Holdings, Inc.*		5,275,807
	115,221	Visa, Inc., Class A		27,362,683
				110,352,916
Food Products (1.0%):
	39,022	Archer-Daniels-Midland Co.		2,948,502
	10,901	Bunge, Ltd.		1,028,509
	14,874	Campbell Soup Co.		679,891
	34,714	Conagra Brands, Inc.		1,170,556
	41,812	General Mills, Inc.		3,206,980
	10,349	Hershey Co. (The)		2,584,145
	20,326	Hormel Foods Corp.		817,512
	7,679	JM Smucker Co. (The)		1,133,958
	18,527	Kellogg Co.		1,248,720
	56,913	Kraft Heinz Co. (The)		2,020,411
	10,323	Lamb Weston Holdings, Inc.		1,186,629
	17,422	McCormick & Co., Inc.		1,519,721
	96,873	Mondelez International, Inc., Class A		7,065,917
	20,900	Tyson Foods, Inc., Class A		1,066,736
				27,678,187
Gas Utilities (0.0%†):
	10,396	Atmos Energy Corp.		1,209,471
Ground Transportation (0.8%):
	144,368	CSX Corp.		4,922,949
	5,899	JB Hunt Transport Services, Inc.		1,067,896
	16,280	Norfolk Southern Corp.		3,691,653
	6,449	Old Dominion Freight Line, Inc.		2,384,518
	43,318	Union Pacific Corp.		8,863,729
				20,930,745
Health Care Equipment & Supplies (2.9%):
	123,816	Abbott Laboratories		13,498,420
	5,068	Align Technology, Inc.*		1,792,247
	35,365	Baxter International, Inc.		1,611,229
	20,296	Becton Dickinson & Co.		5,358,347
	102,187	Boston Scientific Corp.*		5,527,295
	3,615	Cooper Cos., Inc. (The)		1,386,099
	15,100	DENTSPLY SIRONA, Inc.		604,302
	27,657	Dexcom, Inc.*		3,554,201
	42,885	Edwards Lifesciences Corp.*		4,045,342
	25,998	GE HealthCare Technologies, Inc.		2,112,078
	17,213	Hologic, Inc.*		1,393,737
	5,856	IDEXX Laboratories, Inc.*		2,941,059
	5,053	Insulet Corp.*		1,456,982
	25,053	Intuitive Surgical, Inc.*		8,566,623
	94,459	Medtronic plc		8,321,838
	10,542	ResMed, Inc.		2,303,427
	7,052	STERIS plc		1,586,559
	24,114	Stryker Corp.		7,356,940
	3,465	Teleflex, Inc.		838,634
	14,961	Zimmer Biomet Holdings, Inc.		2,178,322
				76,433,681
Health Care Providers & Services (2.9%):
	11,512	AmerisourceBergen Corp.		2,215,254
	18,506	Cardinal Health, Inc.		1,750,112
	38,647	Centene Corp.*		2,606,740

Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	21,046	Cigna Group (The)	$	5,905,508
	91,660	CVS Health Corp.		6,336,456
	3,967	DaVita, Inc.*		398,565
	16,899	Elevance Health, Inc.		7,508,057
	14,624	HCA Healthcare, Inc.		4,438,092
	9,742	Henry Schein, Inc.*		790,076
	8,940	Humana, Inc.		3,997,342
	6,446	Laboratory Corp. of America Holdings		1,555,613
	9,669	McKesson Corp.		4,131,660
	4,027	Molina Healthcare, Inc.*	��	1,213,093
	7,769	Quest Diagnostics, Inc.		1,092,011
	66,291	UnitedHealth Group, Inc.		31,862,106
	4,596	Universal Health Services, Inc., Class B		725,111
				76,525,796
Health Care REITs (0.2%):
	38,295	Healthpeak Properties, Inc.		769,730
	28,975	Ventas, Inc.		1,369,648
	34,884	Welltower, Inc.		2,821,767
				4,961,145
Hotel & Resort REITs (0.0%†):
	50,849	Host Hotels & Resorts, Inc.		855,789
Hotels, Restaurants & Leisure (2.0%):
	2,635	Booking Holdings, Inc.*		7,115,370
	15,520	Caesars Entertainment, Inc.*		791,054
	70,200	Carnival Corp., Class A*		1,321,866
	1,965	Chipotle Mexican Grill, Inc.*		4,203,135
	8,394	Darden Restaurants, Inc.		1,402,470
	2,600	Domino’s Pizza, Inc.		876,174
	10,263	Expedia Group, Inc.*		1,122,670
	19,105	Hilton Worldwide Holdings, Inc.		2,780,733
	23,032	Las Vegas Sands Corp.*		1,335,856
	18,171	Marriott International, Inc., Class A		3,337,831
	51,984	McDonald’s Corp.		15,512,545
	20,958	MGM Resorts International		920,475
	31,090	Norwegian Cruise Line Holdings, Ltd.*		676,829
	15,951	Royal Caribbean Cruises, Ltd.*		1,654,757
	81,599	Starbucks Corp.		8,083,197
	7,000	Wynn Resorts, Ltd.		739,270
	19,859	Yum! Brands, Inc.		2,751,464
				54,625,696
Household Durables (0.4%):
	21,847	DR Horton, Inc.		2,658,562
	11,032	Garmin, Ltd.		1,150,527
	46	Garmin, Ltd.		4,797
	18,112	Lennar Corp., Class A		2,269,615
	3,740	Mohawk Industries, Inc.*		385,818
	27,332	Newell Brands, Inc.		237,788
	222	NVR, Inc.*		1,409,838
	15,935	PulteGroup, Inc.		1,237,831
	4,058	Whirlpool Corp.		603,790
				9,958,566
Household Products (1.4%):
	17,075	Church & Dwight Co., Inc.		1,711,427
	8,999	Clorox Co. (The)		1,431,201
	58,828	Colgate-Palmolive Co.		4,532,109
	24,181	Kimberly-Clark Corp.		3,338,429

See accompanying notes to the financial statements.

6

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Household Products, continued
	167,821	Procter & Gamble Co. (The)	$	25,465,159
				36,478,325
Independent Power and Renewable Electricity Producers (0.0%†):
	45,957	AES Corp. (The)		952,689
Industrial Conglomerates (0.8%):
	39,301	3M Co.		3,933,637
	77,210	General Electric Co.		8,481,519
	47,241	Honeywell International, Inc.		9,802,507
				22,217,663
Industrial REITs (0.3%):
	65,519	Prologis, Inc.		8,034,595
Insurance (2.1%):
	39,671	Aflac, Inc.		2,769,036
	18,921	Allstate Corp. (The)		2,063,146
	50,847	American International Group, Inc.		2,925,736
	14,639	Aon plc, Class A		5,053,383
	27,323	Arch Capital Group, Ltd.*		2,045,126
	15,049	Arthur J. Gallagher & Co.		3,304,309
	3,573	Assurant, Inc.		449,198
	16,385	Brown & Brown, Inc.		1,127,943
	29,282	Chubb, Ltd.		5,638,542
	10,766	Cincinnati Financial Corp.		1,047,747
	2,829	Everest Re Group, Ltd.		967,122
	6,244	Globe Life, Inc.		684,467
	22,148	Hartford Financial Services Group, Inc. (The)		1,595,099
	12,289	Lincoln National Corp.		316,565
	12,793	Loews Corp.		759,648
	35,341	Marsh & McLennan Cos., Inc.		6,646,935
	46,228	MetLife, Inc.		2,613,269
	16,348	Principal Financial Group, Inc.		1,239,832
	41,937	Progressive Corp. (The)		5,551,201
	26,371	Prudential Financial, Inc.		2,326,450
	16,642	Travelers Cos., Inc. (The)		2,890,050
	13,823	W R Berkley Corp.		823,298
	7,647	Willis Towers Watson plc		1,800,868
				54,638,970
Interactive Media & Services (5.3%):
	423,010	Alphabet, Inc., Class A*		50,634,297
	363,869	Alphabet, Inc., Class C*		44,017,233
	20,436	Match Group, Inc.*		855,246
	157,509	Meta Platforms, Inc., Class A*		45,201,933
				140,708,709
IT Services (1.1%):
	44,966	Accenture plc, Class A		13,875,608
	10,939	Akamai Technologies, Inc.*		983,088
	35,661	Cognizant Technology Solutions Corp., Class A		2,327,950
	16,463	DXC Technology Co.*		439,891
	4,150	EPAM Systems, Inc.*		932,713
	5,624	Gartner, Inc.*		1,970,143
	64,655	International Business Machines Corp.		8,651,486
	6,413	VeriSign, Inc.*		1,449,146
				30,630,025
Leisure Products (0.0%†):
	9,779	Hasbro, Inc.		633,386

Shares				Value
Common Stocks, continued
Life Sciences Tools & Services (1.6%):
	20,858		Agilent Technologies, Inc.	$	2,508,175
	1,594		Bio-Rad Laboratories, Inc., Class A*		604,317
	11,348		Bio-Techne Corp.		926,337
	3,472		Charles River Laboratories International, Inc.*		729,988
	47,445		Danaher Corp.		11,386,800
	11,319		Illumina, Inc.*		2,122,199
	13,108		IQVIA Holdings, Inc.*		2,946,285
	1,541		Mettler-Toledo International, Inc.*		2,021,237
	8,742		Revvity, Inc.		1,038,462
	27,464		Thermo Fisher Scientific, Inc.		14,329,342
	4,115		Waters Corp.*		1,096,812
	5,239		West Pharmaceutical Services, Inc.		2,003,761
					41,713,715
Machinery (1.8%):
	36,858		Caterpillar, Inc.		9,068,911
	10,121		Cummins, Inc.		2,481,264
	19,246		Deere & Co.		7,798,287
	9,804		Dover Corp.		1,447,561
	24,837		Fortive Corp.		1,857,062
	5,404		IDEX Corp.		1,163,265
	19,755		Illinois Tool Works, Inc.		4,941,911
	28,450		Ingersoll Rand, Inc.		1,859,492
	3,692		Nordson Corp.		916,281
	29,112		Otis Worldwide Corp.		2,591,259
	36,871		PACCAR, Inc.		3,084,259
	9,146		Parker-Hannifin Corp.		3,567,306
	11,187	��	Pentair PLC		722,680
	3,822		Snap-on, Inc.		1,101,462
	10,790		Stanley Black & Decker, Inc.		1,011,131
	13,151		Westinghouse Air Brake Technologies Corp.		1,442,270
	17,380		Xylem, Inc.		1,957,336
					47,011,737
Media (0.7%):
	7,340		Charter Communications, Inc., Class A*		2,696,496
	296,156		Comcast Corp., Class A		12,305,282
	18,455		Fox Corp., Class A		627,470
	8,579		Fox Corp., Class B		273,584
	26,581		Interpublic Group of Cos., Inc. (The)		1,025,495
	27,741		News Corp., Class A		540,950
	6,960		News Corp., Class B		137,251
	14,285		Omnicom Group, Inc.		1,359,218
	38,384		Paramount Global, Class B		610,689
					19,576,435
Metals & Mining (0.4%):
	101,287		Freeport-McMoRan, Inc.		4,051,480
	57,406		Newmont Corp.		2,448,940
	18,115		Nucor Corp.		2,970,498
	11,540		Steel Dynamics, Inc.		1,257,052
					10,727,970
Multi-Utilities (0.7%):
	19,046		Ameren Corp.		1,555,487
	45,680		CenterPoint Energy, Inc.		1,331,572
	21,169		CMS Energy Corp.		1,243,679
	24,674		Consolidated Edison, Inc.		2,230,530
	59,611		Dominion Energy, Inc.		3,087,254
	14,215		DTE Energy Co.		1,563,934
	29,877		NiSource, Inc.		817,136
	35,707		Public Service Enterprise Group, Inc.		2,235,615

See accompanying notes to the financial statements.

7

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Multi-Utilities, continued
	22,555	Sempra Energy	$	3,283,782
	22,493	WEC Energy Group, Inc.		1,984,782
				19,333,771
Office REITs (0.1%):
	11,439	Alexandria Real Estate Equities, Inc.		1,298,212
	10,624	Boston Properties, Inc.		611,836
				1,910,048
Oil, Gas & Consumable Fuels (3.7%):
	21,838	APA Corp.		746,204
	124,082	Chevron Corp.		19,524,303
	86,549	ConocoPhillips		8,967,342
	54,450	Coterra Energy, Inc.		1,377,585
	45,406	Devon Energy Corp.		2,194,926
	12,930	Diamondback Energy, Inc.		1,698,485
	41,605	EOG Resources, Inc.		4,761,276
	26,270	EQT Corp.		1,080,485
	287,869	Exxon Mobil Corp.		30,873,950
	19,551	Hess Corp.		2,657,958
	142,357	Kinder Morgan, Inc.		2,451,388
	43,826	Marathon Oil Corp.		1,008,875
	29,937	Marathon Petroleum Corp.		3,490,654
	51,799	Occidental Petroleum Corp.		3,045,781
	31,728	ONEOK, Inc.		1,958,252
	32,981	Phillips 66		3,145,728
	16,710	Pioneer Natural Resources Co.		3,461,978
	16,266	Targa Resources Corp.		1,237,843
	25,411	Valero Energy Corp.		2,980,710
	85,646	Williams Cos., Inc. (The)		2,794,629
				99,458,352
Passenger Airlines (0.2%):
	9,806	Alaska Air Group, Inc.*		521,483
	44,330	American Airlines Group, Inc.*		795,280
	45,197	Delta Air Lines, Inc.*		2,148,666
	42,895	Southwest Airlines Co.		1,553,228
	22,746	United Airlines Holdings, Inc.*		1,248,073
				6,266,730
Personal Care Products (0.1%):
	16,662	Estee Lauder Cos., Inc. (The), Class A		3,272,084
Pharmaceuticals (4.1%):
	149,152	Bristol-Myers Squibb Co.		9,538,270
	11,963	Catalent, Inc.*		518,716
	56,100	Eli Lilly & Co.		26,309,778
	185,035	Johnson & Johnson		30,626,993
	180,670	Merck & Co., Inc.		20,847,511
	18,060	Organon & Co.		375,829
	401,956	Pfizer, Inc.		14,743,746
	82,581	Viatris, Inc.		824,158
	32,884	Zoetis, Inc.		5,662,954
				109,447,955
Professional Services (0.9%):
	29,257	Automatic Data Processing, Inc.		6,430,396
	8,569	Broadridge Financial Solutions, Inc.		1,419,284
	10,791	Ceridian HCM Holding, Inc.*		722,673
	29,162	CoStar Group, Inc.*		2,595,418
	8,683	Equifax, Inc.		2,043,110
	5,364	Jack Henry & Associates, Inc.		897,558
	9,360	Jacobs Solutions, Inc.		1,112,810

Shares			Value
Common Stocks, continued
Professional Services, continued
	9,715	Leidos Holdings, Inc.	$	859,583
	23,134	Paychex, Inc.		2,588,001
	3,344	Paycom Software, Inc.		1,074,227
	7,709	Robert Half International, Inc.		579,871
	10,447	Verisk Analytics, Inc.		2,361,335
				22,684,266
Real Estate Management & Development (0.1%):
	22,183	CBRE Group, Inc., Class A*		1,790,390
Residential REITs (0.3%):
	10,285	AvalonBay Communities, Inc.		1,946,642
	7,534	Camden Property Trust		820,227
	24,006	Equity Residential		1,583,676
	4,503	Essex Property Trust, Inc.		1,055,053
	42,246	Invitation Homes, Inc.		1,453,262
	8,347	Mid-America Apartment Communities, Inc.		1,267,575
	22,165	UDR, Inc.		952,208
				9,078,643
Retail REITs (0.3%):
	42,639	Kimco Realty Corp.		840,841
	48,573	Realty Income Corp.		2,904,180
	10,700	Regency Centers Corp.		660,939
	23,595	Simon Property Group, Inc.		2,724,750
				7,130,710
Semiconductors & Semiconductor Equipment (7.3%):
	114,661	Advanced Micro Devices, Inc.*		13,061,035
	35,817	Analog Devices, Inc.		6,977,510
	60,450	Applied Materials, Inc.		8,737,443
	29,686	Broadcom, Inc.		25,750,527
	9,909	Enphase Energy, Inc.*		1,659,559
	6,954	First Solar, Inc.*		1,321,886
	296,983	Intel Corp.		9,931,112
	9,683	KLA Corp.		4,696,449
	9,597	Lam Research Corp.		6,169,528
	39,221	Microchip Technology, Inc.		3,513,809
	78,393	Micron Technology, Inc.		4,947,382
	3,235	Monolithic Power Systems, Inc.		1,747,644
	176,091	NVIDIA Corp.		74,490,015
	18,534	NXP Semiconductors NV		3,793,539
	30,407	ON Semiconductor Corp.*		2,875,894
	7,243	Qorvo, Inc.*		739,003
	79,185	QUALCOMM, Inc.		9,426,182
	11,561	Skyworks Solutions, Inc.		1,279,687
	4,020	SolarEdge Technologies, Inc.*		1,081,581
	10,889	Teradyne, Inc.		1,212,272
	64,616	Texas Instruments, Inc.		11,632,172
				195,044,229
Software (10.2%):
	32,660	Adobe, Inc.*		15,970,413
	6,186	ANSYS, Inc.*		2,043,050
	15,374	Autodesk, Inc.*		3,145,674
	19,269	Cadence Design Systems, Inc.*		4,518,966
	1,821	Fair Isaac Corp.*		1,473,571
	46,266	Fortinet, Inc.*		3,497,247
	38,594	Gen Digital, Inc.		715,919
	19,910	Intuit, Inc.		9,122,563
	529,421	Microsoft Corp.		180,289,027
	109,572	Oracle Corp.		13,048,930

See accompanying notes to the financial statements.

8

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares			Value
Common Stocks, continued
Software, continued
	21,523	Palo Alto Networks, Inc.*	$	5,499,342
	7,594	PTC, Inc.*		1,080,626
	7,607	Roper Technologies, Inc.		3,657,446
	69,708	Salesforce, Inc.*		14,726,512
	14,460	ServiceNow, Inc.*		8,126,086
	10,931	Synopsys, Inc.*		4,759,467
	2,994	Tyler Technologies, Inc.*		1,246,911
				272,921,750
Specialized REITs (1.1%):
	33,284	American Tower Corp.		6,455,099
	30,557	Crown Castle, Inc.		3,481,665
	20,513	Digital Realty Trust, Inc.		2,335,815
	6,655	Equinix, Inc.		5,217,121
	9,750	Extra Space Storage, Inc.		1,451,288
	159	Gaming and Leisure Properties, Inc.		7,705
	21,183	Iron Mountain, Inc.		1,203,618
	11,296	Public Storage		3,297,076
	7,604	SBA Communications Corp.		1,762,303
	71,261	VICI Properties, Inc.		2,239,733
	51,626	Weyerhaeuser Co.		1,729,987
				29,181,410
Specialty Retail (2.1%):
	4,392	Advance Auto Parts, Inc.		308,758
	1,327	AutoZone, Inc.*		3,308,689
	16,221	Bath & Body Works, Inc.		608,287
	13,640	Best Buy Co., Inc.		1,117,798
	11,291	CarMax, Inc.*		945,057
	72,104	Home Depot, Inc. (The)		22,398,387
	42,309	Lowe’s Cos., Inc.		9,549,141
	4,308	O’Reilly Automotive, Inc.*		4,115,432
	24,393	Ross Stores, Inc.		2,735,187
	81,916	TJX Cos., Inc. (The)		6,945,658
	7,825	Tractor Supply Co.		1,730,107
	3,594	Ulta Beauty, Inc.*		1,691,318
				55,453,819
Technology Hardware, Storage & Peripherals (7.9%):
	1,052,718	Apple, Inc.		204,195,710

Shares			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals, continued
	93,172	Hewlett Packard Enterprise Co.	$	1,565,290
	62,612	HP, Inc.		1,922,814
	15,303	NetApp, Inc.		1,169,149
	14,039	Seagate Technology Holdings plc		868,593
	21,704	Western Digital Corp.*		823,233
				210,544,789
Textiles, Apparel & Luxury Goods (0.4%):
	87,490	NIKE, Inc., Class B		9,656,271
	2,861	Ralph Lauren Corp.		352,761
	17,072	Tapestry, Inc.		730,682
	24,457	VF Corp.		466,884
				11,206,598
Tobacco (0.6%):
	126,722	Altria Group, Inc.		5,740,507
	110,457	Philip Morris International, Inc.		10,782,812
				16,523,319
Trading Companies & Distributors (0.3%):
	40,973	Fastenal Co.		2,416,997
	4,899	United Rentals, Inc.		2,181,868
	3,222	W.W. Grainger, Inc.		2,540,837
				7,139,702
Water Utilities (0.1%):
	13,729	American Water Works Co., Inc.		1,959,815
Wireless Telecommunication Services (0.2%):
	40,963	T-Mobile US, Inc.*		5,689,761
	Total Common Stocks (Cost $895,834,674)			2,646,048,040
Unaffiliated Investment Company (0.1%):
Money Markets (0.1%):
	1,979,799	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(a)		1,979,799
	Total Unaffiliated Investment Company (    Cost $1,979,799)			1,979,799
	Total Investment Securities (Cost $897,814,473) — 99.4%			2,648,027,839
	Net other assets (liabilities) — 0.6%			16,010,166
	Net Assets — 100.0%		$	2,664,038,005

Percentages indicated are based on net assets as of June 30, 2023.

* Non-income producing security.

+ Affiliated Securities

† Represents less than 0.05%.

(a) The rate represents the effective yield at June 30, 2023.

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/15/23		93	$	20,870,363	$	97,845
							$	97,845

See accompanying notes to the financial statements.

9

AZL S&P 500 Index Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investments in non-affiliates, at cost	$	894,942,097
Investments in affiliates, at cost		2,872,376
Investments in non-affiliates, at value	$	2,640,667,198
Investments in affiliates, at value		7,360,641
Deposit at broker for futures contracts collateral		1,053,000
Interest and dividends receivable		1,742,240
Foreign currency, at value (cost $82,805)		76,663
Receivable for investments sold		17,597,622
Receivable for variation margin on futures contracts		88,030
Reclaims receivable		44,805
Prepaid expenses		2,977
Total Assets		2,668,633,176
Liabilities:
Cash overdraft		21,585
Payable for investments purchased		815,000
Payable for capital shares redeemed		2,687,134
Management fees payable		367,944
Administration fees payable		54,295
Distribution fees payable		525,328
Custodian fees payable		6,933
Administrative and compliance services fees payable		3,876
Transfer agent fees payable		1,229
Trustee fees payable		18,121
Other accrued liabilities		93,726
Total Liabilities		4,595,171
Commitments and contingent liabilities^
Net Assets	$	2,664,038,005
Net Assets Consist of:
Paid in capital	$	805,150,734
Total distributable earnings		1,858,887,271
Net Assets	$	2,664,038,005
Class 1
Net Assets	$	78,559,130
Shares of beneficial interest (unlimited number of shares authorized, no par value)		3,931,697
Net Asset Value (offering and redemption price per share)	$	19.98
Class 2
Net Assets	$	2,585,478,875
Shares of beneficial interest (unlimited number of shares authorized, no par value)		130,927,445
Net Asset Value (offering and redemption price per share)	$	19.75

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends from non-affiliates	$	21,572,659
Dividends from affiliates		109,305
Interest		20,359
Income from securities lending		3,626
Foreign withholding tax		(7,919	)
Total Investment Income		21,698,030
Expenses:
Management fees		2,154,506
Administration fees		258,424
Distribution fees - Class 2		3,075,866
Custodian fees		21,642
Administrative and compliance services fees		12,431
Transfer agent fees		5,732
Trustee fees		51,831
Professional fees		41,991
Licensing fees		184,279
Shareholder reports		20,412
Other expenses		24,467
Total expenses		5,851,581
Net Investment Income/(Loss)		15,846,449
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(4,708,922	)
Net realized gains/(losses) on affiliated transactions		(206,921	)
Net realized gains/(losses) on futures contracts		2,524,066
Change in net unrealized appreciation/depreciation on securities and foreign currencies		386,337,648
Change in net unrealized appreciation/depreciation on affiliated transactions		42,176
Change in net unrealized appreciation/depreciation on futures contracts		208,274
Net realized and Change in net unrealized gains/losses on investments		384,196,321
Change in Net Assets Resulting From Operations	$	400,042,770

See accompanying notes to the financial statements.

10

AZL S&P 500 Index Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023				For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	15,846,449			$	30,676,173
Net realized gains/(losses) on investments			(2,391,777	)			98,459,316
Change in unrealized appreciation/depreciation on investments			386,588,098				(720,535,095	)
Change in net assets resulting from operations			400,042,770				(591,399,606	)
Distributions to Shareholders:
Class 1			—				(10,776,208	)
Class 2			—				(347,727,512	)
Change in net assets resulting from distributions to shareholders			—				(358,503,720	)
Capital Transactions:
Class 1
Proceeds from shares issued			571,029				78,441
Proceeds from dividends reinvested			—				10,776,208
Value of shares redeemed			(5,084,569	)			(10,198,242	)
Total Class 1 Shares			(4,513,540	)			656,407
Class 2
Proceeds from shares issued			141,775,880				14,544,032
Proceeds from dividends reinvested			—				347,727,512
Value of shares redeemed			(276,295,957	)			(343,033,400	)
Total Class 2 Shares			(134,520,077	)			19,238,144
Change in net assets resulting from capital transactions			(139,033,617	)			19,894,551
Change in net assets			261,009,153				(930,008,775	)
Net Assets:
Beginning of period			2,403,028,852				3,333,037,627
End of period		$	2,664,038,005			$	2,403,028,852
Share Transactions:
Class 1
Shares issued			32,085				3,882
Dividends reinvested			—				641,059
Shares redeemed			(278,568	)			(490,267	)
Total Class 1 Shares			(246,483	)			154,674
Class 2
Shares issued			8,298,085				743,891
Dividends reinvested			—				20,897,086
Shares redeemed			(14,995,590	)			(16,545,488	)
Total Class 2 Shares			(6,697,505	)			5,095,489
Change in shares			(6,943,988	)			5,250,163
Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

11

AZL S&P 500 Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023				Year Ended December 31, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period		$	17.12			$	24.64			$	20.53			$	18.39			$	14.72			$	16.25
Investment Activities:
Net Investment Income/(Loss)			0.14	(a)			0.28	(a)			0.26	(a)			0.28	(a)			0.31	(a)			0.29
Net Realized and Unrealized Gains/(Losses) on Investments			2.72				(4.84	)			5.42				2.90				4.20				(0.96	)
Total from Investment Activities			2.86				(4.56	)			5.68				3.18				4.51				(0.67	)
Distributions to Shareholders From:
Net Investment Income			—				(0.29	)			(0.29	)			(0.35	)			(0.31	)			(0.31	)
Net Realized Gains			—				(2.67	)			(1.28	)			(0.69	)			(0.53	)			(0.55	)
Total Dividends			—				(2.96	)			(1.57	)			(1.04	)			(0.84	)			(0.86	)
Net Asset Value, End of Period		$	19.98			$	17.12			$	24.64			$	20.53			$	18.39			$	14.72
Total Return(b)			16.71	%(c)			(18.31	)%			28.42	%			17.82	%			31.27	%			(4.63	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	78,559			$	71,530			$	99,137			$	86,300			$	70,738			$	62,599
Net Investment Income/(Loss)(d)			1.49	%			1.37	%			1.15	%			1.53	%			1.81	%			1.74	%
Expenses Before Reductions(d)(e)			0.22	%			0.22	%			0.24	%			0.25	%			0.24	%			0.23	%
Expenses Net of Reductions(d)			0.22	%			0.22	%			0.24	%			0.25	%			0.24	%			0.23	%
Portfolio Turnover Rate(f)			6	%			2	%			17	%			10	%			3	%			4	%
Class 2
Net Asset Value, Beginning of Period		$	16.94			$	24.40			$	20.35			$	18.24			$	14.61			$	16.13
Investment Activities:
Net Investment Income/(Loss)			0.11	(a)			0.23	(a)			0.20	(a)			0.24	(a)			0.26	(a)			0.25
Net Realized and Unrealized Gains/(Losses) on Investments			2.70				(4.79	)			5.37				2.86				4.17				(0.95	)
Total from Investment Activities			2.81				(4.56	)			5.57				3.10				4.43				(0.70	)
Distributions to Shareholders From:
Net Investment Income			—				(0.23	)			(0.24	)			(0.30	)			(0.27	)			(0.27	)
Net Realized Gains			—				(2.67	)			(1.28	)			(0.69	)			(0.53	)			(0.55	)
Total Dividends			—				(2.90	)			(1.52	)			(0.99	)			(0.80	)			(0.82	)
Net Asset Value, End of Period		$	19.75			$	16.94			$	24.40			$	20.35			$	18.24			$	14.61
Total Return(b)			16.59	%(c)			(18.51	)%			28.12	%			17.50	%			30.89	%			(4.84	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,585,479			$	2,331,499			$	3,233,900			$	2,751,399			$	2,719,291			$	2,370,547
Net Investment Income/(Loss)(d)			1.24	%			1.12	%			0.89	%			1.31	%			1.56	%			1.49	%
Expenses Before Reductions(d)(e)			0.47	%			0.47	%			0.49	%			0.50	%			0.49	%			0.48	%
Expenses Net of Reductions(d)			0.47	%			0.47	%			0.49	%			0.50	%			0.49	%			0.48	%
Portfolio Turnover Rate(f)			6	%			2	%			17	%			10	%			3	%			4	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

12

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the ���Funds”), of which one is included in this report, the AZL S&P 500 Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance

Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

13

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $359 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund did not have any securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $13.4 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

14

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$97,845	Payable for variation margin on futures contracts*		$—

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		$2,524,066		$208,273

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL S&P 500 Index Fund, Class 1		0.17	%		0.46	%
AZL S&P 500 Index Fund, Class 2		0.17	%		0.71	%

* The annual rate due to the Subadviser from the Manager is 0.015%.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

At June 30, 2023, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.

	Value 12/31/22			Purchases at Cost			Proceeds from Sales			Net Realized Gains (Losses)			Change in Net Unrealized Appreciation (Depreciation)			Value 06/30/23			Shares as of 06/30/23		Dividend Income			Capital Gains Distributions
BlackRock, Inc., Class A		$	7,952,955		$	402,475		$	(830,044)		$	(206,921)		$	42,176		$	7,360,641		10,650		$	109,305		$	—

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

15

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.” FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

16

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1			Level 2			Level 3			Total
Common Stocks+		$	2,646,048,040		$	—		$	—		$	2,646,048,040
Unaffiliated Investment Company			1,979,799			—			—			1,979,799
Total Investment Securities			2,648,027,839			—			—			2,648,027,839
Other Financial Instruments:*
Futures Contracts			97,845			—			—			97,845
Total Investments		$	2,648,125,684		$	—		$	—		$	2,648,125,684

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

* Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL S&P 500 Index Fund		$	136,966,597		$	261,041,909

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,068,661,040. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$	1,383,592,688
Unrealized (depreciation)		(50,951,249	)
Net unrealized appreciation/(depreciation)	$	1,332,641,439

17

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL S&P 500 Index Fund	$31,749,280	$326,754,440	$358,503,720

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated Earnings/ (Deficit)
AZL S&P 500 Index Fund	$30,893,950	$95,314,860	$—	$1,332,635,691	$1,458,844,501

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 50% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

18

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

19

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each

Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

20

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® Small Cap Stock Index Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 11

Page 11

Page 12

Page 13

Page 14

Page 20

Page 21

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Small Cap Stock Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Small Cap Stock Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Small Cap Stock Index Fund, Class 1	$1,000.00	$1,058.20	$1.63	0.32%
AZL Small Cap Stock Index Fund, Class 2	$1,000.00	$1,057.70	$2.91	0.57%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense         Ratio During Period         1/1/23 - 6/30/23
AZL Small Cap Stock Index Fund, Class 1	$1,000.00	$1,023.21	$1.61	0.32%
AZL Small Cap Stock Index Fund, Class 2	$1,000.00	$1,021.97	$2.86	0.57%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent   of Net Assets
Industrials		17.8	%
Financials		15.6
Information Technology		14.1
Consumer Discretionary		13.5
Health Care		10.7
Real Estate		7.8
Materials		5.7
Consumer Staples		4.9
Energy		4.6
Communication Services		2.5
Utilities		2.0
Total Common Stocks		99.2
Short-Term Security Held as Collateral for Securities on Loan		1.4
Unaffiliated Investment Company		0.7
Total Investment Securities		101.3
Net other assets (liabilities)		(1.3	)
Net Assets		100.0	%

3

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks (99.2%):
Aerospace & Defense (1.4%):
20,300	AAR Corp.*	$	1,172,528
47,502	Aerojet Rocketdyne Holdings, Inc.*		2,606,435
15,579	AeroVironment, Inc.*		1,593,420
17,585	Kaman Corp., Class A		427,843
18,611	Moog, Inc., Class A		2,017,991
3,351	National Presto Industries, Inc.		245,293
41,406	Triumph Group, Inc.*		512,192
			8,575,702
Air Freight & Logistics (0.6%):
16,362	Forward Air Corp.		1,736,172
20,487	Hub Group, Inc., Class A*		1,645,516
			3,381,688
Automobile Components (1.7%):
72,682	American Axle & Manufacturing Holdings, Inc.*		601,080
80,841	Dana, Inc.		1,374,297
17,372	Dorman Products, Inc.		1,369,435
20,154	Gentherm, Inc.*		1,138,903
16,109	LCI Industries		2,035,533
13,322	Patrick Industries, Inc.		1,065,760
11,195	Standard Motor Products, Inc.		420,036
18,935	Winnebago Industries, Inc.		1,262,775
12,057	XPEL, Inc.*		1,015,441
			10,283,260
Banks (8.6%):
43,003	Ameris Bancorp		1,471,133
42,697	Atlantic Union Bankshares Corp.		1,107,987
33,873	Axos Financial, Inc.*		1,335,951
37,053	Banc of California, Inc.		429,074
11,794	BancFirst Corp.		1,085,048
34,843	Bancorp, Inc. (The)*		1,137,624
26,096	Bank of Hawaii Corp.^		1,075,938
50,146	BankUnited, Inc.		1,080,646
22,757	Banner Corp.		993,798
30,027	Berkshire Hills Bancorp, Inc.		622,460
55,792	Brookline Bancorp, Inc.		487,622
84,854	Capitol Federal Financial, Inc.		523,549
18,225	Central Pacific Financial Corp.		286,315
9,621	City Holding Co.		865,794
35,117	Community Bank System, Inc.		1,646,285
19,014	Customers Bancorp, Inc.*		575,364
87,303	CVB Financial Corp.		1,159,384
22,014	Dime Community Bancshares, Inc.		388,107
21,238	Eagle Bancorp, Inc.		449,396
24,776	FB Financial Corp.		694,967
118,651	First BanCorp/Puerto Rico		1,449,915
27,593	First Bancorp/Southern Pines NC		820,892
64,118	First Commonwealth Financial Corp.		811,093
63,084	First Financial Bancorp		1,289,437
83,828	First Hawaiian, Inc.		1,509,742
46,215	Fulton Financial Corp.		550,883
20,567	Hanmi Financial Corp.		307,065
23,125	Heritage Financial Corp.		373,931
30,605	Hilltop Holdings, Inc.		962,833
80,256	Hope Bancorp, Inc.		675,756
29,159	Independent Bank Corp.		1,297,867
24,070	Independent Bank Group, Inc.		831,137
16,448	Lakeland Financial Corp.		798,057

Shares		Value
Common Stocks, continued
Banks, continued
24,904	National Bank Holdings Corp., Class A	$	��            723,212
28,446	NBT Bancorp, Inc.		906,005
27,305	Northfield Bancorp, Inc.		299,809
84,859	Northwest Bancshares, Inc.		899,505
31,337	OFG Bancorp		817,269
63,542	Pacific Premier Bancorp, Inc.		1,314,049
76,335	PacWest Bancorp^		622,130
9,604	Park National Corp.		982,681
17,414	Pathward Financial, Inc.		807,313
7,851	Preferred Bank		431,727
49,893	Provident Financial Services, Inc.		815,252
37,348	Renasant Corp.		975,903
25,848	S&T Bancorp, Inc.		702,807
54,864	Seacoast Banking Corp of Florida		1,212,494
32,000	ServisFirst Bancshares, Inc.		1,309,440
83,969	Simmons First National Corp., Class A		1,448,465
19,996	Southside Bancshares, Inc.		523,095
29,008	Stellar Bancorp, Inc.		663,993
8,561	Tompkins Financial Corp.		476,848
14,106	Triumph Financial, Inc.*		856,516
12,378	TrustCo. Bank Corp.		354,135
40,459	Trustmark Corp.		854,494
73,322	United Community Banks, Inc.		1,832,317
36,598	Veritex Holdings, Inc.		656,202
38,014	Washington Federal, Inc.		1,008,131
17,654	Westamerica BanCorp		676,148
40,432	WSFS Financial Corp.		1,525,095
			52,790,085
Beverages (0.3%):
9,083	MGP Ingredients, Inc.		965,341
14,684	National Beverage Corp.*		709,972
			1,675,313
Biotechnology (2.0%):
8,955	Anika Therapeutics, Inc.*		232,651
32,882	Arcus Biosciences, Inc.*		667,833
38,662	Avid Bioservices, Inc.*		540,108
60,057	Catalyst Pharmaceuticals, Inc.*		807,166
40,912	Coherus Biosciences, Inc.*		174,694
59,684	Cytokinetics, Inc.*		1,946,892
74,918	Dynavax Technologies Corp.*		967,941
27,506	Emergent BioSolutions, Inc.*		202,169
12,444	Enanta Pharmaceuticals, Inc.*		266,302
84,359	Ironwood Pharmaceuticals, Inc.*		897,580
15,862	iTeos Therapeutics, Inc.*		210,013
51,096	Myriad Genetics, Inc.*		1,184,405
23,783	REGENXBIO, Inc.*		475,422
25,740	uniQure NV*		294,980
35,360	Vanda Pharmaceuticals, Inc.*		233,022
29,697	Vericel Corp.*		1,115,716
48,633	Vir Biotechnology, Inc.*		1,192,968
37,451	Xencor, Inc.*		935,152
			12,345,014
Building Products (1.9%):
26,521	AAON, Inc.		2,514,456
10,344	American Woodmark Corp.*		789,971
13,263	Apogee Enterprises, Inc.		629,595
14,448	AZZ, Inc.		627,910

See accompanying notes to the financial statements.

4

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Building Products, continued
18,346	Gibraltar Industries, Inc.*	$	1,154,330
29,492	Griffon Corp.		1,188,528
11,788	Insteel Industries, Inc.		366,843
80,138	Masterbrand, Inc.*		932,005
35,604	PGT Innovations, Inc.*		1,037,857
20,678	Quanex Building Products Corp.		555,204
92,540	Resideo Technologies, Inc.*		1,634,256
			11,430,955
Capital Markets (1.1%):
11,773	Artisan Partners Asset Management, Inc., Class A		462,797
26,018	Avantax, Inc.*		582,283
10,694	B Riley Financial, Inc.^		491,710
29,713	Brightsphere Investment Group, Inc.		622,487
15,583	Donnelley Financial Solutions, Inc.*		709,494
9,827	Moelis & Co., Class A^		445,556
9,822	Piper Sandler Cos.		1,269,592
11,473	StoneX Group, Inc.*		953,177
4,676	Virtus Investment Partners, Inc.		923,370
71,017	WisdomTree, Inc.		487,176
			6,947,642
Chemicals (2.9%):
17,525	AdvanSix, Inc.		613,025
16,086	American Vanguard Corp.		287,457
20,087	Balchem Corp.		2,707,928
16,583	FutureFuel Corp.		146,760
11,745	Hawkins, Inc.		560,119
34,583	HB Fuller Co.		2,473,030
20,865	Ingevity Corp.*		1,213,508
15,833	Innospec, Inc.		1,590,267
12,633	Koppers Holdings, Inc.		430,785
112,023	Livent Corp.*		3,072,791
34,550	Mativ Holdings, Inc.		522,396
19,359	Minerals Technologies, Inc.		1,116,821
8,557	Quaker Chemical Corp.		1,667,759
13,155	Stepan Co.		1,257,092
23,405	Trinseo PLC		296,541
			17,956,279
Commercial Services & Supplies (2.0%):
42,517	ABM Industries, Inc.		1,813,350
28,441	Brady Corp., Class A		1,352,938
69,600	CoreCivic, Inc.*		654,936
30,334	Deluxe Corp.		530,238
49,038	Enviri Corp.*		484,005
77,340	GEO Group, Inc. (The)*		553,754
46,888	Healthcare Services Group, Inc.		700,038
30,211	HNI Corp.		851,346
37,945	Interface, Inc.		333,537
13,883	Liquidity Services, Inc.*		229,069
18,830	Matthews International Corp., Class A		802,535
47,570	MillerKnoll, Inc.		703,085
67,822	OPENLANE, Inc.*		1,032,251
101,264	Pitney Bowes, Inc.		358,475
9,525	UniFirst Corp.		1,476,470
13,241	Viad Corp.*		355,918
			12,231,945
Communications Equipment (1.6%):
45,100	ADTRAN Holdings, Inc.		474,903
7,846	Clearfield, Inc.*		371,508

Shares		Value
Common Stocks, continued
Communications Equipment, continued
21,831	Digi International, Inc.*	$	859,923
81,432	Extreme Networks, Inc.*		2,121,304
69,264	Harmonic, Inc.*		1,119,999
17,061	NETGEAR, Inc.*		241,584
42,356	NetScout Systems, Inc.*		1,310,918
47,744	Viasat, Inc.*		1,969,917
137,485	Viavi Solutions, Inc.*		1,557,705
			10,027,761
Construction & Engineering (1.7%):
30,225	Arcosa, Inc.		2,290,148
22,286	Comfort Systems U.S.A., Inc.		3,659,361
18,315	Dycom Industries, Inc.*		2,081,500
27,170	Granite Construction, Inc.		1,080,823
10,200	MYR Group, Inc.*		1,411,068
			10,522,900
Consumer Finance (1.0%):
17,177	Bread Financial Holdings, Inc.		539,186
15,545	Encore Capital Group, Inc.*		755,798
20,508	Enova International, Inc.*		1,089,385
36,473	EZCORP, Inc., Class A*^		305,644
30,548	Green Dot Corp., Class A*		572,469
65,991	Navient Corp.		1,226,113
24,568	PRA Group, Inc.*		561,379
29,374	PROG Holdings, Inc.*		943,493
2,191	World Acceptance Corp.*		293,616
			6,287,083
Consumer Staples Distribution & Retail (0.6%):
19,647	Andersons, Inc. (The)		906,709
21,105	Chefs’ Warehouse, Inc. (The)*		754,715
15,300	PriceSmart, Inc.		1,133,118
21,480	SpartanNash Co.		483,515
36,683	United Natural Foods, Inc.*		717,152
			3,995,209
Containers & Packaging (0.4%):
23,066	Myers Industries, Inc.		448,172
98,120	O-I Glass, Inc.*		2,092,900
			2,541,072
Diversified Consumer Services (0.9%):
27,033	Adtalem Global Education, Inc.*		928,313
51,289	Frontdoor, Inc.*		1,636,119
53,293	Mister Car Wash, Inc.*		514,277
41,491	Perdoceo Education Corp.*		509,095
14,129	Strategic Education, Inc.		958,511
25,268	Stride, Inc.*		940,728
			5,487,043
Diversified REITs (0.8%):
49,921	Alexander & Baldwin, Inc.		927,532
33,450	American Assets Trust, Inc.		642,240
44,742	Armada Hoffler Properties, Inc.		522,587
96,082	Essential Properties Realty Trust, Inc.		2,261,770
68,851	Global Net Lease, Inc.		707,788
			5,061,917
Diversified Telecommunication Services (0.6%):
6,137	ATN International, Inc.		224,614
27,441	Cogent Communications Holdings, Inc.		1,846,505
47,411	Consolidated Communications Holdings, Inc.*		181,584

See accompanying notes to the financial statements.

5

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Diversified Telecommunication Services, continued
583,003	Lumen Technologies, Inc.	$	1,317,587
			3,570,290
Electric Utilities (0.3%):
26,074	Otter Tail Corp.		2,058,803
Electrical Equipment (0.5%):
11,161	Encore Wire Corp.		2,075,165
5,629	Powell Industries, Inc.		341,061
53,384	SunPower Corp.*^		523,163
			2,939,389
Electronic Equipment, Instruments & Components (4.3%):
23,492	Advanced Energy Industries, Inc.		2,618,183
57,001	Arlo Technologies, Inc.*		621,881
18,394	Badger Meter, Inc.		2,714,219
22,311	Benchmark Electronics, Inc.		576,293
18,969	CTS Corp.		808,649
16,901	ePlus, Inc.*		951,526
22,686	Fabrinet*		2,946,458
18,113	Insight Enterprises, Inc.*		2,650,656
28,445	Itron, Inc.*		2,050,885
54,951	Knowles Corp.*		992,415
21,905	Methode Electronics, Inc., Class A		734,256
9,492	OSI Systems, Inc.*		1,118,442
6,500	PC Connection, Inc.		293,150
17,197	Plexus Corp.*		1,689,433
11,555	Rogers Corp.*		1,871,101
36,527	Sanmina Corp.*		2,201,482
14,138	ScanSource, Inc.*		417,919
63,142	TTM Technologies, Inc.*		877,674
			26,134,622
Energy Equipment & Services (1.8%):
85,557	Archrock, Inc.		876,959
13,560	Bristow Group, Inc.*		389,579
29,243	Core Laboratories, Inc.		679,900
19,779	Dril-Quip, Inc.*		460,257
87,349	Helix Energy Solutions Group, Inc.*		644,636
66,259	Helmerich & Payne, Inc.		2,348,881
5,574	Nabors Industries, Ltd.*		518,549
92,048	NexTier Oilfield Solutions, Inc.*		822,909
62,483	Oceaneering International, Inc.*		1,168,432
39,038	Oil States International, Inc.*		291,614
131,743	Patterson-UTI Energy, Inc.		1,576,964
60,446	ProPetro Holding Corp.*		498,075
50,048	RPC, Inc.		357,843
47,743	US Silica Holdings, Inc.*		579,123
			11,213,721
Entertainment (0.2%):
67,711	Cinemark Holdings, Inc.*		1,117,231
14,619	Marcus Corp. (The)		216,800
			1,334,031
Financial Services (1.3%):
40,017	EVERTEC, Inc.		1,473,826
44,089	Mr Cooper Group, Inc.*		2,232,667
52,318	NMI Holdings, Inc., Class A*		1,350,851
126,472	Payoneer Global, Inc.*		608,330
22,142	Radian Group, Inc.		559,750

Shares			Value
Common Stocks, continued
Financial Services, continued
20,382		Walker & Dunlop, Inc.	$	1,612,012
				7,837,436
	��
Food Products (1.9%):
45,515		B&G Foods, Inc.^		633,569
10,948		Calavo Growers, Inc.		317,711
23,296		Cal-Maine Foods, Inc.		1,048,320
18,836		Fresh Del Monte Produce, Inc.		484,274
54,119		Hain Celestial Group, Inc. (The)*		677,029
82,552		Hostess Brands, Inc.*		2,090,217
9,434		J & J Snack Foods Corp.		1,493,968
5,497		John B Sanfilippo & Son, Inc.		644,633
2,471		Seneca Foods Corp., Class A*		80,752
52,577		Simply Good Foods Co. (The)*		1,923,792
11,433		Tootsie Roll Industries, Inc.		404,842
31,403		TreeHouse Foods, Inc.*		1,582,083
				11,381,190
Gas Utilities (0.4%):
10,930		Chesapeake Utilities Corp.		1,300,670
21,424		Northwest Natural Holding Co.		922,303
				2,222,973
Ground Transportation (0.7%):
14,827		ArcBest Corp.		1,464,908
23,294		Heartland Express, Inc.		382,255
34,893		Marten Transport, Ltd.		750,199
74,015		RXO, Inc.*		1,677,920
				4,275,282
Health Care Equipment & Supplies (2.8%):
24,298		AngioDynamics, Inc.*		253,428
25,502		Artivion, Inc.*		438,379
28,912		Avanos Medical, Inc.*		738,991
19,330		CONMED Corp.		2,626,754
35,427		Embecta Corp.		765,223
30,131		Glaukos Corp.*		2,145,629
20,941		Integer Holdings Corp.*		1,855,582
11,877		LeMaitre Vascular, Inc.		799,085
36,553		Merit Medical Systems, Inc.*		3,057,293
2,964		Mesa Laboratories, Inc.		380,874
32,543		NuVasive, Inc.*		1,353,463
44,501		OraSure Technologies, Inc.*		222,950
21,058		Orthofix Medical, Inc.*		380,307
39,929		Tandem Diabetes Care, Inc.*		979,858
4,214		UFP Technologies, Inc.*		816,884
24,741		Varex Imaging Corp.*		583,145
13,133		Zynex, Inc.*^		125,945
				17,523,790
Health Care Providers & Services (3.4%):
46,729		AdaptHealth Corp.*		568,692
9,842		Addus HomeCare Corp.*		912,353
21,408		Agiliti, Inc.*		353,232
24,767		AMN Healthcare Services, Inc.*		2,702,575
24,801		Apollo Medical Holdings, Inc.*		783,712
80,230		Community Health Systems, Inc.*		353,012
5,678		CorVel Corp.*		1,098,693
21,004		Cross Country Healthcare, Inc.*		589,792
30,690		Enhabit, Inc.*		352,935
34,845		Ensign Group, Inc. (The)		3,326,304
12,490		Fulgent Genetics, Inc.*		462,505

See accompanying notes to the financial statements.

6

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Health Care Providers & Services, continued
7,547	ModivCare, Inc.*	$	341,200
79,525	NeoGenomics, Inc.*		1,277,967
4,420	OmniAb Operations, Inc.*(a)(b)		—
4,420	OmniAb Operations, Inc.*(a)(b)		—
47,750	Owens & Minor, Inc.*		909,160
51,342	Pediatrix Medical Group, Inc.*		729,570
58,004	Privia Health Group, Inc.*		1,514,484
35,841	RadNet, Inc.*		1,169,133
66,291	Select Medical Holdings Corp.		2,112,031
8,976	US Physical Therapy, Inc.		1,089,597
			20,646,947
Health Care REITs (0.5%):
64,760	CareTrust REIT, Inc.		1,286,134
15,143	Community Healthcare Trust, Inc.		500,022
26,855	LTC Properties, Inc.		886,752
8,861	Universal Health Realty Income Trust		421,606
			3,094,514
Health Care Technology (0.9%):
65,858	Certara, Inc.*		1,199,274
7,617	Computer Programs and Systems, Inc.*		188,064
13,978	HealthStream, Inc.		343,299
31,999	NextGen Healthcare, Inc.*		519,024
33,679	Schrodinger, Inc.*		1,681,256
9,889	Simulations Plus, Inc.		428,490
68,953	Veradigm, Inc.*		868,808
			5,228,215
Hotel & Resort REITs (0.9%):
30,122	Chatham Lodging Trust		281,942
132,095	DiamondRock Hospitality Co.		1,058,081
69,830	Pebblebrook Hotel Trust^		973,430
103,864	Service Properties Trust		902,578
67,667	Summit Hotel Properties, Inc.		440,512
129,947	Sunstone Hotel Investors, Inc.		1,315,064
69,153	Xenia Hotels & Resorts, Inc.		851,273
			5,822,880
Hotels, Restaurants & Leisure (2.2%):
14,389	BJ’s Restaurants, Inc.*		457,570
55,619	Bloomin’ Brands, Inc.		1,495,595
27,345	Brinker International, Inc.*		1,000,827
29,773	Cheesecake Factory, Inc. (The)		1,029,550
11,307	Chuy’s Holdings, Inc.*		461,552
13,950	Cracker Barrel Old Country Store, Inc.		1,299,861
24,798	Dave & Buster’s Entertainment, Inc.*		1,104,999
9,951	Dine Brands Global, Inc.		577,457
10,072	El Pollo Loco Holdings, Inc.		88,331
13,758	Golden Entertainment, Inc.*		575,084
12,694	Jack in the Box, Inc.		1,238,046
8,049	Monarch Casino & Resort, Inc.		567,052
208,554	Sabre Corp.*		665,287
23,337	Shake Shack, Inc., Class A*		1,813,752
46,047	Six Flags Entertainment Corp.*		1,196,301
			13,571,264
Household Durables (3.1%):
4,858	Cavco Industries, Inc.*		1,433,110
17,438	Century Communities, Inc.		1,336,100
14,870	Ethan Allen Interiors, Inc.		420,524
16,419	Green Brick Partners, Inc.*		932,599

Shares		Value
Common Stocks, continued
Household Durables, continued
14,662	Installed Building Products, Inc.	$	2,055,026
16,753	iRobot Corp.*		758,073
26,477	La-Z-Boy, Inc.		758,301
12,787	LGI Homes, Inc.*		1,724,838
16,456	M/I Homes, Inc.*		1,434,799
38,319	MDC Holdings, Inc.		1,792,180
22,827	Meritage Homes Corp.		3,247,597
79,191	Sonos, Inc.*		1,293,189
62,932	Tri Pointe Homes, Inc.*		2,067,945
			19,254,281
Household Products (0.4%):
6,360	Central Garden & Pet Co.*		246,577
24,008	Central Garden & Pet Co., Class A*		875,332
8,454	WD-40 Co.		1,594,847
			2,716,756
Industrial REITs (0.5%):
17,682	Innovative Industrial Properties, Inc.		1,290,963
190,156	LXP Industrial Trust		1,854,021
			3,144,984
Insurance (2.2%):
27,848	Ambac Financial Group, Inc.*		396,555
40,748	American Equity Investment Life Holding Co.		2,123,378
11,649	AMERISAFE, Inc.		621,125
38,486	Assured Guaranty, Ltd.		2,147,519
16,723	Employers Holdings, Inc.		625,607
306,399	Genworth Financial, Inc., Class A*		1,531,995
4,198	HCI Group, Inc.		259,352
25,828	Horace Mann Educators Corp.		766,058
22,584	James River Group Holdings, Ltd.		412,384
17,615	Mercury General Corp.		533,206
15,377	Palomar Holdings, Inc.*		892,481
32,766	ProAssurance Corp.		494,439
9,381	Safety Insurance Group, Inc.		672,805
51,851	SiriusPoint, Ltd.*		468,215
17,419	Stewart Information Services Corp.		716,618
21,976	Trupanion, Inc.*		432,488
13,250	United Fire Group, Inc.		300,245
17,153	Universal Insurance Holdings, Inc.		264,671
			13,659,141
Interactive Media & Services (0.7%):
55,588	Cargurus, Inc.*		1,257,956
37,995	Cars.com, Inc.*		753,061
31,372	QuinStreet, Inc.*		277,015
14,748	Shutterstock, Inc.		717,785
43,102	Yelp, Inc.*		1,569,344
			4,575,161
IT Services (0.3%):
21,960	Perficient, Inc.*		1,829,927
Leisure Products (0.3%):
11,025	Sturm Ruger & Co., Inc.		583,884
34,810	Vista Outdoor, Inc.*		963,193
			1,547,077
Life Sciences Tools & Services (0.1%):
21,518	BioLife Solutions, Inc.*		475,548
48,955	Cytek Biosciences, Inc.*		418,075
			893,623

See accompanying notes to the financial statements.

7

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Machinery (5.5%):
81,799	3D Systems Corp.*	$	812,264
6,117	Alamo Group, Inc.		1,124,977
19,541	Albany International Corp., Class A		1,822,785
13,789	Astec Industries, Inc.		626,572
30,993	Barnes Group, Inc.		1,307,595
12,744	CIRCOR International, Inc.*		719,399
35,022	Enerpac Tool Group Corp.		945,594
13,087	EnPro Industries, Inc.		1,747,507
15,760	ESCO Technologies, Inc.		1,633,209
38,140	Federal Signal Corp.		2,442,104
24,232	Franklin Electric Co., Inc.		2,493,473
19,909	Greenbrier Cos., Inc. (The)		858,078
43,869	Hillenbrand, Inc.		2,249,602
19,969	John Bean Technologies Corp.		2,422,240
51,348	Kennametal, Inc.		1,457,770
6,481	Lindsay Corp.		773,443
35,823	Mueller Industries, Inc.		3,126,631
16,187	Proto Labs, Inc.*		565,898
28,606	SPX Technologies, Inc.*		2,430,652
7,030	Standex International Corp.		994,534
11,037	Tennant Co.		895,211
31,969	Titan International, Inc.*		367,004
51,026	Trinity Industries, Inc.		1,311,878
29,277	Wabash National Corp.		750,662
			33,879,082
Marine Transportation (0.3%):
22,638	Matson, Inc.		1,759,652
Media (0.7%):
17,471	AMC Networks, Inc., Class A*		208,778
162,291	DISH Network Corp., Class A*		1,069,498
37,137	E.W. Scripps Co. (The), Class A*		339,804
27,538	John Wiley & Sons, Inc., Class A		937,118
18,184	Scholastic Corp.		707,176
16,126	TechTarget, Inc.*		502,002
19,398	Thryv Holdings, Inc.*		477,191
			4,241,567
Metals & Mining (2.1%):
62,385	Arconic Corp.*		1,845,348
81,025	ATI, Inc.*		3,583,736
30,718	Carpenter Technology Corp.		1,724,201
32,347	Century Aluminum Co.*		282,066
21,090	Compass Minerals International, Inc.		717,060
7,967	Haynes International, Inc.		404,883
10,089	Kaiser Aluminum Corp.		722,776
12,719	Materion Corp.		1,452,510
6,081	Olympic Steel, Inc.		297,969
50,518	SunCoke Energy, Inc.		397,577
24,392	TimkenSteel Corp.*		526,135
31,348	Warrior Met Coal, Inc.		1,221,005
			13,175,266
Mortgage Real Estate Investment Trusts (REITs) (1.4%):
84,827	Apollo Commercial Real Estate Finance, Inc.		960,242
63,912	Arbor Realty Trust, Inc.^		947,176
120,485	ARMOUR Residential REIT, Inc.^		642,185
37,331	Ellington Financial, Inc.^		515,168
50,851	Franklin BSP Realty Trust, Inc.		720,050
27,831	Invesco Mortgage Capital, Inc.		319,221
37,360	KKR Real Estate Finance Trust, Inc.		454,671

Shares		Value
Common Stocks, continued
Mortgage Real Estate Investment Trusts (REITs), continued
59,136	New York Mortgage Trust, Inc.	$	586,629
56,743	PennyMac Mortgage Investment Trust		764,896
101,574	Ready Capital Corp.		1,145,755
74,399	Redwood Trust, Inc.		473,921
64,894	Two Harbors Investment Corp.		900,729
			8,430,643
Multi-Utilities (0.4%):
48,037	Avista Corp.		1,886,413
8,978	Unitil Corp.		455,274
			2,341,687
Office REITs (0.9%):
114,177	Brandywine Realty Trust		530,923
61,490	Douglas Emmett, Inc.^		772,929
60,444	Easterly Government Properties, Inc.		876,438
83,400	Hudson Pacific Properties, Inc.		351,948
65,682	JBG SMITH Properties		987,857
31,710	Office Properties Income Trust		244,167
37,494	Orion Office REIT, Inc.		247,836
41,478	SL Green Realty Corp.		1,246,414
			5,258,512
Oil, Gas & Consumable Fuels (2.8%):
43,987	California Resources Corp.		1,992,171
31,415	Callon Petroleum Co.*		1,101,724
31,438	Civitas Resources, Inc.		2,180,854
57,396	Comstock Resources, Inc.		665,794
19,700	CONSOL Energy, Inc.		1,335,857
20,206	CVR Energy, Inc.		605,372
18,041	Dorian LPG, Ltd.		462,752
35,914	Green Plains, Inc.*		1,157,867
50,520	Northern Oil and Gas, Inc.		1,733,846
35,074	Par Pacific Holdings, Inc.*		933,319
9,218	REX American Resources Corp.*		320,879
76,762	SM Energy Co.		2,427,982
65,818	Talos Energy, Inc.*		912,896
11,365	Vital Energy, Inc.*		513,130
39,018	World Kinect Corp.		806,892
			17,151,335
Paper & Forest Products (0.2%):
10,127	Clearwater Paper Corp.*		317,178
26,483	Mercer International, Inc.		213,718
19,914	Sylvamo Corp.		805,521
			1,336,417
Passenger Airlines (0.5%):
9,916	Allegiant Travel Co.*		1,252,192
36,366	Hawaiian Holdings, Inc.*		391,662
28,218	SkyWest, Inc.*		1,149,037
23,058	Sun Country Airlines Holdings, Inc.*		518,344
			3,311,235
Personal Care Products (1.4%):
31,598	Edgewell Personal Care Co.		1,305,313
31,498	elf Beauty, Inc.*		3,598,017
11,223	Inter Parfums, Inc.		1,517,686
7,126	Medifast, Inc.		656,732
32,397	Nu Skin Enterprises, Inc., Class A		1,075,580
6,536	USANA Health Sciences, Inc.*		412,030
			8,565,358

See accompanying notes to the financial statements.

8

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Pharmaceuticals (1.5%):
23,396	Amphastar Pharmaceuticals, Inc.*	$	1,344,568
8,464	ANI Pharmaceuticals, Inc.*		455,617
20,458	Collegium Pharmaceutical, Inc.*		439,642
55,908	Corcept Therapeutics, Inc.*		1,243,953
18,411	Harmony Biosciences Holdings, Inc.*		647,883
35,524	Innoviva, Inc.*		452,221
10,109	Ligand Pharmaceuticals, Inc.*		728,859
27,955	Pacira BioSciences, Inc.*		1,120,157
12,767	Phibro Animal Health Corp., Class A		174,908
30,756	Prestige Consumer Healthcare, Inc.*		1,827,829
33,449	Supernus Pharmaceuticals, Inc.*		1,005,477
			9,441,114
Professional Services (1.2%):
19,069	CSG Systems International, Inc.		1,005,699
7,087	Forrester Research, Inc.*		206,161
12,377	Heidrick & Struggles International, Inc.		327,619
20,692	Kelly Services, Inc., Class A		364,386
33,331	Korn Ferry		1,651,218
7,464	NV5 Global, Inc.*		826,787
20,264	Resources Connection, Inc.		318,348
19,052	TrueBlue, Inc.*		337,411
12,925	TTEC Holdings, Inc.		437,382
88,088	Verra Mobility Corp.*		1,737,095
			7,212,106
Real Estate Management & Development (0.8%):
69,458	Anywhere Real Estate, Inc.*		463,980
86,101	Cushman & Wakefield plc*		704,306
47,007	eXp World Holdings, Inc.^		953,302
78,201	Kennedy-Wilson Holdings, Inc.		1,277,022
15,051	Marcus & Millichap, Inc.		474,257
12,605	RE/MAX Holdings, Inc., Class A		242,772
21,387	St Joe Co. (The)		1,033,848
			5,149,487
Residential REITs (0.5%):
9,526	Centerspace		584,515
56,595	Elme Communities		930,422
14,239	NexPoint Residential Trust, Inc.		647,590
48,840	Veris Residential, Inc.*		783,882
			2,946,409
Retail REITs (2.1%):
62,645	Acadia Realty Trust		901,462
27,882	Getty Realty Corp.		942,969
133,353	Macerich Co. (The)		1,502,888
75,364	Phillips Edison & Co., Inc.		2,568,405
83,881	Retail Opportunity Investments Corp.		1,133,232
56,438	RPT Realty		589,777
9,903	Saul Centers, Inc.		364,728
119,929	SITE Centers Corp.		1,585,461
68,138	Tanger Factory Outlet Centers, Inc.		1,503,806
78,667	Urban Edge Properties		1,213,832
18,707	Urstadt Biddle Properties, Inc., Class A		397,711
33,732	Whitestone REIT		327,200
			13,031,471
Semiconductors & Semiconductor Equipment (4.7%):
14,037	Alpha & Omega Semiconductor, Ltd.*		460,414
20,449	Axcelis Technologies, Inc.*		3,748,915
13,505	CEVA, Inc.*		345,053

Shares		Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
29,183	Cohu, Inc.*	$	1,212,846
28,753	Diodes, Inc.*		2,659,365
48,195	FormFactor, Inc.*		1,649,233
17,679	Ichor Holdings, Ltd.*		662,963
36,508	Kulicke & Soffa Industries, Inc.		2,170,401
45,886	MaxLinear, Inc., Class A*		1,448,162
30,673	Onto Innovation, Inc.*		3,572,484
18,104	PDF Solutions, Inc.*		816,490
38,839	Photronics, Inc.*		1,001,658
67,846	Rambus, Inc.*		4,353,678
39,327	Semtech Corp.*		1,001,265
10,263	SiTime Corp.*		1,210,726
30,347	SMART Global Holdings, Inc.*		880,366
27,655	Ultra Clean Holdings, Inc.*		1,063,611
31,956	Veeco Instruments, Inc.*		820,630
			29,078,260
Software (3.0%):
70,071	8x8, Inc.*		296,400
40,922	A10 Networks, Inc.		597,052
67,107	Adeia, Inc.		738,848
12,358	Agilysys, Inc.*		848,253
31,733	Alarm.com Holdings, Inc.*		1,639,962
25,418	Cerence, Inc.*		742,968
10,938	Consensus Cloud Solutions, Inc.*		339,078
55,874	Digital Turbine, Inc.*		518,511
55,910	DoubleVerify Holdings, Inc.*		2,176,017
15,212	Ebix, Inc.		383,342
16,623	InterDigital, Inc.		1,604,951
40,335	LiveRamp Holdings, Inc.*		1,151,968
43,258	N-able, Inc.*		623,348
21,882	OneSpan, Inc.*		324,729
27,504	Progress Software Corp.		1,597,982
23,106	SPS Commerce, Inc.*		4,437,738
26,794	Xperi, Inc.*		352,341
			18,373,488
Specialized REITs (0.7%):
57,465	Four Corners Property Trust, Inc.		1,459,611
97,116	Outfront Media, Inc.		1,526,664
26,825	Safehold, Inc.		636,557
155,424	Uniti Group, Inc.		718,059
			4,340,891
Specialty Retail (4.3%):
20,307	Aaron’s Co., Inc. (The)		287,141
31,170	Abercrombie & Fitch Co., Class A*		1,174,486
47,852	Academy Sports & Outdoors, Inc.		2,586,401
114,753	American Eagle Outfitters, Inc.		1,354,085
3,481	America’s Car-Mart, Inc.*		347,334
13,431	Asbury Automotive Group, Inc.*		3,229,081
18,374	Boot Barn Holdings, Inc.*		1,556,094
19,071	Buckle, Inc. (The)		659,857
22,685	Caleres, Inc.		542,852
75,836	Chico’s FAS, Inc.*		405,723
32,783	Designer Brands, Inc., Class A^		331,108
8,934	Group 1 Automotive, Inc.		2,305,865
20,357	Guess?, Inc.		395,944
8,565	Haverty Furniture Cos., Inc.		258,834
7,634	Hibbett, Inc.		277,038
90,611	Leslie’s, Inc.*		850,837

See accompanying notes to the financial statements.

9

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares		Value
Common Stocks, continued
Specialty Retail, continued
13,109	MarineMax, Inc.*	$	447,804
18,318	Monro, Inc.		744,260
48,632	National Vision Holdings, Inc.*		1,181,271
20,971	ODP Corp. (The)*		981,862
66,086	Sally Beauty Holdings, Inc.*		816,162
9,718	Shoe Carnival, Inc.		228,179
28,384	Signet Jewelers, Ltd.		1,852,340
13,418	Sleep Number Corp.*		366,043
9,927	Sonic Automotive, Inc., Class A		473,220
31,381	Upbound Group, Inc.		976,891
37,763	Urban Outfitters, Inc.*		1,251,088
47,991	Victoria’s Secret & Co.*		836,483
			26,718,283
Technology Hardware, Storage & Peripherals (0.2%):
20,888	Avid Technology, Inc.*		532,644
24,931	Corsair Gaming, Inc.*		442,276
			974,920
Textiles, Apparel & Luxury Goods (1.0%):
25,890	G-III Apparel Group, Ltd.*		498,900
223,978	Hanesbrands, Inc.		1,016,860
31,846	Kontoor Brands, Inc.		1,340,717
10,651	Movado Group, Inc.		285,767
9,076	Oxford Industries, Inc.		893,260
46,057	Steven Madden, Ltd.		1,505,603
49,555	Wolverine World Wide, Inc.		727,963
			6,269,070
Tobacco (0.3%):
15,479	Universal Corp.		773,021
86,009	Vector Group, Ltd.		1,101,776
			1,874,797
Trading Companies & Distributors (1.6%):
24,167	Applied Industrial Technologies, Inc.		3,500,106

Shares		Value
Common Stocks, continued
Trading Companies & Distributors, continued
24,788	Boise Cascade Co.	$	2,239,596
8,785	DXP Enterprises, Inc.*		319,862
25,951	GMS, Inc.*		1,795,809
65,195	NOW, Inc.*		675,420
8,570	Veritiv Corp.		1,076,478
			9,607,271
Water Utilities (1.0%):
23,379	American States Water Co.		2,033,973
35,447	California Water Service Group		1,830,129
10,693	Middlesex Water Co.		862,497
16,524	SJW Group		1,158,498
			5,885,097
Wireless Telecommunication Services (0.3%):
41,637	Gogo, Inc.*		708,245
30,443	Shenandoah Telecommunications Co.		591,508
62,971	Telephone and Data Systems, Inc.		518,251
			1,818,004
Total Common Stocks (Cost $454,248,825)			610,188,587
Short-Term Security Held as Collateral for Securities on Loan (1.4%):
8,661,023	BlackRock Liquidity FedFund, Institutional Class, 3.57%(c)(d)		8,661,023
Total Short-Term Security Held as Collateral              for Securities on Loan             (Cost $8,661,023)			8,661,023
Unaffiliated Investment Company (0.7%):
Money Markets (0.7%):
4,153,047	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(d)		4,153,047
Total Unaffiliated Investment Company             (Cost $4,153,047)			4,153,047
Total Investment Securities             (Cost $467,062,895) — 101.3%			623,002,657
Net other assets (liabilities) — (1.3)%			(8,042,906	)
Net Assets — 100.0%		$	614,959,751

Percentages indicated are based on net assets as of June 30, 2023.

REIT              -             Real Estate Investment Trust

* Non-income producing security.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $8,382,887.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) Security was valued using significant unobservable inputs as of June 30, 2023.

(c) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(d) The rate represents the effective yield at June 30, 2023.

Amounts shown as “—” are either $0 or round to less than $1.

Futures Contracts

At June 30, 2023, the Fund’s open futures contracts were as follows:

Long Futures

Description	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized   Appreciation/   (Depreciation)
Russell 2000 Mini Index September Futures (U.S. Dollar)	9/15/23	52	$	4,949,620	$	1,794
					$	1,794

See accompanying notes to the financial statements.

10

AZL Small Cap Stock Index Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	467,062,895
Investment securities, at value(a)	$	623,002,657
Deposit at broker for futures contracts collateral		325,600
Interest and dividends receivable		687,826
Receivable for variation margin on futures contracts		14,560
Prepaid expenses		1,621
Total Assets		624,032,264
Liabilities:
Payable for capital shares redeemed		137,923
Payable for collateral received on loaned securities		8,661,023
Management fees payable		128,634
Administration fees payable		11,900
Distribution fees payable		116,767
Custodian fees payable		2,346
Administrative and compliance services fees payable		445
Transfer agent fees payable		575
Trustee fees payable		2,144
Other accrued liabilities		10,756
Total Liabilities		9,072,513
Commitments and contingent liabilities^
Net Assets	$	614,959,751
Net Assets Consist of:
Paid in capital	$	429,213,074
Total distributable earnings		185,746,677
Net Assets	$	614,959,751
Class 1
Net Assets	$	34,356,642
Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,494,262
Net Asset Value (offering and redemption price per share)	$	7.64
Class 2
Net Assets	$	580,603,109
Shares of beneficial interest (unlimited number of shares authorized, no par value)		48,038,799
Net Asset Value (offering and redemption price per share)	$	12.09

(a) Includes securities on loan of $8,382,887.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)

Investment Income:
Dividends	$	5,821,166
Interest		7,347
Income from securities lending		34,881
Foreign withholding tax		(4,931	)
Total Investment Income		5,858,463
Expenses:
Management fees		793,671
Administration fees		82,762
Distribution fees - Class 2		720,313
Custodian fees		12,067
Administrative and compliance services fees		2,661
Transfer agent fees		4,412
Trustee fees		10,986
Professional fees		8,824
Licensing fees		40,263
Shareholder reports		7,308
Other expenses		6,200
Total expenses		1,689,467
Net Investment Income/(Loss)		4,168,996
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		1,398,259
Net realized gains/(losses) on futures contracts		(312,763	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		30,756,510
Change in net unrealized appreciation/depreciation on futures contracts		40,376
Net realized and Change in net unrealized gains/losses on investments		31,882,382
Change in Net Assets Resulting From Operations	$	36,051,378

See accompanying notes to the financial statements.

11

AZL Small Cap Stock Index Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023				For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,168,996			$	5,910,356
Net realized gains/(losses) on investments			1,085,496				37,230,614
Change in unrealized appreciation/depreciation on investments			30,796,886				(183,110,645	)
Change in net assets resulting from operations			36,051,378				(139,969,675	)
Distributions to Shareholders:
Class 1			—				(9,156,857	)
Class 2			—				(107,893,670	)
Change in net assets resulting from distributions to shareholders			—				(117,050,527	)
Capital Transactions:
Class 1
Proceeds from shares issued			58,384				47,960
Proceeds from dividends reinvested			—				9,156,857
Value of shares redeemed			(2,210,256	)			(4,287,362	)
Total Class 1 Shares			(2,151,872	)			4,917,455
Class 2
Proceeds from shares issued			18,349,497				4,742,326
Proceeds from dividends reinvested			—				107,893,670
Value of shares redeemed			(57,515,577	)			(111,921,820	)
Total Class 2 Shares			(39,166,080	)			714,176
Change in net assets resulting from capital transactions			(41,317,952	)			5,631,631
Change in net assets			(5,266,574	)			(251,388,571	)
Net Assets:
Beginning of period			620,226,325				871,614,896
End of period		$	614,959,751			$	620,226,325
Share Transactions:
Class 1
Shares issued			8,027				5,161
Dividends reinvested			—				1,306,256
Shares redeemed			(296,429	)			(458,726	)
Total Class 1 Shares			(288,402	)			852,691
Class 2
Shares issued			1,607,306				358,773
Dividends reinvested			—				9,720,151
Shares redeemed			(4,824,120	)			(8,046,992	)
Total Class 2 Shares			(3,216,814	)			2,031,932
Change in shares			(3,505,216	)			2,884,623

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

12

AZL Small Cap Stock Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	Ended			December 31,			December 31,			December 31,			December 31,			December 31,
	June 30, 2023			2022			2021			2020			2019			2018
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$	7.22		$	11.75		$	9.76		$	9.65		$	9.26		$	11.68
Investment Activities:
Net Investment Income/(Loss)		0.06	(a)		0.10	(a)		0.11	(a)		0.09	(a)		0.12	(a)		0.16
Net Realized and Unrealized Gains/(Losses) on Investments		0.36			(2.11	)		2.44			0.80			1.78			(0.93	)
Total from Investment Activities		0.42			(2.01	)		2.55			0.89			1.90			(0.77	)
Distributions to Shareholders From:
Net Investment Income		—			(0.16	)		(0.14	)		(0.17	)		(0.17	)		(0.18	)
Net Realized Gains		—			(2.36	)		(0.42	)		(0.61	)		(1.34	)		(1.47	)
Total Dividends		—			(2.52	)		(0.56	)		(0.78	)		(1.51	)		(1.65	)
Net Asset Value, End of Period	$	7.64		$	7.22		$	11.75		$	9.76		$	9.65		$	9.26
Total Return(b)		5.82	%(c)		(16.45	)%		26.37	%(c)		10.98	%		22.42	%		(8.59	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	34,357		$	34,525		$	46,174		$	42,848		$	44,098		$	41,285
Net Investment Income/(Loss)(d)		1.60	%		1.08	%		0.95	%		1.11	%		1.21	%		1.17	%
Expenses Before Reductions(d)(e)		0.32	%		0.32	%		0.33	%		0.34	%		0.33	%		0.33	%
Expenses Net of Reductions(d)		0.32	%		0.32	%		0.33	%		0.34	%		0.33	%		0.33	%
Portfolio Turnover Rate(f)		15	%		12	%		20	%		21	%		14	%		19	%
Class 2
Net Asset Value, Beginning of Period	$	11.43		$	16.77		$	13.74		$	13.23		$	12.17		$	14.88
Investment Activities:
Net Investment Income/(Loss)		0.08	(a)		0.12	(a)		0.12	(a)		0.10	(a)		0.13	(a)		0.15
Net Realized and Unrealized Gains/(Losses) on Investments		0.58			(2.98	)		3.44			1.15			2.40			(1.25	)
Total from Investment Activities		0.66			(2.86	)		3.56			1.25			2.53			(1.10	)
Distributions to Shareholders From:
Net Investment Income		—			(0.12	)		(0.11	)		(0.13	)		(0.13	)		(0.14	)
Net Realized Gains		—			(2.36	)		(0.42	)		(0.61	)		(1.34	)		(1.47	)
Total Dividends		—			(2.48	)		(0.53	)		(0.74	)		(1.47	)		(1.61	)
Net Asset Value, End of Period	$	12.09		$	11.43		$	16.77		$	13.74		$	13.23		$	12.17
Total Return(b)		5.77	%(c)		(16.65	)%		26.04	%		10.71	%		22.19	%		(8.93	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$	580,603		$	585,701		$	825,440		$	771,671		$	803,521		$	713,258
Net Investment Income/(Loss)(d)		1.35	%		0.82	%		0.71	%		0.86	%		0.96	%		0.93	%
Expenses Before Reductions(d)(e)		0.57	%		0.57	%		0.58	%		0.59	%		0.58	%		0.58	%
Expenses Net of Reductions(d)		0.57	%		0.57	%		0.58	%		0.59	%		0.58	%		0.58	%
Portfolio Turnover Rate(f)		15	%		12	%		20	%		21	%		14	%		19	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

See accompanying notes to the financial statements.

13

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Small Cap Stock Index Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

14

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred. All share classes have equal voting rights, except that voting with respect to matters that affect a single class is limited to shares of that class.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $3,509 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $8,661,023 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

During the period ended June 30, 2023, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2023, the monthly average notional amount for long contracts was $4.9 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

15

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Equity Risk
Futures Contracts	Receivable for variation margin on futures contracts*		$1,794	Payable for variation margin on futures contracts*		$—

* For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Equity Risk	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized         Appreciation/Depreciation         on Derivatives Recognized
Interest Rate Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/ depreciation on futures contracts		$(312,763)		$40,376

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*	Annual Expense Limit
AZL Small Cap Stock Index Fund, Class 1	0.26%	0.46%
AZL Small Cap Stock Index Fund, Class 2	0.26%	0.71%

* The annual rate due to the Subadviser from the Manager is 0.015%.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable. During the period ended June 30, 2023, there were no such waivers.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

16

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2		Level 3			Total
Common Stocks+		$610,188,587		$—		$—	#		$610,188,587
Short-Term Security Held as Collateral for Securities on Loan		8,661,023		—		—			8,661,023
Unaffiliated Investment Company		4,153,047		—		—			4,153,047
Total Investment Securities		623,002,657		—		—			623,002,657
Other Financial Instruments:*
Futures Contracts		1,794		—		—			1,794
Total Investments		$623,004,451		$—		$—			$623,004,451

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

^#  Represents the interest in securities that were determined to have a value of zero at June 30, 2023.

^*  Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

17

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases		Sales
AZL Small Cap Stock Index Fund		$76,981,821		$115,595,067

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $514,256,269. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$180,095,649
Unrealized (depreciation)	(71,684,832)
Net unrealized appreciation/(depreciation)	$108,410,817

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income	Net Long-Term Capital Gains	Total Distributions(a)
AZL Small Cap Stock Index Fund	$20,947,176	$96,103,351	$117,050,527

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated     Earnings/(Deficit)
AZL Small Cap Stock Index Fund	$7,171,306	$34,113,176	$—	$108,410,817	$149,695,299

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

18

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 60% of the Fund. Investment activities of this shareholder could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

19

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

20

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

21

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

AZL^® T. Rowe Price Capital Appreciation Fund

Semi-Annual Report

June 30, 2023

(Unaudited)

Table of Contents

Page 3

Page 4

Page 13

Page 13

Page 14

Page 15

Page 16

Page 23

Page 24

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL T. Rowe Price Capital Appreciation Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL T. Rowe Price Capital Appreciation Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL T. Rowe Price Capital Appreciation Fund	$1,000.00	$1,111.90	$5.13	0.98%

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period 1/1/23 - 6/30/23*	Annualized Expense Ratio During Period 1/1/23 - 6/30/23
AZL T. Rowe Price Capital Appreciation Fund	$1,000.00	$1,019.93	$4.91	0.98%

* Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)

Investments	Percent of Net     Assets
Common Stocks		66.5%
Corporate Bonds		12.3
Bank Loans		8.4
U.S. Treasury Obligations		8.1
Unaffiliated Investment Company		6.7
Preferred Stocks		0.4
Yankee Debt Obligations		0.2
Short-Term Security Held as Collateral for Securities on Loan		0.2
Asset Backed Securities		0.1
Total Investment Securities		102.9
Net other assets (liabilities)		(2.9)
Net Assets		100.0%

3

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares				Value
	Common Stocks (66.5%):
	Automobile Components (0.3%):
		87,589	Mobileye Global, Inc., Class A*^	$	3,365,169
	Banks (0.9%):
		82,416	PNC Financial Services Group, Inc. (The)		10,380,295
	Beverages (0.6%):
		217,637	Keurig Dr Pepper, Inc.		6,805,509
	Biotechnology (1.9%):
		84,173	AbbVie, Inc.		11,340,628
		29,374	Biogen, Inc.*		8,367,184
		7,928	Karuna Therapeutics, Inc.*		1,719,187
					21,426,999
	Broadline Retail (2.8%):
		243,507	Amazon.com, Inc.*		31,743,573
	Capital Markets (3.6%):
		3,336	CME Group, Inc.		618,127
		21,900	Goldman Sachs Group, Inc. (The)		7,063,626
		192,673	Intercontinental Exchange, Inc.		21,787,463
		135,847	KKR & Co., Inc., Class A		7,607,432
		7,983	S&P Global, Inc.		3,200,305
					40,276,953
	Chemicals (0.9%):
		26,483	Linde plc		10,092,142
	Commercial Services & Supplies (1.8%):
		825,132	Aurora Innovation, Inc.*		2,425,888
		9,258	Republic Services, Inc.		1,418,048
		113,303	Waste Connections, Inc.		16,194,398
					20,038,334
	Electric Utilities (2.3%):
		292,409	Exelon Corp.		11,912,742
		222,151	Xcel Energy, Inc.		13,811,128
					25,723,870
	Electrical Equipment (0.3%):
		23,255	AMETEK, Inc.		3,764,519
	Electronic Equipment, Instruments & Components (1.1%):
		24,736	TE Connectivity, Ltd.		3,466,998
		22,019	Teledyne Technologies, Inc.*		9,052,231
					12,519,229
	Financial Services (2.3%):
		34,200	Mastercard, Inc., Class A		13,450,860
		49,100	Visa, Inc., Class A		11,660,268
					25,111,128
	Health Care Equipment & Supplies (4.3%):
		114,807	Baxter International, Inc.		5,230,607
		86,761	Becton Dickinson & Co.		22,905,772
		43,201	GE HealthCare Technologies, Inc.		3,509,649
		16,400	Stryker Corp.		5,003,476
		44,759	Teleflex, Inc.		10,833,021
					47,482,525
	Health Care Providers & Services (2.8%):
		642	Humana, Inc.		287,058
		63,246	UnitedHealth Group, Inc.		30,398,557
					30,685,615
	Hotels, Restaurants & Leisure (2.7%):
		53,185	Hilton Worldwide Holdings, Inc.		7,741,077

Shares				Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
		22,800	Starbucks Corp.	$	2,258,568
		142,735	Yum! Brands, Inc.		19,775,934
					29,775,579
	Industrial Conglomerates (0.5%):
		53,894	General Electric Co.		5,920,256
	Insurance (0.8%):
		47,290	Marsh & McLennan Cos., Inc.		8,894,303
	Interactive Media & Services (3.0%):
		228,781	Alphabet, Inc., Class A*		27,385,086
		21,786	Meta Platforms, Inc., Class A*		6,252,146
					33,637,232
	Life Sciences Tools & Services (6.3%):
		533,121	Avantor, Inc.*		10,950,305
		101,835	Danaher Corp.		24,440,400
		175,857	Revvity, Inc.		20,890,053
		26,238	Thermo Fisher Scientific, Inc.		13,689,677
					69,970,435
	Machinery (3.7%):
		336,616	Fortive Corp.		25,168,778
		237,574	Ingersoll Rand, Inc.		15,527,837
					40,696,615
	Multi-Utilities (2.8%):
		199,218	Ameren Corp.		16,270,134
		156,193	CenterPoint Energy, Inc.		4,553,026
		59,596	DTE Energy Co.		6,556,752
		39,800	WEC Energy Group, Inc.		3,511,952
					30,891,864
	Oil, Gas & Consumable Fuels (1.5%):
		132,860	Canadian Natural Resources, Ltd.		7,474,704
		76,300	Chesapeake Energy Corp.		6,384,784
		27,653	EOG Resources, Inc.		3,164,609
					17,024,097
	Pharmaceuticals (0.8%):
		18,500	Eli Lilly & Co.		8,676,130
	Professional Services (1.6%):
		41,979	Equifax, Inc.		9,877,659
		103,173	TransUnion		8,081,541
					17,959,200
	Semiconductors & Semiconductor Equipment (4.2%):
		30,400	Analog Devices, Inc.		5,922,224
		35,800	NVIDIA Corp.		15,144,116
		76,877	NXP Semiconductors NV		15,735,184
		54,946	Texas Instruments, Inc.		9,891,379
					46,692,903
	Software (9.2%):
		99,997	Black Knight, Inc.*		5,972,821
		18,545	Intuit, Inc.		8,497,133
		184,116	Microsoft Corp.		62,698,863
		4,526	PTC, Inc.*		644,050
		31,721	Roper Technologies, Inc.		15,251,457
		44,432	Salesforce, Inc.*		9,386,704
					102,451,028

See accompanying notes to the financial statements.

4

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares				Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals (3.5%):
		199,924	Apple, Inc.	$	38,779,258
		Total Common Stocks     (Cost $615,795,872)			740,784,760
	Preferred Stocks (0.4%):
	Capital Markets (0.0%†):
		3,600	Charles Schwab Corp. (The), Series D, 5.95%, 11/14/19		90,000
	Electric Utilities (0.1%):
		52,836	SCE Trust IV, Series J, 5.38%, 12/31/49		1,044,040
	Multi-Utilities (0.3%):
		64,008	CMS Energy Corp., 5.88%, 10/15/78		1,534,272
		58,524	CMS Energy Corp., 5.88%, 3/1/79		1,425,059
		15,421	NiSource, Inc., Series B, 6.50%, 11/21/19		388,455
					3,347,786
		Total Preferred Stocks     (Cost $4,859,725)			4,481,826
Principal Amount
	Asset Backed Securities (0.1%):
		$815,798	Domino’s Pizza Master Issuer LLC, Class A23, Series 2018-1A, 4.12%, 7/25/47, Callable 7/25/24 @ 100(a)		754,188
		624,038	Domino’s Pizza Master Issuer LLC, Class A2, Series 2019-1A, 3.67%, 10/25/49, Callable 10/25/26 @ 100(a)		548,578
		Total Asset Backed Securities     (Cost $1,431,271)			1,302,766
	Bank Loans (10.5%):
	Airlines (0.2%):
		1,687,846	SkyMiles IP Ltd. Initial Term Loan, 8.89% (Term SOFR+375bps ), 10/20/27		1,751,528
	Building Products (0.5%):
		2,006,371	Filtration Group Corporation 2021 Incremental Term Loan, 8.64% (Term SOFR+350bps ), 10/21/28		1,997,062
		3,708,139	Filtration Group Corporation 2023 Extended Dollar Term Loan, 9.45% (Term SOFR+425bps ), 10/21/28		3,703,504
		354,486	Filtration Group Corporation 2023 Extended Euro Term Loan, 7.67% (EURIBOR RFR+0bps ), 10/21/28		381,220
					6,081,786
	Capital Markets (0.0%†):
		445,848	Woof Holdings, Inc. Initial First Lien Term Loan, 8.89% (Term SOFR+375bps ), 12/21/27		435,816
	Chemicals (0.7%):
		4,331,743	USI, Inc. 2021 New Term Loan, 8.39% (Term SOFR+325bps ), 12/2/26		4,325,635
		3,875,949	USI, Inc. 2022 New Term Loan, 8.89% (Term SOFR+375bps ), 11/22/29		3,866,259
					8,191,894
	Consumer Discretionary Services (0.2%):
		2,713,900	IRB Holding Corp. 2022 Replacement Term B Loan, 8.14% (Term SOFR+300bps ), 12/15/27		2,692,704
	Diversified Consumer Services (0.3%):
		2,605,476	Loire UK Midco 3 Limited Facility B, 8.14% (Term SOFR+300bps ), 4/21/27		2,517,542

Principal Amount				Value
	Bank Loans, continued
	Diversified Consumer Services, continued
		$504,518	Loire UK Midco 3 Limited Facility B2, 8.64% (Term SOFR+350bps ), 4/21/27	$	488,752
					3,006,294
	Electric Utilities (0.6%):
		4,555,037	Alliant Holdings I LLC TLB-4 New Term Loan, 8.56% (LIBOR+350bps ), 11/5/27		4,524,108
		1,862,466	Alliant Holdings Intermediate, LLC TLB-5 New Term Loan, 0.00% (Term SOFR+350bps ), 11/5/27		1,849,280
					6,373,388
	Electrical Equipment (0.0%†):
		217,492	Quartz Acquireco LLC TL B 1L, 5.06% (LIBOR+0bps ), 4/13/30		217,220
	Financial Services (2.3%):
		1,486,459	Azalea TopCo, Inc. 2021 First Lien Term Loan, 8.89% (Term SOFR+375bps ), 7/24/26		1,434,894
		836,420	Azalea TopCo, Inc. 2022 Incremental First Lien Term Loan, 8.89% (Term SOFR+375bps ), 7/24/26		811,327
		4,770,078	Azalea TopCo, Inc. Initial First Lien Term Loan, 8.64% (Term SOFR+350bps ), 7/24/26		4,628,168
		1,047,985	Hub International Limited 2022 Incremental Term Loan, 9.14% (Term SOFR+400bps ), 11/10/29		1,046,372
		17,409,000	HUB International, Limited 2023 Refinancing Term Loan, 9.33%, 6/20/30		17,440,510
		724,938	Trans Union LLC 2019 Replacement Term B-5 Loan, 6.91% (Term SOFR+175bps ), 11/16/26		722,321
					26,083,592
	Health Care (0.0%†):
		115,000	PetVet Care Centers, LLC Initial Second Lien Term Loan, 11.31% (LIBOR+625bps ), 2/13/26		104,650
	Health Care Providers & Services (0.8%):
		1,583,086	ADMI Corp. Amendment No. 4 Refinancing Term Loan, 8.51% (Term SOFR+337.5bps ), 12/23/27		1,486,122
		2,960,436	ADMI Corp. Amendment No. 5 Incremental Term Loan, 8.89% (Term SOFR+375bps ), 12/23/27		2,759,363
		715,086	ADMI Corp. Initial Term Loan, 8.14% (Term SOFR+300bps ), 4/30/25		685,145
		3,832,129	Heartland Dental LLC 2023 New Term Loan, 10.16% (Term SOFR+500bps ), 4/28/28		3,691,605
					8,622,235
	Hotels, Restaurants & Leisure (0.3%):
		216,922	1011778 B.C. Unlimited Liability Company Term B-4 Loan, 6.91% (LIBOR+175bps), 11/19/26		215,204
		2,870,704	Hilton Worldwide Refinanced Series B-2 Term Loan, 6.89% (Term SOFR+175bps ), 6/22/26		2,866,341
					3,081,545
	insurance (0.1%):
		1,082,264	BroadStreet Partners, Inc. Initial Term B Loan, 9.14% (Term SOFR+400bps ), 1/27/29		1,074,418
	Insurance (0.5%):
		108,270	AssuredPartners, Inc. 2021 Term Loan, 8.72% (Term SOFR+350bps ), 2/12/27		107,097
		78,106	AssuredPartners, Inc. 2022 February Refinancing Term Loan, 8.78% (Term SOFR+350bps ), 2/12/27		77,390
		212,342	AssuredPartners, Inc. 2022 Term Loan, 8.64% (Term SOFR+350bps ), 2/12/27		210,219

See accompanying notes to the financial statements.

5

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount				Value
	Bank Loans, continued
	Insurance, continued
		$45,787	BroadStreet Partners, Inc. Initial Term Loan, 7.89% (Term SOFR+275bps ), 1/27/27	$	45,129
		3,832,506	HIG Finance 2 Limited 2021 Dollar Refinancing Term Loan, 8.31% (LIBOR+325bps ), 11/12/27		3,804,835
		1,120,466	Ryan Specialty Group, LLC Initial Term Loan, 8.14% (Term SOFR+300bps ), 9/1/27		1,118,012
					5,362,682
	Life Sciences Tools & Services (0.1%):
		1,395,182	Avantor Funding, Inc. 2021 Incremental B-5 Dollar Term Loan, 7.39% (Term SOFR+225bps ), 11/8/27		1,393,634
	Media (0.2%):
		813,493	Charter Communications Operating LLC Term B-2 Loan, 6.89% (Term SOFR+175bps ), 2/1/27		808,066
		1,123,979	Charter Communications Operating, LLC Term B-1 Loan, 6.89% (Term SOFR+175bps ), 4/30/25		1,122,698
					1,930,764
	Pharmaceuticals (0.3%):
		2,864,688	Sunshine Luxembourg VII S.a r.l. Facility B3, 8.89% (Term SOFR+375bps ), 10/1/26		2,845,723
	Software (2.1%):
		1,355,949	Applied Systems, Inc. 2021 Second Lien Term Loan, 11.89% (Term SOFR+675bps ), 9/17/27		1,355,108
		6,237,942	Applied Systems, Inc. 2026 First Lien Term Loan, 9.64% (Term SOFR+450bps ), 9/18/26		6,243,806
		4,334,340	RealPage, Inc. Initial First Lien Term Loan, 8.06% (LIBOR+300bps ), 4/24/28		4,235,734
		200,000	RealPage, Inc. Initial Second Lien Loan, 11.64% (Term SOFR+650bps ), 4/23/29		193,166
		513,848	Sophia, L.P. 2022 Incremental First Lien Term B-1 Loan, 9.09% (SOFR+400bps ), 10/7/27		508,067
		1,792,341	Sophia, L.P. First Lien Term Loan B, 8.56% (LIBOR+350bps ), 10/7/27		1,771,066
		8,892,777	UKG Inc. 2021-2 Incremental First LienTerm Loan, 8.39% (Term SOFR+325bps ), 5/4/26		8,717,678
					23,024,625
	Software & Tech Services (0.5%):
		554,348	Athenahealth Group, Inc. Initial DDTL, 8.64% (Term SOFR+350bps ), 2/15/29+		532,867
		4,512,481	Athenahealth Group, Inc. Initial Term Loan, 8.64% (Term SOFR+350bps ), 2/15/29		4,337,623
		642,971	Storable, Inc. Initial First Lien Term Loan, 8.64% (Term SOFR+350bps ), 4/17/28		625,019
					5,495,509
	Sovereign Bond (0.4%):
		4,312,995	Mileage Plus Holdings LLC Initial Term Loan, 10.39% (Term SOFR+525bps ), 6/21/27		4,475,638
	Specialty Retail (0.3%):
		1,411,311	PetVet Care Centers, LLC 2018 First Lien Term Loan, 8.31% (LIBOR+325bps ), 2/14/25		1,368,972
		1,684,555	PetVet Care Centers, LLC 2021 First Lien Replacement Term Loan, 8.56% (LIBOR+350bps ), 2/14/25		1,646,231
		355,952	PetVet Care Centers, LLC Initial First Lien Term Loan, 7.81% (LIBOR+275bps ), 2/14/25		343,569
					3,358,772

Principal Amount				Value
	Bank Loans, continued
	Telecommunications (0.1%):
		$1,691,107	SBA Senior Finance II LLC Initial Term Loan, 6.81% (LIBOR+175bps ), 4/11/25	$	1,690,346
		Total Bank Loans (Cost $117,602,372)			117,294,763
	Corporate Bonds (10.2%):
	Aerospace & Defense (0.2%):
		76,000	Howmet Aerospace, Inc., 5.90%, 2/1/27		76,475
		570,000	Howmet Aerospace, Inc., 3.00%, 1/15/29, Callable 11/15/28 @ 100		496,612
		250,000	TransDigm UK Holdings plc, 6.88%, 5/15/26, Callable 8/7/23 @ 101.72		247,500
		904,000	TransDigm, Inc., 6.25%, 3/15/26, Callable 8/7/23 @ 101.56(a)		899,480
		160,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 8/7/23 @ 100		157,400
		976,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 8/7/23 @ 102.75		919,880
					2,797,347
	Air Freight & Logistics (0.1%):
		1,150,000	Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(a)		1,115,771
	Automobile Components (0.2%):
		467,000	Clarios Global LP, 6.75%, 5/15/25, Callable 8/8/23 @ 101.69(a)		466,416
		643,000	Clarios Global LP/Clarios US Finance Co., 6.25%, 5/15/26, Callable 8/7/23 @ 101.56(a)		636,570
		1,735,000	Clarios Global LP/Clarios US Finance Co., 8.50%, 5/15/27, Callable 8/7/23 @ 102.13(a)		1,739,338
					2,842,324
	Building Products (0.2%):
		1,506,898	Filtration Group Corporation, 7.09% (Term SOFR+350bps ), 10/21/28, Callable 8/6/23 @ 100		1,501,247
		280,000	Lennox International, Inc., 3.00%, 11/15/23, Callable 9/15/23 @ 100		276,612
					1,777,859
	Capital Markets (0.4%):
		152,000	Intercontinental Exchange, Inc., 4.00%, 9/15/27, Callable 8/15/27 @ 100		147,877
		893,000	MSCI, Inc., 4.00%, 11/15/29, Callable 11/15/24 @ 102(a)		802,584
		1,543,000	MSCI, Inc., 3.63%, 9/1/30, Callable 3/1/25 @ 101.81(a)		1,323,122
		1,010,000	MSCI, Inc., 3.88%, 2/15/31, Callable 6/1/25 @ 101.94(a)		872,388
		932,000	MSCI, Inc., 3.63%, 11/1/31, Callable 11/1/26 @ 101.81(a)		787,540
		601,000	MSCI, Inc., 3.25%, 8/15/33, Callable 8/15/27 @ 101.63(a)		478,546
					4,412,057
	Containers & Packaging (0.1%):
		1,225,000	Ball Corp., 6.00%, 6/15/29, Callable 5/15/26 @ 103		1,212,750
	Diversified Consumer Services (0.0%†):
		605,000	Service Corp. International, 3.38%, 8/15/30, Callable 8/15/25 @ 101.69		503,663

See accompanying notes to the financial statements.

6

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount			Value
Corporate Bonds, continued
Diversified REITs (0.1%):
	$1,165,000	SBA Communications Corp., 3.13%, 2/1/29, Callable 2/1/24 @ 101.56	$	987,338
Electric Utilities (0.6%):
	1,819,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 8/7/23 @ 103.38(a)		1,709,860
	385,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(a)		355,162
	3,812,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 4/15/28, Callable 4/15/25 @ 103.38(a)		3,750,055
	626,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94(a)		550,098
				6,365,175
Electrical Equipment (0.2%):
	1,006,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(a)		892,825
	403,000	Sensata Technologies BV, 5.88%, 9/1/30, Callable 9/1/25 @ 102.94(a)		388,895
	290,000	Sensata Technologies, Inc., 4.38%, 2/15/30, Callable 11/15/29 @ 100(a)		257,375
	743,000	Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88(a)		629,692
				2,168,787
Entertainment (0.0%†):
	100,000	Live Nation Entertainment, Inc., 4.88%, 11/1/24, Callable 8/7/23 @ 100(a)		98,500
Financial Services (1.2%):
	510,000	AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(a)		459,638
	876,000	HUB International, Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81(a)		785,115
	11,629,000	HUB International, Ltd., 7.25%, 6/15/30, Callable 6/15/26 @ 103.63(a)		11,992,406
				13,237,159
Health Care Equipment & Supplies (0.1%):
	574,000	Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a)		499,380
	745,000	Teleflex, Inc., 4.63%, 11/15/27, Callable 7/24/23 @ 102.31		702,163
	130,000	Teleflex, Inc., 4.25%, 6/1/28, Callable 8/7/23 @ 102.13(a)		118,950
				1,320,493
Health Care Providers & Services (0.5%):
	1,775,000	Hadrian Merger Sub, Inc., 8.50%, 5/1/26, Callable 8/7/23 @ 100(a)		1,606,375
	1,068,000	Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28, Callable 5/15/25 @ 105.25(a)		1,059,990
	1,419,000	IQVIA, Inc., 5.70%, 5/15/28, Callable 4/15/28 @ 100(a)		1,404,810
	355,000	IQVIA, Inc., 6.50%, 5/15/30, Callable 5/15/26 @ 103.25(a)		358,994

Principal Amount				Value
	Corporate Bonds, continued
	Health Care Providers & Services, continued
		$714,000	Surgery Center Holdings, Inc., 10.00%, 4/15/27, Callable 8/7/23 @ 102.5(a)	$	730,065
					5,160,234
	Hotels, Restaurants & Leisure (2.6%):
		1,838,000	Cedar Fair LP, 5.25%, 7/15/29, Callable 7/15/24 @ 102.63		1,672,580
		1,301,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 5/1/25, Callable 8/7/23 @ 101.38(a)		1,289,616
		2,088,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 4/15/27, Callable 8/7/23 @ 101.79		1,978,380
		1,584,000	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/1/28, Callable 10/1/23 @ 103.25		1,544,400
		1,113,000	Hilton Domestic Operatin, 5.75%, 5/1/28, Callable 8/7/23 @ 102.88(a)		1,093,523
		501,000	Hilton Domestic Operating Co., Inc., 5.38%, 5/1/25, Callable 7/18/23 @ 101.34(a)		494,738
		954,000	Hilton Domestic Operating Co., Inc., 3.75%, 5/1/29, Callable 5/1/24 @ 101.88(a)		843,098
		750,000	Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30, Callable 1/15/25 @ 102.44		696,562
		1,129,000	Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31, Callable 5/1/26 @ 102(a)		977,996
		1,205,000	Hilton Domestic Operating Co., Inc., 3.63%, 2/15/32, Callable 8/15/26 @ 101.81(a)		1,004,669
		349,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 4/1/27, Callable 7/24/23 @ 101.22		338,966
		3,236,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 6/1/27, Callable 8/7/23 @ 101.58(a)		3,118,695
		1,273,000	Life Time, Inc., 5.75%, 1/15/26, Callable 8/7/23 @ 102.88(a)		1,237,993
		2,690,000	Six Flags Entertainment Corp., 5.50%, 4/15/27, Callable 8/7/23 @ 101.83(a)		2,542,050
		737,000	Six Flags Theme Parks, Inc., 7.00%, 7/1/25, Callable 8/7/23 @ 101.75(a)		742,527
		383,000	Vail Resorts, Inc., 6.25%, 5/15/25, Callable 8/7/23 @ 101.56(a)		382,042
		989,000	Yum! Brands, Inc., 4.75%, 1/15/30, Callable 10/15/29 @ 100(a)		923,479
		933,000	Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100^		804,712
		2,045,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		1,845,613
		2,237,000	Yum! Brands, Inc., 5.38%, 4/1/32, Callable 4/1/27 @ 102.69		2,116,761
		1,120,000	Yum! Brands, Inc., 6.88%, 11/15/37		1,187,200
		2,100,000	Yum! Brands, Inc., 5.35%, 11/1/43, Callable 5/1/43 @ 100		1,837,500
					28,673,100
	Industrial Conglomerates (0.2%):
		2,789,000	General Electric Co., Series D, 8.88% (US0003M+333 bps), Callable 9/15/23 @ 100		2,802,762

See accompanying notes to the financial statements.

7

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Principal Amount					Value
	Corporate Bonds, continued
	Insurance (1.0%):
			$701,000	BroadStreet Partners, Inc., 5.88%, 4/15/29, Callable 4/15/24 @ 102.94(a)	$	609,870
			7,599,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 7/18/23 @ 100(a)		7,561,005
			80,000	Ryan Specialty Group LLC, 4.38%, 2/1/30, Callable 2/1/25 @ 102.19(a)		70,500
			2,713,000	USI, Inc., 6.88%, 5/1/25, Callable 8/7/23 @ 100(a)		2,692,652
						10,934,027
	IT Services (0.2%):
			616,000	Booz Allen Hamilton, Inc., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(a)		555,940
			379,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(a)		337,784
			247,000	Gartner, Inc., 4.50%, 7/1/28, Callable 8/7/23 @ 102.25(a)		230,327
			724,000	Gartner, Inc., 3.63%, 6/15/29, Callable 6/15/24 @ 101.81(a)		635,310
		��	341,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(a)		296,670
						2,056,031
	Leisure Products (0.1%):
			178,000	Mattel, Inc., 3.38%, 4/1/26, Callable 7/18/23 @ 101.69(a)		163,315
			136,000	Mattel, Inc., 5.88%, 12/15/27, Callable 8/7/23 @ 104.41(a)		133,110
			379,000	Mattel, Inc., 3.75%, 4/1/29, Callable 4/1/24 @ 101.88(a)		332,099
						628,524
	Life Sciences Tools & Services (0.6%):
			2,585,000	Avantor Funding, Inc., 4.63%, 7/15/28, Callable 8/7/23 @ 102.31(a)		2,394,356
			2,321,000	Avantor Funding, Inc., 3.88%, 11/1/29, Callable 11/1/24 @ 101.94(a)		2,027,974
			283,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 7/24/23 @ 102.13(a)		258,238
			1,080,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(a)		946,350
			714,000	Charles River Laboratories International, Inc., 4.00%, 3/15/31, Callable 3/15/26 @ 102(a)		617,610
			350,000	IQVIA, Inc., 5.00%, 5/15/27, Callable 8/7/23 @ 101.25(a)		337,312
			211,000	PRA Health Sciences, Inc., 2.88%, 7/15/26, Callable 8/7/23 @ 101.44(a)		191,746
						6,773,586
	Media (1.2%):
			350,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 5/1/26, Callable 8/7/23 @ 100.92(a)		341,250
			7,100,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 5/1/27, Callable 8/7/23 @ 101.71(a)		6,611,875
			5,511,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28, Callable 7/24/23 @ 102.5(a)		5,021,899
			754,000	Lamar Media Corp., 3.75%, 2/15/28, Callable 7/24/23 @ 101.88		686,140
			124,000	Lamar Media Corp., 4.88%, 1/15/29, Callable 1/15/24 @ 102.44		115,475

Principal Amount				Value
	Corporate Bonds, continued
	Media, continued
		$120,000	Lamar Media Corp., 3.63%, 1/15/31, Callable 1/15/26 @ 101.81	$	101,100
					12,877,739
	Passenger Airlines (0.1%):
		1,186,934	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27, Callable 8/7/23 @ 103.25(a)		1,189,902
	Professional Services (0.1%):
		228,000	Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(a)		204,060
		457,000	Korn Ferry, 4.63%, 12/15/27, Callable 8/7/23 @ 102.31(a)		428,437
					632,497
	Semiconductors & Semiconductor Equipment (0.0%†):
		430,000	Entegris Escrow Corp., 4.75%, 4/15/29, Callable 1/15/29 @ 100(a)		396,675
	Software (0.1%):
		306,000	Clarivate Science Holdings Corp., 3.88%, 7/1/28, Callable 6/30/24 @ 101.94(a)		270,045
		220,000	Clarivate Science Holdings Corp., 4.88%, 7/1/29, Callable 6/30/24 @ 102.44(a)		194,425
		60,000	Crowdstrike Holdings, Inc., 3.00%, 2/15/29, Callable 2/15/24 @ 101.5^		51,750
		150,000	PTC, Inc., 4.00%, 2/15/28, Callable 8/7/23 @ 102(a)		138,375
					654,595
	Specialized REITs (0.1%):
		1,357,000	SBA Communications Corp., 3.88%, 2/15/27, Callable 7/18/23 @ 101.94		1,245,047
		63,000	SBA Tower Trust, 6.60%, 1/15/28, Callable 1/15/27 @ 100(a)		63,975
					1,309,022
		Total Corporate Bonds     (Cost $115,593,207)			112,927,917
	Yankee Debt Obligations (0.2%):
	Commercial Services & Supplies (0.1%):
		478,000	GFL Environmental, Inc., 4.00%, 8/1/28, Callable 8/1/23 @ 102(a)		425,420
		1,113,000	GFL Environmental, Inc., 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(a)		1,015,612
		448,000	GFL Environmental, Inc., 4.38%, 8/15/29, Callable 8/15/24 @ 102.19(a)		398,720
					1,839,752
	Electrical Equipment (0.1%):
		260,000	Sensata Technologies BV, 5.63%, 11/1/24(a)		258,050
		565,000	Sensata Technologies BV, 5.00%, 10/1/25(a)		550,169
					808,219
		Total Yankee Debt Obligations     (Cost $2,661,877)			2,647,971
	U.S. Treasury Obligations (8.1%):
	U.S. Treasury Notes (8.1%):
		8,123,100	2.75%, 8/15/32		7,442,790
		37,122,600	4.13%, 11/15/32		37,911,455
		46,211,300	3.50%, 2/15/33		44,991,033
					90,345,278
		Total U.S. Treasury Obligations     (Cost $92,585,055)			90,345,278

See accompanying notes to the financial statements.

8

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Shares				Value
Short-Term Security Held as Collateral for Securities on Loan (0.2%):
		$2,008,010	BlackRock Liquidity FedFund, Institutional Class, 3.57%(b)(c)	$	2,008,010
		Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,008,010)			2,008,010
	Unaffiliated Investment Company (6.7%):
	Money Markets (6.7%):
		74,164,494	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 4.96%(c)		74,164,494
		Total Unaffiliated Investment Company (Cost $74,164,494)			74,164,494

Shares		Value
Unaffiliated Investment Company, continued
Money Markets, continued
	Total Investment Securities (Cost $1,026,701,883) — 102.9%	$	1,145,957,785
	Net other assets (liabilities) — (2.9)%		(32,729,672	)
	Net Assets — 100.0%	$	1,113,228,113

LIBOR	-   London Interbank Offered Rate
SOFR	-   Secured Overnight Financing Rate
US0003M	-   3 Month US Dollar LIBOR

Percentages indicated are based on net assets as of June 30, 2023.

* Non-income producing security.

^ This security or a partial position of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $2,002,940.

† Represents less than 0.05%.

+ This security, in part or entirely, represents an unfunded loan commitment.

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors.

(b) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2023.

(c) The rate represents the effective yield at June 30, 2023.

Options Contracts

At June 30, 2023, the Fund’s over-the-counter options written were as follows:

Description	Counterparty	Put/Call	Strike Price		Expiration Date	Contracts		Notional Amount(a)		Fair Value
Abbvie, Inc.	JPMorgan Chase	Call		145.00 USD	1/19/24		7	$	1,015	$	(2,661	)
Abbvie, Inc.	JPMorgan Chase	Call		150.00 USD	1/19/24		7		1,050		(1,764	)
Abbvie, Inc.	Citigroup	Call		155.00 USD	1/19/24		94		14,570		(15,799	)
Abbvie, Inc.	Citigroup	Call		160.00 USD	1/19/24		94		15,040		(10,577	)
Abbvie, Inc.	Citigroup	Call		170.00 USD	1/19/24		120		20,400		(6,060	)
Abbvie, Inc.	JPMorgan Chase	Call		175.00 USD	1/19/24		59		10,325		(1,998	)
Abbvie, Inc.	JPMorgan Chase	Call		180.00 USD	1/19/24		90		16,200		(2,046	)
Abbvie, Inc.	JPMorgan Chase	Call		185.00 USD	1/19/24		31		5,735		(472	)
Abbvie, Inc.	JPMorgan Chase	Call		195.00 USD	1/19/24		31		6,045		(212	)
Abbvie, Inc.	JPMorgan Chase	Call		200.00 USD	1/19/24		31		6,200		(143	)
Alphabet, Inc.	Citigroup	Call		102.50 USD	1/19/24		78		7,995		(181,413	)
Alphabet, Inc.	Wells Fargo	Call		120.00 USD	1/19/24		276		33,120		(310,746	)
Alphabet, Inc.	Citigroup	Call		142.00 USD	1/19/24		142		20,164		(43,024	)
Amazon Com, Inc.	Wells Fargo	Call		132.50 USD	1/19/24		212		28,090		(275,721	)
Amazon.com, Inc.	Wells Fargo	Call		107.50 USD	1/19/24		91		9,783		(269,313	)
Amazon.com, Inc.	Wells Fargo	Call		110.00 USD	1/19/24		181		19,910		(500,275	)
Amazon.com, Inc.	Wells Fargo	Call		115.00 USD	1/19/24		351		40,365		(838,933	)
Amazon.com, Inc.	Wells Fargo	Call		120.00 USD	1/19/24		91		10,920		(185,749	)
Amazon.com, Inc.	Wells Fargo	Call		135.00 USD	1/19/24		152		20,520		(178,862	)
Analog Devices, Inc.	UBS	Call		200.00 USD	1/19/24		37		7,400		(51,350	)
Analog Devices, Inc.	UBS	Call		210.00 USD	1/19/24		7		1,470		(6,586	)
Analog Devices, Inc.	UBS	Call		210.00 USD	6/21/24		7		1,470		(11,070	)
Analog Devices, Inc.	UBS	Call		220.00 USD	6/21/24		7		1,540		(8,379	)
Apple, Inc.	JPMorgan Chase	Call		145.00 USD	1/19/24		76		11,020		(409,603	)
Apple, Inc.	JPMorgan Chase	Call		150.00 USD	1/19/24		151		22,650		(745,064	)
Apple, Inc.	JPMorgan Chase	Call		155.00 USD	1/19/24		151		23,405		(677,648	)
Apple, Inc.	JPMorgan Chase	Call		180.00 USD	1/19/24		219		39,420		(536,407	)
Apple, Inc.	JPMorgan Chase	Call		195.00 USD	1/19/24		85		16,575		(122,464	)

See accompanying notes to the financial statements.

9

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Description	Counterparty	Put/Call	Strike Price		Expiration Date	Contracts		Notional Amount(a)		Fair Value
Apple, Inc.	JPMorgan Chase	Call		200.00 USD	1/19/24		71	$	14,200	$	(81,941	)
Apple, Inc.	JPMorgan Chase	Call		205.00 USD	1/19/24		14		2,870		(12,615	)
Baxter International, Inc.	Citigroup	Call		50.00 USD	1/19/24		70		3,500		(14,512	)
Becton Dickinson And Co.	Goldman Sachs	Call		270.00 USD	1/19/24		46		12,420		(60,371	)
Becton Dickinson And Co.	Goldman Sachs	Call		280.00 USD	1/19/24		45		12,600		(36,334	)
Becton Dickinson And Co.	Goldman Sachs	Call		290.00 USD	1/19/24		31		8,990		(14,350	)
Becton Dickinson And Co.	Goldman Sachs	Call		300.00 USD	1/19/24		31		9,300		(8,210	)
CME Group, Inc.	Wells Fargo	Call		190.00 USD	1/19/24		11		2,090		(8,862	)
CME Group, Inc.	Wells Fargo	Call		200.00 USD	1/19/24		11		2,200		(4,740	)
CME Group, Inc.	Wells Fargo	Call		210.00 USD	1/19/24		11		2,310		(2,519	)
Danaher Corp.	JPMorgan Chase	Call		290.00 USD	1/19/24		76		22,040		(21,771	)
Danaher Corp.	JPMorgan Chase	Call		300.00 USD	1/19/24		16		4,800		(3,015	)
Danaher Corp.	JPMorgan Chase	Call		310.00 USD	1/19/24		16		4,960		(1,988	)
Danaher Corp.	JPMorgan Chase	Call		320.00 USD	1/19/24		16		5,120		(1,312	)
Equifax, Inc.	Citigroup	Call		220.00 USD	12/15/23		71		15,620		(203,901	)
Equifax, Inc.	Citigroup	Call		230.00 USD	12/15/23		27		6,210		(59,943	)
Equifax, Inc.	Citigroup	Call		240.00 USD	12/15/23		88		21,120		(145,066	)
Equifax, Inc.	Citigroup	Call		230.00 USD	1/19/24		8		1,840		(19,331	)
Equifax, Inc.	Citigroup	Call		240.00 USD	1/19/24		8		1,920		(14,744	)
Exelon Corp.	JPMorgan Chase	Call		45.00 USD	1/19/24		428		19,260		(33,492	)
Exelon Corp.	JPMorgan Chase	Call		47.00 USD	1/19/24		102		4,794		(4,556	)
Exelon Corp.	JPMorgan Chase	Call		50.00 USD	1/19/24		117		5,850		(2,273	)
Exelon Corp.	JPMorgan Chase	Call		47.00 USD	6/21/24		14		658		(1,621	)
Fortive Corp.	Citigroup	Call		75.00 USD	12/15/23		14		1,050		(6,971	)
Fortive Corp.	Citigroup	Call		80.00 USD	12/15/23		14		1,120		(3,534	)
GE Healthcare Technology	Wells Fargo	Call		85.00 USD	1/19/24		28		2,380		(15,654	)
GE Healthcare Technology	Wells Fargo	Call		90.00 USD	1/19/24		85		7,650		(29,691	)
General Electric Co.	Wells Fargo	Call		90.00 USD	1/19/24		102		9,180		(248,065	)
General Electric Co.	Wells Fargo	Call		95.00 USD	1/19/24		102		9,690		(207,546	)
General Electric Co.	Wells Fargo	Call		110.00 USD	1/19/24		167		18,370		(169,670	)
General Electric Co.	Wells Fargo	Call		115.00 USD	1/19/24		167		19,205		(124,831	)
Hilton Worldwide Holdings	Wells Fargo	Call		140.00 USD	1/19/24		16		2,240		(25,213	)
Hilton Worldwide Holdings	Wells Fargo	Call		145.00 USD	1/19/24		87		12,615		(109,692	)
Hilton Worldwide Holdings	Wells Fargo	Call		150.00 USD	1/19/24		88		13,200		(86,123	)
Hilton Worldwide Holdings	Wells Fargo	Call		155.00 USD	1/19/24		45		6,975		(33,121	)
Hilton Worldwide Holdings	Wells Fargo	Call		160.00 USD	1/19/24		29		4,640		(15,628	)
Ingersoll Rand, Inc.	Goldman Sachs	Call		60.00 USD	12/15/23		61		3,660		(54,927	)
Ingersoll Rand, Inc.	Goldman Sachs	Call		75.00 USD	12/15/23		70		5,250		(12,021	)
Intercontinental Exchange, Inc.	Citigroup	Call		110.00 USD	1/19/24		148		16,280		(139,498	)
Intercontinental Exchange, Inc.	Citigroup	Call		115.00 USD	1/19/24		88		10,120		(54,935	)
Intercontinental Exchange, Inc.	Citigroup	Call		120.00 USD	1/19/24		15		1,800		(5,602	)
Intuit, Inc.	UBS	Call		480.00 USD	1/19/24		16		7,680		(57,019	)
Keurig Dr Pepper, Inc.	Citigroup	Call		37.00 USD	1/19/24		80		2,960		(1,121	)
Keurig Dr Pepper, Inc.	Citigroup	Call		40.00 USD	1/19/24		79		3,160		(252	)
KKR Co., Inc.	UBS	Call		55.00 USD	1/19/24		147		8,085		(87,516	)
Linde plc	Wells Fargo	Call		395.00 USD	1/19/24		8		3,160		(14,224	)
Linde plc	Wells Fargo	Call		410.00 USD	1/19/24		8		3,280		(8,852	)
Marsh McLennan Cos.	Goldman Sachs	Call		185.00 USD	7/21/23		47		8,695		(23,076	)
Marsh McLennan Cos.	Goldman Sachs	Call		190.00 USD	7/21/23		47		8,930		(9,495	)
Marsh McLennan Cos.	Goldman Sachs	Call		195.00 USD	7/21/23		47		9,165		(3,335	)
Marsh McLennan Cos.	Goldman Sachs	Call		200.00 USD	7/21/23		47		9,400		(1,169	)
Marsh McLennan Cos.	Goldman Sachs	Call		180.00 USD	1/19/24		59		10,620		(100,794	)
Marsh McLennan Cos., Inc.	Goldman Sachs	Call		190.00 USD	1/19/24		66		12,540		(66,376	)
Marsh McLennan Cos., Inc.	Goldman Sachs	Call		200.00 USD	1/19/24		8		1,600		(3,810	)
Mastercard, Inc.	Goldman Sachs	Call		380.00 USD	1/19/24		31		11,780		(117,162	)
Mastercard, Inc.	Goldman Sachs	Call		400.00 USD	1/19/24		82		32,800		(207,083	)
Mastercard, Inc.	Goldman Sachs	Call		405.00 USD	1/19/24		8		3,240		(17,968	)
Mastercard, Inc.	Goldman Sachs	Call		410.00 USD	1/19/24		44		18,040		(87,259	)
Mastercard, Inc.	Goldman Sachs	Call		420.00 USD	1/19/24		38		15,960		(57,517	)
Mastercard, Inc.	Goldman Sachs	Call		425.00 USD	1/19/24		8		3,400		(10,477	)

See accompanying notes to the financial statements.

10

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Description	Counterparty	Put/Call	Strike Price		Expiration Date	Contracts		Notional Amount(a)		Fair Value
Mastercard, Inc.	Goldman Sachs	Call		430.00 USD	1/19/24		31	$	13,330	$	(34,955	)
Meta Plateform, Inc.	Barclays Bank	Call		290.00 USD	1/19/24		71		20,590		(245,299	)
Microsoft Corp.	UBS	Call		275.00 USD	1/19/24		53		14,575		(407,950	)
Microsoft Corp.	UBS	Call		290.00 USD	1/19/24		53		15,370		(342,411	)
Microsoft Corp.	JPMorgan Chase	Call		300.00 USD	1/19/24		223		66,900		(1,266,316	)
Microsoft Corp.	UBS	Call		300.00 USD	1/19/24		53		15,900		(300,963	)
Microsoft Corp.	UBS	Call		360.00 USD	1/19/24		29		10,440		(56,667	)
Microsoft Corp.	UBS	Call		375.00 USD	1/19/24		29		10,875		(39,913	)
New Linde plc	Wells Fargo	Call		390.00 USD	1/19/24		30		11,700		(61,367	)
NXP Semiconductors NV	Wells Fargo	Call		170.00 USD	1/19/24		47		7,990		(205,121	)
NXP Semiconductors NV	Wells Fargo	Call		180.00 USD	1/19/24		93		16,740		(337,497	)
NXP Semiconductors NV	Wells Fargo	Call		185.00 USD	1/19/24		93		17,205		(305,413	)
NXP Semiconductors NV	Wells Fargo	Call		190.00 USD	1/19/24		59		11,210		(174,359	)
NXP Semiconductors NV	Wells Fargo	Call		195.00 USD	1/19/24		93		18,135		(245,831	)
NXP Semiconductors NV	Wells Fargo	Call		200.00 USD	1/19/24		59		11,800		(138,601	)
NXP Semiconductors NV	Wells Fargo	Call		210.00 USD	1/19/24		14		2,940		(25,475	)
NXP Semiconductors NV	Wells Fargo	Call		220.00 USD	1/19/24		14		3,080		(19,265	)
NXP Semiconductors NV	Wells Fargo	Call		220.00 USD	6/21/24		11		2,420		(24,326	)
PerkinElmer, Inc.	Citigroup	Call		155.00 USD	9/15/23		39		6,045		(1,833	)
PerkinElmer, Inc.	Citigroup	Call		165.00 USD	9/15/23		39		6,435		(1,218	)
PerkinElmer, Inc.	Citigroup	Call		170.00 USD	9/15/23		39		6,630		(1,030	)
PerkinElmer, Inc.	Citigroup	Call		175.00 USD	9/15/23		39		6,825		(885	)
PNC Financial Services Group, Inc. (The)	JPMorgan Chase	Call		170.00 USD	1/19/24		36		6,120		(2,740	)
PNC Financial Services Group, Inc. (The)	JPMorgan Chase	Call		175.00 USD	1/19/24		59		10,325		(3,376	)
PNC Financial Services Group, Inc. (The)	JPMorgan Chase	Call		185.00 USD	1/19/24		24		4,440		(784	)
PNC Financial Services Group, Inc. (The)	JPMorgan Chase	Call		190.00 USD	1/19/24		24		4,560		(595	)
PNC Financial Services Group, Inc. (The)	JPMorgan Chase	Call		200.00 USD	1/19/24		24		4,800		(338	)
Roper Technologies, Inc.	Citigroup	Call		470.00 USD	8/18/23		30		14,100		(57,009	)
Roper Technologies, Inc.	Citigroup	Call		480.00 USD	8/18/23		8		3,840		(10,173	)
Roper Technologies, Inc.	Citigroup	Call		500.00 USD	8/18/23		8		4,000		(3,385	)
Roper Technologies, Inc.	Citigroup	Call		520.00 USD	8/18/23		8		4,160		(817	)
Roper Technologies, Inc.	Citigroup	Call		540.00 USD	8/18/23		8		4,320		(171	)
Roper Technologies, Inc.	Citigroup	Call		490.00 USD	2/19/24		7		3,430		(20,634	)
Roper Technologies, Inc.	Citigroup	Call		510.00 USD	2/19/24		7		3,570		(13,665	)
S&P Global, Inc.	Bank of America	Call		370.00 USD	1/19/24		11		4,070		(54,272	)
S&P Global, Inc.	Bank of America	Call		390.00 USD	1/19/24		11		4,290		(38,635	)
S&P Global, Inc.	UBS	Call		400.00 USD	1/19/24		8		3,200		(22,989	)
S&P Global, Inc.	Bank of America	Call		400.00 USD	1/19/24		11		4,400		(31,610	)
S&P Global, Inc.	Bank of America	Call		410.00 USD	1/19/24		5		2,050		(11,464	)
S&P Global, Inc.	UBS	Call		410.00 USD	1/19/24		7		2,870		(16,049	)
S&P Global, Inc.	Bank of America	Call		420.00 USD	1/19/24		11		4,620		(19,595	)
S&P Global, Inc.	Bank of America	Call		430.00 USD	1/19/24		5		2,150		(6,751	)
S&P Global, Inc.	Bank of America	Call		450.00 USD	1/19/24		5		2,250		(3,707	)
S&P Global, Inc.	Bank of America	Call		470.00 USD	1/19/24		5		2,350		(2,015	)
Salesforce.com, Inc.	Goldman Sachs	Call		160.00 USD	1/19/24		39		6,240		(229,424	)
Salesforce.com, Inc.	Goldman Sachs	Call		165.00 USD	1/19/24		77		12,705		(420,458	)
Salesforce.com, Inc.	Goldman Sachs	Call		170.00 USD	1/19/24		38		6,460		(191,884	)
Salesforce.com, Inc.	Goldman Sachs	Call		230.00 USD	1/19/24		22		5,060		(29,539	)
Salesforce.com, Inc.	Goldman Sachs	Call		240.00 USD	1/19/24		22		5,280		(22,138	)
Salesforce.com, Inc.	Goldman Sachs	Call		230.00 USD	6/21/24		7		1,610		(15,584	)
Salesforce.com, Inc.	Goldman Sachs	Call		240.00 USD	6/21/24		7		1,680		(12,765	)
Starbucks Corp.	Goldman Sachs	Call		100.00 USD	1/19/24		87		8,700		(61,611	)
Starbucks Corp.	Goldman Sachs	Call		105.00 USD	1/19/24		87		9,135		(40,079	)
Starbucks Corp.	Goldman Sachs	Call		115.00 USD	1/19/24		54		6,210		(9,359	)
Stryker Corp.	Wells Fargo	Call		270.00 USD	1/19/24		32		8,640		(150,647	)
Stryker Corp.	Wells Fargo	Call		280.00 USD	1/19/24		32		8,960		(125,489	)
Stryker Corp.	Wells Fargo	Call		290.00 USD	1/19/24		32		9,280		(101,936	)
Stryker Corp.	Wells Fargo	Call		300.00 USD	1/19/24		32		9,600		(80,179	)
Stryker Corp.	Wells Fargo	Call		310.00 USD	1/19/24		22		6,820		(41,635	)
Stryker Corp.	Wells Fargo	Call		320.00 USD	1/19/24		14		4,480		(19,099	)

See accompanying notes to the financial statements.

11

AZL T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

June 30, 2023 (Unaudited)

Description	Counterparty	Put/Call	Strike Price		Expiration Date	Contracts		Notional Amount(a)		Fair Value
TE Connectivity, Ltd.	JPMorgan Chase	Call		125.00  USD	7/21/23		24	$	3,000	$	(38,786	)
TE Connectivity, Ltd.	JPMorgan Chase	Call		130.00  USD	7/21/23		47		6,110		(53,632	)
TE Connectivity, Ltd.	JPMorgan Chase	Call		135.00  USD	7/21/23		47		6,345		(30,830	)
TE Connectivity, Ltd.	JPMorgan Chase	Call		140.00  USD	7/21/23		47		6,580		(9,719	)
Teledyne Technologies, Inc.	JPMorgan Chase	Call		440.00  USD	12/15/23		4		1,760		(5,403	)
Teledyne Technologies, Inc.	JPMorgan Chase	Call		460.00  USD	12/15/23		4		1,840		(2,909	)
Texas Instruments, Inc.	Bank of America	Call		180.00  USD	1/19/24		62		11,160		(85,563	)
Texas Instruments, Inc.	Bank of America	Call		190.00  USD	1/19/24		83		15,770		(73,597	)
Texas Instruments, Inc.	Bank of America	Call		195.00  USD	1/19/24		83		16,185		(57,424	)
Texas Instruments, Inc.	Bank of America	Call		200.00  USD	1/19/24		245		49,000		(130,647	)
Texas Instruments, Inc.	Bank of America	Call		195.00  USD	6/21/24		14		2,730		(16,859	)
Texas Instruments, Inc.	Bank of America	Call		200.00  USD	6/21/24		14		2,800		(14,206	)
Thermo Fisher Scientific, Inc.	Citigroup	Call		560.00  USD	1/19/24		4		2,240		(9,014	)
Thermo Fisher Scientific, Inc.	Citigroup	Call		590.00  USD	1/19/24		4		2,360		(4,962	)
Thermo Fisher Scientific, Inc.	Citigroup	Call		600.00  USD	1/19/24		29		17,400		(29,307	)
Thermo Fisher Scientific, Inc.	JPMorgan Chase	Call		610.00  USD	1/19/24		8		4,880		(6,589	)
Thermo Fisher Scientific, Inc.	Citigroup	Call		610.00  USD	1/19/24		11		6,710		(9,060	)
Thermo Fisher Scientific, Inc.	Citigroup	Call		620.00  USD	1/19/24		11		6,820		(7,394	)
Thermo Fisher Scientific, Inc.	JPMorgan Chase	Call		630.00  USD	1/19/24		8		5,040		(4,393	)
Thermo Fisher Scientific, Inc.	Citigroup	Call		630.00  USD	1/19/24		11		6,930		(6,040	)
Thermo Fisher Scientific, Inc.	JPMorgan Chase	Call		660.00  USD	1/19/24		8		5,280		(2,406	)
Thermo Fisher Scientific, Inc.	JPMorgan Chase	Call		690.00  USD	1/19/24		8		5,520		(1,324	)
Transunion	Goldman Sachs	Call		65.00  USD	10/20/23		32		2,080		(49,251	)
Transunion	Goldman Sachs	Call		70.00  USD	10/20/23		32		2,240		(36,186	)
Transunion	Goldman Sachs	Call		80.00  USD	12/15/23		29		2,320		(17,205	)
UnitedHealth Group, Inc.	JPMorgan Chase	Call		550.00  USD	1/19/24		15		8,250		(12,290	)
UnitedHealth Group, Inc.	Citigroup	Call		580.00  USD	1/19/24		49		28,420		(19,688	)
UnitedHealth Group, Inc.	JPMorgan Chase	Call		600.00  USD	1/19/24		52		31,200		(12,996	)
Visa, Inc.	Goldman Sachs	Call		230.00  USD	1/19/24		46		10,580		(100,254	)
Visa, Inc.	Goldman Sachs	Call		240.00  USD	1/19/24		53		12,720		(81,350	)
Visa, Inc.	Goldman Sachs	Call		245.00  USD	1/19/24		21		5,145		(26,215	)
Visa, Inc.	Goldman Sachs	Call		250.00  USD	1/19/24		46		11,500		(45,662	)
Visa, Inc.	Goldman Sachs	Call		260.00  USD	1/19/24		53		13,780		(31,417	)
Visa, Inc.	Goldman Sachs	Call		250.00  USD	6/21/24		4		1,000		(7,193	)
Visa, Inc.	Goldman Sachs	Call		260.00  USD	6/21/24		4		1,040		(5,243	)
Yum! Brands, Inc.	Wells Fargo	Call		140.00  USD	1/19/24		211		29,540		(164,444	)
Yum! Brands, Inc.	Citigroup	Call		145.00  USD	1/19/24		53		7,685		(27,288	)
Yum! Brands, Inc.	Citigroup	Call		150.00  USD	1/19/24		53		7,950		(17,228	)
Total (Premiums $10,395,130)										$	(15,732,302	)

(a) Notional amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

Balances Reported in the Statement of Assets and Liabilities for Options Written

	Value
Options Written	$(15,732,302)

See accompanying notes to the financial statements.

12

AZL T. Rowe Price Capital Appreciation Fund

Statement of Assets and Liabilities

June 30, 2023

(Unaudited)

Assets:
Investment securities, at cost	$	1,026,701,883
Investment securities, at value(a)	$	1,145,957,785
Cash		701,232
Interest and dividends receivable		2,359,078
Foreign currency, at value (cost $77,645)		81,196
Receivable for investments sold		4,061,435
Reclaims receivable		37,669
Prepaid expenses		2,178
Total Assets		1,153,200,573
Liabilities:
Payable for investments purchased		21,058,998
Payable for capital shares redeemed		301,640
Written Options (Premiums received $10,395,130)		15,732,302
Payable for collateral received on loaned securities		2,008,010
Management fees payable		633,679
Administration fees payable		8,804
Distribution fees payable		226,314
Custodian fees payable		361
Administrative and compliance services fees payable		102
Transfer agent fees payable		56
Trustee fees payable		669
Other accrued liabilities		1,525
Total Liabilities		39,972,460
Commitments and contingent liabilities^
Net Assets	$	1,113,228,113
Net Assets Consist of:
Paid in capital	$	860,075,434
Total distributable earnings		253,152,679
Net Assets	$	1,113,228,113
Shares of beneficial interest (unlimited number of shares authorized, no par value)		61,567,216
Net Asset Value (offering and redemption price per share)	$	18.08

(a) Includes securities on loan of $2,002,940.

^ See Note 3 in Notes to the Financial Statements.

Statement of Operations

For the Six Months Ended June 30, 2023

(Unaudited)    

Investment Income:
Interest	$	11,565,136
Dividends		5,964,363
Income from securities lending		94,485
Foreign withholding tax		(46,839	)
Total Investment Income		17,577,145
Expenses:
Management fees		4,093,359
Administration fees		135,938
Distribution fees		1,364,453
Custodian fees		8,040
Administrative and compliance services fees		3,879
Transfer agent fees		1,853
Trustee fees		14,270
Professional fees		11,709
Shareholder reports		6,366
Other expenses		8,223
Total expenses before reductions		5,648,090
Less Management fees contractually waived		(272,899	)
Net expenses		5,375,191
Net Investment Income/(Loss)		12,201,954
Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(10,246,602	)
Net realized gains/(losses) on written options contracts		4,261,783
Change in net unrealized appreciation/depreciation on securities and foreign currencies		120,493,834
Change in net unrealized appreciation/depreciation on written options contracts		(9,999,964	)
Net realized and Change in net unrealized gains/losses on investments		104,509,051
Change in Net Assets Resulting From Operations	$	116,711,005

See accompanying notes to the financial statements.

13

AZL T. Rowe Price Capital Appreciation Fund

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2023				For the Year Ended December 31, 2022
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	12,201,954			$	14,472,606
Net realized gains/(losses) on investments			(5,984,819	)			126,083,725
Change in unrealized appreciation/depreciation on investments			110,493,870				(307,791,244	)
Change in net assets resulting from operations			116,711,005				(167,234,913	)
Distributions to Shareholders:
Distributions			—				(171,888,281	)
Change in net assets resulting from distributions to shareholders			—				(171,888,281	)
Capital Transactions:
Proceeds from shares issued			3,913,462				9,903,777
Proceeds from dividends reinvested			—				171,888,281
Value of shares redeemed			(84,273,089	)			(189,545,650	)
Change in net assets resulting from capital transactions			(80,359,627	)			(7,753,592	)
Change in net assets			36,351,378				(346,876,786	)
Net Assets:
Beginning of period			1,076,876,735				1,423,753,521
End of period		$	1,113,228,113			$	1,076,876,735
Share Transactions:
Shares issued			224,389				525,081
Dividends reinvested			—				10,696,222
Shares redeemed			(4,901,872	)			(9,869,718	)
Change in shares			(4,677,483	)			1,351,585

Amounts shown as “—” are either $0 or round to less than $1.

See accompanying notes to the financial statements.

14

AZL T. Rowe Price Capital Appreciation Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated. Does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.)

	Six Months Ended June 30, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
	(Unaudited)
Net Asset Value, Beginning of Period		$16.26			$21.94			$21.14			$19.66			$16.93			$18.03
Investment Activities:
Net Investment Income/(Loss)		0.19	(a)		0.23	(a)		0.16	(a)		0.19	(a)		0.26	(a)		0.41
Net Realized and Unrealized Gains/ (Losses) on Investments		1.63			(2.92	)		3.54			3.10			3.79			(0.31	)
Total from Investment Activities		1.82			(2.69	)		3.70			3.29			4.05			0.10
Distributions to Shareholders From:
Net Investment Income		—			(0.14	)		(0.23	)		(0.29	)		(0.42	)		(0.17	)
Net Realized Gains		—			(2.85	)		(2.67	)		(1.52	)		(0.90	)		(1.03	)
Total Dividends		—			(2.99	)		(2.90	)		(1.81	)		(1.32	)		(1.20	)
Net Asset Value, End of Period		$18.08			$16.26			$21.94			$21.14			$19.66			$16.93
Total Return(b)		11.19	%(c)		(12.09	)%		18.12	%		17.48	%		24.38	%		0.38	%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period (000’s)		$1,113,228			$1,076,877			$1,423,754			$1,336,254			$1,271,510			$1,079,607
Net Investment Income/(Loss)(d)		2.23	%		1.21	%		0.70	%		0.97	%		1.36	%		2.25	%
Expenses Before Reductions(d)(e)		1.03	%		1.04	%		1.05	%		1.06	%		1.05	%		1.05	%
Expenses Net of Reductions(d)		0.98	%		0.99	%		1.00	%		1.01	%		1.00	%		1.00	%
Portfolio Turnover Rate		44	%(c)		86	%		49	%		87	%		45	%		70	%

(a) Calculated using the average shares method.

(b) The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

15

AZL T. Rowe Price Capital Appreciation Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services— Investment Companies.” The Trust consists of 16 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL T. Rowe Price Capital Appreciation Fund (the “Fund”), and 15 are presented in separate reports. The Fund is a diversified series of the Trust.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees 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 may enter 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 Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain 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.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust, Allianz Variable Insurance Products Fund of Funds Trust and AIM ETF Products Trust.

16

AZL T. Rowe Price Capital Appreciation Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

This report does not reflect fees or expenses associated with the separate accounts that invest in the Fund or in any variable annuity contracts or variable life insurance policy for which the Fund serves as an investment vehicle.

Bank Loans

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium as shown in the Schedule of Portfolio Investments. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Schedule of Portfolio Investments. All or a portion of any bank loans may be unfunded. The Fund reflects both the funded portion of a bank loan, as well as its unfunded commitment in the Schedule of Portfolio Investments. The portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2023 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $9,262 during the period ended June 30, 2023. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,008,010 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2023. At June 30, 2023, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2023, the Fund did not engage in any Rule 17a-7 transactions.

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

Options Contracts

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2023, the Fund wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts—The Fund pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option when purchasing options. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract. There was no purchased option activity during the period.

Written Options Contracts—The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. As of June 30, 2023, securities valued at $92,425,417 have been segregated as collateral as reported on the Fund’s Schedule of Portfolio Investments. For the period ended June 30, 2023, the monthly average notional amount for written options contracts was $1.5 Million. Realized gains and losses are reported as “Net realized gains/(losses) on written options contracts” on the Statement of Operations.

17

AZL T. Rowe Price Capital Appreciation Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023:

	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statement of Assets and Liabilities Location	Total Value		Statement of Assets and Liabilities Location	Total Value
Equity Risk
Options Contracts			$—	Written Options Contracts	$	15,732,302

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2023:

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk
Options Contracts	Net Realized gains/(losses) on written options contracts/ Change in net unrealized appreciation/depreciation on written option contracts		$4,261,783		$(9,999,964)

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at June 30, 2023. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2023.

As of June 30, 2023, the Fund’s derivative assets and liabilities by type were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Written option contracts		$—		$	15,732,302
Total derivative assets and liabilities in the Statement of Assets and Liabilities		$—		$	15,732,302
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)		—			—
Total derivative assets and liabilities subject to a MNA		$—		$	15,732,302

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2023:

Counterparty	Derivative Liabilities Subject to a MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged*		Cash Collateral Pledged*		Net Amount of Derivative Liabilities
Bank of America		$546,345		$—		$(546,345)		$—		$—
Barclays		245,299		—		—		—		245,299
Citigroup		1,167,084		—		—		—		1,167,084
Goldman Sachs		2,359,506		—		(2,359,506)		—		—
JPMorgan Chase		4,120,492		—		—		—		4,120,492
UBS		1,408,862		—		(1,408,862)		—		—
Wells Fargo		5,884,714		—		(5,884,714)		—		—
Total		$15,732,302		$—		$(10,199,427)		$—		$5,532,875

* The actual collateral received or pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to an amended and restated subadvisory agreement, effective November 15, 2013, with T. Rowe Price Associates, Inc. (“T. Rowe Price”), T. Rowe Price provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Management fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2024.

18

AZL T. Rowe Price Capital Appreciation Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

For the period ended June 30, 2023, the annual rate due to the Manager and the annual expense limit were as follows:

	Annual Rate*			Annual Expense Limit
AZL T. Rowe Price Capital Appreciation Fund		0.75	%		1.20	%

* The Manager waived, prior to any application of expense limit, the management fee to 0.70% on all assets in order to maintain a more competitive expense ratio. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2024. The annual rate due to the Subadviser from the Manager ranges from 0.35% to 0.50% based upon asset breakpoint levels and total assets.

Any amounts contractually waived or remitted to the Fund by the Manager with respect to the annual expense limit in a particular fiscal year may be reimbursed by the Fund to the Manager, provided that such reimbursement will not cause the Fund to exceed the lesser of any applicable expense limit in effect (i) at the time of the original waiver or payment and (ii) at the time of such reimbursement, as supported by standard accounting practices. Such reimbursement only applies to amounts waived or paid by the Manager within the three years prior to the date of such reimbursement, calculated monthly from when the waiver or payment was recorded. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2023, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years, and no commitment or contingent liability is expected.

Management fees, which the Manager may waive in order to maintain more competitive expense ratios, are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations, as applicable.

Pursuant to separate agreements between the Trust and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements, the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of combined average daily net assets of the Funds on the first $4 billion, 0.04% of combined average daily net assets of the Funds on the next $2 billion, 0.02% of combined average daily net assets of the Funds on the next $2 billion and 0.01% of combined average daily net assets of the Funds over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the Fund’s average daily net assets, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles.

4. Investment Valuation Summary

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

● Level 1 - quoted prices in active markets for identical assets

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are determined pursuant to valuation procedures approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level

19

AZL T. Rowe Price Capital Appreciation Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

1 in the fair value hierarchy. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source in accordance with valuation procedures approved by the Board. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations have become unreliable or are not readily available as defined in Rule 2a-5 under the 1940 Act are valued in accordance with valuation procedures approved by the Board. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with valuation procedures approved by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. These procedures include the Fund’s use of a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The Board has designated the Manager to perform the Fund’s fair value determinations in accordance with valuation procedures approved by the Board. The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Manager. The Manager’s fair valuation process is subject to the oversight of the Board.

The following is a summary of the valuation inputs used as of June 30, 2023 in valuing the Fund’s investments based upon the three levels defined above:

Investment Securities:	Level 1		Level 2			Level 3		Total
Common Stocks+		$740,784,760		$—			$—		$740,784,760
Preferred Stocks		4,481,826		—			—		4,481,826
Asset Backed Securities		—		1,302,766			—		1,302,766
Bank Loans		—		93,753,983			—		93,753,983
Corporate Bonds+		—		136,468,697			—		136,468,697
Yankee Debt Obligations+		—		2,647,971			—		2,647,971
U.S. Treasury Obligations		—		90,345,278			—		90,345,278
Short-Term Security Held as Collateral for Securities on Loan		2,008,010		—			—		2,008,010
Unaffiliated Investment Company		74,164,494		—			—		74,164,494
Total Investment Securities		821,439,090		324,518,695			—		1,145,957,785
Other Financial Instruments:*
Written Options		—		(15,732,302	)		—		(15,732,302	)
Total Investments		$821,439,090		$308,786,393			$—		$1,130,225,483

⁺  For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

* Other Financial Instruments would include any derivative instruments, such as written options.

5. Security Purchases and Sales

For the period ended June 30, 2023 cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

	Purchases			Sales
AZL T. Rowe Price Capital Appreciation Fund		$	1,056,706		$	105,047,045

For the period ended June 30, 2023 purchases and sales of long-term U.S. government securities were as follows:

	Purchases			Sales
AZL T. Rowe Price Capital Appreciation Fund		$	97,040,989		$	103,525,105

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund.

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not

20

AZL T. Rowe Price Capital Appreciation Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

Foreign Securities Risk: Investments in securities of foreign issuers 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 which could adversely affect investments in those securities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may impair or otherwise limit the ability to invest in, receive, hold or sell the securities of such companies.

Interest Rate Risk: Debt securities held by the Fund may decline in value due to rising interest rates. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund’s investments have maturities which extend beyond the transition period, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor or SOFR) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

Market Risk: The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

Mortgage-Related and Other Asset-Backed Securities Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, investments in mortgage-related securities may cause the fund to exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If the Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

7. Coronavirus (COVID-19) Pandemic

The global outbreak of the COVID-19 strain of the coronavirus has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may adversely impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objective(s).

8. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

21

AZL T. Rowe Price Capital Appreciation Fund

Notes to the Financial Statements

June 30, 2023 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2022 is $1,093,656,097. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

Unrealized appreciation	$45,272,572
Unrealized (depreciation)	(56,964,269)
Net unrealized appreciation/(depreciation)	$(11,691,697)

The tax character of dividends paid to shareholders during the year ended December 31, 2022 was as follows:

	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL T. Rowe Price Capital Appreciation Fund		$	157,037,927		$	14,850,354		$	171,888,281

(a) Total distributions paid may differ from the Statements of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Accumulated Capital and Other Losses	Unrealized Appreciation/ Depreciation(a)	Total Accumulated Earnings/ (Deficit)
AZL T. Rowe Price Capital Appreciation Fund	$86,410,164	$67,544,746	$—	$(11,690,301)	$142,264,609

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) was attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2023 the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 95% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Recent Regulatory Pronouncements

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Fund.

11. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

22

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov, or may be obtained by calling 800-624-0197.

23

Statement Regarding the Trust’s Liquidity Risk Management Program (Unaudited)

Each series (each such series a “Fund” and, together, the “Funds”) of the Allianz Variable Insurance Products Trust, but not the AZL Government Money Market Fund, and of the Allianz Variable Insurance Products Fund of Funds Trust (each a “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) pursuant to Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”). The Program includes policies and procedures reasonably designed to assess and manage each Fund’s liquidity risk (the “risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund”) and to comply with the requirements of the Liquidity Rule, including: (i) assessment, management and periodic review of liquidity risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable; (iv) limitation of illiquid investments; and (v) redemptions in-kind.

The Board of Trustees of each Fund (together, the “Board”) approved the designation of the individual officers of the Trust who serve as the administrators of the Program (the “Program Administrators”). The Program Administrators oversee the implementation of the Program, including the monitoring of liquidity and liquidity risk for each Fund on an ongoing basis.

At a meeting of the Board held on February 21, 2023, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2022, through December 31, 2022 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

1) Each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including: (i) whether the Fund’s investment strategy is appropriate for an open-end fund; (ii) the extent to which the Fund’s strategy involves a relatively concentrated portfolio or large positions in particular issuers; (iii) the Fund’s use of borrowings for investment purposes; and (iv) the Fund’s use of derivatives;

2) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; and

3) Holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources.

Based on the information considered, the Report concluded that each Fund continues to have an investment strategy that is appropriate for an open-end fund, and that each Fund is reasonably likely to be able to meet redemption requests without significant dilution of remaining shareholders’ interests in the Fund. There were no material liquidity matters impacting the Funds identified in the Report, and the Report concluded that the Program operated effectively during the Reporting Period, including during periods of market volatility and net redemptions.

In accordance with the Program, each Fund’s portfolio investments were classified into one of four liquidity categories as provided in the Liquidity Rule as applicable during the Reporting Period. Liquidity classification determinations take into account a variety of factors including market, trading and investment-specific considerations, as well as market depth in accordance with the requirements of the Liquidity Rule and as specified in the Program, and generally incorporate analysis from a third-party data vendor. The Report reviewed the classification methodology as provided in the Program and noted there were no material issues with respect to liquidity classifications during the Reporting Period.

Pursuant to the Liquidity Rule, no Fund may acquire any illiquid investment if, after the acquisition, the Fund would have invested more than 15% of its assets in illiquid investments that are assets. The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the Reporting Period, no Fund breached the 15% limit on illiquid investments.

During the Reporting Period, no Fund maintained a designated HLIM; each Fund primarily holds assets which are highly liquid investments, and, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program.

The Funds that engage in or reserve the right to redeem in kind have adopted policies and procedures regarding in-kind redemptions as required by the Liquidity Rule.

On the basis of the review, the Report concluded that: (i) the Program remains reasonably designed to manage each Fund’s liquidity risk; (ii) the Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk during the Reporting Period; and (iii) each Fund was able to meet requests for redemption without significant dilution of remaining investors in the Fund during the Reporting Period. The Report noted that there were no material changes to the Program during the Reporting Period, and none were recommended by the Program Administrators in connection with the Report.

24

The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.	SARRPT0623 08/23

Item 2. Code of Ethics.

Not applicable—only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable—only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable—only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of the Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant 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.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable—only for annual reports.
(a)(2)	Certifications pursuant to Rule 30a-2(a) are furnished herewith.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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.

(Registrant) Allianz Variable Insurance Products Trust

By (Signature and Title)	/s/ Brian Muench
	Brian Muench, Principal Executive Officer

Date August 23, 2023                             

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 (Signature and Title)	/s/ Brian Muench
	Brian Muench, Principal Executive Officer

Date August 23, 2023                             

By (Signature and Title)	/s/ Bashir C. Asad
	Bashir C. Asad, Principal Financial Officer & Principal Accounting Officer

Date August 23, 2023