Allianz Variable Insurance Products Trust NPORT-P AZL Russell 1000 Growth Index Fund (Sep 2024 report)

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

1

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

M

Shares

Value

Common

Stocks

(98.8%):

Aerospace

&

Defense

(1.1%):

3,470

Airbus

SE

$

508,034

17,862

Austal,

Ltd.*

36,020

512

Avon

Technologies

PLC

8,350

20,377

Babcock

International

Group

plc

128,936

11,064

BAE

Systems

plc

183,115

2,360

Bombardier,

Inc.,

Class

B*

179,596

6,780

CAE,

Inc.*

127,297

5,345

Chemring

Group

plc

26,240

75

CTT

Systems

AB

2,010

409

Dassault

Aviation

SA

84,243

116

Elbit

Systems,

Ltd.

23,086

18,663

Electro

Optic

Systems

Holdings,

Ltd.*

18,335

89

FACC

AG*

640

2,296

Hensoldt

AG

75,324

2,300

Heroux-Devtek,

Inc.*

54,596

1,599

INVISIO

AB

36,402

562

Kongsberg

Gruppen

ASA

55,082

5,226

Leonardo

SpA

116,619

394

LISI

SA

11,620

4,014

MDA

Space,

Ltd.*

51,589

20,772

Melrose

Industries

plc

127,029

291

MTU

Aero

Engines

AG

90,688

15,760

QinetiQ

Group

plc

94,775

930

Rheinmetall

AG

502,671

69,646

Rolls-Royce

Holdings

plc*

491,770

1,212

Saab

AB,

Class

B*

25,799

2,037

Safran

SA

480,568

15,312

Senior

plc

31,292

28,600

Singapore

Technologies

Engineering,

Ltd.

103,415

1,707

Thales

SA

271,111

3,946,252

Air

Freight

&

Logistics

(0.9%):

2,500

AZ-COM

MARUWA

Holdings,

Inc.

20,034

4,417

bpost

SA

12,609

6,355

CTT-Correios

de

Portugal

SA

31,074

24,168

Deutsche

Post

AG

1,076,081

2,165

DSV

A/S

449,346

8,434

Freightways

Group,

Ltd.

48,740

4,000

Hamakyorex

Co.,

Ltd.

34,842

138

ID

Logistics

Group

SACA*

58,304

10,034

InPost

SA*

189,317

40,765

International

Distribution

Services

PLC

186,680

20,500

Kerry

Logistics

Network,

Ltd.

22,834

1,800

Konoike

Transport

Co.,

Ltd.

31,292

2,607

Logista

Integral

SA

78,551

958

Mainfreight,

Ltd.

43,416

900

Mitsui-Soko

Holdings

Co.,

Ltd.

38,970

3,300

NIPPON

EXPRESS

HOLDINGS,

Inc.

173,965

783

Oesterreichische

Post

AG

26,166

18,673

PostNL

NV*

26,121

2,700

Sankyu,

Inc.

90,692

900

SBS

Holdings,

Inc.

17,059

3,900

Senko

Group

Holdings

Co.,

Ltd.

33,893

8,300

SG

Holdings

Co.,

Ltd.

89,147

500

Shibusawa

Warehouse

Co.,

Ltd.

(The)

10,477

51,000

Singapore

Post,

Ltd.

18,493

300

Tonami

Holdings

Co.,

Ltd.

13,099

Shares

Value

Common

Stocks,

continued

Air

Freight

&

Logistics,

continued

400

Trancom

Co.,

Ltd.

$

29,730

7,700

Yamato

Holdings

Co.,

Ltd.

87,876

2,938,808

Automobile

Components

(1.5%):

1,000

Aisan

Industry

Co.,

Ltd.

9,748

9,900

Aisin

Corp.

109,153

7,300

Akebono

Brake

Industry

Co.,

Ltd.*

6,508

1,027

AKWEL

SADIR

11,095

6,206

Amotiv,

Ltd.

44,790

3,383

ARB

Corp.

Ltd.*

111,363

252

Autoneum

Holding

AG

35,694

1,920

Brembo

NV

21,045

10,300

Bridgestone

Corp.

396,169

1,647

Bulten

AB

10,991

1,876

CIE

Automotive

SA

53,922

18,980

Cie

Generale

des

Etablissements

Michelin

SCA

770,505

12,732

CIR

SpA-Compagnie

Industriali*

8,122

4,638

Continental

AG

300,011

2,800

Daido

Metal

Co.,

Ltd.

9,447

2,400

Daikyonishikawa

Corp.

10,706

8,000

Denso

Corp.

119,092

10,366

Dometic

Group

AB(a)

61,731

20,239

Dowlais

Group

plc

15,815

1,800

Eagle

Industry

Co.,

Ltd.

25,729

673

EDAG

Engineering

Group

AG

6,699

1,724

ElringKlinger

AG

8,245

1,500

Exco

Technologies,

Ltd.

8,863

1,700

Exedy

Corp.

37,910

2,300

FCC

Co.,

Ltd.

38,217

342

Feintool

International

Holding

AG,

Registered

Shares

7,076

4,399

Forvia

SE

45,345

1,000

F-Tech,

Inc.

3,588

2,200

Fujikura

Composites,

Inc.

18,201

4,000

Futaba

Industrial

Co.,

Ltd.

19,293

6,562

Gestamp

Automocion

SA(a)

20,209

1,400

G-Tekt

Corp.

15,359

648

Hella

GmbH

&

Co.

KGaA

61,878

1,600

HI-LEX

Corp.

16,002

700

H-One

Co.,

Ltd.

4,592

300

Imasen

Electric

Industrial

1,158

19,642

Johnson

Electric

Holdings,

Ltd.

28,906

9,800

JTEKT

Corp.

69,962

1,800

Kasai

Kogyo

Co.,

Ltd.*

1,993

276

Kendrion

NV*

3,518

6,700

Koito

Manufacturing

Co.,

Ltd.

92,560

25,060

Kongsberg

Automotive

ASA*

3,768

1,000

KYB

Corp.

33,632

1,933

Linamar

Corp.

90,196

9,613

Magna

International,

Inc.

394,387

613

Magna

International,

Inc.,

ADR

25,158

3,466

Martinrea

International,

Inc.

29,347

2,000

Mitsuba

Corp.

12,553

400

Murakami

Corp.

13,622

2,500

Musashi

Seimitsu

Industry

Co.,

Ltd.

34,178

6,400

NHK

Spring

Co.,

Ltd.

81,338

600

Nichirin

Co.,

Ltd.

14,586

3,200

Nifco,

Inc.

81,232

2,200

Nippon

Seiki

Co.,

Ltd.

17,808

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

2

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

800

Nishikawa

Rubber

Co.,

Ltd.

$

9,857

4,200

Niterra

Co.,

Ltd.

117,485

2,700

NOK

Corp.

42,299

7,243

Nokian

Renkaat

Oyj

71,459

1,900

NPR-RIKEN

Corp.

30,496

1,743

Opmobility

17,445

2,600

Pacific

Industrial

Co.,

Ltd.

24,915

1,500

Piolax,

Inc.

24,470

11,207

Pirelli

&

C

SpA(a)

68,063

6,300

Press

Kogyo

Co.,

Ltd.

25,371

3,582

PWR

Holdings,

Ltd.

22,387

1,900

Sanoh

Industrial

Co.,

Ltd.

9,810

2,200

Seiren

Co.,

Ltd.

41,444

2,400

Shoei

Co.,

Ltd.

37,388

6,538

Sogefi

SpA

14,526

5,600

Stanley

Electric

Co.,

Ltd.

104,154

15,500

Sumitomo

Electric

Industries,

Ltd.

248,766

2,900

Sumitomo

Riko

Co.,

Ltd.

29,525

8,300

Sumitomo

Rubber

Industries,

Ltd.

90,952

300

T

RAD

Co.,

Ltd.

7,156

1,400

Tachi-S

Co.,

Ltd.

17,837

800

Taiho

Kogyo

Co.,

Ltd.

3,417

20,259

TI

Fluid

Systems

plc(a)

44,583

2,500

Tokai

Rika

Co.,

Ltd.

34,221

2,500

Topre

Corp.

31,249

6,400

Toyo

Tire

Corp.

93,490

2,800

Toyoda

Gosei

Co.,

Ltd.

47,834

3,800

Toyota

Boshoku

Corp.

49,565

1,500

TPR

Co.,

Ltd.

23,072

4,400

TS

Tech

Co.,

Ltd.^

53,591

2,000

Unipres

Corp.

15,608

4,944

Valeo

SE

59,715

3,400

Yokohama

Rubber

Co.,

Ltd.

(The)

76,276

600

Yorozu

Corp.

4,505

5,065,946

Automobiles

(2.3%):

6,683

Bayerische

Motoren

Werke

AG

589,333

643

Ferrari

NV,

ADR

302,281

398

Ferrari

NV

186,404

49,800

Honda

Motor

Co.,

Ltd.

525,651

2,388

Honda

Motor

Co.,

Ltd.,

ADR

75,771

25,100

Isuzu

Motors,

Ltd.

338,662

298

Knaus

Tabbert

AG

10,182

22,800

Mazda

Motor

Corp.

170,940

17,560

Mercedes-Benz

Group

AG

1,134,868

29,100

Mitsubishi

Motors

Corp.^

78,308

52,100

Nissan

Motor

Co.,

Ltd.^

146,742

2,700

Nissan

Shatai

Co.,

Ltd.

19,567

8,981

Piaggio

&

C

SpA

26,335

5,095

Renault

SA

221,443

34,456

Stellantis

NV

476,386

14,641

Stellantis

NV,

ADR

205,706

14,700

Subaru

Corp.

255,468

20,500

Suzuki

Motor

Corp.

228,855

143,320

Toyota

Motor

Corp.

2,567,272

427

Trigano

SA

54,978

597

Volkswagen

AG

66,643

12,581

Volvo

Car

AB,

Class

B*

34,608

Shares

Value

Common

Stocks,

continued

Automobiles,

continued

35,200

Yamaha

Motor

Co.,

Ltd.

$

315,390

8,031,793

Banks

(9.7%):

2,800

77

Bank,

Ltd.

(The)

76,613

11,825

ABN

AMRO

Bank

NV(a)

213,546

536

Addiko

Bank

AG

10,444

55,718

AIB

Group

plc

319,356

1,500

Akita

Bank,

Ltd.

(The)

22,737

3,419

Aktia

Bank

Oyj

35,389

189

Alandsbanken

Abp,

Class

B

7,155

24,188

ANZ

Group

Holdings,

Ltd.*

510,964

3,500

Aozora

Bank,

Ltd.^

65,062

3,767

Auswide

Bank,

Ltd.*

10,790

1,900

Awa

Bank,

Ltd.

(The)

32,509

22,269

Banca

Monte

dei

Paschi

di

Siena

SpA

128,829

20,525

Banca

Popolare

di

Sondrio

SPA

157,291

61,614

Banco

Bilbao

Vizcaya

Argentaria

SA

666,879

44,899

Banco

Bilbao

Vizcaya

Argentaria

SA,

ADR

486,705

45,681

Banco

BPM

SpA

308,590

496,450

Banco

Comercial

Portugues

SA,

Class

R

224,333

197,769

Banco

de

Sabadell

SA

419,360

2,101

Banco

di

Desio

e

della

Brianza

SpA

12,928

134,424

Banco

Santander

SA

686,864

7,314

Bank

Hapoalim

BM

73,417

9,914

Bank

Leumi

Le-Israel

BM

97,282

30,859

Bank

of

East

Asia,

Ltd.

(The)*

39,665

1,912

Bank

of

Georgia

Group

plc

93,963

46,282

Bank

of

Ireland

Group

plc

517,748

900

Bank

of

Iwate,

Ltd.

(The)

14,252

2,471

Bank

of

Montreal

222,999

4,062

Bank

of

Montreal,

ADR

366,392

500

Bank

of

Nagoya,

Ltd.

(The)

21,678

1,872

Bank

of

Nova

Scotia

(The)

102,010

8,317

Bank

of

Nova

Scotia

(The),

ADR

453,193

37,913

Bank

of

Queensland,

Ltd.*

162,304

800

Bank

of

Saga,

Ltd.

(The)

11,675

2,000

Bank

of

the

Ryukyus,

Ltd.

13,870

38,197

Bankinter

SA

337,291

71

Banque

Cantonale

de

Geneve,

Class

BR

21,659

1,029

Banque

Cantonale

Vaudoise,

Registered

Shares

106,262

120,035

Barclays

plc

361,178

2,296

BAWAG

Group

AG(a)

177,908

19,808

Bendigo

&

Adelaide

Bank,

Ltd.

159,988

207

Berner

Kantonalbank

AG,

Registered

Shares

55,788

8,488

BNP

Paribas

SA

582,407

35,542

BOC

Hong

Kong

Holdings,

Ltd.

113,338

57,818

BPER

Banca

SpA

325,779

82,166

CaixaBank

SA

489,717

5,363

Canadian

Imperial

Bank

of

Commerce,

ADR

328,966

3,050

Canadian

Imperial

Bank

of

Commerce

187,109

4,227

Canadian

Western

Bank*

168,261

10,400

Chiba

Bank,

Ltd.

(The)

83,782

3,000

Chiba

Kogyo

Bank,

Ltd.

(The)

21,787

9,100

Chugin

Financial

Group,

Inc.

90,892

6,677

Close

Brothers

Group

plc

36,730

21,558

Commerzbank

AG

397,516

9,451

Commonwealth

Bank

of

Australia

886,941

20,500

Concordia

Financial

Group,

Ltd.

113,617

8,122

Credit

Agricole

SA

124,139

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

3

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

4,901

Credito

Emiliano

SpA

$

55,468

16,000

Dah

Sing

Banking

Group,

Ltd.

14,239

5,600

Dah

Sing

Financial

Holdings,

Ltd.

17,822

3,800

Daishi

Hokuetsu

Financial

Group,

Inc.

62,479

12,069

Danske

Bank

A/S

363,434

17,661

DBS

Group

Holdings,

Ltd.

524,667

5,817

DNB

Bank

ASA

119,366

1,600

Ehime

Bank,

Ltd.

(The)

11,659

1,682

EQB,

Inc.

129,667

4,404

Erste

Group

Bank

AG

241,598

650

FIDEA

Holdings

Co.,

Ltd.

6,449

15,344

FinecoBank

Banca

Fineco

SpA

263,063

3,600

First

Bank

of

Toyama,

Ltd.

(The)

26,748

524

First

International

Bank

Of

Israel,

Ltd.

(The)

21,724

1,000

Fukui

Bank,

Ltd.

(The)

12,821

3,700

Fukuoka

Financial

Group,

Inc.

94,965

11,200

Gunma

Bank,

Ltd.

(The)

68,744

12,600

Hachijuni

Bank,

Ltd.

(The)

74,003

4,005

Hang

Seng

Bank,

Ltd.

49,821

34,267

Heartland

Group

Holdings,

Ltd.

22,014

13,900

Hirogin

Holdings,

Inc.

107,549

1,000

Hokkoku

Financial

Holdings,

Inc.

29,702

5,800

Hokuhoku

Financial

Group,

Inc.

63,374

65,939

HSBC

Holdings

plc

591,334

17,017

HSBC

Holdings

plc,

ADR

768,998

10,500

Hyakugo

Bank,

Ltd.

(The)

39,992

1,000

Hyakujushi

Bank,

Ltd.

(The)

17,290

3

Hypothekarbank

Lenzburg

AG,

Class

R

14,603

27,088

ING

Groep

NV

492,620

93,538

Intesa

Sanpaolo

SpA

400,321

25,198

Israel

Discount

Bank,

Ltd.,

Class

A

141,384

9,700

Iyogin

Holdings,

Inc.

92,185

12,900

Japan

Post

Bank

Co.,

Ltd.

120,550

44,262

Judo

Capital

Holdings,

Ltd.*

50,707

2,000

Juroku

Financial

Group,

Inc.

55,141

1,969

Jyske

Bank

A/S,

Registered

Shares

153,500

10,343

KBC

Group

NV

822,826

5,800

Keiyo

Bank,

Ltd.

(The)

28,399

400

Kita-Nippon

Bank,

Ltd.

(The)

6,636

3,000

Kiyo

Bank,

Ltd.

(The)

35,076

4,700

Kyoto

Financial

Group,

Inc.

72,534

13,390

Kyushu

Financial

Group,

Inc.

65,269

1,096

Laurentian

Bank

of

Canada*

22,093

562

Liechtensteinische

Landesbank

AG

48,022

362,341

Lloyds

Banking

Group

plc

284,467

109,681

Lloyds

Banking

Group

plc,

ADR

342,205

583

Luzerner

Kantonalbank

AG,

Registered

Shares

43,611

27,470

Mebuki

Financial

Group,

Inc.

110,275

13,201

Mediobanca

Banca

di

Credito

Finanziario

SpA

225,394

89,600

Mitsubishi

UFJ

Financial

Group,

Inc.

912,233

800

Miyazaki

Bank,

Ltd.

(The)

14,981

1,267

Mizrahi

Tefahot

Bank,

Ltd.

49,610

19,480

Mizuho

Financial

Group,

Inc.

400,454

1,300

Musashino

Bank,

Ltd.

(The)

24,205

5,245

MyState,

Ltd.*

13,328

1,300

Nanto

Bank,

Ltd.

(The)

27,339

25,317

National

Australia

Bank,

Ltd.

655,490

10,732

National

Bank

of

Canada^

1,013,759

91,647

NatWest

Group

plc

423,341

Shares

Value

Common

Stocks,

continued

Banks,

continued

7,829

NatWest

Group

plc,

ADR

$

73,279

4,800

Nishi-Nippon

Financial

Holdings,

Inc.

54,731

51,291

Nordea

Bank

Abp

604,042

14,112

Nordea

Bank

Abp

Helsinki

166,368

3,381

Norion

Bank

AB*

13,807

15,000

North

Pacific

Bank,

Ltd.

40,474

1,800

Ogaki

Kyoritsu

Bank,

Ltd.

(The)

22,911

1,000

Oita

Bank,

Ltd.

(The)

21,486

820

Okinawa

Financial

Group,

Inc.

13,053

461

Oma

Saastopankki

Oyj

7,341

22,346

Oversea-Chinese

Banking

Corp.,

Ltd.

263,203

2,493

Pareto

Bank

ASA

15,495

5,215

Permanent

TSB

Group

Holdings

plc*

10,155

1,522

Procrea

Holdings,

Inc.

18,642

28,000

Public

Financial

Holdings,

Ltd.*

6,421

4,183

Raiffeisen

Bank

International

AG

83,358

1,400

Rakuten

Bank,

Ltd.*

31,837

21,175

Resona

Holdings,

Inc.

147,650

1,316

Ringkjoebing

Landbobank

A/S

207,443

6,129

Royal

Bank

of

Canada,

ADR

764,470

12,835

Royal

Bank

of

Canada

1,602,121

1,190

San

ju

San

Financial

Group,

Inc.

13,682

9,000

San-In

Godo

Bank,

Ltd.

(The)

76,747

1,300

SBI

Sumishin

Net

Bank,

Ltd.

24,400

11,600

Senshu

Ikeda

Holdings,

Inc.

26,353

26,300

Seven

Bank,

Ltd.^

52,420

2,200

Shiga

Bank,

Ltd.

(The)

49,894

3,500

Shikoku

Bank,

Ltd.

(The)

23,560

400

Shimizu

Bank,

Ltd.

(The)

4,112

9,000

Shizuoka

Financial

Group,

Inc.

78,262

19,850

Skandinaviska

Enskilda

Banken

AB,

Class

A

303,821

11,891

Societe

Generale

SA

296,397

3,454

Spar

Nord

Bank

A/S

65,963

1,288

Sparebank

1

Oestlandet

17,729

2,534

SpareBank

1

Sorost-Norge

16,342

3,098

SpareBank

1

SR-Bank

ASA

40,008

1,551

Sparebanken

More

12,343

801

Sparebanken

Sor

13,301

523

Sparekassen

Sjaelland-Fyn

A/S

16,287

126

St

Galler

Kantonalbank

AG,

Registered

Shares

61,771

39,691

Standard

Chartered

plc

422,006

30,300

Sumitomo

Mitsui

Financial

Group,

Inc.

645,152

5,900

Sumitomo

Mitsui

Trust

Group,

Inc.

140,096

8,000

Suruga

Bank,

Ltd.

62,358

11,874

Svenska

Handelsbanken

AB,

Class

A

122,014

8,480

Swedbank

AB,

Class

A

179,986

2,725

Sydbank

AS

134,396

2,168

TBC

Bank

Group

plc*

76,802

435

TF

Bank

AB*

11,323

4,500

Tochigi

Bank,

Ltd.

(The)

8,279

6,500

Toho

Bank,

Ltd.

(The)^

11,916

1,100

Tokyo

Kiraboshi

Financial

Group,

Inc.

31,796

7,500

TOMONY

Holdings,

Inc.

19,482

5,540

Toronto-Dominion

Bank

(The),

ADR

350,460

16,877

Toronto-Dominion

Bank

(The)

1,067,308

2,100

Towa

Bank,

Ltd.

(The)

8,648

6,200

Tsukuba

Bank,

Ltd.

10,259

64,696

Unicaja

Banco

SA(a)

82,333

12,367

UniCredit

SpA

543,392

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

4

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

20,027

United

Overseas

Bank,

Ltd.

$

502,654

743

Valiant

Holding

AG

87,337

900

VersaBank

11,952

30,944

Vestjysk

Bank

A/S

19,504

45,112

Virgin

Money

UK

plc

131,457

239

Walliser

Kantonalbank,

Registered

Shares

31,918

27,945

Westpac

Banking

Corp.

614,472

1,600

Yamagata

Bank,

Ltd.

(The)

11,299

7,300

Yamaguchi

Financial

Group,

Inc.

79,108

1,800

Yamanashi

Chuo

Bank,

Ltd.

(The)

20,121

6

Zuger

Kantonalbank,

Class

BR

59,316

33,578,218

Beverages

(1.0%):

3,168

AG

Barr

plc

26,417

1,900

Andrew

Peller,

Ltd.,

Class

A

5,522

10,005

Anheuser-Busch

InBev

SA/NV

662,808

11,700

Asahi

Group

Holdings,

Ltd.

153,258

13,102

Britvic

plc

223,324

30,200

Budweiser

Brewing

Co.

APAC,

Ltd.(a)

39,867

14,772

C&C

Group

plc

32,148

3,043

Carlsberg

AS,

Class

B

362,607

4,300

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

59,750

3,519

Coca-Cola

Europacific

Partners

plc

277,121

3,146

Coca-Cola

HBC

AG

112,044

1,957

Davide

Campari-Milano

NV,

Class

M

16,579

1,384

Diageo

plc,

ADR

194,231

8,372

Diageo

plc

292,062

1,463

Heineken

NV

129,703

2,400

Ito

En,

Ltd.

57,016

8,000

Kirin

Holdings

Co.,

Ltd.

121,915

109

Laurent-Perrier

12,980

2,800

Lifedrink

Co.,

Inc.

37,421

653

Olvi

Oyj,

A

Shares

21,444

684

Pernod

Ricard

SA

103,373

2,850

Primo

Water

Corp.

71,909

4,000

Primo

Water

Corp.,

ADR

101,000

2,032

Royal

Unibrew

A/S

170,654

900

Sapporo

Holdings,

Ltd.

49,627

2,400

Suntory

Beverage

&

Food,

Ltd.

90,122

5,400

Takara

Holdings,

Inc.

45,815

12,746

Treasury

Wine

Estates,

Ltd.

105,955

3,576,672

Biotechnology

(0.4%):

24,100

AnGes,

Inc.*^

10,648

86

Argenx

SE*

46,543

57

Argenx

SE,

ADR*

30,899

418

Basilea

Pharmaceutica

AG,

Registered

Shares*

22,911

2,965

Bavarian

Nordic

A/S*

102,267

1,455

BioGaia

AB,

B

Shares

16,097

760

Clinuvel

Pharmaceuticals,

Ltd.

7,370

1,294

CSL,

Ltd.

256,614

1,490

Galapagos

NV*

42,886

1,101

Genmab

A/S*

268,025

2,700

GNI

Group,

Ltd.*

54,504

2,347

Grifols

SA*

26,654

9,021

Mesoblast,

Ltd.*

7,284

2,600

PeptiDream,

Inc.*

48,422

176

Pharma

Mar

SA

9,724

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

20,503

Pharming

Group

NV*

$

17,130

9,666

PureTech

Health

plc*

18,999

1,337

Swedish

Orphan

Biovitrum

AB*

43,087

2,800

Takara

Bio,

Inc.

19,637

2,687

Telix

Pharmaceuticals,

Ltd.*

38,676

1,960

Vitrolife

AB

49,349

2,224

Zealand

Pharma

A/S*

270,058

1,407,784

Broadline

Retail

(0.9%):

1,600

ASKUL

Corp.

24,126

32,923

B&M

European

Value

Retail

SA

182,822

1,600

Beenos,

Inc.

29,542

1,900

Belluna

Co.,

Ltd.

9,589

1,959

Canadian

Tire

Corp.,

Ltd.,

Class

A*

234,810

5,007

Dollarama,

Inc.

512,955

6,374

Europris

ASA(a)

40,696

24,372

Harvey

Norman

Holdings,

Ltd.

83,574

1,900

Isetan

Mitsukoshi

Holdings,

Ltd.

29,645

1,000

Izumi

Co.,

Ltd.

24,720

11,200

J.

Front

Retailing

Co.,

Ltd.

121,262

4,015

Lindex

Group

OYJ*

13,242

4,200

Mercari,

Inc.*

73,603

30,000

Metro

Holdings,

Ltd.

11,105

47,139

Myer

Holdings,

Ltd.

27,019

2,207

Next

plc

289,026

3,400

Pan

Pacific

International

Holdings

Corp.

87,765

7,938

Prosus

NV*

343,266

3,776

Puuilo

Oyj

40,588

5,800

Rakuten

Group,

Inc.*

37,558

4,700

Ryohin

Keikaku

Co.,

Ltd.

86,544

1,600

Seria

Co.,

Ltd.

39,082

11,800

Takashimaya

Co.,

Ltd.

94,281

24,280

THG

plc*

17,857

2,195

Tokmanni

Group

Corp.

27,054

3,646

Warehouse

Group,

Ltd.

(The)

2,710

9,810

Wesfarmers,

Ltd.

477,174

4,000

Wing

On

Co.

International,

Ltd.

6,362

2,967,977

Building

Products

(1.3%):

4,500

AGC,

Inc.

146,023

2,028

Arbonia

AG*

31,025

3,907

Assa

Abloy

AB,

Class

B

131,601

131

Belimo

Holding

AG,

Class

R

93,621

2,400

Bunka

Shutter

Co.,

Ltd.

30,253

1,706

Carel

Industries

SpA(a)

37,356

1,800

Central

Glass

Co.,

Ltd.

42,755

8,882

Cie

de

Saint-Gobain

SA

809,487

2,900

Daikin

Industries,

Ltd.

407,258

5,524

Deceuninck

NV

16,175

130

dormakaba

Holding

AG

96,313

39,715

Fletcher

Building,

Ltd.*

74,425

35

Forbo

Holding

AG,

Registered

Shares

36,471

713

Geberit

AG,

Registered

Shares

465,522

9,771

Genuit

Group

plc

62,658

12,753

GWA

Group,

Ltd.

21,239

7,079

Inrom

Construction

Industries,

Ltd.

24,242

2,938

Inwido

AB

54,413

5,198

James

Halstead

plc

12,305

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

5

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

3,006

Kingspan

Group

plc

$

282,923

1,200

Komatsu

Wall

Industry

Co.,

Ltd.

12,745

1,300

Kondotec,

Inc.

10,945

2,281

Lindab

International

AB

63,988

12,600

Lixil

Corp.

150,573

687

LU-VE

SpA

20,356

297

Meier

Tobler

Group

AG

9,254

3,351

Munters

Group

AB(a)

76,590

641

Nederman

Holding

AB

13,671

2,170

Nibe

Industrier

AB,

Class

B

11,912

2,400

Nichias

Corp.

95,121

1,100

Nichiha

Corp.

26,709

300

Nihon

Dengi

Co.,

Ltd.

11,858

1,800

Nihon

Flush

Co.,

Ltd.

11,332

4,900

Nippon

Sheet

Glass

Co.,

Ltd.*

12,751

2

Norcros

plc

7

1,552

Nordic

Waterproofing

Holding

AB

25,562

1,500

Noritz

Corp.

19,077

1,400

Okabe

Co.,

Ltd.

7,733

27,365

Reliance

Worldwide

Corp.,

Ltd.

111,857

238

ROCKWOOL

A/S,

Class

A

110,655

448

ROCKWOOL

A/S,

Class

B

210,570

1,900

Sankyo

Tateyama,

Inc.

9,914

4,300

Sanwa

Holdings

Corp.

113,467

47

Schweiter

Technologies

AG

23,744

700

Sekisui

Jushi

Corp.

11,284

700

Shin

Nippon

Air

Technologies

Co.,

Ltd.

16,953

900

Sinko

Industries,

Ltd.

29,546

3,824

Systemair

AB

34,025

1,800

Takara

Standard

Co.,

Ltd.

20,051

700

Takasago

Thermal

Engineering

Co.,

Ltd.

25,187

2,900

TOTO,

Ltd.

107,869

3,919

Volution

Group

plc

32,129

56,797

Xinyi

Glass

Holdings,

Ltd.*

66,246

533

Zehnder

Group

AG,

Registered

Shares

34,907

4,414,653

Capital

Markets

(3.1%):

14,788

3i

Group

plc

654,570

24,792

ABG

Sundal

Collier

Holding

ASA

15,512

54,618

abrdn

plc

119,315

3,200

AGF

Management,

Ltd.,

Class

B*

21,652

900

Aizawa

Securities

Group

Co.,

Ltd.

11,117

14,871

AJ

Bell

plc

89,407

14,996

Allfunds

Group

plc

92,223

903

Altamir

24,427

1,582

Amundi

SA(a)

118,265

7,128

Anima

Holding

SpA(a)

43,279

16,877

Ashmore

Group

plc

46,334

921

ASX,

Ltd.

40,672

4,100

Australian

Ethical

Investment,

Ltd.

12,384

2,866

Avanza

Bank

Holding

AB

71,083

4,926

Azimut

Holding

SpA

127,229

3,013

Banca

Generali

SpA

135,102

521

Bellevue

Group

AG,

Class

BR

9,946

5,672

Bridgepoint

Group

plc(a)

26,132

80,000

Bright

Smart

Securities

&

Commodities

Group,

Ltd.

23,384

6,900

Brookfield

Corp.

366,507

614

Brookfield

Corp.,

ADR

32,634

563

Brooks

Macdonald

Group

plc

14,294

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

2,688

Bure

Equity

AB

$

109,180

2,497

Canaccord

Genuity

Group,

Inc.

16,600

4,442

CI

Financial

Corp.

60,473

120

Cie

Financiere

Tradition

SA,

Class

BR

22,560

5,668

CMC

Markets

plc(a)

23,702

19,000

Daiwa

Securities

Group,

Inc.

135,220

25,588

Deutsche

Bank

AG,

Registered

Shares

441,021

8,391

Deutsche

Bank

AG,

Registered

Shares,

ADR

145,248

552

Deutsche

Beteiligungs

AG

15,489

2,848

Deutsche

Boerse

AG

667,774

1,964

DWS

Group

GmbH

&

Co.

KGaA(a)

80,788

4,307

EFG

International

AG

57,938

170

eQ

Oyj

2,660

899

EQT

Holdings,

Ltd.*

19,663

2,230

Euronext

NV(a)

242,033

4,000

Fiera

Capital

Corp.

24,432

2,764

flatexDEGIRO

AG

39,553

838

Flow

Traders,

Ltd.

17,653

1,819

Foresight

Group

Holdings,

Ltd.

12,648

5,224

GAM

Holding

AG*

1,199

2,674

Georgia

Capital

plc*

33,320

1,396

Gimv

NV*

65,178

2,400

GMO

Financial

Holdings,

Inc.^

10,577

1,175

Guardian

Capital

Group,

Ltd.

35,364

142,000

Guotai

Junan

International

Holdings,

Ltd.

24,105

12,880

Hargreaves

Lansdown

plc

192,048

9,594

Hong

Kong

Exchanges

&

Clearing,

Ltd.

391,601

1,131

HUB24,

Ltd.

45,750

2,000

Ichiyoshi

Securities

Co.,

Ltd.

9,410

5,100

iFAST

Corp.,

Ltd.

28,969

16,800

IG

Group

Holdings

plc

206,819

3,232

IGM

Financial,

Inc.

96,986

4,298

Impax

Asset

Management

Group

plc

21,778

28,403

Insignia

Financial,

Ltd.*

51,583

6,881

IntegraFin

Holdings

plc

34,140

5,334

Intermediate

Capital

Group

plc

159,375

16,588

Investec

plc

126,255

49,718

IP

Group

plc*

33,135

1,700

IwaiCosmo

Holdings,

Inc.

23,698

3,400

JAFCO

Group

Co.,

Ltd.

47,945

16,600

Japan

Exchange

Group,

Inc.

215,478

3,861

Julius

Baer

Group,

Ltd.

232,676

17,082

Jupiter

Fund

Management

plc

19,749

800

Kyokuto

Securities

Co.,

Ltd.

7,773

2,122

Liontrust

Asset

Management

plc

16,635

1,684

London

Stock

Exchange

Group

plc

230,212

4,984

MA

Financial

Group,

Ltd.

18,252

2,026

Macquarie

Group,

Ltd.

326,659

8,413

Magellan

Financial

Group,

Ltd.

58,584

22,059

Man

Group

plc

62,619

2,300

Marusan

Securities

Co.,

Ltd.

14,790

6,300

Matsui

Securities

Co.,

Ltd.

34,347

2,471

Meitav

Investment

House,

Ltd.

12,929

2,900

Mito

Securities

Co.,

Ltd.

9,446

3,035

MLP

SE

19,594

5,700

Monex

Group,

Inc.

23,988

496

Mutares

SE

&

Co.

KGaA

11,618

24,829

Navigator

Global

Investments,

Ltd.

29,901

6,466

Netwealth

Group,

Ltd.

111,688

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

6

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

17,199

Ninety

One

plc

$

40,137

30,700

Nomura

Holdings,

Inc.

160,786

1,900

Nordnet

AB

(publ)

45,599

17,608

NZX,

Ltd.

13,995

7,300

Okasan

Securities

Group,

Inc.

31,636

2,547

Onex

Corp.

178,420

391

Partners

Group

Holding

AG

588,168

2,699

Perpetual,

Ltd.*

34,716

1,524

Pinnacle

Investment

Management

Group,

Ltd.*

18,994

11,593

Platinum

Asset

Management,

Ltd.

9,369

2,595

Polar

Capital

Holdings

plc

18,637

75,182

Quilter

plc(a)

133,436

942

Rathbones

Group

plc

22,529

9,785

Ratos

AB,

B

Shares

33,519

4,600

SBI

Holdings,

Inc.

106,014

16,881

Schroders

plc

78,953

14,600

Singapore

Exchange,

Ltd.

129,747

840

Sparx

Group

Co.,

Ltd.

7,723

700

Sprott,

Inc.

30,339

7,626

St

James's

Place

plc

74,872

700

Strike

Co.,

Ltd.

21,310

514

Swissquote

Group

Holding

SA,

Registered

Shares

185,360

1,296

Taaleri

plc

11,873

2,584

Tamburi

Investment

Partners

SpA

26,456

4,230

Tel

Aviv

Stock

Exchange,

Ltd.

40,052

1,383

Tikehau

Capital

SCA

37,187

3,155

TMX

Group,

Ltd.

98,898

8,500

Tokai

Tokyo

Financial

Holdings,

Inc.

28,688

4,000

Toyo

Securities

Co.,

Ltd.

11,643

45,979

TP

ICAP

Group

plc

145,659

4,993

UBS

Group

AG,

ADR

154,334

22,703

UBS

Group

AG

701,078

23,024

UOB-Kay

Hian

Holdings,

Ltd.*

27,442

22,000

Value

Partners

Group,

Ltd.

5,376

1,528

Van

Lanschot

Kempen

NV

72,641

1,857

VIEL

&

Cie

SA

22,123

1,341

Vontobel

Holding

AG,

Class

R

87,741

245

VP

Bank

AG,

Class

A

21,047

574

VZ

Holding

AG

91,877

3,692

XPS

Pensions

Group

plc

14,286

10,888,936

Chemicals

(3.4%):

6,100

5N

Plus,

Inc.*

30,223

900

Achilles

Corp.

9,321

3,100

ADEKA

Corp.

63,198

1,800

Aica

Kogyo

Co.,

Ltd.

42,634

2,095

Air

Liquide

SA

404,565

9,200

Air

Water,

Inc.

129,181

3,503

Akzo

Nobel

NV

247,047

700

Arakawa

Chemical

Industries,

Ltd.

5,966

2,379

Arkema

SA

226,840

1,200

Artience

Co.,

Ltd.

32,515

28,200

Asahi

Kasei

Corp.

213,021

1,100

ASAHI

YUKIZAI

Corp.

31,316

18,504

BASF

SE

979,138

1,939

Borregaard

ASA

36,503

400

C

Uyemura

&

Co.,

Ltd.

31,986

2,800

Carlit

Co.,

Ltd.

23,162

52,400

China

Sunsine

Chemical

Holdings,

Ltd.

19,335

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

1,400

Chugoku

Marine

Paints,

Ltd.

$

19,958

4,288

Clariant

AG,

Registered

Shares

64,982

839

Corbion

NV

23,945

6,036

Covestro

AG*(a)

375,993

701

Croda

International

plc

39,621

1,000

Dai

Nippon

Toryo

Co.,

Ltd.

7,613

10,600

Daicel

Corp.

98,730

1,700

Daiichi

Kigenso

Kagaku-Kogyo

Co.,

Ltd.

9,775

900

Dainichiseika

Color

&

Chemicals

Manufacturing

Co.,

Ltd.

18,890

3,200

Denka

Co.,

Ltd.

50,303

3,300

DIC

Corp.

74,731

200

DKS

Co.,

Ltd.

4,504

1,349

DSM-Firmenich

AG

185,741

19,833

Elementis

plc

43,257

13,127

Elkem

ASA*(a)

25,522

30

EMS-Chemie

Holding

AG

25,209

8,516

Ercros

SA

33,123

9,485

Essentra

plc

19,375

8,885

Evonik

Industries

AG

207,703

1,418

FUCHS

SE

53,268

1,500

Fuso

Chemical

Co.,

Ltd.

41,704

51

Givaudan

SA,

Registered

Shares

279,791

200

Gurit

Holding

AG,

Class

BR

6,268

7,873

Hexpol

AB

81,441

700

Hodogaya

Chemical

Co.,

Ltd.

22,335

7,000

ICL

Group,

Ltd.

29,881

77,951

Incitec

Pivot,

Ltd.

167,245

1,500

Ishihara

Sangyo

Kaisha,

Ltd.

15,823

1,000

JCU

Corp.

24,351

6,129

Johnson

Matthey

plc

124,982

700

JSP

Corp.

9,475

2,800

Kaneka

Corp.

76,316

6,800

Kansai

Paint

Co.,

Ltd.

121,045

3,300

Kanto

Denka

Kogyo

Co.,

Ltd.

21,879

600

KeePer

Technical

Laboratory

Co.,

Ltd.

17,961

1,600

KEIWA,

Inc.

12,108

6,014

Kemira

Oyj

150,162

1,400

KH

Neochem

Co,

Ltd.

20,530

1,500

Koatsu

Gas

Kogyo

Co.,

Ltd.

9,083

2,000

Konishi

Co.,

Ltd.

16,883

3,400

Kumiai

Chemical

Industry

Co.,

Ltd.

19,984

15,400

Kuraray

Co.,

Ltd.

228,141

1,800

Kureha

Corp.

35,709

1,200

Kuriyama

Holdings

Corp.

9,964

2,749

LANXESS

AG

86,965

549

Lenzing

AG*

21,786

1,900

Lintec

Corp.

43,883

400

MEC

Co.,

Ltd.

10,296

2,600

Methanex

Corp.

107,438

929

Methanex

Corp.,

ADR

38,405

58,500

Mitsubishi

Chemical

Group

Corp.

375,817

4,600

Mitsubishi

Gas

Chemical

Co.,

Inc.^

89,070

3,400

Mitsui

Chemicals,

Inc.

90,410

600

Moriroku

Holdings

Co.,

Ltd.

9,311

12,400

Nanofilm

Technologies

International,

Ltd.^

8,341

800

Nihon

Kagaku

Sangyo

Co.,

Ltd.

7,984

2,300

Nihon

Nohyaku

Co.,

Ltd.

9,715

4,000

Nihon

Parkerizing

Co.,

Ltd.

34,696

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

7

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

600

Nippon

Chemical

Industrial

Co.,

Ltd.

$

11,977

8,800

Nippon

Kayaku

Co.,

Ltd.

76,640

12,300

Nippon

Paint

Holdings

Co.,

Ltd.

94,233

3,800

Nippon

Sanso

Holdings

Corp.

138,686

3,900

Nippon

Shokubai

Co.,

Ltd.

47,168

2,200

Nippon

Soda

Co.,

Ltd.

38,201

3,700

Nissan

Chemical

Corp.

132,318

18,000

Nitto

Denko

Corp.

300,862

7,600

NOF

Corp.

130,559

5,423

Novonesis

(Novozymes)

B

390,568

22,808

Nufarm,

Ltd.*

62,390

7,764

Nutrien,

Ltd.

373,129

3,137

Nutrien,

Ltd.,

ADR

150,764

3,787

OCI

NV

107,745

500

Okamoto

Industries,

Inc.

18,208

600

Okura

Industrial

Co.,

Ltd.

11,188

20,649

Orica,

Ltd.*

265,452

900

Osaka

Organic

Chemical

Industry,

Ltd.

19,685

1,000

PILLAR

Corp.

29,007

1,200

Rasa

Industries,

Ltd.

22,508

1,958

Recticel

SA

28,808

5,800

Resonac

Holdings

Corp.

149,520

2,800

Riken

Technos

Corp.

20,245

500

Sakai

Chemical

Industry

Co.,

Ltd.

8,950

2,400

Sakata

INX

Corp.

27,030

700

Sanyo

Chemical

Industries,

Ltd.

20,242

900

Sekisui

Kasei

Co.,

Ltd.

2,462

1,100

Shikoku

Kasei

Holdings

Corp.

15,797

16,200

Shin-Etsu

Chemical

Co.,

Ltd.

677,669

1,800

Shin-Etsu

Polymer

Co.,

Ltd.

19,525

886

Sika

AG,

Registered

Shares

293,999

300

SK

Kaken

Co.,

Ltd.

17,695

600

Soken

Chemical

&

Engineering

Co.,

Ltd.

13,495

1,125

SOL

SpA

44,742

3,243

Solvay

SA,

Class

A

127,130

285

SP

Group

A/S

14,323

400

Stella

Chemifa

Corp.

11,512

2,600

Sumitomo

Bakelite

Co.,

Ltd.

73,183

39,300

Sumitomo

Chemical

Co.,

Ltd.

111,836

300

Sumitomo

Seika

Chemicals

Co.,

Ltd.

10,759

3,243

Syensqo

SA

287,338

682

Symrise

AG

94,278

4,585

Synthomer

plc*

13,645

700

T

Hasegawa

Co.,

Ltd.

16,024

1,800

Taiyo

Holdings

Co.,

Ltd.

46,513

600

Takasago

International

Corp.

23,016

2,100

Tanaka

Chemical

Corp.

12,233

600

Tayca

Corp.

6,882

6,900

Teijin,

Ltd.

68,189

500

Tenma

Corp.

9,077

1,196

Tessenderlo

Group

SA

34,013

5,500

Toagosei

Co.,

Ltd.

62,031

9,200

Tokai

Carbon

Co.,

Ltd.

59,196

2,200

Tokuyama

Corp.

44,327

1,000

Tokyo

Ohka

Kogyo

Co.,

Ltd.

24,444

25,100

Toray

Industries,

Inc.

147,788

6,300

Tosoh

Corp.

84,278

400

Toyo

Gosei

Co.,

Ltd.

22,553

3,400

Toyobo

Co.,

Ltd.

23,489

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

5,300

UBE

Corp.

$

99,056

1,041

Umicore

SA

13,511

700

Valqua,

Ltd.

16,135

2,109

Victrex

plc

27,407

571

Wacker

Chemie

AG

56,485

1,291

Yara

International

ASA

40,901

800

Yushiro

Chemical

Industry

Co.,

Ltd.

8,729

700

Zacros

Corp.

21,507

7,900

Zeon

Corp.

74,970

11,933,597

Commercial

Services

&

Supplies

(1.2%):

800

Aeon

Delight

Co.,

Ltd.

22,614

223,280

AMA

Group,

Ltd.*

8,793

1,123

Befesa

SA(a)

32,570

896

Bilfinger

SE

48,276

3,449

Black

Diamond

Group,

Ltd.

24,995

900

Boyd

Group

Services,

Inc.

136,408

26,523

Brambles,

Ltd.

349,526

7,404

Bravida

Holding

AB(a)

55,766

200

Calian

Group,

Ltd.

6,791

300

Central

Security

Patrols

Co.,

Ltd.

5,954

338

Cewe

Stiftung

&

Co.

KGaA

39,898

51,079

Cleanaway

Waste

Management,

Ltd.*

104,032

3,808

Coor

Service

Management

Holding

AB(a)

16,912

2,400

CTS

Co.,

Ltd.

13,853

5,200

Dai

Nippon

Printing

Co.,

Ltd.

92,619

2,200

Daiseki

Co.,

Ltd.

57,505

6,041

De

La

Rue

plc*

7,107

3,731

Derichebourg

SA

21,944

2,180

Dexterra

Group,

Inc.

11,059

401

DO

&

CO

AG*

60,532

456

doValue

SpA*(a)

3,044

26,433

Downer

EDI,

Ltd.

100,383

1,100

Duskin

Co.,

Ltd.

29,603

16,359

Element

Fleet

Management

Corp.

347,915

8,382

Elis

SA

175,075

300

GDI

Integrated

Facility

Services,

Inc.*

8,086

2,900

GFL

Environmental,

Inc.

115,695

435

GL

Events

SACA

9,290

800

gremz,

Inc.

15,808

900

Inaba

Seisakusho

Co.,

Ltd.

10,895

2,297

Intrum

AB

10,860

1,400

Inui

Global

Logistics

Co.,

Ltd.

11,248

8,471

ISS

A/S

169,596

1,800

Itoki

Corp.

18,790

2,600

Japan

Elevator

Service

Holdings

Co.,

Ltd.

56,493

21,513

Johnson

Service

Group

plc

44,807

1,900

Kimura

Unity

Co.,

Ltd.

19,155

3,000

Kokuyo

Co.,

Ltd.

52,987

4,600

Kosaido

Holdings

Co.,

Ltd.

16,365

400

Kyodo

Printing

Co.,

Ltd.

9,246

2,302

Lassila

&

Tikanoja

Oyj

22,799

3,524

Loomis

AB

115,890

5,038

Mader

Group,

Ltd.

17,262

700

Matsuda

Sangyo

Co.,

Ltd.

15,671

5,449

Mears

Group

plc

27,533

39,904

Mitie

Group

plc

63,187

600

Mitsubishi

Pencil

Co.,

Ltd.

10,088

2,800

NAC

Co.,

Ltd.

10,711

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

8

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

900

Nichiban

Co.,

Ltd.

$

11,966

15,900

Nippon

Parking

Development

Co.,

Ltd.

25,724

1,600

Okamura

Corp.

22,085

1,100

Oyo

Corp.

20,890

5,600

Park24

Co.,

Ltd.*

70,086

1,100

Pilot

Corp.

33,998

491

Pluxee

NV*

10,355

2,400

Prestige

International,

Inc.

11,766

22,243

Prosegur

Cash

SA(a)

14,478

2,200

Raksul,

Inc.

20,078

1,181

RB

Global,

Inc.

95,062

4,183

Renewi

plc

35,804

11,995

Rentokil

Initial

plc

58,847

900

Sato

Holdings

Corp.

13,158

952

Sdiptech

AB*

27,974

95

Seche

Environnement

SACA

9,465

1,400

Secom

Co.,

Ltd.

51,715

9,675

Securitas

AB,

Class

B

122,924

51,490

Serco

Group

plc

122,836

1,227

Societe

BIC

SA

82,493

15,000

Sohgo

Security

Services

Co.,

Ltd.

108,248

4,757

SPIE

SA

181,923

700

Studio

Alice

Co.,

Ltd.

10,055

1,300

Takara

&

Co.,

Ltd.

25,283

1,817

Takkt

AG

19,648

3,880

TOPPAN

Holdings,

Inc.

115,029

2,000

TRE

Holdings

Corp.

23,084

1,000

Waste

Connections,

Inc.

178,769

418

Waste

Connections,

Inc.,

ADR

74,747

4,224,126

Communications

Equipment

(0.2%):

2,301

ADTRAN

Holdings,

Inc.*

13,645

485

Adtran

Networks

SE

10,471

700

Aiphone

Co.,

Ltd.

13,759

1,000

AudioCodes,

Ltd.

9,730

700

DKK

Co.,

Ltd.

9,424

1,700

Evertz

Technologies,

Ltd.

14,834

980

EVS

Broadcast

Equipment

SA

30,976

1,021

HMS

Networks

AB

40,661

500

Icom,

Inc.

9,748

71,424

Nokia

Oyj

312,101

23,787

Nokia

Oyj,

ADR

103,949

10,200

Quarterhill,

Inc.*

12,973

418

RTX

A/S*

5,164

10,363

Spirent

Communications

plc*

23,630

684

Telefonaktiebolaget

LM

Ericsson,

Class

A

5,182

15,906

Telefonaktiebolaget

LM

Ericsson,

Class

B^

120,271

7,500

VTech

Holdings,

Ltd.

52,401

788,919

Construction

&

Engineering

(2.1%):

1,210

Ackermans

&

van

Haaren

NV

256,935

4,920

ACS

Actividades

de

Construccion

y

Servicios

SA*

227,176

3,353

Aecon

Group,

Inc.

51,871

1,375

AF

Gruppen

ASA

16,486

3,000

Asanuma

Corp.

14,291

1,130

Ashtrom

Group,

Ltd.*

15,728

3,162

AtkinsRealis

Group,

Inc.

128,486

2,010

Badger

Infrastructure

Solutions,

Ltd.

54,653

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

16,822

Balfour

Beatty

plc

$

96,802

3,000

Bird

Construction,

Inc.

53,575

17,546

Boustead

Singapore,

Ltd.

13,675

8,388

Bouygues

SA

280,920

428

Burkhalter

Holding

AG

45,142

4,600

Chiyoda

Corp.*

9,511

1,700

Chudenko

Corp.

39,828

494

Cie

d'Entreprises

CFE

3,701

4,621

COMSYS

Holdings

Corp.

100,804

6,159

Costain

Group

plc*

8,120

500

CTI

Engineering

Co.,

Ltd.

15,795

1,000

Dai-Dan

Co.,

Ltd.

20,560

900

Daiho

Corp.

21,775

335

Deme

Group

NV

54,481

4,053

Eiffage

SA

391,390

1,640

Elecnor

SA

34,438

100

Electra,

Ltd./Israel

39,980

7,737

Eltel

AB*(a)

5,549

37,002

Empresas

ICA

SAB

de

CV*(b)

—

5,200

EXEO

Group,

Inc.

56,415

3,909

Ferrovial

SE*

168,241

440

Fudo

Tetra

Corp.

7,029

7,223

Fugro

NV

164,612

200

Fukuda

Corp.

7,510

4,363

Galliford

Try

Holdings

plc

17,952

3,400

Hazama

Ando

Corp.

26,545

600

Hibiya

Engineering,

Ltd.

14,269

780

HOCHTIEF

AG

96,046

783

Implenia

AG,

Registered

Shares

29,290

5,936

INFRONEER

Holdings,

Inc.

48,570

5,765

Instalco

AB

23,749

700

Integrated

Design

&

Engineering

Holdings

Co.,

Ltd.

20,932

5,400

JDC

Corp.

18,845

8,300

JGC

Holdings

Corp.

72,671

7,364

Johns

Lyng

Group,

Ltd.

19,036

3,500

Kajima

Corp.

65,497

3,000

Kandenko

Co.,

Ltd.

46,642

900

Kawada

Technologies,

Inc.

15,991

3,807

Keller

Group

plc

82,246

19,638

Kier

Group

plc

36,255

3,800

Kinden

Corp.

83,568

16,720

Koninklijke

BAM

Groep

NV*

78,299

2,013

Koninklijke

Heijmans

NV*

58,093

1,600

Kumagai

Gumi

Co.,

Ltd.

40,176

1,735

Kvutzat

Acro,

Ltd.

21,000

800

Kyudenko

Corp.

37,884

1,447

Lycopodium,

Ltd.

12,293

7,887

Maas

Group

Holdings,

Ltd.

26,087

5,316

Maire

SpA

43,965

31,500

MECOM

Power

and

Construction,

Ltd.*

694

1,700

Meisei

Industrial

Co.,

Ltd.

14,184

3,300

MIRAIT

ONE

Corp.

48,933

700

Mitsubishi

Kakoki

Kaisha,

Ltd.

17,304

1,800

Miyaji

Engineering

Group,

Inc.^

26,189

3,871

Monadelphous

Group,

Ltd.*

34,647

1,573

Morgan

Sindall

Group

plc

64,802

6,701

Mota-Engil

SGPS

SA

19,153

4,687

NCC

AB,

Class

B

78,400

1,000

Nichireki

Group

Co.,

Ltd.

17,473

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

9

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

1,600

Nippon

Densetsu

Kogyo

Co.,

Ltd.

$

21,414

2,300

Nippon

Road

Co.,

Ltd.

(The)

27,611

20,879

NRW

Holdings,

Ltd.

51,837

9,800

Obayashi

Corp.

124,237

41,702

Obrascon

Huarte

Lain

SA*

12,245

1,800

Okumura

Corp.

54,525

8,600

Oriental

Shiraishi

Corp.

23,427

3,037

OX2

AB*

17,921

9,643

Peab

AB,

Class

B

77,387

12,800

Penta-Ocean

Construction

Co.,

Ltd.

57,070

1,053

Per

Aarsleff

Holding

A/S

63,543

999

Porr

AG

15,130

1,500

Raito

Kogyo

Co.,

Ltd.

22,653

1,700

Raiznext

Corp.

19,606

4,373

Renew

Holdings

plc

61,616

16,875

Sacyr

SA*

60,919

490

Salcef

Group

SpA

14,044

1,900

Sanki

Engineering

Co.,

Ltd.

31,832

1,700

Seikitokyu

Kogyo

Co.,

Ltd.

18,190

40,165

Service

Stream,

Ltd.

42,316

16,220

Severfield

plc

17,133

3,211

Shapir

Engineering

and

Industry,

Ltd.*

18,498

14,428

Shikun

&

Binui,

Ltd.*

34,887

10,300

Shimizu

Corp.

70,731

1,500

Shinnihon

Corp.

16,695

1,100

SHO-BOND

Holdings

Co.,

Ltd.

43,527

6,342

Skanska

AB,

Class

B

132,426

14,496

Southern

Cross

Electrical

Engineering,

Ltd.*

18,436

31,648

SRG

Global,

Ltd.

24,324

1,361

Stantec,

Inc.

109,460

1,244

Stantec,

Inc.,

ADR

100,030

67

Strabag

SE

2,789

267

Strabag

SE,

Class

BR

11,155

900

Subaru

Enterprise

Co.,

Ltd.

18,983

600

Sumitomo

Densetsu

Co.,

Ltd.

18,389

6,980

Sumitomo

Mitsui

Construction

Co.,

Ltd.

19,481

3,746

Sweco

AB,

Class

B

63,543

700

Taihei

Dengyo

Kaisha,

Ltd.

25,431

800

Taikisha,

Ltd.

27,365

1,500

Taisei

Corp.

65,656

1,400

Takamatsu

Construction

Group

Co.,

Ltd.

28,671

400

Tekken

Corp.

6,562

7,300

Tess

Holdings

Co.,

Ltd.

14,993

3,600

Toa

Corp.

Tokyo

24,647

4,000

TOA

ROAD

Corp.

38,492

1,630

Tobishima

Corp.

16,322

8,600

Toda

Corp.

56,590

2,000

Toenec

Corp.

12,987

1,000

Tokyo

Energy

&

Systems,

Inc.

7,714

5,100

Tokyu

Construction

Co.,

Ltd.^

25,129

1,100

Totetsu

Kogyo

Co.,

Ltd.

26,160

4,300

Toyo

Construction

Co.,

Ltd.

40,065

2,100

Toyo

Engineering

Corp.

10,661

6,066

Veidekke

ASA

71,084

44,804

Ventia

Services

Group

Pty,

Ltd.

141,271

7,347

Vinci

SA

859,486

900

Wakachiku

Construction

Co.,

Ltd.

21,559

9,739

Webuild

SpA

27,554

14,122

Worley,

Ltd.

145,300

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

1,741

WSP

Global,

Inc.

$

309,345

1,700

Yahagi

Construction

Co.,

Ltd.

18,215

2,400

Yokogawa

Bridge

Holdings

Corp.

44,545

1,500

Yondenko

Corp.

13,299

1,200

Yurtec

Corp.

12,828

7,393,100

Construction

Materials

(1.0%):

1,800

Asia

Pile

Holdings

Corp.

10,415

9,272

Breedon

Group

plc

53,195

4,182

Brickworks,

Ltd.

84,207

2,018

Buzzi

SpA

80,482

2,105

Cementir

Holding

NV

22,951

12,668

CRH

plc

1,174,830

11,841

Forterra

plc(a)

27,569

1,160

H+H

International

A/S,

Class

B*

15,863

2,861

Heidelberg

Materials

AG

310,945

7,265

Holcim

AG

710,441

15,092

Ibstock

plc(a)

37,511

1,646

Imerys

SA

54,641

6,688

James

Hardie

Industries

PLC*

267,642

1,600

Krosaki

Harima

Corp.

24,887

1,200

Maeda

Kosen

Co.,

Ltd.

15,708

8,852

Marshalls

plc

39,416

2,500

Nippon

Concrete

Industries

Co.,

Ltd.

5,959

666

RHI

Magnesita

NV

30,535

2,500

Shinagawa

Refractories

Co.,

Ltd.

29,660

22,814

SigmaRoc

plc*

21,629

1,500

Sumitomo

Osaka

Cement

Co.,

Ltd.

42,814

5,000

Taiheiyo

Cement

Corp.

117,951

1,300

TYK

Corp.

3,660

1,000

Vertex

Corp.

14,310

998

Vicat

SACA

39,255

3,209

Wienerberger

AG

106,146

900

Yotai

Refractories

Co.,

Ltd.

10,667

3,353,289

Consumer

Finance

(0.3%):

23,800

Acom

Co.,

Ltd.

63,345

6,900

AEON

Financial

Service

Co.,

Ltd.

60,612

7,800

Aiful

Corp.

17,552

8,198

Axactor

ASA*

3,235

21,927

B2

Impact

ASA

17,202

1,697

Cembra

Money

Bank

AG

158,514

3,533

Credit

Corp.

Group,

Ltd.

38,105

6,200

Credit

Saison

Co.,

Ltd.

155,206

18,226

FleetPartners

Group,

Ltd.*

38,977

18,292

Funding

Circle

Holdings

plc*(a)

33,760

800

goeasy,

Ltd.*

107,041

2,616

H&T

Group

plc

13,435

5,740

Hoist

Finance

AB*(a)

49,061

17,800

Hong

Leong

Finance,

Ltd.

33,938

14,415

International

Personal

Finance

plc

28,747

8,929

Isracard,

Ltd.

33,013

5,602

J

Trust

Co.,

Ltd.

16,283

900

Jaccs

Co.,

Ltd.

24,099

6,200

Marui

Group

Co.,

Ltd.

103,434

272

Moltiply

Group

SpA

10,062

1,520

Orient

Corp.

9,943

213,600

Oshidori

International

Holdings,

Ltd.*

3,545

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

10

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Consumer

Finance,

continued

2,100

Premium

Group

Co.,

Ltd.

$

31,095

1,400

Propel

Holdings,

Inc.

29,433

10,234

Solvar,

Ltd.

9,261

38,000

Sun

Hung

Kai

&

Co.,

Ltd.

13,308

10,046

Vanquis

Banking

Group

plc

7,961

29,980

Zip

Co.,

Ltd.*

57,308

1,167,475

Consumer

Staples

Distribution

&

Retail

(2.3%):

702

Acomo

NV

14,112

6,500

Aeon

Co.,

Ltd.

176,647

3,600

Aeon

Hokkaido

Corp.

23,090

1,600

Ain

Holdings,

Inc.

60,626

7,372

Alimentation

Couche-Tard,

Inc.

407,605

1,800

Arcs

Co.,

Ltd.

32,099

2,342

Axfood

AB

66,027

3,200

Axial

Retailing,

Inc.

20,973

600

Belc

Co.,

Ltd.

26,866

18,165

Carrefour

SA

309,776

1,100

Cawachi,

Ltd.

20,692

23,349

Coles

Group,

Ltd.*

291,267

2,192

Colruyt

Group

NV

102,028

1,600

Cosmos

Pharmaceutical

Corp.

83,282

1,300

Create

SD

Holdings

Co.,

Ltd.

29,049

500

Daikokutenbussan

Co.,

Ltd.

40,835

12,300

DFI

Retail

Group

Holdings,

Ltd.

26,691

439

DocMorris

AG*^

19,380

7,051

Empire

Co.,

Ltd.

215,498

38,373

Endeavour

Group,

Ltd.

133,075

900

Fuji

Co.,

Ltd./Ehime

13,264

1,000

G-7

Holdings,

Inc.

11,646

1,000

Genky

DrugStores

Co.,

Ltd.

26,125

993

George

Weston,

Ltd.

166,687

12,090

GrainCorp,

Ltd.,

Class

A

76,975

3,700

H2O

Retailing

Corp.

53,254

500

Halows

Co.,

Ltd.

14,610

1,600

Heiwado

Co.,

Ltd.

26,671

519

HelloFresh

SE*

5,333

10,000

Hong

Kong

Technology

Venture

Co.,

Ltd.*

2,160

200

Itochu-Shokuhin

Co.,

Ltd.

10,010

57,232

J

Sainsbury

plc

226,359

3,770

Jeronimo

Martins

SGPS

SA

74,094

600

JM

Holdings

Co.,

Ltd.

13,429

1,400

Kato

Sangyo

Co.,

Ltd.

41,414

3,850

Kesko

Oyj,

Class

A

81,625

13,752

Kesko

Oyj,

Class

B

293,622

2,324

Kitwave

Group

plc

10,873

3,100

Kobe

Bussan

Co.,

Ltd.

97,588

20,773

Koninklijke

Ahold

Delhaize

NV

717,653

1,400

Lacto

Japan

Co.,

Ltd.

28,982

1,700

Life

Corp.

43,037

1,299

Loblaw

Cos.,

Ltd.

172,982

215

M

Yochananof

&

Sons,

Ltd.

12,931

97,500

Marks

&

Spencer

Group

plc

486,522

4,040

MatsukiyoCocokara

&

Co.

66,412

600

Maxvalu

Tokai

Co.,

Ltd.

13,328

46,216

Metcash,

Ltd.*

114,533

4,561

METRO

AG

24,743

3,317

Metro,

Inc.

209,695

600

Ministop

Co.,

Ltd.

6,740

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

900

Mitsubishi

Shokuhin

Co.,

Ltd.

$

33,080

1,200

Nihon

Chouzai

Co.,

Ltd.

11,306

2,100

Nishimoto

Co.,

Ltd.

20,059

2,701

North

West

Co.,

Inc.

(The)

102,523

17,927

Ocado

Group

plc*

91,773

1,100

Oisix

ra

daichi,

Inc.*

10,904

3,500

Okuwa

Co.,

Ltd.

21,624

10,925

Olam

Group,

Ltd.

9,503

1,275

Orsero

SpA

18,029

1,200

Qol

Holdings

Co.,

Ltd.

11,884

337

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006,

Ltd.

18,837

1,000

Retail

Partners

Co.,

Ltd.

9,538

2,000

San-A

Co.,

Ltd.

35,903

51,300

Seven

&

i

Holdings

Co.,

Ltd.

768,307

28,900

Sheng

Siong

Group,

Ltd.

34,423

800

Shoei

Foods

Corp.

25,837

4,880

Shufersal,

Ltd.

43,454

1,454

Sligro

Food

Group

NV

20,404

38,447

Sonae

SGPS

SA

40,603

4,400

Sugi

Holdings

Co.,

Ltd.

81,545

3,000

Sundrug

Co.,

Ltd.

88,413

122,345

Tesco

plc

586,450

1,700

Tsuruha

Holdings,

Inc.

107,334

2,100

United

Super

Markets

Holdings,

Inc.^

12,394

2,200

Valor

Holdings

Co.,

Ltd.

33,766

1,400

Watahan

&

Co.,

Ltd.

16,799

4,000

Welcia

Holdings

Co.,

Ltd.

56,790

9,503

Woolworths

Group,

Ltd.

218,425

800

YAKUODO

Holdings

Co.,

Ltd.

13,763

700

Yamatane

Corp.

14,864

700

Yaoko

Co.,

Ltd.

47,380

2,800

Yokorei

Co.,

Ltd.

18,528

7,867,357

Containers

&

Packaging

(0.7%):

8,133

Billerud

Aktiebolag

93,377

4,231

Cascades,

Inc.

32,633

5,183

CCL

Industries,

Inc.

316,009

2,123

Corticeira

Amorim

SGPS

SA

20,922

55,285

DS

Smith

plc

341,673

3,926

Elopak

ASA

16,566

2,100

FP

Corp.

41,853

1,900

Fuji

Seal

International,

Inc.

33,509

1,000

Hokkan

Holdings,

Ltd.

11,996

3,758

Huhtamaki

Oyj

146,093

282

Mayr

Melnhof

Karton

AG

27,877

6,689

Metsa

Board

Oyj

46,847

47,019

Orora,

Ltd.

88,681

500

Pack

Corp.

(The)

12,811

11,200

Rengo

Co.,

Ltd.

78,095

7,692

SIG

Group

AG

171,770

7,575

Smurfit

Westrock

plc

379,328

500

Taisei

Lamick

Co.,

Ltd.

9,161

600

Tomoku

Co.,

Ltd.

9,853

3,900

Toyo

Seikan

Group

Holdings,

Ltd.

61,283

3,570

Transcontinental,

Inc.,

Class

A

47,440

3,054

Verallia

SA(a)

89,508

750

Vetropack

Holding

AG

28,208

699

Vidrala

SA

79,188

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

11

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging,

continued

1,600

Winpak,

Ltd.

$

56,212

840

Zignago

Vetro

SpA

10,262

2,251,155

Distributors

(0.1%):

1,200

Arata

Corp.

30,403

2,994

B&S

Group

Sarl(a)

15,640

13,299

Bapcor,

Ltd.

48,927

1,000

Central

Automotive

Products,

Ltd.

32,955

194

D'ieteren

Group

41,028

1,000

Doshisha

Co.,

Ltd.

14,997

1,400

GSI

Creos

Corp.

19,523

600

Happinet

Corp.

17,362

4,313

Headlam

Group

plc

7,757

20,122

Inchcape

plc

214,654

500

Media

Do

Co.,

Ltd.

4,799

1,000

PALTAC

Corp.

30,771

85

Tadiran

Group,

Ltd.

4,568

483,384

Diversified

Consumer

Services

(0.1%):

3,986

AcadeMedia

AB(a)

26,508

900

Aucnet,

Inc.^

15,266

3,907

Auction

Technology

Group

plc*

21,995

33,000

EC

Healthcare

4,458

44,648

G8

Education,

Ltd.

43,642

1,700

IBJ,

Inc.

8,592

3,637

IDP

Education,

Ltd.

40,080

3,200

JP-Holdings,

Inc.

16,203

1,200

LITALICO,

Inc.

10,431

17,243

ME

GROUP

INTERNATIONAL

plc

44,813

2,872

Pearson

plc,

ADR

38,973

12,414

Pearson

plc

168,306

25,000

Perfect

Medical

Health

Management,

Ltd.

8,398

600

PIA

Corp.

12,745

900

QB

Net

Holdings

Co.,

Ltd.

6,810

931

Riso

Kyoiku

Co.,

Ltd.

1,675

1,600

San

Holdings,

Inc.

13,215

482,110

Diversified

Telecommunication

Services

(2.2%):

9,620

Aussie

Broadband,

Ltd.

25,582

1,200

BCE,

Inc.

41,724

492

BCE,

Inc.,

ADR

17,122

28,186

Bezeq

The

Israeli

Telecommunication

Corp.,

Ltd.

32,464

202,666

BT

Group

plc

401,484

3,346

Cellnex

Telecom

SA(a)

135,552

16,478

Chorus,

Ltd.

91,260

90,000

CITIC

Telecom

International

Holdings,

Ltd.

27,803

400

Cogeco,

Inc.

17,694

76,574

Deutsche

Telekom

AG

2,248,822

4,269

Elisa

Oyj

226,309

1,192

Eurotelesites

AG*

6,347

2,209

Gamma

Communications

plc

49,255

24,829

Helios

Towers

plc*

38,048

27,500

HKBN,

Ltd.

10,974

78,295

HKT

Trust

&

HKT,

Ltd.

100,246

3,276

Infrastrutture

Wireless

Italiane

SpA(a)

40,315

2,700

Internet

Initiative

Japan,

Inc.

56,919

145,781

Koninklijke

KPN

NV

595,329

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

41,300

NETLINK

NBN

TRUST

$

29,406

166,400

Nippon

Telegraph

&

Telephone

Corp.

170,317

8,252

NOS

SGPS

SA

33,576

77,843

Orange

SA

891,198

628

Ovzon

AB*

964

186,202

PCCW,

Ltd.

102,160

6,976

Proximus

SADP

54,348

3,742

Quebecor,

Inc.,

Class

B

97,708

4,571

RAI

Way

SpA(a)

27,132

13,200

Singapore

Telecommunications,

Ltd.

33,234

20,077

Spark

New

Zealand,

Ltd.

38,640

12,209

Superloop,

Ltd.*

14,597

617

Swisscom

AG,

Registered

Shares

403,118

144,076

Telecom

Italia

SpA,

Savings

Share*

45,814

263,060

Telecom

Italia

SpA/Milano*

73,143

155,950

Telefonica

SA

762,402

4,768

Telekom

Austria

AG

46,735

3,510

Telenor

ASA

44,939

47,119

Telia

Co.

AB

152,447

46,935

Telstra

Group,

Ltd.

126,075

692

TELUS

Corp.

11,611

9,600

TPG

Telecom,

Ltd.^

32,627

7,091

Tuas,

Ltd.*

26,584

900

U-Next

Holdings

Co.,

Ltd.

34,425

5,747

United

Internet

AG

118,125

1,900

Vision,

Inc.

16,600

7,551,174

Electric

Utilities

(1.3%):

703

Acciona

SA

99,602

555

BKW

AG

100,650

7,800

Chubu

Electric

Power

Co.,

Inc.

91,436

6,700

Chugoku

Electric

Power

Co.,

Inc.

(The)

45,673

4,500

CK

Infrastructure

Holdings,

Ltd.

30,645

9,064

CLP

Holdings,

Ltd.

79,933

15,362

Contact

Energy,

Ltd.

79,707

38,410

EDP

-

Energias

de

Portugal

SA

175,445

557

Elia

Group

SA/NV

63,693

3,812

Elmera

Group

ASA(a)

12,304

3,600

Emera,

Inc.

141,865

6,024

Endesa

SA

131,606

102,103

Enel

SpA

815,845

1,554

EVN

AG

49,043

1,708

Fortis,

Inc.,

ADR

77,612

4,359

Fortis,

Inc.

198,078

17,930

Fortum

Oyj^

295,475

25,417

Genesis

Energy,

Ltd.

34,060

64,500

HK

Electric

Investments

&

HK

Electric

Investments,

Ltd.

43,806

4,600

Hokkaido

Electric

Power

Co.,

Inc.^

31,018

3,500

Hokuriku

Electric

Power

Co.

22,576

4,000

Hydro

One,

Ltd.(a)

138,667

20,729

Iberdrola

SA

320,668

7,900

Kansai

Electric

Power

Co.,

Inc.

(The)

130,712

2,800

Kyushu

Electric

Power

Co.,

Inc.

30,533

3,464

Manawa

Energy,

Ltd.

11,004

8,182

Mercury

NZ,

Ltd.

33,432

240

Naturenergie

Holding

AG

10,641

1,800

Okinawa

Electric

Power

Co.,

Inc.

(The)

13,039

20,606

Origin

Energy,

Ltd.

142,516

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

12

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electric

Utilities,

continued

1,263

Orsted

AS*(a)

$

83,991

8,000

Power

Assets

Holdings,

Ltd.

51,247

9,272

Redeia

Corp.

SA

180,330

451

Romande

Energie

Holding

SA,

Registered

Shares

26,130

5,900

Shikoku

Electric

Power

Co.,

Inc.

52,389

7,566

SSE

plc*

190,678

16,364

Terna

-

Rete

Elettrica

Nazionale

147,396

6,400

Tohoku

Electric

Power

Co.,

Inc.

61,298

11,000

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

48,958

1,106

Verbund

AG

91,877

4,385,578

Electrical

Equipment

(1.2%):

9,013

ABB,

Ltd.,

Registered

Shares

522,545

3,980

Accelleron

Industries

AG

206,703

138

Alfen

N.V.*(a)

2,026

2,634

AQ

Group

AB*

31,229

6,056

Ballard

Power

Systems,

Inc.*^

10,882

38

Carlo

Gavazzi

Holding

AG,

Registered

Shares

10,338

316

Cavendish

Hydrogen

ASA*^

352

463

Cembre

SpA

19,365

600

Chiyoda

Integre

Co.,

Ltd.

14,135

1,500

Cosel

Co.,

Ltd.

12,282

1,300

Denyo

Co.,

Ltd.

23,350

3,884

DiscoverIE

Group

plc

31,573

299

Energiekontor

AG

18,980

5,261

Fagerhult

Group

AB

33,711

2,700

Fuji

Electric

Co.,

Ltd.

163,140

3,500

Fujikura,

Ltd.

118,285

3,400

Furukawa

Electric

Co.,

Ltd.

85,932

1,200

Futaba

Corp.

4,176

485

GARO

AB

1,047

3,900

GS

Yuasa

Corp.

77,758

3,993

Hexatronic

Group

AB*

20,454

400

Hirakawa

Hewtech

Corp.

4,146

766

Huber

+

Suhner

AG,

Registered

Shares

79,346

1,600

Idec

Corp.

28,586

2,837

Legrand

SA

327,110

4,700

Mabuchi

Motor

Co.,

Ltd.

72,959

1,460

Mersen

SA

46,250

800

Mirai

Industry

Co.,

Ltd.

19,646

6,100

Mitsubishi

Electric

Corp.

98,317

15,831

NEL

ASA*^

7,510

1,103

Nexans

SA

161,689

2,800

NIDEC

Corp.

58,866

500

Nippon

Carbon

Co.,

Ltd.

15,738

1,500

Nitto

Kogyo

Corp.

31,497

3,107

NKT

A/S*

293,525

38

Phoenix

Mecano

AG,

Registered

Shares

20,359

995

PNE

AG^

13,158

1,368

Prysmian

SpA

99,445

400

Sanyo

Denki

Co.,

Ltd.

26,905

2,088

Schneider

Electric

SE

552,333

1,000

SEC

Carbon,

Ltd.

14,705

2,150

SGL

Carbon

SE*

12,874

7,028

Siemens

Energy

AG*

258,830

5,493

Signify

NV(a)

129,373

1,000

Sinfonia

Technology

Co.,

Ltd.

35,428

1,500

SWCC

Corp.

60,213

900

Takaoka

Toko

Co.,

Ltd.

11,307

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

1,055

Tera

Light,

Ltd.*

$

1,838

921

TKH

Group

NV

38,822

3,900

Ushio,

Inc.

55,238

11,045

Vestas

Wind

Systems

A/S*

243,912

4,251

Volex

plc*

18,944

2,117

Zumtobel

Group

AG

12,778

4,259,910

Electronic

Equipment,

Instruments

&

Components

(1.5%):

2,100

A&D

HOLON

Holdings

Co.,

Ltd.

31,028

600

Ai

Holdings

Corp.

9,970

800

Aichi

Tokei

Denki

Co.,

Ltd.

11,264

5,560

Alps

Alpine

Co.,

Ltd.

59,964

280

ALSO

Holding

AG,

Registered

Shares

89,730

2,700

Amano

Corp.

81,192

619

Arad,

Ltd.

8,009

1,200

Arisawa

Manufacturing

Co.,

Ltd.

11,918

883

AT&S

Austria

Technologie

&

Systemtechnik

AG*

19,867

1,617

Audinate

Group,

Ltd.*

10,982

12,800

Azbil

Corp.

103,935

868

Barco

NV

11,527

675

Basler

AG*

6,758

900

Canon

Electronics,

Inc.

14,404

2,000

Canon

Marketing

Japan,

Inc.

64,692

5,638

Celestica,

Inc.*

288,258

157

Cicor

Technologies,

Ltd.,

Registered

Shares*

9,762

5,800

Citizen

Watch

Co.,

Ltd.^

36,902

3,400

CMK

Corp.

9,675

5,645

Codan,

Ltd.

62,848

167

Comet

Holding

AG,

Class

R

65,970

10,000

Cowell

e

Holdings,

Inc.*

28,765

500

Daitron

Co.,

Ltd.

9,849

3,500

Daiwabo

Holdings

Co.,

Ltd.

66,404

4,500

Dexerials

Corp.

63,868

4,918

Dicker

Data,

Ltd.*

32,016

17,772

Dustin

Group

AB*(a)

14,620

1,100

Elematec

Corp.

13,267

500

Enplas

Corp.

22,728

2,721

Esprinet

SpA*

18,120

113,000

FIT

Hon

Teng,

Ltd.*(a)

35,521

2,100

Furuno

Electric

Co.,

Ltd.

23,839

1,680

Gooch

&

Housego

plc

9,030

400

Hagiwara

Electric

Holdings

Co.,

Ltd.

9,559

3,119

Halma

plc

108,888

5,400

Hamamatsu

Photonics

KK

70,626

1,373

Hanza

AB

7,269

10,564

Hexagon

AB,

Class

B

114,058

500

Hioki

EE

Corp.

28,696

700

Hirose

Electric

Co.,

Ltd.

89,013

1,200

Hochiki

Corp.

17,749

1,200

Horiba,

Ltd.

78,598

2,600

Hosiden

Corp.

37,935

4,000

Ibiden

Co.,

Ltd.

123,927

1,122

Incap

Oyj*

13,403

53

Inficon

Holding

AG,

Registered

Shares

76,460

1,700

Innotech

Corp.

16,696

400

I-PEX,

Inc.

4,398

1,000

Iriso

Electronics

Co.,

Ltd.

17,813

1,800

Japan

Aviation

Electronics

Industry,

Ltd.

31,982

1,100

Japan

Cash

Machine

Co.,

Ltd.

7,048

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

13

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

2,186

Jenoptik

AG

$

67,171

1,400

Kaga

Electronics

Co.,

Ltd.

27,378

800

Keyence

Corp.

382,961

8,845

Kitron

ASA

23,991

1,200

Koa

Corp.

9,495

16,000

Kyocera

Corp.

185,663

3,500

Kyosan

Electric

Manufacturing

Co.,

Ltd.

12,348

5,053

Lagercrantz

Group

AB,

B

Shares

95,314

527

Landis+Gyr

Group

AG

49,028

19

LEM

Holding

SA,

Registered

Shares

30,933

1,212

LPKF

Laser

&

Electronics

SE*

11,833

6,000

Macnica

Holdings,

Inc.

83,434

2,300

Marubun

Corp.

16,829

200

Maruwa

Co.,

Ltd.

58,802

1,900

Maxell,

Ltd.

24,397

900

Meiko

Electronics

Co.,

Ltd.

38,965

2,414

Midwich

Group

plc

10,398

7,000

Murata

Manufacturing

Co.,

Ltd.

137,494

1,573

Mycronic

AB

61,212

4,822

NCAB

Group

AB

32,066

267

Nedap

NV

16,642

2,656

Next

Vision

Stabilized

Systems,

Ltd.

28,191

2,800

Nichicon

Corp.

18,615

2,200

Nihon

Dempa

Kogyo

Co.,

Ltd.

16,526

600

Nippon

Chemi-Con

Corp.*

4,385

2,900

Nippon

Electric

Glass

Co.,

Ltd.

68,068

3,400

Nippon

Signal

Co.,

Ltd.

22,659

1,800

Nissha

Co.,

Ltd.

24,433

600

Nohmi

Bosai,

Ltd.

12,209

685

Note

AB*

7,686

21,631

Novonix,

Ltd.*^

10,359

3,600

Oki

Electric

Industry

Co.,

Ltd.

24,499

2,400

Omron

Corp.

109,841

1,200

Optex

Group

Co.,

Ltd.

12,999

3,000

Osaki

Electric

Co.,

Ltd.

15,444

1,467

Oxford

Instruments

plc

41,799

14,000

PAX

Global

Technology,

Ltd.

9,367

4,407

Pricer

AB,

Class

B*

4,666

510

Priortech,

Ltd.*

21,651

1,100

Restar

Corp.

20,808

1,200

Riken

Keiki

Co.,

Ltd.

32,177

1,400

RYODEN

Corp.

24,125

400

Santec

Holdings

Corp.

16,678

1,100

Satori

Electric

Co.,

Ltd.

14,714

221

Sesa

SpA

22,674

800

Shibaura

Electronics

Co.,

Ltd.

19,389

3,300

Shimadzu

Corp.

110,084

1,200

Shinko

Shoji

Co.,

Ltd.

7,720

2,000

Siix

Corp.

15,436

3,256

Softwareone

Holding

AG

57,504

1,926

Spectris

plc

70,424

6,120

Strix

Group

plc

5,590

2,000

Sumida

Corp.

12,798

1,200

Sun-Wa

Technos

Corp.

15,986

700

Suzuden

Corp.

8,645

700

Tachibana

Eletech

Co.,

Ltd.

12,517

3,300

Taiyo

Yuden

Co.,

Ltd.^

67,429

2,500

Tamura

Corp.

10,648

21,500

TDK

Corp.

274,428

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

245

Telsys,

Ltd.

$

11,799

1,200

Tokyo

Electron

Device,

Ltd.

30,269

4,300

Topcon

Corp.

46,409

1,300

Toyo

Corp.

14,642

1,100

Tsuzuki

Denki

Co.,

Ltd.^

16,893

7,103

TT

Electronics

plc

9,087

1,400

V

Technology

Co.,

Ltd.

24,403

1,112

Vaisala

Oyj,

A

Shares

60,894

4,200

Venture

Corp.,

Ltd.

45,929

44,000

VSTECS

Holdings,

Ltd.

26,510

1,100

Yashima

Denki

Co.,

Ltd.

13,282

4,400

Yokogawa

Electric

Corp.

112,337

1,100

Yokowo

Co.,

Ltd.

11,466

5,274,245

Energy

Equipment

&

Services

(0.4%):

7,314

Akastor

ASA*

9,106

6,540

Aker

Solutions

ASA

25,237

6,535

Borr

Drilling,

Ltd.^

35,877

2,991

BW

Offshore,

Ltd.

8,053

3,100

Calfrac

Well

Services,

Ltd.*

8,619

8,074

CES

Energy

Solutions

Corp.

44,660

6,058

Enerflex,

Ltd.

36,107

8,606

Ensign

Energy

Services,

Inc.*

16,865

106,730

Ezion

Holdings,

Ltd.*(b)

—

6,704

Hunting

plc

33,709

18,214

John

Wood

Group

plc*

30,866

3,100

Mattr

Corp.*

32,506

1,000

Modec,

Inc.

23,743

1,442

North

American

Construction

Group,

Ltd.

26,968

7,269

Odfjell

Drilling,

Ltd.

35,207

1,211

Odfjell

Technology,

Ltd.

5,569

4,150

Pason

Systems,

Inc.

40,908

1,600

PHX

Energy

Services

Corp.

10,743

518

Precision

Drilling

Corp.*

31,904

34,766

Saipem

SpA*

76,656

8,031

SBM

Offshore

NV

146,632

174

Schoeller-Bleckmann

Oilfield

Equipment

AG

5,578

9,682

Secure

Energy

Services,

Inc.

87,563

10,677

Shelf

Drilling,

Ltd.*(a)

17,717

2,859

Solstad

Offshore

ASA*

8,811

3,678

Subsea

7

SA

59,708

6,700

Technip

Energies

NV

161,757

2,437

Tecnicas

Reunidas

SA*

32,168

1,084

Tenaris

SA,

ADR

34,460

6,173

Tenaris

SA

97,970

435

TerraVest

Industries,

Inc.

30,916

4,441

TGS

ASA

41,886

2,300

Total

Energy

Services,

Inc.

15,954

400

Toyo

Kanetsu

KK

11,179

13,311

Trican

Well

Service,

Ltd.

46,952

9,229

Vallourec

SACA*

139,687

294

Viridien*

10,749

1,482,990

Entertainment

(0.4%):

800

Akatsuki,

Inc.

11,376

1,100

Amuse,

Inc.

10,726

2,600

Avex,

Inc.

26,735

13,015

Bollore

SE

86,813

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

14

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

2,427

Borussia

Dortmund

GmbH

&

Co.

KGaA*

$

9,873

5,200

Capcom

Co.,

Ltd.

120,935

4,900

COLOPL,

Inc.

18,144

2,233

CTS

Eventim

AG

&

Co.

KGaA

231,985

3,900

Daiichikosho

Co.,

Ltd.

47,385

3,100

DeNA

Co.,

Ltd.

38,580

4,217

Embracer

Group

AB*

10,977

5,146

EVT,

Ltd.

38,473

649

G5

Entertainment

AB

5,837

2,400

Gree,

Inc.

7,837

1,190

GungHo

Online

Entertainment,

Inc.

25,578

38,000

IGG,

Inc.

20,722

400

Kinepolis

Group

NV

17,815

1,900

Koei

Tecmo

Holdings

Co.,

Ltd.

21,916

1,000

Konami

Group

Corp.

101,499

2,000

MIXI,

Inc.

38,501

3,270

Modern

Times

Group

MTG

AB,

Class

B*

25,449

1,400

Nexon

Co.,

Ltd.

27,820

5,300

Nintendo

Co.,

Ltd.

282,606

1,400

Square

Enix

Holdings

Co.,

Ltd.

55,576

21,268

Stillfront

Group

AB*

13,651

1,700

Toei

Animation

Co.,

Ltd.

35,915

1,000

Toei

Co.,

Ltd.

31,719

700

Toho

Co.,

Ltd.

28,364

1,040

Ubisoft

Entertainment

SA*

11,757

5,124

Universal

Music

Group

NV

134,150

5,570

WildBrain,

Ltd.*^

5,231

1,543,945

Financial

Services

(0.9%):

147

Adyen

NV*(a)

230,194

131,663

AMP,

Ltd.

120,951

9,449

Australian

Finance

Group,

Ltd.

10,441

1,684

Banca

IFIS

SpA

41,087

9,319

Banca

Mediolanum

SpA

117,636

6,389

BFF

Bank

SpA(a)

70,070

5,498

Burford

Capital,

Ltd.

72,962

22,106

Challenger,

Ltd.*

99,892

6,016

Deutsche

Pfandbriefbank

AG*(a)

39,988

1,937

Edenred

SE

73,470

800

eGuarantee,

Inc.

7,928

5,345

EML

Payments,

Ltd.*

2,400

1,164

Eurazeo

SE

95,697

1,900

Financial

Partners

Group

Co.,

Ltd.

29,546

2,400

Firm

Capital

Mortgage

Investment

Corp.

20,552

900

First

National

Financial

Corp.

26,189

1,000

Fuyo

General

Lease

Co.,

Ltd.

76,830

200

GMO

Financial

Gate,

Inc.

9,991

1,200

GMO

Payment

Gateway,

Inc.

73,700

1,440

GRENKE

AG

38,406

20,600

G-Resources

Group,

Ltd.

6,857

791

HAL

Trust

104,252

16,190

Helia

Group,

Ltd.

45,559

757

Illimity

Bank

SpA

3,960

1,600

Japan

Investment

Adviser

Co.,

Ltd.

11,825

4,200

Japan

Securities

Finance

Co.,

Ltd.

56,179

97,326

M&G

plc

269,996

36,320

Mitsubishi

HC

Capital,

Inc.

256,497

538

Mivtach

Shamir

Holdings,

Ltd.

24,160

8,000

Mizuho

Leasing

Co.,

Ltd.

55,224

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

915

Mortgage

Advice

Bureau

Holdings,

Ltd.

$

7,847

900

NEC

Capital

Solutions,

Ltd.

23,622

14,213

Nexi

SpA*(a)

96,543

1,200

Nuvei

Corp.(a)

40,021

16,085

OFX

Group,

Ltd.*

24,021

7,289

Omni

Bridgeway,

Ltd.*

5,593

9,000

ORIX

Corp.

208,972

17,777

OSB

Group

plc

92,619

12,583

Paragon

Banking

Group

plc

131,034

2,696

PayPoint

plc

24,355

10,548

Pepper

Money,

Ltd.

9,910

4,132

Plus500,

Ltd.

138,366

1,100

Ricoh

Leasing

Co.,

Ltd.

37,985

543

SBI

ARUHI

Corp.

3,086

3

Schweizerische

Nationalbank,

Registered

Shares*

12,779

21,000

Shandong

Hi-Speed

Holdings

Group,

Ltd.*

17,533

3,600

Timbercreek

Financial

Corp.

21,670

6,500

Tokyo

Century

Corp.

72,916

3,266

Wise

plc,

Class

A*

29,453

5,213

Worldline

SA*(a)

37,991

2,300

Zenkoku

Hosho

Co.,

Ltd.

90,560

3,219,315

Food

Products

(2.5%):

7,127

a2

Milk

Co.,

Ltd.

(The)*

31,013

2,174

AAK

AB

71,351

364

Agrana

Beteiligungs

AG

4,439

4,000

Ajinomoto

Co.,

Inc.

154,642

1,313

Anglo-Eastern

Plantations

plc

10,747

42,791

Aryzta

AG*

82,096

4,701

Associated

British

Foods

plc

146,681

772

Atria

Oyj

8,851

3,971

Austevoll

Seafood

ASA

36,422

9,834

Australian

Agricultural

Co.,

Ltd.*

9,853

556

Bakkafrost

P/F

32,048

6,504

Bakkavor

Group

PLC(a)

13,652

142

Barry

Callebaut

AG,

Registered

Shares

263,044

16,827

Bega

Cheese,

Ltd.*

61,062

125

Bell

Food

Group

AG

39,296

854

Bonduelle

SCA

6,842

3,100

Calbee,

Inc.

75,383

1

Chocoladefabriken

Lindt

&

Spruengli

AG

127,489

800

Chubu

Shiryo

Co.,

Ltd.

8,250

12,278

Cloetta

AB,

B

Shares

29,595

1,383

Cranswick

plc

92,843

4,700

Danone

SA

342,193

17,600

Delfi,

Ltd.

11,900

1,000

DyDo

Group

Holdings,

Inc.

21,090

2,372

Ebro

Foods

SA

42,071

8,935

Elders,

Ltd.*

52,302

95

Emmi

AG,

Registered

Shares

97,178

2,000

Ezaki

Glico

Co.,

Ltd.

61,098

1,600

Feed

One

Co.,

Ltd.

9,909

108,669

First

Pacific

Co.,

Ltd.

59,844

27,100

First

Resources,

Ltd.

30,996

5,564

Fonterra

Co-operative

Group,

Ltd.

17,571

10,200

Food

Empire

Holdings,

Ltd.

7,882

1,616

ForFarmers

NV

5,888

9,500

Fraser

and

Neave,

Ltd.

9,831

1,900

Fuji

Oil

Holdings,

Inc.

41,946

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

15

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

1,600

Fujicco

Co.,

Ltd.

$

19,143

700

Fujiya

Co.,

Ltd.

13,516

8,889

Glanbia

plc

156,534

289,700

Golden

Agri-Resources,

Ltd.

63,106

17,127

Greencore

Group

plc*

42,208

1,502

Grieg

Seafood

ASA

8,308

1,100

High

Liner

Foods,

Inc.

10,200

3,890

Hilton

Food

Group

plc

46,780

800

Hokuto

Corp.

10,145

2,000

House

Foods

Group,

Inc.

42,426

700

Imuraya

Group

Co.,

Ltd.

12,249

15,498

Inghams

Group,

Ltd.

31,581

940

Itoham

Yonekyu

Holdings,

Inc.

25,293

600

Iwatsuka

Confectionery

Co.,

Ltd.

10,714

1,642

JDE

Peet's

NV

34,312

600

J-Oil

Mills,

Inc.

8,780

1,300

Kagome

Co.,

Ltd.

29,103

800

Kakiyasu

Honten

Co.,

Ltd.

14,840

400

Kameda

Seika

Co.,

Ltd.

12,455

700

Kenko

Mayonnaise

Co.,

Ltd.

10,898

1,070

Kerry

Group

plc,

Class

A

110,912

1,200

Kewpie

Corp.

29,903

9,100

Kikkoman

Corp.

103,483

5,400

Kotobuki

Spirits

Co.,

Ltd.

68,759

656

KWS

Saat

SE

&

Co.

KGaA

46,407

500

Kyokuyo

Co.,

Ltd.

15,195

147

Lassonde

Industries,

Inc.,

Class

A

19,268

7,030

Leroy

Seafood

Group

ASA

32,244

14

Lotus

Bakeries

NV

187,862

1,766

Maple

Leaf

Foods,

Inc.*

28,926

1,200

Marudai

Food

Co.,

Ltd.

15,186

2,100

Maruha

Nichiro

Corp.

46,460

3,000

Megmilk

Snow

Brand

Co.,

Ltd.

56,483

6,000

MEIJI

Holdings

Co.,

Ltd.

150,032

800

Mitsui

DM

Sugar

Holdings

Co.,

Ltd.

18,773

3,900

Morinaga

&

Co.,

Ltd.

77,907

3,300

Morinaga

Milk

Industry

Co.,

Ltd.

80,698

1,778

Mowi

ASA

31,987

27,146

Nestle

SA,

Registered

Shares

2,736,341

389

Neto

Malinda

Trading,

Ltd.*

6,851

2,500

NH

Foods,

Ltd.

92,808

4,200

Nichirei

Corp.

130,610

3,300

Nippn

Corp.

50,963

800

Nippon

Beet

Sugar

Manufacturing

Co.,

Ltd.

15,065

1,200

Nisshin

Oillio

Group,

Ltd.

(The)

44,033

7,500

Nisshin

Seifun

Group,

Inc.

95,109

10,000

Nissin

Foods

Co.,

Ltd.

5,824

900

Nissin

Foods

Holdings

Co.,

Ltd.

25,103

13,400

Nissui

Corp.

85,828

326

Orior

AG

19,687

4,786

Orkla

ASA

45,128

35,478

Premier

Foods

plc

86,671

1,180

Premium

Brands

Holdings

Corp.

83,568

1,300

Prima

Meat

Packers,

Ltd.

21,485

8,255

Raisio

Oyj

20,865

11,830

Ridley

Corp.,

Ltd.

21,400

1,300

Riken

Vitamin

Co.,

Ltd.

23,383

4,400

Rogers

Sugar,

Inc.

18,514

1,300

Rokko

Butter

Co.,

Ltd.

14,339

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

600

S

Foods,

Inc.

$

11,560

400

S&B

Foods,

Inc.

13,916

1,500

Sakata

Seed

Corp.

36,859

482

Salmar

ASA

25,304

2,346

Sanford,

Ltd.

5,617

5,128

Saputo,

Inc.

110,690

127

Savencia

SA

7,350

3,496

Scales

Corp.,

Ltd.

7,775

3,767

Scandi

Standard

AB

31,225

476

Schouw

&

Co.

A/S

41,394

2,919

Select

Harvests,

Ltd.*

7,433

507

Select

Harvests,

Ltd.,

Class

A*

1,291

800

Showa

Sangyo

Co.,

Ltd.

16,261

306

Sipef

NV

19,211

370

Societe

LDC

SADIR*

29,242

600

Starzen

Co.,

Ltd.

12,157

847

Strauss

Group,

Ltd.

13,491

2,588

Suedzucker

AG

32,477

10,439

Tate

&

Lyle

plc

95,253

300

Toyo

Suisan

Kaisha,

Ltd.

19,571

580

UIE

plc

23,837

1,619

Viscofan

SA

114,738

18,000

Vitasoy

International

Holdings,

Ltd.

12,798

400

Warabeya

Nichiyo

Holdings

Co.,

Ltd.

6,486

800

Wellneo

Sugar

Co.,

Ltd.

12,248

176,415

WH

Group,

Ltd.(a)

139,553

37,000

Wilmar

International,

Ltd.

96,309

1,600

Yakult

Honsha

Co.,

Ltd.

36,979

4,400

Yamazaki

Baking

Co.,

Ltd.

87,336

8,552,310

Gas

Utilities

(0.4%):

10,884

AltaGas,

Ltd.

269,464

11,371

APA

Group*

60,956

6,095

Ascopiave

SpA

19,579

3,473

Enagas

SA

53,212

74,850

Hong

Kong

&

China

Gas

Co.,

Ltd.

60,975

15,087

Italgas

SpA

91,206

800

K&O

Energy

Group,

Inc.

17,872

88,854

Keppel

Infrastructure

Trust

32,146

1,231

Naturgy

Energy

Group

SA

31,824

5,700

Nippon

Gas

Co.,

Ltd.

91,142

4,600

Osaka

Gas

Co.,

Ltd.

103,379

2,402

Rubis

SCA

65,651

1,300

Saibu

Gas

Holdings

Co.,

Ltd.

16,531

1,300

Shizuoka

Gas

Co.,

Ltd.

9,638

24,462

Snam

SpA

124,516

7,604

Superior

Plus

Corp.

41,835

1,400

Toho

Gas

Co.,

Ltd.

38,735

3,700

Tokyo

Gas

Co.,

Ltd.

86,115

1,214,776

Ground

Transportation

(0.9%):

93,922

Aurizon

Holdings,

Ltd.

229,520

1,849

Canadian

National

Railway

Co.,

ADR

216,610

2,900

Canadian

National

Railway

Co.

339,624

724

Canadian

Pacific

Kansas

City,

Ltd.,

ADR

61,931

1,100

Canadian

Pacific

Kansas

City,

Ltd.

94,089

4,500

Central

Japan

Railway

Co.

104,144

54,400

ComfortDelGro

Corp.,

Ltd.

63,917

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

16

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

4,500

East

Japan

Railway

Co.

$

89,455

32,483

Firstgroup

plc

63,565

1,200

Fukuyama

Transporting

Co.,

Ltd.

31,782

4,100

Hankyu

Hanshin

Holdings,

Inc.

126,444

1,100

Ichinen

Holdings

Co.,

Ltd.

14,099

206

Jungfraubahn

Holding

AG,

Registered

Shares

42,898

4,900

Keikyu

Corp.^

39,955

2,100

Keio

Corp.

50,057

1,300

Keisei

Electric

Railway

Co.,

Ltd.

38,747

4,708

Kelsian

Group,

Ltd.*

13,483

3,400

Kintetsu

Group

Holdings

Co.,

Ltd.

84,566

3,400

Kyushu

Railway

Co.

97,882

17,598

Lindsay

Australia,

Ltd.*

11,061

900

Maruzen

Showa

Unyu

Co.,

Ltd.

34,319

13,705

Mobico

Group

plc*

13,499

7,711

MTR

Corp.,

Ltd.

28,800

3,700

Mullen

Group,

Ltd.

38,934

3,800

Nagoya

Railroad

Co.,

Ltd.

46,131

2,700

Nankai

Electric

Railway

Co.,

Ltd.

44,463

4,400

Nikkon

Holdings

Co.,

Ltd.

57,992

1,300

Nishi-Nippon

Railroad

Co.,

Ltd.

20,720

588

NTG

Nordic

Transport

Group

A/S*

25,301

6,500

Odakyu

Electric

Railway

Co.,

Ltd.

72,463

1,000

Sakai

Moving

Service

Co.,

Ltd.

17,524

700

Sanyo

Electric

Railway

Co.,

Ltd.^

9,866

4,200

Seibu

Holdings,

Inc.

93,483

3,600

Seino

Holdings

Co.,

Ltd.

60,315

323

Sixt

SE

23,597

1,700

Sotetsu

Holdings,

Inc.

28,269

212

Stef

SA

32,343

1,498

TFI

International,

Inc.

205,209

3,700

Tobu

Railway

Co.,

Ltd.

64,544

5,000

Tokyu

Corp.

64,610

4,175

Tourism

Holdings,

Ltd.

4,700

16,103

Transport

International

Holdings,

Ltd.*

17,512

5,300

West

Japan

Railway

Co.

100,735

14,169

Zigup

plc

72,944

2,992,102

Health

Care

Equipment

&

Supplies

(1.5%):

6,242

Advanced

Medical

Solutions

Group

plc

18,028

5,450

Alcon,

Inc.

545,029

3,845

Alcon,

Inc.,

ADR

384,769

8,740

Ambu

A/S,

Class

B*

171,207

5,475

Ansell,

Ltd.

120,719

12,817

Arjo

AB,

Class

B

56,491

2,700

Asahi

Intecc

Co.,

Ltd.

47,495

1,537

Bausch

+

Lomb

Corp.*

29,649

751

BioMerieux

90,004

362

Carl

Zeiss

Meditec

AG,

Class

BR

28,676

246

Cellavision

AB

7,101

887

Cochlear,

Ltd.

173,400

1,430

Coloplast

A/S,

Class

B

186,865

251

Coltene

Holding

AG,

Registered

Shares

15,141

31,038

ConvaTec

Group

plc(a)

94,364

3,746

Demant

A/S*

146,427

238

Draegerwerk

AG

&

Co.

KGaA

11,446

458

Eckert

&

Ziegler

SE

22,855

8,801

Elekta

AB,

Class

B

62,926

1,628

EssilorLuxottica

SA*

385,720

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

2,617

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

$

57,764

900

Fukuda

Denshi

Co.,

Ltd.

48,239

4,544

Getinge

AB,

B

Shares

98,128

405

Guerbet

16,686

1,200

Hogy

Medical

Co.,

Ltd.

39,044

3,100

Hoya

Corp.

429,305

537

Ion

Beam

Applications

7,913

2,000

Japan

Lifeline

Co.,

Ltd.

17,089

1,000

Jeol,

Ltd.

38,942

6,332

Koninklijke

Philips

NV*

207,462

5,510

Koninklijke

Philips

NV,

NYS*

180,287

1,600

Mani,

Inc.

20,327

276

Medacta

Group

SA(a)

40,780

849

Medmix

AG(a)

10,394

2,700

Menicon

Co.,

Ltd.

27,511

10

Metall

Zug

AG,

Registered

Shares

14,530

2,000

Mizuho

Medy

Co.,

Ltd.

22,623

19,000

Modern

Dental

Group,

Ltd.

10,125

2,300

Nakanishi,

Inc.

42,654

6,757

Nanosonics,

Ltd.*

17,307

900

Nihon

Kohden

Corp.

13,382

7,100

Nipro

Corp.

70,483

3,400

Olympus

Corp.

64,537

1,800

Paramount

Bed

Holdings

Co.,

Ltd.

32,517

2,100

PHC

Holdings

Corp.^

15,452

457

Revenio

Group

Oyj

17,733

600

Rion

Co.,

Ltd.

8,901

16,500

Riverstone

Holdings,

Ltd.

11,363

2,919

Siemens

Healthineers

AG(a)

175,008

2,518

Smith

&

Nephew

plc

39,139

1,636

Smith

&

Nephew

plc,

ADR

50,945

704

Sonova

Holding

AG

252,917

360

STRATEC

SE

17,720

568

Straumann

Holding

AG,

Class

R

93,254

8,800

Sysmex

Corp.

173,679

1,700

Terumo

Corp.

32,070

85

Ypsomed

Holding

AG,

Registered

Shares

41,401

5,055,923

Health

Care

Providers

&

Services

(0.8%):

5,600

Alfresa

Holdings

Corp.

88,080

5,205

Ambea

AB(a)

46,189

4,039

Amplifon

SpA

116,094

1,500

Amvis

Holdings,

Inc.

20,108

732

Andlauer

Healthcare

Group,

Inc.

21,111

19,533

Arvida

Group,

Ltd.*

20,716

1,700

As

One

Corp.

34,370

6,164

Attendo

AB(a)

29,033

5,975

Australian

Clinical

Labs,

Ltd.^

15,155

700

BML,

Inc.

12,939

2,200

Charm

Care

Corp.

KK

21,088

6,760

Clariane

SE*

12,938

20,000

C-Mer

Medical

Holdings,

Ltd.*

7,243

2,319

CVS

Group

plc

35,099

2,886

EBOS

Group,

Ltd.

66,235

1,000

Elan

Corp.

6,968

4,012

Extendicare,

Inc.

28,125

3,784

Fagron

78,354

1,200

FALCO

HOLDINGS

Co.,

Ltd.

19,715

1,400

France

Bed

Holdings

Co.,

Ltd.

11,887

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

17

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

6,241

Fresenius

Medical

Care

AG

$

265,379

7,893

Fresenius

SE

&

Co.

KGaA*

300,532

2,826

Galenica

AG(a)

248,866

1,500

H.U.

Group

Holdings,

Inc.^

27,791

26,644

Healius,

Ltd.*^

31,871

2,572

Humana

AB*

9,020

4,825

Integral

Diagnostics,

Ltd.

9,912

1,000

Japan

Medical

Dynamic

Marketing,

Inc.

5,017

225

LNA

Sante

SA

5,773

3,204

Medical

Facilities

Corp.

31,962

1,574

Medicover

AB,

Class

B

29,612

778

Medios

AG*

13,934

6,200

Medipal

Holdings

Corp.

107,508

3,565

Mediterranean

Towers,

Ltd.

7,361

24,681

Monash

IVF

Group,

Ltd.

20,916

1,110

NMC

Health

plc*(b)

—

11,023

Novolog,

Ltd.

4,447

23,114

Oceania

Healthcare,

Ltd.*

10,862

6,310

Oriola

Oyj,

Class

B

6,503

26,115

Raffles

Medical

Group,

Ltd.

18,697

3,862

Ramsay

Health

Care,

Ltd.*

111,312

7,784

Regis

Healthcare,

Ltd.

33,373

10,527

Ryman

Healthcare,

Ltd.*

28,756

3,800

Ship

Healthcare

Holdings,

Inc.

61,993

1,073

Sienna

Senior

Living,

Inc.

13,330

90,960

Sigma

Healthcare,

Ltd.

90,475

1,900

Solasto

Corp.

7,397

6,107

Sonic

Healthcare,

Ltd.

114,893

9,842

Spire

Healthcare

Group

plc(a)

31,043

9,116

Summerset

Group

Holdings,

Ltd.*

69,217

1,100

SUNWELS

Co.,

Ltd.^

12,391

2,200

Suzuken

Co.,

Ltd.

76,926

5,236

Terveystalo

Oyj(a)

56,829

176,600

Thomson

Medical

Group,

Ltd.

6,872

1,800

Toho

Holdings

Co.,

Ltd.^

56,886

1,300

Tokai

Corp./Gifu

19,435

1,400

Value

HR

Co.,

Ltd.

15,706

2,800

Vital

KSK

Holdings,

Inc.

23,403

10,100

Well

Health

Technologies

Corp.*

33,087

2,710,734

Health

Care

Technology

(0.1%):

7,980

AGFA-Gevaert

NV*

9,510

2,802

Ascom

Holding

AG,

Registered

Shares

18,347

2,600

Carenet,

Inc.^

11,414

857

CompuGroup

Medical

SE

&

Co

KgaA

13,568

94

Equasens

5,367

6,200

M3,

Inc.

62,298

1,200

Medical

Data

Vision

Co.,

Ltd.

4,506

800

Medley,

Inc.*

21,363

700

MedPeer,

Inc.

2,747

103

Nexus

AG

6,364

800

NNIT

A/S*(a)

15,536

905

Pro

Medicus,

Ltd.

111,867

1,213

RaySearch

Laboratories

AB

18,578

2,759

Sectra

AB,

Class

B*

77,177

378,642

Hotels,

Restaurants

&

Leisure

(1.9%):

4,858

Accor

SA

211,128

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

600

Aeon

Fantasy

Co.,

Ltd.

$

9,500

1,000

Airtrip

Corp.

8,514

7,276

Amadeus

IT

Group

SA

525,099

10,808

Aristocrat

Leisure,

Ltd.

436,997

1,638

Basic-Fit

NV*(a)

42,807

6,278

Betsson

AB,

Class

B*

77,060

20,000

Cafe

de

Coral

Holdings,

Ltd.

22,400

1,533

Carnival

plc,

ADR*

25,555

72,000

Century

City

International

Holdings,

Ltd.*

1,508

970

Cie

des

Alpes

15,356

23,206

Coast

Entertainment

Holdings,

Ltd.*

7,207

5,293

Collins

Foods,

Ltd.*

31,954

4,300

Colowide

Co.,

Ltd.^

51,841

14,639

Compass

Group

plc

468,951

3,168

Corporate

Travel

Management,

Ltd.

28,340

4,100

Create

Restaurants

Holdings,

Inc.

32,192

2,300

Curves

Holdings

Co.,

Ltd.

12,118

12,844

Dalata

Hotel

Group

plc

58,746

1,588

Domino's

Pizza

Enterprises,

Ltd.*

39,030

11,216

Domino's

Pizza

Group

plc

45,097

1,600

Doutor

Nichires

Holdings

Co.,

Ltd.

25,596

4,906

Elior

Group

SA*(a)

19,877

7,871

Emperor

Entertainment

Hotel,

Ltd.

336

5,382

Entain

plc

54,948

1,516

Evolution

AB(a)

149,063

6,500

Fairwood

Holdings,

Ltd.

6,089

292

Fattal

Holdings

1998,

Ltd.*

33,452

8,652

Flight

Centre

Travel

Group,

Ltd.

133,545

960

Flutter

Entertainment

plc*

225,858

2,900

Food

&

Life

Cos.,

Ltd.

58,267

12,200

Fosun

Tourism

Group*(a)

6,994

900

Fuji

Kyuko

Co.,

Ltd.

17,351

1,200

Fujio

Food

Group,

Inc.*

11,186

500

Fujita

Kanko,

Inc.*

33,936

557

Fuller

Smith

&

Turner

plc

5,556

17,000

Galaxy

Entertainment

Group,

Ltd.

84,294

400

Genki

Global

Dining

Concepts

Corp.

12,399

76,000

Genting

Singapore,

Ltd.

51,806

900

Gift

Holdings,

Inc.

17,803

4,953

Greggs

plc

206,971

10,742

Gym

Group

plc

(The)*(a)

22,085

2,700

Heiwa

Corp.

39,944

600

Hiday

Hidaka

Corp.

11,260

2,000

HIS

Co.,

Ltd.*

23,485

5,443

Hollywood

Bowl

Group

plc

22,607

18,230

Hongkong

&

Shanghai

Hotels,

Ltd.

(The)*

13,402

1,500

Hotland

Co.,

Ltd.

24,763

1,416

Ibersol

SGPS

SA

11,409

1,900

Ichibanya

Co.,

Ltd.

13,767

808

InterContinental

Hotels

Group

plc

88,288

982

InterContinental

Hotels

Group

plc,

ADR

108,501

535

Issta,

Ltd.*

11,125

3,676

J

D

Wetherspoon

plc*

36,511

868

Jumbo

Interactive,

Ltd.

8,248

2,383

Just

Eat

Takeaway.com

NV*(a)

35,726

5,582

Kindred

Group

plc

70,980

3,000

KOMEDA

Holdings

Co,

Ltd.

57,757

3,200

Koshidaka

Holdings

Co.,

Ltd.

22,656

2,800

Kyoritsu

Maintenance

Co.,

Ltd.^

46,987

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

18

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

4,703

La

Francaise

des

Jeux

SAEM(a)

$

193,536

38,797

Lottery

Corp.,

Ltd.

(The)

137,654

33,812

Marston's

plc*

18,763

800

Maruchiyo

Yamaokaya

Corp.

20,519

600

Matsuyafoods

Holdings

Co.,

Ltd.

26,245

1,400

McDonald's

Holdings

Co.

Japan,

Ltd.

66,669

6,149

Melia

Hotels

International

SA

44,459

15,600

MGM

China

Holdings,

Ltd.

24,871

14,000

Miramar

Hotel

&

Investment

17,103

11,969

Mitchells

&

Butlers

plc*

47,356

1,200

Monogatari

Corp.

(The)

32,584

1,313

MTY

Food

Group,

Inc.

44,935

46,867

NagaCorp,

Ltd.*

22,513

1,800

Ohsho

Food

Service

Corp.

35,701

5,176

On

the

Beach

Group

plc(a)

9,659

5,300

Oriental

Land

Co.,

Ltd.

136,769

900

Pizza

Pizza

Royalty

Corp.

8,732

11,676

Playtech

plc*

117,418

600

Pollard

Banknote,

Ltd.

12,122

12,439

Rank

Group

plc

14,989

2,400

Resorttrust,

Inc.

48,062

3,149

Restaurant

Brands

International,

Inc.

227,251

3,018

Restaurant

Brands

New

Zealand,

Ltd.*

7,110

700

Ringer

Hut

Co.,

Ltd.^

10,714

9,100

Round

One

Corp.

69,667

1,800

Royal

Holdings

Co.,

Ltd.

30,999

1,100

Saizeriya

Co.,

Ltd.

43,722

18,188

Sands

China,

Ltd.*

45,975

9,588

Scandic

Hotels

Group

AB*(a)

66,636

36,000

Shangri-La

Asia,

Ltd.

26,118

42,585

SJM

Holdings,

Ltd.*

16,921

2,233

SkiStar

AB

36,289

29,451

SKYCITY

Entertainment

Group,

Ltd.

25,818

6,900

Skylark

Holdings

Co.,

Ltd.

110,982

1,769

Sodexo

SA

145,019

12,615

SSP

Group

plc

26,894

1,200

St

Marc

Holdings

Co.,

Ltd.

18,152

92,601

Star

Entertainment

Group,

Ltd.

(The)*

18,831

91,665

Tabcorp

Holdings,

Ltd.*

32,107

137

Tivoli

A/S

13,996

800

Tokyotokeiba

Co.,

Ltd.

24,456

2,300

Toridoll

Holdings

Corp.

59,699

11,666

Trainline

plc*(a)

51,633

6,237

TUI

AG*

47,508

8,771

TUI

AG,

Frankfurt*

66,810

6,523

WEB

Travel

Group,

Ltd.*

33,107

6,523

Webjet

Group,

Ltd.*

4,509

4,802

Whitbread

plc

201,521

31,600

Wynn

Macau,

Ltd.

26,894

1,900

Yoshinoya

Holdings

Co.,

Ltd.

41,535

1,308

Young

&

Co.'s

Brewery

plc,

Class

A

15,935

1,515

Young

&

Co's

Brewery

plc

12,561

187

Zeal

Network

SE

7,702

1,600

Zensho

Holdings

Co.,

Ltd.

88,416

6,712,374

Household

Durables

(1.6%):

2,091

Ariston

Holding

NV

10,221

5,875

Azorim-Investment

Development

&

Construction

Co.,

Ltd.*

27,639

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

4,812

Bang

&

Olufsen

A/S*

$

6,513

51,260

Barratt

Developments

plc

328,667

6,184

Bellway

plc

257,571

2,560

Berkeley

Group

Holdings

plc*

161,730

1,566

Bigben

Interactive*

3,370

11,184

Bonava

AB,

B

Shares*

8,983

3,437

Breville

Group,

Ltd.

81,320

27,975

Cairn

Homes

plc

61,240

2,500

Casio

Computer

Co.,

Ltd.

20,721

600

Chofu

Seisakusho

Co.,

Ltd.

8,228

9,402

Crest

Nicholson

Holdings

plc

24,327

968

Danya

Cebus,

Ltd.

22,355

1,000

Dorel

Industries,

Inc.,

Class

B*

4,230

480

Einhell

Germany

AG,

Class

P*

31,242

588

Electra

Consumer

Products

1970,

Ltd.*

11,506

3,176

Electrolux

AB,

Class

B*

30,854

1,200

ES-Con

Japan,

Ltd.

8,645

500

Eslead

Corp.

16,620

2,053

Fiskars

OYJ

Abp

35,571

1,300

FJ

Next

Holdings

Co.,

Ltd.

11,013

2,700

Foster

Electric

Co.,

Ltd.

34,265

1,600

Fuji

Corp.,

Ltd.

8,014

1,100

Fujitsu

General,

Ltd.

16,200

25,820

Glenveagh

Properties

plc*(a)

44,612

7,395

GN

Store

Nord

A/S*

165,559

10,100

Haseko

Corp.

131,967

2,710

Henry

Boot

plc

8,237

700

Hoosiers

Holdings

Co.,

Ltd.

5,085

6,400

Iida

Group

Holdings

Co.,

Ltd.

98,838

3,346

JM

AB

66,967

9,500

JVCKenwood

Corp.

89,041

958

Kaufman

&

Broad

SA

33,268

700

Ki-Star

Real

Estate

Co.,

Ltd.^

19,108

1,300

LEC,

Inc.

11,908

540

Leifheit

AG

10,842

73,600

Man

Wah

Holdings,

Ltd.

59,789

1,659

Maytronics,

Ltd.

3,736

1,185

Nacon

SA*

1,152

1,363

Neinor

Homes

SA(a)

22,779

11,200

Nikon

Corp.

116,373

22,304

Nobia

AB*

11,804

4,300

Open

House

Group

Co.,

Ltd.

162,256

37,500

Panasonic

Holdings

Corp.

325,743

9,848

Persimmon

plc

216,204

1,200

Pressance

Corp.

16,102

1,900

Rinnai

Corp.

46,841

567

Sabaf

SpA

11,139

1,800

Sangetsu

Corp.

35,314

1,082

SEB

SA

123,695

7,100

Sekisui

Chemical

Co.,

Ltd.

110,658

4,900

Sekisui

House,

Ltd.

136,388

5,800

Sharp

Corp.

38,442

72,000

Sony

Group

Corp.

1,398,489

4,800

Sumitomo

Forestry

Co.,

Ltd.

238,460

328

Surteco

Group

SE*

5,514

1,100

Tama

Home

Co.,

Ltd.

30,769

1,200

Tamron

Co.,

Ltd.

37,577

116,237

Taylor

Wimpey

plc

255,769

1,000

Toa

Corp.

6,783

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

19

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

400

Token

Corp.

$

31,528

1,912

Victoria

plc*

3,447

1,127

VIDENDUM

plc*

3,810

13,044

Vistry

Group

plc*

228,320

100

V-ZUG

Holding

AG*

6,367

3,849

YIT

Oyj*

11,739

1,200

Zojirushi

Corp.

13,849

5,627,313

Household

Products

(0.3%):

636

Essity

AB,

Class

A

19,895

2,641

Essity

AB,

Class

B

82,457

1,689

Henkel

AG

&

Co.

KGaA

143,638

2,700

Kusuri

no

Aoki

Holdings

Co.,

Ltd.

62,640

11,500

Lion

Corp.

129,283

14,255

McBride

plc*

22,627

3,600

Pigeon

Corp.

42,151

7,758

Reckitt

Benckiser

Group

plc

474,995

1,100

ST

Corp.

11,319

800

Transaction

Co.,

Ltd.

12,991

2,000

Unicharm

Corp.

72,143

1,074,139

Independent

Power

and

Renewable

Electricity

Producers

(0.5%):

2,302

7C

Solarparken

AG

5,763

9,305

Audax

Renovables

SA

19,301

2,451

Boralex,

Inc.,

Class

A

65,213

3,000

Capital

Power

Corp.*

109,081

7,088

Cloudberry

Clean

Energy

ASA*

8,306

1,098

Corp

ACCIONA

Energias

Renovables

SA

25,782

4,371

Doral

Group

Renewable

Energy

Resources,

Ltd.*

17,331

16,251

Drax

Group

plc

140,057

5,832

EDP

Renovaveis

SA*

102,005

1,700

EF-ON,

Inc.

4,492

4,000

Electric

Power

Development

Co.,

Ltd.

66,823

3,349

Encavis

AG*

64,830

1,927

Enlight

Renewable

Energy,

Ltd.*

32,465

1,000

eRex

Co.,

Ltd.*

5,038

881

ERG

SpA

24,157

773

Greenvolt-Energias

Renovaveis

SA*

7,141

596

Grenergy

Renovables

SA*

25,290

5,092

Innergex

Renewable

Energy,

Inc.

39,424

690

Kenon

Holdings,

Ltd.

19,487

8,725

Meridian

Energy,

Ltd.

32,915

1,902

Neoen

SA*(a)

82,580

8,204

Northland

Power,

Inc.

141,536

3,056

OPC

Energy,

Ltd.*

24,771

2,011

Orron

Energy

ab*

1,646

1,500

Polaris

Renewable

Energy,

Inc.

13,688

2,100

RENOVA,

Inc.*

14,834

10,912

RWE

AG

396,875

3,504

Scatec

ASA*(a)

27,673

1,714

Solaria

Energia

y

Medio

Ambiente

SA*

21,853

4,042

TransAlta

Corp.

41,905

882

Voltalia

SA,

Registered

Shares*

8,458

910

West

Holdings

Corp.

17,614

1,608,334

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates

(1.0%):

544

Aker

ASA,

A

Shares

$

28,264

865

Bonheur

ASA

21,896

8,000

Chevalier

International

Holdings,

Ltd.

5,351

17,930

CK

Hutchison

Holdings,

Ltd.

101,796

3,964

DCC

plc

270,137

2,000

Guoco

Group,

Ltd.

19,695

200

Hikari

Tsushin,

Inc.

44,527

47,700

Hitachi,

Ltd.

1,260,304

1,584

Indus

Holding

AG

39,431

7,219

Infratil,

Ltd.

56,169

515

Italmobiliare

SpA

16,287

4,100

Jardine

Cycle

&

Carriage,

Ltd.

88,054

1,500

Katakura

Industries

Co.,

Ltd.

21,559

3,600

Keihan

Holdings

Co.,

Ltd.

76,080

15,700

Keppel,

Ltd.

80,985

1,492

Lifco

AB,

Class

B

49,148

2,900

Mie

Kotsu

Group

Holdings,

Inc.

10,107

5,400

Nisshinbo

Holdings,

Inc.

36,147

7,406

Nolato

AB,

Class

B

40,811

1,300

Noritsu

Koki

Co.,

Ltd.

39,775

57,000

NWS

Holdings,

Ltd.

58,302

4,239

Siemens

AG,

Registered

Shares

855,956

4,344

Smiths

Group

plc

97,549

27,456

Storskogen

Group

AB,

Class

B

26,367

5,400

TOKAI

Holdings

Corp.

36,530

933

Volati

AB

10,210

3,391,437

Insurance

(4.8%):

4,195

Admiral

Group

plc

156,436

32,466

Aegon,

Ltd.

208,586

2,700

Aegon,

Ltd.,

Registered

Shares

17,253

7,419

Ageas

SA/NV

395,673

120,840

AIA

Group,

Ltd.

1,068,598

40,863

Alm

Brand

A/S

81,878

2,500

Anicom

Holdings,

Inc.

11,844

4,790

ASR

Nederland

NV

234,852

3,755

AUB

Group,

Ltd.

80,189

37,647

Aviva

plc

243,946

9,798

AXA

SA

377,041

1,673

Baloise

Holding

AG,

Registered

Shares

341,286

27,884

Beazley

plc

284,157

1,000

Brookfield

Wealth

Solutions,

Ltd.

53,206

7,384

Chesnara

plc

25,169

3,499

Clal

Insurance

Enterprises

Holdings,

Ltd.*

59,518

6,325

Coface

SA

103,553

6,200

Dai-ichi

Life

Holdings,

Inc.

159,730

3,500

Definity

Financial

Corp.

141,082

72,295

Direct

Line

Insurance

Group

plc

181,404

82

E-L

Financial

Corp.,

Ltd.

72,765

545

Fairfax

Financial

Holdings,

Ltd.

688,220

1,054

FBD

Holdings

plc

14,552

300

FP

Partner,

Inc.

5,612

6,485

Generali

187,446

1,341

Gjensidige

Forsikring

ASA

25,098

3,883

Great-West

Lifeco,

Inc.

132,429

2,595

Grupo

Catalana

Occidente

SA

115,726

377

Hannover

Rueck

SE

107,446

4,262

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

41,514

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

20

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

977

Helvetia

Holding

AG,

Registered

Shares

$

168,834

12,603

Hiscox,

Ltd.*

193,051

4,219

iA

Financial

Corp.,

Inc.

349,737

506

IDI

Insurance

Co.,

Ltd.

16,359

59,210

Insurance

Australia

Group,

Ltd.

301,856

1,310

Intact

Financial

Corp.

251,577

13,400

Japan

Post

Holdings

Co.,

Ltd.

127,894

3,100

Japan

Post

Insurance

Co.,

Ltd.

56,387

44,836

Just

Group

plc

83,344

9,989

Lancashire

Holdings,

Ltd.

91,906

106,924

Legal

&

General

Group

plc

323,351

1,200

LIFENET

INSURANCE

Co.*^

13,967

16,597

Linea

Directa

Aseguradora

SA

Cia

de

Seguros

y

Reaseguros

19,963

15,066

Mandatum

Oyj

74,566

9,385

Manulife

Financial

Corp.,

ADR

277,327

873

Manulife

Financial

Corp.

25,803

53,643

Mapfre

SA

142,886

52,708

Medibank

Pvt,

Ltd.

133,316

1,055

Menora

Mivtachim

Holdings,

Ltd.

30,836

16,641

Migdal

Insurance

&

Financial

Holdings,

Ltd.

22,737

7,100

MS&AD

Insurance

Group

Holdings,

Inc.

165,663

1,699

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

934,710

20,716

nib

holdings,

Ltd.*

85,149

10,004

NN

Group

NV

498,870

2,268

Phoenix

Financial,

Ltd.

25,620

28,447

Phoenix

Group

Holdings

plc

213,240

8,225

Poste

Italiane

SpA(a)

115,408

1,147

Protector

Forsikring

ASA

26,313

14,329

Prudential

plc

133,644

175

Prudential

plc,

ADR

3,244

7,971

PSC

Insurance

Group,

Ltd.

33,996

46,326

QBE

Insurance

Group,

Ltd.*

529,271

8,346

Sabre

Insurance

Group

plc(a)

15,828

3,822

Saga

plc*

5,692

5,000

Sampo

Oyj,

A

Shares

233,455

5,759

SCOR

SE

128,764

445

Solid

Forsakring

AB

3,613

16,500

Sompo

Holdings,

Inc.

369,736

16,043

Steadfast

Group,

Ltd.

63,132

12,619

Storebrand

ASA

138,798

11,516

Sun

Life

Financial,

Inc.

668,069

22,932

Suncorp

Group,

Ltd.

287,664

549

Swiss

Life

Holding

AG

458,763

5,935

Swiss

Re

AG

819,949

7,100

T&D

Holdings,

Inc.

124,019

2,342

Talanx

AG

197,133

19,500

Tokio

Marine

Holdings,

Inc.

715,426

20,654

TOWER,

Ltd.

17,682

892

Trisura

Group,

Ltd.*

28,489

12,381

Tryg

A/S

293,654

19,942

Unipol

Gruppo

SpA

237,263

4,363

UNIQA

Insurance

Group

AG

36,002

54

Vaudoise

Assurances

Holding

SA

29,679

2,169

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

72,179

1,796

Wuestenrot

&

Wuerttembergische

AG

24,594

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,258

Zurich

Insurance

Group

AG

$

758,996

16,815,613

Interactive

Media

&

Services

(0.3%):

16,698

Auto

Trader

Group

plc(a)

193,806

1,065

Better

Collective

A/S*

23,659

2,166

CAR

Group,

Ltd.*

56,279

4,900

Catena

Media

plc*

3,168

5,418

Domain

Holdings

Australia,

Ltd.

12,032

200

giftee,

Inc.*^

1,494

2,628

Hemnet

Group

AB

97,087

4,100

Kakaku.com,

Inc.

71,255

1,170

Karnov

Group

AB*

9,399

14,300

LY

Corp.

41,750

600

MarkLines

Co.,

Ltd.

12,289

23,605

MONY

Group

plc

66,726

784

REA

Group,

Ltd.

109,417

27,399

Rightmove

plc

227,172

3,754

SEEK,

Ltd.

64,744

5,700

ZIGExN

Co.,

Ltd.

24,095

1,014,372

IT

Services

(1.3%):

3,641

Addnode

Group

AB

39,779

114

Adesso

SE

8,664

308

All

for

One

Group

SE

16,587

370

Allgeier

SE

6,628

847

Alten

SA

94,799

1,244

Appen,

Ltd.*

1,698

400

Argo

Graphics,

Inc.

14,730

2,661

Atea

ASA

34,406

4,261

Atos

SE*^

3,367

506

Aubay

24,804

2,200

Avant

Group

Corp.

34,533

600

Base

Co.,

Ltd.

13,057

4,249

Bechtle

AG

189,797

2,400

BIPROGY,

Inc.

81,436

3,346

Bouvet

ASA

22,126

2,600

BrainPad,

Inc.

15,319

1,600

Business

Brain

Showa-Ota,

Inc.

20,212

195

CANCOM

SE

6,108

947

Capgemini

SE

205,110

1,233

CGI,

Inc.,

ADR*

141,746

2,600

CGI,

Inc.*

299,203

3,200

Change

Holdings,

Inc.

31,196

4,933

Columbus

A/S

7,927

3,688

Computacenter

plc

122,223

1,100

Comture

Corp.

13,386

6,000

Converge

Technology

Solutions

Corp.

20,498

5,973

Data#3,

Ltd.

31,386

500

Densan

System

Holdings

Co.,

Ltd.

9,272

400

Dentsu

Soken,

Inc.

15,458

1,400

DTS

Corp.

39,564

8,624

Econocom

Group

SA/NV

19,186

333

E-Guardian,

Inc.

4,085

558

Enea

AB*

4,795

1,045

Exclusive

Networks

SA*

27,511

3,891

FDM

Group

Holdings

plc

20,069

348

Formula

Systems

1985,

Ltd.

27,874

7,900

Fujitsu,

Ltd.

162,085

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

21

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

2,500

Future

Corp.

$

31,750

824

GFT

Technologies

SE

21,503

6,665

Global

Dominion

Access

SA(a)

21,751

1,900

GMO

internet

group,

Inc.

33,281

4,953

Indra

Sistemas

SA

90,809

1,400

Ines

Corp.

15,944

700

I-Net

Corp.

7,561

2,776

iomart

Group

plc

4,271

700

JBCC

Holdings,

Inc.

20,847

600

JIG-SAW,

Inc.*^

20,129

3,119

Kainos

Group

plc

36,801

816

KNOW

IT

AB

12,693

1,146

Kontron

AG

20,477

226

Macquarie

Technology

Group,

Ltd.*

13,006

1,889

Matrix

IT,

Ltd.

36,197

4,910

Megaport,

Ltd.*

24,968

300

Mitsubishi

Research

Institute,

Inc.

8,726

469

Nagarro

SE*

46,307

16,269

NCC

Group

plc

38,794

700

NEC

Corp.

67,424

2,700

NEC

Networks

&

System

Integration

Corp.

52,187

3,000

NET

One

Systems

Co.,

Ltd.

74,767

2,771

Netcompany

Group

A/S*(a)

127,487

3,572

NEXTDC,

Ltd.*

43,413

3,856

Nomura

Research

Institute,

Ltd.

142,593

1,600

NS

Solutions

Corp.

41,675

2,800

NSD

Co.,

Ltd.

61,802

7,400

NTT

Data

Group

Corp.

133,157

4,500

Obic

Co.,

Ltd.

158,304

2,099

One

Software

Technologies,

Ltd.

28,374

1,200

Oro

Co.,

Ltd.

21,748

3,300

Otsuka

Corp.

81,407

1,200

Pole

To

Win

Holdings,

Inc.

3,622

1,470

Proact

IT

Group

AB

21,414

689

Reply

SpA

103,833

2,400

SCSK

Corp.

49,582

105

Secunet

Security

Networks

AG

10,778

600

SHIFT,

Inc.*

57,077

700

Shopify,

Inc.,

Class

A*

56,086

650

Shopify,

Inc.,

Class

A,

ADR*

52,091

1,200

Simplex

Holdings,

Inc.

20,304

6,613

Softcat

plc

137,169

1,300

Softcreate

Holdings

Corp.

16,763

497

Sopra

Steria

Group

104,458

52,000

SUNeVision

Holdings,

Ltd.

25,446

464

Sword

Group

18,936

2,400

TDC

Soft,

Inc.

20,848

1,700

TechMatrix

Corp.

28,534

2,780

TietoEVRY

Oyj

57,418

5,100

TIS,

Inc.

129,906

500

Uchida

Yoko

Co.,

Ltd.

23,734

315

Wavestone

19,490

573

Wiit

SpA

14,259

4,342,525

Leisure

Products

(0.3%):

3,500

Bandai

Namco

Holdings,

Inc.

80,023

1,496

Beneteau

SACA

16,196

705

BRP,

Inc.

41,962

1,042

Catana

Group

5,576

Shares

Value

Common

Stocks,

continued

Leisure

Products,

continued

2,600

Furyu

Corp.

$

19,179

1,217

Games

Workshop

Group

plc

175,233

1,000

GLOBERIDE,

Inc.

12,886

874

Harvia

Oyj

45,723

600

Kawai

Musical

Instruments

Manufacturing

Co.,

Ltd.

11,975

500

Mars

Group

Holdings

Corp.

11,500

800

Mizuno

Corp.

50,875

800

Roland

Corp.

20,892

7,500

Sankyo

Co.,

Ltd.

109,989

821

Sanlorenzo

SpA/Ameglia

33,398

3,500

Sega

Sammy

Holdings,

Inc.

69,924

300

Shimano,

Inc.

56,882

700

Spin

Master

Corp.*(a)

15,814

6,203

Technogym

SpA(a)

64,808

1,290

Thule

Group

AB(a)

39,368

3,300

Tomy

Co.,

Ltd.

90,147

1,800

Tsuburaya

Fields

Holdings,

Inc.

31,445

700

Universal

Entertainment

Corp.

6,850

9,600

Yamaha

Corp.

82,663

3,500

Yonex

Co.,

Ltd.

51,634

1,144,942

Life

Sciences

Tools

&

Services

(0.4%):

3,977

AddLife

AB,

Class

B

63,669

840

Biotage

AB

15,456

900

CellSource

Co.,

Ltd.^

7,851

717

Chemometec

A/S

43,714

3,344

Eurofins

Scientific

SE

211,914

2,062

Evotec

SE*

14,710

1,732

Gerresheimer

AG

154,373

761

Lonza

Group

AG,

Registered

Shares

481,508

697

Medcap

AB*

34,694

585

PolyPeptide

Group

AG*(a)

21,109

793

QIAGEN

NV*

35,657

1,775

QIAGEN

NV,

ADR*

80,887

172

Sartorius

Stedim

Biotech

35,995

1,600

Shin

Nippon

Biomedical

Laboratories,

Ltd.^

13,016

124

Siegfried

Holding

AG,

Registered

Shares

167,001

245

SKAN

Group

AG

23,105

1,404,659

Machinery

(3.9%):

5,199

Aalberts

NV

211,357

900

Ag

Growth

International,

Inc.

36,025

2,600

Aichi

Corp.

21,328

2,100

Aida

Engineering,

Ltd.

11,245

781

Alfa

Laval

AB

37,518

3,214

Alimak

Group

AB(a)

35,979

900

Alinco,

Inc.

6,147

10,922

Alstom

SA*

226,977

14,600

Amada

Co.,

Ltd.

148,811

2,972

ANDRITZ

AG

211,114

2,000

Anest

Iwata

Corp.

18,659

2,700

Asahi

Diamond

Industrial

Co.,

Ltd.

16,213

19,103

Atlas

Copco

AB,

Class

A

369,733

11,246

Atlas

Copco

AB,

Class

B

192,568

1,849

ATS

Corp.*

53,653

1,300

Bando

Chemical

Industries,

Ltd.

16,053

1,134

Beijer

Alma

AB,

Class

B

20,625

9,371

Bodycote

plc

75,641

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

22

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

375

Bucher

Industries

AG,

Registered

Shares

$

170,230

117

Burckhardt

Compression

Holding

AG

84,057

56

Bystronic

AG

22,963

2,204

Cargotec

Oyj,

Class

B*

128,811

1,800

CKD

Corp.

37,243

1,023

Concentric

AB

22,047

1,110

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

44,076

90

Daetwyler

Holding

AG,

Class

BR

18,367

4,300

Daifuku

Co.,

Ltd.

83,104

2,000

Daihatsu

Diesel

Manufacturing

Co.,

Ltd.

19,603

17,304

Daimler

Truck

Holding

AG

646,968

2,100

Daiwa

Industries,

Ltd.

21,532

745

Danieli

&

C

Officine

Meccaniche

SpA

23,205

1,585

Danieli

&

C

Officine

Meccaniche

SpA,

Savings

Share

38,058

3,900

DMG

Mori

Co.,

Ltd.

82,569

1,587

Duerr

AG

38,951

8,500

Ebara

Corp.

140,792

500

Ebara

Jitsugyo

Co.,

Ltd.

14,202

3,512

Electrolux

Professional

AB,

Class

B

23,199

2,951

Engcon

AB^

34,045

2,998

Epiroc

AB,

Class

A

64,833

2,147

Epiroc

AB,

Class

B

40,702

1,400

FANUC

Corp.

40,922

2,271

FLSmidth

&

Co.

A/S

128,790

823

Fluidra

SA

21,507

13,800

Frencken

Group,

Ltd.

14,813

3,900

Fuji

Corp./Aichi

62,169

500

Fukushima

Galilei

Co.,

Ltd.

19,045

1,700

Furukawa

Co.,

Ltd.

19,166

7,349

GEA

Group

AG

359,342

3,082

Georg

Fischer

AG,

Registered

Shares

233,047

371

Gesco

SE

5,744

2,000

Glory,

Ltd.

35,725

1,300

Harmonic

Drive

Systems,

Inc.

32,107

16,185

Heidelberger

Druckmaschinen

AG*

18,898

5,448

Hexagon

Composites

ASA*

23,364

1,869

Hexagon

Purus

ASA*

2,077

15,700

Hino

Motors,

Ltd.

50,957

600

Hirata

Corp.

20,405

1,200

Hisaka

Works,

Ltd.

8,795

4,300

Hitachi

Construction

Machinery

Co.,

Ltd.^

104,259

900

Hokuetsu

Industries

Co.,

Ltd.

11,733

1,700

Hoshizaki

Corp.

59,228

1,000

Hosokawa

Micron

Corp.

28,622

679

Husqvarna

AB,

A

Shares

4,793

7,237

Husqvarna

AB,

B

Shares

50,775

700

IHI

Corp.

36,518

9,679

IMI

plc

235,050

2,434

Indutrade

AB

75,737

476

Interpump

Group

SpA

22,229

12

Interroll

Holding

AG,

Class

R

36,412

1,300

Iseki

&

Co.,

Ltd.

9,018

10,380

Iveco

Group

NV

104,339

1,300

Iwaki

Co.,

Ltd.

26,138

1,900

Japan

Steel

Works,

Ltd.

(The)

66,878

699

JOST

Werke

SE(a)

35,788

3,700

Juki

Corp.

10,353

2,204

Kalmar

Oyj,

Class

B*

71,792

5,600

Kanadevia

Corp.

38,753

Shares

Value

Common

Stocks,

continued

Machinery,

continued

139

Kardex

Holding

AG,

Registered

Shares

$

45,538

900

Kato

Works

Co.,

Ltd.

7,424

1,000

Kawasaki

Heavy

Industries,

Ltd.

40,654

3,420

KION

Group

AG

134,414

400

Kitagawa

Corp.

3,380

2,600

Kitz

Corp.

18,907

2,518

Knorr-Bremse

AG

223,824

572

Koenig

&

Bauer

AG*

5,742

21,000

Komatsu,

Ltd.

582,580

184

Komax

Holding

AG,

Class

R

26,107

2,900

Komori

Corp.

22,809

5,849

Kone

Oyj,

Class

B

349,850

3,421

Konecranes

Oyj

257,377

665

Krones

AG

95,506

10,100

Kubota

Corp.

143,388

2,000

Kurita

Water

Industries,

Ltd.

86,280

1,200

Kyokuto

Kaihatsu

Kogyo

Co.,

Ltd.

21,150

1,200

Maezawa

Kyuso

Industries

Co.,

Ltd.

10,630

1,300

Makino

Milling

Machine

Co.,

Ltd.

53,301

2,600

Makita

Corp.

88,000

586

Manitou

BF

SA

12,151

800

Max

Co.,

Ltd.

20,109

1,800

Meidensha

Corp.

42,191

800

METAWATER

Co.,

Ltd.

9,934

19,868

Metso

Oyj

212,849

4,032

MINEBEA

MITSUMI,

Inc.

79,558

2,100

MISUMI

Group,

Inc.

38,039

12,900

Mitsubishi

Heavy

Industries,

Ltd.

191,724

1,000

Mitsubishi

Logisnext

Co.,

Ltd.

9,090

700

Mitsuboshi

Belting,

Ltd.

19,403

4,900

Mitsui

E&S

Co.,

Ltd.

38,854

1,300

Miura

Co.,

Ltd.

31,906

10,151

Morgan

Advanced

Materials

plc

37,564

1,500

Morita

Holdings

Corp.

23,053

2,800

Nabtesco

Corp.

48,483

800

Nachi-Fujikoshi

Corp.

17,395

2,000

Namura

Shipbuilding

Co.,

Ltd.^

19,584

2,656

NFI

Group,

Inc.*

35,510

5,700

NGK

Insulators,

Ltd.

74,537

2,300

Nikkiso

Co.,

Ltd.

16,256

2,700

Nikko

Co.,

Ltd.

12,972

1,267

Nilfisk

Holding

A/S*

27,658

3,900

Nippon

Thompson

Co.,

Ltd.

12,829

400

Nissei

ASB

Machine

Co.,

Ltd.

13,353

800

Nitta

Corp.

20,605

500

Nitto

Kohki

Co.,

Ltd.

8,577

1,900

Nitto

Seiko

Co.,

Ltd.

7,542

900

Nittoku

Co.,

Ltd.

10,893

900

Nomura

Micro

Science

Co.,

Ltd.^

15,277

1,400

Noritake

Co.,

Ltd.

38,186

995

Norma

Group

SE

16,570

15,300

NSK,

Ltd.

76,982

22,000

NTN

Corp.

39,410

400

Obara

Group,

Inc.

11,264

4,495

OC

Oerlikon

Corp.

AG

24,333

1,700

Oiles

Corp.

24,169

400

Okamoto

Machine

Tool

Works,

Ltd.

9,971

2,200

OKUMA

Corp.

47,279

1,000

Organo

Corp.

48,991

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

23

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

4,500

OSG

Corp.

$

63,788

692

Palfinger

AG

17,486

668

Piovan

SpA(a)

10,223

150

Plasson

Industries,

Ltd.

5,639

183

Rational

AG

186,494

70

Rieter

Holding

AG,

Registered

Shares

8,148

22,196

Rotork

plc

98,985

1,800

Ryobi,

Ltd.

24,500

8,239

Sandvik

AB

184,179

1,900

Savaria

Corp.

30,559

337

Schindler

Holding

AG,

Registered

Shares

95,927

74,500

Seatrium,

Ltd.*

103,148

684

SFS

Group

AG

106,894

1,100

Shibaura

Machine

Co.,

Ltd.

30,358

500

Shibuya

Corp.

13,286

1,200

Shima

Seiki

Manufacturing,

Ltd.

9,557

1,900

Shinmaywa

Industries,

Ltd.

17,583

78,000

Singamas

Container

Holdings,

Ltd.

7,032

2,200

Sintokogio,

Ltd.

14,823

7,590

Skellerup

Holdings,

Ltd.

21,936

5,262

SKF

AB,

B

Shares

104,722

892

SKF

AB,

Class

A

17,846

100

SMC

Corp.

44,502

2,300

Sodick

Co.,

Ltd.

12,815

852

Spirax

Group

plc

85,839

772

Stabilus

SE

31,572

1,498

Stadler

Rail

AG

47,009

1,600

Star

Micronics

Co.,

Ltd.

21,501

849

Sulzer

AG,

Registered

Shares

139,154

4,800

Sumitomo

Heavy

Industries,

Ltd.

115,444

3,900

Tadano,

Ltd.

26,079

1,500

Takeuchi

Manufacturing

Co.,

Ltd.

46,380

1,300

Takuma

Co.,

Ltd.

14,545

3,785

Talgo

SA*(a)

14,681

478

Technotrans

SE

9,919

6,687

Techtronic

Industries

Co.,

Ltd.

101,369

1,000

Teikoku

Electric

Manufacturing

Co.,

Ltd.

18,937

700

Teikoku

Sen-I

Co.,

Ltd.

15,034

2,900

THK

Co.,

Ltd.

51,088

2,100

Tocalo

Co.,

Ltd.

28,136

800

Tokyo

Keiki,

Inc.

17,938

1,392

TOMRA

Systems

ASA

20,543

1,400

Torishima

Pump

Manufacturing

Co.,

Ltd.

26,630

1,100

Toyota

Industries

Corp.

84,924

2,410

Trelleborg

AB,

Class

B

92,649

1,098

Troax

Group

AB

23,060

1,100

Tsubaki

Nakashima

Co.,

Ltd.

5,399

4,200

Tsubakimoto

Chain

Co.

55,111

1,800

Tsugami

Corp.

18,660

1,200

Tsukishima

Holdings

Co.,

Ltd.

10,784

600

Tsurumi

Manufacturing

Co.,

Ltd.

16,920

5,068

Valmet

Oyj

162,454

375

VAT

Group

AG(a)

191,223

1,074

VBG

Group

AB,

Class

B

41,140

11,673

Vesuvius

plc

60,928

2,629

Volvo

AB,

Class

A

70,190

24,064

Volvo

AB,

Class

B

636,438

684

Vossloh

AG

37,293

1,416

Wacker

Neuson

SE

23,430

Shares

Value

Common

Stocks,

continued

Machinery,

continued

11,384

Wartsila

OYJ

Abp

$

255,164

560

Washtec

AG

23,702

4,117

Weir

Group

plc

(The)

119,288

1,600

YAMABIKO

Corp.

28,441

69,800

Yangzijiang

Shipbuilding

Holdings,

Ltd.

133,030

2,500

Yaskawa

Electric

Corp.

87,499

13,536,358

Marine

Transportation

(0.5%):

1,600

Algoma

Central

Corp.

17,546

3,578

AMSC

ASA

9,066

44

AP

Moller

-

Maersk

A/S,

Class

A

71,327

50

AP

Moller

-

Maersk

A/S,

Class

B

84,127

11,088

Belships

ASA

20,920

986

Clarkson

plc

48,620

894

D/S

Norden

A/S

37,194

1,478

Dfds

A/S

37,915

2,760

Golden

Ocean

Group,

Ltd.

37,036

365

Hapag-Lloyd

AG(a)

66,135

5,382

Hoegh

Autoliners

ASA

69,560

3,300

Iino

Kaiun

Kaisha,

Ltd.

28,948

5,897

Irish

Continental

Group

plc

36,091

2,300

Japan

Transcity

Corp.

14,146

7,400

Kawasaki

Kisen

Kaisha,

Ltd.

114,794

1,189

Klaveness

Combination

Carriers

ASA(a)

10,427

714

Kuehne

+

Nagel

International

AG,

Class

R

194,847

6,700

Mitsui

OSK

Lines,

Ltd.

230,820

19,192

MPC

Container

Ships

ASA

44,317

7,800

Nippon

Yusen

KK

284,586

600

NS

United

Kaiun

Kaisha,

Ltd.

18,895

1,260

Odfjell

SE,

A

Shares

16,965

257,000

Pacific

Basin

Shipping,

Ltd.

80,611

36,000

SITC

International

Holdings

Co.,

Ltd.

96,049

1,067

Stolt-Nielsen,

Ltd.

39,450

2,499

Wallenius

Wilhelmsen

ASA

29,494

630

Wilh

Wilhelmsen

Holding

ASA,

A

Shares

27,030

1,766,916

Media

(0.8%):

1,418

4imprint

Group

plc

94,653

3,715

Aimia,

Inc.*

7,225

996

Alma

Media

Oyj

12,522

65

APG

SGA

SA

15,209

8,376

ARN

Media,

Ltd.

3,822

14,475

Arnoldo

Mondadori

Editore

SpA

39,233

4,886

Atresmedia

Corp.

de

Medios

de

Comunicacion

SA

25,845

1,951

Bloomsbury

Publishing

plc

17,578

701

Cogeco

Communications,

Inc.

37,064

8,300

CyberAgent,

Inc.

59,077

2,500

Dentsu

Group,

Inc.

76,951

5,775

Eutelsat

Communications

SACA*

25,650

2,800

Fuji

Media

Holdings,

Inc.

33,581

4,481

Future

plc

60,580

2,300

Gakken

Holdings

Co.,

Ltd.

16,186

7,000

Hakuhodo

DY

Holdings,

Inc.

57,112

16,075

Informa

plc

176,552

500

Intage

Holdings,

Inc.

5,538

1,774

IPSOS

SA

111,604

133,628

ITV

plc

143,077

9,582

IVE

Group,

Ltd.

13,501

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

24

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

3,825

JCDecaux

SE*

$

85,639

1,600

Kadokawa

Corp.

35,679

4,254

M&C

Saatchi

plc

10,353

1,300

Macromill,

Inc.

7,236

1,664

Metropole

Television

SA

22,585

9,409

MFE-MediaForEurope

NV,

Class

A

32,519

2,046

MFE-MediaForEurope

NV,

Class

B

9,925

3,263

Next

15

Group

plc

19,813

48,093

Nine

Entertainment

Co.

Holdings,

Ltd.

41,853

1,307

NRJ

Group

11,232

19,083

oOh!media,

Ltd.

17,371

602

Perion

Network,

Ltd.*

4,796

68,000

Pico

Far

East

Holdings,

Ltd.

16,105

5,806

ProSiebenSat.1

Media

SE

37,611

1,300

Proto

Corp.

13,480

4,172

Publicis

Groupe

SA

456,489

12,118

Reach

plc

15,103

1,338

RTL

Group

SA

45,419

10,874

S4

Capital

plc*

5,636

5,299

Sanoma

Oyj

39,876

614

Schibsted

ASA,

Class

A

19,912

770

Schibsted

ASA,

Class

B

23,233

7,200

Septeni

Holdings

Co.,

Ltd.

23,416

16,564

SES

SA

83,023

60,999

Seven

West

Media,

Ltd.*

7,370

6,212

SKY

Network

Television,

Ltd.

10,221

7,900

SKY

Perfect

JSAT

Holdings,

Inc.

49,272

15,013

Southern

Cross

Media

Group,

Ltd.

4,990

1,922

Stroeer

SE

&

Co.

KGaA

122,886

900

TBS

Holdings,

Inc.^

24,536

5,942

Team

Internet

Group

PLC

10,345

15,000

Television

Broadcasts,

Ltd.*

6,731

4,175

Television

Francaise

1

SA

37,109

1,400

TV

Asahi

Holdings

Corp.

19,421

500

Tv

Tokyo

Holdings

Corp.

13,036

232

TX

Group

AG

38,831

1,000

ValueCommerce

Co.,

Ltd.

7,822

1,600

Vector,

Inc.

10,196

23,328

Viaplay

Group

AB*

1,737

24,877

Vivendi

SE

287,779

500

Wowow,

Inc.

3,608

5,041

WPP

plc

51,508

2,098

WPP

plc,

ADR

107,334

700

Zenrin

Co.,

Ltd.

4,264

2,929,860

Metals

&

Mining

(4.3%):

7,741

Acerinox

SA

83,183

1,200

ADF

Group,

Inc.

9,593

1,613

Agnico

Eagle

Mines,

Ltd.

129,954

1,039

Agnico

Eagle

Mines,

Ltd.,

ADR

83,702

400

Aichi

Steel

Corp.

10,967

7,361

Alamos

Gold,

Inc.

146,697

1,438

Alcoa

Corp.

57,814

6,600

Algoma

Steel

Group,

Inc.

67,518

41,565

Alkane

Resources,

Ltd.*

12,829

9,063

Alleima

AB

63,754

1,400

Altius

Minerals

Corp.*

26,959

723

AMG

Critical

Materials

NV

13,800

11,157

Anglo

American

plc

362,547

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

1,981

Antofagasta

plc

$

53,485

1,631

APERAM

SA

51,138

70,846

Arafura

Rare

Earths,

Ltd.*

8,588

5,723

ArcelorMittal

SA

150,175

2,197

ArcelorMittal

SA,

NYS

57,693

2,800

ARE

Holdings,

Inc.

35,465

16,100

Ascot

Resources,

Ltd.*

1,905

3,752

Atalaya

Mining

plc

20,258

116,831

Aurelia

Metals,

Ltd.*

14,111

1,331

Aurubis

AG^

97,503

25,622

AVZ

Minerals,

Ltd.*

2,686

42,196

B2Gold

Corp.

130,429

15,292

Barrick

Gold

Corp.

304,189

1,188

Bekaert

SA

48,815

32,098

Bellevue

Gold,

Ltd.*

28,959

44,615

BHP

Group,

Ltd.

1,386,910

5,290

BHP

Group,

Ltd.,

ADR

328,562

11,637

BlueScope

Steel,

Ltd.

177,949

4,700

Boliden

AB

159,518

9,940

Capital,

Ltd.

10,954

13,036

Capricorn

Metals,

Ltd.*

51,343

17,700

Capstone

Copper

Corp.*

138,349

36,114

Centamin

plc

70,970

10,700

Centerra

Gold,

Inc.

76,830

8,967

Central

Asia

Metals

plc

23,521

21,468

Champion

Iron,

Ltd.

108,518

16,254

China

Gold

International

Resources

Corp.,

Ltd.*

74,521

1,500

Chubu

Steel

Plate

Co.,

Ltd.

26,321

400

CK-San-Etsu

Co.,

Ltd.

9,619

1,620

Culico

Metals,

Inc.*

120

5,000

Daido

Steel

Co.,

Ltd.

49,134

1,400

Daiki

Aluminium

Industry

Co.,

Ltd.

10,534

35,369

De

Grey

Mining,

Ltd.*

33,622

14,098

Deterra

Royalties,

Ltd.

39,497

2,200

Dowa

Holdings

Co.,

Ltd.

80,776

9,600

Dundee

Precious

Metals,

Inc.

97,257

2,800

Dynacor

Group,

Inc.

10,601

7,200

ECORA

RESOURCES

plc

6,742

11,262

Eldorado

Gold

Corp.*

195,792

20,116

Emerald

Resources

NL*

52,994

6,695

Endeavour

Mining

plc

159,119

7,400

Endeavour

Silver

Corp.*

29,221

17,107

Equinox

Gold

Corp.*

104,365

393

Eramet

SA

31,039

3,299

ERO

Copper

Corp.*

73,455

71,986

Evolution

Mining,

Ltd.

228,683

7,778

Evraz

plc*(b)

—

6,600

First

Majestic

Silver

Corp.

39,630

6,267

First

Quantum

Minerals,

Ltd.*

85,457

4,900

Foraco

International

SA

7,827

22,913

Fortescue,

Ltd.

323,056

13,552

Fortuna

Mining

Corp.*

63,035

5,500

Fortuna

Mining

Corp.,

ADR*

25,465

861

Franco-Nevada

Corp.

106,952

4,743

Fresnillo

plc

38,907

8,215

Galiano

Gold,

Inc.*

11,724

54,653

Glencore

plc

312,914

1,100

Godo

Steel,

Ltd.^

31,702

8,900

GoGold

Resources,

Inc.*

8,424

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

25

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

32,681

Gold

Road

Resources,

Ltd.*

$

38,221

4,992

Granges

AB

59,916

7,630

Griffin

Mining,

Ltd.*

17,059

2,474

Hill

&

Smith

plc

67,800

9,715

Hochschild

Mining

plc*

23,815

19,462

Hudbay

Minerals,

Inc.

179,034

27,531

IAMGOLD

Corp.*

144,343

6,077

IGO,

Ltd.

24,495

7,194

Iluka

Resources,

Ltd.*

34,522

24,320

Imdex,

Ltd.

39,782

1,905

Ivanhoe

Mines,

Ltd.*

28,343

13,300

JFE

Holdings,

Inc.

178,055

50,009

Jupiter

Mines,

Ltd.

6,058

9,836

K92

Mining,

Inc.*

57,243

60,333

Kinross

Gold

Corp.

565,273

15,400

Kobe

Steel,

Ltd.^

184,272

700

Kurimoto,

Ltd.

20,032

1,800

Kyoei

Steel,

Ltd.

21,741

2,700

Labrador

Iron

Ore

Royalty

Corp.^

64,211

2,100

Largo,

Inc.*

4,410

14,207

Lucara

Diamond

Corp.*

4,833

5,900

Lundin

Gold,

Inc.

127,616

22,826

Lundin

Mining

Corp.

239,181

11,822

Lynas

Rare

Earths,

Ltd.*

65,468

48,387

Macmahon

Holdings,

Ltd.

10,855

3,114

Major

Drilling

Group

International,

Inc.*

19,274

2,600

Maruichi

Steel

Tube,

Ltd.

61,021

176,000

Midas

Holdings,

Ltd.*(b)

—

3,430

Mineral

Resources,

Ltd.*

122,658

4,200

Mitsubishi

Materials

Corp.

75,609

500

Mitsubishi

Steel

Manufacturing

Co.,

Ltd.

4,736

1,500

Mitsui

Mining

&

Smelting

Co.,

Ltd.

51,206

30,000

Mongolian

Mining

Corp.*

35,083

27,183

Mount

Gibson

Iron,

Ltd.*

6,306

1,800

Nakayama

Steel

Works,

Ltd.

9,758

2,200

Neturen

Co.,

Ltd.

15,150

33,410

New

Gold,

Inc.*

96,848

606

Newmont

Corp.

32,343

98,101

Nickel

Industries,

Ltd.

62,443

6,200

Nippon

Denko

Co.,

Ltd.

13,242

2,700

Nippon

Light

Metal

Holdings

Co.,

Ltd.

30,694

11,195

Nippon

Steel

Corp.

249,993

930

Nippon

Yakin

Kogyo

Co.,

Ltd.

29,443

1,100

Nittetsu

Mining

Co.,

Ltd.

32,808

5,714

Norsk

Hydro

ASA

37,149

20,593

Northern

Star

Resources,

Ltd.*

225,289

35,128

OceanaGold

Corp.

99,490

21,175

OM

Holdings,

Ltd.*

5,623

2,207

Orla

Mining,

Ltd.*

8,828

500

Osaka

Steel

Co.,

Ltd.

11,969

1,400

OSAKA

Titanium

Technologies

Co.,

Ltd.

24,339

2,604

Osisko

Gold

Royalties,

Ltd.*

48,236

12,854

Osisko

Mining,

Inc.*

46,291

15,995

Outokumpu

Oyj

64,685

900

Pacific

Metals

Co.,

Ltd.*

8,657

118,503

Pan

African

Resources

plc

50,312

8,178

Pan

American

Silver

Corp.

170,781

33,353

Perenti,

Ltd.

25,081

57,149

Perseus

Mining,

Ltd.

101,746

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

60,553

Pilbara

Minerals,

Ltd.*

$

136,090

59,573

Ramelius

Resources,

Ltd.*

89,382

1,734

Rana

Gruber

ASA

12,164

42,740

Regis

Resources,

Ltd.*

59,593

95,529

Resolute

Mining,

Ltd.*

48,274

2,373

Rio

Tinto

plc,

ADR

168,886

7,494

Rio

Tinto

plc

531,007

6,645

Rio

Tinto,

Ltd.

591,522

1,335

Salzgitter

AG

24,397

22,329

Sandfire

Resources,

Ltd.*

168,482

4,900

Sandstorm

Gold,

Ltd.

29,422

6,900

Sandstorm

Gold,

Ltd.,

ADR

41,400

800

Sanyo

Special

Steel

Co.,

Ltd.

10,656

1,200

Seabridge

Gold,

Inc.*

20,179

6,200

SilverCrest

Metals,

Inc.*

57,539

3,431

Sims,

Ltd.

30,167

53,653

SolGold

plc*

7,224

67,916

South32,

Ltd.

177,652

6,491

SSAB

AB,

Class

A

34,008

12,242

SSAB

AB,

Class

B

62,716

5,949

SSR

Mining,

Inc.

33,786

30,000

St

Barbara,

Ltd.*

7,385

19,222

Stanmore

Resources,

Ltd.

42,712

1,600

Stelco

Holdings,

Inc.

78,929

4,624

Straits

Trading

Co.,

Ltd.*

5,244

3,700

Sumitomo

Metal

Mining

Co.,

Ltd.

111,036

108

Swiss

Steel

Holding

AG*

511

17,205

Syrah

Resources,

Ltd.*

2,957

12,474

Taseko

Mines,

Ltd.*

31,639

7,538

Teck

Resources,

Ltd.,

Class

B

393,762

13,395

thyssenkrupp

AG

51,809

900

Toho

Titanium

Co.,

Ltd.

7,132

700

Toho

Zinc

Co.,

Ltd.*

5,134

300

Tokyo

Rope

Manufacturing

Co.,

Ltd.

2,270

2,300

Tokyo

Steel

Manufacturing

Co.,

Ltd.

31,839

400

Tokyo

Tekko

Co.,

Ltd.

14,408

1,100

Topy

Industries,

Ltd.

15,184

4,785

Torex

Gold

Resources,

Inc.*

91,327

969

Trevali

Mining

Corp.*(b)

—

1,700

Triple

Flag

Precious

Metals

Corp.

27,531

3,573

Tubacex

SA

13,206

2,300

UACJ

Corp.

82,300

187,341

Vault

Minerals,

Ltd.*

41,644

2,097

Victoria

Gold

Corp.*

744

4,993

voestalpine

AG

130,030

1,861

Vulcan

Steel,

Ltd.

9,876

6,700

Wesdome

Gold

Mines,

Ltd.*

62,873

54,361

West

African

Resources,

Ltd.*

64,248

43,691

Westgold

Resources,

Ltd.

80,032

1,616

Wheaton

Precious

Metals

Corp.

98,707

1,400

Yamato

Kogyo

Co.,

Ltd.

70,013

800

Yodogawa

Steel

Works,

Ltd.

31,238

15,000,580

Multi-Utilities

(0.9%):

64,938

A2A

SpA

150,050

2,232

ACEA

SpA

43,690

10,462

AGL

Energy,

Ltd.

85,504

5,995

Algonquin

Power

&

Utilities

Corp.,

ADR

32,673

3,800

Algonquin

Power

&

Utilities

Corp.

20,766

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

26

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Multi-Utilities,

continued

2,324

Atco,

Ltd.,

Class

I

$

82,319

1,866

Canadian

Utilities,

Ltd.,

Class

A

49,551

217,853

Centrica

plc

339,931

28,664

E.ON

SE

426,175

57,249

Engie

SA

988,834

29,629

Hera

SpA

118,237

23,346

Iren

SpA

52,894

1,636

National

Grid

plc,

ADR*

113,980

17,502

National

Grid

plc*

241,230

11,914

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

32,026

23,200

Sembcorp

Industries,

Ltd.

99,770

3,525

Telecom

Plus

plc

87,036

6,489

Vector,

Ltd.

15,625

8,020

Veolia

Environnement

SA

263,832

3,244,123

Office

REITs

(0.0%

†

):

5,154

Helical

plc

15,521

Oil,

Gas

&

Consumable

Fuels

(6.6%):

9,181

Advantage

Energy,

Ltd.*

64,158

18,755

Africa

Oil

Corp.

24,271

7,157

Aker

BP

ASA

153,991

10,424

Ampol,

Ltd.

220,414

25,507

ARC

Resources,

Ltd.

431,184

507

Ashdod

Refinery,

Ltd.

7,624

27,709

Athabasca

Oil

Corp.*

98,353

2,116

Avance

Gas

Holding,

Ltd.(a)

21,183

20,594

Baytex

Energy

Corp.

61,525

90,750

Beach

Energy,

Ltd.

76,500

7,041

Birchcliff

Energy,

Ltd.

29,678

976

BLUENORD

ASA*

42,910

2,100

Bonterra

Energy

Corp.*

5,715

17,387

Boss

Energy,

Ltd.*

39,878

26,019

BP

plc,

ADR

816,736

151,966

BP

plc

801,437

173,000

Brightoil

Petroleum

Holdings,

Ltd.*(b)

—

4,310

BW

LPG,

Ltd.(a)

61,501

889

Cameco

Corp.

42,475

1,022

Cameco

Corp.,

ADR

48,811

1,527

Canacol

Energy,

Ltd.

3,896

13,000

Canadian

Natural

Resources,

Ltd.

431,731

13,764

Canadian

Natural

Resources,

Ltd.,

ADR

457,102

5,438

Capricorn

Energy

PLC*

14,468

7,312

Cardinal

Energy,

Ltd.^

34,605

194,347

Carnarvon

Energy,

Ltd.*

20,907

2,956

Cenovus

Energy,

Inc.,

ADR

49,454

29,875

Cenovus

Energy,

Inc.

499,721

7,392

Channel

Infrastructure

NZ,

Ltd.

7,984

13,100

China

Aviation

Oil

Singapore

Corp.,

Ltd.

9,210

380

Chord

Energy

Corp.

49,487

1,031

CMB

Tech

NV,

ADR

17,135

138,505

Cooper

Energy,

Ltd.*

17,700

2,800

Cosmo

Energy

Holdings

Co.,

Ltd.^

152,973

8,223

Crew

Energy,

Inc.*^

43,660

4,317

d'Amico

International

Shipping

SA

27,499

23,879

Deep

Yellow,

Ltd.*

22,914

264

Delek

Group,

Ltd.

30,951

5,000

Denison

Mines

Corp.*

9,096

2,097

Diversified

Energy

Co

PLC

23,736

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

20,320

DNO

ASA

$

22,069

9,908

Enbridge,

Inc.^

402,533

68,500

ENEOS

Holdings,

Inc.

372,989

7,510

Energean

plc

90,326

29,718

Eni

SpA

454,648

120,434

EnQuest

plc*

16,635

7,170

Equinor

ASA

181,779

1,081

Equital,

Ltd.*

36,428

134

Esso

SA

Francaise

17,602

4,745

Etablissements

Maurel

et

Prom

SA

25,027

762

Flex

LNG,

Ltd.

19,682

424

Flex

LNG,

Ltd.,^

10,787

5,800

Freehold

Royalties,

Ltd.^

60,260

653

Friedrich

Vorwerk

Group

SE

17,668

2,600

Frontera

Energy

Corp.

15,131

2,211

Frontline

plc

50,067

3,100

Fuji

Oil

Co.,

Ltd.

7,650

19,112

Galp

Energia

SGPS

SA

358,806

1,856

Gaztransport

Et

Technigaz

SA

262,759

15,200

Gear

Energy,

Ltd.

6,632

6,249

Genel

Energy

plc*

5,785

88,400

Geo

Energy

Resources,

Ltd.

18,476

8,050

Gibson

Energy,

Inc.

132,212

1,960

Gran

Tierra

Energy,

Inc.*

12,479

14,984

Gulf

Keystone

Petroleum,

Ltd.

23,015

6,440

Hafnia,

Ltd.

46,016

32,537

Harbour

Energy

plc

116,163

1,595

Hargreaves

Services

PLC

12,180

12,600

Headwater

Exploration,

Inc.

58,980

37,200

Idemitsu

Kosan

Co.,

Ltd.

267,121

2,273

Imperial

Oil,

Ltd.

159,932

30,200

Inpex

Corp.

409,708

2,823

International

Petroleum

Corp.

Stockhol

m*

33,573

2,244

International

Petroleum

Corp.

Toronto*

26,501

3,600

Itochu

Enex

Co.,

Ltd.

39,110

8,400

Iwatani

Corp.

121,417

5,000

Japan

Petroleum

Exploration

Co.,

Ltd.

36,369

2,500

Journey

Energy,

Inc.*

4,566

34,924

Karoon

Energy,

Ltd.

38,028

6,400

Kelt

Exploration,

Ltd.*

29,627

8,801

Keyera

Corp.

274,450

3,678

Koninklijke

Vopak

NV

170,741

369

La

Francaise

De

L'energie

SACA*^

13,331

12,407

MEG

Energy

Corp.

233,130

1,700

Mitsuuroko

Group

Holdings

Co.,

Ltd.

20,581

3,641

Neste

Oyj

70,749

21,426

New

Hope

Corp.,

Ltd.

77,364

64,000

NewOcean

Energy

Holdings,

Ltd.*

—

21,200

Nippon

Coke

&

Engineering

Co.,

Ltd.

14,655

10,254

NuVista

Energy,

Ltd.*

84,319

4,600

Obsidian

Energy,

Ltd.*

25,546

131,868

Oil

Refineries,

Ltd.

34,043

771

Okeanis

Eco

Tankers

Corp.(a)

25,297

5,616

OMV

AG

240,158

4,178

Paladin

Energy,

Ltd.*

33,662

5,770

Panoro

Energy

ASA

14,628

3,407

Paramount

Resources,

Ltd.,

Class

A

66,386

4,673

Parex

Resources,

Inc.

41,467

5,500

Parkland

Corp.

141,781

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

27

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

375

Paz

Oil

Co.,

Ltd.

$

39,487

1,584

Pembina

Pipeline

Corp.,

ADR

65,324

2,678

Pembina

Pipeline

Corp.

110,403

11,660

Peyto

Exploration

&

Development

Corp.

132,784

12,892

Pharos

Energy

plc

3,996

10,900

Pine

Cliff

Energy,

Ltd.^

7,980

3,732

PrairieSky

Royalty,

Ltd.

75,865

28,439

Repsol

SA

376,301

1,600

Sala

Corp.

9,184

3,100

San-Ai

Obbli

Co.,

Ltd.

42,111

132,678

Santos,

Ltd.

646,518

8,575

Serica

Energy

plc

15,329

8,172

Shell

plc,

ADR

538,943

97,043

Shell

plc*

3,162,326

400

Sinanen

Holdings

Co.,

Ltd.

15,874

2,000

Spartan

Delta

Corp.*

5,457

487

Strathcona

Resources,

Ltd.

9,705

12,412

Suncor

Energy,

Inc.

458,188

9,472

Suncor

Energy,

Inc.,

ADR

349,706

1,871

Surge

Energy,

Inc.

8,343

3,041

Tamar

Petroleum,

Ltd.(a)

16,152

28,200

Tamarack

Valley

Energy,

Ltd.

81,537

10,514

TC

Energy

Corp.

499,848

1,817

TC

Energy

Corp.,

ADR

86,398

3,303

Tethys

Oil

AB

17,672

13,400

Tidewater

Midstream

and

Infrastructure,

Ltd.*

2,874

4,100

Topaz

Energy

Corp.

78,374

1,569

TORM

plc,

Class

A

53,340

51,445

TotalEnergies

SE

3,333,983

10,638

Tourmaline

Oil

Corp.

494,101

64,721

Tullow

Oil

plc*

18,561

9,392

Var

Energi

ASA

29,147

542

Verbio

SE

11,271

15,061

Veren,

Inc.

92,774

8,781

Veren,

Inc.,

ADR

54,003

5,097

Vermilion

Energy,

Inc.

49,753

18,519

Viva

Energy

Group,

Ltd.(a)

37,641

30,552

Whitecap

Resources,

Inc.

228,185

35,316

Whitehaven

Coal,

Ltd.

176,874

37,622

Woodside

Energy

Group,

Ltd.

651,889

14,140

Yancoal

Australia,

Ltd.

59,917

22,723,715

Paper

&

Forest

Products

(0.5%):

800

Acadian

Timber

Corp.*

10,317

2,718

Altri

SGPS

SA

15,194

2,829

Canfor

Corp.*

35,627

168

CPH

Group

AG

13,390

5,900

Daio

Paper

Corp.

37,284

8,317

Ence

Energia

y

Celulosa

SA

27,797

5,000

Hokuetsu

Corp.^

54,712

1,401

Holmen

AB,

B

Shares

60,668

539

Iberpapel

Gestion

SA

10,976

2,427

Interfor

Corp.*

36,433

11,478

Mondi

plc

218,507

8,539

Navigator

Co.

SA

(The)

35,062

4,800

Nippon

Paper

Industries

Co.,

Ltd.

32,808

2,562

Nordic

Paper

Holding

AB

13,609

5,393

Norske

Skog

ASA(a)

18,099

34,200

Oji

Holdings

Corp.

136,904

Shares

Value

Common

Stocks,

continued

Paper

&

Forest

Products,

continued

770

Semapa-Sociedade

de

Investimento

e

Gestao

$

12,384

3,007

Stella-Jones,

Inc.

197,435

19,854

Stora

Enso

Oyj,

Class

R

254,301

7,679

Svenska

Cellulosa

AB

SCA,

Class

B

111,924

600

Tokushu

Tokai

Paper

Co.,

Ltd.

15,526

6,568

UPM-Kymmene

Oyj

220,095

2,007

West

Fraser

Timber

Co.,

Ltd.

195,565

24,618

Western

Forest

Products,

Inc.*

9,648

1,774,265

Passenger

Airlines

(0.2%):

3,700

Air

Canada*

44,844

1,552

Air

France-KLM*

15,596

80,763

Air

New

Zealand,

Ltd.

27,185

1,100

ANA

Holdings,

Inc.

23,538

79,347

Cathay

Pacific

Airways,

Ltd.

84,726

7,555

Deutsche

Lufthansa

AG,

Registered

Shares

55,324

5,559

easyJet

plc

38,693

12,414

El

Al

Israel

Airlines*

21,513

1,328

Exchange

Income

Corp.*

50,496

6,600

Japan

Airlines

Co.,

Ltd.^

115,919

2,549

JET2

plc

47,807

10,542

Qantas

Airways,

Ltd.*

54,140

39,000

Singapore

Airlines,

Ltd.

205,929

785,710

Personal

Care

Products

(0.8%):

447

Beiersdorf

AG

67,261

38,325

Haleon

plc

200,392

677

Interparfums

SA

34,230

1,114

Jamieson

Wellness,

Inc.(a)

28,923

700

Kao

Corp.

34,692

500

Kobayashi

Pharmaceutical

Co.,

Ltd.

19,863

300

Kose

Corp.

19,440

1,336

L'Oreal

SA

598,855

1,600

Mandom

Corp.

13,821

1,000

Milbon

Co.,

Ltd.

22,067

600

Noevir

Holdings

Co.,

Ltd.

21,615

2,645

Ontex

Group

NV*

26,332

161

Pharmanutra

SpA

10,454

1,500

Pola

Orbis

Holdings,

Inc.

15,415

5,635

PZ

Cussons

plc

7,263

2,300

Rohto

Pharmaceutical

Co.,

Ltd.

57,200

2,200

Shiseido

Co.,

Ltd.

59,637

1

Unilever

plc

65

15,923

Unilever

plc,

ADR

1,034,358

5,719

Unilever

plc

NV

370,305

2,642,188

Pharmaceuticals

(5.3%):

6,809

ALK-Abello

A/S*

174,859

15,687

Alliance

Pharma

plc*

9,174

2,045

Almirall

SA*

19,881

800

ASKA

Pharmaceutical

Holdings

Co.,

Ltd.

12,375

2,600

Astellas

Pharma,

Inc.

29,847

6,024

AstraZeneca

plc

938,153

7,437

AstraZeneca

plc,

ADR

579,417

49

Aurora

Cannabis,

Inc.*

288

6,286

Bausch

Health

Cos.,

Inc.*

51,318

1,145

Bausch

Health

Cos.,

Inc.,

ADR*

9,343

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

28

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

18,067

Bayer

AG,

Registered

Shares

$

610,100

298

Boiron

SA

10,782

679

Camurus

AB*

43,245

90

Canopy

Growth

Corp.*

433

5,800

Chugai

Pharmaceutical

Co.,

Ltd.

280,530

207

COSMO

Pharmaceuticals

NV

18,381

13,000

Cronos

Group,

Inc.*

28,470

4,400

Daiichi

Sankyo

Co.,

Ltd.

144,670

1,830

Daito

Pharmaceutical

Co.,

Ltd.

28,706

988

Dermapharm

Holding

SE

38,431

1,200

Eisai

Co.,

Ltd.

44,655

192

Euroapi

SA*

810

9,586

Faes

Farma

SA

39,676

700

Fuji

Pharma

Co.,

Ltd.

6,228

500

Fuso

Pharmaceutical

Industries,

Ltd.

7,833

15,331

GSK

plc

311,773

17,784

GSK

plc,

ADR

727,010

10,077

H

Lundbeck

A/S

65,194

4,354

H

Lundbeck

A/S,

Class

A

23,999

3,600

Haw

Par

Corp.,

Ltd.

30,347

3,409

Hikma

Pharmaceuticals

plc

87,070

1,800

Hisamitsu

Pharmaceutical

Co.,

Inc.

48,454

3,664

Indivior

plc*

36,180

1,561

Ipsen

SA

192,045

3,200

JCR

Pharmaceuticals

Co.,

Ltd.

14,683

1,100

Kaken

Pharmaceutical

Co.,

Ltd.

29,324

1,500

Kissei

Pharmaceutical

Co.,

Ltd.

37,088

5,747

Knight

Therapeutics,

Inc.*

25,201

2,700

Kyorin

Pharmaceutical

Co.,

Ltd.

28,602

2,200

Kyowa

Kirin

Co.,

Ltd.

38,762

1,226

Laboratorios

Farmaceuticos

Rovi

SA

97,762

4,918

Mayne

Pharma

Group,

Ltd.*

15,583

403

Merck

KGaA

70,948

1,000

Mochida

Pharmaceutical

Co.,

Ltd.

23,416

2,000

Nippon

Shinyaku

Co.,

Ltd.

51,949

18,931

Novartis

AG,

ADR

2,177,444

11,343

Novartis

AG,

Registered

Shares

1,305,990

32,785

Novo

Nordisk

A/S,

Class

B

3,904,429

10,500

Ono

Pharmaceutical

Co.,

Ltd.

139,872

5,000

Organigram

Holdings,

Inc.*

9,059

1,227

Orion

Oyj,

Class

A

67,023

5,068

Orion

Oyj,

Class

B

277,581

1,700

Otsuka

Holdings

Co.,

Ltd.

95,882

2,493

Recordati

Industria

Chimica

e

Farmaceutica

SpA

141,065

6,731

Roche

Holding

AG

2,155,074

326

Roche

Holding

AG,

Class

BR

111,511

558

Sandoz

Group

AG,

ADR

23,216

14,673

Sandoz

Group

AG

611,931

6,440

Sanofi

SA

741,882

13,100

Santen

Pharmaceutical

Co.,

Ltd.

158,362

5,700

Sawai

Group

Holdings

Co.,

Ltd.

80,973

1,300

Seikagaku

Corp.

7,721

10,200

Shionogi

&

Co.,

Ltd.

146,107

2,832

SNDL,

Inc.*

5,834

20,000

Takeda

Pharmaceutical

Co.,

Ltd.

572,036

1,620

Teva

Pharmaceutical

Industries,

Ltd.,

ADR*

29,192

2,648

Teva

Pharmaceutical

Industries,

Ltd.*

47,533

800

Torii

Pharmaceutical

Co.,

Ltd.

21,602

1,200

Towa

Pharmaceutical

Co.,

Ltd.

25,197

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

2,000

Tsumura

&

Co.

$

63,063

723

UCB

SA

130,357

56,000

United

Laboratories

International

Holdings,

Ltd.

(The)

71,946

166

Vetoquinol

SA

15,446

151

Virbac

SACA

64,393

1,100

ZERIA

Pharmaceutical

Co.,

Ltd.

17,468

18,302,184

Professional

Services

(1.8%):

4,876

Adecco

Group

AG

165,961

3,918

AFRY

AB

71,453

9,639

ALS,

Ltd.

96,344

770

Altech

Corp.

14,935

203

Amadeus

Fire

AG

20,912

2,192

Arcadis

NV

151,920

2,900

BayCurrent,

Inc.

107,075

1,800

Bell

System24

Holdings,

Inc.

18,862

372

Bertrandt

AG

8,540

1,661

Brunel

International

NV

16,225

9,284

Bureau

Veritas

SA

308,082

26,624

Capita

plc*

6,798

6,433

Computershare,

Ltd.

112,274

700

Creek

&

River

Co.,

Ltd.

7,147

180

Danel

Adir

Yeoshua,

Ltd.

16,497

1,400

dip

Corp.

27,742

1,981

DKSH

Holding

AG

157,454

900

EJ

Holdings,

Inc.

11,371

900

en

Japan,

Inc.

15,274

6,645

Experian

plc

350,007

1,200

FULLCAST

Holdings

Co.,

Ltd.

13,459

1,500

Funai

Soken

Holdings,

Inc.

25,283

175

Groupe

Crit

SA

13,055

57,804

Hays

plc

71,771

690

Hilan,

Ltd.

36,257

1,600

Insource

Co.,

Ltd.

11,431

2,958

Intertek

Group

plc

204,438

5,324

IPH,

Ltd.*

22,358

300

IR

Japan

Holdings,

Ltd.

1,843

4,000

JAC

Recruitment

Co.,

Ltd.

21,375

1,000

LIKE,

Inc.

10,088

5,600

Link

And

Motivation,

Inc.

24,765

1,000

Management

Solutions

Co.,

Ltd.

11,532

3,076

McMillan

Shakespeare,

Ltd.

32,582

2,700

MEITEC

Group

Holdings,

Inc.

59,732

824

Multiconsult

ASA(a)

13,880

15,100

Nihon

M&A

Center

Holdings,

Inc.

69,062

1,900

Open

Up

Group,

Inc.

27,160

12,547

Pagegroup

plc

65,026

1,400

Pasona

Group,

Inc.

21,489

67,700

Persol

Holdings

Co.,

Ltd.

121,417

700

Quick

Co.,

Ltd.

10,169

3,085

Randstad

NV

153,328

11,200

Recruit

Holdings

Co.,

Ltd.

682,254

2,152

RELX

NV

101,096

7,583

RELX

plc,

ADR

359,889

6,345

RELX

plc

299,718

2,833

Ricardo

plc

16,786

3,902

Robert

Walters

plc

17,175

15,759

RWS

Holdings

plc

34,222

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

29

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

3,217

SGS

SA,

Registered

Shares*

$

359,057

1,300

SIGMAXYZ

Holdings,

Inc.

15,274

5,908

SmartGroup

Corp.,

Ltd.

34,399

4,000

SMS

Co.,

Ltd.

60,261

3,200

S-Pool,

Inc.

7,607

7,669

SThree

plc

38,654

1,633

Talenom

Oyj

9,125

1,100

Tanseisha

Co.,

Ltd.

6,410

5,200

TechnoPro

Holdings,

Inc.

101,022

1,847

Teleperformance

SE

191,552

2,200

TELUS

International

CDA,

Inc.*

8,590

589

Thomson

Reuters

Corp.

100,478

293

Thomson

Reuters

Corp.,

ADR

49,986

1,000

TKC

Corp.

26,660

1,800

Transcosmos,

Inc.

44,488

1,100

UT

Group

Co.,

Ltd.

21,193

700

Visional,

Inc.*

38,786

800

WDB

Holdings

Co.,

Ltd.

9,552

300

Weathernews,

Inc.

12,111

5,319

Wolters

Kluwer

NV

896,436

6,269,154

Real

Estate

Management

&

Development

(2.2%):

697

Aedas

Homes

SA(a)

19,828

1,700

Aeon

Mall

Co.,

Ltd.

24,744

206

AFI

Properties,

Ltd.*

9,479

357

Africa

Israel

Residences,

Ltd.

23,273

1,001

Airport

City,

Ltd.*

15,068

2,300

Airport

Facilities

Co.,

Ltd.

9,169

758

Allreal

Holding

AG,

Registered

Shares

142,318

5,164

Alony

Hetz

Properties

&

Investments,

Ltd.

39,622

492

Alrov

Properties

and

Lodgings,

Ltd.*

17,515

100

Altus

Group,

Ltd.

4,059

2,393

Amot

Investments,

Ltd.

10,361

3,174

Annehem

Fastigheter

AB,

Class

B*

6,191

2,100

Aoyama

Zaisan

Networks

Co.,

Ltd.

20,149

2,400

Arealink

Co.,

Ltd.

28,427

25

Argo

Properties

NV*

610

32,453

Aroundtown

SA*

102,118

46,000

Asia

Standard

International

Group,

Ltd.*

2,733

1,281

Atrium

Ljungberg

AB,

B

Shares

31,044

233

Azrieli

Group,

Ltd.

16,264

210

Big

Shopping

Centers,

Ltd.*

23,436

116

Blue

Square

Real

Estate,

Ltd.

9,081

59

Brack

Capital

Properties

NV*

4,681

1,139

BRANICKS

Group

AG*

2,542

3,700

Bukit

Sembawang

Estates,

Ltd.

10,868

1,350

CA

Immobilien

Anlagen

AG

40,434

31,443

Capitaland

India

Trust

28,352

49,500

CapitaLand

Investment,

Ltd.

120,400

3,868

Castellum

AB*

56,749

781

Catena

AB

44,644

2,946

Cedar

Woods

Properties,

Ltd.

11,422

18,000

Chinese

Estates

Holdings,

Ltd.*

3,127

52,000

Chuang's

Consortium

International,

Ltd.*

2,542

851

Cibus

Nordic

Real

Estate

AB

(publ)

14,772

17,200

City

Developments,

Ltd.

72,267

1,684

Citycon

Oyj

7,802

33,175

CK

Asset

Holdings,

Ltd.

144,165

840

Colliers

International

Group,

Inc.

127,494

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

127

Colliers

International

Group,

Inc.,

ADR

$

19,280

39,946

Corem

Property

Group

AB,

Class

B

40,927

340,000

CSI

Properties,

Ltd.*

3,537

2,500

CTP

NV*(a)

45,658

1,100

Daito

Trust

Construction

Co.,

Ltd.

133,645

15,700

Daiwa

House

Industry

Co.,

Ltd.

493,558

1,800

Dear

Life

Co.,

Ltd.

10,336

478

Deutsche

EuroShop

AG

11,665

1,307

Deutsche

Wohnen

SE

36,111

2,651

Dios

Fastigheter

AB

22,914

1,450

DREAM

Unlimited

Corp.

36,167

3,016

Eastnine

AB

13,205

1,708

Electra

Real

Estate,

Ltd.

19,674

34,000

Emperor

International

Holdings,

Ltd.

1,199

2,652

Entra

ASA*(a)

34,496

55,400

ESR

Group,

Ltd.(a)

88,695

4,939

Fabege

AB

48,947

83,930

Far

East

Consortium

International,

Ltd.*

13,059

8,332

Fastighets

AB

Balder,

B

Shares*

73,232

168

Fastighetsbolaget

Emilshus

AB,

Class

B*

775

862

FastPartner

AB,

Class

A

7,034

500

FirstService

Corp.,

Class

WI

91,367

436

FirstService

Corp.,

Class

WI,

ADR

79,553

11,092

Foxtons

Group

plc

9,286

16,000

Frasers

Property,

Ltd.

10,881

2,231

Gav-Yam

Lands

Corp.,

Ltd.^

18,514

1,100

Goldcrest

Co.,

Ltd.

24,882

37,448

Grainger

plc

122,946

1,873

Grand

City

Properties

SA*

26,342

10,516

Great

Eagle

Holdings,

Ltd.

16,405

17,100

GuocoLand,

Ltd.

21,155

28,000

Hang

Lung

Group,

Ltd.

37,859

73,550

Hang

Lung

Properties,

Ltd.*

71,789

7,709

Harworth

Group

plc

19,886

1,200

Heiwa

Real

Estate

Co.,

Ltd.

34,153

23,706

Henderson

Land

Development

Co.,

Ltd.

74,439

294

Hiag

Immobilien

Holding

AG

28,847

37,840

HKR

International,

Ltd.*

5,521

9,400

Ho

Bee

Land,

Ltd.

14,119

18,500

Hong

Fok

Corp.,

Ltd.

12,116

18,600

Hongkong

Land

Holdings,

Ltd.

68,255

2,049

Hufvudstaden

AB,

Class

A

27,996

8,300

Hulic

Co.,

Ltd.

84,247

11,000

Hysan

Development

Co.,

Ltd.

19,039

151

IES

Holdings,

Ltd.*

8,178

242

Immobel

SA*

5,914

725

IMMOFINANZ

AG*^

14,522

218

Ina

Invest

Holding

AG*

5,153

700

Information

Services

Corp.

14,965

2,409

Instone

Real

Estate

Group

SE(a)

25,632

32,812

International

Workplace

Group

plc

78,255

145

Intershop

Holding

AG*

20,465

164

Investis

Holding

SA

21,227

1,643

Israel

Canada

T.R,

Ltd.

6,074

1,705

Israel

Land

Development

Co.,

Ltd.

(The)*

14,831

59

Isras

Investment

Co.,

Ltd.

11,711

348

Jeudan

A/S

12,109

800

JINUSHI

Co.,

Ltd.

11,729

2,471

John

Mattson

Fastighetsforetagen

AB*

16,297

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

30

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

25,000

K.

Wah

International

Holdings,

Ltd.

$

6,243

3,300

Katitas

Co.,

Ltd.

45,849

1,200

Keihanshin

Building

Co.,

Ltd.

13,456

16,225

Kerry

Properties,

Ltd.

34,556

2,347

K-fast

Holding

AB*

5,972

3,270

Kojamo

Oyj*

37,463

28,863

Kowloon

Development

Co.,

Ltd.

14,435

17,100

Lai

Sun

Development

Co.,

Ltd.*

1,394

44,500

Langham

Hospitality

Investments

and

Langham

Hospitality

Investments,

Ltd.*

3,091

2,440

LEG

Immobilien

SE*

254,430

18,805

Lendlease

Corp.,

Ltd.*

92,526

8,900

Leopalace21

Corp.

37,172

3,878

Lifestyle

Communities,

Ltd.

22,685

8,000

Liu

Chong

Hing

Investment,

Ltd.

4,407

4,644

LSL

Property

Services

plc

18,450

100

Mainstreet

Equity

Corp.

14,131

543

Mega

Or

Holdings,

Ltd.

13,918

463

Melisron,

Ltd.

35,157

59,000

Mingfa

Group

International

Co.,

Ltd.*

1,518

4,200

Mirarth

Holdings,

Inc.

14,755

3,900

Mitsubishi

Estate

Co.,

Ltd.

61,577

14,100

Mitsui

Fudosan

Co.,

Ltd.

132,093

9,306

Mivne

Real

Estate

KD,

Ltd.

23,903

342

Mobimo

Holding

AG,

Registered

Shares

110,137

100

Morguard

Corp.*

9,133

51,087

New

World

Development

Co.,

Ltd.

63,499

1,539

Nexity

SA*

20,233

1,700

Nisshin

Group

Holdings

Co.,

Ltd.

5,872

2,300

Nomura

Real

Estate

Holdings,

Inc.

61,592

1,350

NP3

Fastigheter

AB

35,359

3,693

Nyfosa

AB

43,802

603

Olav

Thon

Eiendomsselskap

ASA

12,864

17,900

OUE,

Ltd.

15,039

54,608

Oxley

Holdings,

Ltd.*

3,484

4,137

Pandox

AB

82,762

1,455

PATRIZIA

SE

14,422

4,226

PEXA

Group,

Ltd.*

43,386

1,195

Platzer

Fastigheter

Holding

AB,

Class

B

13,010

32

Plazza

AG,

Registered

Shares

12,101

222

Prashkovsky

Investments

and

Construction,

Ltd.

5,407

1,501

PSP

Swiss

Property

AG,

Registered

Shares

219,825

1,025

Raysum

Co.,

Ltd.

42,270

5,600

Relo

Group,

Inc.

73,382

1,892

Sagax

AB,

Class

B

53,946

22,824

Samhallsbyggnadsbolaget

i

Norden

AB

16,494

1,200

SAMTY

HOLDINGS

Co.,

Ltd.*

23,389

4,935

Savills

plc

78,276

1,875

Selvaag

Bolig

ASA

6,294

70,000

Shun

Tak

Holdings,

Ltd.*

7,112

100,800

Sinarmas

Land,

Ltd.

24,300

47,933

Sino

Land

Co.,

Ltd.*

52,593

14,891

Sirius

Real

Estate,

Ltd.

19,452

5,000

Soundwill

Holdings,

Ltd.

3,636

200

SRE

Holdings

Corp.*

6,171

1,800

Starts

Corp.,

Inc.

43,648

716

Stendorren

Fastigheter

AB*

14,424

5,367

StorageVault

Canada,

Inc.

20,519

3,700

Sumitomo

Realty

&

Development

Co.,

Ltd.

124,375

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

1,493

Summit

Real

Estate

Holdings,

Ltd.

$

22,372

1,800

Sun

Frontier

Fudousan

Co.,

Ltd.

22,127

9,921

Sun

Hung

Kai

Properties,

Ltd.

107,742

5,146

Swire

Pacific,

Ltd.,

Class

A

44,106

17,500

Swire

Pacific,

Ltd.,

Class

B

23,541

20,000

Swire

Properties,

Ltd.

41,097

2,489

Swiss

Prime

Site

AG,

Registered

Shares

279,074

6,180

TAG

Immobilien

AG*

114,300

21,000

TAI

Cheung

Holdings,

Ltd.

8,376

1,000

TKP

Corp.*

10,668

2,900

TOC

Co.,

Ltd.

12,601

7,700

Tokyo

Tatemono

Co.,

Ltd.

123,496

21,000

Tokyu

Fudosan

Holdings

Corp.

144,932

2,400

Tosei

Corp.

38,552

213

UBM

Development

AG*

4,902

15,400

UOL

Group,

Ltd.

66,722

536

VGP

NV

54,947

8,900

Vonovia

SE*

324,317

5,039

Wallenstam

AB,

B

Shares

29,279

7

Warteck

Invest

AG,

Registered

Shares

14,387

6,203

Watkin

Jones

plc*

2,132

25,829

Wharf

Real

Estate

Investment

Co.,

Ltd.

91,386

6,540

Wihlborgs

Fastigheter

AB

75,552

20,700

Wing

Tai

Holdings,

Ltd.

21,762

16,000

Wing

Tai

Properties,

Ltd.

3,870

148

YH

Dimri

Construction

&

Development,

Ltd.

13,213

17

Zug

Estates

Holding

AG,

Class

B

37,169

7,592,534

Retail

REITs

(0.0%

†

):

12,883

Investore

Property,

Ltd.

9,490

Semiconductors

&

Semiconductor

Equipment

(2.2%):

6,700

Advantest

Corp.

318,395

8,383

AEM

Holdings,

Ltd.*

9,239

3,947

ams-OSRAM

AG*

55,152

893

ASM

International

NV

588,407

2,227

ASML

Holding

NV,

NYS

1,855,648

1,186

ASML

Holding

NV

988,578

3,219

ASMPT,

Ltd.

39,531

1,087

BE

Semiconductor

Industries

NV

138,035

156

Camtek,

Ltd.

12,691

700

Disco

Corp.

185,141

185

Elmos

Semiconductor

SE

13,615

1,700

Ferrotec

Holdings

Corp.

27,531

900

Furuya

Metal

Co.,

Ltd.

25,274

16,662

Infineon

Technologies

AG

583,079

24,323

IQE

plc*

5,440

2,200

Japan

Material

Co.,

Ltd.

28,554

700

Lasertec

Corp.

115,976

500

Megachips

Corp.

18,171

447

Melexis

NV

36,888

1,200

Micronics

Japan

Co.,

Ltd.

33,137

4,000

Mitsui

High-Tec,

Inc.

25,208

1,737

Nordic

Semiconductor

ASA*

17,600

99

Nova,

Ltd.*

20,920

1,100

Optorun

Co.,

Ltd.

13,680

1,030

PVA

TePla

AG*

15,505

17,300

Renesas

Electronics

Corp.

252,471

7,900

Rohm

Co.,

Ltd.

88,700

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

31

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

3,000

Rorze

Corp.

$

41,508

1,000

RS

Technologies

Co.,

Ltd.

25,194

1,300

Sanken

Electric

Co.,

Ltd.*

61,064

1,400

SCREEN

Holdings

Co.,

Ltd.

98,336

600

Shibaura

Mechatronics

Corp.

33,014

300

Shindengen

Electric

Manufacturing

Co.,

Ltd.

4,906

1,000

Shinko

Electric

Industries

Co.,

Ltd.*

38,226

1,000

Siltronic

AG

76,117

1,000

SK-Electronics

Co.,

Ltd.

16,124

371

SMA

Solar

Technology

AG

7,448

3,600

Socionext,

Inc.^

71,639

403

SOITEC*

40,272

8,282

STMicroelectronics

NV

246,722

9,945

STMicroelectronics

NV,

NYS

295,665

13,400

SUMCO

Corp.

144,819

409

SUSS

MicroTec

SE

31,283

1,400

Tazmo

Co.,

Ltd.

28,792

600

Tera

Probe,

Inc.

14,083

4,100

Tokyo

Electron,

Ltd.

728,120

500

Tokyo

Seimitsu

Co.,

Ltd.

26,404

1,200

Torex

Semiconductor,

Ltd.

13,035

1,500

Towa

Corp.

23,107

759

Tower

Semiconductor,

Ltd.*

33,593

321

u-blox

Holding

AG

29,570

700

Ulvac,

Inc.

37,401

24,700

UMS

Holdings,

Ltd.

20,560

1,978

X-Fab

Silicon

Foundries

SE*(a)

11,179

700

Yamaichi

Electronics

Co.,

Ltd.

12,340

7,723,087

Software

(1.2%):

1,484

accesso

Technology

Group

plc*

10,146

7,046

Alfa

Financial

Software

Holdings

PLC(a)

18,856

600

Alpha

Systems,

Inc.

12,158

494

Atoss

Software

SE

71,392

4,889

BlackBerry,

Ltd.*

12,871

19,135

Bravura

Solutions,

Ltd.*

18,229

11,825

Bytes

Technology

Group

plc

81,591

705

cBrain

A/S

21,494

4,700

Celsys,

Inc.

38,996

9,887

Cint

Group

AB*

9,593

500

Computer

Engineering

&

Consulting,

Ltd.

6,529

4,726

Computer

Modelling

Group,

Ltd.

39,736

101

Constellation

Software,

Inc.

328,625

3,684

Crayon

Group

Holding

ASA*(a)

43,670

2,800

Cresco,

Ltd.

26,655

1,200

Cybozu,

Inc.

16,408

14,951

Darktrace

plc*

115,246

599

Dassault

Systemes

SE

23,768

300

Descartes

Systems

Group,

Inc.

(The)*

30,874

564

Descartes

Systems

Group,

Inc.

(The),

ADR*

58,069

300

Digital

Arts,

Inc.

10,338

8,979

dotdigital

group

plc

10,612

989

Dye

&

Durham,

Ltd.

11,621

2,000

Enghouse

Systems,

Ltd.

49,767

567

Fabasoft

AG

9,439

669

FD

Technologies

plc*

14,712

1,600

Fixstars

Corp.

17,921

8,704

Fortnox

AB

54,120

1,966

F-Secure

Oyj

4,727

Shares

Value

Common

Stocks,

continued

Software,

continued

800

Fuji

Soft,

Inc.

$

50,244

900

Fukui

Computer

Holdings,

Inc.

16,899

10,529

GB

Group

plc

43,786

1,235

Gentrack

Group,

Ltd.*

8,428

8,509

Hansen

Technologies,

Ltd.*

27,986

700

I'll,

Inc.

14,532

16,011

Infomedia,

Ltd.

17,618

3,230

IRESS,

Ltd.*

22,131

550

IVU

Traffic

Technologies

AG

8,665

1,500

Justsystems

Corp.

37,451

200

Kinaxis,

Inc.*

23,762

562

Lectra

18,299

3,611

Lightspeed

Commerce,

Inc.*

59,547

314

Lime

Technologies

AB

10,600

36

Linedata

Services

3,182

15,683

LINK

Mobility

Group

Holding

ASA*

35,971

1,195

Magic

Software

Enterprises,

Ltd.

14,235

500

Miroku

Jyoho

Service

Co.,

Ltd.

6,468

1,400

m-up

Holdings,

Inc.

12,990

1,981

Nemetschek

SE

205,059

145

Nice,

Ltd.*

25,222

800

NSW,

Inc.

16,872

30,146

Nuix,

Ltd.*

136,850

400

OBIC

Business

Consultants

Co.,

Ltd.

20,746

1,335

Objective

Corp.,

Ltd.

13,505

5,080

Open

Text

Corp.

169,120

896

Open

Text

Corp.,

ADR

29,819

800

Oracle

Corp.

82,265

3,833

Pinewood

Technologies

Group

plc*

18,199

1,000

Plus

Alpha

Consulting

Co.,

Ltd.

15,276

920

QT

Group

Oyj*

95,497

3,000

Rakus

Co.,

Ltd.

46,917

7,353

RPMGlobal

Holdings,

Ltd.*

15,284

8,992

Sage

Group

PLC

(The)

123,367

2,076

SAP

SE

471,525

32,840

Sinch

AB*(a)

98,942

500

SRA

Holdings

14,882

18,500

Systena

Corp.

47,901

3,342

TeamViewer

SE*(a)

42,499

10,326

Technology

One,

Ltd.

170,788

1,802

Temenos

AG,

Registered

Shares

126,203

3,468

TomTom

NV*^

19,937

2,000

Trend

Micro,

Inc.

118,573

9,354

Truecaller

AB,

Class

B

35,523

12,001

Vista

Group

International,

Ltd.*

20,499

778

Vitec

Software

Group

AB,

B

Shares

40,335

44,000

Vobile

Group,

Ltd.*

12,175

1,200

WingArc1st,

Inc.

26,835

783

WiseTech

Global,

Ltd.*

74,596

1,966

WithSecure

Oyj*

2,307

1,127

Xero,

Ltd.*

116,900

4,055,375

Specialty

Retail

(1.5%):

1,200

ABC-Mart,

Inc.

25,479

16,866

Accent

Group,

Ltd.^

27,810

11,912

Adairs,

Ltd.*

17,023

1,300

Adastria

Co.,

Ltd.

30,163

900

Alpen

Co.,

Ltd.

13,362

2,600

AOKI

Holdings,

Inc.

21,617

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

32

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

2,800

Aoyama

Trading

Co.,

Ltd.

$

26,354

3,270

ARCLANDS

Corp.

39,906

4,387

Aritzia,

Inc.*

164,898

1,006

ASOS

plc*

5,771

1,143

Auto1

Group

SE*(a)

12,909

2,500

Autobacs

Seven

Co.,

Ltd.

25,790

613

AutoCanada,

Inc.*

7,294

9,615

Autosports

Group,

Ltd.

13,750

1,895

Avolta

AG

80,349

13,237

BHG

Group

AB*

20,100

2,300

Bic

Camera,

Inc.

25,394

2,768

Bilia

AB,

A

Shares

32,766

34,054

boohoo

Group

plc*

13,572

2,300

Bookoff

Group

Holdings,

Ltd.

21,850

3,245

Byggmax

Group

AB

13,367

2,609

Carasso

Motors,

Ltd.

13,973

16,294

Card

Factory

plc

23,004

3,919

CECONOMY

AG*

14,238

14,275

Cettire,

Ltd.*

18,532

800

Chiyoda

Co.,

Ltd.

5,481

32,200

Chow

Tai

Fook

Jewellery

Group,

Ltd.

35,330

1,435

Clas

Ohlson

AB,

B

Shares

23,852

51,069

Currys

plc*

61,107

4,700

DCM

Holdings

Co.,

Ltd.

51,754

928

Delek

Automotive

Systems,

Ltd.*

5,339

7,507

DFS

Furniture

plc

12,136

291

Dor

Alon

Energy

in

Israel

1988,

Ltd.*

5,898

5,973

Dunelm

Group

plc

92,458

4,928

Eagers

Automotive,

Ltd.

37,168

3,700

EDION

Corp.

47,402

115,950

Esprit

Holdings,

Ltd.*

2,018

1,500

Fast

Retailing

Co.,

Ltd.

497,011

1,026

Fielmann

Group

AG

53,054

917

Fnac

Darty

SA

31,655

358

Fox

Wizel,

Ltd.

27,100

4,126

Frasers

Group

plc*

46,109

2,300

Geo

Holdings

Corp.

24,743

100,000

Giordano

International,

Ltd.

22,148

4,635

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

78,937

10,860

Halfords

Group

plc

21,840

1,000

Honeys

Holdings

Co.,

Ltd.

11,980

485

Hornbach

Holding

AG

&

Co.

KGaA

47,617

13,500

Hour

Glass,

Ltd.

(The)

16,794

2,800

IDOM,

Inc.

21,019

9,403

Industria

de

Diseno

Textil

SA

556,461

3,000

Istyle,

Inc.*

11,347

1,000

Jade

Group,

Inc.

14,443

4,720

JB

Hi-Fi,

Ltd.

261,569

42,663

JD

Sports

Fashion

plc

88,172

700

JINS

Holdings,

Inc.

25,684

1,500

Joshin

Denki

Co.,

Ltd.

28,296

1,900

Joyful

Honda

Co.,

Ltd.

27,553

2,166

Kamux

Corp.

9,620

1,913

Kid

ASA(a)

27,589

67,531

Kingfisher

plc

291,339

26,469

KMD

Brands,

Ltd.*

8,167

900

Kohnan

Shoji

Co.,

Ltd.

23,900

900

Komehyo

Holdings

Co.,

Ltd.

26,499

1,600

Komeri

Co.,

Ltd.

41,286

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

3,300

K's

Holdings

Corp.

$

35,475

1,766

Leon's

Furniture,

Ltd.

39,125

3,441

Lovisa

Holdings,

Ltd.

86,019

9,000

Luk

Fook

Holdings

International,

Ltd.

19,351

531

Maisons

du

Monde

SA(a)

2,282

2,347

Matas

A/S

43,702

1,681

MEKO

AB

23,357

1,563

Mobilezone

Holding

AG,

Registered

Shares

25,403

7,872

Moonpig

Group

PLC*

21,544

6,515

N

Brown

Group

plc*

2,179

1,800

Nextage

Co.,

Ltd.

23,115

4,152

Nick

Scali,

Ltd.

47,665

1,900

Nishimatsuya

Chain

Co.,

Ltd.

32,677

600

Nitori

Holdings

Co.,

Ltd.

91,004

3,600

Nojima

Corp.

50,847

28,290

Oriental

Watch

Holdings

12,966

2,000

PAL

GROUP

Holdings

Co.,

Ltd.

35,328

245

Pet

Valu

Holdings,

Ltd.

4,683

10,167

Pets

at

Home

Group

plc

41,523

4,539

Premier

Investments,

Ltd.

97,037

1,217

Retailors,

Ltd.

21,596

3,570

Rvrc

Holding

AB

16,654

3,200

Sanrio

Co.,

Ltd.

92,316

3,600

Scroll

Corp.

24,188

1,500

Shimamura

Co.,

Ltd.

81,844

2,100

Sleep

Country

Canada

Holdings,

Inc.(a)

54,336

7,699

Super

Retail

Group,

Ltd.

97,037

5,990

Synsam

AB

29,588

1,400

Syuppin

Co.,

Ltd.

12,224

2,600

Temple

&

Webster

Group,

Ltd.*

23,917

900

T-Gaia

Corp.

23,041

919

Unieuro

SpA(a)

11,887

1,600

United

Arrows,

Ltd.

23,120

12,300

USS

Co.,

Ltd.

116,372

13,891

Vertu

Motors

plc

11,173

8,200

VT

Holdings

Co.,

Ltd.

26,875

6,954

Watches

of

Switzerland

Group

plc*(a)

44,538

3,259

WH

Smith

plc

63,651

17,065

Wickes

Group

plc

40,027

900

Workman

Co.,

Ltd.

27,939

800

World

Co.,

Ltd.

10,709

700

Xebio

Holdings

Co.,

Ltd.

6,119

167

XXL

ASA*(a)

980

22,300

Yamada

Holdings

Co.,

Ltd.

69,736

1,900

Yellow

Hat,

Ltd.

34,446

1,582

Zalando

SE*(a)

52,192

1,200

ZOZO,

Inc.

43,617

5,226,550

Technology

Hardware,

Storage

&

Peripherals

(0.3%):

5,000

Brother

Industries,

Ltd.

97,172

3,700

Canon,

Inc.

121,532

1,400

Eizo

Corp.

21,263

1,800

Elecom

Co.,

Ltd.

18,221

8,500

FUJIFILM

Holdings

Corp.

219,272

16,600

Konica

Minolta,

Inc.

47,853

739

Logitech

International

SA,

Class

R

66,140

1,960

Logitech

International

SA,

Class

R,

ADR

175,871

4,000

MCJ

Co.,

Ltd.

42,520

12,000

PC

Partner

Group,

Ltd.

6,546

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

33

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

1,935

Quadient

SA

$

36,230

12,000

Ricoh

Co.,

Ltd.

129,326

5,100

Seiko

Epson

Corp.

94,076

1,500

Toshiba

TEC

Corp.

36,314

4,400

Wacom

Co.,

Ltd.

20,997

1,133,333

Textiles,

Apparel

&

Luxury

Goods

(2.1%):

1,673

adidas

AG

442,788

11,200

Asics

Corp.

234,680

448

Bijou

Brigitte

AG

17,374

1,748

Brunello

Cucinelli

SpA

188,505

1,110

Burberry

Group

plc

10,425

25

Calida

Holding

AG,

Registered

Shares

850

408

Canada

Goose

Holdings,

Inc.,

ADR*

5,112

1,900

Canada

Goose

Holdings,

Inc.*

23,801

18,000

Chow

Sang

Sang

Holdings

International,

Ltd.

16,601

3,912

Cie

Financiere

Richemont

SA,

Registered

Shares

620,327

69,273

Coats

Group

plc

93,167

485

Delta

Galil,

Ltd.

21,965

14,425

Dr

Martens

PLC

10,894

400

Fujibo

Holdings,

Inc.

12,695

4,831

Gildan

Activewear,

Inc.

227,421

1,142

Gildan

Activewear,

Inc.,

ADR

53,800

800

Goldwin,

Inc.

46,109

900

Gunze,

Ltd.

35,328

2,100

Hagihara

Industries,

Inc.

22,554

280

Hermes

International

SCA

688,854

1,529

HUGO

BOSS

AG

69,954

1,500

Japan

Wool

Textile

Co.,

Ltd.

(The)

13,821

607

Kering

SA

173,834

700

Kurabo

Industries,

Ltd.

23,676

3,043

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,336,761

1,211

Marimekko

Oyj

17,605

2,487

Moncler

SpA

157,888

5,144

New

Wave

Group

AB,

Class

B

57,906

5,000

Onward

Holdings

Co.,

Ltd.

18,349

12,688

OVS

SpA(a)

40,929

44,000

Pacific

Textiles

Holdings,

Ltd.

9,301

4,943

Pandora

A/S

814,570

8,100

PRADA

SpA

62,560

2,680

Puma

SE

111,840

7,277

Safilo

Group

SpA*

8,909

1,885

Salvatore

Ferragamo

SpA

14,574

40,200

Samsonite

International

SA(a)

109,187

2,100

Sankyo

Seiko

Co.,

Ltd.

8,509

500

Sanyo

Shokai,

Ltd.

8,314

700

Seiko

Group

Corp.

19,058

17,500

Stella

International

Holdings,

Ltd.

33,045

906

Swatch

Group

AG

(The)

38,889

414

Swatch

Group

AG

(The),

Class

BR

88,855

11,500

Texhong

International

Group,

Ltd.

6,633

60,000

Texwinca

Holdings,

Ltd.

7,593

3,200

TSI

Holdings

Co,

Ltd.

19,568

5,500

Unitika,

Ltd.*

11,991

377

Van

de

Velde

NV

12,631

1,100

Wacoal

Holdings

Corp.

34,376

33,514

Yue

Yuen

Industrial

Holdings,

Ltd.

63,712

7,168,088

Shares

Value

Common

Stocks,

continued

Tobacco

(0.5%):

18,256

British

American

Tobacco

plc

$

665,616

17,335

Imperial

Brands

plc

504,119

13,200

Japan

Tobacco,

Inc.

385,655

2,779

Scandinavian

Tobacco

Group

A/S(a)

42,649

1,598,039

Trading

Companies

&

Distributors

(1.8%):

14,511

Acrow,

Ltd.*

10,947

3,441

AddTech

AB,

B

Shares

103,204

900

ADENTRA,

Inc.

28,225

1,000

Alconix

Corp.

9,512

1,271

Alligo

AB,

Class

B

18,211

8,626

Ashtead

Group

plc

669,436

4,051

Ashtead

Technology

Holdings

plc

30,760

1,440

Azelis

Group

NV

31,556

653

BayWa

AG*

9,271

2,058

Beijer

Ref

AB

33,981

1,271

Bergman

&

Beving

AB

37,205

236

Bossard

Holding

AG,

Registered

Shares

66,468

5,394

Brenntag

SE

402,092

955

Bufab

AB

34,315

1,578

Bunzl

plc

74,642

500

Chori

Co.,

Ltd.

13,117

70,000

CSC

Holdings,

Ltd.*

288

1,200

Daiichi

Jitsugyo

Co.,

Ltd.

19,353

1,991

Diploma

plc

118,325

4,000

Doman

Building

Materials

Group,

Ltd.

22,687

5,900

Finning

International,

Inc.

193,671

7,576

Grafton

Group

plc

105,264

1,700

Hanwa

Co.,

Ltd.

59,111

17,744

Howden

Joinery

Group

plc

215,653

2,336

IMCD

NV

406,076

1,800

Inaba

Denki

Sangyo

Co.,

Ltd.

48,131

2,900

Inabata

&

Co.,

Ltd.

67,399

3,700

ITOCHU

Corp.

198,789

616

Jacquet

Metals

SACA

10,886

5,000

Japan

Pulp

&

Paper

Co.,

Ltd.

23,471

700

Kamei

Corp.

9,500

900

Kanaden

Corp.

9,008

1,700

Kanamoto

Co.,

Ltd.

35,307

4,400

Kanematsu

Corp.

74,438

4,700

KPP

Group

Holdings

Co.,

Ltd.

22,123

900

Kyokuto

Boeki

Kaisha,

Ltd.

9,228

8,000

Marubeni

Corp.

131,256

800

MARUKA

FURUSATO

Corp.

12,586

1,500

Mitani

Corp.

17,209

17,900

Mitsubishi

Corp.

369,953

13,800

Mitsui

&

Co.,

Ltd.

307,345

800

Mitsui

Matsushima

Holdings

Co.,

Ltd.

26,984

1,271

Momentum

Group

AB

22,755

3,800

MonotaRO

Co.,

Ltd.

63,250

4,100

Nagase

&

Co.,

Ltd.

91,407

600

Nichiden

Corp.

14,011

1,200

Nishio

Holdings

Co.,

Ltd.

33,649

3,414

OEM

International

AB,

Class

B

39,832

700

Onoken

Co.,

Ltd.

7,271

22,000

Realord

Group

Holdings,

Ltd.*

15,001

3,537

Reece,

Ltd.

69,850

10,099

Rexel

SA

292,521

2,192

Richelieu

Hardware,

Ltd.

65,000

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

34

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

12,288

RS

GROUP

plc

$

133,476

2,804

Russel

Metals,

Inc.

85,097

2,300

Sanyo

Trading

Co.,

Ltd.

24,171

900

Sato

Shoji

Corp.

8,649

207

Scope

Metals

Group,

Ltd.*

5,958

600

Senshu

Electric

Co.,

Ltd.

21,090

4,416

Seven

Group

Holdings,

Ltd.

131,216

500

Shinsho

Corp.

22,511

22,549

SIG

plc*

5,887

4,200

Sojitz

Corp.

98,898

409

Solar

A/S,

B

Shares

21,506

17,864

Speedy

Hire

plc

8,646

5,800

Sumitomo

Corp.

129,703

130,000

Theme

International

Holdings,

Ltd.

8,092

269

Thermador

Groupe

23,064

600

Tomoe

Engineering

Co.,

Ltd.

18,035

3,093

Toromont

Industries,

Ltd.

301,958

2,100

Totech

Corp.

38,957

12,100

Toyota

Tsusho

Corp.

218,865

9,570

Travis

Perkins

plc

118,795

2,400

Trusco

Nakayama

Corp.

41,410

800

Tsubakimoto

Kogyo

Co.,

Ltd.

9,657

800

Wajax

Corp.

15,085

2,700

Wakita

&

Co.,

Ltd.

32,657

2,700

Yamazen

Corp.

25,602

800

Yuasa

Trading

Co.,

Ltd.

27,791

6,378,306

Transportation

Infrastructure

(0.5%):

1,024

Aena

SME

SA(a)

225,304

660

Aeroports

de

Paris

SA

84,842

20,495

Atlas

Arteria,

Ltd.

69,251

11,636

Auckland

International

Airport,

Ltd.

55,135

2,033

Enav

SpA(a)

9,024

1,122

Flughafen

Zurich

AG,

Registered

Shares

270,056

2,258

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

125,780

7,010

Getlink

SE

125,028

1,618

Hamburger

Hafen

und

Logistik

AG

29,173

182,200

Hutchison

Port

Holdings

Trust

27,519

1,940

James

Fisher

&

Sons

plc*

9,282

2,200

Japan

Airport

Terminal

Co.,

Ltd.

79,135

3,300

Kamigumi

Co.,

Ltd.

74,871

1,500

Mitsubishi

Logistics

Corp.

54,674

400

Nissin

Corp.

11,583

5,399

Port

of

Tauranga,

Ltd.

20,403

34,191

Qube

Holdings,

Ltd.

93,505

7,976

SATS,

Ltd.

22,436

6,900

SIA

Engineering

Co.,

Ltd.

13,003

2,700

Sumitomo

Warehouse

Co.,

Ltd.

(The)

50,702

106

Svitzer

Group

A/S*

4,435

17,817

Transurban

Group*

161,643

1,941

Westshore

Terminals

Investment

Corp.

34,807

1,651,591

Water

Utilities

(0.1%):

7,001

Pennon

Group

plc

55,429

3,229

Severn

Trent

plc

114,073

45,000

SIIC

Environment

Holdings,

Ltd.

5,393

Shares

Value

Common

Stocks,

continued

Water

Utilities,

continued

13,306

United

Utilities

Group

plc

$

186,202

361,097

Wireless

Telecommunication

Services

(0.7%):

2,349

1&1

AG

35,715

50,710

Airtel

Africa

plc(a)

77,426

3,670

Cellcom

Israel,

Ltd.*

16,499

5,950

Freenet

AG

176,941

88,000

Hutchison

Telecommunications

Hong

Kong

Holdings,

Ltd.

11,063

17,100

Japan

Communications,

Inc.*

19,463

18,500

KDDI

Corp.

592,225

1,000

Okinawa

Cellular

Telephone

Co.

27,530

1,324

Orange

Belgium

SA*

21,825

8,995

Partner

Communications

Co.,

Ltd.*

38,788

6,662

Rogers

Communications,

Inc.,

Class

B

267,899

704

Rogers

Communications,

Inc.,

Class

B,

ADR

28,308

35,000

SmarTone

Telecommunications

Holdings,

Ltd.

18,641

248,000

SoftBank

Corp.

323,867

5,500

SoftBank

Group

Corp.

324,730

21,800

StarHub,

Ltd.

20,864

12,355

Tele2

AB,

B

Shares

139,831

401,773

Vodafone

Group

plc

403,196

2,544,811

Total

Common

Stocks

(Cost

$293,221,248)

342,951,778

Preferred

Stocks

(0.4%):

Automobile

Components

(0.0%

†

):

2,535

Schaeffler

AG,

9.71%

13,076

Automobiles

(0.2%):

1,494

Bayerische

Motoren

Werke

AG,

8.10%,

5/15/20

123,525

880

Dr.

Ing

hc

F

Porsche

AG,

3.23%(a)

70,027

3,816

Porsche

Automobil

Holding

SE,

6.23%,

5/20/20

174,523

4,616

Volkswagen

AG,

9.53%,

5/8/20

488,338

856,413

Chemicals

(0.1%):

3,374

FUCHS

SE,

2.54%

163,844

Construction

Materials

(0.0%

†

):

123

STO

SE

&

Co

KGaA,

0.25%

16,729

Ground

Transportation

(0.0%

†

):

910

Sixt

SE,

7.49%

52,974

Health

Care

Equipment

&

Supplies

(0.0%

†

):

509

Draegerwerk

AG

&

Co.

KGaA,

3.85%

26,502

Household

Products

(0.1%):

2,600

Henkel

AG

&

Co.

KGaA,

2.19%,

4/21/20

244,270

Life

Sciences

Tools

&

Services

(0.0%

†

):

145

Sartorius

AG,

0.29%

40,634

Machinery

(0.0%

†

):

2,224

Jungheinrich

AG,

2.77%

66,949

Total

Preferred

Stocks

(Cost

$1,729,442)

1,481,391

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

35

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

Contracts

Value

Warrants

(0.0%

†

):

Metals

&

Mining

(0.0%

†

):

2,352

Arafura

Rare

Earths,

Ltd.,

6/20/25*

$

37

Software

(0.0%

†

):

201

Constellation

Software,

Inc.,

3/31/40*(b)

—

Total

Warrants

(Cost

$—)

37

Shares

Rights

(0.0%

†

):

Building

Products

(0.0%

†

):

6,420

Fletcher

Building,

Ltd.

CVR,

Expires

on

9/25/25*

2,243

Shares

Value

Rights,

continued

Food

Products

(0.0%

†

):

317

Select

Harvests,

Ltd.

CVR,

Expires

on

10/11/24*

$

—

Total

Rights

(Cost

$–)

2,243

Unaffiliated

Investment

Company

(1.2%):

Money

Markets

(1.2%):

3,994,643

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.03%(c)(d)

3,994,643

Total

Unaffiliated

Investment

Company

(Cost

$3,994,643)

3,994,643

Total

Investment

Securities

(Cost

$298,945,333)

—

100.4%

348,430,092

Net

other

assets

(liabilities)

—

(0.4)%

(1,404,998)

Net

Assets

—

100.0%

$

347,025,094

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

NYS—New

York

Shares

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$3,816,466.

(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

September

30,

2024.

(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

September

30,

2024.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

DFA

International

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

36

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

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

September

30,

2024:

(Unaudited)

Country

Percentage

Australia

6.6‌%

Austria

0.5‌%

Belgium

1.1‌%

Bermuda

0.1‌%

Cambodia

—‌%

†

Canada

10.7‌%

Chile

—‌%

†

China

—‌%

†

Curacao

—‌%

†

Cyprus

—‌%

†

Denmark

3.2‌%

Faroe

Islands

—‌%

†

Finland

1.7‌%

France

7.4‌%

Georgia

—‌%

†

Germany

7.1‌%

Greece

—‌%

†

Hong

Kong

1.5‌%

Ireland

0.9‌%

Isle

of

Man

—‌%

†

Israel

0.7‌%

Italy

2.4‌%

Japan

22.7‌%

Jersey

—‌%

†

Jordan

—‌%

†

Liechtenstein

—‌%

†

Luxembourg

0.3‌%

Macau

—‌%

†

Malaysia

—‌%

†

Malta

—‌%

†

Mauritius

—‌%

†

Mexico

—‌%

†

Mongolia

—‌%

†

Netherlands

3.6‌%

New

Zealand

0.4‌%

Norway

0.7‌%

Peru

—‌%

†

Poland

0.1‌%

Portugal

0.3‌%

Russia

—‌%

†

Singapore

1.0‌%

South

Africa

0.1‌%

Spain

2.4‌%

Sweden

2.7‌%

Switzerland

8.0‌%

Taiwan,

Province

Of

China

—‌%

†

United

Arab

Emirates

—‌%

†

United

Kingdom

12.1‌%

United

States

1.7‌%

100.0‌%

†

Represents

less

than

0.05%.

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

37

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.7%):

Aerospace

&

Defense

(1.6%):

1,210

AAR

Corp.*

$

79,086

661

AeroVironment,

Inc.*

132,530

712

Astronics

Corp.*

13,870

415

Astronics

Corp.,

Class

B*

8,155

733

Axon

Enterprise,

Inc.*

292,907

7,126

Boeing

Co.

(The)*

1,083,437

3,558

BWX

Technologies,

Inc.

386,755

1,164

Cadre

Holdings,

Inc.

44,174

685

CPI

Aerostructures,

Inc.*

2,356

1,414

Curtiss-Wright

Corp.

464,768

625

Ducommun,

Inc.*

41,144

2,843

General

Dynamics

Corp.

859,155

842

HEICO

Corp.

220,166

1,285

HEICO

Corp.,

Class

A

261,832

2,472

Hexcel

Corp.

152,844

8,680

Howmet

Aerospace,

Inc.

870,170

1,516

Huntington

Ingalls

Industries,

Inc.

400,800

6,214

Kratos

Defense

&

Security

Solutions,

Inc.*

144,786

3,408

L3Harris

Technologies,

Inc.

810,661

9,451

Leonardo

DRS,

Inc.*

266,707

4,186

Lockheed

Martin

Corp.

2,446,968

3,444

Mercury

Systems,

Inc.*

127,428

1,464

Moog,

Inc.,

Class

A

295,757

343

National

Presto

Industries,

Inc.

25,773

1,734

Northrop

Grumman

Corp.

915,673

953

Park

Aerospace

Corp.

12,417

16,207

RTX

Corp.

1,963,640

4,367

Textron,

Inc.

386,829

665

TransDigm

Group,

Inc.

949,041

1,234

V2X,

Inc.*

68,931

1,880

Woodward,

Inc.

322,439

14,051,199

Air

Freight

&

Logistics

(0.4%):

3,159

Air

Transport

Services

Group,

Inc.*

51,144

4,370

CH

Robinson

Worldwide,

Inc.

482,317

3,261

Expeditors

International

of

Washington,

Inc.

428,496

3,387

FedEx

Corp.

926,954

4,705

GXO

Logistics,

Inc.*

244,989

3,293

Hub

Group,

Inc.,

Class

A

149,667

3,266

Radiant

Logistics,

Inc.*

21,000

11,575

United

Parcel

Service,

Inc.,

Class

B

1,578,136

3,882,703

Automobile

Components

(0.4%):

5,254

Adient

plc*

118,583

10,209

American

Axle

&

Manufacturing

Holdings,

Inc.*

63,092

5,861

Aptiv

plc*

422,051

4,723

Autoliv,

Inc.

440,986

8,809

BorgWarner,

Inc.

319,679

1,256

Cooper-Standard

Holdings,

Inc.*

17,421

7,909

Dana,

Inc.

83,519

1,280

Dorman

Products,

Inc.*

144,794

1,423

Fox

Factory

Holding

Corp.*

59,054

4,300

Garrett

Motion,

Inc.*

35,174

9,431

Gentex

Corp.

280,006

999

Gentherm,

Inc.*

46,503

15,806

Goodyear

Tire

&

Rubber

Co.

(The)*

139,883

1,038

LCI

Industries

125,121

Shares

Value

Common

Stocks,

continued

Automobile

Components,

continued

2,540

Lear

Corp.

$

277,241

2,390

Modine

Manufacturing

Co.*

317,368

1,190

Motorcar

Parts

of

America,

Inc.*

8,794

1,356

Patrick

Industries,

Inc.

193,054

1,374

Phinia,

Inc.

63,245

616

Standard

Motor

Products,

Inc.

20,451

587

Stoneridge,

Inc.*

6,569

275

Strattec

Security

Corp.*

11,731

1,184

Visteon

Corp.*

112,764

1,310

XPEL,

Inc.*

56,815

3,363,898

Automobiles

(0.9%):

96,820

Ford

Motor

Co.

1,022,419

30,888

General

Motors

Co.

1,385,018

7,701

Harley-Davidson,

Inc.

296,719

4,690

Lucid

Group,

Inc.*^

16,556

31,135

Rivian

Automotive,

Inc.,

Class

A*

349,335

17,928

Tesla,

Inc.*

4,690,503

2,301

Thor

Industries,

Inc.

252,857

1,509

Winnebago

Industries,

Inc.

87,688

8,101,095

Banks

(4.5%):

859

1st

Source

Corp.

51,437

504

ACNB

Corp.

22,010

1,092

Amalgamated

Financial

Corp.

34,256

3,429

Ameris

Bancorp

213,935

704

Ames

National

Corp.

12,834

1,076

Arrow

Financial

Corp.

30,838

8,497

Associated

Banc-Corp.

183,025

5,101

Atlantic

Union

Bankshares

Corp.

192,155

3,462

Axos

Financial,

Inc.*

217,691

3,663

Banc

of

California,

Inc.

53,956

1,452

BancFirst

Corp.

152,823

2,831

Bancorp,

Inc.

(The)*

151,458

81,971

Bank

of

America

Corp.

3,252,609

1,028

Bank

of

Hawaii

Corp.

64,528

724

Bank

of

Marin

Bancorp

14,545

3,254

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

120,007

6,593

Bank

OZK

283,433

1,591

BankFinancial

Corp.

19,378

4,263

BankUnited,

Inc.

155,344

2,014

Banner

Corp.

119,954

433

Bar

Harbor

Bankshares

13,354

842

BCB

Bancorp,

Inc.

10,390

1,898

Berkshire

Hills

Bancorp,

Inc.

51,113

2,482

BOK

Financial

Corp.

259,667

2,707

Brookline

Bancorp,

Inc.

27,314

280

Burke

&

Herbert

Financial

Services

Corp.

17,077

977

Byline

Bancorp,

Inc.

26,154

74

C&F

Financial

Corp.

4,318

10,276

Cadence

Bank

327,291

843

Camden

National

Corp.

34,833

489

Capital

City

Bank

Group,

Inc.

17,257

10,139

Capitol

Federal

Financial,

Inc.

59,212

1,023

Carter

Bankshares,

Inc.*

17,790

4,087

Cathay

General

Bancorp

175,537

1,402

Central

Pacific

Financial

Corp.

41,373

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

38

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

377

Chemung

Financial

Corp.

$

18,103

22,389

Citigroup,

Inc.

1,401,551

943

Citizens

&

Northern

Corp.

18,568

8,084

Citizens

Financial

Group,

Inc.

332,010

604

City

Holding

Co.

70,904

938

Civista

Bancshares,

Inc.

16,715

735

CNB

Financial

Corp.

17,684

56

Colony

Bankcorp,

Inc.

869

4,298

Columbia

Financial,

Inc.*

73,367

4,595

Comerica,

Inc.

275,286

3,093

Commerce

Bancshares,

Inc.

183,724

3,029

Community

Financial

System,

Inc.

175,894

517

Community

Trust

Bancorp,

Inc.

25,674

933

Community

West

Bancshares

17,970

1,154

ConnectOne

Bancorp,

Inc.

28,908

2,242

Cullen/Frost

Bankers,

Inc.

250,790

1,643

Customers

Bancorp,

Inc.*

76,317

4,697

CVB

Financial

Corp.

83,701

1,876

Dime

Community

Bancshares,

Inc.

54,029

1,065

Eagle

Bancorp,

Inc.

24,048

4,861

East

West

Bancorp,

Inc.

402,199

6,152

Eastern

Bankshares,

Inc.

100,831

2,103

Enterprise

Financial

Services

Corp.

107,800

682

Equity

Bancshares,

Inc.,

Class

A

27,880

855

ESSA

Bancorp,

Inc.

16,433

312

Evans

Bancorp,

Inc.

12,159

1,329

Farmers

National

Banc

Corp.

20,094

1,860

FB

Financial

Corp.

87,290

15,437

Fifth

Third

Bancorp

661,321

1,053

Financial

Institutions,

Inc.

26,820

8,462

First

BanCorp

179,141

814

First

Bancorp,

Inc.

(The)

21,424

2,566

First

Bancorp/Southern

Pines

NC

106,720

611

First

Bancshares,

Inc.

(The)

19,631

2,494

First

Busey

Corp.

64,894

664

First

Business

Financial

Services,

Inc.

30,272

408

First

Capital,

Inc.

14,264

237

First

Citizens

BancShares,

Inc.,

Class

A

436,305

6,217

First

Commonwealth

Financial

Corp.

106,622

512

First

Community

Bankshares,

Inc.

22,093

4,544

First

Financial

Bancorp

114,645

6,313

First

Financial

Bankshares,

Inc.

233,644

536

First

Financial

Corp.

23,504

733

First

Financial

Northwest,

Inc.

16,507

1,155

First

Foundation,

Inc.

7,207

7,191

First

Hawaiian,

Inc.

166,472

17,798

First

Horizon

Corp.

276,403

4,307

First

Interstate

BancSystem,

Inc.,

Class

A

132,139

3,120

First

Merchants

Corp.

116,064

660

First

Mid

Bancshares,

Inc.

25,681

1,573

First

of

Long

Island

Corp.

(The)

20,244

2,253

Flushing

Financial

Corp.

32,849

20,310

FNB

Corp.

286,574

9,404

Fulton

Financial

Corp.

170,494

769

German

American

Bancorp,

Inc.

29,799

6,173

Glacier

Bancorp,

Inc.

282,106

397

Great

Southern

Bancorp,

Inc.

22,752

16

Greene

County

Bancorp,

Inc.

494

4,066

Hancock

Whitney

Corp.

208,057

Shares

Value

Common

Stocks,

continued

Banks,

continued

2,408

Hanmi

Financial

Corp.

$

44,789

1,642

HarborOne

Bancorp,

Inc.

21,313

45

Hawthorn

Bancshares,

Inc.

1,126

636

HBT

Financial,

Inc.

13,916

2,376

Heartland

Financial

USA,

Inc.

134,719

2,010

Heritage

Commerce

Corp.

19,859

1,197

Heritage

Financial

Corp.

26,059

2,750

Hilltop

Holdings,

Inc.

88,440

62

Hingham

Institution

For

Savings

(The)^

15,085

11,467

Home

BancShares,

Inc.

310,641

628

HomeStreet,

Inc.

9,897

484

HomeTrust

Bancshares,

Inc.

16,495

4,470

Hope

Bancorp,

Inc.

56,143

1,071

Horizon

Bancorp,

Inc.

16,654

28,418

Huntington

Bancshares,

Inc.

417,745

413

IF

Bancorp,

Inc.

8,045

2,109

Independent

Bank

Corp.,

Massachusetts

124,705

855

Independent

Bank

Corp.,

Michigan

28,514

2,348

Independent

Bank

Group,

Inc.

135,386

3,500

International

Bancshares

Corp.

209,265

40,137

JPMorgan

Chase

&

Co.

8,463,288

2,442

Kearny

Financial

Corp.

16,777

1,249

Kentucky

First

Federal

Bancorp

3,410

16,303

KeyCorp

273,075

750

Lake

Shore

Bancorp,

Inc.

10,117

1,343

Lakeland

Financial

Corp.

87,456

607

Landmark

Bancorp,

Inc.

12,255

712

LCNB

Corp.

10,730

2,203

Live

Oak

Bancshares,

Inc.

104,356

3,506

M&T

Bank

Corp.

624,489

472

Mercantile

Bank

Corp.

20,636

684

Metrocity

Bankshares,

Inc.

20,944

241

Midland

States

Bancorp,

Inc.

5,394

638

MidWestOne

Financial

Group,

Inc.

18,202

1,928

National

Bank

Holdings

Corp.,

Class

A

81,169

514

National

Bankshares,

Inc.

15,369

1,885

NBT

Bancorp,

Inc.

83,374

3,344

New

York

Community

Bancorp,

Inc.

37,553

373

Nicolet

Bankshares,

Inc.

35,670

1,501

Northfield

Bancorp,

Inc.

17,412

510

Northrim

Bancorp,

Inc.

36,322

7,376

Northwest

Bancshares,

Inc.

98,691

511

Norwood

Financial

Corp.

14,093

3,803

OceanFirst

Financial

Corp.

70,698

2,292

OFG

Bancorp

102,957

440

Ohio

Valley

Banc

Corp.

10,666

13,092

Old

National

Bancorp

244,297

2,225

Old

Second

Bancorp,

Inc.

34,688

2,023

Origin

Bancorp,

Inc.

65,060

712

Orrstown

Financial

Services,

Inc.

25,603

5,352

Pacific

Premier

Bancorp,

Inc.

134,656

939

Park

National

Corp.

157,733

1,240

Pathward

Financial,

Inc.

81,852

1,165

Peapack-Gladstone

Financial

Corp.

31,933

546

Penns

Woods

Bancorp,

Inc.

12,987

608

Peoples

Bancorp

of

North

Carolina,

Inc.

15,437

1,117

Peoples

Bancorp,

Inc.

33,610

2,752

Pinnacle

Financial

Partners,

Inc.

269,613

4,858

PNC

Financial

Services

Group,

Inc.

(The)

898,001

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

39

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

3,211

Popular,

Inc.

$

321,967

432

Preferred

Bank

34,668

1,369

Premier

Financial

Corp.

32,144

707

Primis

Financial

Corp.

8,611

4,199

Prosperity

Bancshares,

Inc.

302,622

679

Provident

Financial

Holdings,

Inc.

9,744

5,890

Provident

Financial

Services,

Inc.

109,318

606

QCR

Holdings,

Inc.

44,862

487

RBB

Bancorp

11,211

16,778

Regions

Financial

Corp.

391,431

2,793

Renasant

Corp.

90,772

917

Republic

Bancorp,

Inc.,

Class

A

59,880

420

Riverview

Bancorp,

Inc.

1,978

1,756

S&T

Bancorp,

Inc.

73,699

3,092

Sandy

Spring

Bancorp,

Inc.

96,996

1,366

Seacoast

Banking

Corp.

of

Florida

36,404

2,422

ServisFirst

Bancshares,

Inc.

194,850

1,113

Shore

Bancshares,

Inc.

15,571

1,028

Sierra

Bancorp

29,689

7,336

Simmons

First

National

Corp.,

Class

A

158,017

100

South

Plains

Financial,

Inc.

3,392

561

Southern

Missouri

Bancorp,

Inc.

31,691

950

Southside

Bancshares,

Inc.

31,758

3,397

SouthState

Corp.

330,120

1,230

Stellar

Bancorp,

Inc.

31,845

1,764

Sterling

Bancorp,

Inc.*

8,026

1,460

Stock

Yards

Bancorp,

Inc.

90,505

7,312

Synovus

Financial

Corp.

325,165

733

Territorial

Bancorp,

Inc.

7,652

2,021

Texas

Capital

Bancshares,

Inc.*

144,421

9,473

TFS

Financial

Corp.

121,823

490

Tompkins

Financial

Corp.

28,317

4,196

Towne

Bank

138,720

1,020

TriCo

Bancshares

43,503

1,001

Triumph

Financial,

Inc.*

79,619

15,401

Truist

Financial

Corp.

658,701

559

TrustCo

Bank

Corp.

18,486

2,995

Trustmark

Corp.

95,301

2,481

UMB

Financial

Corp.

260,778

7,589

United

Bankshares,

Inc.

281,552

6,479

United

Community

Banks,

Inc.

188,409

1,190

United

Security

Bancshares

10,365

42

Unity

Bancorp,

Inc.

1,430

850

Univest

Financial

Corp.

23,919

24,949

US

Bancorp

1,140,918

23,069

Valley

National

Bancorp

209,005

1,827

Veritex

Holdings,

Inc.

48,087

4,015

WaFd,

Inc.

139,923

501

Washington

Trust

Bancorp,

Inc.

16,137

6,354

Webster

Financial

Corp.

296,160

44,105

Wells

Fargo

&

Co.

2,491,491

3,211

WesBanco,

Inc.

95,624

1,062

West

BanCorp,

Inc.

20,189

1,793

Westamerica

BanCorp

88,610

3,240

Western

Alliance

Bancorp

280,228

1,498

Western

New

England

Bancorp,

Inc.

12,733

3,553

Wintrust

Financial

Corp.

385,607

3,462

WSFS

Financial

Corp.

176,527

Shares

Value

Common

Stocks,

continued

Banks,

continued

5,146

Zions

Bancorp

NA

$

242,994

38,808,370

Beverages

(1.2%):

285

Boston

Beer

Co.,

Inc.

(The),

Class

A*

82,405

1,890

Brown-Forman

Corp.,

Class

A

90,871

6,467

Brown-Forman

Corp.,

Class

B

318,176

4,834

Celsius

Holdings,

Inc.*

151,594

53,372

Coca-Cola

Co.

(The)

3,835,312

357

Coca-Cola

Consolidated,

Inc.

469,955

2,527

Constellation

Brands,

Inc.,

Class

A

651,183

3,686

Duckhorn

Portfolio,

Inc.

(The)*

21,416

26,712

Keurig

Dr

Pepper,

Inc.

1,001,166

838

MGP

Ingredients,

Inc.

69,763

4,528

Molson

Coors

Beverage

Co.,

Class

B

260,451

7,603

Monster

Beverage

Corp.*

396,648

3,010

National

Beverage

Corp.

141,289

18,014

PepsiCo,

Inc.

3,063,281

1,562

Vita

Coco

Co.,

Inc.

(The)*

44,220

10,597,730

Biotechnology

(2.0%):

25,526

AbbVie,

Inc.

5,040,874

2,485

ACADIA

Pharmaceuticals,

Inc.*

38,219

396

Adverum

Biotechnologies,

Inc.*

2,780

3,000

Alector,

Inc.*

13,980

6,056

Alkermes

plc*

169,507

6,160

Allakos,

Inc.*

4,024

4,027

Allogene

Therapeutics,

Inc.*

11,276

2,071

Alnylam

Pharmaceuticals,

Inc.*

569,587

4,823

Altimmune,

Inc.*^

29,613

7,340

Amgen,

Inc.

2,365,021

955

Anika

Therapeutics,

Inc.*

23,588

2,832

Arcus

Biosciences,

Inc.*

43,301

3,076

Beam

Therapeutics,

Inc.*

75,362

2,813

Biogen,

Inc.*

545,272

2,699

BioMarin

Pharmaceutical,

Inc.*

189,713

1,469

Bluebird

Bio,

Inc.*

763

2,711

Catalyst

Pharmaceuticals,

Inc.*

53,895

3,031

CRISPR

Therapeutics

AG*

142,396

2,822

Day

One

Biopharmaceuticals,

Inc.*

39,310

5,538

Denali

Therapeutics,

Inc.*

161,322

7,054

Dynavax

Technologies

Corp.*

78,582

1,370

Editas

Medicine,

Inc.*

4,672

1,656

Emergent

BioSolutions,

Inc.*

13,828

585

Enanta

Pharmaceuticals,

Inc.*

6,061

5,756

Exact

Sciences

Corp.*

392,099

11,465

Exelixis,

Inc.*

297,517

5,379

Fate

Therapeutics,

Inc.*

18,827

24,465

Gilead

Sciences,

Inc.

2,051,146

430

GRAIL,

Inc.*

5,917

3,331

Halozyme

Therapeutics,

Inc.*

190,666

2,337

Ideaya

Biosciences,

Inc.*

74,036

7,038

Incyte

Corp.*

465,212

3,835

Intellia

Therapeutics,

Inc.*

78,809

1,306

iTeos

Therapeutics,

Inc.*

13,334

200

Kodiak

Sciences,

Inc.*

522

664

Krystal

Biotech,

Inc.*

120,868

1,156

Kura

Oncology,

Inc.*

22,588

1,449

MacroGenics,

Inc.*

4,767

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

40

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

2,731

Moderna,

Inc.*

$

182,513

3,861

Myriad

Genetics,

Inc.*

105,753

2,091

Natera,

Inc.,

ADR*

265,452

1,298

Neurocrine

Biosciences,

Inc.*

149,556

24,422

PDL

BioPharma,

Inc.*

29,306

4,602

Poseida

Therapeutics,

Inc.*

13,162

1,321

Prothena

Corp

PLC*

22,100

4,160

Recursion

Pharmaceuticals,

Inc.,

Class

A*^

27,414

1,031

Regeneron

Pharmaceuticals,

Inc.*

1,083,828

1,759

REGENXBIO,

Inc.*

18,452

3,704

Relay

Therapeutics,

Inc.*

26,224

2,810

Replimune

Group,

Inc.*

30,798

1,042

Rocket

Pharmaceuticals,

Inc.*

19,246

1,793

Sage

Therapeutics,

Inc.*

12,945

2,916

Sangamo

Therapeutics,

Inc.*

2,526

1,722

Sarepta

Therapeutics,

Inc.*

215,061

638

SpringWorks

Therapeutics,

Inc.*

20,442

1,347

United

Therapeutics

Corp.*

482,697

1,179

Vanda

Pharmaceuticals,

Inc.*

5,530

3,450

Veracyte,

Inc.*

117,438

638

Vericel

Corp.*

26,955

2,262

Vertex

Pharmaceuticals,

Inc.*

1,052,011

4,355

Vir

Biotechnology,

Inc.*

32,619

2,800

Voyager

Therapeutics,

Inc.*

16,380

3,099

Xencor,

Inc.*

62,321

2,020

Zentalis

Pharmaceuticals,

Inc.*

7,434

17,387,417

Broadline

Retail

(2.6%):

111,117

Amazon.com,

Inc.*

20,704,430

715

Dillard's,

Inc.,

Class

A

274,338

15,455

eBay,

Inc.

1,006,275

3,541

Etsy,

Inc.*

196,632

5,359

Kohl's

Corp.

113,075

15,507

Macy's,

Inc.

243,305

8,896

Nordstrom,

Inc.

200,071

2,669

Ollie's

Bargain

Outlet

Holdings,

Inc.*

259,427

8,810

Qurate

Retail,

Inc.,

Class

A*

5,375

23,002,928

Building

Products

(1.2%):

4,560

A

O

Smith

Corp.

409,625

3,164

AAON,

Inc.

341,206

2,768

Advanced

Drainage

Systems,

Inc.

435,019

1,489

Allegion

plc

217,007

1,959

Allegion

plc

285,505

515

American

Woodmark

Corp.*

48,127

1,085

Apogee

Enterprises,

Inc.

75,966

1,623

Armstrong

World

Industries,

Inc.

213,311

5,175

AZEK

Co.,

Inc.

(The)*

242,190

394

AZZ,

Inc.

32,548

4,888

Builders

FirstSource,

Inc.*

947,588

1,147

Carlisle

Cos.,

Inc.

515,863

11,406

Carrier

Global

Corp.

918,069

547

CSW

Industrials,

Inc.

200,415

1,158

Distribution

Solutions

Group,

Inc.*

44,595

3,904

Fortune

Brands

Innovations,

Inc.

349,525

1,430

Gibraltar

Industries,

Inc.*

100,000

1,993

Griffon

Corp.

139,510

7,176

Hayward

Holdings,

Inc.*

110,080

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

1,209

Insteel

Industries,

Inc.

$

37,588

7,796

Janus

International

Group,

Inc.*

78,817

3,895

JELD-WEN

Holding,

Inc.*

61,580

10,632

Johnson

Controls

International

plc

825,149

717

Lennox

International,

Inc.

433,276

3,336

Masco

Corp.

280,024

5,076

Masterbrand,

Inc.*

94,109

3,785

Owens

Corning

668,128

1,160

Quanex

Building

Products

Corp.

32,190

5,771

Resideo

Technologies,

Inc.*

116,228

1,864

Simpson

Manufacturing

Co.,

Inc.

356,527

2,657

Tecnoglass,

Inc.

182,430

2,828

Trane

Technologies

plc

1,099,328

3,503

Trex

Co.,

Inc.*

233,230

2,368

UFP

Industries,

Inc.

310,705

5,205

Zurn

Elkay

Water

Solutions

Corp.

187,068

10,622,526

Capital

Markets

(2.8%):

1,086

Affiliated

Managers

Group,

Inc.

193,091

3,122

Ameriprise

Financial,

Inc.

1,466,747

1,707

Ares

Management

Corp.,

Class

A

266,019

2,793

Artisan

Partners

Asset

Management,

Inc.,

Class

A

120,993

734

B

Riley

Financial,

Inc.^

3,854

15,742

Bank

of

New

York

Mellon

Corp.

(The)

1,131,220

14,510

BGC

Group,

Inc.,

Class

A

133,202

1,257

Blackrock

Finance,

Inc.

1,193,534

2,976

Blackstone,

Inc.

455,715

902

Brightsphere

Investment

Group,

Inc.

22,911

6,213

Carlyle

Group,

Inc.

(The)

267,532

1,987

Cboe

Global

Markets,

Inc.

407,077

19,440

Charles

Schwab

Corp.

(The)

1,259,906

3,279

CME

Group,

Inc.

723,511

1,962

Cohen

&

Steers,

Inc.

188,254

1,533

Coinbase

Global,

Inc.,

Class

A*

273,135

190

Diamond

Hill

Investment

Group,

Inc.

30,706

1,257

Donnelley

Financial

Solutions,

Inc.*

82,748

724

FactSet

Research

Systems,

Inc.

332,931

3,756

Federated

Hermes,

Inc.

138,108

10,808

Franklin

Resources,

Inc.

217,781

3,913

Goldman

Sachs

Group,

Inc.

(The)

1,937,365

1,178

Hamilton

Lane,

Inc.,

Class

A

198,363

211

Hennessy

Advisors,

Inc.

2,100

1,904

Houlihan

Lokey,

Inc.

300,870

855

Interactive

Brokers

Group,

Inc.

119,153

4,997

Intercontinental

Exchange,

Inc.

802,718

16,075

Invesco,

Ltd.

282,277

8,792

Janus

Henderson

Group

plc

334,711

6,472

Jefferies

Financial

Group,

Inc.

398,352

5,242

KKR

&

Co.,

Inc.

684,500

2,466

LPL

Financial

Holdings,

Inc.

573,666

1,125

MarketAxess

Holdings,

Inc.

288,225

2,124

Moody's

Corp.

1,008,029

16,459

Morgan

Stanley

1,715,686

823

Morningstar,

Inc.

262,636

1,211

MSCI,

Inc.

705,928

9,300

Nasdaq,

Inc.,

ADR

678,993

3,545

Northern

Trust

Corp.

319,156

1,608

Open

Lending

Corp.*

9,841

365

Oppenheimer

Holdings,

Inc.,

Class

A

18,673

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

41

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

804

Piper

Sandler

Cos.

$

228,183

394

PJT

Partners,

Inc.,

Class

A

52,536

4,778

Raymond

James

Financial,

Inc.

585,114

12,403

Robinhood

Markets,

Inc.,

Class

A*

290,478

2,734

S&P

Global,

Inc.

1,412,439

4,782

SEI

Investments

Co.

330,867

660

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

11,378

6,081

State

Street

Corp.

537,986

640

StepStone

Group,

Inc.,

Class

A

36,371

3,755

Stifel

Financial

Corp.

352,595

1,788

StoneX

Group,

Inc.*

146,402

4,711

T.

Rowe

Price

Group,

Inc.

513,169

1,319

Tradeweb

Markets,

Inc.,

Class

A

163,121

1,975

Victory

Capital

Holdings,

Inc.,

Class

A

109,415

4,929

Virtu

Financial,

Inc.,

Class

A

150,137

429

Virtus

Investment

Partners,

Inc.

89,854

425

Westwood

Holdings

Group,

Inc.

6,035

7,092

WisdomTree,

Inc.

70,849

24,637,146

Chemicals

(2.0%):

1,366

AdvanSix,

Inc.

41,499

2,724

Air

Products

and

Chemicals,

Inc.

811,044

2,265

Albemarle

Corp.

214,518

1,157

American

Vanguard

Corp.

6,132

16,744

Arcadium

Lithium

plc*

47,720

2,022

Ashland,

Inc.

175,853

2,280

Aspen

Aerogels,

Inc.*

63,133

3,665

Avient

Corp.

184,423

12,056

Axalta

Coating

Systems,

Ltd.*

436,307

1,038

Balchem

Corp.

182,688

2,577

Cabot

Corp.

288,031

2,236

Celanese

Corp.

304,007

7,606

CF

Industries

Holdings,

Inc.

652,595

1,736

Chemours

Co.

(The)

35,276

13,259

Corteva,

Inc.

779,497

15,153

Dow,

Inc.

827,808

7,160

DuPont

de

Nemours,

Inc.

638,028

4,969

Eastman

Chemical

Co.

556,280

3,323

Ecolab,

Inc.

848,462

4,830

Ecovyst,

Inc.*

33,086

11,145

Element

Solutions,

Inc.

302,698

3,723

FMC

Corp.

245,495

629

Hawkins,

Inc.

80,179

2,188

HB

Fuller

Co.

173,683

8,216

Huntsman

Corp.

198,827

1,105

Ingevity

Corp.*

43,095

976

Innospec,

Inc.

110,376

4,951

International

Flavors

&

Fragrances,

Inc.

519,508

1,037

Intrepid

Potash,

Inc.*

24,888

783

Koppers

Holdings,

Inc.

28,603

2,011

Kronos

Worldwide,

Inc.

25,037

5,851

Linde

plc

2,790,108

5,203

LSB

Industries,

Inc.*

41,832

10,564

LyondellBasell

Industries

NV,

Class

A

1,013,088

3,598

Mativ

Holdings,

Inc.

61,130

1,528

Minerals

Technologies,

Inc.

118,007

10,737

Mosaic

Co.

(The)

287,537

505

NewMarket

Corp.

278,704

8,275

Olin

Corp.

397,034

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

3,864

Orion

SA

$

68,818

5,387

Perimeter

Solutions

SA*

72,455

6,733

PPG

Industries,

Inc.

891,853

820

Quaker

Chemical

Corp.

138,162

3,631

Rayonier

Advanced

Materials,

Inc.*

31,081

3,014

RPM

International,

Inc.

364,694

1,384

Sensient

Technologies

Corp.

111,024

3,832

Sherwin-Williams

Co.

(The)

1,462,559

1,042

Stepan

Co.

80,495

8,722

Tronox

Holdings

plc

127,603

1,374

Westlake

Corp.

206,498

17,421,458

Commercial

Services

&

Supplies

(0.9%):

2,950

ABM

Industries,

Inc.

155,642

2,927

ACCO

Brands

Corp.

16,011

1,392

ACV

Auctions,

Inc.,

Class

A*

28,299

1,452

Brady

Corp.,

Class

A

111,267

3,454

BrightView

Holdings,

Inc.*

54,366

1,624

Brink's

Co.

(The)

187,799

2,141

Casella

Waste

Systems,

Inc.*

213,008

2,003

CECO

Environmental

Corp.*

56,485

1,318

Cimpress

plc*

107,971

5,516

Cintas

Corp.

1,135,634

433

Civeo

Corp.

11,864

2,368

Clean

Harbors,

Inc.*

572,369

7,411

Copart,

Inc.*

388,336

1,498

Deluxe

Corp.

29,196

4,985

Driven

Brands

Holdings,

Inc.*

71,136

1,613

Ennis,

Inc.

39,228

2,503

Enviri

Corp.*

25,881

2,148

Healthcare

Services

Group,

Inc.*

23,993

2,460

HNI

Corp.

132,446

2,041

Interface,

Inc.

38,718

1,736

Liquidity

Services,

Inc.*

39,581

919

Matthews

International

Corp.,

Class

A

21,321

3,432

MillerKnoll,

Inc.

84,976

400

Montrose

Environmental

Group,

Inc.*

10,520

1,150

MSA

Safety,

Inc.

203,941

1,552

NL

Industries,

Inc.

11,531

5,118

OPENLANE,

Inc.*

86,392

2,606

Quad/Graphics,

Inc.

11,831

3,654

Republic

Services,

Inc.

733,869

8,305

Rollins,

Inc.

420,067

2,563

Steelcase,

Inc.,

Class

A

34,575

4,513

Stericycle,

Inc.*

275,293

7,635

Tetra

Tech,

Inc.

360,067

615

UniFirst

Corp.

122,170

2,205

Veralto

Corp.

246,651

5,416

Vestis

Corp.

80,698

1,003

Viad

Corp.*

35,938

824

VSE

Corp.

68,170

6,127

Waste

Management,

Inc.

1,271,965

7,519,205

Communications

Equipment

(0.8%):

752

Applied

Optoelectronics,

Inc.*

10,761

2,426

Arista

Networks,

Inc.*

931,147

1,990

Calix,

Inc.*

77,192

4,765

Ciena

Corp.*

293,476

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

42

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Communications

Equipment,

continued

58,799

Cisco

Systems,

Inc.

$

3,129,283

756

Comtech

Telecommunications

Corp.*

3,636

1,262

Digi

International,

Inc.*

34,743

1,985

Extreme

Networks,

Inc.*

29,834

1,768

F5,

Inc.*

389,314

2,194

Harmonic,

Inc.*

31,967

2,944

Infinera

Corp.*

19,872

12,006

Juniper

Networks,

Inc.

467,994

909

KVH

Industries,

Inc.*

4,390

2,677

Lumentum

Holdings,

Inc.*

169,668

2,539

Motorola

Solutions,

Inc.

1,141,611

1,010

NETGEAR,

Inc.*

20,261

2,564

NetScout

Systems,

Inc.*

55,767

3,679

Ribbon

Communications,

Inc.*

11,957

18,618

Sirius

XM

Holdings,

Inc.*

440,316

2,004

Viasat,

Inc.*

23,928

7,865

Viavi

Solutions,

Inc.*

70,942

7,358,059

Construction

&

Engineering

(0.6%):

2,920

AECOM

301,548

1,759

Ameresco,

Inc.,

Class

A*

66,736

7,278

API

Group

Corp.*

240,320

2,696

Arcosa,

Inc.

255,473

455

Argan,

Inc.

46,151

125

Cadeler

A/S,

ADR*

3,523

1,454

Comfort

Systems

USA,

Inc.

567,569

1,733

Concrete

Pumping

Holdings,

Inc.*

10,034

1,213

Construction

Partners,

Inc.,

Class

A*

84,667

1,520

Dycom

Industries,

Inc.*

299,592

1,114

EMCOR

Group,

Inc.

479,610

5,880

Fluor

Corp.*

280,535

1,277

Granite

Construction,

Inc.

101,241

2,266

Great

Lakes

Dredge

&

Dock

Corp.*

23,861

770

IES

Holdings,

Inc.*

153,707

2,285

MasTec,

Inc.*

281,284

1,750

Matrix

Service

Co.*

20,177

9,107

MDU

Resources

Group,

Inc.

249,623

781

MYR

Group,

Inc.*

79,842

2,101

Orion

Group

Holdings,

Inc.*

12,123

2,465

Primoris

Services

Corp.

143,167

2,469

Quanta

Services,

Inc.

736,132

1,469

Sterling

Infrastructure,

Inc.*

213,034

1,648

Tutor

Perini

Corp.*

44,760

881

Valmont

Industries,

Inc.

255,446

7,973

WillScot

Holdings

Corp.*

299,785

5,249,940

Construction

Materials

(0.2%):

1,330

Eagle

Materials,

Inc.

382,575

2,276

Knife

River

Corp.*

203,452

1,198

Martin

Marietta

Materials,

Inc.

644,823

655

United

States

Lime

&

Minerals,

Inc.

63,967

2,753

Vulcan

Materials

Co.

689,434

1,984,251

Consumer

Finance

(0.8%):

12,905

Ally

Financial,

Inc.

459,289

9,268

American

Express

Co.

2,513,482

283

Atlanticus

Holdings

Corp.*

9,928

Shares

Value

Common

Stocks,

continued

Consumer

Finance,

continued

2,807

Bread

Financial

Holdings,

Inc.

$

133,557

5,510

Capital

One

Financial

Corp.

825,012

1,912

Consumer

Portfolio

Services,

Inc.*

17,934

445

Credit

Acceptance

Corp.*

197,322

6,261

Discover

Financial

Services

878,356

1,171

Encore

Capital

Group,

Inc.*

55,353

1,657

Enova

International,

Inc.*

138,840

3,948

EZCORP,

Inc.,

Class

A*

44,257

1,863

FirstCash

Holdings,

Inc.

213,872

1,425

Green

Dot

Corp.,

Class

A*

16,687

5,431

LendingClub

Corp.*

62,076

194

LendingTree,

Inc.*

11,258

6,497

Navient

Corp.

101,288

1,504

Nelnet,

Inc.,

Class

A

170,373

750

Old

Market

Capital

Corp.*

4,762

6,152

OneMain

Holdings,

Inc.

289,575

2,635

PRA

Group,

Inc.*

58,919

2,187

PROG

Holdings,

Inc.

106,048

568

Regional

Management

Corp.

18,579

12,069

SLM

Corp.

276,018

30,929

SoFi

Technologies,

Inc.*

243,102

9,833

Synchrony

Financial

490,470

237

World

Acceptance

Corp.*

27,961

7,364,318

Consumer

Staples

Distribution

&

Retail

(2.0%):

25,487

Albertsons

Cos.,

Inc.,

Class

A

471,000

1,610

Andersons,

Inc.

(The)

80,725

1,614

Casey's

General

Stores,

Inc.

606,396

1,143

Chefs'

Warehouse,

Inc.

(The)*

48,017

5,463

Costco

Wholesale

Corp.

4,843,059

8,028

Dollar

General

Corp.

678,928

6,242

Dollar

Tree,

Inc.*

438,937

5,206

Grocery

Outlet

Holding

Corp.*

91,365

613

Ingles

Markets,

Inc.,

Class

A

45,730

27,839

Kroger

Co.

(The)

1,595,175

1,720

Natural

Grocers

by

Vitamin

Cottage,

Inc.

51,067

6,901

Performance

Food

Group

Co.*

540,831

1,664

PriceSmart,

Inc.

152,722

2,949

SpartanNash

Co.

66,087

4,004

Sprouts

Farmers

Market,

Inc.*

442,082

12,010

Sysco

Corp.

937,501

8,019

Target

Corp.

1,249,841

3,889

United

Natural

Foods,

Inc.*

65,413

10,697

US

Foods

Holding

Corp.*

657,865

738

Village

Super

Market,

Inc.,

Class

A

23,461

16,658

Walgreens

Boots

Alliance,

Inc.

149,256

55,002

Walmart,

Inc.

4,441,412

857

Weis

Markets,

Inc.

59,073

17,735,943

Containers

&

Packaging

(0.7%):

54,234

Amcor

plc

614,471

2,442

AptarGroup,

Inc.

391,184

2,194

Avery

Dennison

Corp.

484,347

5,632

Ball

Corp.

382,469

6,043

Berry

Global

Group,

Inc.

410,803

4,073

Crown

Holdings,

Inc.

390,519

15,239

Graphic

Packaging

Holding

Co.

450,922

930

Greif,

Inc.,

Class

A

58,274

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

43

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging,

continued

710

Greif,

Inc.,

Class

B

$

49,579

11,876

International

Paper

Co.

580,143

1,253

Myers

Industries,

Inc.

17,317

9,822

O-I

Glass,

Inc.*

128,865

3,411

Packaging

Corp.

of

America

734,729

6,012

Pactiv

Evergreen,

Inc.

69,198

6,404

Sealed

Air

Corp.

232,465

5,044

Silgan

Holdings,

Inc.

264,810

10,188

Smurfit

Westrock

plc,

ADR

503,491

5,017

Sonoco

Products

Co.

274,079

2,518

TriMas

Corp.

64,285

6,101,950

Distributors

(0.2%):

4,649

Genuine

Parts

Co.

649,372

6,205

LKQ

Corp.

247,704

923

Pool

Corp.

347,786

811

Weyco

Group,

Inc.

27,607

1,272,469

Diversified

Consumer

Services

(0.3%):

36,362

ADT,

Inc.

262,897

2,373

Adtalem

Global

Education,

Inc.*

179,114

541

American

Public

Education,

Inc.*

7,980

1,957

Bright

Horizons

Family

Solutions,

Inc.*

274,234

418

Carriage

Services,

Inc.

13,723

5,672

Chegg,

Inc.*

10,040

6,110

Coursera,

Inc.*

48,513

3,669

Frontdoor,

Inc.*

176,075

112

Graham

Holdings

Co.,

Class

B

92,033

959

Grand

Canyon

Education,

Inc.*

136,034

4,616

H&R

Block,

Inc.

293,347

6,794

Laureate

Education,

Inc.

112,848

2,547

Mister

Car

Wash,

Inc.*

16,581

2,352

OneSpaWorld

Holdings,

Ltd.

38,832

2,522

Perdoceo

Education

Corp.

56,089

5,854

Service

Corp.

International

462,056

1,223

Strategic

Education,

Inc.

113,189

2,112

Stride,

Inc.*

180,175

1,696

Universal

Technical

Institute,

Inc.*

27,577

2,501,337

Diversified

Telecommunication

Services

(1.0%):

398

Anterix,

Inc.*

14,989

122,799

AT&T,

Inc.

2,701,578

461

ATN

International,

Inc.

14,909

4,558

Consolidated

Communications

Holdings,

Inc.*

21,149

4,034

EchoStar

Corp.,

Class

A*

100,124

9,754

Frontier

Communications

Parent,

Inc.*

346,559

2,352

GCI

Liberty,

Inc.*

—

1,080

IDT

Corp.,

Class

B

41,223

5,374

Iridium

Communications,

Inc.

163,638

7,752

Liberty

Global,

Ltd.,

Class

A*

163,645

7,480

Liberty

Global,

Ltd.,

Class

C*

161,643

1,489

Liberty

Latin

America,

Ltd.,

Class

A*

14,265

8,852

Liberty

Latin

America,

Ltd.,

Class

C*

84,005

1,333

Shenandoah

Telecommunications

Co.

18,809

104,821

Verizon

Communications,

Inc.

4,707,511

8,554,047

Shares

Value

Common

Stocks,

continued

Electric

Utilities

(1.5%):

1,925

ALLETE,

Inc.

$

123,566

7,517

Alliant

Energy

Corp.

456,207

7,580

American

Electric

Power

Co.,

Inc.

777,708

4,116

Constellation

Energy

Corp.

1,070,242

9,093

Duke

Energy

Corp.

1,048,423

5,190

Edison

International

451,997

3,339

Entergy

Corp.

439,446

6,805

Evergy,

Inc.

421,978

5,258

Eversource

Energy

357,807

15,095

Exelon

Corp.

612,102

8,401

FirstEnergy

Corp.

372,584

1,272

Genie

Energy,

Ltd.,

Class

B

20,670

1,318

Hawaiian

Electric

Industries,

Inc.*

12,758

1,110

IDACORP,

Inc.

114,430

1,299

MGE

Energy,

Inc.

118,794

23,896

NextEra

Energy,

Inc.

2,019,929

6,789

NRG

Energy,

Inc.

618,478

7,137

OGE

Energy

Corp.

292,760

1,274

Otter

Tail

Corp.

99,576

32,956

PG&E

Corp.

651,540

3,972

Pinnacle

West

Capital

Corp.

351,880

3,124

Portland

General

Electric

Co.

149,640

11,903

PPL

Corp.

393,751

12,908

Southern

Co.

(The)

1,164,043

3,386

TXNM

Energy,

Inc.

148,205

8,808

Xcel

Energy,

Inc.

575,162

12,863,676

Electrical

Equipment

(0.9%):

1,082

Acuity

Brands,

Inc.

297,972

424

Allient,

Inc.

8,052

4,623

AMETEK,

Inc.

793,815

3,065

Array

Technologies,

Inc.*

20,229

1,778

Atkore,

Inc.

150,668

3,376

Eaton

Corp.

plc

1,118,941

5,341

Emerson

Electric

Co.

584,145

1,312

EnerSys

133,890

9,782

FuelCell

Energy,

Inc.*^

3,717

1,473

GE

Vernova,

Inc.*

375,586

1,659

Generac

Holdings,

Inc.*

263,582

14,859

GrafTech

International,

Ltd.*

19,614

1,137

Hubbell,

Inc.

487,034

1,831

LSI

Industries,

Inc.

29,571

195

NEXTracker,

Inc.,

Class

A*

7,309

5,927

nVent

Electric

plc

416,431

14,602

Plug

Power,

Inc.*^

33,000

606

Powell

Industries,

Inc.

134,526

400

Preformed

Line

Products

Co.

51,232

2,091

Regal

Rexnord

Corp.

346,855

3,070

Rockwell

Automation,

Inc.

824,172

7,206

Sensata

Technologies

Holding

plc

258,407

3,376

Shoals

Technologies

Group,

Inc.,

Class

A*

18,939

11,971

Sunrun,

Inc.*

216,196

1,298

Thermon

Group

Holdings,

Inc.*

38,732

8,396

Vertiv

Holdings

Co.,

Class

A

835,318

1,148

Vicor

Corp.*

48,331

7,516,264

Electronic

Equipment,

Instruments

&

Components

(1.3%):

1,470

Advanced

Energy

Industries,

Inc.

154,703

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

44

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

15,442

Amphenol

Corp.,

Class

A

$

1,006,201

2,884

Arrow

Electronics,

Inc.*

383,082

5,071

Avnet,

Inc.

275,406

888

Badger

Meter,

Inc.

193,948

550

Bel

Fuse,

Inc.,

Class

B

43,181

1,317

Belden,

Inc.

154,260

1,054

Benchmark

Electronics,

Inc.

46,713

2,931

CDW

Corp.

663,285

4,582

Cognex

Corp.

185,571

4,859

Coherent

Corp.*

432,014

17,152

Corning,

Inc.

774,413

2,350

Crane

NXT

Co.

131,835

1,576

CTS

Corp.

76,247

2,838

Daktronics,

Inc.*

36,639

1,413

ePlus,

Inc.*

138,954

1,439

Fabrinet*

340,237

392

FARO

Technologies,

Inc.*

7,503

12,223

Flex,

Ltd.*

408,615

640

Frequency

Electronics,

Inc.

7,731

1,278

Insight

Enterprises,

Inc.*

275,268

1,788

IPG

Photonics

Corp.*

132,884

2,007

Itron,

Inc.*

214,368

4,558

Jabil,

Inc.

546,185

4,380

Keysight

Technologies,

Inc.*

696,113

1,603

Kimball

Electronics,

Inc.*

29,672

5,811

Knowles

Corp.*

104,772

1,058

Littelfuse,

Inc.

280,635

1,471

Methode

Electronics,

Inc.

17,593

9,842

Mirion

Technologies,

Inc.*

108,951

1,008

Napco

Security

Technologies,

Inc.

40,784

1,313

Novanta,

Inc.*

234,922

594

OSI

Systems,

Inc.*

90,187

770

PAR

Technology

Corp.*

40,102

1,121

PC

Connection,

Inc.

84,557

1,323

Plexus

Corp.*

180,867

771

Rogers

Corp.*

87,131

2,630

Sanmina

Corp.*

180,023

738

ScanSource,

Inc.*

35,446

2,811

TD

SYNNEX

Corp.

337,545

5,689

TE

Connectivity

PLC*

858,982

967

Teledyne

Technologies,

Inc.*

423,217

4,518

Trimble,

Inc.*

280,523

5,237

TTM

Technologies,

Inc.*

95,575

5,343

Vishay

Intertechnology,

Inc.

101,036

6,734

Vontier

Corp.

227,205

1,025

Zebra

Technologies

Corp.*

379,578

11,544,659

Energy

Equipment

&

Services

(0.7%):

6,728

Archrock,

Inc.

136,175

22,576

Baker

Hughes

Co.

816,122

519

Bristow

Group,

Inc.*

18,004

2,328

Cactus,

Inc.,

Class

A

138,912

6,139

ChampionX

Corp.

185,091

1,337

Core

Laboratories,

Inc.

24,775

562

DMC

Global,

Inc.*

7,295

1,095

Expro

Group

Holdings

NV*

18,801

4,610

Expro

Group

Holdings

NV,

ADR*

79,154

306

Forum

Energy

Technologies,

Inc.*

4,731

760

Geospace

Technologies

Corp.*

7,858

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

1,086

Gulf

Island

Fabrication,

Inc.*

$

6,125

32,182

Halliburton

Co.

934,887

5,456

Helix

Energy

Solutions

Group,

Inc.*

60,562

3,758

Helmerich

&

Payne,

Inc.

114,318

1,028

Innovex

International,

Inc.*

15,091

11,498

Liberty

Energy,

Inc.

219,497

1,436

Mammoth

Energy

Services,

Inc.*

5,873

734

Nabors

Industries,

Ltd.*

47,321

935

Natural

Gas

Services

Group,

Inc.*

17,868

4,799

Newpark

Resources,

Inc.*

33,257

4,293

Noble

Corp

PLC

155,149

11,196

NOV,

Inc.

178,800

5,115

Oceaneering

International,

Inc.*

127,210

3,066

Oil

States

International,

Inc.*

14,104

8,148

ProPetro

Holding

Corp.*

62,414

10,425

RPC,

Inc.

66,303

21,971

Schlumberger

NV

921,683

493

SEACOR

Marine

Holdings,

Inc.*

4,757

2,958

Seadrill,

Ltd.*

117,551

3,974

Select

Water

Solutions,

Inc.

44,231

16,526

TechnipFMC

plc

433,477

4,086

TETRA

Technologies,

Inc.*

12,667

2,580

Tidewater,

Inc.*

185,218

41,181

Transocean,

Ltd.*

175,019

2,883

Valaris,

Ltd.*

160,727

3,508

Weatherford

International

plc

297,899

5,848,926

Entertainment

(1.1%):

247

Atlanta

Braves

Holdings,

Inc.*

10,411

1,869

Atlanta

Braves

Holdings,

Inc.,

ADR*

74,386

6,453

Cinemark

Holdings,

Inc.*

179,652

5,516

Electronic

Arts,

Inc.

791,215

2,645

IMAX

Corp.*

54,249

619

Liberty

Media

Corp.-Liberty

Formula

One*

44,277

1,139

Liberty

Media

Corp.-Liberty

Live*

56,392

2,653

Liberty

Media

Corp.-Liberty

Live,

ADR*

136,178

4,024

Liberty

Media

Corp-Liberty

Formula

One*

311,578

2,111

Lions

Gate

Entertainment

Corp.,

Class

A*

16,529

4,430

Lions

Gate

Entertainment

Corp.,

Class

B*

30,656

3,788

Live

Nation

Entertainment,

Inc.*

414,748

894

Madison

Square

Garden

Entertainment

Corp.*

38,022

788

Madison

Square

Garden

Sports

Corp.*

164,109

1,459

Marcus

Corp.

(The)

21,987

4,899

Netflix,

Inc.*

3,474,714

1,419

Reading

International,

Inc.,

Class

A*

2,313

4,024

ROBLOX

Corp.,

Class

A*

178,102

4,049

Roku,

Inc.*

302,298

894

Sphere

Entertainment

Co.*

39,497

752

Spotify

Technology

SA*

277,135

2,974

Take-Two

Interactive

Software,

Inc.*

457,134

1,487

TKO

Group

Holdings,

Inc.*

183,957

22,381

Walt

Disney

Co.

(The)

2,152,828

47,130

Warner

Bros

Discovery,

Inc.*

388,822

3,515

Warner

Music

Group

Corp.,

Class

A

110,020

9,911,209

Financial

Services

(3.4%):

10,266

Affirm

Holdings,

Inc.*

419,058

981

A-Mark

Precious

Metals,

Inc.

43,321

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

45

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

4,553

Apollo

Global

Management,

Inc.

$

568,715

6,202

AvidXchange

Holdings,

Inc.*

50,298

17,676

Berkshire

Hathaway,

Inc.,

Class

B*

8,135,556

7,015

Block,

Inc.*

470,917

252

BM

Technologies,

Inc.*

857

687

Cass

Information

Systems,

Inc.

28,497

15,200

Corebridge

Financial,

Inc.

443,232

2,817

Enact

Holdings,

Inc.

102,342

11,278

Equitable

Holdings,

Inc.

474,014

5,763

Essent

Group,

Ltd.

370,503

1,694

Euronet

Worldwide,

Inc.*

168,096

409

EVERTEC,

Inc.

13,861

403

Federal

Agricultural

Mortgage

Corp.,

Class

C

75,526

12,065

Fidelity

National

Information

Services,

Inc.

1,010,444

6,830

Fiserv,

Inc.*

1,227,009

2,700

Flywire

Corp.*

44,253

5,511

Global

Payments,

Inc.

564,437

1,101

I3

Verticals,

Inc.,

Class

A*

23,462

1,320

International

Money

Express,

Inc.*

24,407

2,536

Jack

Henry

&

Associates,

Inc.

447,705

3,895

Jackson

Financial,

Inc.,

Class

A

355,341

27,585

Marqeta,

Inc.,

Class

A*

135,718

10,939

Mastercard,

Inc.,

Class

A

5,401,678

1,982

Merchants

Bancorp

89,111

13,714

MGIC

Investment

Corp.

351,078

1,888

Mr

Cooper

Group,

Inc.*

174,036

4,617

NCR

Atleos

Corp.*

131,723

4,107

NMI

Holdings,

Inc.*

169,167

465

Onity

Group,

Inc.*

14,852

8,549

Payoneer

Global,

Inc.*

64,374

13,250

PayPal

Holdings,

Inc.*

1,033,897

1,468

Paysafe,

Ltd.*

32,927

2,818

PennyMac

Financial

Services,

Inc.

321,167

8,853

Radian

Group,

Inc.

307,111

4,683

Remitly

Global,

Inc.*

62,705

3,168

Repay

Holdings

Corp.*

25,851

1,219

Rocket

Cos.,

Inc.,

Class

A*

23,393

2,105

Shift4

Payments,

Inc.,

Class

A*^

186,503

9,058

Toast,

Inc.,

Class

A*

256,432

18,485

Visa,

Inc.,

Class

A

5,082,451

4,007

Voya

Financial,

Inc.

317,435

1,503

Walker

&

Dunlop,

Inc.

170,726

728

Waterstone

Financial,

Inc.

10,702

13,449

Western

Union

Co.

(The)

160,447

1,847

WEX,

Inc.*

387,371

29,972,706

Food

Products

(1.2%):

2,035

B&G

Foods,

Inc.

18,071

3,050

Bunge

Global

SA

294,752

270

Calavo

Growers,

Inc.

7,703

2,277

Cal-Maine

Foods,

Inc.

170,411

8,996

Campbell

Soup

Co.

440,084

10,247

Conagra

Brands,

Inc.

333,232

6,345

Darling

Ingredients,

Inc.*

235,780

3,515

Dole

PLC

57,259

1,004

Farmer

Bros.

Co.*

1,988

7,922

Flowers

Foods,

Inc.

182,760

2,403

Fresh

Del

Monte

Produce,

Inc.

70,985

1,706

Freshpet,

Inc.*

233,330

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

15,794

General

Mills,

Inc.

$

1,166,387

5,693

Hain

Celestial

Group,

Inc.

(The)*

49,131

4,708

Hershey

Co.

(The)

902,900

9,244

Hormel

Foods

Corp.

293,035

2,999

Ingredion,

Inc.

412,153

718

J

&

J

Snack

Foods

Corp.

123,582

3,325

JM

Smucker

Co.

(The)

402,657

300

John

B

Sanfilippo

&

Son,

Inc.

28,293

9,645

Kellanova

778,448

23,429

Kraft

Heinz

Co.

(The)

822,592

5,580

Lamb

Weston

Holdings,

Inc.

361,249

916

Lancaster

Colony

Corp.

161,738

778

McCormick

&

Co.,

Inc.

64,216

4,436

McCormick

&

Co.,

Inc.,

ADR

365,083

3,145

Mission

Produce,

Inc.*

40,319

16,027

Mondelez

International,

Inc.,

Class

A

1,180,709

4,602

Pilgrim's

Pride

Corp.*

211,922

2,182

Post

Holdings,

Inc.*

252,566

49

Seaboard

Corp.

153,713

266

Seneca

Foods

Corp.,

Class

A*

16,580

4,805

Simply

Good

Foods

Co.

(The)*

167,070

1,104

Tootsie

Roll

Industries,

Inc.

34,191

1,935

TreeHouse

Foods,

Inc.*

81,231

4,785

Tyson

Foods,

Inc.,

Class

A

284,995

1,200

Utz

Brands,

Inc.

21,240

1,400

Vital

Farms,

Inc.*

49,098

2,207

WK

Kellogg

Co.

37,762

10,509,215

Gas

Utilities

(0.2%):

2,126

Atmos

Energy

Corp.

294,898

785

Chesapeake

Utilities

Corp.

97,473

3,192

National

Fuel

Gas

Co.

193,467

4,288

New

Jersey

Resources

Corp.

202,394

1,716

Northwest

Natural

Holding

Co.

70,047

1,836

ONE

Gas,

Inc.

136,635

232

RGC

Resources,

Inc.

5,236

2,161

Southwest

Gas

Holdings,

Inc.

159,395

1,603

Spire,

Inc.

107,866

7,935

UGI

Corp.

198,534

1,465,945

Ground

Transportation

(1.0%):

957

ArcBest

Corp.

103,787

1,127

Avis

Budget

Group,

Inc.

98,714

419

Covenant

Logistics

Group,

Inc.

22,140

31,875

CSX

Corp.

1,100,644

1,925

Heartland

Express,

Inc.

23,639

19,110

Hertz

Global

Holdings,

Inc.*

63,063

3,565

JB

Hunt

Transport

Services,

Inc.

614,356

5,657

Knight-Swift

Transportation

Holdings,

Inc.

305,195

1,241

Landstar

System,

Inc.

234,388

4,222

Marten

Transport,

Ltd.

74,729

2,771

Norfolk

Southern

Corp.

688,594

2,842

Old

Dominion

Freight

Line,

Inc.

564,535

1,600

PAM

Transportation

Services,

Inc.*

29,600

4,704

RXO,

Inc.*

131,712

1,902

Ryder

System,

Inc.

277,312

617

Saia,

Inc.*

269,789

3,510

Schneider

National,

Inc.,

Class

B

100,175

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

46

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Ground

Transportation,

continued

12,362

Uber

Technologies,

Inc.*

$

929,128

6,261

U-Haul

Holding

Co.

450,792

1,170

U-Haul

Holding

Co.,

ADR*

90,652

7,627

Union

Pacific

Corp.

1,879,903

1,564

Universal

Logistics

Holdings,

Inc.

67,424

2,380

Werner

Enterprises,

Inc.

91,844

2,834

XPO,

Inc.*

304,683

8,516,798

Health

Care

Equipment

&

Supplies

(2.0%):

21,090

Abbott

Laboratories

2,404,471

2,269

Accuray,

Inc.*

4,084

1,146

Align

Technology,

Inc.*

291,451

912

AngioDynamics,

Inc.*

7,095

1,619

Artivion,

Inc.*

43,098

1,507

AtriCure,

Inc.*

42,256

2,829

Avanos

Medical,

Inc.*

67,981

744

Axonics,

Inc.*

51,782

9,817

Baxter

International,

Inc.

372,751

3,523

Becton

Dickinson

&

Co.

849,395

17,394

Boston

Scientific

Corp.*

1,457,617

1,265

CONMED

Corp.

90,979

3,825

Cooper

Cos.,

Inc.

(The)*

422,051

7,906

DENTSPLY

SIRONA,

Inc.

213,936

4,104

Dexcom,

Inc.*

275,132

4,976

Edwards

Lifesciences

Corp.*

328,366

994

Embecta

Corp.

14,015

1,499

Enovis

Corp.*

64,532

7,392

Envista

Holdings

Corp.*

146,066

12,415

GE

HealthCare

Technologies,

Inc.

1,165,148

431

Globus

Medical,

Inc.*

30,834

1,615

Haemonetics

Corp.*

129,814

3,825

Hologic,

Inc.*

311,585

973

ICU

Medical,

Inc.*

177,300

1,642

IDEXX

Laboratories,

Inc.*

829,571

516

Inari

Medical,

Inc.*

21,280

433

Inogen,

Inc.*

4,200

1,638

Insulet

Corp.*

381,245

1,895

Integer

Holdings

Corp.*

246,350

3,384

Integra

LifeSciences

Holdings

Corp.*

61,487

2,221

Intuitive

Surgical,

Inc.*

1,091,111

3,455

Lantheus

Holdings,

Inc.*

379,186

809

LeMaitre

Vascular,

Inc.

75,148

725

LENSAR,

Inc.*

3,321

2,659

LivaNova

plc*

139,704

1,677

Masimo

Corp.*

223,594

15,430

Medtronic

plc

1,389,163

2,177

Merit

Medical

Systems,

Inc.*

215,153

10,540

Neogen

Corp.*

177,177

600

Nevro

Corp.*

3,354

442

OmniAb

Operations,

Inc.

-

Vesting

12.5*(a)(b)

—

442

OmniAb

Operations,

Inc.

-

Vesting

15*(a)(b)

—

1,974

Omnicell,

Inc.*

86,066

2,205

OraSure

Technologies,

Inc.*

9,415

825

Orthofix

Medical,

Inc.*

12,887

1,309

OrthoPediatrics

Corp.*

35,487

999

Penumbra,

Inc.*

194,116

2,728

QuidelOrtho

Corp.*

124,397

2,221

ResMed,

Inc.

542,191

1,569

STAAR

Surgical

Co.*

58,288

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

1,882

STERIS

plc

$

456,460

2,958

Stryker

Corp.

1,068,607

1,483

Teleflex,

Inc.

366,776

193

UFP

Technologies,

Inc.*

61,123

227

Utah

Medical

Products,

Inc.

15,189

1,100

Varex

Imaging

Corp.*

13,112

4,495

Zimmer

Biomet

Holdings,

Inc.

485,235

217

Zimvie,

Inc.*

3,444

17,735,576

Health

Care

Providers

&

Services

(2.5%):

3,584

Acadia

Healthcare

Co.,

Inc.*

227,261

1,600

Accolade,

Inc.*

6,160

5,283

AdaptHealth

Corp.*

59,328

643

Addus

HomeCare

Corp.*

85,538

1,363

Amedisys,

Inc.*

131,543

2,275

AMN

Healthcare

Services,

Inc.*

96,437

1,845

Astrana

Health,

Inc.*

106,899

9,264

Brookdale

Senior

Living,

Inc.*

62,903

4,020

Cardinal

Health,

Inc.

444,290

431

Castle

Biosciences,

Inc.*

12,292

2,596

Cencora,

Inc.

584,308

10,737

Centene

Corp.*

808,281

528

Chemed

Corp.

317,312

4,975

Cigna

Group

(The)

1,723,539

5,028

Community

Health

Systems,

Inc.*

30,520

483

CorVel

Corp.*

157,888

1,732

Cross

Country

Healthcare,

Inc.*

23,278

21,522

CVS

Health

Corp.

1,353,303

3,102

DaVita,

Inc.*

508,511

2,901

Elevance

Health,

Inc.

1,508,520

4,542

Encompass

Health

Corp.

438,939

1,271

Enhabit,

Inc.*

10,041

1,863

Ensign

Group,

Inc.

(The)

267,937

790

Fulgent

Genetics,

Inc.*

17,167

2,261

HCA

Healthcare,

Inc.

918,938

2,817

HealthEquity,

Inc.*

230,572

4,279

Henry

Schein,

Inc.*

311,939

2,667

Humana,

Inc.

844,746

1,529

InfuSystem

Holdings,

Inc.*

10,244

1,703

Labcorp

Holdings,

Inc.

380,586

1,566

McKesson

Corp.

774,262

864

ModivCare,

Inc.*

12,338

1,675

Molina

Healthcare,

Inc.*

577,138

575

National

HealthCare

Corp.

72,318

819

National

Research

Corp.

18,722

4,300

NeoGenomics,

Inc.*

63,425

10,235

OPKO

Health,

Inc.*^

15,250

6,542

Option

Care

Health,

Inc.*

204,765

3,971

Owens

&

Minor,

Inc.*

62,305

4,988

Patterson

Cos.,

Inc.

108,938

5,162

Pediatrix

Medical

Group,

Inc.*

59,828

792

Pennant

Group,

Inc.

(The)*

28,274

629

PetIQ,

Inc.*

19,354

5,181

Premier,

Inc.,

Class

A

103,620

4,040

Privia

Health

Group,

Inc.*

73,568

2,024

Progyny,

Inc.*

33,922

2,702

Quest

Diagnostics,

Inc.

419,486

3,100

R1

RCM,

Inc.*

43,927

2,720

RadNet,

Inc.*

188,741

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

47

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

5,624

Select

Medical

Holdings

Corp.

$

196,109

1,128

Solventum

Corp.*

78,644

5,168

Surgery

Partners,

Inc.*

166,616

4,833

Tenet

Healthcare

Corp.*

803,245

9,035

UnitedHealth

Group,

Inc.

5,282,584

2,522

Universal

Health

Services,

Inc.,

Class

B

577,563

542

US

Physical

Therapy,

Inc.

45,870

21,710,032

Health

Care

Technology

(0.1%):

447

American

Well

Corp.,

Class

A*

4,238

5,067

Certara,

Inc.*

59,335

3,003

Definitive

Healthcare

Corp.*

13,423

3,607

Doximity,

Inc.,

Class

A*

157,157

3,122

Evolent

Health,

Inc.,

Class

A*

88,290

3,097

GoodRx

Holdings,

Inc.,

Class

A*

21,493

1,056

Health

Catalyst,

Inc.*

8,596

1,357

HealthStream,

Inc.

39,136

859

Schrodinger,

Inc.*

15,934

394

Simulations

Plus,

Inc.

12,616

8,777

Teladoc

Health,

Inc.*

80,573

339

TruBridge,

Inc.*

4,054

2,108

Veeva

Systems,

Inc.,

Class

A*

442,406

947,251

Hotels,

Restaurants

&

Leisure

(2.2%):

3,434

Airbnb,

Inc.,

Class

A*

435,466

11,614

Aramark

449,810

6

Biglari

Holdings,

Inc.,

Class

A*

4,994

67

Biglari

Holdings,

Inc.,

Class

B*

11,525

2,189

BJ's

Restaurants,

Inc.*

71,274

4,525

Bloomin'

Brands,

Inc.

74,798

402

Booking

Holdings,

Inc.

1,693,272

1,059

Boyd

Gaming

Corp.

68,464

1,618

Brinker

International,

Inc.*

123,826

8,265

Caesars

Entertainment,

Inc.*

344,981

19,605

Carnival

Corp.*

362,300

2,527

Cheesecake

Factory,

Inc.

(The)

102,470

17,450

Chipotle

Mexican

Grill,

Inc.*

1,005,469

1,340

Choice

Hotels

International,

Inc.^

174,602

2,252

Churchill

Downs,

Inc.

304,493

429

Chuy's

Holdings,

Inc.*

16,045

1,219

Cracker

Barrel

Old

Country

Store,

Inc.

55,282

3,570

Darden

Restaurants,

Inc.

585,944

1,810

Dave

&

Buster's

Entertainment,

Inc.*

61,630

1,239

Denny's

Corp.*

7,992

362

Dine

Brands

Global,

Inc.

11,305

562

Domino's

Pizza,

Inc.

241,739

2,124

DoorDash,

Inc.,

Class

A*

303,159

4,152

DraftKings,

Inc.*

162,758

1,288

El

Pollo

Loco

Holdings,

Inc.*

17,646

2,986

Expedia

Group,

Inc.*

441,988

2,093

First

Watch

Restaurant

Group,

Inc.*

32,651

6,175

Hilton

Grand

Vacations,

Inc.*

224,276

2,983

Hilton

Worldwide

Holdings,

Inc.

687,581

789

Hyatt

Hotels

Corp.,

Class

A

120,086

323

Jack

in

the

Box,

Inc.

15,032

6,834

Krispy

Kreme,

Inc.

73,397

19,302

Las

Vegas

Sands

Corp.

971,663

9,526

Life

Time

Group

Holdings,

Inc.*

232,625

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

1,893

Light

&

Wonder,

Inc.*

$

171,752

2,942

Marriott

International,

Inc.,

Class

A

731,381

1,545

Marriott

Vacations

Worldwide

Corp.

113,527

8,340

McDonald's

Corp.

2,539,613

1,328

MGM

Resorts

International*

51,911

341

Nathan's

Famous,

Inc.

27,587

10,170

Norwegian

Cruise

Line

Holdings,

Ltd.*

208,587

977

Papa

John's

International,

Inc.

52,631

7,459

Penn

Entertainment,

Inc.*

140,677

3,216

Planet

Fitness,

Inc.,

Class

A*

261,204

9,227

Playa

Hotels

&

Resorts

NV*

71,509

763

Potbelly

Corp.*

6,363

878

Red

Robin

Gourmet

Burgers,

Inc.*

3,872

7,094

Royal

Caribbean

Cruises,

Ltd.

1,258,192

306

Seaport

Entertainment

Group,

Inc.*

8,390

1,202

Shake

Shack,

Inc.,

Class

A*

124,058

2,123

Six

Flags

Entertainment

Corp.*

85,578

13,500

Starbucks

Corp.

1,316,115

4,842

Sweetgreen,

Inc.,

Class

A*

171,649

2,634

Texas

Roadhouse,

Inc.

465,164

2,060

Travel

+

Leisure

Co.

94,925

1,834

United

Parks

&

Resorts,

Inc.*

92,800

1,455

Vail

Resorts,

Inc.

253,592

9,775

Wendy's

Co.

(The)

171,258

872

Wingstop,

Inc.

362,822

3,640

Wyndham

Hotels

&

Resorts,

Inc.

284,430

3,341

Wynn

Resorts,

Ltd.

320,335

4,503

Yum!

Brands,

Inc.

629,114

19,509,579

Household

Durables

(1.1%):

906

Beazer

Homes

USA,

Inc.*

30,958

283

Cavco

Industries,

Inc.*

121,192

1,809

Century

Communities,

Inc.

186,291

2,434

Champion

Homes,

Inc.*

230,865

5,619

D.R.

Horton,

Inc.

1,071,937

1,479

Dream

Finders

Homes,

Inc.,

Class

A*

53,555

1,530

Ethan

Allen

Interiors,

Inc.

48,792

431

Flexsteel

Industries,

Inc.

19,089

3,697

Garmin,

Ltd.

650,783

2,761

GoPro,

Inc.,

Class

A*

3,755

1,329

Green

Brick

Partners,

Inc.*

110,998

1,366

Helen

of

Troy,

Ltd.*

84,487

500

Hooker

Furnishings

Corp.

9,040

145

Hovnanian

Enterprises,

Inc.,

Class

A*

29,634

1,430

Installed

Building

Products,

Inc.

352,166

596

iRobot

Corp.*

5,179

2,155

KB

Home

184,662

2,550

La-Z-Boy,

Inc.

109,471

6,216

Leggett

&

Platt,

Inc.

84,662

5,273

Lennar

Corp.,

Class

A

988,582

119

Lennar

Corp.,

Class

B

20,580

1,327

LGI

Homes,

Inc.*

157,276

1,017

Lifetime

Brands,

Inc.

6,651

233

M/I

Homes,

Inc.*

39,927

187

Meritage

Homes

Corp.

38,348

2,174

Mohawk

Industries,

Inc.*

349,318

17,750

Newell

Brands,

Inc.

136,320

97

NVR,

Inc.*

951,745

6,903

PulteGroup,

Inc.

990,788

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

48

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Durables,

continued

7,911

Purple

Innovation,

Inc.*

$

7,822

4,727

SharkNinja,

Inc.

513,872

4,642

Sonos,

Inc.*

57,050

5,004

Taylor

Morrison

Home

Corp.*

351,581

4,489

Tempur

Sealy

International,

Inc.

245,099

3,427

Toll

Brothers,

Inc.

529,437

1,110

TopBuild

Corp.*

451,559

5,751

Tri

Pointe

Homes,

Inc.*

260,578

320

Universal

Electronics,

Inc.*

2,954

3,376

Vizio

Holding

Corp.,

Class

A*

37,710

1,621

VOXX

International

Corp.*

10,309

2,796

Whirlpool

Corp.

299,172

1,732

Worthington

Enterprises,

Inc.

71,791

9,905,985

Household

Products

(1.0%):

6,591

BJ's

Wholesale

Club

Holdings,

Inc.*

543,626

2,328

Central

Garden

&

Pet

Co.,

Class

A*

73,099

3,717

Church

&

Dwight

Co.,

Inc.

389,244

2,333

Clorox

Co.

(The)

380,069

11,700

Colgate-Palmolive

Co.

1,214,577

2,927

Energizer

Holdings,

Inc.

92,961

6,545

Kimberly-Clark

Corp.

931,223

333

Oil-Dri

Corp.

of

America

22,974

24,814

Procter

&

Gamble

Co.

(The)

4,297,785

5,846

Reynolds

Consumer

Products,

Inc.

181,810

1,769

Spectrum

Brands

Holdings,

Inc.

168,303

441

WD-40

Co.

113,725

8,409,396

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

21,188

AES

Corp.

(The)

425,031

7,261

Brookfield

Renewable

Corp.,

Class

A

237,144

1,323

Clearway

Energy,

Inc.,

Class

A

37,666

3,836

Clearway

Energy,

Inc.,

Class

C

117,689

2,397

Ormat

Technologies,

Inc.

184,425

6,557

Sunnova

Energy

International,

Inc.*

63,865

7,846

Vistra

Corp.

930,065

1,995,885

Industrial

Conglomerates

(0.5%):

4,514

3M

Co.

617,064

8,695

General

Electric

Co.

1,639,703

9,683

Honeywell

International,

Inc.

2,001,573

4,258,340

Insurance

(3.0%):

7,754

Aflac,

Inc.

866,897

4,454

Allstate

Corp.

(The)

844,701

2,897

Ambac

Financial

Group,

Inc.*

32,475

2,928

American

Financial

Group,

Inc.

394,109

12,520

American

International

Group,

Inc.

916,840

745

AMERISAFE,

Inc.

36,006

2,508

Aon

plc,

Class

A

867,743

8,002

Arch

Capital

Group,

Ltd.*

895,264

2,482

Arthur

J.

Gallagher

&

Co.

698,360

1,816

Assurant,

Inc.

361,130

2,736

Assured

Guaranty,

Ltd.

217,567

4,126

Axis

Capital

Holdings,

Ltd.

328,471

Shares

Value

Common

Stocks,

continued

Insurance,

continued

2,431

Baldwin

Insurance

Group,

Inc.

(The)*

$

121,064

2,993

Brighthouse

Financial,

Inc.*

134,775

6,038

Brown

&

Brown,

Inc.

625,537

4,905

Chubb,

Ltd.

1,414,553

3,165

Cincinnati

Financial

Corp.

430,820

2,176

Citizens,

Inc.*^

7,877

895

Crawford

&

Co.,

Class

A

9,818

2,354

Crawford

&

Co.,

Class

B

26,153

1,631

Donegal

Group,

Inc.,

Class

A

24,041

800

eHealth,

Inc.*

3,264

1,977

Employers

Holdings,

Inc.

94,837

760

Enstar

Group,

Ltd.*

244,408

591

Erie

Indemnity

Co.,

Class

A

319,034

766

Everest

Group,

Ltd.

300,142

1,631

F&G

Annuities

&

Life,

Inc.

72,938

6,854

Fidelity

National

Financial,

Inc.

425,359

3,923

First

American

Financial

Corp.

258,957

27,784

Genworth

Financial,

Inc.*

190,320

4,486

Globe

Life,

Inc.

475,112

318

Goosehead

Insurance,

Inc.,

Class

A*

28,397

2,383

Greenlight

Capital

Re,

Ltd.,

Class

A*

32,528

1,122

Hanover

Insurance

Group,

Inc.

(The)

166,179

10,261

Hartford

Financial

Services

Group,

Inc.

(The)

1,206,796

397

HCI

Group,

Inc.

42,503

387

Heritage

Insurance

Holdings,

Inc.*

4,737

1,991

Horace

Mann

Educators

Corp.

69,586

153

Investors

Title

Co.

35,159

1,185

James

River

Group

Holdings,

Ltd.

7,430

3,603

Kemper

Corp.

220,684

793

Kinsale

Capital

Group,

Inc.

369,197

6,606

Lincoln

National

Corp.

208,155

4,808

Loews

Corp.

380,072

5,556

Maiden

Holdings,

Ltd.*

9,834

255

Markel

Group,

Inc.*

399,988

6,678

Marsh

&

McLennan

Cos.,

Inc.

1,489,795

2,590

Mercury

General

Corp.

163,118

10,283

MetLife,

Inc.

848,142

10,590

Old

Republic

International

Corp.

375,098

2,049

Oscar

Health,

Inc.,

Class

A*

43,459

906

Palomar

Holdings,

Inc.*

85,771

1,484

Primerica,

Inc.

393,483

4,641

Principal

Financial

Group,

Inc.

398,662

3,052

ProAssurance

Corp.*

45,902

5,063

Progressive

Corp.

(The)

1,284,787

8,692

Prudential

Financial,

Inc.

1,052,601

2,391

Reinsurance

Group

of

America,

Inc.

520,927

1,883

RenaissanceRe

Holdings,

Ltd.

512,929

1,758

RLI

Corp.

272,455

825

Safety

Insurance

Group,

Inc.

67,469

2,202

Selective

Insurance

Group,

Inc.

205,447

5,145

SiriusPoint,

Ltd.*

73,779

1,533

Skyward

Specialty

Insurance

Group,

Inc.*

62,439

1,878

Stewart

Information

Services

Corp.

140,362

1,767

Tiptree,

Inc.

34,580

6,041

Travelers

Cos.,

Inc.

(The)

1,414,319

1,346

Trupanion,

Inc.*

56,505

728

United

Fire

Group,

Inc.

15,237

1,869

Universal

Insurance

Holdings,

Inc.

41,417

7,186

Unum

Group

427,136

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

49

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

8,257

W

R

Berkley

Corp.

$

468,420

145

White

Mountains

Insurance

Group,

Ltd.

245,949

1,780

Willis

Towers

Watson

plc

524,263

26,084,268

Interactive

Media

&

Services

(4.5%):

68,449

Alphabet,

Inc.,

Class

A

11,352,267

58,074

Alphabet,

Inc.,

Class

C

9,709,392

5,394

Bumble,

Inc.,

Class

A*

34,414

5,023

Cargurus,

Inc.*

150,841

1,955

Cars.com,

Inc.*

32,766

2,881

DHI

Group,

Inc.*

5,301

8,024

Match

Group,

Inc.*

303,628

28,275

Meta

Platforms,

Inc.,

Class

A

16,185,741

8,939

Pinterest,

Inc.,

Class

A*

289,355

1,563

QuinStreet,

Inc.*

29,900

764

Shutterstock,

Inc.

27,023

22,772

Snap,

Inc.,

Class

A*

243,660

1,344

Travelzoo*

16,195

5,311

TripAdvisor,

Inc.*

76,956

2,857

TrueCar,

Inc.*

9,856

4,440

Vimeo,

Inc.*

22,422

2,324

Yelp,

Inc.*

81,526

664

Zedge,

Inc.,

Class

B*

2,457

1,918

Ziff

Davis,

Inc.*

93,330

13,421

ZoomInfo

Technologies,

Inc.*

138,505

38,805,535

IT

Services

(1.3%):

8,066

Accenture

plc,

Class

A

2,851,170

3,160

Akamai

Technologies,

Inc.*

319,002

3,880

Amdocs,

Ltd.

339,422

1,701

Cloudflare,

Inc.,

Class

A*

137,594

9,997

Cognizant

Technology

Solutions

Corp.,

Class

A

771,568

3,746

DigitalOcean

Holdings,

Inc.*

151,301

11,221

DXC

Technology

Co.*

232,836

943

EPAM

Systems,

Inc.*

187,685

4,318

Fastly,

Inc.,

Class

A*

32,687

1,554

Gartner,

Inc.*

787,505

1,343

Globant

SA*

266,102

2,724

GoDaddy,

Inc.,

Class

A*

427,069

2,548

Grid

Dynamics

Holdings,

Inc.*

35,672

1,357

Hackett

Group,

Inc.

(The)

35,648

12,937

International

Business

Machines

Corp.

2,860,112

14,414

Kyndryl

Holdings,

Inc.*

331,234

565

MongoDB,

Inc.*

152,748

2,605

Okta,

Inc.*

193,656

2,010

Snowflake,

Inc.,

Class

A*

230,869

5,690

Twilio,

Inc.,

Class

A*

371,102

2,221

Unisys

Corp.*

12,615

1,690

VeriSign,

Inc.*

321,032

11,048,629

Leisure

Products

(0.2%):

2,948

Acushnet

Holdings

Corp.

187,935

895

American

Outdoor

Brands,

Inc.*

8,252

3,051

Brunswick

Corp.

255,735

2,100

Clarus

Corp.

9,450

658

Escalade,

Inc.

9,258

1,267

Funko,

Inc.,

Class

A*

15,483

Shares

Value

Common

Stocks,

continued

Leisure

Products,

continued

5,388

Hasbro,

Inc.

$

389,660

303

Johnson

Outdoors,

Inc.,

Class

A

10,968

931

Malibu

Boats,

Inc.,

Class

A*

36,132

662

Marine

Products

Corp.

6,415

451

MasterCraft

Boat

Holdings,

Inc.*

8,213

15,223

Mattel,

Inc.*

289,998

3,400

Polaris,

Inc.

283,016

1,410

Smith

&

Wesson

Brands,

Inc.

18,302

9,486

Topgolf

Callaway

Brands

Corp.*

104,156

3,865

Vista

Outdoor,

Inc.*

151,431

3,466

YETI

Holdings,

Inc.*

142,210

1,926,614

Life

Sciences

Tools

&

Services

(1.3%):

237

10X

Genomics,

Inc.,

Class

A*

5,351

6,251

Adaptive

Biotechnologies

Corp.*

32,005

4,469

Agilent

Technologies,

Inc.

663,557

12,039

Avantor,

Inc.*

311,449

2,583

Azenta,

Inc.*

125,121

1,634

BioLife

Solutions,

Inc.*

40,915

733

Bio-Rad

Laboratories,

Inc.,

Class

A*

245,247

4,783

Bio-Techne

Corp.

382,305

4,799

Bruker

Corp.

331,419

1,625

Charles

River

Laboratories

International,

Inc.*

320,076

2,030

CryoPort,

Inc.*

16,463

5,865

Danaher

Corp.

1,630,587

2,171

Fortrea

Holdings,

Inc.*

43,420

1,979

Harvard

Bioscience,

Inc.*

5,324

1,981

Illumina,

Inc.*

258,342

4,424

IQVIA

Holdings,

Inc.*

1,048,355

4,035

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

33,531

931

Medpace

Holdings,

Inc.*

310,768

125

Mesa

Laboratories,

Inc.

16,232

328

Mettler-Toledo

International,

Inc.*

491,902

1,666

OmniAb,

Inc.*

7,047

10,633

Pacific

Biosciences

of

California,

Inc.*^

18,076

453

Quanterix

Corp.*

5,871

1,733

Repligen

Corp.*

257,905

3,870

Revvity,

Inc.

494,393

14,288

Sotera

Health

Co.*

238,610

4,586

Thermo

Fisher

Scientific,

Inc.

2,836,762

1,367

Waters

Corp.*

491,970

920

West

Pharmaceutical

Services,

Inc.

276,147

10,939,150

Machinery

(2.6%):

7,267

3D

Systems

Corp.*

20,638

4,421

AGCO

Corp.

432,639

463

Alamo

Group,

Inc.

83,400

935

Albany

International

Corp.

83,075

4,819

Allison

Transmission

Holdings,

Inc.

462,961

1,618

Astec

Industries,

Inc.

51,679

2,323

Barnes

Group,

Inc.

93,872

837

Blue

Bird

Corp.*

40,143

6,704

Caterpillar,

Inc.

2,622,069

1,433

Chart

Industries,

Inc.*

177,893

1,531

Columbus

McKinnon

Corp.

55,116

707

Commercial

Vehicle

Group,

Inc.*

2,298

2,006

Crane

Co.

317,510

3,144

Cummins,

Inc.

1,017,996

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

50

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

4,830

Deere

&

Co.

$

2,015,704

3,969

Donaldson

Co.,

Inc.

292,515

471

Douglas

Dynamics,

Inc.

12,990

2,835

Dover

Corp.

543,583

475

Energy

Recovery,

Inc.*

8,260

2,679

Enerpac

Tool

Group

Corp.

112,223

697

Enpro,

Inc.

113,039

2,189

Esab

Corp.

232,713

864

ESCO

Technologies,

Inc.

111,439

2,677

Federal

Signal

Corp.

250,192

4,041

Flowserve

Corp.

208,879

6,191

Fortive

Corp.

488,656

1,334

Franklin

Electric

Co.,

Inc.

139,830

12,889

Gates

Industrial

Corp.

plc*

226,202

889

Gencor

Industries,

Inc.*

18,545

606

Gorman-Rupp

Co.

(The)

23,604

3,553

Graco,

Inc.

310,923

2,100

Greenbrier

Cos.,

Inc.

(The)

106,869

650

Helios

Technologies,

Inc.

31,005

2,088

Hillenbrand,

Inc.

58,046

4,909

Hillman

Solutions

Corp.*

51,839

490

Hurco

Cos.,

Inc.

10,324

896

Hyster-Yale,

Inc.

57,138

1,133

IDEX

Corp.

243,029

4,769

Illinois

Tool

Works,

Inc.

1,249,812

6,807

Ingersoll

Rand,

Inc.

668,175

2,882

ITT,

Inc.

430,888

1,294

John

Bean

Technologies

Corp.

127,472

528

Kadant,

Inc.

178,464

3,829

Kennametal,

Inc.

99,286

787

L.B.

Foster

Co.,

Class

A*

16,078

1,212

Lincoln

Electric

Holdings,

Inc.

232,728

221

Lindsay

Corp.

27,545

1,300

Luxfer

Holdings

plc

16,835

1,213

Manitex

International,

Inc.*

6,829

2,529

Manitowoc

Co.,

Inc.

(The)*

24,329

1,979

Middleby

Corp.

(The)*

275,338

285

Miller

Industries,

Inc.

17,385

5,006

Mueller

Industries,

Inc.

370,945

8,698

Mueller

Water

Products,

Inc.,

Class

A

188,747

1,258

NN,

Inc.*

4,906

864

Nordson

Corp.

226,912

158

Omega

Flex,

Inc.

7,887

2,234

Oshkosh

Corp.

223,869

6,614

Otis

Worldwide

Corp.

687,459

8,160

PACCAR,

Inc.

805,229

1,806

Parker-Hannifin

Corp.

1,141,067

1,058

Park-Ohio

Holdings

Corp.

32,481

6,299

Pentair

plc

615,979

1,666

Proto

Labs,

Inc.*

48,930

847

RBC

Bearings,

Inc.*

253,575

3,787

REV

Group,

Inc.

106,263

612

Shyft

Group,

Inc.

(The)

7,681

745

Snap-on,

Inc.

215,834

1,832

SPX

Technologies,

Inc.*

292,131

580

Standex

International

Corp.

106,012

3,210

Stanley

Black

&

Decker,

Inc.

353,517

1,047

Symbotic,

Inc.*^

25,536

537

Tennant

Co.

51,574

Shares

Value

Common

Stocks,

continued

Machinery,

continued

3,793

Terex

Corp.

$

200,688

3,632

Timken

Co.

(The)

306,141

3,046

Titan

International,

Inc.*

24,764

3,387

Toro

Co.

(The)

293,755

4,719

Trinity

Industries,

Inc.

164,410

3,334

Wabash

National

Corp.

63,979

858

Watts

Water

Technologies,

Inc.,

Class

A

177,769

3,491

Westinghouse

Air

Brake

Technologies

Corp.

634,559

4,017

Xylem,

Inc.

542,416

22,675,015

Marine

Transportation

(0.1%):

3,979

Costamare,

Inc.

62,550

1,300

Genco

Shipping

&

Trading,

Ltd.

25,350

2,793

Kirby

Corp.*

341,947

2,000

Matson,

Inc.

285,240

715,087

Media

(1.1%):

9,653

Advantage

Solutions,

Inc.*

33,110

17,563

Altice

USA,

Inc.,

Class

A*

43,205

1,413

AMC

Networks,

Inc.,

Class

A*

12,279

1,200

Boston

Omaha

Corp.,

Class

A*

17,844

383

Cable

One,

Inc.

133,970

3,198

Charter

Communications,

Inc.,

Class

A*

1,036,408

94,418

Comcast

Corp.,

Class

A

3,943,840

4,792

Entravision

Communications

Corp.,

Class

A

9,919

2,931

EW

Scripps

Co.

(The),

Class

A*

6,580

4,922

Fox

Corp.,

Class

A

208,348

4,178

Fox

Corp.,

Class

B

162,106

7,573

Gannett

Co,

Inc.*

42,560

7,897

Gray

Television,

Inc.

42,328

7,536

Integral

Ad

Science

Holding

Corp.*

81,464

16,206

Interpublic

Group

of

Cos.,

Inc.

(The)

512,596

1,162

John

Wiley

&

Sons,

Inc.,

Class

A

56,066

192

John

Wiley

&

Sons,

Inc.,

Class

B

9,274

334

Liberty

Broadband

Corp.,

Class

A*

25,658

4,052

Liberty

Broadband

Corp.,

Class

C*

313,179

8,352

Magnite,

Inc.*

115,675

131

Marchex,

Inc.,

Class

B*

245

5,563

New

York

Times

Co.

(The),

Class

A

309,692

8,473

News

Corp.,

Class

A

225,636

3,669

News

Corp.,

Class

B

102,549

1,883

Nexstar

Media

Group,

Inc.

311,354

6,836

Omnicom

Group,

Inc.

706,774

445

Paramount

Global,

Class

A^

9,728

20,834

Paramount

Global,

Class

B

221,257

1,353

Scholastic

Corp.

43,310

1,768

Sinclair,

Inc.

27,050

7,339

Stagwell,

Inc.*

51,520

1,890

TechTarget,

Inc.*

46,210

7,839

TEGNA,

Inc.

123,699

1,103

Thryv

Holdings,

Inc.*

19,005

3,857

Trade

Desk,

Inc.

(The),

Class

A*

422,920

5,104

WideOpenWest,

Inc.*

26,796

9,454,154

Metals

&

Mining

(0.9%):

6,731

Alcoa

Corp.

259,682

895

Alpha

Metallurgical

Resources,

Inc.

211,381

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

51

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

799

Ampco-Pittsburgh

Corp.*

$

1,598

919

Arch

Resources,

Inc.

126,969

759

Ascent

Industries

Co.*

7,362

5,393

ATI,

Inc.*

360,846

1,638

Carpenter

Technology

Corp.

261,392

5,035

Century

Aluminum

Co.*

81,718

17,443

Cleveland-Cliffs,

Inc.*

222,747

18,225

Coeur

Mining,

Inc.*

125,388

5,986

Commercial

Metals

Co.

328,991

2,118

Compass

Minerals

International,

Inc.

25,458

13,361

Ferroglobe

plc

61,995

841

Fortitude

Gold

Corp.

4,298

17,927

Freeport-McMoRan,

Inc.

894,916

943

Haynes

International,

Inc.

56,146

22,580

Hecla

Mining

Co.

150,609

689

Kaiser

Aluminum

Corp.

49,966

794

Materion

Corp.

88,817

1,230

McEwen

Mining,

Inc.*

11,439

2,052

Metallus,

Inc.*

30,431

8,393

MP

Materials

Corp.*^

148,136

16,291

Newmont

Corp.

870,754

5,843

Nucor

Corp.

878,437

700

Olympic

Steel,

Inc.

27,300

1,365

Radius

Recycling,

Inc.

25,307

3,009

Ramaco

Resources,

Inc.,

Class

A

35,205

1,315

Reliance,

Inc.

380,311

2,355

Royal

Gold,

Inc.

330,407

2,617

Ryerson

Holding

Corp.

52,105

1,257

Southern

Copper

Corp.

145,397

6,178

Steel

Dynamics,

Inc.

778,922

3,673

SunCoke

Energy,

Inc.

31,882

1,070

Tredegar

Corp.*

7,800

9,102

United

States

Steel

Corp.

321,574

548

Universal

Stainless

&

Alloy

Products,

Inc.*

21,169

2,931

Warrior

Met

Coal,

Inc.

187,291

1,732

Worthington

Steel,

Inc.

58,905

7,663,051

Multi-Utilities

(0.6%):

3,998

Ameren

Corp.

349,665

2,650

Avista

Corp.

102,687

1,766

Black

Hills

Corp.

107,938

9,408

CenterPoint

Energy,

Inc.

276,783

4,376

CMS

Energy

Corp.

309,077

4,676

Consolidated

Edison,

Inc.

486,912

9,461

Dominion

Energy,

Inc.

546,751

3,360

DTE

Energy

Co.

431,458

8,905

NiSource,

Inc.

308,558

1,876

Northwestern

Energy

Group,

Inc.

107,345

8,018

Public

Service

Enterprise

Group,

Inc.

715,286

9,560

Sempra

799,503

305

Unitil

Corp.

18,477

4,751

WEC

Energy

Group,

Inc.

456,951

5,017,391

Oil,

Gas

&

Consumable

Fuels

(4.2%):

332

Adams

Resources

&

Energy,

Inc.

8,964

18,724

Antero

Midstream

Corp.

281,796

9,749

Antero

Resources

Corp.*

279,309

8,630

APA

Corp.

211,090

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

1,287

Ardmore

Shipping

Corp.

$

23,295

6,491

Berry

Corp.

33,364

3,876

California

Resources

Corp.

203,374

600

Centrus

Energy

Corp.,

Class

A*

32,910

6,842

Cheniere

Energy,

Inc.

1,230,465

28,863

Chevron

Corp.

4,250,654

2,103

Chord

Energy

Corp.

273,874

7,534

Clean

Energy

Fuels

Corp.*

23,431

7,609

CNX

Resources

Corp.*

247,825

19,166

Comstock

Resources,

Inc.

213,318

19,996

ConocoPhillips

2,105,179

2,035

CONSOL

Energy,

Inc.

212,963

22,589

Coterra

Energy,

Inc.

541,007

6,537

CVR

Energy,

Inc.

150,547

3,077

Delek

US

Holdings,

Inc.

57,694

27,546

Devon

Energy

Corp.

1,077,600

8,048

DHT

Holdings,

Inc.

88,769

6,536

Diamondback

Energy,

Inc.

1,126,806

1,758

Dorian

LPG,

Ltd.

60,510

4,645

DT

Midstream,

Inc.

365,376

20,754

EnLink

Midstream

LLC

301,141

11,018

EOG

Resources,

Inc.

1,354,443

11,132

EQT

Corp.

407,876

4,841

Expand

Energy

Corp.

398,172

60,969

Exxon

Mobil

Corp.

7,146,786

3,222

FutureFuel

Corp.

18,527

3,367

Green

Plains,

Inc.*

45,589

845

Gulfport

Energy

Corp.*

127,891

5,545

Hess

Corp.

753,011

9,355

HF

Sinclair

Corp.

416,952

2,789

International

Seaways,

Inc.

143,801

39,880

Kinder

Morgan,

Inc.

880,949

1,205

Kinetik

Holdings,

Inc.

54,538

25,708

Kosmos

Energy,

Ltd.*

103,603

9,480

Magnolia

Oil

&

Gas

Corp.,

Class

A

231,502

17,291

Marathon

Oil

Corp.

460,459

6,628

Marathon

Petroleum

Corp.

1,079,767

6,327

Matador

Resources

Co.

312,680

9,234

Murphy

Oil

Corp.

311,555

9,670

New

Fortress

Energy,

Inc.^

87,900

4,784

Nordic

American

Tankers,

Ltd.

17,557

5,624

Northern

Oil

&

Gas,

Inc.

199,146

12,594

Occidental

Petroleum

Corp.

649,095

7,824

ONEOK,

Inc.

713,001

13,008

Ovintiv,

Inc.

498,336

3,509

Par

Pacific

Holdings,

Inc.*

61,758

6,718

PBF

Energy,

Inc.,

Class

A

207,922

7,799

Peabody

Energy

Corp.

206,985

10,904

Permian

Resources

Corp.

148,403

7,657

Phillips

66

1,006,513

1,401

PHX

Minerals,

Inc.

4,735

6

PrimeEnergy

Resources

Corp.*

827

11,900

Range

Resources

Corp.

366,044

1,122

REX

American

Resources

Corp.*

51,937

3,060

Scorpio

Tankers,

Inc.

218,178

4,935

SFL

Corp.,

Ltd.

57,098

1,508

Sitio

Royalties

Corp.,

Class

A

31,427

5,843

SM

Energy

Co.

233,545

55,744

Southwestern

Energy

Co.*

396,340

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

52

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

3,310

Talos

Energy,

Inc.*

$

34,259

5,106

Targa

Resources

Corp.

755,739

6,407

Teekay

Corp,

Ltd.*

58,944

1,879

Teekay

Tankers,

Ltd.,

Class

A

109,452

471

Texas

Pacific

Land

Corp.

416,713

11,569

Uranium

Energy

Corp.*

71,844

6,929

VAALCO

Energy,

Inc.

39,772

10,006

Valero

Energy

Corp.

1,351,110

794

Vital

Energy,

Inc.*

21,359

622

Vitesse

Energy,

Inc.

14,940

9,330

W&T

Offshore,

Inc.

20,060

17,086

Williams

Cos.,

Inc.

(The)

779,976

3,599

World

Kinect

Corp.

111,245

36,591,522

Paper

&

Forest

Products

(0.1%):

545

Clearwater

Paper

Corp.*

15,554

2,520

Glatfelter

Corp.*

4,536

3,671

Louisiana-Pacific

Corp.

394,486

3,875

Mercer

International,

Inc.

26,234

2,050

Sylvamo

Corp.

175,992

616,802

Passenger

Airlines

(0.4%):

5,767

Alaska

Air

Group,

Inc.*

260,726

639

Allegiant

Travel

Co.

35,183

17,552

American

Airlines

Group,

Inc.*

197,285

2,048

Copa

Holdings

SA,

Class

A

192,184

29,660

Delta

Air

Lines,

Inc.

1,506,432

2,340

Frontier

Group

Holdings,

Inc.*

12,519

15,406

JetBlue

Airways

Corp.*

101,063

1,602

SkyWest,

Inc.*

136,202

11,510

Southwest

Airlines

Co.

341,041

2,445

Spirit

Airlines,

Inc.^

5,868

2,740

Sun

Country

Airlines

Holdings,

Inc.*

30,716

16,149

United

Airlines

Holdings,

Inc.*

921,462

3,740,681

Personal

Care

Products

(0.2%):

4,436

BellRing

Brands,

Inc.*

269,354

31,189

Coty,

Inc.,

Class

A*

292,865

1,940

Edgewell

Personal

Care

Co.

70,500

771

elf

Beauty,

Inc.*

84,062

2,038

Estee

Lauder

Cos.,

Inc.

(The)

203,168

2,298

Herbalife,

Ltd.*

16,523

1,161

Inter

Parfums,

Inc.

150,326

37,270

Kenvue,

Inc.

862,055

654

Medifast,

Inc.*

12,518

1,236

Nature's

Sunshine

Products,

Inc.*

16,834

1,616

Nu

Skin

Enterprises,

Inc.,

Class

A

11,910

340

United-Guardian,

Inc.

5,399

645

USANA

Health

Sciences,

Inc.*

24,458

2,019,972

Pharmaceuticals

(2.9%):

2,030

Aclaris

Therapeutics,

Inc.*

2,335

14,951

Amneal

Pharmaceuticals,

Inc.*

124,392

1,017

Amphastar

Pharmaceuticals,

Inc.*

49,355

900

ANI

Pharmaceuticals,

Inc.*

53,694

379

Assertio

Holdings,

Inc.*

447

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

40,413

Bristol-Myers

Squibb

Co.

$

2,090,969

4,717

Catalent,

Inc.*

285,709

1,180

Collegium

Pharmaceutical,

Inc.*

45,595

4,216

Corcept

Therapeutics,

Inc.*

195,116

1,468

Cumberland

Pharmaceuticals,

Inc.*

1,879

17,823

Elanco

Animal

Health,

Inc.*

261,820

10,744

Eli

Lilly

&

Co.

9,518,539

2,317

Harmony

Biosciences

Holdings,

Inc.*

92,680

3,292

Innoviva,

Inc.*

63,569

2,959

Jazz

Pharmaceuticals

plc*

329,662

29,211

Johnson

&

Johnson

4,733,935

640

Ligand

Pharmaceuticals,

Inc.*

64,058

23,501

Merck

&

Co.,

Inc.

2,668,774

3,567

Nektar

Therapeutics*

4,637

9,608

Organon

&

Co.

183,801

1,467

Pacira

BioSciences,

Inc.*

22,078

7,192

Perrigo

Co

PLC

188,646

68,815

Pfizer,

Inc.

1,991,506

793

Phibro

Animal

Health

Corp.,

Class

A

17,858

2,307

Pliant

Therapeutics,

Inc.*

25,861

2,176

Prestige

Consumer

Healthcare,

Inc.*

156,890

8,845

Royalty

Pharma

plc,

Class

A

250,225

2,134

SIGA

Technologies,

Inc.

14,405

3,089

Supernus

Pharmaceuticals,

Inc.*

96,315

22,924

Viatris,

Inc.

266,148

6,609

Zoetis,

Inc.

1,291,266

25,092,164

Professional

Services

(1.5%):

22,213

Alight,

Inc.,

Class

A*

164,376

2,389

Amentum

Holdings,

Inc.*

77,045

1,856

ASGN,

Inc.*

173,035

6,509

Automatic

Data

Processing,

Inc.

1,801,236

1,976

Barrett

Business

Services,

Inc.

74,120

2,627

Booz

Allen

Hamilton

Holding

Corp.

427,571

2,630

Broadridge

Financial

Solutions,

Inc.

565,529

758

CACI

International,

Inc.,

Class

A*

382,456

2,664

CBIZ,

Inc.*

179,261

26,154

Clarivate

plc*

185,693

6,347

Conduent,

Inc.*

25,578

456

CRA

International,

Inc.

79,946

2,029

CSG

Systems

International,

Inc.

98,711

4,568

Dayforce,

Inc.*

279,790

16,906

Dun

&

Bradstreet

Holdings,

Inc.

194,588

2,300

Equifax,

Inc.

675,878

5,684

ExlService

Holdings,

Inc.*

216,845

1,482

Exponent,

Inc.

170,845

5,623

First

Advantage

Corp.*

111,617

825

Forrester

Research,

Inc.*

14,858

1,105

FTI

Consulting,

Inc.*

251,454

7,192

Genpact,

Ltd.

281,998

421

Heidrick

&

Struggles

International,

Inc.

16,360

660

Huron

Consulting

Group,

Inc.*

71,742

800

ICF

International,

Inc.

133,432

614

Insperity,

Inc.

54,032

2,389

Jacobs

Solutions,

Inc.

312,720

5,145

KBR,

Inc.

335,094

1,042

Kelly

Services,

Inc.,

Class

A

22,309

1,395

Kforce,

Inc.

85,723

2,601

Korn

Ferry

195,699

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

53

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

3,343

Legalzoom.com,

Inc.*

$

21,228

2,680

Leidos

Holdings,

Inc.

436,840

2,586

ManpowerGroup,

Inc.

190,123

2,443

Maximus,

Inc.

227,590

659

Mistras

Group,

Inc.*

7,493

841

NV5

Global,

Inc.*

78,617

3,829

Parsons

Corp.*

396,991

6,136

Paychex,

Inc.

823,390

1,967

Paycom

Software,

Inc.

327,643

6,986

Paycor

HCM,

Inc.*

99,131

1,997

Paylocity

Holding

Corp.*

329,445

2,125

Resources

Connection,

Inc.

20,613

4,784

Robert

Half,

Inc.

322,489

2,007

Science

Applications

International

Corp.

279,515

5,295

SS&C

Technologies

Holdings,

Inc.

392,942

3,910

TransUnion

409,377

1,196

TriNet

Group,

Inc.

115,976

1,029

TrueBlue,

Inc.*

8,119

2,127

TTEC

Holdings,

Inc.

12,485

3,454

Upwork,

Inc.*

36,094

2,946

Verisk

Analytics,

Inc.

789,410

7,657

Verra

Mobility

Corp.*

212,941

633

Willdan

Group,

Inc.*

25,921

13,223,914

Real

Estate

Management

&

Development

(0.4%):

3,814

Anywhere

Real

Estate,

Inc.*

19,375

6,164

CBRE

Group,

Inc.,

Class

A*

767,295

6,525

CoStar

Group,

Inc.*

492,246

13,717

Cushman

&

Wakefield

plc*

186,963

4,739

DigitalBridge

Group,

Inc.

66,962

1,626

Douglas

Elliman,

Inc.*

2,975

1,163

eXp

World

Holdings,

Inc.

16,387

2,407

Forestar

Group,

Inc.*

77,915

464

FRP

Holdings,

Inc.*

13,855

2,756

Howard

Hughes

Holdings,

Inc.*

213,397

1,776

Jones

Lang

LaSalle,

Inc.*

479,182

7,959

Kennedy-Wilson

Holdings,

Inc.

87,947

2,533

Marcus

&

Millichap,

Inc.

100,383

10,029

Newmark

Group,

Inc.,

Class

A

155,750

21,891

Opendoor

Technologies,

Inc.*

43,782

997

Rafael

Holdings,

Inc.,

Class

B*

1,934

910

RE/MAX

Holdings,

Inc.*

11,329

357

RMR

Group,

Inc.

(The),

Class

A

9,061

1,857

St.

Joe

Co.

(The)

108,282

1,447

Tejon

Ranch

Co.*

25,395

1,463

Zillow

Group,

Inc.,

Class

A*

90,604

5,766

Zillow

Group,

Inc.,

Class

C*

368,159

3,339,178

Semiconductors

&

Semiconductor

Equipment

(8.5%):

14,089

Advanced

Micro

Devices,

Inc.*

2,311,723

5,662

Allegro

MicroSystems,

Inc.*

131,925

1,120

Alpha

&

Omega

Semiconductor,

Ltd.*

41,574

392

Ambarella,

Inc.*

22,111

13,075

Amkor

Technology,

Inc.

400,095

4,778

Analog

Devices,

Inc.

1,099,752

10,867

Applied

Materials,

Inc.

2,195,677

1,575

Axcelis

Technologies,

Inc.*

165,139

1,701

AXT,

Inc.*

4,116

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

31,150

Broadcom,

Inc.

$

5,373,375

437

CEVA,

Inc.*

10,554

2,615

Cirrus

Logic,

Inc.*

324,809

2,261

Cohu,

Inc.*

58,108

1,551

Diodes,

Inc.*

99,404

2,467

Enphase

Energy,

Inc.*

278,820

1,826

Entegris,

Inc.

205,480

2,070

First

Solar,

Inc.*

516,341

3,423

FormFactor,

Inc.*

157,458

3,269

GLOBALFOUNDRIES,

Inc.*

131,577

1,314

GSI

Technology,

Inc.*

4,008

948

Ichor

Holdings,

Ltd.*

30,156

51,787

Intel

Corp.

1,214,923

2,079

KLA

Corp.

1,609,998

2,536

Kulicke

&

Soffa

Industries,

Inc.

114,450

1,852

Lam

Research

Corp.

1,511,380

4,303

Lattice

Semiconductor

Corp.*

228,360

1,767

MACOM

Technology

Solutions

Holdings,

Inc.*

196,596

7,811

Marvell

Technology,

Inc.

563,329

2,503

MaxLinear,

Inc.*

36,243

13,250

Microchip

Technology,

Inc.

1,063,842

8,687

Micron

Technology,

Inc.

900,929

1,958

MKS

Instruments,

Inc.

212,854

501

Monolithic

Power

Systems,

Inc.

463,175

150

NVE

Corp.

11,980

351,658

NVIDIA

Corp.

42,705,348

4,405

NXP

Semiconductors

NV

1,057,244

12,290

ON

Semiconductor

Corp.*

892,377

1,797

Onto

Innovation,

Inc.*

372,985

1,438

PDF

Solutions,

Inc.*

45,556

2,358

Photronics,

Inc.*

58,384

1,882

Power

Integrations,

Inc.

120,674

3,475

Qorvo,

Inc.*

358,967

14,462

QUALCOMM,

Inc.

2,459,263

4,066

Rambus,

Inc.*

171,667

1,046

Silicon

Laboratories,

Inc.*

120,886

937

SiTime

Corp.*

160,705

3,163

Skyworks

Solutions,

Inc.

312,410

1,050

SMART

Global

Holdings,

Inc.*

21,998

2,213

SolarEdge

Technologies,

Inc.*

50,700

1,275

Synaptics,

Inc.*

98,914

2,246

Teradyne,

Inc.

300,807

10,766

Texas

Instruments,

Inc.

2,223,933

1,851

Ultra

Clean

Holdings,

Inc.*

73,910

1,653

Universal

Display

Corp.

346,965

1,442

Veeco

Instruments,

Inc.*

47,773

1,807

Wolfspeed,

Inc.*

17,528

73,709,255

Software

(7.6%):

2,814

A10

Networks,

Inc.

40,634

4,271

ACI

Worldwide,

Inc.*

217,394

4,656

Adeia,

Inc.

55,453

5,961

Adobe,

Inc.*

3,086,487

436

Agilysys,

Inc.*

47,511

1,449

Alarm.com

Holdings,

Inc.*

79,217

1,734

Alkami

Technology,

Inc.*

54,690

1,210

ANSYS,

Inc.*

385,542

179

Appfolio,

Inc.,

Class

A*

42,137

4,586

AppLovin

Corp.,

Class

A*

598,702

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

54

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

868

Aspen

Technology,

Inc.*

$

207,296

596

Atlassian

Corp.,

Class

A*

94,651

3,123

Autodesk,

Inc.*

860,324

2,272

Aware,

Inc.*

4,249

3,426

Bentley

Systems,

Inc.,

Class

B

174,075

3,366

BILL

Holdings,

Inc.*

177,590

2,195

Blackbaud,

Inc.*

185,873

1,716

BlackLine,

Inc.*

94,620

4,589

Box,

Inc.,

Class

A*

150,198

2,540

Cadence

Design

Systems,

Inc.*

688,416

16,691

CCC

Intelligent

Solutions

Holdings,

Inc.*

184,435

2,772

Cerence,

Inc.*

8,732

352

CommVault

Systems,

Inc.*

54,155

491

Consensus

Cloud

Solutions,

Inc.*

11,563

2,142

Corpay,

Inc.*

669,932

1,072

Crowdstrike

Holdings,

Inc.,

Class

A*

300,664

1,860

Datadog,

Inc.,

Class

A*

214,012

4,872

Digital

Turbine,

Inc.*

14,957

3,362

DocuSign,

Inc.*

208,747

2,077

Dolby

Laboratories,

Inc.,

Class

A

158,953

5,384

DoubleVerify

Holdings,

Inc.*

90,666

7,735

Dropbox,

Inc.,

Class

A*

196,701

2,740

Dynatrace,

Inc.*

146,508

14,406

E2open

Parent

Holdings,

Inc.*

63,530

1,768

Elastic

NV*

135,712

1,707

Envestnet,

Inc.*

106,892

366

Fair

Isaac

Corp.*

711,328

1,378

Five9,

Inc.*

39,590

10,182

Fortinet,

Inc.*

789,614

5,936

Freshworks,

Inc.,

Class

A*

68,145

19,639

Gen

Digital,

Inc.

538,698

1,795

Guidewire

Software,

Inc.*

328,377

2,407

HashiCorp,

Inc.,

Class

A*

81,501

339

HubSpot,

Inc.*

180,212

3,339

Informatica,

Inc.,

Class

A*

84,410

1,553

Intapp,

Inc.*

74,280

1,354

InterDigital,

Inc.

191,767

2,218

Intuit,

Inc.

1,377,378

3,554

Jamf

Holding

Corp.*

61,662

3,557

JFrog,

Ltd.*

103,295

3,815

LiveRamp

Holdings,

Inc.*

94,536

1,009

Logility

Supply

Chain

Solutions,

Inc.

11,291

1,545

Manhattan

Associates,

Inc.*

434,732

9,761

Matterport,

Inc.*

43,924

2,281

MeridianLink,

Inc.*

46,920

87,470

Microsoft

Corp.

37,638,341

4,817

N-able,

Inc.*

62,910

3,925

nCino,

Inc.*

123,991

7,631

NCR

Voyix

Corp.*

103,553

3,897

Nutanix,

Inc.,

Class

A*

230,897

3,994

Olo,

Inc.,

Class

A*

19,810

879

OneSpan,

Inc.*

14,653

23,305

Oracle

Corp.

3,971,172

14,448

Palantir

Technologies,

Inc.,

Class

A*

537,466

2,399

Palo

Alto

Networks,

Inc.*

819,978

3,146

Pegasystems,

Inc.

229,941

4,238

PowerSchool

Holdings,

Inc.*

96,669

2,737

Procore

Technologies,

Inc.*

168,928

1,843

Progress

Software

Corp.

124,163

Shares

Value

Common

Stocks,

continued

Software,

continued

1,556

PTC,

Inc.*

$

281,107

1,352

Q2

Holdings,

Inc.*

107,849

1,044

Qualys,

Inc.*

134,112

923

Roper

Technologies,

Inc.

513,594

8,370

Salesforce,

Inc.

2,290,953

1,627

Samsara,

Inc.,

Class

A*

78,291

1,200

Sapiens

International

Corp.

NV

44,724

8,208

SentinelOne,

Inc.,

Class

A*

196,335

856

ServiceNow,

Inc.*

765,598

5,655

SolarWinds

Corp.

73,798

3,394

Sprinklr,

Inc.,

Class

A*

26,236

577

SPS

Commerce,

Inc.*

112,036

254

Synchronoss

Technologies,

Inc.*

3,781

1,208

Synopsys,

Inc.*

611,719

2,249

Teradata

Corp.*

68,235

534

Tyler

Technologies,

Inc.*

311,706

10,634

UiPath,

Inc.,

Class

A*

136,115

12,260

Unity

Software,

Inc.*

277,321

2,314

Verint

Systems,

Inc.*

58,614

1,088

Vertex,

Inc.,

Class

A*

41,899

1,535

Workday,

Inc.,

Class

A*

375,169

1,862

Xperi,

Inc.*

17,205

4,882

Zoom

Video

Communications,

Inc.,

Class

A*

340,471

1,058

Zscaler,

Inc.*

180,854

66,263,072

Specialty

Retail

(2.6%):

893

1-800-Flowers.com,

Inc.,

Class

A*

7,082

2,382

Abercrombie

&

Fitch

Co.*

333,242

3,539

Academy

Sports

&

Outdoors,

Inc.

206,536

2,780

Advance

Auto

Parts,

Inc.

108,392

8,443

American

Eagle

Outfitters,

Inc.

189,039

200

America's

Car-Mart,

Inc.*

8,384

793

Asbury

Automotive

Group,

Inc.*

189,202

2,797

AutoNation,

Inc.*

500,439

199

AutoZone,

Inc.*

626,858

7,264

Bath

&

Body

Works,

Inc.

231,867

6,568

Best

Buy

Co.,

Inc.

678,474

1,432

Beyond,

Inc.*

14,435

1,657

Big

5

Sporting

Goods

Corp.

3,463

969

Boot

Barn

Holdings,

Inc.*

162,094

2,908

Buckle,

Inc.

(The)

127,865

583

Build-A-Bear

Workshop,

Inc.

20,038

2,526

Burlington

Stores,

Inc.*

665,550

2,280

Caleres,

Inc.

75,354

1,672

Camping

World

Holdings,

Inc.,

Class

A

40,496

4,550

CarMax,

Inc.*

352,079

1,830

Carvana

Co.*

318,621

1,987

Cato

Corp.

(The),

Class

A

9,915

1,979

Chewy,

Inc.,

Class

A*

57,965

566

Citi

Trends,

Inc.*

10,397

3,425

Designer

Brands,

Inc.,

Class

A

25,277

3,630

Destination

XL

Group,

Inc.*

10,672

2,689

Dick's

Sporting

Goods,

Inc.

561,194

2,443

Five

Below,

Inc.*

215,839

3,104

Floor

&

Decor

Holdings,

Inc.,

Class

A*

385,424

3,907

Foot

Locker,

Inc.

100,957

19,385

Gap,

Inc.

(The)

427,439

435

Genesco,

Inc.*

11,819

630

Group

1

Automotive,

Inc.

241,315

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

55

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

2,846

Guess?,

Inc.^

$

57,290

583

Haverty

Furniture

Cos.,

Inc.

16,015

12,967

Home

Depot,

Inc.

(The)

5,254,228

1,642

Lands'

End,

Inc.*

28,357

7,985

Leslie's,

Inc.*

25,233

1,208

Lithia

Motors,

Inc.

383,709

6,784

Lowe's

Cos.,

Inc.

1,837,446

527

MarineMax,

Inc.*

18,587

1,792

Monro,

Inc.

51,717

852

Murphy

USA,

Inc.

419,925

4,509

National

Vision

Holdings,

Inc.*

49,193

2,192

ODP

Corp.

(The)*

65,212

692

O'Reilly

Automotive,

Inc.*

796,907

2,203

Penske

Automotive

Group,

Inc.

357,811

11,500

Petco

Health

&

Wellness

Co.,

Inc.*

52,325

588

PetMed

Express,

Inc.*

2,164

1,458

Revolve

Group,

Inc.*

36,129

678

RH*

226,744

6,400

Ross

Stores,

Inc.

963,264

6,562

Sally

Beauty

Holdings,

Inc.*

89,046

1,200

Shoe

Carnival,

Inc.

52,620

2,488

Signet

Jewelers,

Ltd.

256,612

472

Sleep

Number

Corp.*

8,647

844

Sonic

Automotive,

Inc.,

Class

A

49,357

1,606

Sportsman's

Warehouse

Holdings,

Inc.*

4,352

4,730

Stitch

Fix,

Inc.,

Class

A*

13,339

854

Tilly's,

Inc.,

Class

A*

4,355

18,543

TJX

Cos.,

Inc.

(The)

2,179,544

2,217

Tractor

Supply

Co.

644,992

1,173

Ulta

Beauty,

Inc.*

456,438

3,729

Upbound

Group,

Inc.

119,291

5,247

Urban

Outfitters,

Inc.*

201,013

3,748

Valvoline,

Inc.*

156,854

4,115

Victoria's

Secret

&

Co.*

105,756

3,156

Warby

Parker,

Inc.,

Class

A*

51,538

4,492

Williams-Sonoma,

Inc.

695,901

75

Winmark

Corp.

28,720

729

Zumiez,

Inc.*

15,528

22,693,882

Technology

Hardware,

Storage

&

Peripherals

(5.3%):

181,072

Apple,

Inc.

42,189,776

728

AstroNova,

Inc.*

9,799

2,960

Corsair

Gaming,

Inc.*

20,601

3,550

Dell

Technologies,

Inc.,

Class

C

420,817

1,231

Diebold

Nixdorf,

Inc.*

54,976

29,165

Hewlett

Packard

Enterprise

Co.

596,716

15,139

HP,

Inc.

543,036

4,166

NetApp,

Inc.

514,543

3,329

Pure

Storage,

Inc.,

Class

A*

167,249

3,324

Seagate

Technology

Holdings

plc

364,078

3,380

Stratasys,

Ltd.*

28,088

583

Super

Micro

Computer,

Inc.*

242,761

6,642

Western

Digital

Corp.*

453,582

8,831

Xerox

Holdings

Corp.

91,666

45,697,688

Textiles,

Apparel

&

Luxury

Goods

(0.8%):

7,561

Capri

Holdings,

Ltd.*

320,889

1,949

Carter's,

Inc.

126,646

Shares

Value

Common

Stocks,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

2,187

Columbia

Sportswear

Co.

$

181,936

3,185

Crocs,

Inc.*

461,220

810

Culp,

Inc.*

5,305

2,904

Deckers

Outdoor

Corp.*

463,043

8,476

Figs,

Inc.,

Class

A*

57,976

1,494

Fossil

Group,

Inc.*

1,748

2,480

G-III

Apparel

Group,

Ltd.*

75,690

16,912

Hanesbrands,

Inc.*

124,303

2,195

Kontoor

Brands,

Inc.

179,507

2,925

Levi

Strauss

&

Co.,

Class

A

63,765

2,308

Lululemon

Athletica,

Inc.*

626,276

1,088

Movado

Group,

Inc.

20,237

17,123

NIKE,

Inc.,

Class

B

1,513,673

720

Oxford

Industries,

Inc.

62,467

2,495

PVH

Corp.

251,571

2,103

Ralph

Lauren

Corp.

407,709

570

Rocky

Brands,

Inc.

18,160

4,932

Skechers

USA,

Inc.,

Class

A*

330,049

3,554

Steven

Madden,

Ltd.

174,110

700

Superior

Group

of

Cos.,

Inc.

10,843

12,645

Tapestry,

Inc.

594,062

10,508

Under

Armour,

Inc.,

Class

A*

93,626

12,274

Under

Armour,

Inc.,

Class

C*

102,611

1,027

Unifi,

Inc.*

7,538

802

Vera

Bradley,

Inc.*

4,379

20,863

VF

Corp.

416,217

623

Wolverine

World

Wide,

Inc.

10,853

6,706,409

Tobacco

(0.4%):

20,156

Altria

Group,

Inc.

1,028,762

18,128

Philip

Morris

International,

Inc.

2,200,739

1,286

Universal

Corp.

68,300

7,266

Vector

Group,

Ltd.

108,409

3,406,210

Trading

Companies

&

Distributors

(0.9%):

5,434

Air

Lease

Corp.

246,106

1,661

Applied

Industrial

Technologies,

Inc.

370,619

3,284

Beacon

Roofing

Supply,

Inc.*

283,836

424

BlueLinx

Holdings,

Inc.*

44,698

1,976

Boise

Cascade

Co.

278,576

8,792

Core

&

Main,

Inc.,

Class

A*

390,365

9,130

Custom

Truck

One

Source,

Inc.*

31,499

6,303

DNOW,

Inc.*

81,498

644

DXP

Enterprises,

Inc.*

34,364

11,327

Fastenal

Co.

808,974

5,595

Ferguson

Enterprises,

Inc.

1,110,999

1,483

GATX

Corp.

196,423

977

Global

Industrial

Co.

33,189

1,243

GMS,

Inc.*

112,579

2,073

H&E

Equipment

Services,

Inc.

100,914

1,362

Herc

Holdings,

Inc.

217,144

2,780

Hudson

Technologies,

Inc.*

23,185

730

McGrath

RentCorp

76,854

2,381

MRC

Global,

Inc.*

30,334

2,237

MSC

Industrial

Direct

Co.,

Inc.

192,516

3,756

Rush

Enterprises,

Inc.,

Class

A

198,429

547

Rush

Enterprises,

Inc.,

Class

B

26,229

1,560

SiteOne

Landscape

Supply,

Inc.*

235,420

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

56

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors,

continued

1,803

Titan

Machinery,

Inc.*

$

25,116

173

Transcat,

Inc.*

20,893

923

United

Rentals,

Inc.

747,381

878

W.W.

Grainger,

Inc.

912,075

596

Watsco,

Inc.

293,160

84

Watsco,

Inc.,

Class

B

41,091

2,287

WESCO

International,

Inc.

384,170

7,548,636

Water

Utilities

(0.1%):

830

American

States

Water

Co.

69,131

2,932

American

Water

Works

Co.,

Inc.

428,776

491

Artesian

Resources

Corp.,

Class

A

18,255

1,755

California

Water

Service

Group

95,156

8,122

Essential

Utilities,

Inc.

313,266

355

Middlesex

Water

Co.

23,160

669

Pure

Cycle

Corp.*

7,205

626

SJW

Group

36,377

372

York

Water

Co.

(The)

13,935

1,005,261

Wireless

Telecommunication

Services

(0.2%):

5,179

Gogo,

Inc.*

37,185

1,649

Spok

Holdings,

Inc.

24,834

5,350

Telephone

and

Data

Systems,

Inc.

124,388

8,212

T-Mobile

US,

Inc.

1,694,628

2,590

United

States

Cellular

Corp.*

141,544

2,022,579

Total

Common

Stocks

(Cost

$578,479,223)

868,145,550

Rights

(0.0%

†

):

Diversified

Telecommunication

Services

(0.0%

†

):

158

Communications

Systems

I

CVR,

Expires

on

1/1/29*

78

3,435

Mirati

Therapeutics,

Inc.

CVR,

Expires

on

1/1/26*

10,236

10,314

Health

Care

Equipment

&

Supplies

(0.0%

†

):

278

ABIOMED,

Inc.

CVR,

Expires

on

1/2/26*

4,339

Health

Care

Providers

&

Services

(0.0%

†

):

1,262

Albireo

Pharma,

Inc.

CVR,

Expires

on

3/2/26*

7,332

6,176

Chinook

Therapeutics

CVR,

Expires

on

1/1/26*

7,720

2,004

Chinook

Therapeutics

CVR,

Expires

on

12/31/49*

762

8,452

Xeris

BioPharma

Hold

CVR,

Expires

on

10/6/49*

43

15,857

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

306

Seaport

Entertainment

Group,

Inc.

CVR,

Expires

on

10/11/24*

903

Household

Products

(0.0%

†

):

11,626

Spectrum

-

Crv

CVR,

Expires

on

1/1/26*

—

Paper

&

Forest

Products

(0.0%

†

):

7,745

Resolute

Fst

CVR,

Expires

on

1/1/26*

2,062

Total

Rights

(Cost

$23,506)

33,475

Shares

Value

Unaffiliated

Investment

Companies

(0.5%):

Money

Markets

(0.5%):

658,288

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.03%(c)(d)

$

658,288

3,321,716

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(d

)

3,321,716

Total

Unaffiliated

Investment

Companies

(Cost

$3,980,004)

3,980,004

Total

Investment

Securities

(Cost

$582,482,733)

—

100.2%

872,159,029

Net

other

assets

(liabilities)

—

(0.2)%

(1,370,121)

Net

Assets

—

100.0%

$

870,788,908

AZL

DFA

U.S.

Core

Equity

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

57

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024

.

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$619,894.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2024.

(b)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(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

September

30,

2024.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

58

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities

(5.6%):

$

2,015,000

ARI

Fleet

Lease

Trust,

Class

A2,

Series

2024-A,

5.30%,

11/15/32,

Callable

9/15/27

@

100(a)

$

2,026,832

6,894,000

BA

Credit

Card

Trust,

Class

A1,

Series

2023-A1,

4.79%,

5/15/28

6,969,139

1,018,000

Carmax

Auto

Owner

Trust,

Class

A3,

Series

2023-2,

5.05%,

1/18/28,

Callable

1/15/27

@

100

1,025,269

2,372,372

Chesapeake

Funding

II

LLC,

Class

A1,

Series

2023-

2A,

6.16%,

10/15/35,

Callable

11/15/26

@

100(a)

2,411,993

4,174,935

Chesapeake

Funding

II

LLC,

Class

A1,

Series

2024-

1A,

5.52%,

5/15/36,

Callable

7/15/27

@

100(a)

4,227,076

105,656

College

Ave

Student

Loans

LLC,

Class

A1,

Series

2021-A,

6.07%(TSFR1M+121bps),

7/25/51,

Callable

2/25/32

@

100(a)

105,000

1,389,244

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2023-A,

5.33%,

5/25/55,

Callable

4/25/37

@

100(a)

1,403,795

760,045

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-C,

2.32%,

7/26/55,

Callable

12/25/34

@

100(a)

705,431

821,244

College

Ave

Student

Loans

LLC,

Class

A2,

Series

2021-B,

1.76%,

6/25/52,

Callable

1/25/34

@

100(a)

752,242

462,475

Credit

Acceptance

Auto

Loan

Trust,

Class

A,

Series

2021-4,

1.26%,

10/15/30,

Callable

3/15/25

@

100(a)

460,990

5,359,000

Discover

Card

Execution

Note

Trust,

Class

A,

Series

2023-A1,

4.31%,

3/15/28

5,365,370

318,612

EDvestinU

Private

Education

Loan

Issue

No

3

LLC,

Class

A,

Series

2021-A,

1.80%,

11/25/45(a)

278,812

3,135,789

ELFI

Graduate

Loan

Program

LLC,

Class

A,

Series

2023-A,

6.37%,

2/4/48,

Callable

5/25/34

@

100(a)

3,236,503

500,000

Enterprise

Fleet

Financing

LLC,

Class

A4,

Series

2024-3,

5.06%,

3/20/31,

Callable

4/20/28

@

100(a)

511,067

907,763

Enterprise

Fleet

Financing

LLC,

Class

A2,

Series

2023-2,

5.56%,

4/22/30,

Callable

2/20/27

@

100(a)

916,302

773,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2022-3,

4.29%,

7/20/29,

Callable

3/20/26

@

100(a)

772,431

423,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2024-1,

5.16%,

9/20/30,

Callable

6/20/27

@

100(a)

434,671

1,543,000

Enterprise

Fleet

Financing

LLC,

Class

A3,

Series

2024-3,

4.98%,

8/21/28,

Callable

4/20/28

@

100(a)

1,570,350

5,233,000

Ford

Credit

Auto

Owner

Trust,

Class

A,

Series

2023-

1,

4.85%,

8/15/35,

Callable

2/15/28

@

100(a)

5,337,032

1,002,000

Ford

Credit

Auto

Owner

Trust,

Class

A,

Series

2023-

2,

5.28%,

2/15/36,

Callable

8/15/28

@

100(a)

1,035,498

5,657,000

Ford

Credit

Auto

Owner

Trust

2024-REV1,

Class

A,

Series

2024-1,

4.87%,

8/15/36,

Callable

2/15/29

@

100(a)

5,776,196

4,739,000

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Class

A1,

Series

2023-1,

4.92%,

5/15/28(a)

4,792,965

2,574,433

Foundation

Finance

Trust,

Class

A,

Series

2024-1A,

5.50%,

12/15/49,

Callable

10/15/29

@

100(a)

2,632,462

360,553

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-1GS,

2.70%,

1/20/49,

Callable

8/20/39

@

100(a)

310,959

2,220,622

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2023-3C,

6.50%,

7/20/55,

Callable

2/20/38

@

100(a)

2,309,429

587,813

GoodLeap

Sustainable

Home

Solutions

Trust,

Class

A,

Series

2022-3CS,

4.95%,

7/20/49,

Callable

4/20/40

@

100(a)

562,389

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

1,791,000

GreatAmerica

Leasing

Receivables

Funding

LLC,

Class

A2,

Series

2024-2,

5.28%,

3/15/27(a)

$

1,809,852

6,682,000

John

Deere

Owner

Trust,

Class

A3,

Series

2024-A,

4.96%,

11/15/28,

Callable

12/15/27

@

100

6,788,121

4,109,000

John

Deere

Owner

Trust,

Class

A3,

Series

2023-B,

5.18%,

3/15/28,

Callable

3/15/27

@

100

4,153,547

134,000

Mercedes-Benz

Auto

Receivables

Trust,

Class

A3,

Series

2022-1,

5.21%,

8/16/27,

Callable

8/15/26

@

100

134,696

1,692,721

MMAF

Equipment

Finance

LLC,

Class

A4,

Series

2024-A,

5.10%,

7/13/49,

Callable

3/13/30

@

100(a)

1,735,912

139,020

Mosaic

Solar

Loan

Trust,

Class

A,

Series

2022-2A,

4.38%,

1/21/53,

Callable

2/20/37

@

100(a)

136,096

31,453

Navient

Private

Education

Loan

Trust,

Class

A2A,

Series

2018-BA,

3.61%,

12/15/59,

Callable

1/15/28

@

100(a)

31,130

4,218,635

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2023-A,

5.51%,

10/15/71,

Callable

6/15/33

@

100(a)

4,317,794

310,855

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-A,

0.84%,

5/15/69,

Callable

8/15/28

@

100(a)

282,171

1,446,433

Navient

Private

Education

Refi

Loan

Trust,

Class

A2A,

Series

2019-D,

3.01%,

12/15/59,

Callable

9/15/31

@

100(a)

1,398,555

4,870,664

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-EA,

0.97%,

12/16/69,

Callable

3/15/30

@

100(a)

4,304,818

711,239

Navient

Private

Education

Refi

Loan

Trust,

Class

A1B,

Series

2020-IA,

6.21%(TSFR1M+111bps),

4/15/69,

Callable

2/15/32

@

100(a)

711,014

1,380,328

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2021-DA,

6.51%(PRIME-(199)bps),

4/15/60,

Callable

5/15/32

@

100(a)

1,359,871

858,920

Navient

Private

Education

Refi

Loan

Trust,

Class

A,

Series

2020-FA,

1.22%,

7/15/69,

Callable

9/15/27

@

100(a)

795,327

53,528

Navient

Student

Loan

Trust,

Class

A2,

Series

2018-

EA,

4.00%,

12/15/59,

Callable

9/15/25

@

100(a)

53,108

2,894,000

Navistar

Financial

Dealer

Note

Master

Owner

Trust,

Class

A,

Series

2024-1,

5.59%,

4/25/29(a)

2,941,208

1,246,000

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Class

A,

Series

2023-1,

6.18%,

8/25/28(a)

1,262,742

2,068,551

Nelnet

Student

Loan

Trust,

Class

APT2,

Series

2021-A,

1.36%,

4/20/62,

Callable

9/20/29

@

100(a)

1,922,661

3,939,215

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

BA,

5.86%(TSFR1M+89bps),

4/20/62,

Callable

7/20/29

@

100(a)

3,900,303

2,397,915

Nelnet

Student

Loan

Trust,

Class

AFL,

Series

2021-

CA,

5.82%(TSFR1M+85bps),

4/20/62,

Callable

10/20/31

@

100(a)

2,369,429

2,122,000

OneMain

Financial

Issuance

Trust,

Class

A2,

Series

2023-2A,

6.84%(SOFR30A+150bps),

9/15/36,

Callable

9/14/26

@

100(a)

2,151,343

4,621,000

OneMain

Financial

Issuance

Trust,

Class

A,

Series

2023-1A,

5.50%,

6/14/38,

Callable

6/14/28

@

100

4,785,146

189,000

PFS

Financing

Corp.,

Class

A,

Series

2023-A,

5.80%,

3/15/28(a)

192,671

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

59

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

8,497,000

PFS

Financing

Corp.,

Class

A,

Series

2024-B,

4.95%,

2/15/29(a)

$

8,632,319

1,388,000

PFS

Financing

Corp.,

Class

A,

Series

2024-D,

5.34%,

4/15/29(a)

1,424,054

3,221,000

PFS

Financing

Corp.,

Class

A,

Series

2023-C,

5.52%,

10/15/28(a)

3,300,152

7,235,000

PFS

Financing

Corp.,

Class

A,

Series

2023-B,

5.27%,

5/15/28(a)

7,330,848

235,380

Prodigy

Finance

CM2021-1

DAC,

Class

A,

Series

2021-1A,

6.22%(TSFR1M+136bps),

7/25/51,

Callable

11/25/26

@

100(a)

234,158

595,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2024-1,

5.83%,

7/15/36,

Callable

6/15/28

@

100(a)

615,802

1,874,000

Regional

Management

Issuance

Trust,

Class

A,

Series

2021-2,

1.90%,

8/15/33,

Callable

8/15/26

@

100(a)

1,753,376

1,116,756

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

2020-B,

1.29%,

7/15/53(a)

1,041,564

182,441

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2020-A,

6.04%(TSFR1M+94bps),

9/15/37(a)

181,202

3,203,407

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2024-A,

6.79%(SOFR30A+145bps),

3/15/56(a)

3,222,916

2,297,465

SMB

Private

Education

Loan

Trust,

Class

APT,

Series

2022-A,

2.85%,

11/16/54(a)

2,155,772

804,302

SMB

Private

Education

Loan

Trust,

Class

APT1,

Series

2021-C,

1.39%,

1/15/53(a)

731,765

8,693,706

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2023-B,

7.14%(SOFR30A+180bps),

10/16/56(a)

8,870,977

419,419

SMB

Private

Education

Loan

Trust,

Class

B,

Series

2021-A,

2.31%,

1/15/53(a)

400,688

1,091,023

SMB

Private

Education

Loan

Trust,

Class

A1A,

Series

2023-C,

5.67%,

11/15/52(a)

1,126,349

2,513,397

SMB

Private

Education

Loan

Trust,

Class

A2A1,

Series

2021-A,

5.94%(TSFR1M+84bps),

1/15/53(a)

2,497,817

4,584,207

SMB

Private

Education

Loan

Trust,

Class

A1B,

Series

2022-D,

7.14%(SOFR30A+180bps),

10/15/58(a)

4,660,721

130,445

SMB

Private

Education

Loan

Trust,

Class

A2B,

Series

2017-B,

5.96%(TSFR1M+86bps),

10/15/35(a)

130,248

2,341,413

SoFi

Personal

Loan

Trust,

Class

A,

Series

2024-1A,

6.06%,

2/12/31,

Callable

9/12/27

@

100(a)

2,383,687

452,510

SoFi

Professional

Loan

Program

LLC,

Class

A2FX,

Series

2017-F,

2.84%,

1/25/41,

Callable

10/25/25

@

100(a)

446,516

267,260

SoFi

Professional

Loan

Program

LLC,

Class

A2FX,

Series

2019-B,

3.09%,

8/17/48,

Callable

9/15/26

@

100(a)

261,134

714,981

SoFi

Professional

Loan

Program

Trust,

Class

A2FX,

Series

2020-A,

2.54%,

5/15/46,

Callable

11/15/27

@

100(a)

680,928

380,941

SoFi

Professional

Loan

Program

Trust,

Class

AFX,

Series

2020-C,

1.95%,

2/15/46,

Callable

7/15/28

@

100(a)

357,008

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

9,557,000

Toyota

Auto

Loan

Extended

Note

Trust,

Class

A,

Series

2023-1A,

4.93%,

6/25/36,

Callable

6/25/28

@

100(a)

$

9,785,970

Total

Asset

Backed

Securities

(Cost

$164,881,021)

165,693,689

Collateralized

Mortgage

Obligations

(6.5%):

1,332,445

A&D

Mortgage

Trust,

Class

A1,

Series

2023-NQM5,

7.05%,

11/25/68,

Callable

11/25/26

@

100(a)(b)

1,371,004

2,200,000

AGL

CLO

28,

Ltd.,

Class

AL2,

Series

2023-28A,

6.98%(TSFR3M+170bps),

1/21/37,

Callable

1/21/26

@

100(a)

2,216,940

2,810,000

Alen

Mortgage

Trust,

Class

A,

Series

2021-ACEN,

6.36%(TSFR1M+126bps),

4/15/34(a)

2,543,008

4,895,000

Anchorage

Capital

CLO

7,

Ltd.,

Class

AR3,

Series

2015-7A,

6.89%(TSFR3M+156bps),

4/28/37,

Callable

4/28/26

@

100(a)

4,921,651

5,025,685

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-2,

5.99%,

1/25/69,

Callable

1/25/27

@

100(a)(b)

5,171,885

1,278,150

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2023-6,

6.50%,

12/25/67,

Callable

8/25/26

@

100(a)(b)

1,344,676

3,868,160

Angel

Oak

Mortgage

Trust,

Class

A1,

Series

2024-1,

5.21%,

8/25/68,

Callable

1/25/27

@

100(a)(b)

3,884,460

736,606

Apidos

CLO

XX,

Class

A1RA,

Series

2015-20A,

6.65%(TSFR3M+136bps),

7/16/31,

Callable

10/16/24

@

100(a)

737,133

732,716

Apidos

CLO

XXV,

Class

A1R2,

Series

2016-25A,

6.43%(TSFR3M+115bps),

10/20/31,

Callable

10/20/24

@

100(a)

732,927

211,334

Ares

XXXIIR

CLO,

Ltd.,

Class

A1A,

Series

2014-

32RA,

6.32%(TSFR3M+120bps),

5/15/30,

Callable

11/15/24

@

100(a)

211,518

1,337,362

Arroyo

Mortgage

Trust,

Class

A1,

Series

2022-2,

4.95%,

7/25/57,

Callable

7/25/25

@

100(a)

1,358,334

2,470,000

BANK,

Class

A5,

Series

2024-BNK48,

5.05%,

9/15/34

2,525,868

495,000

BANK,

Class

A5,

Series

2021-BN38,

2.52%,

12/15/64,

Callable

12/15/31

@

100

430,336

629,079

Battalion

CLO

VIII,

Ltd.,

Class

A1R2,

Series

2015-

8A,

6.61%(TSFR3M+133bps),

7/18/30,

Callable

10/18/24

@

100(a)

629,825

2,665,000

BBCMS

Mortgage

Trust,

Class

A4,

Series

2023-C22,

6.52%,

11/15/56,

Callable

10/15/33

@

100(b)

3,012,592

2,050,000

BBCMS

Mortgage

Trust,

Class

A5,

Series

2024-C26,

5.83%,

5/15/57,

Callable

5/15/34

@

100(b)

2,225,536

3,850,000

BBCMS

Mortgage

Trust,

Class

A,

Series

2018-TALL,

6.02%(TSFR1M+92bps),

3/15/37(a)

3,638,198

3,120,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2019-

B12,

3.12%,

8/15/52,

Callable

8/15/29

@

100

2,907,726

1,040,000

Benchmark

Mortgage

Trust,

Class

B,

Series

2019-

B15,

3.56%,

12/15/72,

Callable

12/15/29

@

100

883,258

2,310,000

BFLD

Mortgage

Trust,

Class

A,

Series

2024-WRHS,

6.59%(TSFR1M+149bps),

8/15/26(a)

2,308,556

2,397,835

BRAVO

Residential

Funding

Trust,

Class

A1,

Series

2023-NQM6,

6.60%,

9/25/63,

Callable

8/25/26

@

100(a)(b)

2,481,103

2,780,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-AIRC,

6.79%(TSFR1M+169bps),

8/15/39(a)

2,783,475

2,474,736

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

6.54%(TSFR1M+144bps),

2/15/39(a)

2,473,928

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

60

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

2,815,639

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

6.86%(TSFR1M+176bps),

12/9/40(a)

$

2,824,232

947,436

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-MF,

6.79%(TSFR1M+169bps),

2/15/39(a)

945,216

2,560,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-AIRC,

7.24%(TSFR1M+214bps),

8/15/39(a)

2,563,200

2,600,000

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2020-VIV4,

2.84%,

3/9/44,

Callable

3/9/30

@

100(a)

2,350,142

1,883,000

BX

Trust,

Class

A,

Series

2023-DELC,

7.79%(TSFR1M+269bps),

5/15/38(a)

1,889,955

1,681,426

BX

Trust,

Class

A,

Series

2024-CNYN,

6.54%(TSFR1M+144bps),

4/15/41(a)

1,680,849

3,730,000

BX

Trust,

Class

A,

Series

2024-VLT4,

6.59%(TSFR1M+149bps),

7/15/29(a)

3,730,196

940,000

BX

Trust,

Class

B,

Series

2024-BIO,

7.04%(TSFR1M+194bps),

2/15/41(a)

933,365

1,930,000

BX

Trust,

Class

A,

Series

2024-PAT,

7.19%(TSFR1M+209bps),

3/15/41(a)

1,936,306

780,000

BX

Trust,

Class

B,

Series

2024-PAT,

8.14%(TSFR1M+304bps),

3/15/41(a)

781,412

4,646,000

BX

Trust,

Class

A,

Series

2024-BIO,

6.74%(TSFR1M+164bps),

2/15/41(a)

4,622,333

615,000

Cantor

Commercial

Real

Estate

Lending,

Class

A4,

Series

2019-CF2,

2.62%,

11/15/52,

Callable

10/15/29

@

100

559,919

603,000

Cantor

Commercial

Real

Estate

Lending,

Class

B,

Series

2019-CF3,

3.50%,

1/15/53,

Callable

12/15/29

@

100(b)

502,944

1,950,000

CEDR

Commercial

Mortgage

Trust,

Class

A,

Series

2022-SNAI,

6.08%(TSFR1M+99bps),

2/15/39(a)

1,857,728

3,734,551

CENT

Trust,

Class

A,

Series

2023-CITY,

7.72%(TSFR1M+262bps),

9/15/38(a)

3,744,376

207,158

Chase

Home

Lending

Mortgage

Trust,

Class

A11,

Series

2019-ATR2,

5.87%(TSFR1M+101bps),

7/25/49,

Callable

11/25/34

@

100(a)

195,014

588,036

CIM

Trust,

Class

A11,

Series

2019-INV3,

5.50%(SOFR30A+106bps),

8/25/49,

Callable

11/25/27

@

100(a)

560,817

119,078

CIM

Trust,

Class

A1,

Series

2021-R6,

1.43%,

7/25/61,

Callable

9/25/26

@

100(a)(b)

104,754

1,460,000

COAST

Commercial

Mortgage

Trust,

Class

A,

Series

2023-2HTL,

7.69%(TSFR1M+259bps),

8/15/36(a)

1,457,992

707,761

COLT

Mortgage

Loan

Trust,

Class

A1,

Series

2023-

4,

7.16%,

10/25/68,

Callable

10/25/26

@

100(a)(b)

735,484

3,075,000

COMM

Mortgage

Trust,

Class

A4,

Series

2015-

CR26,

3.63%,

10/10/48,

Callable

8/10/27

@

100

3,010,476

667,000

COMM

Mortgage

Trust,

Class

A5,

Series

2015-

CR24,

3.70%,

8/10/48,

Callable

6/10/26

@

100

659,956

1,460,000

CONE

TRUST,

Class

A,

Series

2024-DFW1,

6.74%(TSFR1M+164bps),

8/15/41(a)

1,460,099

941,222

Cross

Mortgage

Trust,

Class

A1A,

Series

2023-H2,

7.14%,

11/25/68,

Callable

10/25/26

@

100(a)(b)

979,778

1,195,000

CSAIL

Commercial

Mortgage

Trust,

Class

B,

Series

2019-C15,

4.48%,

3/15/52,

Callable

2/15/29

@

100

1,127,865

1,453,441

CSMC,

Class

A1,

Series

2021-NQM8,

1.84%,

10/25/66,

Callable

11/25/24

@

100(a)(b)

1,296,463

1,234,964

CSMC,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(a)

1,191,369

2,135,000

CSMC,

Class

B,

Series

2021-BHAR,

6.71%(TSFR1M+161bps),

11/15/38(a)

2,114,351

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,281,699

Dewolf

Park

CLO,

Ltd.,

Class

AR,

Series

2017-1A,

6.48%(TSFR3M+118bps),

10/15/30,

Callable

10/15/24

@

100(a)

$

1,282,871

1,440,000

Diameter

Capital

CLO

1,

Ltd.,

Class

A1A,

Series

2021-1A,

6.80%(TSFR3M+150bps),

7/15/36,

Callable

10/15/24

@

100(a)

1,441,558

231,903

Dryden

30

Senior

Loan

Fund,

Class

AR,

Series

2013-

30A,

6.20%(TSFR3M+108bps),

11/15/28,

Callable

11/15/24

@

100(a)

232,026

1,694,073

Dryden

37

Senior

Loan

Fund,

Class

AR,

Series

2015-

37A,

6.66%(TSFR3M+136bps),

1/15/31,

Callable

10/15/24

@

100(a)

1,695,767

5,430,000

ELM

Trust,

Class

A15,

Series

2024-ELM,

5.99%,

6/10/39(a)(b)

5,525,288

5,430,000

ELM

Trust,

Class

A10,

Series

2024-ELM,

5.99%,

6/10/39(a)(b)

5,525,288

3,860,000

Elmwood

CLO

26,

Ltd.,

Class

A1,

Series

2024-1A,

6.79%(TSFR3M+150bps),

4/18/37,

Callable

4/18/26

@

100(a)

3,873,625

1,454,666

Flagstar

Mortgage

Trust,

Class

A6,

Series

2021-

13IN,

2.50%,

12/30/51,

Callable

6/25/49

@

100(a)

(b)

1,298,516

416,994

Flagstar

Mortgage

Trust,

Class

A11,

Series

2019-

1INV,

5.50%(TSFR1M+106bps),

10/25/49,

Callable

10/25/33

@

100(a)

397,820

856,788

FRESB

Mortgage

Trust,

Class

A10H,

Series

2019-

SB60,

3.50%(US0001M+350bps),

1/25/39,

Callable

12/25/28

@

100

806,565

2,375,621

FRESB

Mortgage

Trust,

Class

A10F,

Series

2021-

SB93,

1.81%,

10/25/31,

Callable

9/25/31

@

100(b)

2,070,302

476,268

FS

RIALTO,

Class

A,

Series  2021-FL2,

6.43%(TSFR1M+133bps),

5/16/38,

Callable

10/16/24

@

100(a)

472,101

2,231,648

GCAT

Trust,

Class

A1,

Series

2021-NQM7,

1.92%,

8/25/66,

Callable

8/25/28

@

100(a)(b)

2,001,946

1,010,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2024-RVR,

5.37%,

8/10/41(a)(b)

1,014,984

2,090,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2023-FUN,

7.19%(TSFR1M+209bps),

3/15/28(a)

2,094,065

2,105,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2023-FUN,

7.89%(TSFR1M+279bps),

3/15/28(a)

2,108,976

1,499,439

GS

Mortgage-Backed

Securities

Trust,

Class

A2,

Series

2021-PJ6,

2.50%,

11/25/51,

Callable

8/25/48

@

100(a)(b)

1,260,231

970,140

GS

Mortgage-Backed

Securities

Trust,

Class

A2,

Series

2021-PJ2,

2.50%,

7/25/51,

Callable

2/25/48

@

100(a)(b)

800,887

911,020

Homeward

Opportunities

Fund

Trust,

Class

A1,

Series

2022-1,

5.08%,

7/25/67,

Callable

8/25/25

@

100(a)(b)

930,224

270,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

D,

Series

2022-OPO,

3.56%,

1/5/39(a)

(b)

206,393

1,500,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-NXSS,

7.28%(TSFR1M+218bps),

9/15/39(a)

1,500,676

364,818

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV2,

5.87%(TSFR1M+101bps),

2/25/50,

Callable

1/25/40

@

100(a)

347,654

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

61

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

132,580

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-7,

5.87%(TSFR1M+101bps),

2/25/50,

Callable

2/25/26

@

100(a)

$

124,740

162,799

J.P.

Morgan

Mortgage

Trust,

Class

A5,

Series

2019-

LTV3,

3.50%,

3/25/50,

Callable

2/25/26

@

100(a)(b)

160,275

2,100,833

J.P.

Morgan

Mortgage

Trust,

Class

A3B,

Series

2022-INV3,

3.00%,

9/25/52,

Callable

1/25/48

@

100(a)(b)

1,839,213

330,578

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-INV3,

5.97%(TSFR1M+111bps),

5/25/50,

Callable

2/25/39

@

100(a)

314,200

1,349,503

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-14,

5.00%,

5/25/52,

Callable

9/25/45

@

100(a)(b)

1,326,097

1,488,188

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2024-

2,

6.00%,

8/25/54,

Callable

10/25/31

@

100(a)(b)

1,505,860

34,714

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2020-LTV1,

6.00%(TSFR1M+111bps),

6/25/50,

Callable

6/25/36

@

100(a)

34,697

935,589

J.P.

Morgan

Mortgage

Trust,

Class

A4,

Series

2021-

10,

2.50%,

12/25/51,

Callable

4/25/47

@

100(a)(b)

832,331

42,674

J.P.

Morgan

Mortgage

Trust,

Class

A11,

Series

2019-LTV3,

5.82%(TSFR1M+96bps),

3/25/50,

Callable

2/25/26

@

100(a)

42,516

2,267

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2021-

7,

2.50%,

11/25/51,

Callable

12/25/46

@

100(b)

1,906

886,854

J.P.

Morgan

Mortgage

Trust,

Class

A12,

Series

2021-12,

5.00%,

2/25/52,

Callable

4/25/45

@

100(a)(b)

871,473

688,941

J.P.

Morgan

Mortgage

Trust,

Class

A3,

Series

2021-

12,

2.50%,

2/25/52,

Callable

4/25/45

@

100(a)(b)

579,034

700,000

JPMDB

Commercial

Mortgage

Securities

Trust,

Class

A5,

Series

2017-C5,

3.69%,

3/15/50,

Callable

8/15/27

@

100

684,673

1,530,000

KSL

Commercial

Mortgage

Trust,

Class

A,

Series

2023-HT,

7.39%(TSFR1M+229bps),

12/15/36(a)

1,534,065

1,910,000

LBA

Trust,

Class

A,

Series

2024-7IND,

6.54%(TSFR1M+144bps),

10/15/41(a)

1,908,830

384,634

LCM

XVIII

LP,

Class

A1R,

Series

18A,

6.56%(TSFR3M+128bps),

4/20/31,

Callable

10/20/24

@

100(a)

384,984

856,389

Madison

Park

Funding

XVIII,

Ltd.,

Class

ARR,

Series

2015-18A,

6.48%(TSFR3M+120bps),

10/21/30,

Callable

10/21/24

@

100(a)

858,102

996,595

Madison

Park

Funding

XXXV,

Ltd.,

Class

A1R,

Series

2019-35A,

6.53%(TSFR3M+125bps),

4/20/32,

Callable

10/20/24

@

100(a)

997,376

3,767,980

Mello

Mortgage

Capital

Acceptance,

Class

A3,

Series

2022-INV2,

3.00%,

4/25/52,

Callable

7/25/46

@

100(a)(b)

3,284,619

630,000

MF1,

Class

A,

Series

2021-W10,

6.17%(TSFR1M+107bps),

12/15/34(a)

625,517

2,970,237

MFA

Trust,

Class

A1,

Series

2023-NQM3,

6.62%,

7/25/68,

Callable

8/25/26

@

100(a)(b)

3,059,113

1,192,692

MFA

Trust,

Class

A1,

Series

2023-INV2,

6.78%,

10/25/58,

Callable

9/25/26

@

100(a)(b)

1,219,222

1,115,000

MIRA

Trust,

Class

A,

Series

2023-MILE,

6.75%,

6/10/38(a)

1,176,231

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

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

$

1,058,046

1,540,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2016-BNK2,

3.05%,

11/15/49,

Callable

11/15/26

@

100

1,470,544

1,840,000

MSWF

Commercial

Mortgage

Trust,

Class

A5,

Series

2023-2,

6.01%,

12/15/56,

Callable

12/15/33

@

100

2,016,210

755,619

Neuberger

Berman

Loan

Advisers

CLO

32,

Ltd.,

Class

AR,

Series

2019-32A,

6.53%(TSFR3M+125bps),

1/20/32,

Callable

10/19/24

@

100(a)

756,343

635,364

OBX

Trust,

Class

A1,

Series

2023-NQM9,

7.16%,

10/25/63,

Callable

10/25/26

@

100(a)(b)

662,415

1,654,045

OCP

CLO,

Ltd.,

Class

A1,

Series

2018-15A,

6.64%(TSFR3M+136bps),

7/20/31,

Callable

10/20/24

@

100(a)

1,655,037

206,385

Octagon

Investment

Partners

30,

Ltd.,

Class

A1R,

Series

2017-1A,

6.54%(TSFR3M+126bps),

3/17/30,

Callable

10/20/24

@

100(a)

206,678

89,846

Octagon

Investment

Partners

XIV,

Ltd.,

Class

AARR,

Series

2012-1A,

6.51%(TSFR3M+121bps),

7/15/29,

Callable

10/15/24

@

100(a)

89,863

728,052

Octagon

Investment

Partners

XVI,

Ltd.,

Class

A1R,

Series

2013-1A,

6.57%(TSFR3M+128bps),

7/17/30,

Callable

10/17/24

@

100(a)

728,454

1,200,000

Octagon

Investment

Partners

XVII,

Ltd.,

Class

A2R2,

Series

2013-1A,

6.65%(TSFR3M+136bps),

1/25/31,

Callable

10/25/24

@

100(a)

1,199,996

1,510,000

One

New

York

Plaza

Trust,

Class

A,

Series

2020-

1NYP,

6.16%(TSFR1M+106bps),

1/15/36(a)

1,441,948

2,700,000

Palmer

Square

CLO,

Ltd.,

Class

A1A,

Series

2022-

4A,

7.43%(TSFR3M+215bps),

10/20/35,

Callable

1/20/25

@

100(a)

2,711,163

1,970,909

PRKCM

Trust,

Class

A1,

Series

2021-AFC2,

2.07%,

11/25/56,

Callable

5/25/45

@

100(a)(b)

1,673,989

737,930

PRPM

LLC,

Class

A1,

Series

2024-RCF1,

4.00%,

1/25/54,

Callable

1/25/26

@

100(a)(b)

727,012

883,712

PRPM

Trust,

Class

A1,

Series

2024-NQM2,

6.33%,

6/25/69,

Callable

7/25/27

@

100(a)(b)

899,789

450,935

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2018-2,

3.50%,

11/25/57,

Callable

6/25/43

@

100

441,192

1,193,987

Seasoned

Credit

Risk

Transfer

Trust,

Class

MA,

Series

2019-2,

3.50%,

8/26/58,

Callable

9/25/52

@

100

1,160,095

125,000

SG

Commercial

Mortgage

Securities

Trust,

Class

A4,

Series

2016-C5,

3.06%,

10/10/48,

Callable

7/10/26

@

100

119,464

731,831

SG

Residential

Mortgage

Trust,

Class

A1,

Series

2022-2,

5.35%,

8/25/62,

Callable

8/25/25

@

100(a)

(b)

757,390

1,000,000

Signal

Peak

CLO

4,

Ltd.,

Class

XR,

Series

2017-4A,

6.49%(TSFR3M+121bps),

10/26/34,

Callable

10/26/24

@

100(a)

995,705

1,255,000

Taubman

Centers

Commercial

Mortgage

Trust,

Class

A,

Series

2022-DPM,

7.28%(TSFR1M+219bps),

5/15/37(a)

1,258,272

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

62

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

107,239

TCI-Flatiron

CLO,  Ltd.,

Class

AR,

Series

2017-1A,

6.32%(TSFR3M+122bps),

11/18/30,

Callable

11/17/24

@

100(a)

$

107,372

380,000

TRESTLES

CLO

V,

Ltd.,

Class

A1,

Series

2021-5A,

6.71%(TSFR3M+143bps),

10/20/34,

Callable

10/20/24

@

100(a)

380,327

3,200,000

TRESTLES

CLO,

Ltd.,

Class

A1RR,

Series

2017-1A,

6.70%(TSFR3M+146bps),

7/25/37,

Callable

7/25/26

@

100(a)

3,212,800

2,770,262

UWM

Mortgage

Trust,

Class

A10,

Series

2021-

INV5,

5.00%,

1/25/52,

Callable

1/25/48

@

100(a)(b)

2,711,827

1,653,149

Verus

Securitization

Trust,

Class

A1,

Series

2022-2,

4.26%,

2/25/67,

Callable

12/25/27

@

100(a)(b)

1,602,840

399,245

Voya

CLO,

Ltd.,

Class

AR,

Series

2019-1A,

6.62%(TSFR3M+132bps),

4/15/31,

Callable

10/15/24

@

100(a)

399,500

775,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A4,

Series

2015-C28,

3.54%,

5/15/48,

Callable

5/15/25

@

100

763,942

8,204,325

Wells

Fargo

Commercial

Mortgage

Trust,

Class

XA,

Series

2016-LC25,

0.96%,

12/15/59,

Callable

9/15/26

@

100(b)

111,207

1,015,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A4,

Series

2015-NXS4,

3.72%,

12/15/48,

Callable

11/15/25

@

100

1,003,152

1,250,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

AS,

Series

2015-NXS1,

3.41%,

5/15/48,

Callable

4/15/25

@

100

1,229,623

Total

Collateralized

Mortgage

Obligations

(Cost

$191,459,169)

190,415,560

Corporate

Bonds

(23.9%):

Aerospace

&

Defense

(0.8%):

591,000

Boeing

Co.

(The),

3.90%,

5/1/49,

Callable

11/1/48

@

100

422,576

440,000

Boeing

Co.

(The),

3.95%,

8/1/59,

Callable

2/1/59

@

100

301,363

368,000

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/1/27,

Callable

9/1/27

@

100

358,800

6,287,000

L3Harris

Technologies,

Inc.,

5.40%,

1/15/27

6,446,967

2,327,000

L3Harris

Technologies,

Inc.,

4.40%,

6/15/28,

Callable

3/15/28

@

100

2,333,311

1,278,000

L3Harris

Technologies,

Inc.,

5.05%,

6/1/29,

Callable

5/1/29

@

100

1,313,959

666,000

L3Harris

Technologies,

Inc.,

5.25%,

6/1/31,

Callable

4/1/31

@

100

692,726

1,082,000

L3Harris

Technologies,

Inc.,

5.60%,

7/31/53,

Callable

1/31/53

@

100

1,142,320

184,000

L3Harris

Technologies,

Inc.,

5.50%,

8/15/54,

Callable

2/15/54

@

100

190,702

446,000

Lockheed

Martin

Corp.,

3.80%,

3/1/45,

Callable

9/1/44

@

100

382,100

868,000

Northrop

Grumman

Corp.,

4.90%,

6/1/34,

Callable

3/1/34

@

100

885,977

196,000

Northrop

Grumman

Corp.,

4.95%,

3/15/53,

Callable

9/15/52

@

100

190,622

2,075,000

Northrop

Grumman

Corp.,

5.20%,

6/1/54,

Callable

12/1/53

@

100

2,104,025

115,000

RTX

Corp.,

7.00%,

11/1/28

124,542

590,000

RTX

Corp.,

5.40%,

5/1/35

623,179

Principal

Amount

Value

Corporate

Bonds,

continued

Aerospace

&

Defense,

continued

$

415,000

RTX

Corp.,

4.20%,

12/15/44,

Callable

6/15/44

@

100

$

355,495

195,000

RTX

Corp.,

3.75%,

11/1/46,

Callable

5/1/46

@

100

159,891

249,000

RTX

Corp.,

3.13%,

7/1/50,

Callable

1/1/50

@

100

177,805

3,229,000

RTX

Corp.,

2.82%,

9/1/51,

Callable

3/1/51

@

100

2,156,439

2,095,000

RTX

Corp.,

3.03%,

3/15/52,

Callable

9/15/51

@

100

1,467,640

250,000

Textron,

Inc.,

3.65%,

3/15/27,

Callable

12/15/26

@

100

245,889

155,000

Textron,

Inc.,

3.90%,

9/17/29,

Callable

6/17/29

@

100

151,205

22,227,533

Air

Freight

&

Logistics

(0.0%

†

):

325,000

Prologis

Targeted

US

Logistics

Fund,

LP,

5.25%,

1/15/35,

Callable

10/15/34

@

100(a)

330,503

285,898

United

Airlines

Pass

Through

Trust,

Series

2019-1,

Class

AA,

4.15%,

8/25/31

275,421

605,924

Automobiles

(0.0%

†

):

290,000

General

Motors

Financial

Co.,

Inc.,

5.60%,

6/18/31,

Callable

4/18/31

@

100

297,056

Banks

(2.8%):

1,240,000

Associated

Banc-Corp.,

6.46%

(SOFR+303bps),

8/29/30,

Callable

8/29/29

@

100

1,275,660

6,750,000

Bank

of

America

Corp.,

3.42%

(TSFR3M+130bps),

12/20/28,

Callable

12/20/27

@

100

6,575,445

3,885,000

Bank

of

America

Corp.,

2.50%

(TSFR3M+125bps),

2/13/31,

Callable

2/13/30

@

100,

MTN

3,521,942

2,621,000

Bank

of

America

Corp.,

2.97%

(SOFR+133bps),

2/4/33,

Callable

2/4/32

@

100

2,332,145

166,000

Bank

of

America

Corp.,

4.44%

(TSFR3M+225bps),

1/20/48,

Callable

1/20/47

@

100

152,842

201,000

Bank

of

America

Corp.,

3.95%

(TSFR3M+145bps),

1/23/49,

Callable

1/23/48

@

100

170,963

679,000

Bank

of

America

Corp.,

4.33%

(TSFR3M+178bps),

3/15/50,

Callable

3/15/49

@

100,

MTN

615,097

412,000

Bank

of

America

Corp.,

4.08%

(TSFR3M+341bps),

3/20/51,

Callable

3/20/50

@

100,

MTN

357,746

908,000

Bank

of

America

Corp.,

2.83%

(SOFR+188bps),

10/24/51,

Callable

10/24/50

@

100

623,695

310,000

Citigroup,

Inc.,

1.12%

(SOFR+77bps),

1/28/27,

Callable

1/28/26

@

100

296,459

1,678,000

Citigroup,

Inc.,

3.67%

(TSFR3M+165bps),

7/24/28,

Callable

7/24/27

@

100

1,640,315

3,436,000

Citigroup,

Inc.,

3.52%

(TSFR3M+141bps),

10/27/28,

Callable

10/27/27

@

100

3,342,194

2,427,000

Citigroup,

Inc.,

2.98%

(SOFR+142bps),

11/5/30,

Callable

11/5/29

@

100

2,253,280

329,000

Citigroup,

Inc.,

2.67%

(SOFR+115bps),

1/29/31,

Callable

1/29/30

@

100

299,743

312,000

Citigroup,

Inc.,

2.52%

(SOFR+118bps),

11/3/32,

Callable

11/3/31

@

100

269,885

3,109,000

Citigroup,

Inc.,

3.06%

(SOFR+135bps),

1/25/33,

Callable

1/25/32

@

100

2,778,305

600,000

Citigroup,

Inc.,

5.45%

(SOFR+145bps),

6/11/35,

Callable

6/11/34

@

100

626,066

4,531,000

JPMorgan

Chase

&

Co.,

5.57%

(SOFR+93bps),

4/22/28,

Callable

4/22/27

@

100

4,672,680

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

63

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Banks,

continued

$

3,772,000

JPMorgan

Chase

&

Co.,

3.51%

(TSFR3M+121bps),

1/23/29,

Callable

1/23/28

@

100

$

3,676,467

895,000

JPMorgan

Chase

&

Co.,

5.01%

(SOFR+131bps),

1/23/30,

Callable

1/23/29

@

100

918,364

2,884,000

JPMorgan

Chase

&

Co.,

5.58%

(SOFR+116bps),

4/22/30,

Callable

4/22/29

@

100

3,022,723

1,962,000

JPMorgan

Chase

&

Co.,

5.00%

(SOFR+113bps),

7/22/30,

Callable

7/22/29

@

100

2,015,986

7,669,000

JPMorgan

Chase

&

Co.,

2.74%

(TSFR3M+151bps),

10/15/30,

Callable

10/15/29

@

100

7,127,016

7,869,000

JPMorgan

Chase

&

Co.,

1.95%

(SOFR+107bps),

2/4/32,

Callable

2/4/31

@

100

6,727,003

1,552,000

JPMorgan

Chase

&

Co.,

2.55%

(SOFR+118bps),

11/8/32,

Callable

11/8/31

@

100

1,365,207

3,768,000

JPMorgan

Chase

&

Co.,

2.96%

(SOFR+126bps),

1/25/33,

Callable

1/25/32

@

100

3,372,330

370,000

JPMorgan

Chase

&

Co.,

5.34%

(SOFR+162bps),

1/23/35,

Callable

1/23/34

@

100

386,543

2,277,000

JPMorgan

Chase

&

Co.,

5.77%

(SOFR+149bps),

4/22/35,

Callable

4/22/34

@

100

2,444,833

6,176,000

JPMorgan

Chase

&

Co.,

5.29%

(SOFR+146bps),

7/22/35,

Callable

7/22/34

@

100

6,439,110

209,000

JPMorgan

Chase

&

Co.,

4.03%

(TSFR3M+172bps),

7/24/48,

Callable

7/24/47

@

100

181,976

385,000

JPMorgan

Chase

&

Co.,

3.11%

(SOFR+244bps),

4/22/51,

Callable

4/22/50

@

100

283,988

198,000

JPMorgan

Chase

&

Co.,

3.33%

(SOFR+158bps),

4/22/52,

Callable

4/22/51

@

100

152,742

333,000

Morgan

Stanley

Bank

NA,

4.75%,

4/21/26,

Callable

3/21/26

@

100

335,481

6,967,000

Wells

Fargo

&

Co,

5.71%

(SOFR+107bps),

4/22/28,

Callable

4/22/27

@

100

7,202,046

1,890,000

Wells

Fargo

&

Co.,

2.57%

(TSFR3M+126bps),

2/11/31,

Callable

2/11/30

@

100,

MTN

1,711,440

1,239,000

Wells

Fargo

&

Co.,

5.50%

(SOFR+178bps),

1/23/35,

Callable

1/23/34

@

100

1,298,263

1,658,000

Wells

Fargo

&

Co.,

5.01%

(TSFR3M+450bps),

4/4/51,

Callable

4/4/50

@

100,

MTN

1,627,853

2,000

Wells

Fargo

&

Co.,

4.61%

(SOFR+213bps),

4/25/53,

Callable

4/25/52

@

100

1,841

82,095,674

Beverages

(0.0%

†

):

352,000

Coca-Cola

Co.

(The),

2.60%,

6/1/50

236,021

1,059,000

Coca-Cola

Co.

(The),

5.40%,

5/13/64,

Callable

11/13/63

@

100

1,130,481

1,366,502

Biotechnology

(0.7%):

1,287,000

AbbVie,

Inc.,

5.05%,

3/15/34,

Callable

12/15/33

@

100

1,348,025

5,988,000

AbbVie,

Inc.,

4.50%,

5/14/35,

Callable

11/14/34

@

100

5,942,934

1,317,000

AbbVie,

Inc.,

4.30%,

5/14/36,

Callable

11/14/35

@

100

1,278,334

2,802,000

Amgen,

Inc.,

4.05%,

8/18/29,

Callable

6/18/29

@

100

2,773,198

1,149,000

Amgen,

Inc.,

3.00%,

1/15/52,

Callable

7/15/51

@

100

798,040

Principal

Amount

Value

Corporate

Bonds,

continued

Biotechnology,

continued

$

1,016,000

Amgen,

Inc.,

4.20%,

2/22/52,

Callable

8/22/51

@

100

$

856,650

481,000

Amgen,

Inc.,

2.77%,

9/1/53,

Callable

3/1/53

@

100

315,617

385,000

Amgen,

Inc.,

4.40%,

2/22/62,

Callable

8/22/61

@

100

329,609

1,682,000

Amgen,

Inc.,

5.75%,

3/2/63,

Callable

9/2/62

@

100

1,761,015

3,329,000

Gilead

Sciences,

Inc.,

1.65%,

10/1/30,

Callable

7/1/30

@

100

2,869,715

291,000

Gilead

Sciences,

Inc.,

2.60%,

10/1/40,

Callable

4/1/40

@

100

216,803

218,000

Gilead

Sciences,

Inc.,

4.50%,

2/1/45,

Callable

8/1/44

@

100

200,505

742,000

Gilead

Sciences,

Inc.,

4.75%,

3/1/46,

Callable

9/1/45

@

100

705,191

19,395,636

Broadline

Retail

(0.1%):

816,000

Amazon.com,

Inc.,

4.25%,

8/22/57,

Callable

2/22/57

@

100

735,114

3,687,000

Amazon.com,

Inc.,

2.70%,

6/3/60,

Callable

12/3/59

@

100

2,363,441

620,000

Amazon.com,

Inc.,

3.25%,

5/12/61,

Callable

11/12/60

@

100

445,341

295,000

eBay,

Inc.,

6.30%,

11/22/32,

Callable

8/22/32

@

100

327,219

3,871,115

Capital

Markets

(3.8%):

68,000

FactSet

Research

Systems,

Inc.,

3.45%,

3/1/32,

Callable

12/1/31

@

100^

61,819

5,579,000

Goldman

Sachs

Group,

Inc.

(The),

1.43%

(SOFR+80bps),

3/9/27,

Callable

3/9/26

@

100

5,335,209

3,941,000

Goldman

Sachs

Group,

Inc.

(The),

1.54%

(SOFR+82bps),

9/10/27,

Callable

9/10/26

@

100

3,739,091

2,698,000

Goldman

Sachs

Group,

Inc.

(The),

1.95%

(SOFR+91bps),

10/21/27,

Callable

10/21/26

@

100

2,573,498

1,766,000

Goldman

Sachs

Group,

Inc.

(The),

2.64%

(SOFR+111bps),

2/24/28,

Callable

2/24/27

@

100

1,695,577

558,000

Goldman

Sachs

Group,

Inc.

(The),

4.48%

(SOFR+173bps),

8/23/28,

Callable

8/23/27

@

100

561,517

516,000

Goldman

Sachs

Group,

Inc.

(The),

4.22%

(TSFR3M+156bps),

5/1/29,

Callable

5/1/28

@

100

513,331

1,426,000

Goldman

Sachs

Group,

Inc.

(The),

2.60%,

2/7/30,

Callable

11/7/29

@

100

1,308,519

5,260,000

Goldman

Sachs

Group,

Inc.

(The),

5.73%

(SOFR+127bps),

4/25/30,

Callable

4/25/29

@

100

5,530,375

5,828,000

Goldman

Sachs

Group,

Inc.

(The),

5.05%

(SOFR+121bps),

7/23/30,

Callable

7/23/29

@

100

5,972,738

7,577,000

Goldman

Sachs

Group,

Inc.

(The),

2.65%

(SOFR+126bps),

10/21/32,

Callable

10/21/31

@

100

6,650,227

5,098,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR+141bps),

2/24/33,

Callable

2/24/32

@

100

4,598,202

9,363,000

Goldman

Sachs

Group,

Inc.

(The),

5.33%

(SOFR+155bps),

7/23/35,

Callable

7/23/34

@

100

9,705,040

185,000

Goldman

Sachs

Group,

Inc.

(The),

4.41%

(TSFR3M+169bps),

4/23/39,

Callable

4/23/38

@

100

175,107

267,000

Goldman

Sachs

Group,

Inc.

(The),

4.80%,

7/8/44,

Callable

1/8/44

@

100

259,053

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

64

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

366,000

Moody's

Corp.,

2.55%,

8/18/60,

Callable

2/18/60

@

100

$

207,614

1,974,000

Morgan

Stanley,

5.16%

(SOFR+159bps),

4/20/29,

Callable

4/20/28

@

100

2,028,660

21,566,000

Morgan

Stanley,

5.66%

(SOFR+126bps),

4/18/30,

Callable

4/18/29

@

100

22,738,134

6,717,000

Morgan

Stanley,

5.04%

(SOFR+122bps),

7/19/30,

Callable

7/19/29

@

100

6,902,550

903,000

Morgan

Stanley,

2.70%

(SOFR+114bps),

1/22/31,

Callable

1/22/30

@

100,

MTN

822,944

9,459,000

Morgan

Stanley,

1.79%

(SOFR+103bps),

2/13/32,

Callable

2/13/31

@

100,

MTN

7,986,508

178,000

Morgan

Stanley,

2.24%

(SOFR+118bps),

7/21/32,

Callable

7/21/31

@

100,

MTN

152,760

2,880,000

Morgan

Stanley,

2.51%

(SOFR+120bps),

10/20/32,

Callable

10/20/31

@

100,

MTN

2,515,386

5,154,000

Morgan

Stanley,

2.94%

(SOFR+129bps),

1/21/33,

Callable

1/21/32

@

100

4,578,793

2,238,000

Morgan

Stanley,

5.83%

(SOFR+158bps),

4/19/35,

Callable

4/19/34

@

100

2,394,116

12,093,000

Morgan

Stanley,

5.32%

(SOFR+156bps),

7/19/35,

Callable

7/19/34

@

100

12,556,440

111,563,208

Chemicals

(0.1%):

430,000

Ecolab,

Inc.,

2.70%,

12/15/51,

Callable

6/15/51

@

100

288,090

785,000

South

Bow

USA

Infrastructure

Holdings

LLC,

4.91%,

9/1/27,

Callable

8/1/27

@

100(a)

789,045

470,000

South

Bow

USA

Infrastructure

Holdings

LLC,

5.03%,

10/1/29,

Callable

9/1/29

@

100(a)

469,344

1,546,479

Communications

Equipment

(0.0%

†

):

277,000

Juniper

Networks,

Inc.,

3.75%,

8/15/29,

Callable

5/15/29

@

100

266,644

247,000

Juniper

Networks,

Inc.,

2.00%,

12/10/30,

Callable

9/10/30

@

100

211,516

471,000

Motorola

Solutions,

Inc.,

5.60%,

6/1/32,

Callable

3/1/32

@

100

496,783

974,943

Consumer

Finance

(0.1%):

915,000

American

Express

Co.,

5.04%

(SOFR+93bps),

7/26/28,

Callable

7/26/27

@

100

932,916

3,312,000

Toyota

Motor

Credit

Corp.,

2.15%,

2/13/30,

MTN

2,982,416

3,915,332

Diversified

Consumer

Services

(0.0%

†

):

145,000

California

Institute

of

Technology,

4.32%,

8/1/45

135,229

360,000

Massachusetts

Institute

of

Technology,

4.68%,

7/1/14

342,062

477,291

Diversified

Telecommunication

Services

(1.1%):

296,000

AT&T,

Inc.,

3.55%,

9/15/55,

Callable

3/15/55

@

100

215,258

7,087,000

AT&T,

Inc.,

3.80%,

12/1/57,

Callable

6/1/57

@

100

5,375,277

5,650,000

AT&T,

Inc.,

3.65%,

9/15/59,

Callable

3/15/59

@

100

4,105,776

481,000

AT&T,

Inc.,

3.85%,

6/1/60,

Callable

12/1/59

@

100

363,166

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

Telecommunication

Services,

continued

$

3,022,000

T-Mobile

USA,

Inc.,

2.05%,

2/15/28,

Callable

12/15/27

@

100

$

2,802,820

2,021,000

T-Mobile

USA,

Inc.,

2.70%,

3/15/32,

Callable

12/15/31

@

100

1,785,721

4,239,000

T-Mobile

USA,

Inc.,

5.15%,

4/15/34,

Callable

1/15/34

@

100

4,379,141

3,811,000

Verizon

Communications,

Inc.,

4.02%,

12/3/29,

Callable

9/3/29

@

100

3,741,461

1,471,000

Verizon

Communications,

Inc.,

4.50%,

8/10/33

1,453,603

988,000

Verizon

Communications,

Inc.,

4.78%,

2/15/35,

Callable

11/15/34

@

100(a)

987,956

6,533,000

Verizon

Communications,

Inc.,

4.27%,

1/15/36

6,220,376

157,000

Verizon

Communications,

Inc.,

3.00%,

11/20/60,

Callable

5/20/60

@

100

101,031

31,531,586

Electric

Utilities

(3.2%):

297,000

AEP

Texas,

Inc.,

Series

E,

6.65%,

2/15/33

325,457

1,077,000

AEP

Texas,

Inc.,

5.40%,

6/1/33,

Callable

3/1/33

@

100

1,105,018

1,377,000

AEP

Texas,

Inc.,

3.45%,

5/15/51,

Callable

11/15/50

@

100

984,044

1,503,000

AEP

Transmission

Co.

LLC,

5.15%,

4/1/34,

Callable

1/1/34

@

100

1,553,932

1,005,000

AEP

Transmission

Co.

LLC,

3.15%,

9/15/49,

Callable

3/15/49

@

100

721,704

905,000

AEP

Transmission

Co.

LLC,

Series

M,

3.65%,

4/1/50,

Callable

10/1/49

@

100

715,544

1,841,000

AEP

Transmission

Co.

LLC,

Series

N,

2.75%,

8/15/51,

Callable

2/15/51

@

100

1,211,161

977,000

AEP

Transmission

Co.

LLC,

Series

O,

4.50%,

6/15/52,

Callable

12/1/51

@

100

886,633

651,000

Alabama

Power

Co.,

3.45%,

10/1/49,

Callable

4/1/49

@

100

496,666

91,000

Alabama

Power

Co.,

3.13%,

7/15/51,

Callable

1/15/51

@

100

64,834

1,822,000

Alabama

Power

Co.,

3.00%,

3/15/52,

Callable

9/15/51

@

100

1,278,875

526,000

Baltimore

Gas

and

Electric

Co.,

3.20%,

9/15/49,

Callable

3/15/49

@

100

377,875

802,000

Baltimore

Gas

and

Electric

Co.,

4.55%,

6/1/52,

Callable

12/1/51

@

100

730,433

618,000

Baltimore

Gas

and

Electric

Co.,

5.40%,

6/1/53,

Callable

12/1/52

@

100

638,788

366,000

Dominion

Energy

South

Carolina,

Inc.,

6.25%,

10/15/53,

Callable

4/15/53

@

100

426,245

1,168,000

Duke

Energy

Carolinas

LLC,

4.85%,

1/15/34,

Callable

10/15/33

@

100

1,194,774

654,000

Duke

Energy

Carolinas

LLC,

3.95%,

3/15/48,

Callable

9/15/47

@

100

542,951

2,173,000

Duke

Energy

Carolinas

LLC,

3.20%,

8/15/49,

Callable

2/15/49

@

100

1,583,737

198,000

Duke

Energy

Carolinas

LLC,

3.45%,

4/15/51,

Callable

10/15/50

@

100

150,622

1,226,000

Duke

Energy

Carolinas

LLC,

3.55%,

3/15/52,

Callable

9/15/51

@

100

944,418

106,000

Duke

Energy

Carolinas

LLC,

5.35%,

1/15/53,

Callable

7/15/52

@

100

108,886

527,000

Duke

Energy

Corp.,

3.95%,

8/15/47,

Callable

2/15/47

@

100

426,345

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

65

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

621,000

Duke

Energy

Corp.,

5.00%,

8/15/52,

Callable

2/15/52

@

100

$

587,289

4,871,000

Duke

Energy

Florida

LLC,

2.50%,

12/1/29,

Callable

9/1/29

@

100

4,501,963

2,143,000

Duke

Energy

Florida

LLC,

1.75%,

6/15/30,

Callable

3/15/30

@

100

1,870,207

702,000

Duke

Energy

Florida

LLC,

3.40%,

10/1/46,

Callable

4/1/46

@

100

539,779

465,000

Duke

Energy

Florida

LLC,

4.20%,

7/15/48,

Callable

1/15/48

@

100

399,032

478,000

Duke

Energy

Florida

LLC,

5.95%,

11/15/52,

Callable

5/15/52

@

100

527,144

304,000

Duke

Energy

Ohio,

Inc.,

3.65%,

2/1/29,

Callable

11/1/28

@

100

297,287

220,000

Duke

Energy

Progress

LLC,

5.70%,

4/1/35

233,562

177,000

Duke

Energy

Progress

LLC,

6.30%,

4/1/38

200,131

1,043,000

Duke

Energy

Progress

LLC,

4.10%,

5/15/42,

Callable

11/15/41

@

100

916,584

857,000

Duke

Energy

Progress

LLC,

4.38%,

3/30/44,

Callable

9/30/43

@

100

774,617

49,000

Duke

Energy

Progress

LLC,

4.20%,

8/15/45,

Callable

2/15/45

@

100

43,102

201,000

Duke

Energy

Progress

LLC,

3.60%,

9/15/47,

Callable

3/15/47

@

100

158,287

1,420,000

Duke

Energy

Progress

LLC,

2.50%,

8/15/50,

Callable

2/15/50

@

100

901,906

293,000

Duke

Energy

Progress

LLC,

5.35%,

3/15/53,

Callable

9/15/52

@

100

302,839

899,000

Edison

International,

5.75%,

6/15/27,

Callable

4/15/27

@

100

927,523

1,818,000

Edison

International,

4.13%,

3/15/28,

Callable

12/15/27

@

100

1,799,980

3,619,000

Edison

International,

6.95%,

11/15/29,

Callable

9/15/29

@

100

3,985,431

5,700,000

FirstEnergy

Corp.,

Series

B,

3.90%,

7/15/27,

Callable

4/15/27

@

100

5,634,427

1,981,000

FirstEnergy

Corp.,

Series

C,

3.40%,

3/1/50,

Callable

9/1/49

@

100

1,453,888

1,159,000

FirstEnergy

Transmission

LLC,

5.00%,

1/15/35,

Callable

10/15/34

@

100(a)

1,172,332

3,982,000

FirstEnergy

Transmission

LLC,

4.55%,

4/1/49,

Callable

10/1/48

@

100(a)

3,571,539

1,120,000

Florida

Power

&

Light

Co.,

3.15%,

10/1/49,

Callable

4/1/49

@

100

819,226

2,910,000

Florida

Power

&

Light

Co.,

2.88%,

12/4/51,

Callable

6/4/51

@

100

2,009,154

866,000

Florida

Power

&

Light

Co.,

5.60%,

6/15/54,

Callable

12/15/53

@

100

949,114

969,000

Georgia

Power

Co.,

4.95%,

5/17/33,

Callable

11/17/32

@

100

992,656

2,740,000

Georgia

Power

Co.,

5.25%,

3/15/34,

Callable

9/15/33

@

100

2,870,701

110,000

Interstate

Power

and

Light

Co.,

5.45%,

9/30/54,

Callable

3/30/54

@

100

113,358

911,000

MidAmerican

Energy

Co.,

3.10%,

5/1/27,

Callable

2/1/27

@

100

892,047

197,000

MidAmerican

Energy

Co.,

3.15%,

4/15/50,

Callable

10/15/49

@

100

144,508

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

421,000

MidAmerican

Energy

Co.,

2.70%,

8/1/52,

Callable

2/1/52

@

100

$

275,940

1,508,000

MidAmerican

Energy

Co.,

5.30%,

2/1/55,

Callable

8/1/54

@

100

1,559,825

489,000

Northern

States

Power

Co.,

Series

M,

2.90%,

3/1/50,

Callable

9/1/49

@

100

341,251

467,000

Northern

States

Power

Co.,

Series

M,

3.20%,

4/1/52,

Callable

10/1/51

@

100

341,009

335,000

Ohio

Power

Co.,

Series

Q,

1.63%,

1/15/31,

Callable

10/15/30

@

100

280,765

494,000

Ohio

Power

Co.,

Series

G,

6.60%,

2/15/33

542,518

1,094,000

Ohio

Power

Co.,

5.00%,

6/1/33,

Callable

3/1/33

@

100

1,110,458

152,000

Ohio

Power

Co.,

Series

F,

5.85%,

10/1/35

161,502

362,000

Ohio

Power

Co.,

4.00%,

6/1/49,

Callable

12/1/48

@

100

294,794

458,000

Ohio

Power

Co.,

Series

R,

2.90%,

10/1/51,

Callable

4/1/51

@

100

300,503

4,547,000

Pacific

Gas

and

Electric

Co.,

6.40%,

6/15/33,

Callable

3/15/33

@

100

4,955,693

2,390,000

Pacific

Gas

and

Electric

Co.,

3.50%,

8/1/50,

Callable

2/1/50

@

100

1,727,114

230,000

PECO

Energy

Co.,

2.80%,

6/15/50,

Callable

12/15/49

@

100

155,952

702,000

PECO

Energy

Co.,

3.05%,

3/15/51,

Callable

9/15/50

@

100

495,415

269,000

PECO

Energy

Co.,

2.85%,

9/15/51,

Callable

3/15/51

@

100

181,972

162,000

PECO

Energy

Co.,

4.38%,

8/15/52,

Callable

2/15/52

@

100

145,784

305,000

PECO

Energy

Co.,

5.25%,

9/15/54,

Callable

3/15/54

@

100

316,944

1,156,000

Public

Service

Electric

and

Gas

Co.,

2.05%,

8/1/50,

Callable

2/1/50

@

100,

MTN

672,665

262,000

Public

Service

Electric

and

Gas

Co.,

5.45%,

8/1/53,

Callable

2/1/53

@

100

277,716

796,000

San

Diego

Gas

&

Electric

Co.,

5.35%,

4/1/53,

Callable

10/1/52

@

100

814,354

1,205,000

Southern

California

Edison

Co.,

Series

B,

3.65%,

3/1/28,

Callable

12/1/27

@

100^

1,180,124

6,577,000

Southern

California

Edison

Co.,

5.30%,

3/1/28,

Callable

2/1/28

@

100

6,797,020

521,000

Southern

California

Edison

Co.,

Series

2004-G,

5.75%,

4/1/35

560,095

171,000

Southern

California

Edison

Co.,

Series

2005-E,

5.35%,

7/15/35

178,008

1,352,000

Southern

California

Edison

Co.,

3.65%,

2/1/50,

Callable

8/1/49

@

100

1,048,852

1,257,000

Southern

California

Edison

Co.,

Series

20A,

2.95%,

2/1/51,

Callable

8/1/50

@

100

857,060

110,000

Southern

California

Edison

Co.,

5.75%,

4/15/54,

Callable

10/15/53

@

100

117,546

3,012,000

Southern

Co.

(The),

4.85%,

3/15/35,

Callable

9/15/34

@

100

3,038,120

9,000

Tampa

Electric

Co.,

4.45%,

6/15/49,

Callable

12/15/48

@

100

8,059

1,550,424

Texas

Electric

Market

Stabilization

Funding

N

LLC,

Series

A-1,

4.27%,

8/1/34(a)

1,553,456

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

66

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

45,000

Union

Electric

Co.,

3.90%,

4/1/52,

Callable

10/1/51

@

100

$

37,180

1,192,000

Virginia

Electric

and

Power

Co.,

2.45%,

12/15/50,

Callable

6/15/50

@

100

732,250

282,000

Virginia

Electric

and

Power

Co.,

5.45%,

4/1/53,

Callable

10/1/52

@

100

291,391

246,000

Vistra

Operations

Co.

LLC,

6.95%,

10/15/33,

Callable

7/15/33

@

100(a)

276,719

4,558,000

Vistra

Operations

Co.

LLC,

6.00%,

4/15/34,

Callable

1/15/34

@

100(a)

4,852,169

285,000

Wisconsin

Electric

Power

Co.,

5.05%,

10/1/54,

Callable

4/1/54

@

100

284,271

92,823,049

Energy

Equipment

&

Services

(0.0%

†

):

632,000

ConocoPhillips

Co.,

4.03%,

3/15/62,

Callable

9/15/61

@

100

511,268

209,000

Duke

Energy

Ohio,

Inc.,

5.55%,

3/15/54,

Callable

9/15/53

@

100

218,063

729,331

Financial

Services

(0.4%):

296,000

BOC

Aviation

USA

Corp.,

4.63%,

9/4/31,

Callable

7/4/31

@

100^(a)

296,689

295,000

Franciscan

Missionaries

of

Our

Lady

Health

System,

Inc.,

Series

B,

3.91%,

7/1/49,

Callable

1/1/49

@

100

236,017

3,046,000

Glencore

Funding

LLC,

3.88%,

10/27/27,

Callable

7/27/27

@

100(a)

2,994,864

2,882,000

Glencore

Funding

LLC,

4.88%,

3/12/29,

Callable

12/12/28

@

100(a)

2,917,823

1,563,000

Glencore

Funding

LLC,

5.37%,

4/4/29,

Callable

3/4/29

@

100(a)

1,615,751

720,000

Global

Payments,

Inc.,

4.95%,

8/15/27,

Callable

7/15/27

@

100

731,470

205,000

Global

Payments,

Inc.,

5.30%,

8/15/29,

Callable

6/15/29

@

100

209,978

501,000

Global

Payments,

Inc.,

3.20%,

8/15/29,

Callable

5/15/29

@

100

470,371

478,000

Mastercard,

Inc.,

3.65%,

6/1/49,

Callable

12/1/48

@

100

390,268

218,000

Mastercard,

Inc.,

2.95%,

3/15/51,

Callable

9/15/50

@

100

155,202

915,000

Northwest

Florida

Timber

Finance

LLC,

4.75%,

3/4/29(a)

895,523

275,000

PPL

Capital

Funding,

Inc.,

5.25%,

9/1/34,

Callable

6/1/34

@

100

283,065

905,000

Visa,

Inc.,

4.30%,

12/14/45,

Callable

6/14/45

@

100

842,256

12,039,277

Gas

Utilities

(0.4%):

8,424,000

Cheniere

Corpus

Christi

Holdings

LLC,

3.70%,

11/15/29,

Callable

5/18/29

@

100

8,087,040

590,000

ONE

Gas,

Inc.,

4.25%,

9/1/32,

Callable

6/1/32

@

100

580,230

1,078,000

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/29,

Callable

3/1/29

@

100

1,039,472

358,000

Southwest

Gas

Corp.,

5.45%,

3/23/28,

Callable

2/23/28

@

100

368,982

Principal

Amount

Value

Corporate

Bonds,

continued

Gas

Utilities,

continued

$

273,000

Spire

Missouri,

Inc.,

5.15%,

8/15/34,

Callable

5/15/34

@

100

$

282,153

10,357,877

Ground

Transportation

(0.3%):

665,000

Burlington

Northern

Santa

Fe

LLC,

3.05%,

2/15/51,

Callable

8/15/50

@

100

476,437

1,560,000

Burlington

Northern

Santa

Fe

LLC,

3.30%,

9/15/51,

Callable

3/15/51

@

100

1,178,617

685,000

Burlington

Northern

Santa

Fe

LLC,

2.88%,

6/15/52,

Callable

12/15/51

@

100

471,233

868,000

CSX

Corp.,

4.90%,

3/15/55,

Callable

9/15/54

@

100

849,664

557,000

Norfolk

Southern

Corp.,

2.55%,

11/1/29,

Callable

8/1/29

@

100

515,573

219,000

Norfolk

Southern

Corp.,

2.90%,

8/25/51,

Callable

2/25/51

@

100

147,604

1,990,000

Norfolk

Southern

Corp.,

3.16%,

5/15/55,

Callable

11/15/54

@

100

1,387,110

185,000

Uber

Technologies,

Inc.,

5.35%,

9/15/54,

Callable

3/15/54

@

100

183,455

2,513,000

Union

Pacific

Corp.,

2.95%,

3/10/52,

Callable

9/10/51

@

100

1,762,965

331,281

Union

Pacific

Railroad

Co.

Pass

Through

Trust,

Series

2014-1,

3.23%,

5/14/26

325,161

7,297,819

Health

Care

Equipment

&

Supplies

(0.0%

†

):

1,264,000

Becton

Dickinson

&

Co.,

4.87%,

2/8/29,

Callable

1/8/29

@

100

1,289,848

Health

Care

Providers

&

Services

(1.1%):

275,000

AHS

Hospital

Corp.,

Series

2021,

2.78%,

7/1/51,

Callable

1/1/51

@

100

185,968

610,000

City

of

Hope,

Series

2013,

5.62%,

11/15/43

623,638

350,000

CommonSpirit

Health,

2.78%,

10/1/30,

Callable

4/1/30

@

100

318,311

130,000

CommonSpirit

Health,

3.82%,

10/1/49,

Callable

4/1/49

@

100

105,414

965,000

Corewell

Health

Obligated

Group,

Series

2019-A,

3.49%,

7/15/49,

Callable

1/15/49

@

100

760,381

165,000

CVS

Health

Corp.,

1.30%,

8/21/27,

Callable

6/21/27

@

100

151,431

4,085,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

4,165,638

1,049,000

CVS

Health

Corp.,

5.55%,

6/1/31,

Callable

4/1/31

@

100

1,088,126

1,240,000

Duke

University

Health

System,

Inc.,

Series

2017,

3.92%,

6/1/47,

Callable

12/1/46

@

100

1,064,497

1,312,000

Elevance

Health,

Inc.,

3.13%,

5/15/50,

Callable

11/15/49

@

100

928,870

791,000

Elevance

Health,

Inc.,

4.55%,

5/15/52,

Callable

11/15/51

@

100

701,619

319,000

HCA,

Inc.,

3.38%,

3/15/29,

Callable

1/15/29

@

100

304,126

8,014,000

HCA,

Inc.,

4.13%,

6/15/29,

Callable

3/15/29

@

100

7,903,807

2,592,000

HCA,

Inc.,

5.45%,

4/1/31,

Callable

2/1/31

@

100

2,693,132

500,000

HCA,

Inc.,

3.63%,

3/15/32,

Callable

12/15/31

@

100

459,714

1,434,000

HCA,

Inc.,

3.50%,

7/15/51,

Callable

1/15/51

@

100

1,041,742

197,000

Hoag

Memorial

Hospital

Presbyterian,

3.80%,

7/15/52,

Callable

1/15/52

@

100^

163,120

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

67

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

3,395,000

Humana,

Inc.,

1.35%,

2/3/27,

Callable

1/3/27

@

100

$

3,171,178

251,000

Humana,

Inc.,

3.95%,

3/15/27,

Callable

12/15/26

@

100

248,550

410,000

Mount

Nittany

Medical

Center

Obligated

Group,

Series

2022,

3.80%,

11/15/52

326,432

1,162,000

Solventum

Corp.,

6.00%,

5/15/64,

Callable

11/15/63

@

100(a)

1,196,560

1,909,000

UnitedHealth

Group,

Inc.,

2.90%,

5/15/50,

Callable

11/15/49

@

100

1,344,123

339,000

UnitedHealth

Group,

Inc.,

3.25%,

5/15/51,

Callable

11/15/50

@

100

253,227

1,480,000

UnitedHealth

Group,

Inc.,

3.88%,

8/15/59,

Callable

2/15/59

@

100

1,188,632

668,000

UnitedHealth

Group,

Inc.,

4.95%,

5/15/62,

Callable

11/15/61

@

100

632,629

1,419,000

UnitedHealth

Group,

Inc.,

5.75%,

7/15/64,

Callable

1/15/64

@

100

1,537,799

32,558,664

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

999,000

Marriott

International,

Inc.,

5.35%,

3/15/35,

Callable

12/15/34

@

100

1,025,156

Industrial

Conglomerates

(0.1%):

1,128,000

Honeywell

International,

Inc.,

5.25%,

3/1/54,

Callable

9/1/53

@

100

1,173,138

606,000

Honeywell

International,

Inc.,

5.35%,

3/1/64,

Callable

9/1/63

@

100

636,259

1,809,397

Insurance

(0.2%):

426,000

American

International

Group,

Inc.,

4.38%,

6/30/50,

Callable

12/30/49

@

100

381,428

97,000

Aon

Corp.,

4.50%,

12/15/28,

Callable

9/15/28

@

100

97,396

3,431,000

CNH

Industrial

Capital

LLC,

5.10%,

4/20/29,

Callable

3/20/29

@

100

3,535,711

1,989,000

Marsh

&

McLennan

Cos.,

Inc.,

4.38%,

3/15/29,

Callable

12/15/28

@

100

2,002,780

1,091,000

Marsh

&

McLennan

Cos.,

Inc.,

5.45%,

3/15/54,

Callable

9/15/53

@

100

1,133,770

7,151,085

Interactive

Media

&

Services

(0.2%):

4,365,000

Meta

Platforms,

Inc.,

4.65%,

8/15/62,

Callable

2/15/62

@

100

4,053,125

1,749,000

Meta

Platforms,

Inc.,

5.55%,

8/15/64,

Callable

2/15/64

@

100

1,846,391

5,899,516

IT

Services

(0.3%):

7,914,000

Gartner,

Inc.,

3.63%,

6/15/29,

Callable

11/4/24

@

101.81(a)

7,538,085

Life

Sciences

Tools

&

Services

(0.0%

†

):

173,000

Agilent

Technologies,

Inc.,

2.10%,

6/4/30,

Callable

3/4/30

@

100

152,990

699,000

Thermo

Fisher

Scientific,

Inc.,

5.09%,

8/10/33,

Callable

5/10/33

@

100

727,899

Principal

Amount

Value

Corporate

Bonds,

continued

Life

Sciences

Tools

&

Services,

continued

$

180,000

Thermo

Fisher

Scientific,

Inc.,

5.20%,

1/31/34,

Callable

10/31/33

@

100

$

189,260

1,070,149

Machinery

(0.1%):

3,378,000

Caterpillar,

Inc.,

3.25%,

4/9/50,

Callable

10/9/49

@

100

2,578,910

860,000

CNH

Industrial

Capital

LLC,

5.50%,

1/12/29,

Callable

12/12/28

@

100

892,355

3,471,265

Media

(0.2%):

2,976,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

3.95%,

6/30/62,

Callable

12/30/61

@

100

1,843,028

4,194,000

Comcast

Corp.,

2.94%,

11/1/56,

Callable

5/1/56

@

100

2,731,644

2,380,000

Comcast

Corp.,

2.99%,

11/1/63,

Callable

5/1/63

@

100

1,507,118

678,000

Paramount

Global,

5.85%,

9/1/43,

Callable

3/1/43

@

100

587,603

210,000

Paramount

Global,

5.25%,

4/1/44,

Callable

10/1/43

@

100

166,178

162,000

Paramount

Global,

4.90%,

8/15/44,

Callable

2/15/44

@

100

122,745

234,000

Paramount

Global,

4.60%,

1/15/45,

Callable

7/15/44

@

100

170,178

220,000

Paramount

Global,

4.95%,

5/19/50,

Callable

11/19/49

@

100

167,867

7,296,361

Metals

&

Mining

(0.0%

†

):

145,000

Newmont

Corp./Newcrest

Finance

Pty,

Ltd.,

5.35%,

3/15/34,

Callable

12/15/33

@

100

151,772

Multi-Utilities

(0.1%):

113,000

CenterPoint

Energy

Houston

Electric

LLC,

Series

AD,

2.90%,

7/1/50,

Callable

1/1/50

@

100

76,590

1,164,000

CenterPoint

Energy

Resources

Corp.,

4.00%,

4/1/28,

Callable

1/1/28

@

100

1,149,221

392,000

Dominion

Energy,

Inc.,

Series

B,

7.00%

(H15T5Y+251bps),

6/1/54,

Callable

3/3/34

@

100

428,260

961,000

NiSource,

Inc.,

5.25%,

3/30/28,

Callable

2/29/28

@

100

989,809

292,000

NiSource,

Inc.,

2.95%,

9/1/29,

Callable

6/1/29

@

100

273,272

1,143,000

NiSource,

Inc.,

1.70%,

2/15/31,

Callable

11/15/30

@

100

962,850

3,880,002

Oil,

Gas

&

Consumable

Fuels

(4.5%):

2,239,000

Cameron

LNG

LLC,

2.90%,

7/15/31,

Callable

4/15/31

@

100(a)

2,009,829

1,210,000

Cameron

LNG

LLC,

3.30%,

1/15/35,

Callable

9/15/34

@

100(a)

1,043,863

1,608,000

Cameron

LNG

LLC,

3.40%,

1/15/38,

Callable

7/15/37

@

100(a)

1,367,591

2,826,000

Cheniere

Energy

Partners

LP,

4.50%,

10/1/29,

Callable

10/15/24

@

102.25

2,769,480

2,117,000

Cheniere

Energy

Partners

LP,

3.25%,

1/31/32,

Callable

1/31/27

@

101.63

1,889,423

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

68

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

3,524,000

Cheniere

Energy,

Inc.,

5.65%,

4/15/34,

Callable

10/15/33

@

100(a)

$

3,643,196

474,000

Chevron

USA,

Inc.,

2.34%,

8/12/50,

Callable

2/12/50

@

100

295,886

468,000

ConocoPhillips

Co.,

3.80%,

3/15/52,

Callable

9/15/51

@

100

376,270

1,710,000

Devon

Energy

Corp.,

5.85%,

12/15/25,

Callable

9/15/25

@

100

1,728,542

147,000

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

10/15/24

@

100.88

147,878

348,000

Devon

Energy

Corp.,

7.88%,

9/30/31

405,420

7,809,000

Diamondback

Energy,

Inc.,

3.25%,

12/1/26,

Callable

10/1/26

@

100

7,667,548

19,147,000

Diamondback

Energy,

Inc.,

3.50%,

12/1/29,

Callable

9/1/29

@

100

18,269,340

18,436,000

Diamondback

Energy,

Inc.,

3.13%,

3/24/31,

Callable

12/24/30

@

100

16,777,497

1,657,000

Diamondback

Energy,

Inc.,

5.90%,

4/18/64,

Callable

10/18/63

@

100

1,668,052

809,000

Energy

Transfer

LP,

5.50%,

6/1/27,

Callable

3/1/27

@

100

829,423

423,000

Energy

Transfer

LP,

8.25%,

11/15/29,

Callable

8/15/29

@

100

489,104

5,639,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

5,088,904

2,220,000

Energy

Transfer,

LP,

4.15%,

9/15/29,

Callable

6/15/29

@

100

2,182,389

18,777,000

EQT

Corp.,

3.90%,

10/1/27,

Callable

7/1/27

@

100

18,466,954

2,829,000

EQT

Corp.,

5.70%,

4/1/28,

Callable

3/1/28

@

100

2,922,343

3,000,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

3,034,203

806,000

EQT

Corp.,

7.00%,

2/1/30,

Callable

11/1/29

@

100

879,362

433,000

EQT

Corp.,

3.63%,

5/15/31,

Callable

5/15/30

@

100(a)

394,713

569,000

Exxon

Mobil

Corp.,

3.57%,

3/6/45,

Callable

9/6/44

@

100

469,847

353,000

Exxon

Mobil

Corp.,

4.33%,

3/19/50,

Callable

9/19/49

@

100

319,402

1,827,000

Exxon

Mobil

Corp.,

3.45%,

4/15/51,

Callable

10/15/50

@

100

1,414,942

563,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

596,065

962,000

Johnsonville

Aeroderivative

Combustion

Turbine

Generation

LLC,

5.08%,

10/1/54

974,158

1,171,000

Kinder

Morgan,

Inc.,

5.00%,

2/1/29,

Callable

1/1/29

@

100

1,193,205

2,892,000

NGPL

PipeCo

LLC,

3.25%,

7/15/31,

Callable

4/15/31

@

100(a)

2,556,195

532,000

Pioneer

Natural

Resources

Co.,

1.13%,

1/15/26,

Callable

12/15/25

@

100

511,893

2,028,000

Pioneer

Natural

Resources

Co.,

5.10%,

3/29/26

2,056,136

1,770,000

Sabine

Pass

Liquefaction

LLC,

5.00%,

3/15/27,

Callable

9/15/26

@

100

1,792,125

14,750,000

Sabine

Pass

Liquefaction

LLC,

4.20%,

3/15/28,

Callable

9/15/27

@

100

14,676,250

651,000

Sabine

Pass

Liquefaction

LLC,

5.90%,

9/15/37,

Callable

3/15/37

@

100

687,619

3,406,000

Targa

Resources

Corp.,

5.20%,

7/1/27,

Callable

6/1/27

@

100

3,477,012

1,467,000

Targa

Resources

Corp.,

6.15%,

3/1/29,

Callable

2/1/29

@

100

1,565,804

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

1,289,000

Targa

Resources

Corp.,

4.95%,

4/15/52,

Callable

10/15/51

@

100

$

1,158,814

199,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.88%,

2/1/31,

Callable

2/1/26

@

102.44

197,259

1,761,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

1,653,139

722,000

Tennessee

Gas

Pipeline

Co.

LLC,

2.90%,

3/1/30,

Callable

12/1/29

@

100(a)

659,665

418,000

Texas

Eastern

Transmission

LP,

3.50%,

1/15/28,

Callable

10/15/27

@

100(a)

404,150

280,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.00%,

3/15/28,

Callable

12/15/27

@

100

275,953

130,986,843

Passenger

Airlines

(0.1%):

198,402

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets,

Ltd.,

6.50%,

6/20/27,

Callable

11/4/24

@

101.63(a)

200,386

1,768,000

United

Airlines

Pass

Through

Trust,

Series

2024-1,

Class

A,

5.88%,

2/15/37

1,825,985

2,026,371

Pharmaceuticals

(0.1%):

2,384,000

Bristol-Myers

Squibb

Co.,

2.95%,

3/15/32,

Callable

12/15/31

@

100

2,164,955

444,000

Eli

Lilly

&

Co.,

5.20%,

8/14/64,

Callable

2/14/64

@

100

458,527

503,000

Pfizer,

Inc.,

2.70%,

5/28/50,

Callable

11/28/49

@

100

344,056

727,000

Wyeth

LLC,

6.00%,

2/15/36

808,845

3,776,383

Real

Estate

Management

&

Development

(0.1%):

1,987,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.13%,

8/15/30,

Callable

2/15/25

@

102.06(a)

1,890,134

Retail

REITs

(0.0%

†

):

272,000

NNN

REIT,

Inc.,

3.10%,

4/15/50,

Callable

10/15/49

@

100

187,574

1,470,000

NNN

REIT,

Inc.,

3.00%,

4/15/52,

Callable

10/15/51

@

100

975,217

145,000

Realty

Income

Corp.,

5.38%,

9/1/54,

Callable

3/1/54

@

100

147,353

1,310,144

Semiconductors

&

Semiconductor

Equipment

(0.5%):

882,000

Advanced

Micro

Devices,

Inc.,

4.39%,

6/1/52,

Callable

12/1/51

@

100

819,801

2,090,000

Broadcom,

Inc.,

5.05%,

7/12/29,

Callable

6/12/29

@

100

2,152,928

1,497,000

Broadcom,

Inc.,

5.00%,

4/15/30,

Callable

1/15/30

@

100

1,548,103

2,706,000

Broadcom,

Inc.,

5.15%,

11/15/31,

Callable

9/15/31

@

100

2,811,453

297,000

Broadcom,

Inc.,

3.14%,

11/15/35,

Callable

8/15/35

@

100(a)

252,512

2,259,000

Broadcom,

Inc.,

3.19%,

11/15/36,

Callable

8/15/36

@

100(a)

1,906,689

1,420,000

Intel

Corp.,

3.10%,

2/15/60,

Callable

8/15/59

@

100

861,488

765,000

Intel

Corp.,

3.20%,

8/12/61,

Callable

2/12/61

@

100

468,777

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

69

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

493,000

KLA

Corp.,

4.65%,

7/15/32,

Callable

4/15/32

@

100

$

504,139

998,000

KLA

Corp.,

4.70%,

2/1/34,

Callable

11/1/33

@

100

1,018,693

535,000

KLA

Corp.,

5.25%,

7/15/62,

Callable

1/15/62

@

100

546,868

308,000

Lam

Research

Corp.,

3.13%,

6/15/60,

Callable

12/15/59

@

100

211,661

363,000

Texas

Instruments,

Inc.,

2.70%,

9/15/51,

Callable

3/15/51

@

100

244,099

419,000

Texas

Instruments,

Inc.,

4.10%,

8/16/52,

Callable

2/16/52

@

100

362,168

105,000

Texas

Instruments,

Inc.,

5.05%,

5/18/63,

Callable

11/18/62

@

100

105,060

13,814,439

Software

(0.3%):

2,441,000

Oracle

Corp.,

3.85%,

7/15/36,

Callable

1/15/36

@

100

2,200,029

3,200,000

Oracle

Corp.,

3.60%,

4/1/50,

Callable

10/1/49

@

100

2,436,227

267,000

Oracle

Corp.,

3.95%,

3/25/51,

Callable

9/25/50

@

100

214,857

2,939,000

Oracle

Corp.,

4.38%,

5/15/55,

Callable

11/15/54

@

100

2,499,314

1,070,000

Oracle

Corp.,

3.85%,

4/1/60,

Callable

10/1/59

@

100

798,927

1,327,000

Oracle

Corp.,

5.50%,

9/27/64,

Callable

3/27/64

@

100

1,317,162

9,466,516

Specialized

REITs

(0.8%):

880,000

American

Tower

Corp.,

3.60%,

1/15/28,

Callable

10/15/27

@

100

860,037

4,749,000

American

Tower

Corp.,

5.50%,

3/15/28,

Callable

2/15/28

@

100

4,912,052

4,830,000

American

Tower

Corp.,

2.90%,

1/15/30,

Callable

10/15/29

@

100

4,476,386

413,000

American

Tower

Corp.,

1.88%,

10/15/30,

Callable

7/15/30

@

100

356,350

441,000

American

Tower

Corp.,

2.30%,

9/15/31,

Callable

6/15/31

@

100

380,096

559,000

American

Tower

Corp.,

4.05%,

3/15/32,

Callable

12/15/31

@

100

536,384

2,063,000

Crown

Castle,

Inc.,

3.65%,

9/1/27,

Callable

6/1/27

@

100

2,024,998

963,000

Crown

Castle,

Inc.,

2.50%,

7/15/31,

Callable

4/15/31

@

100

840,089

1,325,000

Equinix,

Inc.,

1.55%,

3/15/28,

Callable

1/15/28

@

100

1,207,264

2,982,000

Equinix,

Inc.,

2.00%,

5/15/28,

Callable

3/15/28

@

100

2,747,734

1,047,000

Equinix,

Inc.,

3.20%,

11/18/29,

Callable

8/18/29

@

100

990,210

250,000

Equinix,

Inc.,

2.50%,

5/15/31,

Callable

2/15/31

@

100

221,227

4,597,000

Equinix,

Inc.,

3.90%,

4/15/32,

Callable

1/15/32

@

100

4,407,902

754,000

Extra

Space

Storage

LP,

4.00%,

6/15/29,

Callable

3/15/29

@

100

740,520

24,701,249

Principal

Amount

Value

Corporate

Bonds,

continued

Specialty

Retail

(0.2%):

$

988,000

Home

Depot,

Inc.

(The),

2.38%,

3/15/51,

Callable

9/15/50

@

100

$

617,582

305,000

Home

Depot,

Inc.

(The),

3.63%,

4/15/52,

Callable

10/15/51

@

100

244,610

1,548,000

Lowe's

Cos,

Inc.,

5.63%,

4/15/53,

Callable

10/15/52

@

100

1,604,377

3,247,000

Lowe's

Cos.,

Inc.,

3.65%,

4/5/29,

Callable

1/5/29

@

100

3,167,419

524,000

Lowe's

Cos.,

Inc.,

3.00%,

10/15/50,

Callable

4/15/50

@

100

355,516

5,989,504

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

292,000

Dell

International

LLC/EMC

Corp.,

3.38%,

12/15/41,

Callable

6/15/41

@

100

227,972

489,000

Dell

International

LLC/EMC

Corp.,

3.45%,

12/15/51,

Callable

6/15/51

@

100

355,968

191,000

Hewlett

Packard

Enterprise

Co.,

6.35%,

10/15/45,

Callable

4/15/45

@

100

210,419

494,000

TSMC

Arizona

Corp.,

4.25%,

4/22/32,

Callable

1/22/32

@

100^

490,083

1,284,442

Textiles,

Apparel

&

Luxury

Goods

(0.1%):

2,290,000

NIKE,

Inc.,

3.38%,

3/27/50,

Callable

9/27/49

@

100

1,795,715

Tobacco

(0.6%):

4,141,000

Altria

Group,

Inc.,

4.80%,

2/14/29,

Callable

11/14/28

@

100

4,197,450

308,000

Altria

Group,

Inc.,

4.25%,

8/9/42

262,545

475,000

Altria

Group,

Inc.,

3.88%,

9/16/46,

Callable

3/16/46

@

100

370,113

3,647,000

Altria

Group,

Inc.,

3.70%,

2/4/51,

Callable

8/4/50

@

100

2,687,686

3,422,000

BAT

Capital

Corp.,

3.46%,

9/6/29,

Callable

6/6/29

@

100

3,241,007

3,700,000

BAT

Capital

Corp.,

5.65%,

3/16/52,

Callable

9/16/51

@

100

3,584,660

2,008,000

BAT

Capital

Corp.,

7.08%,

8/2/53,

Callable

2/2/53

@

100

2,330,786

16,674,247

Trading

Companies

&

Distributors

(0.0%

†

):

289,000

GATX

Corp.,

3.10%,

6/1/51,

Callable

12/1/50

@

100

197,668

4,000

GATX

Corp.,

6.05%,

6/5/54,

Callable

12/5/53

@

100

4,340

202,008

Water

Utilities

(0.0%

†

):

145,000

CenterPoint

Energy

Resources

Corp.,

5.25%,

3/1/28,

Callable

2/1/28

@

100

149,343

Wireless

Telecommunication

Services

(0.5%):

7,243,000

Sprint

LLC,

7.63%,

3/1/26,

Callable

11/1/25

@

100

7,469,344

288,000

T-Mobile

USA,

Inc.,

5.38%,

4/15/27,

Callable

10/15/24

@

100.9

288,259

5,724,000

T-Mobile

USA,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

100

5,656,440

13,414,043

Total

Corporate

Bonds

(Cost

$686,792,471)

703,738,313

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

70

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Foreign

Bond

(0.0%

†

):

Sovereign

Bond

(0.0%

†

):

$

163,000

Romanian

Government

International

Bond,

Registered

Shares,

2.50%,

2/8/30,

MTN

#

(a)

$

163,709

Total

Foreign

Bond

(Cost

$141,904)

163,709

Yankee

Debt

Obligations

(2.6%):

Aerospace

&

Defense

(0.1%):

2,794,000

BAE

Systems

PLC,

5.25%,

3/26/31,

Callable

2/26/31

@

100(a)

2,905,760

Banks

(0.1%):

415,000

Banco

del

Estado

de

Chile,

Registered

Shares,

2.70%,

1/9/25,

Callable

12/9/24

@

100(a)

411,681

200,000

Bank

Gospodarstwa

Krajowego,

6.25%,

10/31/28(a)

214,068

531,000

Bank

Gospodarstwa

Krajowego,

5.75%,

7/9/34(a)

556,821

446,000

Credicorp,

Ltd.,

2.75%,

6/17/25,

Callable

5/17/25

@

100(a)

437,638

497,000

Deutsche

Bank

AG,

3.74%

(SOFR+226bps),

1/7/33,

Callable

10/7/31

@

100

435,910

348,000

Intercorp

Peru,

Ltd.,

3.88%,

8/15/29,

Callable

5/15/29

@

100^(a)

323,640

2,379,758

Capital

Markets

(0.1%):

322,000

Gaci

First

Investment

Co.,

5.13%,

2/14/53,

Callable

8/14/52

@

100(a)

291,291

2,020,000

Pfizer

Investment

Enterprises

Pte,

Ltd.,

4.75%,

5/19/33,

Callable

2/19/33

@

100

2,064,335

1,053,000

UBS

Group

AG,

3.87%

(US0003M+141bps),

1/12/29,

Callable

1/12/28

@

100(a)

1,027,712

140,000

Vale

Overseas,

Ltd.,

6.40%,

6/28/54,

Callable

12/28/53

@

100

145,075

3,528,413

Chemicals

(0.1%):

660,000

MEGlobal

BV,

4.25%,

11/3/26(a)

650,925

244,000

Oriental

Republic

of

Uruguay,

5.25%,

9/10/60,

Callable

3/10/60

@

100

244,305

561,000

SABIC

Capital

II

BV,

4.50%,

10/10/28(a)

562,836

1,458,066

Diversified

Telecommunication

Services

(0.0%

†

):

344,000

CK

Hutchison

International

23,

Ltd.,

4.75%,

4/21/28,

Callable

3/21/28

@

100(a)

348,394

Electrical

Equipment

(0.0%

†

):

515,000

Sociedad

Quimica

y

Minera

de

Chile

SA,

4.25%,

1/22/50,

Callable

7/22/49

@

100(a)

413,659

Energy

Equipment

&

Services

(0.0%

†

):

321,000

Adnoc

Murban

Rsc,

Ltd.,

5.13%,

9/11/54,

Callable

3/11/54

@

100(a)

315,144

200,000

QazaqGaz

NC

JSC,

Registered

Shares,

4.38%,

9/26/27(a)

194,000

509,144

Financial

Services

(0.1%):

470,000

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%,

9/14/25,

Callable

8/15/25

@

100(a)

458,210

200,000

Banco

Nacional

de

Panama,

2.50%,

8/11/30,

Callable

5/11/30

@

100(a)

166,500

762,000

Consorcio

Transmantaro

SA,

4.70%,

4/16/34(a)

750,014

402,000

Corp.

Financiera

de

Desarrollo

SA,

5.95%,

4/30/29,

Callable

3/30/29

@

100(a)

416,070

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Financial

Services,

continued

$

390,000

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple,

7.25%,

1/31/41,

Callable

7/31/40

@

100(a)

$

406,585

219,000

MVM

Energetika

Zrt,

7.50%,

6/9/28,

Callable

3/9/28

@

100(a)

232,414

2,429,793

Food

Products

(0.0%

†

):

697,000

Grupo

Bimbo

SAB

de

CV,

4.00%,

9/6/49^(a)

563,630

Health

Care

Providers

&

Services

(0.0%

†

):

567,784

Galaxy

Pipeline

Assets

Bidco,

Ltd.,

2.94%,

9/30/40(a)

480,271

Household

Durables

(0.0%

†

):

330,000

LG

Electronics,

Inc.,

5.63%,

4/24/27(a)

338,600

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

260,585

AES

Panama

Generation

Holdings

SRL,

4.38%,

5/31/30,

Callable

2/28/30

@

100(a)

235,830

506,000

Colbun

SA,

3.15%,

1/19/32,

Callable

10/19/31

@

100(a)

445,280

527,000

Kallpa

Generacion

SA,

4.13%,

8/16/27,

Callable

5/16/27

@

100(a)

518,468

1,199,578

Interactive

Media

&

Services

(0.0%

†

):

475,000

Baidu,

Inc.,

4.38%,

3/29/28,

Callable

12/29/27

@

100

476,979

515,000

Tencent

Holdings,

Ltd.,

3.60%,

1/19/28,

Callable

10/19/27

@

100(a)

505,541

982,520

Machinery

(0.1%):

1,875,000

CNH

Industrial

NV,

3.85%,

11/15/27,

Callable

8/15/27

@

100

1,852,937

Metals

&

Mining

(0.7%):

1,209,000

Anglo

American

Capital

PLC,

4.88%,

5/14/25^(a)

1,205,869

3,552,000

Anglo

American

Capital

PLC,

5.63%,

4/1/30,

Callable

1/1/30

@

100(a)

3,678,554

6,131,000

Anglo

American

Capital

PLC,

2.63%,

9/10/30,

Callable

6/10/30

@

100(a)

5,451,795

5,765,000

Anglo

American

Capital

PLC,

2.88%,

3/17/31,

Callable

12/17/30

@

100(a)

5,121,113

1,006,000

Anglo

American

Capital

PLC,

4.75%,

3/16/52,

Callable

9/16/51

@

100(a)

882,973

535,000

Anglo

American

Capital

PLC,

6.00%,

4/5/54,

Callable

10/5/53

@

100(a)

558,085

525,000

Antofagasta

PLC,

2.38%,

10/14/30,

Callable

7/14/30

@

100^(a)

451,870

269,000

Antofagasta

PLC,

6.25%,

5/2/34,

Callable

2/2/34

@

100(a)

285,140

858,000

Corp.

Nacional

del

Cobre

de

Chile,

Registered

Shares,

3.63%,

8/1/27,

Callable

5/1/27

@

100(a)

835,186

425,000

Freeport

Indonesia

PT,

Registered

Shares,

4.76%,

4/14/27,

Callable

3/14/27

@

100(a)

427,589

18,898,174

Oil,

Gas

&

Consumable

Fuels

(0.1%):

272,000

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.38%,

5/8/29,

Callable

4/8/29

@

100(a)

283,237

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

71

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

200,000

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.25%,

10/2/54,

Callable

4/2/54

@

100(a)

$

197,728

715,000

EIG

Pearl

Holdings

Sarl,

4.39%,

11/30/46(a)

588,981

270,000

KazMunayGas

National

Co.

JSC,

3.50%,

4/14/33,

Callable

10/14/32

@

100(a)

234,900

470,000

Pertamina

Persero

PT,

3.10%,

1/21/30,

Callable

10/21/29

@

100(a)

435,338

150,000

Pluspetrol

Camisea

SA/Pluspetrol

Lote

56

SA,

6.24%,

7/3/36,

Callable

4/3/36

@

100(a)

160,753

495,000

QatarEnergy,

2.25%,

7/12/31,

Callable

4/12/31

@

100(a)

434,824

623,000

Saudi

Arabian

Oil

Co.,

3.25%,

11/24/50,

Callable

5/24/50

@

100(a)

437,658

383,000

Saudi

Arabian

Oil

Co.,

5.88%,

7/17/64,

Callable

1/17/64

@

100(a)

386,351

604,000

Saudi

Arabian

Oil

Co.,

3.50%,

11/24/70,

Callable

5/24/70

@

100(a)

404,680

3,564,450

Paper

&

Forest

Products

(0.1%):

615,000

Celulosa

Arauco

y

Constitucion

SA,

4.20%,

1/29/30,

Callable

10/29/29

@

100(a)

590,793

552,000

Suzano

Austria

GmbH,

5.75%,

7/14/26^(a)

560,716

327,000

Suzano

Austria

GmbH,

3.75%,

1/15/31,

Callable

10/15/30

@

100

299,920

278,000

Suzano

International

Finance

BV,

5.50%,

1/17/27

281,050

1,732,479

Pharmaceuticals

(0.1%):

1,990,000

Takeda

Pharmaceutical

Co.,

Ltd.,

2.05%,

3/31/30,

Callable

12/31/29

@

100

1,771,255

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

200,000

SK

Hynix,

Inc.,

Registered

Shares,

6.50%,

1/17/33(a)

220,283

Software

(0.0%

†

):

650,000

SA

Global

Sukuk,

Ltd.,

2.69%,

6/17/31,

Callable

3/17/31

@

100^(a)

581,750

Sovereign

Bond

(0.9%):

434,000

Abu

Dhabi

Government

International

Bond,

3.88%,

4/16/50(a)

363,407

625,733

Chile

Government

International

Bond,

4.95%,

1/5/36,

Callable

10/5/35

@

100

634,586

3,516,000

Colombia

Government

International

Bond,

3.88%,

4/25/27,

Callable

1/25/27

@

100

3,392,089

275,000

Colombia

Government

International

Bond,

4.50%,

3/15/29,

Callable

12/15/28

@

100

261,003

567,000

Colombia

Government

International

Bond,

3.00%,

1/30/30,

Callable

10/30/29

@

100

486,035

1,905,000

Colombia

Government

International

Bond,

3.13%,

4/15/31,

Callable

1/15/31

@

100

1,576,119

860,000

Colombia

Government

International

Bond,

3.25%,

4/22/32,

Callable

1/22/32

@

100

694,058

425,000

Hungary

Government

International

Bond,

5.25%,

6/16/29(a)

430,730

200,000

Hungary

Government

International

Bond,

Registered

Shares,

5.50%,

6/16/34(a)

203,857

240,000

Hungary

Government

International

Bond,

7.63%,

3/29/41

285,527

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Sovereign

Bond,

continued

$

815,000

Mexico

Government

International

Bond,

3.75%,

1/11/28

$

794,922

378,000

Mexico

Government

International

Bond,

4.75%,

4/27/32,

Callable

1/27/32

@

100

364,138

4,915,000

Mexico

Government

International

Bond,

6.35%,

2/9/35,

Callable

11/9/34

@

100

5,162,077

654,000

Mexico

Government

International

Bond,

4.75%,

3/8/44

554,527

654,000

Mexico

Government

International

Bond,

5.55%,

1/21/45^

625,527

2,625,000

Mexico

Government

International

Bond,

4.40%,

2/12/52,

Callable

8/12/51

@

100

2,020,106

200,000

Mexico

Government

International

Bond,

6.34%,

5/4/53,

Callable

11/4/52

@

100

199,316

985,000

Mexico

Government

International

Bond,

6.40%,

5/7/54,

Callable

11/7/53

@

100

990,428

322,000

Mexico

Government

International

Bond,

5.75%,

10/12/10

280,836

200,000

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%,

6/6/27(a)

201,750

430,000

Peruvian

Government

International

Bond,

2.78%,

1/23/31,

Callable

10/23/30

@

100

384,313

397,000

Peruvian

Government

International

Bond,

1.86%,

12/1/32,

Callable

9/1/32

@

100

318,903

116,000

Peruvian

Government

International

Bond,

3.00%,

1/15/34,

Callable

10/15/33

@

100

99,596

3,600,000

Province

of

British

Columbia

Canada,

4.75%,

6/12/34

3,747,305

200,000

Qatar

Government

International

Bond,

4.00%,

3/14/29(a)

200,301

200,000

Qatar

Government

International

Bond,

3.75%,

4/16/30(a)

197,726

200,000

Qatar

Government

International

Bond,

Registered

Shares,

5.10%,

4/23/48(a)

205,682

412,000

Republic

of

Poland

Government

International

Bond,

5.50%,

4/4/53,

Callable

10/4/52

@

100

421,352

278,000

Romanian

Government

International

Bond,

5.25%,

11/25/27(a)

279,778

130,000

Romanian

Government

International

Bond,

Registered

Shares,

6.63%,

2/17/28(a)

135,960

268,000

Romanian

Government

International

Bond,

Registered

Shares,

5.88%,

1/30/29(a)

274,682

368,000

Romanian

Government

International

Bond,

3.63%,

3/27/32(a)

326,711

112,000

Romanian

Government

International

Bond,

7.13%,

1/17/33(a)

122,436

212,000

Saudi

Government

International

Bond,

2.75%,

2/3/32(a)

189,221

200,000

Saudi

Government

International

Bond,

5.00%,

4/17/49(a)

187,470

200,000

Saudi

Government

International

Bond,

Registered

Shares,

3.25%,

11/17/51,

MTN(a)

137,344

478,000

Saudi

Government

International

Bond,

3.75%,

1/21/55(a)

351,545

27,101,363

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

908,000

NXP

BV/NXP

Funding

LLC/NXP

USA,

Inc.,

2.65%,

2/15/32,

Callable

11/15/31

@

100

787,152

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

72

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Tobacco

(0.0%

†

):

$

587,000

BAT

International

Finance

PLC,

4.45%,

3/16/28,

Callable

2/16/28

@

100

$

586,293

Wireless

Telecommunication

Services

(0.1%):

280,000

Bharti

Airtel,

Ltd.,

3.25%,

6/3/31,

Callable

3/5/31

@

100(a)

255,152

285,000

Empresa

Nacional

del

Petroleo,

6.15%,

5/10/33,

Callable

2/10/33

@

100(a)

302,315

200,000

Empresa

Nacional

del

Petroleo,

5.95%,

7/30/34,

Callable

4/30/34

@

100(a)

210,178

1,659,000

Rogers

Communications,

Inc.,

5.30%,

2/15/34,

Callable

11/15/33

@

100

1,681,220

2,448,865

Total

Yankee

Debt

Obligations

(Cost

$76,907,234)

77,082,587

Municipal

Bonds

(0.5%):

California

(0.1%):

905,000

California

State

University

Revenue,

Series

B,

2.72%,

11/1/52

633,410

1,240,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

6.57%,

7/1/45

1,451,445

435,000

State

of

California,

GO,

7.50%,

4/1/34

523,174

440,000

University

of

California

Revenue,

Series

BF,

2.65%,

5/15/50,

Continuously

Callable

@100

291,870

347,000

University

of

California

Revenue,

Series

AQ,

4.77%,

5/15/15

319,521

50,000

University

of

California

Revenue,

Series

AD,

4.86%,

5/15/12

46,656

3,266,076

Louisiana

(0.1%):

2,870,000

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue,

Series

A1-A3,

5.05%,

12/1/34

2,972,832

Massachusetts

(0.1%):

2,035,000

Massachusetts

Educational

Financing

Authority

Revenue,

Series

A,

6.35%,

7/1/49,

Continuously

Callable

@100

2,099,184

Michigan

(0.0%

†

):

801,000

University

of

Michigan

Revenue,

Series

B,

3.50%,

4/1/52,

Continuously

Callable

@100

650,677

Minnesota

(0.0%

†

):

406,000

University

of

Minnesota

Revenue,

4.05%,

4/1/52

362,099

New

Jersey

(0.1%):

575,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

B,

6.56%,

12/15/40

655,782

270,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

4.13%,

6/15/42

236,701

165,000

New

Jersey

Turnpike

Authority

Revenue,

Series

B,

2.78%,

1/1/40,

Continuously

Callable

@100

130,721

1,023,204

New

York

(0.1%):

1,420,000

New

York

State

Dormitory

Authority

Revenue,

Series

C,

2.15%,

3/15/31

1,257,552

1,045,000

New

York

State

Dormitory

Authority

Revenue,

Series

C,

2.05%,

3/15/30

942,893

2,200,445

Principal

Amount

Value

Municipal

Bonds,

continued

Oklahoma

(0.0%

†

):

$

255,000

Oklahoma

Development

Finance

Authority

Revenue,

Series

A2,

4.62%,

6/1/44

$

255,559

Texas

(0.0%

†

):

430,000

State

of

Texas,

GO,

Series

B,

2.75%,

10/1/41,

Continuously

Callable

@100

327,918

Total

Municipal

Bonds

(Cost

$14,256,572)

13,157,994

U.S.

Government

Agency

Mortgages

(31.5%):

Federal

National

Mortgage

Association

(14.0%):

28,560

2.50%,

9/1/27,

Pool

#AB6194

27,991

20,910

2.50%,

9/1/27,

Pool

#AP5205

20,476

8,656

2.50%,

2/1/28,

Pool

#AB8446

8,447

18,755

2.50%,

4/1/28,

Pool

#AB8870

18,283

14,151

3.00%,

4/1/28,

Pool

#AT3121

13,866

16,566

3.00%,

5/1/28,

Pool

#AT6033

16,222

57,945

2.50%,

8/1/28,

Pool

#AS0190

56,369

3,053

3.00%,

10/1/28,

Pool

#AQ4132

2,990

71,237

3.50%,

10/1/28,

Pool

#AV0198

70,190

35,911

3.00%,

10/1/28,

Pool

#AU8774

35,130

4,466

3.00%,

11/1/28,

Pool

#AV0298

4,367

128,865

3.50%,

11/1/28,

Pool

#AV1360

126,938

95,092

3.00%,

4/1/29,

Pool

#AW0937

92,853

91,815

3.00%,

5/1/29,

Pool

#AW2544

88,881

137,769

3.00%,

6/1/29,

Pool

#AS2676

134,444

173,332

3.00%,

7/1/29,

Pool

#AW4229

167,674

33,066

3.00%,

7/1/29,

Pool

#AW1281

32,282

85,982

3.00%,

9/1/29,

Pool

#AS3220

83,836

246,373

3.00%,

9/1/29,

Pool

#AL6897

238,958

33,127

3.50%,

9/1/29,

Pool

#AX0105

32,450

50,981

3.00%,

10/1/29,

Pool

#AS3594

49,272

10,680

3.50%,

10/1/29,

Pool

#AX2741

10,455

192,132

3.00%,

1/1/30,

Pool

#AL6144

187,160

2,605,000

4.11%,

1/15/30(c)

2,134,136

8,036

2.50%,

2/1/30,

Pool

#AS4488

7,685

6,657

2.50%,

2/1/30,

Pool

#AS4485

6,382

21,957

2.50%,

2/1/30,

Pool

#BM3403

21,179

42,646

3.00%,

3/1/30,

Pool

#AL6583

41,374

55,654

2.50%,

3/1/30,

Pool

#AS4688

53,253

21,402

2.50%,

4/1/30,

Pool

#AY3416

20,509

35,321

3.00%,

4/1/30,

Pool

#AL6584

34,313

10,774

2.50%,

5/1/30,

Pool

#AY0828

10,300

18,723

3.00%,

5/1/30,

Pool

#AL6761

18,167

3,901,000

4.20%,

5/15/30(c)

3,147,280

103,198

3.00%,

6/1/30,

Pool

#AL9381

100,107

7,825

2.50%,

7/1/30,

Pool

#AS5405

7,631

45,483

2.50%,

7/1/30,

Pool

#AS5403

44,036

29,528

3.00%,

7/1/30,

Pool

#AL7139

28,719

13,183

2.50%,

7/1/30,

Pool

#AZ2170

12,860

39,772

3.00%,

7/1/30,

Pool

#AX9701

38,682

5,408

3.00%,

7/1/30,

Pool

#AZ2297

5,364

7,994

3.00%,

7/1/30,

Pool

#AX9700

7,929

40,853

3.00%,

8/1/30,

Pool

#AL7227

39,970

34,090

3.00%,

8/1/30,

Pool

#AS5622

33,156

6,881

3.00%,

8/1/30,

Pool

#AX3298

6,825

42,841

2.50%,

8/1/30,

Pool

#AS5616

41,273

6,370

3.00%,

8/1/30,

Pool

#AZ7833

6,318

39,400

3.00%,

8/1/30,

Pool

#AS5623

38,548

26,914

2.50%,

8/1/30,

Pool

#AS5614

26,254

50,915

3.00%,

8/1/30,

Pool

#AL7225

49,520

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

73

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

2,327

3.00%,

8/1/30,

Pool

#AZ8597

$

2,308

70,129

2.50%,

8/1/30,

Pool

#BM3552

67,961

28,132

3.50%,

8/1/30,

Pool

#AS5708

28,285

21,898

2.50%,

8/1/30,

Pool

#AS5548

21,201

8,641

3.00%,

9/1/30,

Pool

#AL7320

8,380

30,612

2.50%,

9/1/30,

Pool

#AS5786

29,637

14,188

3.00%,

9/1/30,

Pool

#AZ5719

14,072

32,506

3.00%,

9/1/30,

Pool

#AS5714

31,616

37,832

2.50%,

9/1/30,

Pool

#AS5872

36,904

36,937

3.00%,

9/1/30,

Pool

#AS5728

36,635

28,575

2.50%,

11/1/30,

Pool

#AS6142

27,665

4,646

2.50%,

11/1/30,

Pool

#AL7800

4,476

30,898

2.50%,

11/1/30,

Pool

#AS6115

29,767

28,541

2.50%,

11/1/30,

Pool

#AS6116

27,832

37,232

2.50%,

11/1/30,

Pool

#AS6141

36,319

391,685

3.00%,

1/1/31,

Pool

#BM3537

383,871

34,946

2.50%,

3/1/31,

Pool

#BM1595

34,105

59,249

2.50%,

6/1/31,

Pool

#AS7320

57,378

927,411

1.50%,

6/1/31,

Pool

#MA4367

867,821

10,167,000

5.81%,

6/1/31,

Pool

#BZ1178

10,551,077

1,702,563

1.50%,

7/1/31,

Pool

#MA4389

1,591,900

96,244

2.50%,

7/1/31,

Pool

#AS7617

93,205

89,764

2.50%,

7/1/31,

Pool

#AS7605

86,930

582,672

3.00%,

8/1/31,

Pool

#AL9376

575,698

3,482

2.50%,

8/1/31,

Pool

#BC2777

3,373

8,639

4.00%,

8/1/31,

Pool

#AY4688

8,512

18,007

4.00%,

8/1/31,

Pool

#AY4707

18,142

63,462

3.00%,

9/1/31,

Pool

#AL9378

61,911

239,232

2.50%,

10/1/31,

Pool

#AS8208

231,673

123,429

2.50%,

10/1/31,

Pool

#AS8009

119,076

169,734

2.50%,

10/1/31,

Pool

#AS8193

163,744

368,905

2.50%,

10/1/31,

Pool

#AS8195

360,344

33,670

2.00%,

10/1/31,

Pool

#MA2774

32,115

820,046

2.50%,

10/1/31,

Pool

#BC4773

801,024

10,837

2.00%,

11/1/31,

Pool

#AS8291

10,336

172,333

2.00%,

11/1/31,

Pool

#AS8251

164,376

126,943

2.50%,

11/1/31,

Pool

#BC2631

122,418

56,746

2.00%,

11/1/31,

Pool

#BC9040

54,126

73,783

2.50%,

11/1/31,

Pool

#BC2628

72,069

141,251

2.50%,

11/1/31,

Pool

#AS8240

136,789

59,707

2.50%,

11/1/31,

Pool

#BC2629

57,820

84,920

2.50%,

11/1/31,

Pool

#AS8241

81,924

65,293

2.50%,

11/1/31,

Pool

#AS8245

63,778

196,372

2.00%,

11/1/31,

Pool

#BM3054

187,305

47,812

2.00%,

12/1/31,

Pool

#MA2845

45,604

7,404

3.00%,

2/1/32,

Pool

#BE5670

7,238

12,370

2.50%,

2/1/32,

Pool

#BM1036

11,926

228,521

2.50%,

3/1/32,

Pool

#AS9321

216,701

248,936

2.50%,

3/1/32,

Pool

#AS9319

238,912

227,020

2.50%,

3/1/32,

Pool

#AS9318

215,750

128,397

2.50%,

3/1/32,

Pool

#AS9317

121,505

129,098

2.50%,

3/1/32,

Pool

#AS9316

124,265

314,889

2.00%,

3/1/32,

Pool

#BM3061

300,345

186,431

3.00%,

3/1/32,

Pool

#AS9327

182,246

898,431

3.50%,

4/1/32,

Pool

#BM3503

892,024

666,114

3.50%,

5/1/32,

Pool

#BM1602

663,975

966,391

3.00%,

6/1/32,

Pool

#BM1791

946,016

284,236

2.50%,

8/1/32,

Pool

#BM3578

270,111

101,504

3.00%,

9/1/32,

Pool

#BM3240

100,289

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

40,231

3.50%,

11/1/32,

Pool

#BJ2054

$

39,943

41,061

5.50%,

1/1/33,

Pool

#676661

42,516

22,764

3.50%,

1/1/33,

Pool

#BJ2096

22,443

547,931

2.50%,

2/1/33,

Pool

#BM3793

534,490

1,292,466

3.00%,

5/1/33,

Pool

#FM1880

1,252,434

28,659

5.50%,

5/1/33,

Pool

#555424

29,195

41,482

4.00%,

9/1/33,

Pool

#BK7642

41,361

111,485

4.00%,

10/1/33,

Pool

#CA2527

111,912

114,369

4.00%,

11/1/33,

Pool

#CA2555

114,585

216,394

2.50%,

12/1/33,

Pool

#FM1680

208,292

3,430,000

Class

A3

,

Series

2022-M5,

2.43%,

1/1/34

2,931,064

69,704

5.50%,

2/1/35,

Pool

#735989

71,029

211,548

5.00%,

2/1/35,

Pool

#735226

216,275

17,478

5.00%,

3/1/35,

Pool

#735288

17,878

6,597

6.00%,

4/1/35,

Pool

#735504

6,821

509,223

2.00%,

6/1/35,

Pool

#CA5933

470,583

245,428

2.00%,

6/1/35,

Pool

#CA5939

225,088

134,845

3.00%,

8/1/35,

Pool

#CA6849

129,147

125,775

3.00%,

8/1/35,

Pool

#CA6876

121,570

2,585,000

1.53%,

8/17/35,

Callable

11/17/24

@

100.00

1,964,181

1,708,000

1.55%,

8/24/35,

Callable

11/24/24

@

100.00

1,300,113

3,170,000

1.60%,

8/24/35,

Callable

11/24/24

@

100.00

2,426,733

32,433

5.00%,

9/1/35,

Pool

#889974

32,625

235,498

2.00%,

9/1/35,

Pool

#CA6840

217,915

259,771

2.00%,

9/1/35,

Pool

#CA7136

239,210

2,770,000

1.78%,

11/16/35,

Callable

11/16/24

@

100.00

2,143,035

850,093

2.50%,

12/1/35,

Pool

#CA8388

803,247

875,043

1.50%,

12/1/35,

Pool

#CA8377

784,950

38,660

3.00%,

12/1/35,

Pool

#CA8391

37,212

83,402

3.00%,

12/1/35,

Pool

#CA8389

80,612

742,632

2.50%,

12/1/35,

Pool

#CA8387

702,231

90,863

4.00%,

1/1/36,

Pool

#AB0686

90,238

325,797

2.00%,

2/1/36,

Pool

#FM6149

301,476

341,116

2.50%,

3/1/36,

Pool

#CA9444

322,039

455,979

2.00%,

3/1/36,

Pool

#CA9432

419,434

230,874

1.50%,

3/1/36,

Pool

#CA9422

207,671

586,706

2.00%,

4/1/36,

Pool

#FM7495

546,701

432,578

2.00%,

5/1/36,

Pool

#CB0428

403,092

376,517

1.50%,

5/1/36,

Pool

#CB0622

338,667

1,341,054

1.50%,

6/1/36,

Pool

#FM7423

1,192,446

666,273

2.00%,

7/1/36,

Pool

#FM8117

612,925

1,633,563

2.00%,

9/1/36,

Pool

#FM8733

1,505,056

1,477,851

2.00%,

9/1/36,

Pool

#FM8695

1,367,364

170,250

5.50%,

9/1/36,

Pool

#995113

175,555

19,725

3.00%,

10/1/36,

Pool

#AL9227

18,725

146,235

3.00%,

11/1/36,

Pool

#AS8348

140,296

62,566

3.00%,

11/1/36,

Pool

#AS8349

59,395

318,624

2.00%,

11/1/36,

Pool

#FM9318

293,031

5,109,322

1.50%,

12/1/36,

Pool

#FS0003

4,581,691

148,518

3.00%,

12/1/36,

Pool

#BE1896

140,990

203,635

3.00%,

12/1/36,

Pool

#AS8553

193,321

312,284

2.00%,

1/1/37,

Pool

#FS0216

289,030

714,657

2.00%,

2/1/37,

Pool

#CB2967

654,582

313,400

2.00%,

2/1/37,

Pool

#FS0754

289,377

390,053

1.50%,

2/1/37,

Pool

#FS3221

356,415

135,094

2.00%,

2/1/37,

Pool

#FS0610

123,906

1,273,175

2.00%,

3/1/37,

Pool

#FS1331

1,172,292

377,443

2.00%,

3/1/37,

Pool

#CB2966

346,300

1,623,952

2.00%,

3/1/37,

Pool

#FS1330

1,493,898

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

74

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

960,538

2.00%,

4/1/37,

Pool

#FS3325

$

886,038

7,595

5.50%,

2/1/38,

Pool

#961545

7,864

6,672

6.00%,

3/1/38,

Pool

#889529

6,960

37,361

5.50%,

5/1/38,

Pool

#889441

38,599

39,028

5.50%,

5/1/38,

Pool

#889692

40,165

17,585

6.00%,

5/1/38,

Pool

#889466

18,344

26,986

5.50%,

6/1/38,

Pool

#995018

27,863

7,865

5.50%,

9/1/38,

Pool

#889995

8,097

18,667

6.00%,

10/1/38,

Pool

#889983

19,703

120,502

5.50%,

1/1/39,

Pool

#AB0200

123,157

35,224

4.50%,

4/1/39,

Pool

#930922

35,693

28,915

3.50%,

5/1/39,

Pool

#MA3660

27,849

42,899

4.50%,

5/1/39,

Pool

#AL1472

43,430

397,351

5.00%,

6/1/39,

Pool

#AL7521

399,682

285,232

6.00%,

7/1/39,

Pool

#BF0056

296,918

20,248

5.50%,

10/1/39,

Pool

#AD0362

21,426

2,825,000

2.50%,

10/25/39,

TBA

2,646,230

3,166,000

4.50%,

10/25/39,

TBA

3,170,947

828,000

4.00%,

10/25/39,

TBA

821,273

1,032,000

3.00%,

10/25/39,

TBA

988,463

164,760

5.50%,

12/1/39,

Pool

#AC6680

173,593

19,530

5.50%,

12/1/39,

Pool

#AD0571

20,677

124,521

3.50%,

12/1/39,

Pool

#MA3869

119,946

52,953

3.50%,

1/1/40,

Pool

#MA3891

51,017

1,980,407

4.50%,

1/1/40,

Pool

#AC8568

1,996,035

94,625

3.50%,

2/1/40,

Pool

#MA3935

91,163

16,890

5.50%,

3/1/40,

Pool

#AL5304

18,028

124,734

6.00%,

4/1/40,

Pool

#AL4141

131,506

15,514

4.50%,

4/1/40,

Pool

#AD4038

15,696

23,587

6.50%,

5/1/40,

Pool

#AL1704

24,853

32,692

4.50%,

7/1/40,

Pool

#AD7127

32,980

27,346

4.50%,

7/1/40,

Pool

#AB1226

27,561

15,002

6.00%,

9/1/40,

Pool

#AE0823

15,618

16,158

4.00%,

1/1/41,

Pool

#AL7167

16,045

32,423

6.00%,

6/1/41,

Pool

#AL4142

34,304

210,065

5.00%,

7/1/41,

Pool

#AL7524

217,570

11,955

4.50%,

7/1/41,

Pool

#AB3314

12,042

22,298

4.50%,

9/1/41,

Pool

#AI8961

22,773

360,503

5.50%,

9/1/41,

Pool

#AL8430

372,001

12,975,266

1.50%,

11/1/41,

Pool

#FS0316

11,105,047

2,050,729

2.00%,

12/1/41,

Pool

#MA4501

1,780,421

6,612,803

1.50%,

12/1/41,

Pool

#MA4500

5,629,272

479,597

4.00%,

1/1/42,

Pool

#AB4307

478,097

114,943

3.50%,

1/1/42,

Pool

#AW8154

108,398

516,068

2.00%,

2/1/42,

Pool

#MA4540

447,936

5,002,142

2.00%,

3/1/42,

Pool

#MA4570

4,341,748

47,155

3.50%,

4/1/42,

Pool

#AO0777

45,076

783,377

2.00%,

4/1/42,

Pool

#MA4586

679,935

17,693

3.50%,

4/1/42,

Pool

#AK7510

16,910

97,429

4.00%,

5/1/42,

Pool

#AO2961

96,202

22,167

4.00%,

5/1/42,

Pool

#AO2114

21,888

6,618

3.50%,

5/1/42,

Pool

#AO2881

6,325

9,915

3.50%,

6/1/42,

Pool

#AK9225

9,477

7,361

3.50%,

6/1/42,

Pool

#AO3048

7,035

23,330

3.50%,

7/1/42,

Pool

#AO9707

22,298

94,269

4.50%,

9/1/42,

Pool

#AL2482

94,967

564,917

4.50%,

1/1/43,

Pool

#AL8206

569,464

37,186

3.00%,

3/1/43,

Pool

#AR7568

34,006

47,229

3.00%,

3/1/43,

Pool

#AR7576

43,362

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

58,010

3.00%,

3/1/43,

Pool

#AR9218

$

53,230

46,511

3.00%,

4/1/43,

Pool

#AB8923

42,678

55,214

3.00%,

4/1/43,

Pool

#AR8630

50,665

47,744

3.00%,

4/1/43,

Pool

#AB8924

43,838

45,770

3.00%,

4/1/43,

Pool

#AT2043

42,024

527

3.50%,

4/1/43,

Pool

#CA1530

498

76,727

3.00%,

4/1/43,

Pool

#AT2040

70,405

19,205

3.00%,

4/1/43,

Pool

#AT2037

17,563

5,715

3.00%,

6/1/43,

Pool

#AB9564

5,291

380,882

5.00%,

12/1/43,

Pool

#AL7777

389,087

186,972

5.00%,

11/1/44,

Pool

#AL8878

191,172

163,638

3.50%,

2/1/45,

Pool

#BM1100

156,668

508,161

3.50%,

2/1/45,

Pool

#FM5294

486,345

105,517

5.00%,

6/1/45,

Pool

#BM3784

108,931

2,166,235

3.50%,

9/1/45,

Pool

#FM3224

2,072,013

79,003

4.50%,

9/1/45,

Pool

#AL7936

79,565

49,477

4.50%,

11/1/45,

Pool

#AL9501

49,957

2,864

4.50%,

11/1/45,

Pool

#AS6233

2,904

4,993,375

3.50%,

11/1/45,

Pool

#FM6411

4,747,063

108,576

4.50%,

12/1/45,

Pool

#BM1756

107,948

12,868

3.00%,

6/1/46,

Pool

#AS7365

11,825

914,470

3.50%,

7/1/46,

Pool

#BA7748

868,300

262,621

4.50%,

7/1/46,

Pool

#BM3053

263,882

331,617

4.50%,

7/1/46,

Pool

#BM1920

337,256

14,592

3.00%,

8/1/46,

Pool

#AL9031

13,544

887,181

3.00%,

9/1/46,

Pool

#BD1469

810,840

270,746

3.00%,

11/1/46,

Pool

#BD9644

250,096

140,751

3.00%,

11/1/46,

Pool

#BD9645

129,248

106,343

3.00%,

11/1/46,

Pool

#BD9643

98,230

202,837

3.50%,

12/1/46,

Pool

#BE2103

191,383

808,301

3.00%,

12/1/46,

Pool

#AS8486

738,732

310,222

3.50%,

2/1/47,

Pool

#BE1534

292,204

705,372

3.50%,

2/1/47,

Pool

#AL9920

665,550

68,808

3.50%,

3/1/47,

Pool

#BH0158

64,811

295,252

3.50%,

5/1/47,

Pool

#BM1174

285,420

160,485

3.50%,

5/1/47,

Pool

#BE9375

151,166

425,545

3.50%,

5/1/47,

Pool

#BD2417

400,835

259,254

4.00%,

5/1/47,

Pool

#BH0398

254,004

128,882

3.50%,

6/1/47,

Pool

#BH0567

121,397

189,986

4.00%,

7/1/47,

Pool

#BH3401

186,141

265,496

4.00%,

8/1/47,

Pool

#BM1619

260,119

17,940

4.00%,

9/1/47,

Pool

#MA3121

17,507

127,897

4.50%,

10/1/47,

Pool

#BM3052

129,197

565,648

3.50%,

11/1/47,

Pool

#MA3182

535,300

566,311

3.50%,

12/1/47,

Pool

#MA3210

535,978

156,355

4.50%,

12/1/47,

Pool

#BH7067

155,970

342,473

3.50%,

1/1/48,

Pool

#MA3238

324,099

1,157,116

3.50%,

1/1/48,

Pool

#FM5293

1,100,667

389,898

4.00%,

1/1/48,

Pool

#BH9222

380,496

258,792

3.50%,

2/1/48,

Pool

#BH9277

244,772

64,233

4.00%,

2/1/48,

Pool

#BJ9057

62,845

62,164

4.00%,

2/1/48,

Pool

#BJ9058

60,863

3,170,625

3.50%,

3/1/48,

Pool

#BJ0650

2,998,850

107,873

3.50%,

3/1/48,

Pool

#BK1958

102,030

171,687

3.50%,

3/1/48,

Pool

#BJ0648

162,384

328,308

3.50%,

3/1/48,

Pool

#BJ4916

310,518

195,202

3.50%,

4/1/48,

Pool

#FM5295

184,721

2,922,889

4.50%,

4/1/48,

Pool

#FM7783

2,933,798

31,982

4.00%,

4/1/48,

Pool

#MA3333

31,058

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

75

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

123,545

4.50%,

4/1/48,

Pool

#BM3846

$

124,806

1,757,341

4.50%,

5/1/48,

Pool

#CA1704

1,766,427

1,504,979

3.50%,

5/1/48,

Pool

#MA3356

1,425,021

37,591

4.00%,

5/1/48,

Pool

#CA2708

36,502

26,649

4.00%,

6/1/48,

Pool

#MA3384

25,881

137,506

5.00%,

6/1/48,

Pool

#CA2317

139,977

26,337

4.00%,

7/1/48,

Pool

#MA3415

25,503

8,910

4.50%,

7/1/48,

Pool

#BK4471

8,956

67,927

4.50%,

7/1/48,

Pool

#BK6113

68,630

244,620

4.00%,

8/1/48,

Pool

#BK4772

238,422

548,927

5.00%,

9/1/48,

Pool

#MA3472

558,794

357,600

4.00%,

9/1/48,

Pool

#FM5566

347,412

40,729

5.00%,

10/1/48,

Pool

#MA3501

41,470

111,482

5.00%,

10/1/48,

Pool

#BK7881

113,514

77,930

4.00%,

10/1/48,

Pool

#CA2469

75,733

7,854

3.50%,

11/1/48,

Pool

#FM1543

7,412

74,245

5.00%,

11/1/48,

Pool

#MA3527

75,596

24,798

5.00%,

12/1/48,

Pool

#BN4404

25,155

19,947

5.00%,

1/1/49,

Pool

#BN4430

20,337

72,855

5.00%,

1/1/49,

Pool

#BN3949

74,182

1,075,296

4.00%,

1/1/49,

Pool

#FM5296

1,050,977

238,164

3.50%,

6/1/49,

Pool

#FM5315

225,508

702,592

4.00%,

9/1/49,

Pool

#FM3665

687,348

4,164,971

3.00%,

3/1/50,

Pool

#FM5290

3,837,346

309,674

4.00%,

3/1/50,

Pool

#CA5368

298,571

283,464

4.00%,

5/1/50,

Pool

#FM7973

275,389

395,102

4.00%,

6/1/50,

Pool

#CA6106

384,767

2,677,112

2.50%,

7/1/50,

Pool

#CA6343

2,351,108

2,593,349

2.50%,

7/1/50,

Pool

#CA6342

2,277,517

2,627,276

2.50%,

7/1/50,

Pool

#CA6341

2,307,310

1,525,106

2.50%,

7/1/50,

Pool

#CA6359

1,350,558

3,038,726

2.50%,

8/1/50,

Pool

#CA6577

2,668,684

2,533,843

2.50%,

8/1/50,

Pool

#CA6636

2,225,282

777,702

2.50%,

8/1/50,

Pool

#CA6711

682,996

1,557,868

3.00%,

8/1/50,

Pool

#FM5292

1,422,317

237,644

4.00%,

8/1/50,

Pool

#FM7703

230,947

1,745,438

2.00%,

8/1/50,

Pool

#FP0025

1,455,712

1,134,108

2.00%,

9/1/50,

Pool

#MA4119

944,467

356,109

2.00%,

9/1/50,

Pool

#BQ0697

296,572

2,042,877

2.00%,

10/1/50,

Pool

#MA4158

1,692,321

1,856,810

1.50%,

10/1/50,

Pool

#MA4157

1,465,417

1,615,108

1.50%,

11/1/50,

Pool

#MA4181

1,274,630

261,216

2.00%,

11/1/50,

Pool

#BQ6334

218,904

494,499

2.50%,

11/1/50,

Pool

#FM4874

437,912

1,752,957

2.50%,

11/1/50,

Pool

#CA7597

1,552,326

1,233,558

2.00%,

12/1/50,

Pool

#FM5176

1,038,460

389,313

2.00%,

12/1/50,

Pool

#FM5305

328,256

466,556

2.50%,

1/1/51,

Pool

#CA8592

409,734

1,455,810

4.00%,

1/1/51,

Pool

#FM7031

1,416,575

31,077,780

2.00%,

1/1/51,

Pool

#MA4237

25,861,527

9,206,419

3.50%,

1/1/51,

Pool

#FM7599

8,683,057

2,529,238

2.00%,

2/1/51,

Pool

#BR1615

2,101,550

1,291,278

2.50%,

2/1/51,

Pool

#CA9038

1,128,808

2,175,058

1.50%,

3/1/51,

Pool

#MA4280

1,719,532

454,740

2.00%,

3/1/51,

Pool

#BN9004

383,278

174,545

2.50%,

3/1/51,

Pool

#BR4654

152,578

824,296

2.00%,

3/1/51,

Pool

#BN8997

691,603

1,602,834

4.00%,

3/1/51,

Pool

#FM7460

1,557,655

589,559

2.00%,

4/1/51,

Pool

#BR7241

496,731

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

1,116,460

2.00%,

4/1/51,

Pool

#FM6863

$

941,359

259,006

2.00%,

4/1/51,

Pool

#FS0599

218,408

762,531

2.00%,

4/1/51,

Pool

#BR7802

639,798

201,518

2.50%,

4/1/51,

Pool

#BR8896

176,165

107,071

2.50%,

4/1/51,

Pool

#BR8283

93,601

1,896,950

2.50%,

5/1/51,

Pool

#CB0383

1,661,149

59,381

2.50%,

5/1/51,

Pool

#BR8296

51,908

8,087,489

4.00%,

5/1/51,

Pool

#FS1463

7,829,082

114,523

2.50%,

5/1/51,

Pool

#BR8915

100,112

549,693

1.50%,

6/1/51,

Pool

#BR9265

435,063

5,484,576

3.00%,

6/1/51,

Pool

#CB0848

4,939,480

10,765,650

2.00%,

7/1/51,

Pool

#MA4378

8,945,430

188,408

2.50%,

7/1/51,

Pool

#BP3574

164,699

9,728,772

2.00%,

8/1/51,

Pool

#CB1309

8,083,599

8,198,351

2.00%,

8/1/51,

Pool

#CB1310

6,811,978

3,864,436

4.00%,

10/1/51,

Pool

#FS1133

3,755,552

652,514

2.50%,

10/1/51,

Pool

#CB1806

571,414

64,137

2.50%,

10/1/51,

Pool

#BT8452

56,069

2,306,935

3.00%,

11/1/51,

Pool

#CB2165

2,093,059

1,095,615

2.00%,

11/1/51,

Pool

#CB2139

923,639

2,279,450

2.00%,

11/1/51,

Pool

#CB2054

1,913,462

2,010,192

2.00%,

11/1/51,

Pool

#FM9538

1,682,312

986,001

2.00%,

11/1/51,

Pool

#FM9452

830,685

2,075,105

2.00%,

11/1/51,

Pool

#CB2079

1,720,973

840,313

2.50%,

11/1/51,

Pool

#FS0026

739,213

2,771,435

2.00%,

11/1/51,

Pool

#FS1334

2,298,457

1,424,856

2.00%,

12/1/51,

Pool

#FS0211

1,192,161

500,058

2.50%,

12/1/51,

Pool

#CB2372

437,895

264,747

2.00%,

12/1/51,

Pool

#FS0598

223,705

1,026,096

3.00%,

12/1/51,

Pool

#CB2418

930,781

638,811

2.00%,

12/1/51,

Pool

#FM9730

536,227

946,300

2.00%,

12/1/51,

Pool

#FM9925

789,599

1,443,139

2.00%,

12/1/51,

Pool

#FS0212

1,208,552

1,323,353

2.00%,

1/1/52,

Pool

#CB2601

1,107,482

1,756,294

2.50%,

1/1/52,

Pool

#CB2620

1,543,831

2,115,824

2.50%,

1/1/52,

Pool

#CB2621

1,852,913

1,139,891

2.00%,

1/1/52,

Pool

#FS0290

953,955

2,365,320

2.50%,

1/1/52,

Pool

#FS0378

2,093,907

1,710,204

2.00%,

1/1/52,

Pool

#FS0497

1,446,456

3,209,047

2.50%,

1/1/52,

Pool

#CB2622

2,811,969

988,061

2.50%,

1/1/52,

Pool

#CB2633

854,632

1,661,169

2.50%,

1/1/52,

Pool

#FS0193

1,449,735

2,692,437

2.50%,

1/1/52,

Pool

#FS0209

2,357,737

2,139,578

2.50%,

1/1/52,

Pool

#FS0208

1,874,882

1,543,796

2.00%,

2/1/52,

Pool

#CB2837

1,298,724

2,141,065

2.50%,

2/1/52,

Pool

#CB2856

1,876,474

675,301

2.00%,

2/1/52,

Pool

#CB2836

562,457

341,408

2.50%,

2/1/52,

Pool

#CB2863

302,975

1,833,688

2.50%,

2/1/52,

Pool

#CB2855

1,610,790

6,343,836

2.00%,

2/1/52,

Pool

#FS2040

5,257,140

3,440,111

2.00%,

2/1/52,

Pool

#CB2838

2,894,003

805,458

2.00%,

2/1/52,

Pool

#FS0646

677,614

509,090

2.50%,

2/1/52,

Pool

#CB2854

452,870

1,459,164

2.00%,

3/1/52,

Pool

#CB3105

1,227,542

825,005

2.50%,

3/1/52,

Pool

#FS1661

725,654

3,856,736

2.00%,

3/1/52,

Pool

#CB3102

3,229,128

265,418

3.00%,

3/1/52,

Pool

#CB3115

241,397

2,087,672

2.00%,

3/1/52,

Pool

#CB3101

1,756,185

731,177

4.00%,

4/1/52,

Pool

#FS1267

710,488

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

76

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

733,986

3.00%,

4/1/52,

Pool

#FS1520

$

667,827

4,501,996

4.00%,

5/1/52,

Pool

#FS3377

4,359,531

1,198,771

3.00%,

5/1/52,

Pool

#FS1522

1,088,733

513,742

3.50%,

5/1/52,

Pool

#BV8545

484,836

1,072,115

5.00%,

7/1/52,

Pool

#FS2473

1,082,123

568,124

3.50%,

7/1/52,

Pool

#FS2812

536,005

443,888

4.50%,

7/1/52,

Pool

#MA4656

436,738

856,331

5.00%,

7/1/52,

Pool

#FS2458

872,781

702,302

5.00%,

7/1/52,

Pool

#FS2409

713,595

398,589

3.50%,

8/1/52,

Pool

#CB4324

376,135

9,407,196

4.50%,

8/1/52,

Pool

#CB4345

9,336,379

94,072

3.50%,

9/1/52,

Pool

#CB4657

88,447

273,829

3.50%,

9/1/52,

Pool

#CB4658

258,116

361,638

3.50%,

9/1/52,

Pool

#CB4660

340,478

427,103

3.50%,

9/1/52,

Pool

#CB4661

400,542

431,815

6.00%,

11/1/52,

Pool

#FS3251

450,286

897,984

5.00%,

12/1/52,

Pool

#MA4841

898,317

1,313,095

5.50%,

1/1/53,

Pool

#BX6108

1,330,468

947,266

5.50%,

1/1/53,

Pool

#CB5462

962,244

2,330,924

5.00%,

1/1/53,

Pool

#CB5450

2,336,464

2,633,520

6.00%,

1/1/53,

Pool

#FS3832

2,709,974

391,837

5.00%,

1/1/53,

Pool

#BX4207

393,295

8,484,091

5.00%,

4/1/53,

Pool

#CB6063

8,512,631

2,048,476

6.00%,

4/1/53,

Pool

#CB6094

2,104,536

719,513

5.50%,

5/1/53,

Pool

#BY2967

731,969

2,780,241

6.00%,

5/1/53,

Pool

#CB6329

2,856,264

3,684,983

5.50%,

5/1/53,

Pool

#CB6321

3,748,818

870,039

6.00%,

5/1/53,

Pool

#FS4641

893,828

396,834

6.00%,

5/1/53,

Pool

#BY0568

407,659

748,762

5.50%,

5/1/53,

Pool

#BY0557

761,725

2,893,539

5.50%,

5/1/53,

Pool

#FS4629

2,943,659

2,112,223

5.50%,

6/1/53,

Pool

#CB6463

2,148,817

3,562,221

6.00%,

7/1/53,

Pool

#CB6757

3,659,663

6,953,621

6.00%,

8/1/53,

Pool

#CB6872

7,116,999

3,690,550

6.50%,

8/1/53,

Pool

#FS5537

3,823,780

808,898

6.50%,

9/1/53,

Pool

#CB7142

836,071

2,144,631

6.50%,

10/1/53,

Pool

#CB7349

2,213,198

4,942,072

6.50%,

2/1/54,

Pool

#CB8018

5,113,776

2,522,810

6.50%,

6/1/54,

Pool

#CB8727

2,604,163

4,432,400

5.50%,

10/25/54,

TBA

4,484,342

1,277,000

6.50%,

10/25/54,

TBA

1,316,507

72,000

4.00%,

10/25/54,

TBA

69,143

2,146,232

3.00%,

10/25/54,

TBA

1,925,573

6,211,700

6.50%,

11/25/54,

TBA

6,405,816

409,885,303

Federal

Home

Loan

Mortgage

Corporation

(9.4%):

35,243

3.00%,

9/1/27,

Pool

#U70060

34,783

22,711

3.00%,

7/1/28,

Pool

#U79018

22,403

591,000

4.06%,

9/15/29(c)

490,773

4,510,000

Class

XFX

,

Series

KL06,

1.47%,

12/25/29,

Callable

9/25/29

@

100.00

262,957

12,745

3.00%,

1/1/30,

Pool

#V60696

12,351

15,606

3.00%,

1/1/30,

Pool

#V60724

15,065

28,015

2.50%,

3/1/30,

Pool

#V60770

26,851

42,326

2.50%,

5/1/30,

Pool

#V60796

42,319

28,841

2.50%,

5/1/30,

Pool

#J31418

27,823

54,677

3.00%,

5/1/30,

Pool

#J31689

53,594

69,238

2.50%,

5/1/30,

Pool

#J31728

66,682

109,595

3.00%,

6/1/30,

Pool

#V60840

106,302

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

2,435

2.50%,

7/1/30,

Pool

#J32491

$

2,337

11,666

2.50%,

7/1/30,

Pool

#J32204

11,220

9,133

2.50%,

7/1/30,

Pool

#J32209

8,886

6,497

3.00%,

7/1/30,

Pool

#J32181

6,368

51,039

3.00%,

7/1/30,

Pool

#G15520

49,624

3,159

2.50%,

7/1/30,

Pool

#V60905

3,158

38,600

2.50%,

8/1/30,

Pool

#V60902

37,678

6,619

3.00%,

8/1/30,

Pool

#J32436

6,434

47,123

2.50%,

8/1/30,

Pool

#V60886

45,997

11,012

3.00%,

8/1/30,

Pool

#V60909

10,679

38,288

2.50%,

9/1/30,

Pool

#V60903

37,221

117,245

2.50%,

9/1/30,

Pool

#V60904

117,227

7,150,503

Class

X1

,

Series

K121,

1.12%,

10/25/30

345,634

190,000

6.75%,

3/15/31

222,166

197,000

4.40%,

3/15/31(c)

152,960

209,582

2.50%,

4/1/31,

Pool

#G16186

201,555

3,825,511

1.50%,

5/1/31,

Pool

#RD5057

3,582,850

586,906

1.50%,

6/1/31,

Pool

#RD5059

549,230

3,575,000

Class

A2

,

Series

K145,

2.58%,

5/25/32

3,215,126

1,740,000

Class

A2

,

Series

K146,

2.92%,

6/25/32

1,601,830

4,601

3.00%,

10/1/32,

Pool

#J37706

4,472

6,299

3.00%,

11/1/32,

Pool

#J37835

6,122

4,358

3.00%,

12/1/32,

Pool

#J38060

4,235

1,581,946

2.50%,

4/1/33,

Pool

#ZS8087

1,521,611

307,464

Class

A2

,

Series

KG08,

4.13%,

5/25/33

306,120

4,491,000

Class

A3

,

Series

K156,

3.70%,

6/25/33

4,323,807

78,123

3.50%,

1/1/34,

Pool

#ZS9068

76,730

250,000

Class

A10F

,

Series

2024-SB115,

4.41%,

8/25/34,

Callable

7/25/34

@

100.00

249,150

844,822

2.50%,

1/1/35,

Pool

#SB0298

795,042

49,279

5.50%,

2/1/35,

Pool

#G04692

51,848

287,906

3.50%,

5/1/35,

Pool

#SC0063

285,540

1,550,000

1.46%,

8/17/35,

Callable

11/17/24

@

100.00

1,169,478

729,523

2.00%,

9/1/35,

Pool

#SB0539

671,809

1,514,534

2.00%,

1/1/36,

Pool

#SB0546

1,389,000

853,066

2.00%,

2/1/36,

Pool

#RC1819

794,941

962,348

2.00%,

2/1/36,

Pool

#SB8507

887,549

306,278

2.00%,

3/1/36,

Pool

#SB0544

282,363

271,248

1.50%,

4/1/36,

Pool

#SB0510

243,991

1,833,799

1.50%,

4/1/36,

Pool

#SB0514

1,633,850

1,805,913

2.00%,

5/1/36,

Pool

#RC1999

1,682,821

372,436

1.50%,

5/1/36,

Pool

#RC1975

331,802

4,141,327

2.00%,

6/1/36,

Pool

#RC2071

3,815,435

1,760,131

2.00%,

7/1/36,

Pool

#RC2097

1,621,638

3,155,000

1.72%,

9/22/36,

Callable

12/22/24

@

100.00

2,366,471

1,449,444

2.00%,

4/1/37,

Pool

#SB0679

1,332,738

35,755

3.00%,

9/1/37,

Pool

#ZA2471

33,758

736,316

3.00%,

6/1/38,

Pool

#SC0111

700,331

77,711

6.00%,

4/1/39,

Pool

#G07613

80,442

12,713

4.50%,

12/1/39,

Pool

#A90196

12,915

372,373

3.50%,

1/1/40,

Pool

#RB5028

358,708

48,356

3.50%,

2/1/40,

Pool

#RB5034

46,583

13,476

4.50%,

7/1/40,

Pool

#A93010

13,526

14,107

4.00%,

8/1/40,

Pool

#A93534

13,860

91,186

4.00%,

9/1/40,

Pool

#A93851

90,168

260,022

4.50%,

9/1/40,

Pool

#A93700

263,107

18,921

4.00%,

10/1/40,

Pool

#A95923

19,096

13,394

4.00%,

11/1/40,

Pool

#A95144

13,517

13,659

4.00%,

11/1/40,

Pool

#A94779

13,785

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

77

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

13,410

4.00%,

11/1/40,

Pool

#A94977

$

13,534

832

4.00%,

4/1/41,

Pool

#Q00093

824

33,328

4.50%,

5/1/41,

Pool

#Q00959

33,628

29,039

4.50%,

5/1/41,

Pool

#Q00804

29,300

205,553

5.50%,

6/1/41,

Pool

#G07553

213,061

17,001

4.00%,

10/1/41,

Pool

#Q03841

17,076

45,913

5.00%,

10/1/41,

Pool

#G07642

46,675

23,157

4.00%,

10/1/41,

Pool

#Q04022

23,260

318,755

2.00%,

2/1/42,

Pool

#RB5145

276,669

1,674,795

2.00%,

3/1/42,

Pool

#RB5148

1,453,663

106,001

3.50%,

4/1/42,

Pool

#Q07417

102,018

115,563

3.50%,

4/1/42,

Pool

#C03811

109,470

334,359

2.00%,

4/1/42,

Pool

#RB5153

291,352

9,817

3.50%,

5/1/42,

Pool

#Q08239

9,433

3,586

3.50%,

5/1/42,

Pool

#Q08306

3,446

14,966

3.50%,

8/1/42,

Pool

#Q12162

14,404

87,625

3.50%,

8/1/42,

Pool

#G07106

84,334

5,361

3.50%,

10/1/42,

Pool

#Q11909

5,160

136,832

3.00%,

1/1/43,

Pool

#Q14866

128,834

59,755

3.00%,

3/1/43,

Pool

#Q16403

56,079

110,256

3.00%,

3/1/43,

Pool

#Q16673

103,473

60,369

3.50%,

6/1/43,

Pool

#Q18718

58,901

95,963

3.50%,

7/1/43,

Pool

#Q20206

92,337

39,787

4.00%,

9/1/43,

Pool

#Q21579

39,182

103,977

4.50%,

12/1/43,

Pool

#Q23779

106,199

73,766

4.50%,

12/1/43,

Pool

#G60018

74,611

11,198

3.50%,

1/1/44,

Pool

#Q24368

10,775

459,342

3.50%,

4/1/44,

Pool

#G07848

440,639

44,535

4.00%,

4/1/44,

Pool

#Q25643

43,933

9,796

3.50%,

5/1/44,

Pool

#Q26218

9,418

54,708

3.50%,

6/1/44,

Pool

#Q28764

52,651

1,526,302

3.00%,

6/1/44,

Pool

#SD0498

1,421,850

10,208

3.50%,

7/1/44,

Pool

#Q27319

9,814

39,066

4.00%,

7/1/44,

Pool

#G60901

38,593

17,206

3.50%,

9/1/44,

Pool

#Q28604

16,542

1,549,458

3.50%,

9/1/44,

Pool

#SD0481

1,486,383

1,534,621

4.00%,

1/1/45,

Pool

#SD0478

1,514,964

1,733,900

4.00%,

1/1/45,

Pool

#SD0490

1,714,531

12,241

4.00%,

2/1/45,

Pool

#Q31338

12,165

4,687

4.00%,

2/1/45,

Pool

#Q31128

4,657

12,352

3.50%,

9/1/45,

Pool

#Q36302

12,025

2,225,169

4.00%,

9/1/45,

Pool

#SD0507

2,186,587

14,029

4.00%,

12/1/45,

Pool

#Q37957

13,641

15,451

4.00%,

12/1/45,

Pool

#Q37955

15,355

1,092,127

3.50%,

3/1/46,

Pool

#SD0485

1,048,641

542,401

3.00%,

9/1/46,

Pool

#Q42979

497,899

192,492

3.00%,

9/1/46,

Pool

#G60718

176,692

203,684

3.50%,

9/1/46,

Pool

#SD0486

193,934

211,292

3.00%,

12/1/46,

Pool

#Q45064

193,953

120,798

3.00%,

12/1/46,

Pool

#Q45080

110,922

676,991

3.00%,

12/1/46,

Pool

#V82781

620,735

54,943

3.00%,

12/1/46,

Pool

#Q45083

51,437

559,566

3.00%,

2/1/47,

Pool

#SD0496

514,725

294,648

3.50%,

3/1/47,

Pool

#G60968

283,287

577,593

4.00%,

7/1/47,

Pool

#SD0504

568,638

715,233

4.50%,

7/1/47,

Pool

#G61047

719,001

304,483

3.50%,

10/1/47,

Pool

#G61178

286,370

363,292

3.50%,

12/1/47,

Pool

#G61208

341,677

82,059

3.50%,

1/1/48,

Pool

#Q53648

78,740

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

46,144

3.50%,

1/1/48,

Pool

#Q53630

$

43,399

341,659

3.50%,

1/1/48,

Pool

#ZS4751

322,045

348,244

3.50%,

2/1/48,

Pool

#ZT1353

329,737

236,492

4.00%,

4/1/48,

Pool

#ZM6153

229,321

2,616,683

3.50%,

4/1/48,

Pool

#Q55389

2,480,342

505,354

4.00%,

4/1/48,

Pool

#SD0489

497,530

2,425,833

3.50%,

4/1/48,

Pool

#G08808

2,299,439

2,468,010

3.50%,

5/1/48,

Pool

#G08813

2,339,393

2,458,154

4.00%,

8/1/48,

Pool

#SD0492

2,407,147

808,492

4.50%,

8/1/48,

Pool

#G67715

812,000

1,938,454

4.00%,

5/1/49,

Pool

#SD0488

1,895,217

1,530,630

4.50%,

3/1/50,

Pool

#SD0294

1,529,705

2,217,302

4.00%,

3/1/50,

Pool

#SD0296

2,162,563

786,774

4.00%,

6/1/50,

Pool

#SD0520

761,207

529,418

4.00%,

7/1/50,

Pool

#SD0878

514,828

12,075

3.00%,

7/1/50,

Pool

#QB1488

11,029

11,200

3.00%,

7/1/50,

Pool

#QB1158

10,249

434,966

2.50%,

7/1/50,

Pool

#QB1193

381,284

94,172

3.00%,

7/1/50,

Pool

#QB1479

86,417

24,922

3.00%,

7/1/50,

Pool

#QB1486

22,762

1,478,440

4.00%,

7/1/50,

Pool

#SD1146

1,444,084

702,378

1.50%,

8/1/50,

Pool

#RA3217

554,304

955,160

3.00%,

8/1/50,

Pool

#SD0519

875,862

71,258

3.00%,

8/1/50,

Pool

#QB2339

65,082

724,202

3.00%,

8/1/50,

Pool

#RA3282

661,878

248,271

2.00%,

8/1/50,

Pool

#QB2296

209,001

708,250

3.00%,

8/1/50,

Pool

#RA3313

646,466

4,677,524

3.00%,

9/1/50,

Pool

#SD0592

4,299,675

1,030,754

2.00%,

9/1/50,

Pool

#SI2075

859,175

1,782,332

1.50%,

10/1/50,

Pool

#SD8082

1,406,605

547,612

2.00%,

11/1/50,

Pool

#SD7528

461,685

3,349,871

2.50%,

2/1/51,

Pool

#SD7534

2,966,507

27,803,324

2.00%,

3/1/51,

Pool

#SD2903

23,128,958

4,913,481

2.00%,

3/1/51,

Pool

#SD8134

4,081,014

1,810,668

2.00%,

4/1/51,

Pool

#SD7539

1,527,685

2,108,746

2.50%,

5/1/51,

Pool

#SD0702

1,846,638

7,553,509

2.50%,

5/1/51,

Pool

#RA5077

6,605,678

2,329,613

1.50%,

5/1/51,

Pool

#SD8145

1,837,396

987,275

2.00%,

5/1/51,

Pool

#SD7541

832,113

3,145,994

2.00%,

7/1/51,

Pool

#SD0716

2,601,641

1,034,071

3.00%,

7/1/51,

Pool

#SD7544

940,888

933,066

2.00%,

9/1/51,

Pool

#SD0732

781,316

699,175

2.00%,

9/1/51,

Pool

#SD0730

586,628

902,216

3.00%,

10/1/51,

Pool

#RA6015

820,193

191,602

1.50%,

10/1/51,

Pool

#QC9344

151,533

3,121,584

2.00%,

10/1/51,

Pool

#RA6071

2,605,751

27,671,637

2.50%,

10/1/51,

Pool

#SD8173

23,957,507

2,055,127

2.50%,

11/1/51,

Pool

#RA6397

1,806,473

6,634,251

2.50%,

11/1/51,

Pool

#SD7548

5,837,084

182,703

2.00%,

12/1/51,

Pool

#SD0789

153,944

373,811

2.00%,

12/1/51,

Pool

#SD0783

313,777

4,031,420

2.50%,

12/1/51,

Pool

#RA6388

3,525,569

945,119

2.00%,

12/1/51,

Pool

#SD0785

796,788

978,487

2.00%,

12/1/51,

Pool

#SD0786

818,873

7,308,985

2.00%,

1/1/52,

Pool

#SD7549

6,161,761

21,011,537

2.50%,

1/1/52,

Pool

#SD7552

18,398,147

1,732,734

2.00%,

1/1/52,

Pool

#SD0894

1,432,506

2,374,583

2.00%,

1/1/52,

Pool

#SD0892

1,987,232

6,384,020

2.50%,

1/1/52,

Pool

#SD0923

5,519,809

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

78

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

1,228,058

2.00%,

2/1/52,

Pool

#RA6768

$

1,015,061

761,747

3.00%,

2/1/52,

Pool

#SD7550

695,897

20,924,201

3.00%,

3/1/52,

Pool

#SD7553

19,077,545

937,888

3.50%,

6/1/52,

Pool

#SD1053

884,910

1,001,874

3.50%,

6/1/52,

Pool

#SD1049

939,584

357,875

3.50%,

6/1/52,

Pool

#SD1086

335,623

78,378

5.00%,

6/1/52,

Pool

#QE4965

79,110

527,280

4.00%,

6/1/52,

Pool

#SD1952

510,142

420,282

4.50%,

7/1/52,

Pool

#SD8231

413,648

1,202,964

5.00%,

7/1/52,

Pool

#SD1300

1,222,316

2,478,605

4.50%,

7/1/52,

Pool

#RA7506

2,444,769

811,797

4.50%,

8/1/52,

Pool

#QE8252

798,726

3,040,059

3.00%,

8/1/52,

Pool

#SD7556

2,765,089

3,083,399

5.00%,

8/1/52,

Pool

#SD1465

3,112,196

112,655

5.00%,

9/1/52,

Pool

#QF0409

113,708

352,372

5.00%,

10/1/52,

Pool

#QF0895

355,667

643,388

5.00%,

11/1/52,

Pool

#SD1882

645,787

392,296

6.00%,

11/1/52,

Pool

#RA8216

403,775

1,847,000

4.50%,

11/1/52,

Pool

#SD2000

1,817,325

819,261

5.00%,

12/1/52,

Pool

#RA8295

822,316

699,269

5.00%,

12/1/52,

Pool

#SD2081

701,877

1,346,691

5.00%,

12/1/52,

Pool

#SD1991

1,351,567

1,912,546

6.00%,

1/1/53,

Pool

#SD2163

1,967,814

1,504,302

5.50%,

1/1/53,

Pool

#QF6560

1,530,340

856,044

5.00%,

1/1/53,

Pool

#RA8404

859,237

453,529

5.50%,

1/1/53,

Pool

#SD2275

460,693

1,066,131

6.00%,

2/1/53,

Pool

#RA8560

1,092,668

330,120

5.00%,

2/1/53,

Pool

#SD2306

331,348

646,517

6.00%,

3/1/53,

Pool

#SD2598

662,605

4,104,289

5.50%,

3/1/53,

Pool

#RA8758

4,175,419

1,313,696

6.00%,

4/1/53,

Pool

#SD2760

1,349,539

2,783,190

6.00%,

5/1/53,

Pool

#RA9073

2,859,200

1,067,504

6.00%,

5/1/53,

Pool

#SD2886

1,096,655

3,074,187

5.50%,

5/1/53,

Pool

#SD2893

3,122,719

3,571,565

5.50%,

5/1/53,

Pool

#RA9063

3,633,428

2,295,542

6.00%,

6/1/53,

Pool

#SD3176

2,358,314

472,405

5.50%,

8/1/53,

Pool

#RA9625

479,177

1,150,753

6.50%,

11/1/53,

Pool

#RJ0320

1,193,287

277,278,460

Federal

Farm

Credit

Banks

Funding

Corp.

(1.2%):

9,220,000

2.25%,

8/15/29,

Callable

10/11/24

@

100.00

8,570,506

10,440,000

2.17%,

10/29/29,

Callable

10/29/24

@

100.00

9,635,494

625,000

3.50%,

9/1/32

605,178

1,045,000

3.88%,

9/20/32

1,038,231

6,095,000

1.68%,

9/17/35,

Callable

10/11/24

@

100.00

4,700,391

3,450,000

1.84%,

1/25/36,

Callable

10/11/24

@

100.00

2,669,306

4,730,000

2.10%,

2/25/36,

Callable

10/11/24

@

100.00

3,765,544

2,569,000

2.50%,

4/14/36,

Callable

10/11/24

@

100.00

2,133,472

2,875,000

2.49%,

5/19/36,

Callable

10/11/24

@

100.00

2,380,874

35,498,996

Government

National

Mortgage

Association

(6.1%):

6,333

4.50%,

9/15/33,

Pool

#615516

6,304

23,271

5.00%,

12/15/33,

Pool

#783571

23,768

8,323

6.50%,

8/20/38,

Pool

#4223

8,686

7,294

6.50%,

10/15/38,

Pool

#673213

7,627

4,744

6.50%,

11/20/38,

Pool

#4292

4,951

8,878

6.50%,

12/15/38,

Pool

#782510

9,167

87,976

5.00%,

1/15/39,

Pool

#782557

89,682

48,768

5.00%,

4/15/39,

Pool

#711939

50,783

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

57,659

5.00%,

4/15/39,

Pool

#782619

$

58,881

5,498

4.00%,

4/20/39,

Pool

#4422

5,329

5,601

5.00%,

6/15/39,

Pool

#782696

5,720

19,397

4.00%,

7/20/39,

Pool

#4494

18,804

33,067

5.00%,

10/20/39,

Pool

#4559

33,759

3,727

4.50%,

12/20/39,

Pool

#4598

3,805

9,462

4.50%,

1/15/40,

Pool

#728627

9,563

4,502

4.50%,

1/20/40,

Pool

#4617

4,597

3,718

4.50%,

2/20/40,

Pool

#4636

3,780

27,170

5.00%,

5/15/40,

Pool

#782958

27,633

236

4.50%,

5/20/40,

Pool

#4696

240

16,363

5.00%,

6/15/40,

Pool

#697862

16,753

22,684

4.50%,

7/15/40,

Pool

#745793

22,575

166,994

4.50%,

7/15/40,

Pool

#733795

168,772

9,215

4.50%,

7/20/40,

Pool

#4746

9,367

16,887

4.50%,

8/20/40,

Pool

#4771

17,166

10,369

4.50%,

9/20/40,

Pool

#748948

10,517

5,025

4.00%,

9/20/40,

Pool

#4800

4,962

37,361

4.50%,

10/15/40,

Pool

#783609

37,796

16,940

4.50%,

10/20/40,

Pool

#4834

17,219

132,437

4.00%,

10/20/40,

Pool

#4833

130,789

247,702

4.00%,

11/20/40,

Pool

#4853

250,191

122,558

4.00%,

12/20/40,

Pool

#4882

121,032

71,901

4.00%,

1/15/41,

Pool

#759138

70,789

110,077

4.00%,

1/20/41,

Pool

#4922

108,707

11,423

4.50%,

2/15/41,

Pool

#738019

11,522

1,882

4.00%,

2/20/41,

Pool

#4945

1,866

485,576

4.00%,

2/20/41,

Pool

#742887

472,008

36,639

4.00%,

3/15/41,

Pool

#762838

36,072

2,716

5.00%,

4/20/41,

Pool

#5018

2,797

5,928

5.00%,

6/20/41,

Pool

#5083

6,223

43,699

4.50%,

6/20/41,

Pool

#783590

44,113

72,863

4.00%,

7/20/41,

Pool

#742895

69,634

3,224

5.00%,

7/20/41,

Pool

#5116

3,384

102,650

4.50%,

7/20/41,

Pool

#5115

103,622

2,764

4.50%,

7/20/41,

Pool

#754367

2,802

30,458

4.50%,

7/20/41,

Pool

#783584

30,747

31,501

4.50%,

11/15/41,

Pool

#783610

31,846

85,960

3.50%,

1/15/42,

Pool

#553461

83,423

122,513

4.00%,

4/20/42,

Pool

#MA0023

121,626

53,378

5.00%,

7/20/42,

Pool

#MA0223

54,521

122,971

3.50%,

4/15/43,

Pool

#AD2334

116,098

235,129

3.50%,

4/20/43,

Pool

#MA0934

225,723

133,489

3.50%,

5/20/43,

Pool

#MA1012

127,509

11,714

4.00%,

7/20/43,

Pool

#MA1158

11,629

460,776

4.50%,

6/20/44,

Pool

#MA1997

462,601

366,608

4.00%,

8/20/44,

Pool

#MA2149

360,354

7,248

4.00%,

8/20/44,

Pool

#AJ2723

7,144

9,653

4.00%,

8/20/44,

Pool

#AJ4687

9,515

13,941

4.00%,

8/20/44,

Pool

#AI4167

13,743

207,867

5.00%,

12/20/44,

Pool

#MA2448

218,215

17,759

3.00%,

12/20/44,

Pool

#MA2444

16,523

210,606

3.00%,

2/15/45,

Pool

#784439

195,739

939,137

3.50%,

5/20/45,

Pool

#MA2826

898,803

130,631

5.00%,

12/20/45,

Pool

#MA3313

133,743

4,743,395

3.50%,

3/20/46,

Pool

#MA3521

4,522,277

906,484

3.50%,

5/20/46,

Pool

#MA3663

864,226

305,368

3.50%,

7/20/46,

Pool

#MA3803

290,413

1,234,751

3.50%,

9/20/46,

Pool

#MA3937

1,175,430

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

79

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

64,475

3.50%,

10/20/46,

Pool

#AX4342

$

61,602

55,092

3.50%,

10/20/46,

Pool

#AX4341

53,042

7,214

4.00%,

10/20/46,

Pool

#AQ0542

7,142

49,436

3.50%,

10/20/46,

Pool

#AX4343

47,232

81,404

3.50%,

10/20/46,

Pool

#AX4345

77,292

125,402

3.50%,

10/20/46,

Pool

#AX4344

118,663

76,325

4.50%,

3/15/47,

Pool

#AZ8560

75,394

61,278

4.50%,

4/15/47,

Pool

#AZ8597

60,530

95,409

4.50%,

4/15/47,

Pool

#AZ8596

95,622

56,014

4.50%,

5/15/47,

Pool

#BA7888

56,139

1,162,160

4.00%,

6/20/47,

Pool

#MA4511

1,139,140

11,545

4.00%,

9/15/47,

Pool

#BC5919

11,300

15,385

4.00%,

10/15/47,

Pool

#BE1031

14,864

12,773

4.00%,

10/15/47,

Pool

#BD3187

12,605

15,059

4.00%,

11/15/47,

Pool

#BE1030

14,898

908,460

4.00%,

11/20/47,

Pool

#MA4838

890,466

16,657

4.00%,

12/15/47,

Pool

#BE4664

16,093

448,553

4.00%,

12/20/47,

Pool

#MA4901

440,307

21,192

4.00%,

1/15/48,

Pool

#BE0143

20,474

14,789

4.00%,

1/15/48,

Pool

#BE0204

14,467

200,644

4.50%,

9/20/48,

Pool

#BD0560

199,591

365,391

4.50%,

3/20/49,

Pool

#MA5818

365,659

15,571

4.50%,

4/20/49,

Pool

#MA5877

15,582

164,913

4.50%,

5/20/49,

Pool

#MA5932

165,034

523,325

3.00%,

4/20/50,

Pool

#MA6599

478,123

303,582

4.50%,

4/20/50,

Pool

#MA6602

303,525

67,128

3.00%,

5/20/50,

Pool

#MA6656

61,326

235,193

4.00%,

5/20/50,

Pool

#MA6658

230,056

1,554,711

Class

LP

,

Series

2020-127,

1.50%,

6/20/50

1,192,079

5,191,127

2.00%,

8/20/50,

Pool

#MA6818

4,403,560

1,194,855

3.00%,

10/20/50,

Pool

#MA6932

1,096,897

915,859

2.00%,

11/20/50,

Pool

#MA6994

776,895

16,342,236

2.00%,

12/20/50,

Pool

#MA7051

13,862,613

1,096,521

3.00%,

1/20/51,

Pool

#MA7137

1,004,264

11,361,773

2.00%,

1/20/51,

Pool

#MA7135

9,628,066

1,724,191

2.00%,

2/20/51,

Pool

#MA7192

1,461,757

5,104,511

2.50%,

4/20/51,

Pool

#MA7312

4,496,204

5,775,399

3.00%,

6/20/51,

Pool

#MA7419

5,269,756

7,507,241

3.00%,

8/20/51,

Pool

#MA7535

6,850,534

2,671,928

2.50%,

10/20/51,

Pool

#MA7649

2,351,359

1,825,826

2.50%,

12/20/51,

Pool

#MA7767

1,606,730

1,877,557

3.00%,

12/20/51,

Pool

#MA7768

1,710,905

79,085

3.00%,

1/20/52,

Pool

#MA7828

72,065

4,295,086

2.50%,

5/20/52,

Pool

#MA8042

3,777,040

17,079,903

2.50%,

6/20/52,

Pool

#MA8097

15,024,720

4,902,539

2.50%,

7/20/52,

Pool

#MA8147

4,318,007

209,524

2.50%,

8/20/52,

Pool

#MA8197

184,636

4,515,250

4.00%,

12/20/52,

Pool

#MA8488

4,372,309

1,149,001

2.50%,

12/20/52,

Pool

#MA8485

1,010,382

3,664,686

2.50%,

1/20/53,

Pool

#MA8564

3,222,534

185,615

6.00%,

4/20/53,

Pool

#CT7444

191,224

10,434,000

6.00%,

11/20/53,

TBA

10,603,553

7,035,000

6.50%,

11/20/53,

TBA

7,184,494

9,777,000

4.50%,

10/20/54,

TBA

9,648,677

12,394,000

5.00%,

10/20/54,

TBA

12,415,302

639,000

6.00%,

10/20/54,

TBA

649,783

385,000

6.50%,

10/20/54,

TBA

393,783

6,811,700

3.00%,

10/20/54,

TBA

6,205,033

10,046,797

3.50%,

10/20/54,

TBA

9,440,850

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

14,050,000

5.50%,

10/20/54,

TBA

$

14,181,719

3,858,000

4.00%,

10/20/54,

TBA

3,730,204

179,469,707

Federal

Home

Loan

Mortgage

Corporation

-

REMICS

(0.3%):

172,819

Class

FL

,

Series

4248,

5.91%(SOFR30A+56bps),

5/15/41

171,130

945,890

Class

XZ

,

Series

4316,

4.50%,

3/15/44

952,680

786,563

Class

ZX

,

Series

4352,

4.00%,

4/15/44

766,910

319,775

Class

FB

,

Series

4606,

5.96%(SOFR30A+61bps),

8/15/46

315,137

806,234

Class

AO

,

Series

5341,

1.02%,

6/25/50

619,951

2,243,366

Class

TJ

,

Series

5002,

2.00%,

7/25/50

1,881,416

2,275,551

Class

AK

,

Series

4988,

1.00%,

7/25/50

1,853,755

3,544,398

Class

PO

,

Series

5319,

1.57%,

8/25/50

2,359,172

944,703

Class

ID

,

Series

5109,

2.50%,

5/25/51

136,998

9,057,149

Federal

National

Mortgage

Association

-

REMICS

(0.2%):

2,308,259

Class

CY

,

Series

2010-136,

4.00%,

12/25/40

2,251,361

2,306,210

Class

ZA

,

Series

2011-8,

4.00%,

2/25/41

2,213,371

415,261

Class

UF

,

Series

2016-48,

5.79%(SOFR30A+51bps),

8/25/46

410,833

1,916,172

Class

AO

,

Series

2023-36,

1.24%,

8/25/50

1,391,489

994,878

Class

IO

,

Series

2021-88,

2.50%,

12/25/51

137,493

6,404,547

Federal

Home

Loan

Bank

(0.3%):

4,080,000

3.56%,

5/16/33

3,949,868

1,435,000

1.85%,

1/25/36,

Callable

10/25/24

@

100.00

1,111,557

1,720,000

1.87%,

2/8/36,

Callable

11/8/24

@

100.00

1,334,061

920,000

1.87%,

2/8/36,

Callable

11/8/24

@

100.00

713,568

7,109,054

Total

U.S.

Government

Agency

Mortgages

(Cost

$959,309,239)

924,703,216

U.S.

Treasury

Obligations

(29.0%):

U.S.

Treasury

Bonds

(10.5%):

1,990,000

5.38%,

2/15/31

2,187,134

14,025,000

4.75%,

2/15/37

15,311,355

7,185,000

5.00%,

5/15/37

8,022,502

12,855,000

1.13%,

8/15/40

8,416,008

30,585,000

1.88%,

2/15/41

22,422,628

23,885,000

3.13%,

11/15/41

21,093,441

2,795,000

2.00%,

11/15/41

2,054,762

5,045,000

2.38%,

2/15/42

3,928,794

16,285,000

2.75%,

11/15/42

13,351,155

33,675,000

4.00%,

11/15/42

33,138,305

1,360,000

3.88%,

2/15/43

1,312,400

4,335,000

3.88%,

5/15/43

4,173,792

7,022,500

3.63%,

8/15/43

6,499,104

11,075,000

4.38%,

8/15/43

11,389,945

6,000,000

4.75%,

11/15/43

6,473,438

2,865,000

4.50%,

2/15/44

2,989,448

445,000

4.13%,

8/15/44

441,523

955,000

3.00%,

5/15/45

793,993

1,770,000

2.88%,

8/15/45

1,438,678

12,235,000

3.00%,

11/15/45

10,147,403

18,635,000

2.25%,

8/15/46

13,335,672

6,855,000

2.88%,

11/15/46

5,509,706

3,105,000

2.75%,

11/15/47

2,417,534

5,645,000

3.00%,

2/15/48

4,590,091

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

80

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Bonds,

continued

$

63,515,000

3.13%,

5/15/48

$

52,747,223

4,055,000

3.38%,

11/15/48

3,512,644

3,935,000

3.00%,

2/15/49

3,184,891

125,000

2.88%,

5/15/49

98,672

19,355,000

1.38%,

8/15/50

10,663,395

2,954,000

1.63%,

11/15/50

1,736,398

13,650,000

2.38%,

5/15/51

9,631,781

1,102,000

1.88%,

11/15/51

686,339

1,054,000

2.25%,

2/15/52

718,696

18,188,000

2.88%,

5/15/52

14,243,478

5,054,000

3.00%,

8/15/52

4,062,153

1,052,000

3.63%,

2/15/53

956,498

2,252,000

3.63%,

5/15/53

2,049,320

2,687,000

4.25%,

8/15/54

2,743,679

308,473,978

U.S.

Treasury

Notes

(18.5%):

43,240,000

4.63%,

2/28/26

43,719,694

25,480,000

4.88%,

4/30/26

25,913,956

50,176,000

3.75%,

8/31/26

50,246,560

5,340,000

4.63%,

9/15/26

5,435,953

9,760,000

4.63%,

10/15/26

9,946,050

9,923,000

4.63%,

11/15/26

10,119,909

4,752,000

4.38%,

12/15/26

4,826,992

21,220,000

4.25%,

3/15/27

21,548,247

143,095,000

4.50%,

5/15/27

146,314,637

55,825,000

4.63%,

6/15/27

57,334,019

7,520,000

4.38%,

7/15/27

7,677,450

8,495,000

3.75%,

8/15/27

8,534,820

10,844,000

3.38%,

9/15/27

10,789,780

11,147,000

4.63%,

4/30/29

11,639,906

6,632,000

4.25%,

6/30/29

6,826,815

8,665,000

4.00%,

7/31/29

8,830,177

4,134,000

3.63%,

8/31/29

4,146,919

11,648,000

3.50%,

9/30/29

11,613,420

5,545,000

4.00%,

10/31/29

5,648,969

998,000

3.88%,

11/30/29

1,011,099

3,087,000

3.75%,

5/31/30

3,107,741

882,000

4.00%,

7/31/30

899,227

895,000

4.63%,

9/30/30

942,547

2,637,000

3.75%,

12/31/30

2,652,657

10,598,000

4.00%,

1/31/31

10,806,648

2,729,000

4.25%,

2/28/31

2,821,957

19,060,000

4.13%,

3/31/31

19,578,194

1,201,000

4.63%,

4/30/31

1,268,932

9,400,000

4.25%,

6/30/31

9,731,937

8,139,000

4.13%,

7/31/31

8,366,638

2,343,000

3.75%,

8/31/31

2,355,447

4,790,000

3.63%,

9/30/31

4,780,271

1,322,000

4.38%,

5/15/34

1,384,588

21,582,000

3.88%,

8/15/34

21,730,376

542,552,532

Total

U.S.

Treasury

Obligations

(Cost

$893,552,959)

851,026,510

Shares

Value

Affiliated

Investment

Company

(0.1%):

Money

Market

(0.1%):

2,880,172

BlackRock

Liquidity

FedFund,

Institutional

Class

,

5.03

%

+

(c)(d)

$

2,880,172

Total

Affiliated

Investment

Company

(Cost

$2,880,172)

2,880,172

Unaffiliated

Investment

Company

(4.1%):

Money

Markets

(4.1%):

120,123,802

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(c)

120,123,802

Total

Unaffiliated

Investment

Company

(Cost

$120,123,802)

120,123,802

Total

Investment

Securities

(Cost

$3,110,304,543)

—

103.8%

3,048,985,552

Net

other

assets

(liabilities)

—

(3.8)%

(110,252,379)

Net

Assets

—

100.0%

$

2,938,733,173

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

81

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

GO—General

Obligation

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

LIBOR—London

Interbank

Offered

Rate

MTN—Medium

Term

Note

REIT—Real

Estate

Investment

Trust

SOFR—Secured

Overnight

Financing

Rate

TSFR1M—Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M—Term

Secured

Overnight

Financing

Rate

3

Month

SOFR30A—Secured

Overnight

Financing

Rate

30-day

Average

TBA—To

Be

Announced

Security

US0001M—1

Month

US

Dollar

LIBOR

US0003M—3

Month

US

Dollar

LIBOR

#

The

principal

amount

is

disclosed

in

local

currency

and

the

fair

value

is

disclosed

in

U.S.

Dollars.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$2,779,035.

(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

September

30,

2024.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2024.

(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

September

30,

2024.

Securities

Sold

Short

(-2.3%):

At

September

30,

2024,

the

Fund's

securities

sold

short

were

as

follows:

Security

Description

Coupon

Rate

Maturity

Date

Par

Amount

Proceeds

Received

Value

U.S.

Government

Agency

Mortgages

Federal

National

Mortgage

Association

Federal

National

Mortgage

Association,

TBA

2.00%

10/25/54

$

(30,125,512‌)

$

(25,119,453‌)

$

(24,886,497‌)

Federal

National

Mortgage

Association,

TBA

2.50%

10/25/54

(19,323,500‌)

(16,859,395‌)

(16,654,442‌)

Federal

National

Mortgage

Association,

TBA

2.00%

10/25/39

(3,299,000‌)

(3,029,387‌)

(3,015,492‌)

Federal

National

Mortgage

Association,

TBA

3.50%

10/25/39

(11,766‌)

(11,519‌)

(11,509‌)

Federal

National

Mortgage

Association,

TBA

3.50%

10/25/54

(3,564,945‌)

(3,340,761‌)

(3,319,855‌)

Federal

National

Mortgage

Association,

TBA

4.00%

11/25/54

(6,964,900‌)

(6,707,797‌)

(6,689,569‌)

Federal

National

Mortgage

Association,

TBA

1.50%

10/25/39

(1,781,290‌)

(1,596,307‌)

(1,587,853‌)

Federal

National

Mortgage

Association,

TBA

4.50%

11/25/54

(100,000‌)

(98,730‌)

(98,281‌)

Federal

National

Mortgage

Association,

TBA

4.50%

10/25/54

(746,200‌)

(736,002‌)

(733,491‌)

Federal

National

Mortgage

Association,

TBA

5.00%

10/25/54

(2,140,502‌)

(2,148,130‌)

(2,138,830‌)

Federal

National

Mortgage

Association,

TBA

6.00%

10/25/54

(1,409,200‌)

(1,442,889‌)

(1,440,247‌)

Government

National

Mortgage

Association

Government

National

Mortgage

Association,

TBA

2.50%

10/20/54

(6,395,522‌)

(5,681,758‌)

(5,624,062‌)

Government

National

Mortgage

Association,

TBA

2.00%

10/20/54

(1,212,000‌)

(1,034,531‌)

(1,025,844‌)

$(67,806,659)

$(67,225,972‌)

Futures

Contracts

At

September

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Short

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/24

66

$

(7,807,594‌)

$

12,261‌

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/24

702

$

80,225,438‌

$

(84,474‌)

U.S.

Treasury

30-Year

Note

December

Futures

(U.S.

Dollar)

12/19/24

15

1,862,813‌

16,732‌

AZL

Enhanced

Bond

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

82

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

U.S.

Treasury

5-Year

Note

December

Futures

(U.S.

Dollar)

12/31/24

889

$

97,685,820‌

$

111,607‌

$

43,865‌

Total

Net

Futures

Contracts

$

56,126‌

Forward

Currency

Contracts

At

September

30,

2024,

the

Fund's

open

forward

currency

contracts

were

as

follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Net

Unrealized

Appreciation/

(Depreciation)

U.S.

Dollar

158,518‌

European

Euro

144,621‌

Commonwealth

Bank

of

Australia

10/17/24

$

(2,569)

U.S.

Dollar

235,577‌

European

Euro

211,000‌

TD

Securities

Int'l

12/18/24

(26)

Total

Net

Forward

Currency

Contracts

$

(2,595‌)

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

83

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(41.0%):

Aerospace

&

Defense

(1.1%):

8,476

Lockheed

Martin

Corp.

$

4,954,731

6,473

Northrop

Grumman

Corp.

3,418,197

42,830

RTX

Corp.

5,189,283

35,187

Textron,

Inc.

3,116,864

16,679,075

Automobiles

(0.4%):

67,981

Ford

Motor

Co.

717,880

21,832

Tesla,

Inc.*

5,711,906

6,429,786

Banks

(1.2%):

166,702

Bank

of

America

Corp.

6,614,735

7,108

Citigroup,

Inc.

444,961

52,238

JPMorgan

Chase

&

Co.

11,014,905

18,074,601

Beverages

(0.1%):

1,177

Boston

Beer

Co.,

Inc.

(The),

Class

A*

340,318

10,410

Coca-Cola

Co.

(The)

748,062

5,281

PepsiCo,

Inc.

898,034

1,986,414

Biotechnology

(1.2%):

31,490

AbbVie,

Inc.

6,218,645

6,960

Amgen,

Inc.

2,242,582

4,727

Biogen,

Inc.*

916,282

87,970

Exelixis,

Inc.*

2,282,822

56,266

Gilead

Sciences,

Inc.

4,717,341

12,472

Incyte

Corp.*

824,399

5,574

Neurocrine

Biosciences,

Inc.*

642,236

1,699

United

Therapeutics

Corp.*

608,837

18,453,144

Broadline

Retail

(1.4%):

116,740

Amazon.com,

Inc.*

21,752,164

Building

Products

(0.2%):

8,818

Trane

Technologies

plc

3,427,821

Capital

Markets

(1.1%):

1,462

Blackrock

Finance,

Inc.

1,388,184

60,492

Charles

Schwab

Corp.

(The)

3,920,486

10,427

CME

Group,

Inc.

2,300,717

5,079

LPL

Financial

Holdings,

Inc.

1,181,528

3,303

Morgan

Stanley

344,305

10,054

S&P

Global,

Inc.

5,194,097

42,577

SEI

Investments

Co.

2,945,903

17,275,220

Chemicals

(0.4%):

16,139

Ecolab,

Inc.

4,120,771

10,433

PPG

Industries,

Inc.

1,381,955

1,141

Sherwin-Williams

Co.

(The)

435,486

5,938,212

Commercial

Services

&

Supplies

(0.3%):

20,489

Cintas

Corp.

4,218,276

1,936

Republic

Services,

Inc.

388,826

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

1,582

Waste

Management,

Inc.

$

328,423

4,935,525

Communications

Equipment

(0.5%):

4,261

Arista

Networks,

Inc.*

1,635,457

75,921

Cisco

Systems,

Inc.

4,040,515

4,674

Motorola

Solutions,

Inc.

2,101,571

7,777,543

Construction

Materials

(0.2%):

35,027

CRH

plc

3,248,404

Consumer

Finance

(0.1%):

5,563

American

Express

Co.

1,508,686

3,681

Capital

One

Financial

Corp.

551,156

2,059,842

Consumer

Staples

Distribution

&

Retail

(0.8%):

5,310

Costco

Wholesale

Corp.

4,707,421

14,711

Kroger

Co.

(The)

842,940

86,498

Walmart,

Inc.

6,984,714

12,535,075

Diversified

Consumer

Services

(0.0%

†

):

746

H&R

Block,

Inc.

47,408

Diversified

Telecommunication

Services

(0.6%):

234,877

AT&T,

Inc.

5,167,294

87,538

Verizon

Communications,

Inc.

3,931,332

9,098,626

Electric

Utilities

(0.3%):

1,272

Constellation

Energy

Corp.

330,745

6,356

Evergy,

Inc.

394,135

33,081

NextEra

Energy,

Inc.

2,796,337

2,056

NRG

Energy,

Inc.

187,302

11,923

Xcel

Energy,

Inc.

778,572

4,487,091

Electrical

Equipment

(0.2%):

7,400

Eaton

Corp.

plc

2,452,656

Entertainment

(0.6%):

6,997

Netflix,

Inc.*

4,962,762

50,664

Playtika

Holding

Corp.

401,259

2,896

Roku,

Inc.*

216,215

33,889

Walt

Disney

Co.

(The)

3,259,783

8,840,019

Financial

Services

(2.2%):

30,028

Berkshire

Hathaway,

Inc.,

Class

B*

13,820,687

48,862

Block,

Inc.*

3,280,106

626

Global

Payments,

Inc.

64,115

17,051

Mastercard,

Inc.,

Class

A

8,419,784

57,004

PayPal

Holdings,

Inc.*

4,448,022

10,181

Visa,

Inc.,

Class

A

2,799,266

32,831,980

Food

Products

(0.1%):

8,680

General

Mills,

Inc.

641,018

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

84

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

5,553

Mondelez

International,

Inc.,

Class

A

$

409,089

1,050,107

Ground

Transportation

(0.8%):

114,770

CSX

Corp.

3,963,008

87,616

Lyft,

Inc.,

Class

A*

1,117,104

24,877

Uber

Technologies,

Inc.*

1,869,755

20,830

Union

Pacific

Corp.

5,134,179

12,084,046

Health

Care

Equipment

&

Supplies

(0.8%):

49,879

Abbott

Laboratories

5,686,705

17,166

Becton

Dickinson

&

Co.

4,138,722

16,895

Edwards

Lifesciences

Corp.*

1,114,901

14,849

GE

HealthCare

Technologies,

Inc.

1,393,579

12,333,907

Health

Care

Providers

&

Services

(1.1%):

15,463

Cardinal

Health,

Inc.

1,708,971

13,625

Centene

Corp.*

1,025,690

9,811

Cigna

Group

(The)

3,398,923

33,003

CVS

Health

Corp.

2,075,228

4,868

Elevance

Health,

Inc.

2,531,360

10,371

Solventum

Corp.*

723,066

9,676

UnitedHealth

Group,

Inc.

5,657,364

17,120,602

Health

Care

Technology

(0.2%):

12,779

Veeva

Systems,

Inc.,

Class

A*

2,681,929

Hotels,

Restaurants

&

Leisure

(0.6%):

314

Booking

Holdings,

Inc.

1,322,606

30,783

Chipotle

Mexican

Grill,

Inc.*

1,773,716

8,262

DoorDash,

Inc.,

Class

A*

1,179,235

790

Hilton

Worldwide

Holdings,

Inc.

182,095

143,677

International

Game

Technology

plc

3,060,320

10,133

Light

&

Wonder,

Inc.*

919,367

38,163

MGM

Resorts

International*

1,491,792

9,929,131

Household

Durables

(0.2%):

2,878

D.R.

Horton,

Inc.

549,036

9,663

Garmin,

Ltd.

1,700,978

26,988

Leggett

&

Platt,

Inc.

367,577

2,617,591

Household

Products

(0.6%):

1,172

Clorox

Co.

(The)

190,931

40,424

Colgate-Palmolive

Co.

4,196,415

25,598

Procter

&

Gamble

Co.

(The)

4,433,574

8,820,920

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

5,284

Vistra

Corp.

626,365

Industrial

Conglomerates

(0.3%):

9,008

3M

Co.

1,231,394

14,385

General

Electric

Co.

2,712,723

3,944,117

Shares

Value

Common

Stocks,

continued

Insurance

(0.9%):

3,643

Allstate

Corp.

(The)

$

690,895

2,844

American

Financial

Group,

Inc.

382,802

7,844

Aon

plc,

Class

A

2,713,946

5,366

Globe

Life,

Inc.

568,313

9,371

Hartford

Financial

Services

Group,

Inc.

(The)

1,102,123

10,202

Marsh

&

McLennan

Cos.,

Inc.

2,275,964

16,251

Progressive

Corp.

(The)

4,123,854

4,092

Prudential

Financial,

Inc.

495,541

11,956

Unum

Group

710,665

1,231

Willis

Towers

Watson

plc

362,566

13,426,669

Interactive

Media

&

Services

(2.8%):

75,339

Alphabet,

Inc.,

Class

A

12,494,973

65,364

Alphabet,

Inc.,

Class

C

10,928,207

34,061

Meta

Platforms,

Inc.,

Class

A

19,497,879

42,921,059

IT

Services

(0.1%):

15,708

Twilio,

Inc.,

Class

A*

1,024,476

564

Wix.com,

Ltd.*

94,284

1,118,760

Life

Sciences

Tools

&

Services

(0.5%):

3,928

Agilent

Technologies,

Inc.

583,230

5,724

Medpace

Holdings,

Inc.*

1,910,671

9,225

Thermo

Fisher

Scientific,

Inc.

5,706,308

8,200,209

Machinery

(0.6%):

15,154

Caterpillar,

Inc.

5,927,032

28,839

PACCAR,

Inc.

2,845,833

8,772,865

Media

(0.4%):

128,830

Comcast

Corp.,

Class

A

5,381,229

Metals

&

Mining

(0.1%):

15,132

Nucor

Corp.

2,274,945

Oil,

Gas

&

Consumable

Fuels

(0.8%):

8,445

California

Resources

Corp.

443,109

826

Chevron

Corp.

121,645

56,801

Devon

Energy

Corp.

2,222,055

7,076

EOG

Resources,

Inc.

869,852

61,840

Exxon

Mobil

Corp.

7,248,885

6,305

Occidental

Petroleum

Corp.

324,960

4,011

Sanchez

Energy

Corp.*(a)

337,586

8,082

Targa

Resources

Corp.

1,196,217

12,764,309

Passenger

Airlines

(0.1%):

20,930

SkyWest,

Inc.*

1,779,469

Pharmaceuticals

(1.7%):

88,316

Bristol-Myers

Squibb

Co.

4,569,470

6,744

Eli

Lilly

&

Co.

5,974,779

33,597

Johnson

&

Johnson

5,444,730

45,184

Merck

&

Co.,

Inc.

5,131,095

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

85

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

149,688

Pfizer,

Inc.

$

4,331,971

25,452,045

Professional

Services

(0.7%):

7,646

Automatic

Data

Processing,

Inc.

2,115,878

6,063

CACI

International,

Inc.,

Class

A*

3,059,147

12,120

Leidos

Holdings,

Inc.

1,975,560

42,198

SS&C

Technologies

Holdings,

Inc.

3,131,513

10,282,098

Semiconductors

&

Semiconductor

Equipment

(4.7%):

612

Advanced

Micro

Devices,

Inc.*

100,417

26,804

Applied

Materials,

Inc.

5,415,748

66,117

Broadcom,

Inc.

11,405,183

4,634

Cirrus

Logic,

Inc.*

575,589

50,647

Intel

Corp.

1,188,179

3,465

KLA

Corp.

2,683,331

1,748

Lam

Research

Corp.

1,426,508

611

Monolithic

Power

Systems,

Inc.

564,869

344,843

NVIDIA

Corp.

41,877,734

6,639

Qorvo,

Inc.*

685,809

32,826

QUALCOMM,

Inc.

5,582,061

1,847

Skyworks

Solutions,

Inc.

182,428

71,687,856

Software

(4.5%):

11,563

Adobe,

Inc.*

5,987,090

18,155

Alarm.com

Holdings,

Inc.*

992,534

14,991

Clear

Secure,

Inc.,

Class

A^

496,802

45,999

DocuSign,

Inc.*

2,856,078

136,277

Dropbox,

Inc.,

Class

A*

3,465,524

88,188

Microsoft

Corp.

37,947,296

1,479

Oracle

Corp.

ADR

252,022

17,024

Pegasystems,

Inc.

1,244,284

24,863

Salesforce,

Inc.

6,805,252

1,922

ServiceNow,

Inc.*

1,719,017

76,291

Teradata

Corp.*

2,314,669

5,821

Workday,

Inc.,

Class

A*

1,422,711

48,503

Zoom

Video

Communications,

Inc.,

Class

A*

3,382,599

68,885,878

Specialized

REITs

(0.2%):

11,889

American

Tower

Corp.

2,764,906

1,374

Crown

Castle,

Inc.

162,997

1,424

Public

Storage

518,151

3,446,054

Specialty

Retail

(1.6%):

17,580

Abercrombie

&

Fitch

Co.*

2,459,442

30,612

Bath

&

Body

Works,

Inc.

977,135

19,463

Carvana

Co.*

3,388,703

55,598

Gap,

Inc.

(The)

1,225,936

21,416

Home

Depot,

Inc.

(The)

8,677,763

1

Party

City

Holdco,

Inc.*(a)

—

20,876

Ross

Stores,

Inc.

3,142,047

35,386

TJX

Cos.,

Inc.

(The)

4,159,270

24,030,296

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals

(3.2%):

208,694

Apple,

Inc.

$

48,625,702

Tobacco

(0.4%):

45,535

Philip

Morris

International,

Inc.

5,527,949

Wireless

Telecommunication

Services

(0.1%):

6,428

T-Mobile

US,

Inc.

1,326,482

Total

Common

Stocks

(Cost

$460,072,530)

625,443,195

Contracts

Warrant

(0.0%

†

):

Oil,

Gas

&

Consumable

Fuels

(0.0%

†

):

2,121

Occidental

Petroleum

Corp.,

8/3/27*

63,036

Total

Warrant

(Cost

$20,366)

63,036

Principal

Amount

Asset

Backed

Securities

(0.7%):

$

388,453

AASET,

Class

A2,

Series

2024-1A,

6.26%,

5/16/49(b)

403,432

428,774

AASET,

Class

A1,

Series

2024-1A,

6.26%,

5/16/49(b)

443,036

138,939

AASET

Trust,

Class

B,

Series

2020-1A,

4.34%,

1/16/40(b)

116,349

92,917

AASET

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(b)

88,515

1,058,718

AASET

Trust,

Class

A,

Series

2021-2A,

2.80%,

1/15/47(b)

958,992

158,419

AASET

Trust,

Class

A,

Series

2019-2,

3.38%,

10/16/39(b)

152,200

12,869

AASET

Trust,

Class

A,

Series

2019-1,

3.84%,

5/15/39(b)

12,436

528,635

AASET

Trust,

Class

A,

Series

2021-1A,

2.95%,

11/16/41(b)

492,108

154,224

AASET

US,

Ltd.,

Class

A,

Series

2018-1A,

3.84%,

1/16/38(b)

115,822

294,007

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.,

Class

A,

Series

2016-1A,

4.21%,

12/16/41,

Callable

12/15/24

@

100(b)(c)

291,834

840,165

Blackbird

Capital

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2021-1A,

2.44%,

7/15/46,

Callable

7/15/28

@

100(b)

773,641

58,909

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43(b)

56,490

93,018

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(b)

88,505

176,426

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2019-1A,

3.97%,

4/15/39(b)

162,510

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39(b)

129,891

344,080

DB

Master

Finance

LLC,

Class

A2II,

Series

2017-1A,

4.03%,

11/20/47,

Callable

11/20/24

@

100(b)

338,454

156,963

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38(b)

146,446

145,569

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39(b)

135,820

246,517

PK

Alift

Loan

Funding

3

LP,

Class

A1,

Series

2024-1,

5.84%,

9/15/39(b)

251,351

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

86

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

542,100

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(b)

$

508,766

603,525

Planet

Fitness

Master

Issuer

LLC,

Class

A2I,

Series

2022-1A,

3.25%,

12/5/51,

Callable

12/5/24

@

100(b)

580,875

209,550

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(b)

196,562

177,644

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(b)

165,037

174,905

Sapphire

Aviation

Finance

II,

Ltd.,

Class

A,

Series

2020-1A,

3.23%,

3/15/40(b)

160,543

729,000

Subway

Funding

LLC,

Class

A2I,

Series

2024-3A,

5.25%,

7/30/54,

Callable

7/30/27

@

100(b)

728,860

972,000

Subway

Funding

LLC,

Class

A2I,

Series

2024-1A,

6.03%,

7/30/54,

Callable

7/30/27

@

100(b)

991,642

507,000

Subway

Funding

LLC,

Class

A23,

Series

2024-1A,

6.51%,

7/30/54,

Callable

7/30/30

@

100(b)

524,902

578,000

Subway

Funding

LLC,

Class

A2II,

Series

2024-1A,

6.27%,

7/30/54,

Callable

7/30/28

@

100(b)

594,778

699,000

Subway

Funding

LLC,

Class

A23,

Series

2024-3A,

5.91%,

7/30/54,

Callable

7/30/30

@

100(b)

699,549

345,000

Subway

Funding

LLC,

Class

A2II,

Series

2024-3A,

5.57%,

7/30/54,

Callable

7/30/28

@

100(b)

345,508

226,140

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

4.15%,

9/15/38(b)(c)

203,593

237,809

Thunderbolt

III

Aircraft

Lease,

Ltd.,

Class

A,

Series

2019-1,

3.67%,

11/15/39(b)

214,268

Total

Asset

Backed

Securities

(Cost

$11,482,332)

11,072,715

Collateralized

Mortgage

Obligations

(5.5%):

370,000

Aimco

CLO

11,

Ltd.,

Class

A1R2,

Series

2020-11A,

6.58%(TSFR3M+134bps),

7/17/37,

Callable

10/17/26

@

100(b)

370,969

387,000

Aimco

CLO

14,

Ltd.,

Class

A,

Series

2021-14A,

6.53%(TSFR3M+125bps),

4/20/34,

Callable

10/20/24

@

100(b)

387,003

250,000

Aimco

CLO

19,

Ltd.,

Class

A,

Series

2024-19A(TSFR3M+135bps),

10/20/37(b)

250,000

250,000

Allegro

CLO

XIII,

Ltd.,

Class

A,

Series

2021-1A,

6.68%(TSFR3M+140bps),

7/20/34,

Callable

10/20/24

@

100(b)

250,182

2,812,000

Allegro

CLO

XIV,

Ltd.,

Class

A1,

Series

2021-2A,

6.72%(TSFR3M+142bps),

10/15/34,

Callable

10/15/24

@

100(b)

2,813,964

624,000

Allegro

CLO

XV,

Ltd.,

Class

A,

Series

2022-1A,

6.78%(TSFR3M+150bps),

7/20/35,

Callable

10/20/24

@

100(b)

624,277

707,000

Ares

LIV

CLO,

Ltd.,

Class

AR,

Series

2019-54A,

6.57%(TSFR3M+127bps),

10/15/32,

Callable

10/15/24

@

100(b)

707,222

637,000

Ares

Loan

Funding

V,

Ltd.,

Class

A1,

Series

2024-ALF5A,

6.82%(TSFR3M+150bps),

7/27/37,

Callable

7/25/26

@

100(b)

638,568

603,000

Ares

LV

CLO,

Ltd.,

Class

A1R,

Series

2020-55A,

6.69%(TSFR3M+139bps),

7/15/34,

Callable

10/15/24

@

100(b)

603,368

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

660,000

Ares

XLI

CLO,

Ltd.,

Class

AR2,

Series

2016-41A,

6.63%(TSFR3M+133bps),

4/15/34,

Callable

10/15/24

@

100(b)

$

660,229

555,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-DKLX,

6.25%(TSFR1M+115bps),

1/15/39(b)

551,345

105,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

B,

Series

2022-DKLX,

6.65%(TSFR1M+155bps),

1/15/39(b)

103,856

177,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(b)

168,836

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

C,

Series

2022-DKLX,

7.25%(TSFR1M+215bps),

1/15/39(b)

98,703

30,000

BANK,

Class

A5,

Series

2019-BN21,

2.85%,

10/17/52,

Callable

10/15/29

@

100

27,489

786,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-1A,

6.71%(TSFR3M+141bps),

10/15/36,

Callable

10/15/24

@

100(b)

786,356

560,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-4A,

6.45%(TSFR3M+137bps),

10/20/37,

Callable

10/20/26

@

100(b)

559,282

417,000

Beechwood

Park

CLO,

Ltd.,

Class

A1R,

Series

2019-

1A,

6.59%(TSFR3M+130bps),

1/17/35,

Callable

10/17/24

@

100(b)

417,551

34,000

Benchmark

Mortgage

Trust,

Class

A5,

Series

2018-

B4,

4.12%,

7/15/51,

Callable

7/15/28

@

100(c)

33,399

1,139,000

Bethpage

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.69%(TSFR3M+139bps),

1/15/35,

Callable

10/15/24

@

100(b)

1,139,829

338,000

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

6.44%(TSFR1M+134bps),

3/15/41(b)

336,927

733,000

Blueberry

Park

CLO,.

Ltd,

Class

A,

Series

2024-1A,

6.48%(TSFR3M+135bps),

10/20/37,

Callable

10/20/26

@

100(b)

731,589

433,000

BMP,

Class

A,

Series

2024-MF23,

6.47%(TSFR1M+137bps),

6/15/41(b)

432,108

214,000

BMP,

Class

B,

Series

2024-MF23,

6.74%(TSFR1M+164bps),

6/15/41(b)

213,377

151,000

BMP,

Class

C,

Series

2024-MF23,

6.94%(TSFR1M+184bps),

6/15/41(b)

150,433

1,835,000

BPR

Trust,

Class

A,

Series

2022-OANA,

6.99%(TSFR1M+190bps),

4/15/37(b)

1,840,503

488,000

BPR

Trust,

Class

B,

Series

2022-OANA,

7.54%(TSFR1M+245bps),

4/15/37(b)

489,475

125,809

Bristol

Park

CLO,

Ltd.,

Class

AR,

Series

2016-1A,

6.55%(TSFR3M+125bps),

4/15/29,

Callable

10/15/24

@

100(b)

125,879

386,469

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

7.04%(TSFR1M+194bps),

3/15/41(b)

384,774

89,853

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2023-XL3,

7.29%(TSFR1M+219bps),

12/9/40(b)

89,922

957,307

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-MDHS,

6.74%(TSFR1M+164bps),

5/15/41(b)

957,752

77,459

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2023-XL3,

7.74%(TSFR1M+264bps),

12/9/40(b)

77,488

406,660

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

6.86%(TSFR1M+176bps),

12/9/40(b)

407,901

291,239

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

6.79%(TSFR1M+169bps),

3/15/41(b)

289,959

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

87

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

1,703,053

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

6.49%(TSFR1M+139bps),

3/15/41(b)

$

1,701,770

319,638

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

7.06%(TSFR1M+196bps),

2/15/39(b)

317,057

319,638

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

6.66%(TSFR1M+156bps),

2/15/39(b)

317,267

319,638

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

6.41%(TSFR1M+131bps),

2/15/39(b)

317,480

1,061,411

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2022-LP2,

6.11%(TSFR1M+101bps),

2/15/39(b)

1,055,437

97,201

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

6.89%(TSFR1M+179bps),

2/15/39(b)

96,975

763,027

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

6.54%(TSFR1M+144bps),

2/15/39(b)

762,778

119,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

7.04%(TSFR1M+195bps),

4/15/34(b)

116,992

113,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

6.74%(TSFR1M+165bps),

4/15/34(b)

111,106

172,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

6.44%(TSFR1M+135bps),

4/15/34(b)

169,222

2,362,904

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

6.14%(TSFR1M+105bps),

4/15/34(b)

2,336,229

4,383,689

BX

Commercial

Mortgage

Trust

2021-SOAR,

Class

A,

Series

2021-SOAR,

5.88%(TSFR1M+78bps),

6/15/38(b)

4,356,371

210,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

6.51%(TSFR1M+141bps),

10/15/36(b)

206,010

216,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

6.31%(TSFR1M+121bps),

10/15/36(b)

212,306

730,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

7.16%(TSFR1M+206bps),

10/15/36(b)

721,814

162,000

BX

Mortgage

Trust,

Class

B,

Series

2021-PAC,

6.11%(TSFR1M+101bps),

10/15/36(b)

159,664

2,708,000

BX

Mortgage

Trust,

Class

A,

Series

2021-PAC,

5.90%(TSFR1M+80bps),

10/15/36(b)

2,683,675

463,253

BX

Trust,

Class

A,

Series

2022-GPA,

7.26%(TSFR1M+217bps),

8/15/39(b)

463,311

714,749

BX

Trust,

Class

A,

Series

2022-IND

A,

6.59%(TSFR1M+149bps),

4/15/37(b)

714,244

364,608

BX

Trust,

Class

B,

Series

2022-IND,

7.04%(TSFR1M+194bps),

4/15/37(b)

364,343

153,307

BX

Trust,

Class

C,

Series

2024-CNYN,

7.04%(TSFR1M+194bps),

4/15/41(b)

152,812

183,968

BX

Trust,

Class

B,

Series

2024-CNYN,

6.79%(TSFR1M+169bps),

4/15/41(b)

183,374

82,471

BX

Trust,

Class

C,

Series

2022-IND,

7.39%(TSFR1M+229bps),

4/15/37(b)

82,156

68,726

BX

Trust,

Class

D,

Series

2022-IND,

7.94%(TSFR1M+284bps),

4/15/37(b)

68,723

1,156,228

BX

Trust,

Class

A,

Series

2024-CNYN,

6.54%(TSFR1M+144bps),

4/15/41(b)

1,155,831

738,000

CARLYLE

US

CLO,

Ltd.,

Class

A1R,

Series

2021-

11A,

6.73%(TSFR3M+141bps),

7/25/37,

Callable

7/25/26

@

100(b)

738,792

13,630,760

Cedar

Funding

V

CLO,

Ltd.,

Class

A1R,

Series

2016-

5A,

6.65%(TSFR3M+136bps),

7/17/31,

Callable

10/17/24

@

100(b)

13,640,119

235,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

ARR,

Series

2016-

6A,

6.59%(TSFR3M+131bps),

4/20/34,

Callable

10/20/24

@

100(b)

235,077

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

643,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR,

Series

2019-

10A,

6.64%(TSFR3M+136bps),

10/20/32,

Callable

10/20/24

@

100(b)

$

643,370

485,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

A1R,

Series

2020-12A,

6.68%(TSFR3M+139bps),

10/25/34,

Callable

10/25/24

@

100(b)

485,970

942,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

6.60%(TSFR3M+132bps),

4/20/35,

Callable

10/20/24

@

100(b)

942,246

791,000

Columbia

Cent

CLO

29,

Ltd.,

Class

AR,

Series

2020-

29A,

6.71%(TSFR3M+143bps),

10/20/34,

Callable

10/20/24

@

100(b)

791,380

310,000

Columbia

Cent

CLO

31,

Ltd.,

Class

A1,

Series

2021-

31A,

6.74%(TSFR3M+146bps),

4/20/34,

Callable

10/20/24

@

100(b)

310,207

487,512

CSMC,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(b)

470,303

860,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

7.39%(TSFR1M+230bps),

12/15/30(b)

820,914

1,010,000

Dryden

108

CLO,

Ltd.,

Class

A1R,

Series

2022-

108A,

6.64%(TSFR3M+136bps),

7/18/37,

Callable

7/18/26

@

100(b)

1,013,013

586,000

Dryden

85

CLO,

Ltd.,

Class

A1R2,

Series

2020-85A,

6.68%(TSFR3M+138bps),

7/15/37,

Callable

7/15/26

@

100(b)

586,665

670,000

Dryden

90

CLO,

Ltd.,

Class

A1A,

Series

2021-90A,

6.52%(TSFR3M+139bps),

2/20/35,

Callable

11/20/24

@

100(b)

670,221

157,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

6.04%,

1/15/41(b)(c)

160,908

594,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2019-1A,

6.84%(TSFR3M+151bps),

7/15/37,

Callable

7/15/26

@

100(b)

596,407

667,000

Eaton

Vance

CLO,

Ltd.,

Class

ARR,

Series

2020-1A,

6.69%(TSFR3M+139bps),

10/15/37,

Callable

10/15/26

@

100(b)

668,115

930,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2020-2A(TSFR3M+138bps),

10/15/37(b)

930,000

930,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2020-2A,

6.71%(TSFR3M+141bps),

1/15/35(b)

930,000

250,000

Eaton

Vance

CLO,

Ltd.,

Class

A13R,

Series

2013-

1A,

6.81%(TSFR3M+151bps),

1/15/34,

Callable

10/15/24

@

100(b)

250,270

1,467,292

ELP

Commercial

Mortgage

Trust,

Class

A,

Series

2021-ELP,

5.91%(TSFR1M+82bps),

11/15/38(b)

1,455,439

400,966

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

7.46%(TSFR1M+236bps),

7/15/38(b)

400,998

271,766

Extended

Stay

America

Trust,

Class

B,

Series

2021-

ESH,

6.59%(TSFR1M+149bps),

7/15/38(b)

271,176

200,483

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

6.91%(TSFR1M+181bps),

7/15/38(b)

200,049

476,704

Extended

Stay

America

Trust,

Class

A,

Series

2021-

ESH,

6.29%(TSFR1M+119bps),

7/15/38(b)

476,077

515,000

Flatiron

CLO

21,

Ltd.,

Class

A1R,

Series

2021-1A,

6.45%(TSFR3M+136bps),

10/19/37(b)

514,355

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

C,

Series

2021-IP,

6.76%(TSFR1M+166bps),

10/15/36(b)

97,510

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

6.36%(TSFR1M+126bps),

10/15/36(b)

97,754

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

88

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

643,000

GS

Mortgage

Securities

Corp.

Trust,

Class

A,

Series

2021-IP,

6.16%(TSFR1M+106bps),

10/15/36(b)

$

635,731

800,000

INTOWN

Mortgage

Trust,

Class

A,

Series

2022-

STAY,

7.59%(TSFR1M+249bps),

8/15/39,

Callable

8/15/25

@

100(b)

801,032

556,000

Invesco

CLO,

Ltd.,

Class

A,

Series

2021-3A,

6.67%(TSFR3M+139bps),

10/22/34,

Callable

10/22/24

@

100(b)

556,339

488,000

Invesco

US

CLO,

Ltd.,

Class

A,

Series

2024-3A,

6.83%(TSFR3M+151bps),

7/20/37,

Callable

7/20/26

@

100(b)

489,000

64,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33,

Callable

7/5/25

@

100(b)

49,994

41,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33,

Callable

7/5/25

@

100(b)

35,968

1,420,000

Life

Mortgage

Trust,

Class

A1,

Series

2022-BMR2,

6.39%(TSFR1M+130bps),

5/15/39,

Callable

5/15/25

@

100(b)

1,381,089

79,313

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

6.61%(TSFR1M+151bps),

3/15/38(b)

77,739

226,043

Life

Mortgage

Trust,

Class

A,

Series

2021-BMR,

5.91%(TSFR1M+81bps),

3/15/38(b)

222,087

855,000

Life

Mortgage

Trust,

Class

B,

Series

2022-BMR2,

6.89%(TSFR1M+179bps),

5/15/39,

Callable

5/15/25

@

100(b)

814,738

79,313

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

6.96%(TSFR1M+186bps),

3/15/38(b)

76,947

479,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

7.19%(TSFR1M+209bps),

5/15/39,

Callable

5/15/25

@

100(b)

452,662

426,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

7.64%(TSFR1M+254bps),

5/15/39,

Callable

5/15/25

@

100(b)

396,650

79,313

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

6.31%(TSFR1M+121bps),

3/15/38(b)

77,835

79,313

Life

Mortgage

Trust,

Class

B,

Series

2021-BMR,

6.09%(TSFR1M+99bps),

3/15/38(b)

77,932

320,000

Madison

Park

Funding

L,

Ltd.,

Class

A,

Series

2021-

50A,

6.68%(TSFR3M+140bps),

4/19/34,

Callable

10/19/24

@

100(b)

320,235

910,000

Madison

Park

Funding

LII,

Ltd.,

Class

A,

Series

2021-52A,

6.64%(TSFR3M+136bps),

1/22/35,

Callable

10/22/24

@

100(b)

910,242

379,000

Madison

Park

Funding

XIX,

Ltd.,

Class

AR3,

Series

2015-19A,

6.88%(TSFR3M+160bps),

1/22/37,

Callable

1/22/26

@

100(b)

380,238

250,000

Madison

Park

Funding

XLV,

Ltd.,

Class

AR,

Series

2020-45A,

6.68%(TSFR3M+138bps),

7/15/34,

Callable

10/15/24

@

100(b)

250,076

250,000

Magnetite

XXI,

Ltd.,

Class

AR,

Series

2019-21A,

6.56%(TSFR3M+128bps),

4/20/34,

Callable

10/20/24

@

100(b)

250,092

680,000

Magnetite

XXIX,

Ltd.,

Class

AR,

Series

2021-29A,

6.59%(TSFR3M+135bps),

7/15/37,

Callable

7/15/26

@

100(b)

680,757

250,000

Magnetite

XXVII,

Ltd.,

Class

AR,

Series

2020-27A,

6.68%(TSFR3M+140bps),

10/20/34,

Callable

10/20/24

@

100(b)

250,438

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

968,000

Magnetite

XXX,

Ltd.,

Class

A,

Series

2021-30A,

6.68%(TSFR3M+139bps),

10/25/34,

Callable

10/25/24

@

100(b)

$

968,771

218,108

MHC

Commercial

Mortgage

Trust,

Class

A,

Series

2021-MHC,

6.01%(TSFR1M+92bps),

4/15/38(b)

217,143

191,335

Milos

CLO,

Ltd.,

Class

AR,

Series

2017-1A,

6.61%(TSFR3M+133bps),

10/20/30,

Callable

10/20/24

@

100(b)

191,455

385,000

Morgan

Stanley

Capital

I

Trust,

Class

A,

Series

2019-MEAD,

3.17%,

11/10/36,

Callable

11/10/24

@

100(b)

369,178

132,000

Morgan

Stanley

Capital

I

Trust,

Class

A4,

Series

2018-H4,

4.31%,

12/15/51,

Callable

1/15/29

@

100

129,252

56,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2019-MEAD,

3.28%,

11/10/36,

Callable

11/10/24

@

100(b)

53,416

53,000

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2019-MEAD,

3.28%,

11/10/36,

Callable

11/10/24

@

100(b)(c)

50,006

248,178

OPEN

Trust,

Class

B,

Series

2023-AIR,

8.93%(TSFR1M+384bps),

10/15/28(b)

250,047

412,153

OPEN

Trust,

Class

A,

Series

2023-AIR,

8.19%(TSFR1M+309bps),

10/15/28(b)

416,085

326,000

Peace

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.67%(TSFR3M+139bps),

10/20/34,

Callable

10/20/24

@

100(b)

326,248

333,000

Rockland

Park

CLO,

Ltd.,

Class

A,

Series

2021-1A,

6.66%(TSFR3M+138bps),

4/20/34,

Callable

10/20/24

@

100(b)

333,253

250,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

7.10%(TSFR1M+200bps),

2/15/39,

Callable

2/15/25

@

100(b)

245,035

130,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

7.75%(TSFR1M+265bps),

2/15/39,

Callable

2/15/25

@

100(b)

126,504

554,980

SREIT

Trust,

Class

B,

Series

2021-MFP,

6.29%(TSFR1M+119bps),

11/15/38(b)

550,840

344,471

SREIT

Trust,

Class

C,

Series

2021-MFP,

6.54%(TSFR1M+144bps),

11/15/38(b)

341,484

226,777

SREIT

Trust,

Class

D,

Series

2021-MFP,

6.79%(TSFR1M+169bps),

11/15/38(b)

224,812

969,302

SREIT

Trust,

Class

A,

Series

2021-MFP,

5.94%(TSFR1M+85bps),

11/15/38(b)

964,329

469,056

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

6.62%(TSFR3M+134bps),

4/20/33,

Callable

10/20/24

@

100(b)

469,525

1,054,000

Symphony

CLO

XXXII,

Ltd.,

Class

A1,

Series

2022-

32A,

6.60%(TSFR3M+132bps),

4/23/35,

Callable

10/23/24

@

100(b)

1,054,347

285,000

VLS

Commercial

Mortgage

Trust,

Class

A,

Series

2020-LAB,

2.13%,

10/10/42(b)

234,849

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(b)

16,682

1,073,000

Voya

CLO,

Ltd.,

Class

AR,

Series

2020-3A,

6.69%(TSFR3M+141bps),

10/20/34,

Callable

10/20/24

@

100(b)

1,073,782

370,000

Voya

CLO,

Ltd.,

Class

A1,

Series

2024-1A,

6.85%(TSFR3M+152bps),

4/15/37,

Callable

7/15/26

@

100(b)

371,925

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

89

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

280,000

Voya

CLO,

Ltd.,

Class

A1R,

Series

2020-2A,

6.70%(TSFR3M+142bps),

7/19/34,

Callable

10/19/24

@

100(b)

$

280,178

155,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A5,

Series

2018-C48,

4.30%,

1/15/52,

Callable

12/15/28

@

100

153,849

185,000

Wells

Fargo

Commercial

Mortgage

Trust,

Class

A,

Series

2021-FCMT,

6.41%(TSFR1M+131bps),

5/15/31(b)

180,863

Total

Collateralized

Mortgage

Obligations

(Cost

$84,088,924)

83,726,476

Convertible

Bonds

(0.1%):

Capital

Markets

(0.0%

†

):

10,000

Coinbase

Global,

Inc.,

0.25%,

4/1/30(b)

9,028

Financial

Services

(0.0%

†

):

181,000

Global

Payments,

Inc.,

1.50%,

3/1/31(b)

171,983

Household

Durables

(0.0%

†

):

10,000

Meritage

Homes

Corp.,

1.75%,

5/15/28(b)

11,408

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

173,000

Sunnova

Energy

International,

Inc.,

0.25%,

12/1/26

130,635

Leisure

Products

(0.0%

†

):

20,000

Peloton

Interactive,

Inc.,

5.50%,

12/1/29(b)

26,405

Media

(0.1%):

846,000

DISH

Network

Corp.,

3.38%,

8/15/26

684,719

Real

Estate

Management

&

Development

(0.0%

†

):

262,000

Anywhere

Real

Estate

Group

LLC/Realogy

Co.-Issuer

Corp.,

0.25%,

6/15/26

228,157

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

336,000

Wolfspeed,

Inc.,

1.88%,

12/1/29

123,411

Software

(0.0%

†

):

20,000

BlackLine,

Inc.,

1.00%,

6/1/29(b)

20,942

Total

Convertible

Bonds

(Cost

$1,567,229)

1,406,688

Bank

Loans

(0.2%):

Automobile

Components

(0.0%

†

):

64,832

Power

Stop

Term

1Ln,

9.60%

(Term

SOFR+475bps),

1/26/29(b)

62,239

Consumer

Finance

(0.0%

†

):

250,000

United

Planet

Fitness

Term

1Ln,

8.85%

(Term

SOFR+400bps),

12/30/26(b)

227,605

Distributors

(0.0%

†

):

248,085

US

LBM

Term

B

1Ln,

8.60%

(Term

SOFR+375bps),

6/6/31(b)

246,286

Diversified

Consumer

Services

(0.0%

†

):

15,000

Ascend

Learning

Term

2Ln,

10.60%

(Term

SOFR+575bps),

12/10/29

14,494

160,875

Ascend

Learning

Term

B

1Ln,

8.35%

(Term

SOFR+350bps),

12/10/28(b)

160,059

5,000

Tripadvisor

Term

B

1Ln,

7.60%

(Term

SOFR+275bps),

7/8/31(b)

4,983

179,536

Financial

Services

(0.0%

†

):

165,000

Intrafi

Term

B

1Ln,

8.85%

(Term

SOFR+400bps),

7/18/31(b)

163,479

Principal

Amount

Value

Bank

Loans,

continued

Financial

Services,

continued

$

118,500

Westinghouse

Term

B

1Ln,

7.60%

(Term

SOFR+275bps),

1/20/31(b)

$

118,430

281,909

Health

Care

Providers

&

Services

(0.0%

†

):

65,027

Cano

Health

Term

1Ln,

12.85%

(Term

SOFR+800bps),

6/28/29(b)

64,702

247,475

Cano

Health

Term

B

1Ln,

0.00%

(Term

SOFR+400bps),

11/23/27

61,869

15,000

Ensemble

Health

Term

B

1Ln,

7.85%

(Term

SOFR+300bps),

8/1/29(b)

15,011

141,582

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

219,438

City

Football

Group

Term

B

1Ln,

7.85%

(Term

SOFR+300bps),

7/21/30(b)

217,974

Household

Durables

(0.0%

†

):

413,928

CSC

ServiceWorks

Term

B

1Ln,

8.85%

(Term

SOFR+400bps),

3/4/28(b)

360,808

Industrial

Conglomerates

(0.0%

†

):

64,513

Brandsafway

Term

B

1Ln,

9.35%

(Term

SOFR+450bps),

8/1/30(b)

62,638

Machinery

(0.0%

†

):

35,000

Convergint

Tech

Term

2Ln,

11.60%

(Term

SOFR+675bps),

3/31/29(b)

32,648

4,850

Convergint

Tech

Term

B

1Ln,

8.60%

(Term

SOFR+375bps),

3/31/28(b)

4,829

37,477

Media

(0.0%

†

):

44,100

ABG

Intermediate

Holdings

2

LLC

Term

B1

1Ln,

7.60%

(Term

SOFR+275bps),

12/21/28(b)

44,119

114,703

COX

Media

Group

Term

B

1Ln,

8.35%

(Term

SOFR+350bps),

12/17/26(b)

100,703

58,059

Diamond

Sports

Term

DIP,

5.00%,

8/2/27(b)

69,199

214,021

Metals

&

Mining

(0.1%):

294,256

American

Rock

Salt

Term

1Ln,

8.85%

(Term

SOFR+400bps),

6/4/28(b)

240,849

92,119

American

Rock

Salt

Term

First

Out

DD

TL

1Ln,

4.85%

(Term

SOFR+0bps),

6/12/28(b)

91,198

86,114

American

Rock

Salt

Term

First

Out

TL

B

1Ln,

4.85%

(Term

SOFR+0bps),

6/12/28(b)

85,253

417,300

Software

(0.1%):

5,000

Applied

Systems

Term

2Ln,

4.85%

(Term

SOFR+0bps),

2/23/32(b)

5,144

109,207

AthenaHealth

Group

Term

B

1Ln,

8.10%

(Term

SOFR+325bps),

2/15/29(b)

108,411

225,000

Darktrace

Term

1Ln,

8.10%

(Term

SOFR+325bps),

7/2/31(b)

221,281

7,607

Finastra

CAN

TL,

12.10%

(Term

SOFR+725bps),

9/13/29

7,607

325,718

Finastra

US

TL,

12.10%

(Term

SOFR+725bps),

9/13/29(b)

325,718

2,102

ION

Anaytics

Term

1Ln,

8.85%

(Term

SOFR+400bps),

2/16/28(b)

2,091

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

90

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Software,

continued

$

15,000

NCR

Voyix

Term

1Ln,

4.83%

(Libor+0bps),

9/24/31(b)

$

14,929

685,181

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

74,235

Tory

Burch

Term

B

1Ln,

8.10%

(Term

SOFR+325bps),

4/16/28(b)

74,275

Total

Bank

Loans

(Cost

$3,337,985)

3,208,831

Corporate

Bonds

(17.5%):

Aerospace

&

Defense

(0.4%):

1,145,000

Boeing

Co.

(The),

5.04%,

5/1/27,

Callable

3/1/27

@

100

1,147,975

145,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

144,837

165,000

Boeing

Co.

(The),

6.39%,

5/1/31,

Callable

3/1/31

@

100(b)

175,811

176,000

Boeing

Co.

(The),

6.53%,

5/1/34,

Callable

2/1/34

@

100(b)

188,959

1,100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

1,069,044

100,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

96,818

266,000

Boeing

Co.

(The),

6.86%,

5/1/54,

Callable

11/1/53

@

100(b)

291,581

1,150,000

Boeing

Co.

(The),

5.93%,

5/1/60,

Callable

11/1/59

@

100

1,104,553

310,000

BWX

Technologies,

Inc.,

4.13%,

6/30/28,

Callable

11/4/24

@

101.03(b)

298,375

310,000

Howmet

Aerospace,

Inc.,

5.95%,

2/1/37

339,022

145,000

Moog,

Inc.,

4.25%,

12/15/27,

Callable

11/4/24

@

102.13(b)

140,469

90,000

Spirit

AeroSystems,

Inc.,

9.75%,

11/15/30,

Callable

11/15/26

@

104.88(b)

100,350

855,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

11/4/24

@

101.38

850,725

400,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(b)

413,000

300,000

TransDigm,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56(b)

317,250

6,678,769

Air

Freight

&

Logistics

(0.1%):

255,000

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/1/28,

Callable

10/21/24

@

101.19(b)

243,525

245,000

GN

Bondco

LLC,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75^(b)

257,250

470,000

Optics

Bidco

SpA,

Series

2033,

6.38%,

11/15/33,

Callable

8/15/33

@

100(b)

488,800

989,575

Automobile

Components

(0.0%

†

):

125,000

Dana,

Inc.,

4.50%,

2/15/32,

Callable

2/15/27

@

102.25

110,625

35,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

2/1/25

@

102.75(b)

33,994

90,000

Phinia,

Inc.,

6.75%,

4/15/29,

Callable

4/15/26

@

103.38(b)

92,700

237,319

Principal

Amount

Value

Corporate

Bonds,

continued

Automobiles

(0.0%

†

):

$

55,000

LCM

Investments

Holdings

II

LLC,

4.88%,

5/1/29,

Callable

11/4/24

@

102.44(b)

$

52,525

75,000

LCM

Investments

Holdings

II

LLC,

8.25%,

8/1/31,

Callable

8/1/26

@

104.13(b)

79,125

165,000

Thor

Industries,

Inc.,

4.00%,

10/15/29,

Callable

11/4/24

@

102(b)

153,450

285,100

Banks

(2.2%):

151,000

Bank

of

America

Corp.,

4.45%,

3/3/26

150,976

1,300,000

Bank

of

America

Corp.,

3.42%

(TSFR3M),

12/20/28,

Callable

12/20/27

@

100

1,266,382

980,000

Bank

of

America

Corp.,

2.30%

(SOFR),

7/21/32,

Callable

7/21/31

@

100

847,519

6,359,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

6,531,526

1,098,000

Citigroup,

Inc.,

4.30%,

11/20/26

1,096,536

1,156,000

Citigroup,

Inc.,

4.41%

(SOFR),

3/31/31,

Callable

3/31/30

@

100

1,141,450

2,635,000

Citigroup,

Inc.,

4.91%

(SOFR),

5/24/33,

Callable

5/24/32

@

100

2,655,287

230,000

Citigroup,

Inc.,

7.13%

(H15T5Y),

12/31/99,

Callable

8/15/29

@

100

239,200

165,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

172,450

2,500,000

JPMorgan

Chase

&

Co.,

4.49%

(TSFR3M),

3/24/31,

Callable

3/24/30

@

100

2,499,785

181,000

JPMorgan

Chase

&

Co.,

2.96%

(TSFR3M),

5/13/31,

Callable

5/13/30

@

100

166,008

5,828,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR),

4/26/33,

Callable

4/26/32

@

100

5,823,058

937,000

JPMorgan

Chase

&

Co.,

4.91%

(SOFR),

7/25/33,

Callable

7/25/32

@

100

958,435

724,000

Santander

Holdings

USA,

Inc.,

6.50%

(SOFR),

3/9/29,

Callable

3/9/28

@

100

754,903

3,705,000

Wells

Fargo

&

Co.,

2.41%

(TSFR3M),

10/30/25,

Callable

10/30/24

@

100,

MTN

3,690,265

1,099,000

Wells

Fargo

&

Co.,

3.53%

(SOFR),

3/24/28,

Callable

3/24/27

@

100

1,073,031

2,645,000

Wells

Fargo

&

Co.,

4.48%

(TSFR3M),

4/4/31,

Callable

4/4/30

@

100,

MTN

2,646,875

428,000

Wells

Fargo

&

Co.,

5.50%

(SOFR),

1/23/35,

Callable

1/23/34

@

100

448,472

1,372,000

Wells

Fargo

&

Co.,

5.01%

(TSFR3M),

4/4/51,

Callable

4/4/50

@

100,

MTN

1,347,053

185,000

Wells

Fargo

&

Co.,

7.63%

(H15T5Y),

12/31/99,

Callable

9/15/28

@

100

201,650

175,000

Western

Alliance

Bancorp,

3.00%

(TSFR3M),

6/15/31,

Callable

6/15/26

@

100^

160,285

33,871,146

Beverages

(0.0%

†

):

285,000

Triton

Water

Holdings,

Inc.,

6.25%,

4/1/29,

Callable

11/4/24

@

103.13(b)

283,575

Biotechnology

(0.2%):

411,000

Amgen,

Inc.,

5.15%,

3/2/28,

Callable

2/2/28

@

100

422,948

375,000

Amgen,

Inc.,

5.25%,

3/2/30,

Callable

1/2/30

@

100

390,664

424,000

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

439,937

403,000

Amgen,

Inc.,

5.60%,

3/2/43,

Callable

9/2/42

@

100

420,817

200,000

Amgen,

Inc.,

5.65%,

3/2/53,

Callable

9/2/52

@

100

209,470

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

91

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Biotechnology,

continued

$

365,000

Amgen,

Inc.,

5.75%,

3/2/63,

Callable

9/2/62

@

100

$

382,147

175,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

10/21/24

@

100.97(b)

133,437

2,399,420

Broadline

Retail

(0.0%

†

):

20,000

Kohl's

Corp.,

4.25%,

7/17/25,

Callable

4/17/25

@

100

19,650

Building

Products

(0.1%):

795,000

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/27,

Callable

10/21/24

@

100(b)

785,063

120,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(b)

110,700

73,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

79,791

45,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

51,755

215,000

Eco

Material

Technologies,

Inc.,

7.88%,

1/31/27,

Callable

11/4/24

@

103.94(b)

217,687

175,000

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(b)

179,375

1,424,371

Capital

Markets

(1.2%):

2,707,000

Ares

Capital

Corp.,

3.88%,

1/15/26,

Callable

12/15/25

@

100

2,662,475

250,000

Charles

Schwab

Corp.

(The),

Series

H,

4.00%

(H15T10Y),

12/31/99,

Callable

12/1/30

@

100

223,437

105,000

Charles

Schwab

Corp.

(The),

Series

G,

5.38%

(H15T5Y),

Callable

6/1/25

@

100

104,869

2,880,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

2,787,915

1,263,000

Goldman

Sachs

Group,

Inc.

(The),

2.38%

(SOFR),

7/21/32,

Callable

7/21/31

@

100

1,095,737

3,062,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

2,761,808

128,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

147,192

60,000

Goldman

Sachs

Group,

Inc.

(The),

Series

Y,

6.13%

(H15T10Y),

12/31/99,

Callable

11/10/34

@

100

60,300

600,000

Intercontinental

Exchange,

Inc.,

3.63%,

9/1/28,

Callable

6/1/28

@

100

585,961

110,000

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

6/30/31,

Callable

6/30/27

@

104.13(b)

112,750

100,000

Kronos

Acquisition

Holdings,

Inc.,

10.75%,

6/30/32,

Callable

6/30/27

@

105.38(b)

94,250

2,534,000

Morgan

Stanley,

3.62%

(SOFR),

4/1/31,

Callable

4/1/30

@

100

2,436,983

2,236,000

Morgan

Stanley,

4.89%

(SOFR),

7/20/33,

Callable

7/20/32

@

100

2,262,852

1,700,000

Morgan

Stanley,

6.34%

(SOFR),

10/18/33,

Callable

10/18/32

@

100

1,890,580

125,000

Olympus

Water

US

Holding

Corp.,

7.25%,

6/15/31,

Callable

6/15/27

@

103.63(b)

129,688

419,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100

430,075

145,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

7.13%,

3/15/29,

Callable

3/15/26

@

103.56(b)

148,987

17,935,859

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals

(0.3%):

$

350,000

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

$

356,125

115,000

Avient

Corp.,

6.25%,

11/1/31,

Callable

9/15/27

@

103.13(b)

117,731

399,000

Celanese

US

Holdings

LLC,

6.35%,

11/15/28,

Callable

10/15/28

@

100

421,541

405,000

Celanese

US

Holdings

LLC,

6.55%,

11/15/30,

Callable

9/15/30

@

100

436,677

236,000

Celanese

US

Holdings

LLC,

6.70%,

11/15/33,

Callable

8/15/33

@

100

257,569

15,000

CF

Industries,

Inc.,

4.95%,

6/1/43

14,137

510,000

Chemours

Co.

(The),

5.38%,

5/15/27,

Callable

2/15/27

@

100

496,612

386,400

Kobe

US

Midco

2,

Inc.,

9.25%,

11/1/26,

Callable

11/4/24

@

100(b)

322,161

115,000

LSB

Industries,

Inc.,

6.25%,

10/15/28,

Callable

11/4/24

@

103.13(b)

111,981

55,000

Neogen

Food

Safety

Corp.,

8.63%,

7/20/30,

Callable

7/20/27

@

102.16(b)

60,638

650,000

Olympus

Water

US

Holding

Corp.,

4.25%,

10/1/28,

Callable

11/4/24

@

102.13(b)

619,125

480,000

SCIH

Salt

Holdings,

Inc.,

4.88%,

5/1/28,

Callable

11/4/24

@

102.44(b)

462,000

70,000

SCIH

Salt

Holdings,

Inc.,

6.63%,

5/1/29,

Callable

11/4/24

@

103.31(b)

67,375

135,000

Scotts

Miracle-Gro

Co.

(The),

4.38%,

2/1/32,

Callable

8/1/26

@

102.19^

124,875

330,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

11/4/24

@

102.31^(b)

308,138

450,000

WR

Grace

Holdings

LLC,

4.88%,

6/15/27,

Callable

11/4/24

@

101.22(b)

441,563

125,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

11/4/24

@

102.81(b)

117,344

40,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(b)

41,850

4,777,442

Commercial

Services

&

Supplies

(0.2%):

125,000

ADT

Security

Corp.

(The),

4.13%,

8/1/29,

Callable

8/1/28

@

100(b)

119,375

332,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

4

Sarl,

4.63%,

6/1/28,

Callable

11/4/24

@

102.31(b)

311,250

430,000

Aramark

Services,

Inc.,

5.00%,

2/1/28,

Callable

11/4/24

@

101.67(b)

426,775

55,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(b)

56,306

240,000

CoreCivic,

Inc.,

8.25%,

4/15/29,

Callable

4/15/26

@

104.13

254,400

60,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

7.88%,

5/15/32,

Callable

5/15/27

@

103.94

61,050

110,000

GEO

Group,

Inc.

(The),

8.63%,

4/15/29,

Callable

4/15/26

@

104.31

114,400

240,000

GEO

Group,

Inc.

(The),

10.25%,

4/15/31,

Callable

4/15/27

@

105.13

255,000

25,000

Pitney

Bowes,

Inc.,

6.88%,

3/15/27,

Callable

10/15/24

@

103.44(b)

24,844

45,000

Pitney

Bowes,

Inc.,

7.25%,

3/15/29,

Callable

10/15/24

@

103.63(b)

43,988

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

92

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Commercial

Services

&

Supplies,

continued

$

405,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25^(b)

$

411,581

270,000

Stericycle,

Inc.,

3.88%,

1/15/29,

Callable

10/21/24

@

101.94(b)

266,625

200,000

TKC

Holdings,

Inc.,

6.88%,

5/15/28,

Callable

11/4/24

@

103.44(b)

197,000

290,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

11/4/24

@

105.25(b)

290,725

2,833,319

Communications

Equipment

(0.0%

†

):

170,000

Viasat,

Inc.,

5.63%,

9/15/25,

Callable

10/15/24

@

100(b)

166,812

250,000

Viavi

Solutions,

Inc.,

3.75%,

10/1/29,

Callable

10/15/24

@

101.88(b)

225,938

392,750

Construction

&

Engineering

(0.1%):

300,000

AECOM,

5.13%,

3/15/27,

Callable

12/15/26

@

100

300,000

350,000

APX

Group,

Inc.,

6.75%,

2/15/27,

Callable

11/4/24

@

101.69(b)

350,875

25,000

Arcosa,

Inc.,

4.38%,

4/15/29,

Callable

11/4/24

@

102.19(b)

23,812

35,000

Arcosa,

Inc.,

6.88%,

8/15/32,

Callable

8/15/27

@

103.44(b)

36,488

480,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25(b)

475,200

270,000

Dycom

Industries,

Inc.,

4.50%,

4/15/29,

Callable

11/4/24

@

102.25(b)

260,550

55,000

Global

Infrastructure

Solutions,

Inc.,

5.63%,

6/1/29,

Callable

11/4/24

@

102.81(b)

53,831

25,000

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

6/1/29,

Callable

10/15/24

@

102.63(b)

23,188

135,000

Pike

Corp.,

8.63%,

1/31/31,

Callable

1/31/27

@

104.31(b)

144,450

190,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/15/24

@

104.13(b)

195,225

200,000

VM

Consolidated,

Inc.,

5.50%,

4/15/29,

Callable

11/4/24

@

102.75(b)

197,000

2,060,619

Construction

Materials

(0.0%

†

):

80,000

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13^(b)

83,600

210,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(b)

225,750

115,000

Star

Holding

LLC,

8.75%,

8/1/31,

Callable

8/1/27

@

104.38(b)

109,681

90,000

Summit

Materials

LLC/Summit

Materials

Finance

Corp.,

7.25%,

1/15/31,

Callable

1/15/27

@

103.63(b)

95,175

514,206

Consumer

Finance

(1.1%):

224,000

Ally

Financial,

Inc.,

5.80%,

5/1/25,

Callable

4/1/25

@

100

224,652

1,500,000

Ally

Financial,

Inc.,

5.75%,

11/20/25,

Callable

10/21/25

@

100

1,509,377

1,000,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

1,058,005

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Finance,

continued

$

590,000

Ally

Financial,

Inc.,

Series

B,

4.70%

(H15T5Y),

12/31/99,

Callable

5/15/26

@

100

$

525,693

577,000

Capital

One

Financial

Corp.,

2.64%

(SOFR),

3/3/26,

Callable

3/3/25

@

100

570,501

740,000

Capital

One

Financial

Corp.,

4.99%

(SOFR),

7/24/26,

Callable

7/24/25

@

100

740,053

2,665,000

Capital

One

Financial

Corp.,

3.65%,

5/11/27,

Callable

4/11/27

@

100

2,615,615

343,000

Capital

One

Financial

Corp.,

3.80%,

1/31/28,

Callable

12/31/27

@

100

334,905

738,000

Capital

One

Financial

Corp.,

3.27%

(SOFR),

3/1/30,

Callable

3/1/29

@

100

691,012

1,100,000

Capital

One

Financial

Corp.,

5.25%

(SOFR),

7/26/30,

Callable

7/26/29

@

100

1,115,792

250,000

Discover

Bank,

5.97%

(USISOA05),

8/9/28

257,410

2,253,000

Discover

Financial

Services,

4.50%,

1/30/26,

Callable

11/30/25

@

100

2,247,081

200,000

Encore

Capital

Group,

Inc.,

9.25%,

4/1/29,

Callable

4/1/26

@

104.63^(b)

214,750

295,000

OneMain

Finance

Corp.,

3.50%,

1/15/27,

Callable

11/4/24

@

101.75

281,356

155,000

OneMain

Finance

Corp.,

3.88%,

9/15/28,

Callable

11/4/24

@

101.94

142,988

430,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

9/15/25

@

102

381,625

3,605,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

3,496,702

16,407,517

Consumer

Staples

Distribution

&

Retail

(0.1%):

25,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.63%,

1/15/27,

Callable

11/4/24

@

102.31(b)

24,344

210,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

6.50%,

2/15/28,

Callable

2/15/25

@

103.25(b)

213,150

50,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

11/4/24

@

100.88(b)

46,437

240,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

11/4/24

@

102.5(b)

204,000

135,000

Chobani

LLC/Chobani

Finance

Corp.,

Inc.,

7.63%,

7/1/29,

Callable

1/1/26

@

103.81(b)

141,750

180,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

2/15/26

@

104.5(b)

186,750

70,000

Performance

Food

Group,

Inc.,

4.25%,

8/1/29,

Callable

11/4/24

@

102.13(b)

66,413

225,000

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06(b)

229,219

93,000

Sysco

Corp.,

5.95%,

4/1/30,

Callable

1/1/30

@

100

99,746

45,000

United

Natural

Foods,

Inc.,

6.75%,

10/15/28,

Callable

11/4/24

@

101.69(b)

42,806

660,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

636,075

120,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(b)

127,050

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

93

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Staples

Distribution

&

Retail,

continued

$

75,000

Walgreens

Boots

Alliance,

Inc.,

8.13%,

8/15/29,

Callable

8/15/26

@

104.06

$

74,719

2,092,459

Containers

&

Packaging

(0.2%):

200,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

6.00%,

6/15/27,

Callable

11/4/24

@

103(b)

201,000

150,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

11/4/24

@

102(b)

133,500

570,000

Ardagh

Packaging

Finance

plc/Ardagh

Holdings

USA,

Inc.,

4.13%,

8/15/26,

Callable

10/15/24

@

100(b)

512,287

190,000

Ball

Corp.,

3.13%,

9/15/31,

Callable

6/15/31

@

100

168,150

570,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

4/15/25

@

103.31(b)

574,275

80,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

4/15/25

@

104.38(b)

81,200

65,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(b)

60,450

245,000

Graphic

Packaging

International

LLC,

6.38%,

7/15/32,

Callable

5/15/27

@

103.19(b)

252,350

195,000

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

4/15/27,

Callable

2/15/25

@

103.94(b)

201,094

180,000

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63^(b)

185,175

330,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

4/15/25

@

102.5(b)

325,050

135,000

Sealed

Air

Corp./Sealed

Air

Corp.

US,

6.13%,

2/1/28,

Callable

2/1/25

@

103.06(b)

137,025

2,831,556

Distributors

(0.0%

†

):

145,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

11/4/24

@

103.13(b)

136,844

75,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75(b)

77,625

214,469

Diversified

Consumer

Services

(0.1%):

350,000

Service

Corp.

International,

5.75%,

10/15/32,

Callable

10/15/27

@

102.88

352,187

110,000

Sotheby's,

7.38%,

10/15/27,

Callable

10/15/24

@

100(b)

106,150

150,000

Wand

NewCo.

3,

Inc.,

7.63%,

1/30/32,

Callable

1/30/27

@

103.81(b)

157,500

615,837

Diversified

REITs

(0.5%):

430,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP,

3.75%,

12/15/27,

Callable

9/15/27

@

100(b)

400,437

189,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100

153,222

96,000

Store

Capital

LLC,

4.63%,

3/15/29,

Callable

12/15/28

@

100

94,117

1,277,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

1,122,022

295,000

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

10.50%,

2/15/28,

Callable

9/15/25

@

105.25(b)

313,806

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

REITs,

continued

$

131,000

Ventas

Realty

LP,

4.00%,

3/1/28,

Callable

12/1/27

@

100

$

129,364

367,000

Ventas

Realty

LP,

3.00%,

1/15/30,

Callable

10/15/29

@

100

339,877

1,430,000

Ventas

Realty

LP,

4.75%,

11/15/30,

Callable

8/15/30

@

100

1,447,540

3,000,000

WP

Carey,

Inc.,

4.25%,

10/1/26,

Callable

7/1/26

@

100

2,991,078

66,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

64,017

7,055,480

Diversified

Telecommunication

Services

(0.5%):

138,000

AT&T,

Inc.,

4.30%,

2/15/30,

Callable

11/15/29

@

100

137,911

400,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

393,738

1,200,000

AT&T,

Inc.,

3.80%,

12/1/57,

Callable

6/1/57

@

100

910,164

20,000

Cablevision

Lightpath

LLC,

3.88%,

9/15/27,

Callable

10/15/24

@

100.97(b)

19,000

15,000

Cablevision

Lightpath

LLC,

5.63%,

9/15/28,

Callable

10/15/24

@

101.41(b)

14,025

300,000

Cogent

Communications

Group,

Inc.,

7.00%,

6/15/27,

Callable

11/4/24

@

103.5(b)

303,750

90,000

Consolidated

Communications,

Inc.,

5.00%,

10/1/28,

Callable

10/15/24

@

102.5(b)

82,350

2,346,000

Discovery

Communications

LLC,

3.63%,

5/15/30,

Callable

2/15/30

@

100

2,107,773

640,000

Frontier

Communications

Holdings

LLC,

5.88%,

10/15/27,

Callable

11/4/24

@

101.47(b)

642,400

5,496

Frontier

Communications

Holdings

LLC,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94

5,455

145,000

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/30,

Callable

5/15/25

@

104.38(b)

154,244

209,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

186,510

265,000

Warnermedia

Holdings,

Inc.,

3.64%,

3/15/25

263,163

519,000

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

501,645

155,000

Warnermedia

Holdings,

Inc.,

4.05%,

3/15/29,

Callable

1/15/29

@

100

146,683

753,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

671,427

391,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

319,319

743,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

574,014

115,000

Windstream

Escrow

LLC/Windstream

Escrow

Finance

Corp.,

8.25%,

10/1/31,

Callable

10/1/27

@

104.13(b)

116,725

55,000

Zayo

Group

Holdings,

Inc.,

4.00%,

3/1/27,

Callable

11/4/24

@

100(b)

49,156

185,000

Zayo

Group

Holdings,

Inc.,

6.13%,

3/1/28,

Callable

11/4/24

@

101.53(b)

153,550

7,753,002

Electric

Utilities

(0.4%):

941,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

6.75%,

10/15/27,

Callable

11/4/24

@

100(b)

937,471

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

94

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

10,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

4.25%,

10/15/27,

Callable

11/4/24

@

101.06(b)

$

9,563

155,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/4/24

@

102.94(b)

148,413

165,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

151,276

54,000

Duquesne

Light

Holdings,

Inc.,

2.53%,

10/1/30,

Callable

7/1/30

@

100(b)

47,572

587,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(b)

506,566

173,000

Exelon

Corp.,

2.75%,

3/15/27,

Callable

2/15/27

@

100

167,349

1,075,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

1,056,387

210,000

Exelon

Corp.,

3.35%,

3/15/32,

Callable

12/15/31

@

100

194,349

230,000

NextEra

Energy

Operating

Partners

LP,

7.25%,

1/15/29,

Callable

10/15/28

@

100(b)

242,075

430,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

10/21/24

@

101.92

433,225

20,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

10/15/24

@

101.69^(b)

18,675

40,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(b)

36,250

140,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

134,709

714,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

670,138

15,000

TerraForm

Power

Operating

LLC,

5.00%,

1/31/28,

Callable

7/31/27

@

100(b)

14,775

46,253

Topaz

Solar

Farms

LLC,

5.75%,

9/30/39(b)

45,906

605,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

10/15/24

@

100(b)

599,706

230,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(b)

247,250

5,661,655

Electrical

Equipment

(0.0%

†

):

310,000

Vertiv

Group

Corp.,

4.13%,

11/15/28,

Callable

11/15/24

@

102.06(b)

299,150

Electronic

Equipment,

Instruments

&

Components

(0.1%):

565,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

12/14/24

@

102.5(b)

550,875

100,000

Insight

Enterprises,

Inc.,

6.63%,

5/15/32,

Callable

5/15/27

@

103.31(b)

103,500

654,375

Energy

Equipment

&

Services

(0.0%

†

):

180,000

Kodiak

Gas

Services

LLC,

7.25%,

2/15/29,

Callable

2/15/26

@

103.63(b)

186,300

145,000

Nabors

Industries,

Inc.,

8.88%,

8/15/31,

Callable

8/15/27

@

104.44^(b)

138,112

90,000

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29,

Callable

7/31/26

@

104.31(b)

93,600

418,012

Principal

Amount

Value

Corporate

Bonds,

continued

Entertainment

(0.0%

†

):

$

310,000

ROBLOX

Corp.,

3.88%,

5/1/30,

Callable

11/4/24

@

101.94(b)

$

287,913

Financial

Services

(1.2%):

295,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

11/4/24

@

102.5(b)

271,031

120,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

@

104.5(b)

120,450

75,000

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(b)

80,531

1,268,000

Athene

Global

Funding,

5.34%,

1/15/27(b)

1,288,074

573,000

Athene

Global

Funding,

5.58%,

1/9/29(b)

590,960

95,000

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.25%,

1/15/30,

Callable

1/15/26

@

104.13(b)

96,900

2,052,000

Blackstone

Private

Credit

Fund,

4.70%,

3/24/25

2,044,250

888,000

Blackstone

Private

Credit

Fund,

7.05%,

9/29/25

904,327

40,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

38,600

40,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

36,450

245,000

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25(b)

254,494

200,000

Boost

Newco

Borrower

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(b)

214,250

120,000

Cobra

AcquisitionCo

LLC,

6.38%,

11/1/29,

Callable

11/4/24

@

103.19(b)

98,100

242,000

Corebridge

Financial,

Inc.,

3.50%,

4/4/25,

Callable

3/4/25

@

100

240,014

824,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

808,547

339,000

Corebridge

Financial,

Inc.,

3.85%,

4/5/29,

Callable

2/5/29

@

100

328,844

404,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

378,821

92,000

Corebridge

Financial,

Inc.,

4.35%,

4/5/42,

Callable

10/5/41

@

100

80,952

271,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

230,692

590,000

Equitable

Holdings,

Inc.,

4.57%,

2/15/29,

Callable

11/15/28

@

100(b)

587,087

175,000

Focus

Financial

Partners

LLC,

6.75%,

9/15/31,

Callable

9/15/27

@

103.38(b)

176,312

968,000

Ford

Motor

Credit

Co.

LLC,

4.06%,

11/1/24

966,935

55,000

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/30,

Callable

9/1/26

@

103.88(b)

58,162

50,000

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

3.38%,

6/15/26,

Callable

3/15/26

@

100(b)

48,312

140,000

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

8.00%,

6/15/27,

Callable

3/15/27

@

100(b)

147,700

640,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

11/4/24

@

103.38(b)

612,000

505,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(b)

494,269

240,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(b)

249,600

1,400,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

1,338,750

358,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100

363,073

91,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

79,326

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

95

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

386,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

$

400,315

70,000

Jane

Street

Group/JSG

Finance,

Inc.,

4.50%,

11/15/29,

Callable

11/15/24

@

102.25(b)

67,200

95,000

Jefferson

Capital

Holdings

LLC,

9.50%,

2/15/29,

Callable

2/15/26

@

104.75(b)

101,175

40,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

11/4/24

@

102.38(b)

39,100

70,916

Level

3

Financing,

Inc.,

11.00%,

11/15/29,

Callable

3/22/27

@

105.5(b)

78,362

570,000

Level

3

Financing,

Inc.,

4.50%,

4/1/30,

Callable

3/22/26

@

102.13(b)

445,312

200,000

Level

3

Financing,

Inc.,

3.88%,

10/15/30,

Callable

3/22/25

@

101.81(b)

147,500

125,000

Level

3

Financing,

Inc.,

4.00%,

4/15/31,

Callable

3/22/25

@

101.88(b)

90,937

845,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.25%,

8/1/26,

Callable

11/4/24

@

100^

800,637

265,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

11/4/24

@

100.83^

237,838

80,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

58,000

170,000

Nationstar

Mortgage

Holdings,

Inc.,

6.50%,

8/1/29,

Callable

8/1/26

@

103.25(b)

172,338

135,000

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(b)

140,737

212,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

193,140

272,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

236,370

355,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

1/15/25

@

103(b)

301,750

130,000

VFH

Parent

LLC/Valor

Co.-Issuer,

Inc.,

7.50%,

6/15/31,

Callable

6/15/27

@

103.75(b)

136,338

495,000

Wrangler

Holdco

Corp.,

6.63%,

4/1/32,

Callable

4/1/27

@

103.31(b)

514,181

17,389,043

Food

Products

(0.1%):

154,000

JBS

USA

Food

Co.,

3.63%,

1/15/32,

Callable

1/15/27

@

101.81(b)

126,280

650,000

Pilgrim's

Pride

Corp.,

4.25%,

4/15/31,

Callable

4/15/26

@

102.13

615,875

45,000

Post

Holdings,

Inc.,

5.63%,

1/15/28,

Callable

10/21/24

@

101.88(b)

45,225

69,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(b)

64,429

625,000

Post

Holdings,

Inc.,

6.38%,

3/1/33,

Callable

9/1/27

@

103.19(b)

635,156

105,000

Post

Holdings,

Inc.,

6.25%,

10/15/34,

Callable

10/15/29

@

103.13(b)

105,525

1,592,490

Ground

Transportation

(0.0%

†

):

180,000

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13(b)

184,950

105,000

Hertz

Corp.

(The),

4.63%,

12/1/26,

Callable

11/4/24

@

102.31^(b)

82,162

Principal

Amount

Value

Corporate

Bonds,

continued

Ground

Transportation,

continued

$

230,000

XPO,

Inc.,

7.13%,

2/1/32,

Callable

2/1/27

@

103.56(b)

$

241,500

508,612

Health

Care

Equipment

&

Supplies

(0.1%):

600,000

Hologic,

Inc.,

4.63%,

2/1/28,

Callable

11/4/24

@

101.54(b)

586,500

600,000

Medline

Borrower

LP,

3.88%,

4/1/29,

Callable

11/4/24

@

101.94(b)

567,000

85,000

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co.-Issuer,

7.00%,

2/1/30,

Callable

8/1/26

@

103.5(b)

88,188

120,000

Sotera

Health

Holdings

LLC,

7.38%,

6/1/31,

Callable

6/1/27

@

103.69(b)

124,200

1,365,888

Health

Care

Providers

&

Services

(0.9%):

495,000

180

Medical,

Inc.,

3.88%,

10/15/29,

Callable

10/15/24

@

101.94(b)

464,421

140,000

AHP

Health

Partners,

Inc.,

5.75%,

7/15/29,

Callable

11/4/24

@

102.88(b)

137,550

35,000

Cano

Health

LLC,

6.25%,

10/1/28

44

55,000

Catalent

Pharma

Solutions,

Inc.,

3.13%,

2/15/29,

Callable

11/4/24

@

101.56(b)

54,037

115,000

Catalent

Pharma

Solutions,

Inc.,

3.50%,

4/1/30,

Callable

4/1/25

@

101.75(b)

112,556

1,365,000

Centene

Corp.,

4.25%,

12/15/27,

Callable

10/21/24

@

101.42

1,341,795

1,485,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

1,366,200

410,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

12/15/24

@

102.31

401,288

245,000

Centene

Corp.,

3.38%,

2/15/30,

Callable

2/15/25

@

101.69

225,890

610,000

Centene

Corp.,

2.63%,

8/1/31,

Callable

5/1/31

@

100

523,075

255,000

CHS/Community

Health

Systems,

Inc.,

5.63%,

3/15/27,

Callable

10/21/24

@

102.81(b)

250,856

255,000

CHS/Community

Health

Systems,

Inc.,

6.00%,

1/15/29,

Callable

10/21/24

@

103(b)

247,350

385,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(b)

328,213

285,000

CHS/Community

Health

Systems,

Inc.,

5.25%,

5/15/30,

Callable

5/15/25

@

102.63(b)

262,912

45,000

CHS/Community

Health

Systems,

Inc.,

4.75%,

2/15/31,

Callable

2/15/26

@

102.38(b)

39,600

765,000

CHS/Community

Health

Systems,

Inc.,

10.88%,

1/15/32,

Callable

2/15/27

@

105.44(b)

843,413

185,000

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC,

6.63%,

7/15/30,

Callable

7/16/26

@

103.31(b)

192,169

343,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

349,771

140,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

143,570

495,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

470,250

534,000

HCA,

Inc.,

5.63%,

9/1/28,

Callable

3/1/28

@

100

554,692

503,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

528,779

510,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

480,038

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

96

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

99,000

HCA,

Inc.,

3.63%,

3/15/32,

Callable

12/15/31

@

100

$

91,023

50,000

HealthEquity,

Inc.,

4.50%,

10/1/29,

Callable

11/4/24

@

102.25(b)

48,125

314,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

305,120

400,000

IQVIA,

Inc.,

5.00%,

10/15/26,

Callable

11/4/24

@

100(b)

398,000

350,000

LifePoint

Health,

Inc.,

11.00%,

10/15/30,

Callable

10/15/26

@

105.5(b)

394,450

120,000

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(b)

123,300

15,000

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/1/29,

Callable

11/4/24

@

102.5(b)

9,450

40,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100(b)

37,100

470,000

Molina

Healthcare,

Inc.,

3.88%,

5/15/32,

Callable

2/15/32

@

100(b)

428,875

315,000

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

B.V.,

4.13%,

4/30/28,

Callable

11/4/24

@

102.06(b)

302,400

95,155

Radiology

Partners,

Inc.,

7.78%,

1/31/29,

Callable

11/4/24

@

100^(b)

94,203

115,000

Sally

Holdings

LLC/Sally

Capital,

Inc.,

6.75%,

3/1/32,

Callable

3/1/27

@

103.38

118,163

175,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(b)

182,656

590,000

Tenet

Healthcare

Corp.,

6.25%,

2/1/27,

Callable

10/21/24

@

100

589,263

510,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

11/4/24

@

101.53

513,187

295,000

Tenet

Healthcare

Corp.,

4.25%,

6/1/29,

Callable

10/21/24

@

102.13

284,306

140,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

12/1/24

@

102.19

134,400

117,000

Toledo

Hospital

(The),

Series

B,

5.33%,

11/15/28

115,538

85,000

Toledo

Hospital

(The),

6.02%,

11/15/48

78,275

55,000

US

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(b)

56,787

35,000

US

Renal

Care,

Inc.,

10.63%,

7/15/27,

Callable

11/4/24

@

100(b)

22,750

13,645,840

Health

Care

REITs

(0.3%):

45,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(b)

42,975

66,000

Healthcare

Realty

Holdings

LP,

3.50%,

8/1/26,

Callable

5/1/26

@

100

64,845

63,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

57,943

101,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

1/15/25,

Callable

11/4/24

@

100

100,498

1,278,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

4/1/27,

Callable

1/1/27

@

100

1,270,300

2,482,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

2,335,239

133,000

Omega

Healthcare

Investors,

Inc.,

3.38%,

2/1/31,

Callable

11/1/30

@

100

120,928

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

REITs,

continued

$

1,214,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

$

1,068,320

5,061,048

Health

Care

Technology

(0.1%):

25,000

Clarivate

Science

Holdings

Corp.,

3.88%,

7/1/28,

Callable

10/15/24

@

101.94(b)

23,938

625,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

10/15/24

@

102.44(b)

598,437

622,375

Hotel

&

Resort

REITs

(0.0%

†

):

40,000

Service

Properties

Trust,

4.95%,

2/15/27,

Callable

8/15/26

@

100

37,600

540,000

Service

Properties

Trust,

5.50%,

12/15/27,

Callable

9/15/27

@

100

510,975

45,000

Service

Properties

Trust,

4.95%,

10/1/29,

Callable

7/1/29

@

100

35,550

584,125

Hotels,

Restaurants

&

Leisure

(0.4%):

500,000

Boyd

Gaming

Corp.,

4.75%,

6/15/31,

Callable

6/15/26

@

102.38(b)

476,250

550,000

Caesars

Entertainment,

Inc.,

8.13%,

7/1/27,

Callable

10/15/24

@

102.03(b)

561,000

145,000

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29,

Callable

10/15/24

@

102.31^(b)

137,569

345,000

Caesars

Entertainment,

Inc.,

6.50%,

2/15/32,

Callable

2/15/27

@

103.25(b)

355,350

460,000

Churchill

Downs,

Inc.,

5.75%,

4/1/30,

Callable

4/1/25

@

102.88(b)

458,850

30,000

ClubCorp

Holdings,

Inc.,

8.50%,

9/15/25,

Callable

11/4/24

@

100(b)

28,050

275,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

4.63%,

1/15/29,

Callable

1/15/25

@

102.31(b)

262,281

160,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

1/15/25

@

103.38(b)

148,800

120,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

4/1/29,

Callable

4/1/26

@

102.94(b)

122,550

580,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

3/15/33,

Callable

3/15/28

@

102.94(b)

590,875

40,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

5.00%,

6/1/29,

Callable

11/4/24

@

102.5(b)

38,000

240,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(b)

242,400

75,000

Jacobs

Entertainment,

Inc.,

6.75%,

2/15/29,

Callable

2/15/25

@

103.38(b)

72,750

45,000

Life

Time,

Inc.,

5.75%,

1/15/26,

Callable

11/4/24

@

101.44(b)

44,944

40,000

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/29,

Callable

11/4/24

@

102.25^(b)

37,600

115,000

Royal

Caribbean

Cruises,

Ltd.,

5.63%,

9/30/31,

Callable

9/30/27

@

102.81(b)

116,581

680,000

Royal

Caribbean

Cruises,

Ltd.,

6.00%,

2/1/33,

Callable

8/1/27

@

103(b)

697,000

510,000

Station

Casinos

LLC,

4.50%,

2/15/28,

Callable

11/4/24

@

101.13(b)

490,875

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

97

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

390,000

Wynn

Las

Vegas

LLC/Wynn

Las

Vegas

Capital

Corp.,

5.25%,

5/15/27,

Callable

2/15/27

@

100(b)

$

390,000

105,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(b)

112,481

700,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

644,000

6,028,206

Household

Durables

(0.1%):

70,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

4/1/25

@

102.31(b)

66,325

95,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(b)

98,088

150,000

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(b)

140,250

120,000

Landsea

Homes

Corp.,

8.88%,

4/1/29,

Callable

4/1/26

@

104.44(b)

126,300

90,000

LGI

Homes,

Inc.,

8.75%,

12/15/28,

Callable

12/15/25

@

104.38(b)

96,075

290,000

Newell

Brands,

Inc.,

6.88%,

4/1/36,

Callable

10/1/35

@

100

276,225

130,000

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31,

Callable

10/15/26

@

101.94(b)

115,700

265,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(b)

242,475

1,161,438

Household

Products

(0.0%

†

):

55,000

Central

Garden

&

Pet

Co.,

4.13%,

4/30/31,

Callable

4/30/26

@

102.06(b)

50,188

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

1,457,000

AES

Corp.

(The),

3.30%,

7/15/25,

Callable

6/15/25

@

100(b)

1,435,276

1,412,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(b)

1,348,460

218,000

AES

Corp.

(The),

2.45%,

1/15/31,

Callable

10/15/30

@

100

188,519

30,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

10/15/24

@

102.38(b)

29,400

125,000

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/29,

Callable

11/4/24

@

102.13(b)

117,188

105,000

Lightning

Power

LLC,

7.25%,

8/15/32,

Callable

8/15/27

@

103.63(b)

110,250

35,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations,

Inc.,

4.50%,

8/15/28,

Callable

11/4/24

@

102.25(b)

33,731

85,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

11/4/24

@

101.47(b)

79,369

120,000

Sunnova

Energy

Corp.,

11.75%,

10/1/28,

Callable

4/1/28

@

100(b)

114,000

3,456,193

Industrial

Conglomerates

(0.1%):

490,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(b)

524,300

75,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13(b)

77,625

Principal

Amount

Value

Corporate

Bonds,

continued

Industrial

Conglomerates,

continued

$

35,000

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29,

Callable

11/4/24

@

102.19(b)

$

33,338

635,263

Insurance

(0.4%):

585,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

6.00%,

8/1/29,

Callable

11/4/24

@

103(b)

562,331

70,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

11/4/24

@

102.44(b)

66,850

40,000

AssuredPartners,

Inc.,

5.63%,

1/15/29,

Callable

11/4/24

@

102.81(b)

38,450

190,000

AssuredPartners,

Inc.,

7.50%,

2/15/32,

Callable

2/15/27

@

103.75(b)

194,750

70,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

11/4/24

@

102.94(b)

66,763

2,771,000

Five

Corners

Funding

Trust

II,

2.85%,

5/15/30,

Callable

2/15/30

@

100(b)

2,553,266

436,000

Pacific

LifeCorp,

5.13%,

1/30/43(b)

425,469

500,000

Peachtree

Corners

Funding

Trust,

3.98%,

2/15/25(b)

496,986

185,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19(b)

177,600

75,000

Ryan

Specialty

LLC,

5.88%,

8/1/32,

Callable

8/1/27

@

102.94(b)

76,219

180,000

Station

Casinos

LLC,

6.63%,

3/15/32,

Callable

3/15/27

@

103.31(b)

184,050

227,000

Unum

Group,

4.00%,

6/15/29,

Callable

3/15/29

@

100

221,623

1,000,000

Unum

Group,

5.75%,

8/15/42

1,015,091

6,079,448

IT

Services

(0.0%

†

):

135,000

Amentum

Holdings,

Inc.,

7.25%,

8/1/32,

Callable

8/1/27

@

103.63(b)

140,569

Leisure

Products

(0.0%

†

):

120,000

Amer

Sports

Co.,

6.75%,

2/16/31,

Callable

2/16/27

@

103.38^(b)

122,400

110,000

Fiesta

Purchaser,

Inc.,

7.88%,

3/1/31,

Callable

3/1/27

@

103.94(b)

116,188

65,000

Fiesta

Purchaser,

Inc.,

9.63%,

9/15/32,

Callable

9/15/27

@

104.81(b)

67,031

5,000

Mattel,

Inc.,

5.88%,

12/15/27,

Callable

11/4/24

@

102.94(b)

5,040

170,000

Mattel,

Inc.,

6.20%,

10/1/40

172,399

483,058

Life

Sciences

Tools

&

Services

(0.0%

†

):

15,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

10/21/24

@

101.42(b)

14,456

30,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

11/4/24

@

101.88(b)

28,088

42,544

Machinery

(0.1%):

75,000

Cougar

JV

Subsidiary

LLC,

8.00%,

5/15/32,

Callable

5/15/27

@

104(b)

79,125

220,000

Esab

Corp.,

6.25%,

4/15/29,

Callable

4/15/26

@

103.13(b)

225,500

185,000

Gates

Corp.,

6.88%,

7/1/29,

Callable

7/1/26

@

103.44(b)

191,012

55,000

GrafTech

Finance,

Inc.,

4.63%,

12/15/28,

Callable

11/4/24

@

102.31^(b)

36,781

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

98

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Machinery,

continued

$

110,000

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28,

Callable

12/15/25

@

104.94^(b)

$

84,150

170,000

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

11/4/24

@

103.25(b)

160,650

230,000

Madison

IAQ

LLC,

4.13%,

6/30/28,

Callable

11/4/24

@

102.06(b)

222,238

125,000

Madison

IAQ

LLC,

5.88%,

6/30/29,

Callable

11/4/24

@

102.94(b)

121,094

45,000

Mueller

Water

Products,

Inc.,

4.00%,

6/15/29,

Callable

11/4/24

@

102(b)

42,806

1,163,356

Media

(0.8%):

300,000

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28,

Callable

10/15/24

@

103.25(b)

283,500

255,000

Allen

Media

LLC/Allen

Media

Co.-Issuer,

Inc.,

10.50%,

2/15/28,

Callable

11/4/24

@

105.25(b)

109,650

25,000

Arches

Buyer,

Inc.,

4.25%,

6/1/28,

Callable

11/4/24

@

102.13(b)

22,812

10,000

Arches

Buyer,

Inc.,

6.13%,

12/1/28,

Callable

11/4/24

@

103.06(b)

8,500

880,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

8/15/30,

Callable

2/15/25

@

102.25(b)

793,100

390,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.50%,

5/1/32,

Callable

5/1/26

@

102.25

336,375

240,000

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(b)

248,700

346,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.91%,

7/23/25,

Callable

4/23/25

@

100

345,348

512,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

100

529,674

813,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100

743,228

279,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

289,659

1,256,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

1,054,960

809,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

619,162

1,064,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.50%,

4/1/63,

Callable

10/1/62

@

100

863,215

345,000

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%,

8/15/27,

Callable

11/4/24

@

100(b)

338,100

135,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/29,

Callable

11/4/24

@

103.75(b)

116,606

120,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

125,250

280,000

CMG

Media

Corp.,

8.88%,

12/15/27,

Callable

10/15/24

@

102.22(b)

163,800

635,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(b)

463,550

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

185,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(b)

$

93,425

25,000

Discovery

Communications

LLC,

4.13%,

5/15/29,

Callable

2/15/29

@

100

23,619

540,000

DISH

Network

Corp.,

11.75%,

11/15/27,

Callable

5/15/25

@

105.88(b)

565,650

93,000

Fox

Corp.,

5.48%,

1/25/39,

Callable

7/25/38

@

100

93,738

140,000

Gray

Television,

Inc.,

4.75%,

10/15/30,

Callable

10/15/25

@

102.38(b)

88,550

25,000

Match

Group

Holdings

II

LLC,

4.13%,

8/1/30,

Callable

5/1/25

@

102.06(b)

23,312

190,000

Match

Group

Holdings

II

LLC,

3.63%,

10/1/31,

Callable

10/1/26

@

101.81(b)

170,288

350,000

TEGNA,

Inc.,

4.75%,

3/15/26,

Callable

11/4/24

@

101.19(b)

344,750

1,620,000

Time

Warner

Cable

LLC,

6.55%,

5/1/37

1,598,509

280,000

Time

Warner

Cable

LLC,

7.30%,

7/1/38

294,060

69,000

Time

Warner

Cable

LLC,

5.50%,

9/1/41,

Callable

3/1/41

@

100

59,829

435,000

Univision

Communications,

Inc.,

6.63%,

6/1/27,

Callable

10/15/24

@

101.66(b)

435,000

180,000

Univision

Communications,

Inc.,

8.00%,

8/15/28,

Callable

8/15/25

@

104(b)

183,600

245,000

Univision

Communications,

Inc.,

4.50%,

5/1/29,

Callable

11/4/24

@

102.25(b)

218,662

11,648,181

Metals

&

Mining

(0.1%):

400,000

ATI,

Inc.,

5.88%,

12/1/27,

Callable

11/4/24

@

101.47

399,000

60,000

ATI,

Inc.,

4.88%,

10/1/29,

Callable

10/21/24

@

102.44

57,825

45,000

ATI,

Inc.,

5.13%,

10/1/31,

Callable

10/1/26

@

102.56

43,706

45,000

Cleveland-Cliffs,

Inc.,

4.63%,

3/1/29,

Callable

11/4/24

@

102.31(b)

42,469

45,000

Cleveland-Cliffs,

Inc.,

4.88%,

3/1/31,

Callable

3/1/26

@

102.44(b)

41,737

175,000

Cleveland-Cliffs,

Inc.,

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(b)

176,969

60,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

1/15/25

@

102.06

56,850

60,000

Commercial

Metals

Co.,

4.38%,

3/15/32,

Callable

3/15/27

@

102.19

56,700

250,000

Constellium

SE,

6.38%,

8/15/32,

Callable

8/15/27

@

103.19(b)

256,250

200,000

Kaiser

Aluminum

Corp.,

4.63%,

3/1/28,

Callable

11/4/24

@

101.16(b)

192,750

125,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

114,375

200,000

Panther

Escrow

Issuer

LLC,

7.13%,

6/1/31,

Callable

6/1/27

@

103.56(b)

209,000

1,647,631

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

75,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

4/1/26

@

104(b)

75,656

45,000

Starwood

Property

Trust,

Inc.,

4.75%,

3/15/25,

Callable

11/4/24

@

100

44,775

120,431

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

99

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Multi-Utilities

(0.1%):

$

1,100,000

NiSource,

Inc.,

2.95%,

9/1/29,

Callable

6/1/29

@

100

$

1,029,449

1,000,000

NiSource,

Inc.,

5.25%,

2/15/43,

Callable

8/15/42

@

100

991,293

2,020,742

Office

REITs

(0.0%

†

):

400,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100^

332,000

72,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

68,235

400,235

Oil,

Gas

&

Consumable

Fuels

(2.1%):

145,000

Aethon

United

BR

LP/Aethon

United

Finance

Corp.,

7.50%,

10/1/29,

Callable

10/1/26

@

103.75(b)

146,450

135,000

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38(b)

137,025

45,000

Apache

Corp.,

5.10%,

9/1/40,

Callable

3/1/40

@

100

39,937

10,000

Apache

Corp.,

7.38%,

8/15/47

10,637

135,000

Archrock

Partners

LP/Archrock

Partners

Finance

Corp.,

6.63%,

9/1/32,

Callable

9/1/27

@

103.31(b)

138,375

405,000

California

Resources

Corp.,

8.25%,

6/15/29,

Callable

6/15/26

@

104.13(b)

412,087

95,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/15/25

@

104.88(b)

92,981

300,000

CITGO

Petroleum

Corp.,

6.38%,

6/15/26,

Callable

11/4/24

@

101.59(b)

300,375

125,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(b)

130,000

50,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

4/15/25

@

102.38(b)

46,500

20,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

11/4/24

@

104.5(b)

20,050

114,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(b)

120,703

309,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(b)

329,729

92,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(b)

102,288

166,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(b)

186,539

99,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(b)

112,626

305,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

10/21/24

@

103.38(b)

296,994

25,000

Comstock

Resources,

Inc.,

5.88%,

1/15/30,

Callable

1/15/25

@

102.94(b)

23,375

485,000

Continental

Resources,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(b)

496,519

250,000

CQP

Holdco

LP/BIP-V

Chinook

Holdco

LLC,

7.50%,

12/15/33,

Callable

12/15/28

@

103.75(b)

271,250

20,000

CVR

Energy,

Inc.,

5.75%,

2/15/28,

Callable

10/21/24

@

101.92(b)

18,675

350,000

CVR

Energy,

Inc.,

8.50%,

1/15/29,

Callable

1/15/26

@

104.25(b)

353,063

146,000

DCP

Midstream

Operating

LP,

5.38%,

7/15/25,

Callable

4/15/25

@

100

146,365

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

2,905,000

DCP

Midstream

Operating

LP,

5.63%,

7/15/27,

Callable

4/15/27

@

100

$

2,989,245

321,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

329,025

25,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

11/4/24

@

103.56(b)

25,000

445,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

3/15/26

@

104.31(b)

466,694

26,000

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

10/15/24

@

100.88

26,155

40,000

DT

Midstream,

Inc.,

4.13%,

6/15/29,

Callable

11/4/24

@

102.06(b)

38,200

1,000,000

Emera

US

Finance

LP,

3.55%,

6/15/26,

Callable

3/15/26

@

100

979,716

42,000

Energy

Transfer

LP,

5.75%,

4/1/25,

Callable

10/21/24

@

100

42,000

2,229,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

2,266,668

106,000

Energy

Transfer

LP,

5.25%,

4/15/29,

Callable

1/15/29

@

100

109,129

109,000

Energy

Transfer

LP,

3.75%,

5/15/30,

Callable

2/15/30

@

100

104,013

140,000

Energy

Transfer

LP,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(b)

148,750

128,000

Energy

Transfer

LP,

Series

20Y,

5.80%,

6/15/38,

Callable

12/15/37

@

100

133,268

83,000

Energy

Transfer

LP,

6.00%,

6/15/48,

Callable

12/15/47

@

100

85,210

73,000

Energy

Transfer

LP,

6.25%,

4/15/49,

Callable

10/15/48

@

100

76,811

1,908,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

1,721,871

350,000

EnLink

Midstream

LLC,

5.63%,

1/15/28,

Callable

7/15/27

@

100(b)

357,875

400,000

EQM

Midstream

Partners

LP,

7.50%,

6/1/27,

Callable

11/4/24

@

103.75(b)

411,500

50,000

EQM

Midstream

Partners

LP,

6.50%,

7/1/27,

Callable

1/1/27

@

100(b)

51,437

45,000

EQM

Midstream

Partners

LP,

4.50%,

1/15/29,

Callable

7/15/28

@

100(b)

43,931

30,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

30,342

255,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

8.00%,

1/15/27,

Callable

11/4/24

@

104

260,100

230,000

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75(b)

241,500

650,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

650,176

71,000

Hess

Corp.,

7.30%,

8/15/31

81,315

50,000

Hess

Corp.,

7.13%,

3/15/33

57,456

2,002,000

Hess

Corp.,

5.60%,

2/15/41

2,083,662

1,166,000

Hess

Corp.,

5.80%,

4/1/47,

Callable

10/1/46

@

100

1,234,479

125,000

Howard

Midstream

Energy

Partners

LLC,

7.38%,

7/15/32,

Callable

7/15/27

@

103.69(b)

129,062

230,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

12/15/25

@

103.31(b)

238,338

125,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

6/15/25

@

102.94(b)

125,781

90,000

Kraken

Oil

&

Gas

Partners

LLC,

7.63%,

8/15/29,

Callable

8/15/26

@

103.81(b)

89,887

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

100

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

205,000

Matador

Resources

Co.,

6.50%,

4/15/32,

Callable

4/15/27

@

103.25(b)

$

205,000

60,000

Matador

Resources

Co.,

6.25%,

4/15/33,

Callable

4/15/28

@

103.13(b)

58,800

278,000

Mesquite

Energy,

Inc.,

7.25%,

2/15/23(a)(b)(d)

—

115,000

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13(b)

113,275

159,000

MPLX

LP,

4.88%,

12/1/24,

Callable

11/4/24

@

100

158,829

722,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

724,294

251,000

Murphy

Oil

Corp.,

5.88%,

12/1/27,

Callable

10/21/24

@

101.96

254,137

115,000

Murphy

Oil

Corp.,

6.00%,

10/1/32,

Callable

10/1/27

@

103

113,275

250,000

New

Fortress

Energy,

Inc.,

6.50%,

9/30/26,

Callable

11/4/24

@

101.63^(b)

209,375

180,000

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.,

8.13%,

2/15/29,

Callable

2/15/26

@

104.06(b)

184,050

406,000

Occidental

Petroleum

Corp.,

5.55%,

3/15/26,

Callable

12/15/25

@

100

410,872

779,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

885,139

16,000

Occidental

Petroleum

Corp.,

7.88%,

9/15/31

18,480

78,000

Occidental

Petroleum

Corp.,

6.45%,

9/15/36

84,240

410,000

Occidental

Petroleum

Corp.,

6.60%,

3/15/46,

Callable

9/15/45

@

100

440,750

197,000

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

100

196,756

206,000

ONEOK,

Inc.,

4.40%,

10/15/29,

Callable

9/15/29

@

100

204,640

401,000

ONEOK,

Inc.,

4.75%,

10/15/31,

Callable

8/15/31

@

100

399,321

185,000

PBF

Holding

Co

LLC/PBF

Finance

Corp.,

7.88%,

9/15/30,

Callable

9/15/26

@

103.94^(b)

189,856

280,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

11/4/24

@

101.5

275,800

65,000

Permian

Resources

Operating

LLC,

5.88%,

7/1/29,

Callable

11/4/24

@

102.94(b)

64,675

265,000

Permian

Resources

Operating

LLC,

7.00%,

1/15/32,

Callable

1/15/27

@

103.5(b)

275,269

270,000

Range

Resources

Corp.,

4.88%,

5/15/25,

Callable

2/15/25

@

100

268,313

335,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

333,325

229,000

Sitio

Royalties

Operating

Partnership

LP/Sitio

Finance

Corp.,

7.88%,

11/1/28,

Callable

11/1/25

@

103.94(b)

238,732

50,000

SM

Energy

Co.,

6.75%,

9/15/26,

Callable

11/4/24

@

100

49,875

165,000

SM

Energy

Co.,

6.50%,

7/15/28,

Callable

11/4/24

@

103.25

164,794

130,000

Southwestern

Energy

Co.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

124,150

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

11/4/24

@

101

5,006

242,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

11/4/24

@

101.96

242,605

430,000

Sunoco

LP/Sunoco

Finance

Corp.,

4.50%,

5/15/29,

Callable

10/21/24

@

102.25

412,800

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

50,000

Talos

Production,

Inc.,

9.00%,

2/1/29,

Callable

2/1/26

@

104.5(b)

$

51,375

445,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.88%,

2/1/31,

Callable

2/1/26

@

102.44

441,106

45,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

42,244

43,000

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.25%,

5/15/30,

Callable

2/15/30

@

100

40,222

600,000

Venture

Global

Calcasieu

Pass

LLC,

3.88%,

8/15/29,

Callable

2/15/29

@

100(b)

567,000

1,000,000

Western

Midstream

Operating

LP,

3.10%,

2/1/25,

Callable

1/1/25

@

100

992,500

40,000

Western

Midstream

Operating

LP,

3.95%,

6/1/25,

Callable

3/1/25

@

100

39,750

127,000

Western

Midstream

Operating

LP,

4.65%,

7/1/26,

Callable

4/1/26

@

100

127,159

1,000,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

992,500

66,000

Western

Midstream

Operating

LP,

4.75%,

8/15/28,

Callable

5/15/28

@

100

65,952

755,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

748,655

171,000

Williams

Cos.,

Inc.

(The),

5.30%,

8/15/52,

Callable

2/15/52

@

100

165,487

31,141,522

Paper

&

Forest

Products

(0.0%

†

):

45,000

Mercer

International,

Inc.,

5.13%,

2/1/29,

Callable

10/15/24

@

102.56

38,250

Passenger

Airlines

(0.0%

†

):

80,000

American

Airlines,

Inc.,

7.25%,

2/15/28,

Callable

2/15/25

@

103.63^(b)

81,700

195,000

American

Airlines,

Inc.,

8.50%,

5/15/29,

Callable

11/15/25

@

104.25(b)

206,456

90,000

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94(b)

94,500

382,656

Personal

Care

Products

(0.0%

†

):

125,000

BellRing

Brands,

Inc.,

7.00%,

3/15/30,

Callable

3/15/27

@

101.75(b)

130,469

Pharmaceuticals

(0.1%):

1,000,000

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25,

Callable

10/15/25

@

100(b)

991,895

76,000

Elanco

Animal

Health,

Inc.,

6.65%,

8/28/28,

Callable

5/28/28

@

100

78,375

830,000

Viatris,

Inc.,

2.70%,

6/22/30,

Callable

3/22/30

@

100

737,110

1,807,380

Professional

Services

(0.0%

†

):

140,000

ASGN,

Inc.,

4.63%,

5/15/28,

Callable

11/4/24

@

101.52(b)

135,450

335,000

CoreLogic,

Inc.,

4.50%,

5/1/28,

Callable

11/4/24

@

102.25(b)

314,900

120,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(b)

124,500

574,850

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

101

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Real

Estate

Management

&

Development

(0.3%):

$

371,000

American

Homes

4

Rent

LP,

3.63%,

4/15/32,

Callable

1/15/32

@

100

$

343,178

110,400

Anywhere

Real

Estate

Group

LLC/Anywhere

Co.-

Issuer

Corp.,

7.00%,

4/15/30,

Callable

4/15/25

@

102.63^(b)

102,258

7,000

Anywhere

Real

Estate

Group

LLC/Realogy

Co.-Issuer

Corp.,

5.75%,

1/15/29,

Callable

10/21/24

@

102.88(b)

5,828

1,265,000

Brandywine

Operating

Partnership

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

1,205,720

719,000

Brandywine

Operating

Partnership

LP,

8.30%,

3/15/28,

Callable

2/15/28

@

100

776,227

62,000

Brandywine

Operating

Partnership

LP,

4.55%,

10/1/29,

Callable

7/1/29

@

100

58,280

210,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

183,571

68,000

COPT

Defense

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

65,713

68,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

60,473

93,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

81,464

550,000

Invitation

Homes

Operating

Partnership

LP,

4.15%,

4/15/32,

Callable

1/15/32

@

100

523,813

175,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

11/4/24

@

102.38

158,375

300,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(b)

293,734

60,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

3.50%,

2/15/25,

Callable

10/15/24

@

100(b)

59,475

25,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.63%,

6/15/25,

Callable

3/15/25

@

100(b)

24,781

335,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.25%,

12/1/26,

Callable

10/15/24

@

101.06(b)

331,650

4,274,540

Retail

REITs

(0.4%):

536,000

Boston

Properties

LP,

6.75%,

12/1/27,

Callable

11/1/27

@

100

567,202

355,000

Brixmor

Operating

Partnership

LP,

3.85%,

2/1/25,

Callable

11/1/24

@

100

352,993

15,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

15,034

2,200,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

2,135,747

581,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

500,872

93,000

VICI

Properties

LP,

4.38%,

5/15/25

92,535

731,000

VICI

Properties

LP,

4.75%,

2/15/28,

Callable

1/15/28

@

100

733,741

1,082,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

1,083,353

249,000

VICI

Properties

LP,

5.13%,

5/15/32,

Callable

2/15/32

@

100

249,311

5,730,788

Semiconductors

&

Semiconductor

Equipment

(0.4%):

65,000

Broadcom,

Inc.,

1.95%,

2/15/28,

Callable

12/15/27

@

100(b)

60,238

Principal

Amount

Value

Corporate

Bonds,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

$

4,456,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100(b)

$

3,934,283

564,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(b)

482,026

1,648,000

Broadcom,

Inc.,

3.50%,

2/15/41,

Callable

8/15/40

@

100(b)

1,353,493

310,000

Entegris,

Inc.,

4.38%,

4/15/28,

Callable

10/15/24

@

101.09(b)

299,150

50,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

11/4/24

@

100.97(b)

47,500

285,000

Qorvo,

Inc.,

4.38%,

10/15/29,

Callable

11/4/24

@

102.19

275,381

6,452,071

Software

(0.2%):

465,000

AthenaHealth

Group,

Inc.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(b)

446,400

15,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

10/15/24

@

102(b)

14,569

1,240,000

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(b)

1,229,150

150,000

Fair

Isaac

Corp.,

4.00%,

6/15/28,

Callable

10/21/24

@

101(b)

144,563

120,000

McAfee

Corp.,

7.38%,

2/15/30,

Callable

2/15/25

@

103.69(b)

117,000

205,000

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(b)

200,900

400,000

Oracle

Corp.,

2.30%,

3/25/28,

Callable

1/25/28

@

100

375,395

400,000

SS&C

Technologies,

Inc.,

5.50%,

9/30/27,

Callable

11/4/24

@

101.38(b)

399,500

150,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(b)

154,687

165,000

Veritas

US,

Inc./Veritas

Bermuda,

Ltd.,

7.50%,

9/1/25,

Callable

11/4/24

@

100(b)

154,481

3,236,645

Specialized

REITs

(0.0%

†

):

297,000

SBA

Tower

Trust,

2.84%,

1/15/25,

Callable

11/4/24

@

100(b)

294,987

97,000

SBA

Tower

Trust,

1.88%,

1/15/26,

Callable

1/15/25

@

100(b)

93,659

74,000

SBA

Tower

Trust,

2.33%,

1/15/28,

Callable

7/15/26

@

100(b)

68,400

99,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

103,579

560,625

Specialty

Retail

(0.3%):

55,000

ACProducts

Holdings,

Inc.,

6.38%,

5/15/29,

Callable

11/4/24

@

103.19(b)

34,306

35,000

Arko

Corp.,

5.13%,

11/15/29,

Callable

11/15/24

@

102.56^(b)

32,506

80,000

Asbury

Automotive

Group,

Inc.,

4.63%,

11/15/29,

Callable

11/15/24

@

102.31(b)

76,000

85,000

Asbury

Automotive

Group,

Inc.,

5.00%,

2/15/32,

Callable

11/15/26

@

102.5(b)

79,900

65,000

At

Home

Group,

Inc.,

4.88%,

7/15/28,

Callable

11/4/24

@

101.63(b)

30,225

32,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

31,784

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

102

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Specialty

Retail,

continued

$

49,000

AutoZone,

Inc.,

3.63%,

4/15/25,

Callable

3/15/25

@

100

$

48,659

1,229,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

1,203,250

565,000

Bath

&

Body

Works,

Inc.,

6.63%,

10/1/30,

Callable

10/1/25

@

103.31(b)

574,887

150,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

10/15/24

@

102.94(b)

135,000

430,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/25

@

101.22(b)

357,975

125,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(b)

125,000

65,000

Foot

Locker,

Inc.,

4.00%,

10/1/29,

Callable

11/4/24

@

102^(b)

56,387

125,000

Gap,

Inc.

(The),

3.88%,

10/1/31,

Callable

10/1/26

@

101.94(b)

109,063

110,000

Group

1

Automotive,

Inc.,

6.38%,

1/15/30,

Callable

7/15/26

@

103.19(b)

111,650

80,000

Lowe's

Cos.,

Inc.,

3.35%,

4/1/27,

Callable

3/1/27

@

100

78,479

1,138,000

Lowe's

Cos.,

Inc.,

4.45%,

4/1/62,

Callable

10/1/61

@

100

957,583

110,000

Michaels

Cos.,

Inc.

(The),

5.25%,

5/1/28,

Callable

10/15/24

@

102.63(b)

81,400

300,000

Staples,

Inc.,

10.75%,

9/1/29,

Callable

9/1/26

@

105.38(b)

291,000

165,000

Staples,

Inc.,

12.75%,

1/15/30,

Callable

6/15/27

@

106.38(b)

133,650

15,000

Upbound

Group,

Inc.,

6.38%,

2/15/29,

Callable

11/4/24

@

103.19(b)

14,475

350,000

Valvoline,

Inc.,

3.63%,

6/15/31,

Callable

6/15/26

@

101.81(b)

312,375

4,875,554

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

65,000

Capstone

Borrower,

Inc.,

8.00%,

6/15/30,

Callable

6/15/26

@

104(b)

68,737

500,000

CommScope,

Inc.,

4.75%,

9/1/29,

Callable

11/4/24

@

102.38(b)

400,625

60,000

CPI

CG,

Inc.,

10.00%,

7/15/29,

Callable

7/15/26

@

105(b)

63,150

55,000

Dell

International

LLC/EMC

Corp.,

5.85%,

7/15/25

55,382

59,000

Dell

International

LLC/EMC

Corp.,

6.02%,

6/15/26,

Callable

3/15/26

@

100

60,423

101,000

Dell

International

LLC/EMC

Corp.,

6.10%,

7/15/27,

Callable

5/15/27

@

100^

105,938

87,000

Dell

International

LLC/EMC

Corp.,

6.20%,

7/15/30,

Callable

4/15/30

@

100

94,540

848,795

Textiles,

Apparel

&

Luxury

Goods

(0.2%):

130,000

Crocs,

Inc.,

4.13%,

8/15/31,

Callable

8/15/26

@

102.06(b)

117,813

40,000

Kontoor

Brands,

Inc.,

4.13%,

11/15/29,

Callable

11/15/24

@

102.06(b)

37,600

45,000

Levi

Strauss

&

Co.,

3.50%,

3/1/31,

Callable

3/1/26

@

101.75(b)

40,725

108,000

Tapestry,

Inc.,

7.05%,

11/27/25

110,200

292,000

Tapestry,

Inc.,

7.00%,

11/27/26

302,067

Principal

Amount

Value

Corporate

Bonds,

continued

Textiles,

Apparel

&

Luxury

Goods,

continued

$

467,000

Tapestry,

Inc.,

7.35%,

11/27/28,

Callable

10/27/28

@

100

$

491,744

522,000

Tapestry,

Inc.,

7.70%,

11/27/30,

Callable

9/27/30

@

100

561,526

522,000

Tapestry,

Inc.,

7.85%,

11/27/33,

Callable

8/27/33

@

100

564,835

235,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

11/4/24

@

102(b)

207,388

2,433,898

Tobacco

(0.1%):

294,000

Altria

Group,

Inc.,

4.25%,

8/9/42

250,611

191,000

Altria

Group,

Inc.,

4.50%,

5/2/43

167,261

72,000

Altria

Group,

Inc.,

5.95%,

2/14/49,

Callable

8/14/48

@

100

75,446

175,000

BAT

Capital

Corp.,

6.42%,

8/2/33,

Callable

5/2/33

@

100

191,620

144,000

Reynolds

American,

Inc.,

4.45%,

6/12/25,

Callable

3/12/25

@

100

143,637

120,000

Reynolds

American,

Inc.,

5.70%,

8/15/35,

Callable

2/15/35

@

100

124,425

45,000

Turning

Point

Brands,

Inc.,

5.63%,

2/15/26,

Callable

10/15/24

@

101.41(b)

45,675

998,675

Trading

Companies

&

Distributors

(0.2%):

2,465,000

Air

Lease

Corp.,

3.38%,

7/1/25,

Callable

6/1/25

@

100

2,437,436

130,000

Beacon

Roofing

Supply,

Inc.,

6.50%,

8/1/30,

Callable

8/1/26

@

103.25(b)

134,063

175,000

Fortress

Transportation

and

Infrastructure

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94(b)

187,906

60,000

Fortress

Transportation

and

Infrastructure

Investors

LLC,

7.00%,

6/15/32,

Callable

6/15/27

@

103.5(b)

63,000

30,000

Foundation

Building

Materials,

Inc.,

6.00%,

3/1/29,

Callable

11/4/24

@

103(b)

26,362

305,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(b)

315,294

3,164,061

Wireless

Telecommunication

Services

(0.3%):

485,000

LCPR

Senior

Secured

Financing

DAC,

5.13%,

7/15/29,

Callable

11/4/24

@

102.56^(b)

392,850

1,155,000

Sprint

Capital

Corp.,

8.75%,

3/15/32

1,432,200

2,860,000

T-Mobile

USA,

Inc.,

3.75%,

4/15/27,

Callable

2/15/27

@

100

2,826,244

40,000

T-Mobile

USA,

Inc.,

4.75%,

2/1/28,

Callable

10/15/24

@

101.58

40,080

45,000

T-Mobile

USA,

Inc.,

3.38%,

4/15/29,

Callable

10/15/24

@

101.69

43,151

430,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

416,938

5,151,463

Total

Corporate

Bonds

(Cost

$277,924,739)

266,643,691

Yankee

Debt

Obligations

(4.3%):

Aerospace

&

Defense

(0.1%):

620,000

Bombardier,

Inc.,

6.00%,

2/15/28,

Callable

11/4/24

@

103(b)

623,100

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

103

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Aerospace

&

Defense,

continued

$

115,000

Garda

World

Security

Corp.,

8.25%,

8/1/32,

Callable

8/1/27

@

104.13(b)

$

117,300

740,400

Banks

(0.7%):

2,377,000

Barclays

PLC,

5.09%

(US0003M),

6/20/30,

Callable

6/20/29

@

100

2,386,665

200,000

Commonwealth

Bank

of

Australia,

3.61%

(H15T5Y),

9/12/34,

Callable

9/12/29

@

100(b)

188,289

1,000,000

HSBC

Holdings

PLC,

2.80%

(SOFR),

5/24/32,

Callable

5/24/31

@

100^

882,193

3,069,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(b)

3,086,625

3,863,000

Societe

Generale

SA,

1.49%

(H15T1Y),

12/14/26,

Callable

12/14/25

@

100(b)

3,696,474

239,000

UniCredit

SpA,

5.86%

(USISDA05),

6/19/32,

Callable

6/19/27

@

100(b)

239,628

141,000

UniCredit

SpA,

7.30%

(USISDA05),

4/2/34,

Callable

4/2/29

@

100(b)

149,906

186,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y),

7/24/34,

Callable

7/24/29

@

100

179,663

10,809,443

Biotechnology

(0.0%

†

):

60,000

Grifols

SA,

4.75%,

10/15/28,

Callable

11/4/24

@

102.38^(b)

56,250

Capital

Markets

(0.4%):

4,610,000

Deutsche

Bank

AG,

4.50%,

4/1/25

4,588,379

115,000

Global

Aircraft

Leasing

Co.,

Ltd.,

8.75%,

9/1/27,

Callable

3/1/26

@

104.38(b)

116,725

774,000

UBS

Group

AG,

1.49%

(H15T1Y),

8/10/27,

Callable

8/10/26

@

100(b)

730,587

314,000

UBS

Group

AG,

4.19%

(SOFR),

4/1/31,

Callable

4/1/30

@

100(b)

307,462

5,743,153

Chemicals

(0.1%):

225,000

Axalta

Coating

Systems

Dutch

Holding

B

B.V.,

7.25%,

2/15/31,

Callable

11/15/26

@

103.63(b)

240,187

125,000

Cerdia

Finanz

GmbH,

10.50%,

2/15/27,

Callable

11/4/24

@

105.25(b)

131,250

530,000

NOVA

Chemicals

Corp.,

5.25%,

6/1/27,

Callable

3/3/27

@

100(b)

522,712

60,000

NOVA

Chemicals

Corp.,

9.00%,

2/15/30,

Callable

8/15/26

@

104.5(b)

64,875

500,000

Nufarm

Australia,

Ltd./Nufarm

Americas,

Inc.,

5.00%,

1/27/30,

Callable

1/27/25

@

102.5(b)

462,500

125,000

SNF

Group

SACA,

3.13%,

3/15/27,

Callable

11/4/24

@

101.56(b)

118,438

1,539,962

Commercial

Services

&

Supplies

(0.0%

†

):

33,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

4

Sarl,

4.63%,

6/1/28,

Callable

11/4/24

@

102.31(b)

30,938

150,000

Cimpress

PLC,

7.38%,

9/15/32,

Callable

9/15/27

@

103.69(b)

151,687

85,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(b)

89,144

271,769

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Communications

Equipment

(0.0%

†

):

$

160,000

Nokia

Oyj,

6.63%,

5/15/39

$

168,800

Consumer

Staples

Distribution

&

Retail

(0.3%):

1,380,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

2.50%,

1/15/27,

Callable

12/15/26

@

100

1,311,000

475,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

5.13%,

2/1/28,

Callable

1/1/28

@

100

481,184

180,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

5.50%,

1/15/30,

Callable

1/15/25

@

102.75

182,298

1,375,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

3.00%,

5/15/32,

Callable

2/15/32

@

100

1,194,531

708,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

5.75%,

4/1/33,

Callable

1/1/33

@

100

733,138

3,902,151

Containers

&

Packaging

(0.0%

†

):

15,000

Intelligent

Packaging,

Ltd.

Finco,

Inc./Intelligent

Packaging,

Ltd.

Co.-Issuer

LLC,

6.00%,

9/15/28,

Callable

11/4/24

@

100(b)

14,831

130,000

OI

European

Group

BV,

4.75%,

2/15/30,

Callable

11/15/24

@

102.38(b)

122,525

285,000

Trivium

Packaging

Finance

BV,

5.50%,

8/15/26,

Callable

11/4/24

@

100(b)

282,863

420,219

Diversified

Consumer

Services

(0.0%

†

):

165,000

Mclaren

Finance

PLC,

7.50%,

8/1/26,

Callable

11/4/24

@

101.88(b)

151,800

Diversified

Telecommunication

Services

(0.1%):

470,000

Altice

France

SA,

5.13%,

1/15/29,

Callable

11/4/24

@

101.28(b)

326,650

520,000

Altice

France

SA,

5.13%,

7/15/29,

Callable

11/4/24

@

102.56(b)

365,300

335,000

Altice

France

SA,

5.50%,

10/15/29,

Callable

11/4/24

@

102.75(b)

232,825

250,000

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/30,

Callable

3/15/25

@

102(b)

239,375

190,000

Liquid

Telecommunications

Financing

plc,

5.50%,

9/4/26,

Callable

11/4/24

@

101.38(b)

128,725

80,000

Telecom

Italia

Capital

SA,

6.38%,

11/15/33^

82,200

55,000

Telecom

Italia

Capital

SA,

6.00%,

9/30/34^

54,587

780,000

Vmed

O2

UK

Financing

I

PLC,

4.25%,

1/31/31,

Callable

1/31/26

@

102.13(b)

688,350

2,118,012

Electrical

Equipment

(0.0%

†

):

665,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

11/4/24

@

102(b)

630,087

Energy

Equipment

&

Services

(0.0%

†

):

190,000

Valaris,

Ltd.,

8.38%,

4/30/30,

Callable

4/30/26

@

104.19(b)

195,225

Financial

Services

(0.7%):

114,000

1375209

BC,

Ltd.,

9.00%,

1/30/28,

Callable

10/15/24

@

100^(b)

112,860

361,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

1.65%,

10/29/24

359,803

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

104

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Financial

Services,

continued

$

151,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.50%,

7/15/25,

Callable

6/15/25

@

100

$

152,484

163,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

162,491

503,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

483,047

3,068,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

6.45%,

4/15/27,

Callable

3/15/27

@

100

3,226,171

527,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.00%,

10/29/28,

Callable

8/29/28

@

100

496,702

564,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

507,875

445,000

Altice

Financing

SA,

5.00%,

1/15/28,

Callable

11/4/24

@

101.25(b)

376,025

2,000,000

Avolon

Holdings

Funding,

Ltd.,

2.88%,

2/15/25,

Callable

1/15/25

@

100(b)

1,979,394

767,000

Avolon

Holdings

Funding,

Ltd.,

6.38%,

5/4/28,

Callable

4/4/28

@

100(b)

800,528

300,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(b)

307,125

170,000

GGAM

Finance,

Ltd.,

8.00%,

2/15/27,

Callable

8/15/26

@

100(b)

176,588

150,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/26

@

103.44(b)

154,875

430,000

HTA

Group,

Ltd.,

7.50%,

6/4/29,

Callable

6/4/26

@

103.75^(b)

436,450

390,000

Imperial

Brands

Finance

PLC,

6.13%,

7/27/27,

Callable

6/27/27

@

100(b)

405,185

40,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100(b)

41,850

110,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

9/30/25

@

104.06(b)

116,187

20,000

NCL

Finance,

Ltd.,

6.13%,

3/15/28,

Callable

12/15/27

@

100(b)

20,400

200,000

Sable

International

Finance,

Ltd.,

7.13%,

10/15/32,

Callable

10/15/27

@

103.56(b)

201,300

55,000

Sigma

Holdco

BV,

7.88%,

5/15/26,

Callable

10/15/24

@

100(b)

54,450

10,571,790

Health

Care

Providers

&

Services

(0.0%

†

):

30,000

Jazz

Securities

DAC,

4.38%,

1/15/29,

Callable

10/21/24

@

102.19(b)

28,950

Hotels,

Restaurants

&

Leisure

(0.2%):

245,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

6.13%,

6/15/29,

Callable

6/15/26

@

103.06(b)

251,431

525,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(b)

483,000

565,000

Carnival

Corp.,

7.63%,

3/1/26,

Callable

10/15/24

@

101.91(b)

569,944

45,000

Melco

Resorts

Finance,

Ltd.,

5.75%,

7/21/28,

Callable

11/4/24

@

101.44(b)

43,537

40,000

Melco

Resorts

Finance,

Ltd.,

5.38%,

12/4/29,

Callable

12/4/24

@

102.69(b)

37,500

900,000

NCL

Corp.,

Ltd.,

5.88%,

3/15/26,

Callable

12/15/25

@

100(b)

900,000

170,000

NCL

Corp.,

Ltd.,

5.88%,

2/15/27,

Callable

10/15/24

@

102.94(b)

170,213

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

65,000

Ontario

Gaming

GTA

LP/OTG

Co.-Issuer,

Inc.,

8.00%,

8/1/30,

Callable

8/1/25

@

104(b)

$

67,519

115,000

Studio

City

Co.,

Ltd.,

7.00%,

2/15/27,

Callable

11/4/24

@

103.5(b)

116,006

240,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(b)

262,800

2,901,950

Industrial

REITs

(0.0%

†

):

130,000

Connect

Finco

SARL/Connect

US

Finco

LLC,

6.75%,

10/1/26

130,000

Insurance

(0.1%):

1,414,000

AIA

Group,

Ltd.,

3.38%,

4/7/30,

Callable

1/7/30

@

100(b)

1,341,656

35,000

Jones

Deslauriers

Insurance

Management,

Inc.,

10.50%,

12/15/30,

Callable

12/15/25

@

105.25(b)

38,062

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y),

4/2/49,

Callable

4/2/29

@

100(b)

201,809

1,581,527

Media

(0.1%):

430,000

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

7/15/28,

Callable

11/4/24

@

101.25(b)

412,800

335,000

Ziggo

Bond

Co.

BV,

5.13%,

2/28/30,

Callable

2/15/25

@

102.56(b)

309,037

721,837

Metals

&

Mining

(0.1%):

45,000

Alcoa

Nederland

Holding

BV,

4.13%,

3/31/29,

Callable

10/21/24

@

102.06(b)

43,020

45,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56(b)

47,700

695,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25^(b)

688,050

35,000

First

Quantum

Minerals,

Ltd.,

6.88%,

10/15/27,

Callable

10/15/24

@

101.72(b)

34,519

5,000

FMG

Resources

August

2006

Pty,

Ltd.,

4.50%,

9/15/27,

Callable

6/15/27

@

100(b)

4,894

180,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/4/24

@

104^(b)

184,500

110,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63^(b)

117,150

1,119,833

Oil,

Gas

&

Consumable

Fuels

(1.0%):

160,000

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(b)

160,000

245,000

Canacol

Energy,

Ltd.,

5.75%,

11/24/28,

Callable

11/24/24

@

102.88(b)

131,075

185,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106(b)

186,156

680,000

eG

Global

Finance

PLC,

12.00%,

11/30/28,

Callable

5/30/26

@

106(b)

754,800

200,000

Golar

LNG,

Ltd.,

7.75%,

9/19/29,

Callable

3/19/28

@

103.1(b)

199,060

285,000

Parkland

Corp.,

6.63%,

8/15/32,

Callable

8/15/27

@

103.31(b)

288,919

2,500,000

Petroleos

Mexicanos,

4.50%,

1/23/26

2,421,875

151,000

Petroleos

Mexicanos,

6.84%,

1/23/30,

Callable

10/23/29

@

100

139,864

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

105

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

4,920,000

Petroleos

Mexicanos,

5.95%,

1/28/31,

Callable

10/28/30

@

100

$

4,261,950

625,000

Petroleos

Mexicanos,

6.70%,

2/16/32,

Callable

11/16/31

@

100

560,938

2,228,000

Petroleos

Mexicanos,

6.75%,

9/21/47

1,593,020

5,000,000

Petroleos

Mexicanos,

6.35%,

2/12/48

3,450,000

336,000

Petroleos

Mexicanos,

6.95%,

1/28/60,

Callable

7/28/59

@

100

241,080

255,000

Seadrill

Finance,

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(b)

265,837

45,000

Teine

Energy,

Ltd.,

6.88%,

4/15/29,

Callable

11/4/24

@

103.44(b)

44,213

243,000

Transocean

Poseidon,

Ltd.,

6.88%,

2/1/27,

Callable

11/4/24

@

101.72(b)

242,392

144,500

Transocean,

Inc.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(b)

150,641

15,091,820

Passenger

Airlines

(0.0%

†

):

240,000

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.,

7.88%,

5/1/27,

Callable

11/4/24

@

103.94^(b)

232,200

215,000

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

2/1/25

@

103.19^(b)

184,094

416,294

Pharmaceuticals

(0.1%):

570,000

Bausch

Health

Cos.,

Inc.,

5.50%,

11/1/25,

Callable

11/4/24

@

100(b)

555,750

217,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(b)

202,353

19,000

Bausch

Health

Cos.,

Inc.,

14.00%,

10/15/30,

Callable

10/15/25

@

106(b)

17,195

775,298

Software

(0.0%

†

):

205,000

Elastic

NV,

4.13%,

7/15/29,

Callable

11/4/24

@

102.06(b)

190,650

60,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

11/4/24

@

100.97(b)

57,300

305,000

Open

Text

Corp.,

3.88%,

12/1/29,

Callable

12/1/24

@

101.94(b)

283,269

531,219

Sovereign

Bond

(0.2%):

3,150,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28(b)

3,232,687

200,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(b)

187,429

200,000

Saudi

Government

International

Bond,

4.50%,

4/22/60(b)

168,197

3,588,313

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

115,000

Seagate

HDD

Cayman,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13

124,344

Transportation

Infrastructure

(0.0%

†

):

355,000

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

11/4/24

@

102.75(b)

337,250

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Wireless

Telecommunication

Services

(0.1%):

$

450,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

10/15/24

@

103.13(b)

$

446,625

295,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(b)

264,394

711,019

Total

Yankee

Debt

Obligations

(Cost

$68,908,326)

65,378,715

U.S.

Government

Agency

Mortgages

(11.7%):

Federal

Home

Loan

Mortgage

Corporation

(3.4%):

19,810

2.50%,

6/1/31,

Pool

#J34501

19,062

14,388

2.50%,

6/1/31,

Pool

#G18604

13,846

25,021

2.50%,

7/1/31,

Pool

#V61246

24,225

41,702

2.50%,

8/1/31,

Pool

#V61273

40,217

113,505

3.50%,

3/1/32,

Pool

#C91403

114,374

356,734

3.50%,

7/1/32,

Pool

#C91467

359,468

91,287

2.50%,

12/1/32,

Pool

#G18669

87,868

21,185

2.50%,

3/1/33,

Pool

#G18680

20,177

82,743

3.00%,

4/1/33,

Pool

#G18684

80,148

26,404

3.00%,

5/1/33,

Pool

#G16550

25,675

69,047

2.50%,

7/1/33,

Pool

#G16661

66,394

19,343

3.00%,

4/1/34,

Pool

#G16829

19,083

104,994

3.50%,

10/1/34,

Pool

#C91793

101,889

348,410

3.00%,

5/1/35,

Pool

#SB0836

337,296

2,517,106

2.00%,

6/1/35,

Pool

#QN2416

2,320,312

397,196

1.50%,

8/1/35,

Pool

#SB8066

356,649

477,898

1.50%,

11/1/35,

Pool

#SB8073

429,104

34,806

1.50%,

11/1/35,

Pool

#QN4142

31,253

14,541

1.50%,

12/1/35,

Pool

#SB8078

13,056

461,129

1.50%,

1/1/36,

Pool

#SB8083

414,038

829,093

1.50%,

2/1/36,

Pool

#RC1756

744,040

26,068

1.50%,

2/1/36,

Pool

#SB8088

23,362

16,536

1.50%,

3/1/36,

Pool

#SB8092

14,819

28,444

1.50%,

4/1/36,

Pool

#SB8097

25,491

560,826

2.00%,

5/1/36,

Pool

#QN6400

514,490

1,014,560

2.00%,

6/1/36,

Pool

#SB8107

930,747

29,602

1.50%,

6/1/36,

Pool

#SB8106

26,529

25,587

1.50%,

7/1/36,

Pool

#SB8110

22,931

2,685,603

2.50%,

7/1/36,

Pool

#SB0535

2,541,461

18,080

1.50%,

8/1/36,

Pool

#SB8114

16,203

380,054

1.50%,

12/1/36,

Pool

#SB8131

339,228

780,959

2.50%,

3/1/37,

Pool

#RC2527

735,346

306,027

4.00%,

5/1/37,

Pool

#C91938

305,851

23,136

2.50%,

6/1/40,

Pool

#QK0306

20,899

142,466

4.00%,

11/1/40,

Pool

#A95150

140,302

29,369

1.50%,

12/1/40,

Pool

#RB5089

24,634

48,779

1.50%,

2/1/41,

Pool

#RB5099

41,756

49,507

1.50%,

3/1/41,

Pool

#RB5104

42,378

431,500

2.00%,

3/1/41,

Pool

#SC0136

377,041

49,175

1.50%,

4/1/41,

Pool

#RB5107

42,093

18,082

2.00%,

4/1/41,

Pool

#RB5108

15,787

18,723

2.00%,

7/1/41,

Pool

#RB5118

16,347

649,897

2.00%,

7/1/41,

Pool

#SC0162

567,792

80,602

2.50%,

10/1/41,

Pool

#RB5132

72,841

19,539

2.00%,

10/1/41,

Pool

#RB5131

16,964

304,256

2.00%,

11/1/41,

Pool

#RB5135

264,152

145,545

2.00%,

11/1/41,

Pool

#QK1180

126,358

153,566

2.50%,

1/1/42,

Pool

#RB5142

138,777

74,117

3.50%,

7/1/42,

Pool

#ZA1231

71,571

162,409

3.50%,

7/1/42,

Pool

#ZA1228

155,244

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

106

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

214,776

3.50%,

9/1/42,

Pool

#ZL3774

$

205,020

200,576

4.50%,

10/1/42,

Pool

#RB5189

201,872

65,224

3.50%,

11/1/42,

Pool

#ZL4397

62,346

126,990

4.50%,

12/1/42,

Pool

#RB5198

127,813

198,201

3.50%,

1/1/44,

Pool

#G60271

190,377

389,471

3.50%,

1/1/44,

Pool

#G07922

370,907

48,672

4.00%,

2/1/45,

Pool

#G07949

48,475

47,076

3.50%,

11/1/45,

Pool

#Q37467

45,043

5,669

4.00%,

4/1/46,

Pool

#Q39975

5,613

11,733

4.00%,

4/1/46,

Pool

#V82292

11,679

94,481

3.50%,

9/1/46,

Pool

#Q43257

90,094

4,382

4.50%,

12/1/46,

Pool

#Q45028

4,399

148,421

3.00%,

12/1/46,

Pool

#G60989

133,668

4,533

4.50%,

1/1/47,

Pool

#Q45635

4,551

8,341

4.50%,

2/1/47,

Pool

#Q46222

8,390

415,317

2.50%,

4/1/47,

Pool

#SD0978

359,614

15,729

4.50%,

5/1/47,

Pool

#Q47935

15,822

22,579

4.50%,

5/1/47,

Pool

#Q48095

22,712

7,360

4.50%,

5/1/47,

Pool

#Q47942

7,403

184,965

4.00%,

6/1/47,

Pool

#Q48877

178,074

30,522

4.50%,

6/1/47,

Pool

#Q48759

30,701

13,272

4.50%,

7/1/47,

Pool

#Q49393

13,350

70,986

4.50%,

12/1/47,

Pool

#Q53017

70,031

23,198

4.00%,

2/1/48,

Pool

#G61343

22,965

11,168

4.00%,

2/1/48,

Pool

#Q54499

10,928

12,724

4.50%,

4/1/48,

Pool

#Q55500

12,521

39,699

4.50%,

4/1/48,

Pool

#Q55660

39,066

12,942

4.50%,

4/1/48,

Pool

#Q55724

12,735

25,811

4.50%,

5/1/48,

Pool

#Q55839

25,399

82,002

4.00%,

5/1/48,

Pool

#Q55992

80,241

120,664

4.00%,

6/1/48,

Pool

#G67713

116,146

39,051

4.00%,

7/1/48,

Pool

#Q59935

38,916

20,560

4.50%,

10/1/48,

Pool

#G67716

20,560

125,336

3.00%,

6/1/49,

Pool

#ZT2090

113,958

573,339

4.50%,

7/1/49,

Pool

#RA1171

574,959

127,324

3.00%,

4/1/50,

Pool

#QA9049

115,743

299,246

2.00%,

6/1/50,

Pool

#RA2677

251,912

273,912

2.50%,

8/1/50,

Pool

#SD0430

239,845

27,081

3.00%,

11/1/50,

Pool

#SD8108

24,532

377,365

2.50%,

11/1/50,

Pool

#SD7530

330,787

229,965

3.00%,

12/1/50,

Pool

#SD8115

208,327

1,908,638

2.50%,

2/1/51,

Pool

#SD7535

1,674,852

318,013

2.50%,

2/1/51,

Pool

#RA4575

277,073

307,281

2.50%,

3/1/51,

Pool

#RA4749

267,730

4,483,072

1.50%,

4/1/51,

Pool

#SD8139

3,535,772

68,038

3.00%,

5/1/51,

Pool

#RA5267

61,485

1,870,910

2.50%,

5/1/51,

Pool

#SD7540

1,643,975

1,157,882

2.00%,

5/1/51,

Pool

#SD7541

975,907

40,687

2.00%,

5/1/51,

Pool

#QC1514

34,137

307,643

2.50%,

7/1/51,

Pool

#RA5574

268,684

23,918

2.00%,

7/1/51,

Pool

#QC4163

20,068

1,643,138

2.50%,

7/1/51,

Pool

#SD3095

1,417,514

403,157

3.00%,

9/1/51,

Pool

#QC7496

364,474

374,738

3.00%,

9/1/51,

Pool

#QC6608

339,500

74,778

3.00%,

9/1/51,

Pool

#RA5901

67,575

399,410

3.00%,

10/1/51,

Pool

#QC9077

361,098

599,800

2.00%,

10/1/51,

Pool

#RA6076

501,847

391,607

3.00%,

11/1/51,

Pool

#QD1240

354,038

366,015

2.00%,

11/1/51,

Pool

#RA6302

305,251

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

1,078,128

2.00%,

11/1/51,

Pool

#RA6241

$

902,075

88,086

3.00%,

11/1/51,

Pool

#RA6347

79,640

566,658

2.50%,

12/1/51,

Pool

#RA6434

493,583

1,870,883

2.50%,

12/1/51,

Pool

#RA6435

1,632,995

133,482

2.50%,

12/1/51,

Pool

#SD8183

115,565

424,790

2.00%,

12/1/51,

Pool

#RA6510

355,687

396,121

3.00%,

12/1/51,

Pool

#QD3200

358,104

347,604

3.00%,

1/1/52,

Pool

#RA6604

314,270

239,297

3.00%,

1/1/52,

Pool

#QD5561

216,376

94,995

3.50%,

2/1/52,

Pool

#RA6700

88,795

154,295

3.50%,

2/1/52,

Pool

#RA6799

144,406

913,526

2.00%,

2/1/52,

Pool

#RA6824

764,859

937,996

2.00%,

2/1/52,

Pool

#RA6823

784,615

915,999

2.00%,

2/1/52,

Pool

#SD8193

757,209

222,662

3.00%,

3/1/52,

Pool

#SD2219

201,703

591,969

3.50%,

3/1/52,

Pool

#RA6949

555,175

2,158,535

3.00%,

3/1/52,

Pool

#RA6988

1,951,115

4,040,663

2.00%,

3/1/52,

Pool

#SD4071

3,340,255

109,975

2.00%,

3/1/52,

Pool

#SD8199

90,912

1,086,807

3.50%,

3/1/52,

Pool

#RA6987

1,019,324

630,778

3.50%,

3/1/52,

Pool

#RA6950

593,893

172,870

3.50%,

4/1/52,

Pool

#SD0927

163,582

287,922

3.00%,

5/1/52,

Pool

#RA7375

260,245

24,780

5.00%,

7/1/52,

Pool

#RA7617

24,872

165,019

5.00%,

9/1/52,

Pool

#SD1572

166,493

689,048

4.00%,

10/1/52,

Pool

#SD1772

671,355

269,424

5.00%,

11/1/52,

Pool

#SD1862

271,934

610,454

5.00%,

12/1/52,

Pool

#SD1924

616,060

1,819,962

5.50%,

5/1/53,

Pool

#RA9058

1,870,652

193,773

6.00%,

6/1/53,

Pool

#RA9278

200,265

192,697

6.00%,

6/1/53,

Pool

#RA9277

199,908

226,229

6.00%,

6/1/53,

Pool

#RA9276

234,612

923,213

5.50%,

6/1/53,

Pool

#RA9161

945,479

765,838

5.50%,

3/1/54,

Pool

#RJ1067

777,134

612,399

5.00%,

6/1/54,

Pool

#SD8437

612,062

400,015

6.00%,

9/1/54,

Pool

#SD6419

417,343

100,000

6.00%,

9/1/54,

Pool

#SD7574

103,250

52,463,844

Government

National

Mortgage

Association

(3.0%):

14,112

4.00%,

10/20/40,

Pool

#4833

13,936

42,787

4.00%,

1/20/41,

Pool

#4922

42,254

46,731

4.00%,

8/15/41,

Pool

#430354

45,613

490,302

4.00%,

1/20/42,

Pool

#5280

486,134

67,885

4.00%,

11/20/42,

Pool

#MA0535

67,393

161,161

3.00%,

12/20/42,

Pool

#AA5872

147,550

19,721

3.50%,

3/20/43,

Pool

#AD8884

18,871

107,380

3.00%,

3/20/43,

Pool

#AA6146

99,738

46,039

3.00%,

3/20/43,

Pool

#AD8812

42,592

20,872

3.50%,

4/20/43,

Pool

#AD9075

19,973

7,937

3.50%,

4/20/43,

Pool

#AB9891

7,595

42,287

4.00%,

5/20/46,

Pool

#MA3664

41,862

213,290

3.00%,

12/20/46,

Pool

#MA4126

197,075

40,411

4.00%,

1/15/47,

Pool

#AX5857

39,930

35,354

4.00%,

1/15/47,

Pool

#AX5831

34,604

302,366

3.00%,

1/20/47,

Pool

#MA4195

279,380

125,265

4.00%,

3/20/47,

Pool

#MA4322

122,783

21,260

4.00%,

4/20/47,

Pool

#MA4383

20,839

71,768

4.00%,

4/20/47,

Pool

#784304

70,204

69,440

4.00%,

4/20/47,

Pool

#784303

67,927

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

107

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

15,046

3.50%,

2/20/48,

Pool

#MA5019

$

14,216

11,135

4.00%,

4/20/48,

Pool

#BG3507

10,920

11,782

4.00%,

4/20/48,

Pool

#BG7744

11,555

5,951

3.50%,

12/20/49,

Pool

#BR8985

5,594

2,684

3.50%,

12/20/49,

Pool

#BR8984

2,530

2,605

3.50%,

12/20/49,

Pool

#BR8987

2,460

6,881,976

2.00%,

10/20/50,

Pool

#MA6930

5,837,803

7,018,304

2.00%,

11/20/50,

Pool

#MA6994

5,953,414

860,640

2.00%,

12/20/50,

Pool

#MA7051

730,054

1,057,467

2.00%,

1/20/51,

Pool

#MA7135

896,106

1,591,645

2.00%,

2/20/51,

Pool

#MA7192

1,349,386

968,972

2.50%,

7/20/51,

Pool

#MA7472

853,008

185,437

2.50%,

8/20/51,

Pool

#785575

161,571

161,831

2.50%,

9/20/51,

Pool

#785616

140,777

798,288

2.50%,

9/20/51,

Pool

#MA7589

702,386

59,789

2.50%,

12/20/51,

Pool

#MA7767

52,615

218,920

2.50%,

12/20/51,

Pool

#785792

190,746

979,759

2.50%,

1/20/52,

Pool

#MA7827

861,899

5,415,057

3.00%,

3/20/52,

Pool

#MA7937

4,933,553

935,152

2.50%,

5/20/52,

Pool

#MA8042

822,360

1,476,648

3.00%,

6/20/52,

Pool

#MA8098

1,345,086

5,823,052

2.50%,

6/20/52,

Pool

#MA8097

5,122,378

966,828

3.50%,

7/20/52,

Pool

#MA8149

909,095

2,254,703

3.50%,

9/20/52,

Pool

#MA8266

2,120,066

1,191,075

4.00%,

10/20/52,

Pool

#MA8346

1,152,634

1,659,516

3.50%,

10/20/52,

Pool

#MA8345

1,560,435

3,048,647

4.50%,

4/20/53,

Pool

#MA8799

3,011,360

797,806

5.00%,

9/20/53,

Pool

#MA9170

800,483

335,169

6.50%,

11/20/53,

Pool

#MA9307

342,949

650,000

5.50%,

11/20/53,

TBA

656,183

458,637

3.50%,

5/20/54,

Pool

#MA9664

431,545

1,250,000

5.50%,

10/20/54,

TBA

1,261,719

875,000

5.00%,

10/20/54,

TBA

876,504

700,000

5.00%,

11/20/54,

TBA

700,847

45,690,490

Federal

National

Mortgage

Association

(5.3%):

21,622

2.50%,

5/1/31,

Pool

#BC0919

21,074

30,217

2.50%,

8/1/31,

Pool

#BC2778

29,450

21,569

2.50%,

10/1/31,

Pool

#AS8010

20,800

145,745

2.50%,

1/1/32,

Pool

#BE3032

140,342

25,311

2.50%,

9/1/32,

Pool

#MA3124

24,364

12,901

3.00%,

3/1/33,

Pool

#BM4614

12,578

487,120

2.00%,

10/1/35,

Pool

#BK5705

449,038

14,340

1.50%,

11/1/35,

Pool

#MA4178

12,876

14,003

1.50%,

11/1/35,

Pool

#FM4368

12,573

24,400

1.50%,

12/1/35,

Pool

#MA4205

21,909

14,534

1.50%,

12/1/35,

Pool

#FM4701

13,050

456,335

1.50%,

1/1/36,

Pool

#MA4228

409,738

22,273

1.50%,

2/1/36,

Pool

#MA4260

19,960

20,004

1.50%,

2/1/36,

Pool

#FM5367

17,924

158,675

1.50%,

2/1/36,

Pool

#FM6507

142,200

16,370

1.50%,

3/1/36,

Pool

#FM6804

14,670

26,602

1.50%,

3/1/36,

Pool

#BR4700

23,840

27,435

1.50%,

3/1/36,

Pool

#MA4278

24,586

204,774

1.50%,

4/1/36,

Pool

#MA4302

183,509

27,703

1.50%,

4/1/36,

Pool

#FM6100

24,821

16,849

1.50%,

5/1/36,

Pool

#MA4328

15,100

29,327

1.50%,

5/1/36,

Pool

#BR1069

26,283

233,993

6.00%,

5/1/36,

Pool

#745512

244,592

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

293,121

2.00%,

6/1/36,

Pool

#BP3507

$

268,905

29,137

1.50%,

6/1/36,

Pool

#MA4359

26,111

30,665

1.50%,

6/1/36,

Pool

#BR2059

27,482

1,085,000

2.00%,

7/1/36,

Pool

#MA4383

995,365

20,705

1.50%,

7/1/36,

Pool

#MA4382

18,555

30,369

1.50%,

8/1/36,

Pool

#MA4402

27,107

31,432

1.50%,

9/1/36,

Pool

#MA4417

28,167

44,677

2.50%,

9/1/36,

Pool

#MA4419

41,852

1,841,528

2.50%,

11/1/36,

Pool

#CB2246

1,741,082

354,983

2.50%,

12/1/36,

Pool

#MA4498

333,461

101,008

2.00%,

12/1/36,

Pool

#BU1384

92,568

415,482

4.50%,

5/1/39,

Pool

#FM1194

413,818

300,000

2.00%,

10/25/39,

TBA

274,219

550,000

2.00%,

11/25/39,

TBA

503,422

35,111

2.50%,

3/1/40,

Pool

#FM2646

32,160

26,161

2.50%,

5/1/40,

Pool

#MA4016

23,969

147,165

2.00%,

10/1/40,

Pool

#FM4644

128,889

789,887

2.00%,

11/1/40,

Pool

#MA4176

696,665

45,068

1.50%,

11/1/40,

Pool

#MA4175

37,803

141,521

2.50%,

11/1/40,

Pool

#FM9485

127,800

9,417

3.50%,

12/1/40,

Pool

#AH1556

9,046

45,148

1.50%,

12/1/40,

Pool

#MA4202

37,869

16,095

2.00%,

12/1/40,

Pool

#MA4204

14,195

55,278

2.00%,

12/1/40,

Pool

#FM5042

48,588

47,344

1.50%,

1/1/41,

Pool

#MA4231

39,712

17,182

2.00%,

2/1/41,

Pool

#MA4268

15,057

48,520

1.50%,

2/1/41,

Pool

#MA4266

41,534

112,641

2.50%,

2/1/41,

Pool

#MA4269

102,184

17,598

2.00%,

3/1/41,

Pool

#MA4287

15,365

49,458

1.50%,

3/1/41,

Pool

#MA4286

42,335

181,391

2.00%,

4/1/41,

Pool

#CB0116

158,491

105,116

2.50%,

4/1/41,

Pool

#MA4312

95,356

44,251

2.50%,

5/1/41,

Pool

#CB0469

40,809

18,834

2.00%,

6/1/41,

Pool

#MA4364

16,443

133,266

2.00%,

6/1/41,

Pool

#FM7891

116,443

176,364

2.00%,

7/1/41,

Pool

#CB1069

154,080

120,836

2.00%,

7/1/41,

Pool

#FM8066

105,499

73,006

2.50%,

7/1/41,

Pool

#CB2014

66,226

156,700

2.50%,

7/1/41,

Pool

#CB1076

144,512

268,404

2.00%,

7/1/41,

Pool

#CB1071

234,473

261,313

2.50%,

8/1/41,

Pool

#CB1342

240,989

228,906

2.00%,

8/1/41,

Pool

#FM8393

199,852

19,043

2.00%,

8/1/41,

Pool

#FM8410

16,625

164,975

2.00%,

8/1/41,

Pool

#FM8334

144,034

122,666

2.00%,

9/1/41,

Pool

#FM8862

106,474

129,014

2.50%,

9/1/41,

Pool

#FM8850

114,985

149,421

2.50%,

10/1/41,

Pool

#CB1842

135,646

256,774

2.00%,

10/1/41,

Pool

#FM9396

222,874

71,367

2.00%,

10/1/41,

Pool

#BQ6615

61,960

19,303

2.00%,

10/1/41,

Pool

#MA4446

16,759

283,967

2.00%,

11/1/41,

Pool

#FS0106

244,115

326,503

2.00%,

11/1/41,

Pool

#BQ6743

283,458

228,121

2.00%,

11/1/41,

Pool

#CB2110

204,212

73,996

2.00%,

11/1/41,

Pool

#BU6530

64,244

158,879

2.50%,

11/1/41,

Pool

#FM9558

143,708

101,781

2.50%,

11/1/41,

Pool

#MA4475

91,982

190,891

2.00%,

12/1/41,

Pool

#BU7091

165,729

4,160,253

2.00%,

5/1/42,

Pool

#FS4603

3,645,901

368,592

4.50%,

9/1/42,

Pool

#MA4766

370,968

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

108

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

26,565

4.00%,

10/1/43,

Pool

#BM1167

$

26,326

207,121

4.50%,

3/1/44,

Pool

#AV0957

208,698

127,427

4.50%,

7/1/44,

Pool

#AS3062

128,152

103,167

4.50%,

12/1/44,

Pool

#AS4176

103,433

61,260

4.00%,

5/1/45,

Pool

#AZ1207

59,495

109,632

4.00%,

6/1/45,

Pool

#AY8096

106,475

35,218

4.00%,

6/1/45,

Pool

#AY8126

34,561

19,753

4.00%,

12/1/45,

Pool

#AS6352

19,384

6,738

4.50%,

1/1/46,

Pool

#AY3890

6,729

47,869

4.00%,

2/1/46,

Pool

#BC1578

46,901

50,769

4.50%,

3/1/46,

Pool

#BM4548

51,272

2,819

4.50%,

3/1/46,

Pool

#BC0287

2,837

17,411

4.00%,

4/1/46,

Pool

#AS7024

17,143

190,392

4.00%,

4/1/46,

Pool

#AL8468

190,971

70,913

3.00%,

5/1/46,

Pool

#BC0887

65,507

14,740

4.50%,

6/1/46,

Pool

#BD1238

14,673

139,393

4.00%,

6/1/46,

Pool

#AL9282

136,576

72,238

4.00%,

7/1/46,

Pool

#BC1443

71,022

24,924

4.00%,

9/1/46,

Pool

#BD1489

24,421

83,953

4.00%,

9/1/46,

Pool

#BC2843

82,541

172,617

3.00%,

10/1/46,

Pool

#AL9371

159,413

12,139

4.00%,

10/1/46,

Pool

#BD7599

11,894

77,646

4.00%,

10/1/46,

Pool

#BC4754

76,340

37,703

4.50%,

10/1/46,

Pool

#BE1671

37,704

221,689

3.00%,

11/1/46,

Pool

#BC9026

204,785

47,809

4.50%,

11/1/46,

Pool

#BE2386

48,124

218,535

3.00%,

11/1/46,

Pool

#AL9547

201,872

624,429

3.50%,

12/1/46,

Pool

#BM5096

599,174

4,461

4.50%,

12/1/46,

Pool

#BC9079

4,490

96,179

4.50%,

12/1/46,

Pool

#BE4488

96,813

205,599

3.50%,

12/1/46,

Pool

#BC9077

195,215

17,369

4.50%,

1/1/47,

Pool

#BE7087

17,408

27,438

4.50%,

1/1/47,

Pool

#BE6506

27,418

290,506

4.00%,

2/1/47,

Pool

#AL9779

283,935

–

2.50%,

2/1/47,

Pool

#FS0594

—

45,415

4.50%,

2/1/47,

Pool

#BE8498

45,303

80,099

3.00%,

3/1/47,

Pool

#BM3114

73,972

45,739

2.50%,

3/1/47,

Pool

#FS0976

39,414

37,162

4.00%,

5/1/47,

Pool

#BM1277

36,354

4,952

4.00%,

6/1/47,

Pool

#BH4269

4,844

12,247

4.50%,

6/1/47,

Pool

#BH0561

12,240

8,161

4.50%,

6/1/47,

Pool

#BE9387

8,180

40,845

4.50%,

6/1/47,

Pool

#BE3663

40,943

20,835

4.00%,

7/1/47,

Pool

#AS9968

20,382

34,480

4.50%,

7/1/47,

Pool

#BE3749

34,563

11,184

4.50%,

4/1/48,

Pool

#BJ5454

11,252

39,124

4.00%,

4/1/48,

Pool

#BM3700

38,274

5,860

4.50%,

5/1/48,

Pool

#BJ5507

5,895

207,460

4.50%,

10/1/48,

Pool

#CA2432

207,275

237,853

4.50%,

12/1/48,

Pool

#CA2797

238,686

137,077

4.50%,

9/1/49,

Pool

#FM1534

137,461

199,018

4.00%,

11/1/49,

Pool

#CA4628

193,951

564,424

3.50%,

1/1/50,

Pool

#FS3728

539,938

106,075

3.00%,

1/1/50,

Pool

#CA5019

96,348

146,845

3.00%,

1/1/50,

Pool

#MA3905

133,513

423,967

4.00%,

3/1/50,

Pool

#FM3663

412,283

111,781

3.00%,

4/1/50,

Pool

#MA3991

101,264

76,478

2.00%,

7/1/50,

Pool

#FM3897

64,384

110,718

2.00%,

7/1/50,

Pool

#CA6275

92,950

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

492,529

3.00%,

8/1/50,

Pool

#FM6118

$

448,125

114,103

3.00%,

9/1/50,

Pool

#CA6998

103,818

43,537

3.00%,

9/1/50,

Pool

#FM4317

39,706

113,345

2.00%,

10/1/50,

Pool

#CA7323

95,903

134,132

2.50%,

10/1/50,

Pool

#CA7229

117,798

41,268

3.00%,

11/1/50,

Pool

#MA4184

37,385

77,636

2.00%,

11/1/50,

Pool

#CA7616

64,895

125,477

3.00%,

12/1/50,

Pool

#FM7827

113,891

380,913

3.00%,

12/1/50,

Pool

#MA4211

345,081

188,624

2.50%,

1/1/51,

Pool

#FM5651

164,850

208,510

3.00%,

1/1/51,

Pool

#MA4239

188,895

1,905,094

2.00%,

3/1/51,

Pool

#MA4281

1,582,333

4,092,902

3.00%,

4/1/51,

Pool

#BR9775

3,698,680

1,856,858

2.00%,

4/1/51,

Pool

#MA4305

1,543,381

198,773

2.00%,

4/1/51,

Pool

#CB0153

164,354

913,652

2.50%,

4/1/51,

Pool

#FM6540

808,866

404,675

2.50%,

5/1/51,

Pool

#MA4326

351,474

505,926

3.00%,

5/1/51,

Pool

#CB0531

457,214

194,876

2.50%,

5/1/51,

Pool

#CB0511

169,789

410,769

2.50%,

5/1/51,

Pool

#CB0388

357,904

1,133,877

3.00%,

6/1/51,

Pool

#CB0850

1,028,771

453,524

3.00%,

7/1/51,

Pool

#FM8077

409,825

40,676

2.00%,

7/1/51,

Pool

#BQ1010

34,061

19,178

2.00%,

7/1/51,

Pool

#BT1461

16,091

88,928

2.50%,

8/1/51,

Pool

#MA4399

77,238

–

2.50%,

9/1/51,

Pool

#CB1549

—

571,909

2.00%,

10/1/51,

Pool

#CB1801

478,882

39,686

3.00%,

10/1/51,

Pool

#CB1878

35,957

847,095

2.50%,

10/1/51,

Pool

#MA4438

733,415

429,802

2.00%,

10/1/51,

Pool

#CB1799

359,704

447,412

2.50%,

11/1/51,

Pool

#FM9517

389,721

340,757

2.50%,

11/1/51,

Pool

#FM9505

296,807

726,402

2.00%,

11/1/51,

Pool

#FM9568

609,762

457,778

2.00%,

11/1/51,

Pool

#FM9539

383,303

1,139,900

2.50%,

11/1/51,

Pool

#FM9501

994,788

1,066,675

2.50%,

11/1/51,

Pool

#MA4466

923,526

382,924

3.00%,

12/1/51,

Pool

#BT9503

346,184

786,021

2.50%,

12/1/51,

Pool

#CB2289

684,659

324,161

2.50%,

12/1/51,

Pool

#CB2320

282,905

351,376

2.50%,

12/1/51,

Pool

#CB2321

306,063

87,975

3.00%,

12/1/51,

Pool

#FM9777

79,818

247,670

2.00%,

12/1/51,

Pool

#CB2348

207,379

935,488

2.00%,

12/1/51,

Pool

#CB2349

783,304

329,752

2.00%,

12/1/51,

Pool

#CB2350

275,908

307,702

2.50%,

12/1/51,

Pool

#CB2376

268,580

–

2.00%,

12/1/51,

Pool

#CB2347

—

1,674,717

2.50%,

1/1/52,

Pool

#FS1648

1,447,546

133,896

2.50%,

1/1/52,

Pool

#MA4512

115,925

1,410,297

2.00%,

1/1/52,

Pool

#FS0286

1,180,852

239,075

3.00%,

1/1/52,

Pool

#CB2662

216,259

296,397

3.50%,

1/1/52,

Pool

#MA4514

278,419

67,738

2.00%,

1/1/52,

Pool

#BQ7041

55,971

81,618

3.50%,

1/1/52,

Pool

#CB2679

76,582

612,311

2.00%,

1/1/52,

Pool

#FS0288

510,697

88,292

3.00%,

2/1/52,

Pool

#CB2886

79,986

1,469,020

2.00%,

2/1/52,

Pool

#CB2842

1,224,453

816,115

3.00%,

2/1/52,

Pool

#FS0631

739,020

262,457

3.50%,

2/1/52,

Pool

#CB2906

246,150

192,660

2.00%,

2/1/52,

Pool

#CB2765

160,823

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

109

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

172,628

3.50%,

2/1/52,

Pool

#CB2905

$

162,540

886,373

2.00%,

2/1/52,

Pool

#CB3066

733,446

445,957

3.50%,

3/1/52,

Pool

#CB3128

418,247

349,836

2.50%,

3/1/52,

Pool

#BV4139

305,067

572,354

3.00%,

3/1/52,

Pool

#BV0350

517,355

131,687

2.00%,

3/1/52,

Pool

#CB3155

108,857

372,390

3.50%,

3/1/52,

Pool

#CB3174

349,962

979,524

2.00%,

4/1/52,

Pool

#FS6892

810,018

624,876

4.00%,

4/1/52,

Pool

#FS1647

605,605

26,189

2.50%,

4/1/52,

Pool

#CB3356

22,598

994,969

2.00%,

6/1/52,

Pool

#FS6605

823,103

1,422,853

4.50%,

8/1/52,

Pool

#CB4387

1,411,003

32,696

4.50%,

9/1/52,

Pool

#BW7712

32,179

222,713

4.50%,

10/1/52,

Pool

#BX0507

219,127

351,412

5.50%,

10/1/52,

Pool

#CB4843

356,850

43,303

5.00%,

10/1/52,

Pool

#CB4893

43,690

654,264

4.50%,

10/1/52,

Pool

#CB4891

643,770

250,980

5.00%,

11/1/52,

Pool

#FS3248

253,223

438,334

5.00%,

11/1/52,

Pool

#CB5128

445,393

134,819

5.00%,

11/1/52,

Pool

#FS3295

136,570

136,164

5.00%,

12/1/52,

Pool

#CB5273

137,382

313,575

5.00%,

12/1/52,

Pool

#MA4841

313,692

490,969

2.50%,

5/1/53,

Pool

#FS4919

423,779

719,572

5.50%,

6/1/53,

Pool

#CB6527

736,927

359,133

6.00%,

6/1/53,

Pool

#CB6538

372,431

278,137

6.00%,

6/1/53,

Pool

#CB6539

288,541

1,527,936

5.50%,

4/1/54,

Pool

#CB8330

1,548,143

2,298,805

6.00%,

9/1/54,

Pool

#CB9216

2,355,698

200,072

5.50%,

9/1/54,

Pool

#CB9209

202,779

1,775,000

5.50%,

10/25/54,

TBA

1,795,801

400,000

4.50%,

10/25/54,

TBA

393,188

275,000

2.00%,

10/25/54,

TBA

227,176

6,400,000

6.50%,

10/25/54,

TBA

6,598,000

7,600,000

6.00%,

10/25/54,

TBA

7,767,438

80,422,034

Total

U.S.

Government

Agency

Mortgages

(Cost

$182,994,408)

178,576,368

U.S.

Treasury

Obligations

(18.4%):

U.S.

Treasury

Bonds

(9.1%):

32,428,000

1.75%,

8/15/41

22,983,345

3,796,700

3.38%,

8/15/42

3,425,929

27,325,000

2.00%,

8/15/51

17,599,008

6,906,000

1.88%,

11/15/51

4,301,143

7,300,000

2.25%,

2/15/52

4,977,687

3,500,000

2.88%,

5/15/52

2,740,938

15,000,000

3.63%,

2/15/53

13,638,281

27,993,000

4.13%,

8/15/53

27,879,278

4,200,000

4.25%,

2/15/54

4,280,719

27,400,000

4.63%,

5/15/54

29,720,438

7,000,000

4.25%,

8/15/54

7,147,656

138,694,422

U.S.

Treasury

Notes

(9.3%):

22,200,000

4.25%,

6/30/29

22,852,125

11,400,000

4.00%,

1/31/31

11,624,437

25,300,000

4.25%,

2/28/31

26,161,781

19,672,000

2.88%,

5/15/32

18,602,335

8,600,000

4.13%,

11/15/32

8,847,250

32,000,000

3.50%,

2/15/33

31,445,000

3,077,000

3.38%,

5/15/33

2,991,902

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

3,276,000

3.88%,

8/15/33

$

3,303,129

7,400,000

4.00%,

2/15/34

7,528,344

9,200,000

3.88%,

8/15/34

9,263,250

142,619,553

Total

U.S.

Treasury

Obligations

(Cost

$302,267,788)

281,313,975

Shares

Unaffiliated

Investment

Companies

(2.2%):

Money

Markets

(2.2%):

7,101,255

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.03%(e)(f)

7,101,255

25,788,167

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(f)

25,788,167

Total

Unaffiliated

Investment

Companies

(Cost

$32,889,422)

32,889,422

Total

Investment

Securities

(Cost

$1,425,554,049)

—

101.6%

1,549,723,112

Net

other

assets

(liabilities)

—

(1.6)%

(24,204,555)

Net

Assets

—

100.0%

$

1,525,518,557

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

110

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

ADR—American

Depository

Receipt

H15T1Y—1

Year

Treasury

Constant

Maturity

Rate

H15T10Y—10

Year

Treasury

Constant

Maturity

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

LIBOR—London

Interbank

Offered

Rate

MTN—Medium

Term

Note

SOFR—Secured

Overnight

Financing

Rate

TSFR1M—Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M—Term

Secured

Overnight

Financing

Rate

3

Month

TBA—To

Be

Announced

Security

US0003M—3

Month

US

Dollar

LIBOR

USISDA05—5

Year

ICE

Swap

Rate

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$6,794,635.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2024.

(b)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(c)

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

September

30,

2024.

(d)

Defaulted

bond.

(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

September

30,

2024.

(f)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Securities

Sold

Short

(-0.7%):

At

September

30,

2024,

the

Fund's

securities

sold

short

were

as

follows:

Security

Description

Coupon

Rate

Maturity

Date

Par

Amount

Proceeds

Received

Value

U.S.

Government

Agency

Mortgages

Federal

National

Mortgage

Association

Federal

National

Mortgage

Association,

TBA

2.50%

10/25/54

$

(4,150,000‌)

$

(3,615,850‌)

$

(3,576,781‌)

Federal

National

Mortgage

Association,

TBA

3.00%

10/25/54

(6,700,000‌)

(6,088,101‌)

(6,011,156‌)

Federal

National

Mortgage

Association,

TBA

3.50%

10/25/54

(650,000‌)

(611,406‌)

(605,313‌)

$(10,315,357)

$(10,193,250‌)

Futures

Contracts

At

September

30,

2024,

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

December

Futures

(U.S.

Dollar)

12/20/24

5

$

1,453,563

$

33,418

$

33,418

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

111

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(0.3%):

Diversified

Telecommunication

Services

(0.0%

†

):

13

Intelsat

SA*

$

401

Oil,

Gas

&

Consumable

Fuels

(0.3%):

95

California

Resources

Corp.

4,985

5,889

Sanchez

Energy

Corp.*(a)

495,587

500,572

Specialty

Retail

(0.0%

†

):

1

Party

City

Holdco,

Inc.*(a)

—

Total

Common

Stocks

(Cost

$145,827)

500,973

Principal

Amount

Asset

Backed

Securities

(2.2%):

$

245,857

AASET,

Class

A2,

Series

2024-1A,

6.26%,

5/16/49(b)

255,336

245,857

AASET,

Class

A1,

Series

2024-1A,

6.26%,

5/16/49(b)

254,034

138,939

AASET

Trust,

Class

B,

Series

2020-1A,

4.34%,

1/16/40(b)

116,349

19,831

AASET

Trust,

Class

A,

Series

2019-1,

3.84%,

5/15/39(b)

19,162

92,917

AASET

Trust,

Class

A,

Series

2020-1A,

3.35%,

1/16/40(b)

88,515

170,546

AASET

US,

Ltd.,

Class

A,

Series

2018-1A,

3.84%,

1/16/38(b)

128,080

307,267

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.,

Class

A,

Series

2016-1A,

4.21%,

12/16/41,

Callable

12/15/24

@

100(b)(c)

304,997

89,815

Castlelake

Aircraft

Securitization

Trust,

Class

A,

Series

2018-1,

4.13%,

6/15/43(b)

86,127

84,144

Castlelake

Aircraft

Structured

Trust,

Class

A,

Series

2021-1A,

3.47%,

1/15/46(b)

80,062

186,315

Castlelake

Aircraft

Structured

Trust,

Class

B,

Series

2019-1A,

5.10%,

4/15/39(b)

129,891

160,730

Horizon

Aircraft

Finance

I,

Ltd.,

Class

A,

Series

2018-1,

4.46%,

12/15/38(b)

149,960

145,569

Horizon

Aircraft

Finance

II,

Ltd.,

Class

A,

Series

2019-1,

3.72%,

7/15/39(b)

135,820

140,018

Planet

Fitness

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.86%,

12/5/49,

Callable

12/5/25

@

100(b)

131,339

143,325

Planet

Fitness

Master

Issuer

LLC,

Class

A2II,

Series

2022-1A,

4.01%,

12/5/51,

Callable

12/5/27

@

100(b)

134,512

274,720

Project

Silver,

Class

A,

Series

2019-1,

3.97%,

7/15/44(b)

255,224

165,000

Subway

Funding

LLC,

Class

A2I,

Series

2024-1A,

6.03%,

7/30/54,

Callable

7/30/27

@

100(b)

168,334

117,000

Subway

Funding

LLC,

Class

A23,

Series

2024-3A,

5.91%,

7/30/54,

Callable

7/30/30

@

100(b)

117,092

58,000

Subway

Funding

LLC,

Class

A2II,

Series

2024-3A,

5.57%,

7/30/54,

Callable

7/30/28

@

100(b)

58,085

122,000

Subway

Funding

LLC,

Class

A2I,

Series

2024-3A,

5.25%,

7/30/54,

Callable

7/30/27

@

100(b)

121,977

98,000

Subway

Funding

LLC,

Class

A2II,

Series

2024-1A,

6.27%,

7/30/54,

Callable

7/30/28

@

100(b)

100,845

86,000

Subway

Funding

LLC,

Class

A23,

Series

2024-1A,

6.51%,

7/30/54,

Callable

7/30/30

@

100(b)

89,037

Principal

Amount

Value

Asset

Backed

Securities,

continued

$

344,835

Thunderbolt

II

Aircraft

Lease,

Ltd.,

Class

A,

Series

2018-A,

4.15%,

9/15/38(b)(c)

$

310,455

Total

Asset

Backed

Securities

(Cost

$3,432,687)

3,235,233

Collateralized

Mortgage

Obligations

(9.8%):

250,000

Aimco

CLO

11,

Ltd.,

Class

A1R2,

Series

2020-11A,

6.58%(TSFR3M+134bps),

7/17/37,

Callable

10/17/26

@

100(b)

250,655

273,000

Allegro

CLO

XIII,

Ltd.,

Class

A,

Series

2021-1A,

6.68%(TSFR3M+140bps),

7/20/34,

Callable

10/20/24

@

100(b)

273,199

254,000

Allegro

CLO

XV,

Ltd.,

Class

A,

Series

2022-1A,

6.78%(TSFR3M+150bps),

7/20/35,

Callable

10/20/24

@

100(b)

254,113

408,000

Ares

LVIII

CLO,

Ltd.,

Class

AR,

Series

2020-58A,

6.63%(TSFR3M+133bps),

1/15/35,

Callable

10/15/24

@

100(b)

408,601

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

BNM,

Series

2019-BPR,

3.47%,

11/5/32(b)

83,248

273,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

ANM,

Series

2019-BPR,

3.11%,

11/5/32(b)

260,409

227,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-DKLX,

6.25%(TSFR1M+115bps),

1/15/39(b)

225,505

100,000

BAMLL

Commercial

Mortgage

Securities

Trust,

Class

C,

Series

2022-DKLX,

7.25%(TSFR1M+215bps),

1/15/39(b)

98,703

250,000

Barings

CLO,

Ltd.,

Class

AR,

Series

2020-4A,

6.45%(TSFR3M+137bps),

10/20/37,

Callable

10/20/26

@

100(b)

249,679

100,000

BLP

Commercial

Mortgage

Trust,

Class

A,

Series

2024-IND2,

6.44%(TSFR1M+134bps),

3/15/41(b)

99,683

250,000

Blueberry

Park

CLO,.

Ltd,

Class

A,

Series

2024-1A,

6.48%(TSFR3M+135bps),

10/20/37,

Callable

10/20/26

@

100(b)

249,519

100,000

BMP,

Class

A,

Series

2024-MF23,

6.47%(TSFR1M+137bps),

6/15/41(b)

99,794

100,000

BMP,

Class

B,

Series

2024-MF23,

6.74%(TSFR1M+164bps),

6/15/41(b)

99,709

197,000

BPR

Trust,

Class

B,

Series

2022-OANA,

7.54%(TSFR1M+245bps),

4/15/37(b)

197,596

77,459

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2023-XL3,

7.74%(TSFR1M+264bps),

12/9/40(b)

77,488

77,459

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2023-XL3,

6.86%(TSFR1M+176bps),

12/9/40(b)

77,695

131,348

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2022-LP2,

6.41%(TSFR1M+131bps),

2/15/39(b)

130,461

292,163

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL5,

6.49%(TSFR1M+139bps),

3/15/41(b)

291,943

92,457

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL5,

6.79%(TSFR1M+169bps),

3/15/41(b)

92,050

159,867

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-MDHS,

6.74%(TSFR1M+164bps),

5/15/41(b)

159,941

77,459

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2023-XL3,

7.29%(TSFR1M+219bps),

12/9/40(b)

77,519

131,348

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2022-LP2,

7.06%(TSFR1M+196bps),

2/15/39(b)

130,287

188,392

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2019-IMC,

6.14%(TSFR1M+105bps),

4/15/34(b)

186,265

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

112

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

131,348

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2022-LP2,

6.66%(TSFR1M+156bps),

2/15/39(b)

$

130,373

135,109

BX

Commercial

Mortgage

Trust,

Class

A,

Series

2024-XL4,

6.54%(TSFR1M+144bps),

2/15/39(b)

135,065

176,000

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2019-IMC,

6.74%(TSFR1M+165bps),

4/15/34(b)

173,051

92,457

BX

Commercial

Mortgage

Trust,

Class

C,

Series

2024-XL5,

7.04%(TSFR1M+194bps),

3/15/41(b)

92,051

97,201

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2024-XL4,

6.89%(TSFR1M+179bps),

2/15/39(b)

96,975

266,000

BX

Commercial

Mortgage

Trust,

Class

B,

Series

2019-IMC,

6.44%(TSFR1M+135bps),

4/15/34(b)

261,704

185,000

BX

Commercial

Mortgage

Trust,

Class

D,

Series

2019-IMC,

7.04%(TSFR1M+195bps),

4/15/34(b)

181,879

100,000

BX

Mortgage

Trust,

Class

D,

Series

2021-PAC,

6.51%(TSFR1M+141bps),

10/15/36(b)

98,100

302,000

BX

Mortgage

Trust,

Class

E,

Series

2021-PAC,

7.16%(TSFR1M+206bps),

10/15/36(b)

298,614

100,000

BX

Mortgage

Trust,

Class

C,

Series

2021-PAC,

6.31%(TSFR1M+121bps),

10/15/36(b)

98,290

98,907

BX

Trust,

Class

C,

Series

2024-CNYN,

7.04%(TSFR1M+194bps),

4/15/41(b)

98,588

33,278

BX

Trust,

Class

C,

Series

2022-IND,

7.39%(TSFR1M+229bps),

4/15/37(b)

33,150

197,815

BX

Trust,

Class

A,

Series

2024-CNYN,

6.54%(TSFR1M+144bps),

4/15/41(b)

197,747

98,907

BX

Trust,

Class

B,

Series

2024-CNYN,

6.79%(TSFR1M+169bps),

4/15/41(b)

98,588

28,214

BX

Trust,

Class

D,

Series

2022-IND,

7.94%(TSFR1M+284bps),

4/15/37(b)

28,213

336,000

Cedar

Funding

VI

CLO,

Ltd.,

Class

ARR,

Series

2016-

6A,

6.59%(TSFR3M+131bps),

4/20/34,

Callable

10/20/24

@

100(b)

336,110

264,000

Cedar

Funding

X

CLO,

Ltd.,

Class

AR,

Series

2019-

10A,

6.64%(TSFR3M+136bps),

10/20/32,

Callable

10/20/24

@

100(b)

264,152

250,000

Cedar

Funding

XII

CLO,

Ltd.,

Class

A1R,

Series

2020-12A,

6.68%(TSFR3M+139bps),

10/25/34,

Callable

10/25/24

@

100(b)

250,500

387,000

Cedar

Funding

XV

CLO,

Ltd.,

Class

A,

Series

2022-

15A,

6.60%(TSFR3M+132bps),

4/20/35,

Callable

10/20/24

@

100(b)

387,101

328,000

Columbia

Cent

CLO

29,

Ltd.,

Class

AR,

Series

2020-

29A,

6.71%(TSFR3M+143bps),

10/20/34,

Callable

10/20/24

@

100(b)

328,158

440,000

Columbia

Cent

CLO

31,

Ltd.,

Class

A1,

Series

2021-

31A,

6.74%(TSFR3M+146bps),

4/20/34,

Callable

10/20/24

@

100(b)

440,293

63,730

CSMC,

Class

A,

Series

2020-NET,

2.26%,

8/15/37(b)

61,480

137,000

CSMC

Trust,

Class

D,

Series

2017-PFHP,

7.39%(TSFR1M+230bps),

12/15/30(b)

130,774

250,000

Dryden

98

CLO,

Ltd.,

Class

A,

Series

2022-98A,

6.58%(TSFR3M+130bps),

4/20/35,

Callable

10/20/24

@

100(b)

250,053

100,000

DTP

Commercial

Mortgage

Trust,

Class

A,

Series

2023-STE2,

6.04%,

1/15/41(b)(c)

102,489

378,000

Eaton

Vance

CLO,

Ltd.,

Class

AR,

Series

2020-2A,

6.71%(TSFR3M+141bps),

1/15/35(b)

378,000

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

250,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2019-1A,

6.84%(TSFR3M+151bps),

7/15/37,

Callable

7/15/26

@

100(b)

$

251,013

250,000

Eaton

Vance

CLO,

Ltd.,

Class

A13R,

Series

2013-

1A,

6.81%(TSFR3M+151bps),

1/15/34,

Callable

10/15/24

@

100(b)

250,270

378,000

Eaton

Vance

CLO,

Ltd.,

Class

AR2,

Series

2020-2A(TSFR3M+138bps),

10/15/37(b)

378,000

120,290

Extended

Stay

America

Trust,

Class

D,

Series

2021-

ESH,

7.46%(TSFR1M+236bps),

7/15/38(b)

120,299

89,104

Extended

Stay

America

Trust,

Class

C,

Series

2021-

ESH,

6.91%(TSFR1M+181bps),

7/15/38(b)

88,911

250,000

Flatiron

CLO

19,

Ltd.,

Class

AR,

Series

2019-1A,

6.44%(TSFR3M+134bps),

11/16/34,

Callable

11/16/24

@

100(b)

250,575

250,000

Flatiron

CLO

21,

Ltd.,

Class

A1R,

Series

2021-1A,

6.45%(TSFR3M+136bps),

10/19/37(b)

249,687

100,000

GS

Mortgage

Securities

Corp.

Trust,

Class

B,

Series

2021-IP,

6.36%(TSFR1M+126bps),

10/15/36(b)

97,754

250,000

Invesco

CLO,

Ltd.,

Class

A,

Series

2021-3A,

6.67%(TSFR3M+139bps),

10/22/34,

Callable

10/22/24

@

100(b)

250,152

63,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

CFX,

Series

2018-WPT,

4.95%,

7/5/33,

Callable

7/5/25

@

100(b)

55,268

97,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

DFX,

Series

2018-WPT,

5.35%,

7/5/33,

Callable

7/5/25

@

100(b)

75,772

506,000

KKR

CLO

41,

Ltd.,

Class

A1,

Series

2022-41A,

6.63%(TSFR3M+133bps),

4/15/35,

Callable

10/15/24

@

100(b)

506,129

194,000

Life

Mortgage

Trust,

Class

C,

Series

2022-BMR2,

7.19%(TSFR1M+209bps),

5/15/39,

Callable

5/15/25

@

100(b)

183,333

173,000

Life

Mortgage

Trust,

Class

D,

Series

2022-BMR2,

7.64%(TSFR1M+254bps),

5/15/39,

Callable

5/15/25

@

100(b)

161,081

79,313

Life

Mortgage

Trust,

Class

E,

Series

2021-BMR,

6.96%(TSFR1M+186bps),

3/15/38(b)

76,947

79,313

Life

Mortgage

Trust,

Class

D,

Series

2021-BMR,

6.61%(TSFR1M+151bps),

3/15/38(b)

77,739

79,313

Life

Mortgage

Trust,

Class

C,

Series

2021-BMR,

6.31%(TSFR1M+121bps),

3/15/38(b)

77,835

369,000

Madison

Park

Funding

LII,

Ltd.,

Class

A,

Series

2021-52A,

6.64%(TSFR3M+136bps),

1/22/35,

Callable

10/22/24

@

100(b)

369,098

400,000

Magnetite

XXX,

Ltd.,

Class

A,

Series

2021-30A,

6.68%(TSFR3M+139bps),

10/25/34,

Callable

10/25/24

@

100(b)

400,319

134,078

Morgan

Stanley

Capital

I

Trust,

Class

A,

Series

2019-MEAD,

3.17%,

11/10/36,

Callable

11/10/24

@

100(b)

128,568

82,000

Morgan

Stanley

Capital

I

Trust,

Class

C,

Series

2019-MEAD,

3.28%,

11/10/36,

Callable

11/10/24

@

100(b)(c)

77,367

86,000

Morgan

Stanley

Capital

I

Trust,

Class

B,

Series

2019-MEAD,

3.28%,

11/10/36,

Callable

11/10/24

@

100(b)

82,032

88,635

OPEN

Trust,

Class

A,

Series

2023-AIR,

8.19%(TSFR1M+309bps),

10/15/28(b)

89,481

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

113

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Collateralized

Mortgage

Obligations,

continued

$

88,635

OPEN

Trust,

Class

B,

Series

2023-AIR,

8.93%(TSFR1M+384bps),

10/15/28(b)

$

89,302

420,000

RR

7,

Ltd.,

Class

A1AB,

Series

2019-7A,

6.64%(TSFR3M+134bps),

1/15/37,

Callable

10/15/24

@

100(b)

419,790

53,000

SPGN

Mortgage

Trust,

Class

C,

Series

2022-TFLM,

7.75%(TSFR1M+265bps),

2/15/39,

Callable

2/15/25

@

100(b)

51,575

103,000

SPGN

Mortgage

Trust,

Class

B,

Series

2022-TFLM,

7.10%(TSFR1M+200bps),

2/15/39,

Callable

2/15/25

@

100(b)

100,954

95,686

SREIT

Trust,

Class

D,

Series

2021-MFP,

6.79%(TSFR1M+169bps),

11/15/38(b)

94,857

139,702

SREIT

Trust,

Class

C,

Series

2021-MFP,

6.54%(TSFR1M+144bps),

11/15/38(b)

138,491

328,339

Symphony

CLO

XXVI,

Ltd.,

Class

AR,

Series

2021-

26A,

6.62%(TSFR3M+134bps),

4/20/33,

Callable

10/20/24

@

100(b)

328,668

20,000

VLS

Commercial

Mortgage

Trust,

Class

B,

Series

2020-LAB,

2.45%,

10/10/42(b)

16,682

250,000

Voya

CLO,

Ltd.,

Class

A1R,

Series

2020-2A,

6.70%(TSFR3M+142bps),

7/19/34,

Callable

10/19/24

@

100(b)

250,158

Total

Collateralized

Mortgage

Obligations

(Cost

$14,946,926)

14,813,667

Convertible

Bonds

(0.2%):

Capital

Markets

(0.0%

†

):

10,000

Coinbase

Global,

Inc.,

0.25%,

4/1/30(b)

9,028

Financial

Services

(0.0%

†

):

32,000

Global

Payments,

Inc.,

1.50%,

3/1/31(b)

30,406

Household

Durables

(0.0%

†

):

10,000

Meritage

Homes

Corp.,

1.75%,

5/15/28(b)

11,408

Independent

Power

and

Renewable

Electricity

Producers

(0.0%

†

):

30,000

Sunnova

Energy

International,

Inc.,

0.25%,

12/1/26

22,653

Leisure

Products

(0.0%

†

):

6,000

Peloton

Interactive,

Inc.,

5.50%,

12/1/29(b)

7,922

Media

(0.1%):

89,000

DISH

Network

Corp.,

3.38%,

8/15/26

72,033

Real

Estate

Management

&

Development

(0.1%):

47,000

Anywhere

Real

Estate

Group

LLC/Realogy

Co.-Issuer

Corp.,

0.25%,

6/15/26

40,929

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

60,000

Wolfspeed,

Inc.,

1.88%,

12/1/29

22,037

Software

(0.0%

†

):

6,000

BlackLine,

Inc.,

1.00%,

6/1/29(b)

6,283

Total

Convertible

Bonds

(Cost

$241,935)

222,699

Bank

Loans

(0.6%):

Automobile

Components

(0.0%

†

):

9,974

Power

Stop

Term

1Ln,

9.60%

(Term

SOFR+475bps),

1/26/29(b)

9,575

Consumer

Finance

(0.0%

†

):

40,000

United

Planet

Fitness

Term

1Ln,

8.85%

(Term

SOFR+400bps),

12/30/26(b)

36,417

Principal

Amount

Value

Bank

Loans,

continued

Distributors

(0.0%

†

):

$

39,694

US

LBM

Term

B

1Ln,

8.60%

(Term

SOFR+375bps),

6/6/31(b)

$

39,406

Diversified

Consumer

Services

(0.1%):

5,000

Ascend

Learning

Term

2Ln,

10.60%

(Term

SOFR+575bps),

12/10/29

4,831

73,125

Ascend

Learning

Term

B

1Ln,

8.35%

(Term

SOFR+350bps),

12/10/28(b)

72,754

5,000

Tripadvisor

Term

B

1Ln,

7.60%

(Term

SOFR+275bps),

7/8/31(b)

4,983

82,568

Financial

Services

(0.1%):

30,000

Intrafi

Term

B

1Ln,

8.85%

(Term

SOFR+400bps),

7/18/31(b)

29,723

49,375

Westinghouse

Term

B

1Ln,

7.60%

(Term

SOFR+275bps),

1/20/31(b)

49,346

79,069

Health

Care

Providers

&

Services

(0.0%

†

):

27,311

Cano

Health

Term

1Ln,

12.85%

(Term

SOFR+800bps),

6/28/29(b)

27,174

103,939

Cano

Health

Term

B

1Ln,

0.00%

(Term

SOFR+400bps),

11/23/27

25,985

5,000

Ensemble

Health

Term

B

1Ln,

7.85%

(Term

SOFR+300bps),

8/1/29(b)

5,004

58,163

Hotels,

Restaurants

&

Leisure

(0.1%):

97,550

City

Football

Group

Term

B

1Ln,

7.85%

(Term

SOFR+300bps),

7/21/30(b)

96,899

Household

Durables

(0.0%

†

):

69,819

CSC

ServiceWorks

Term

B

1Ln,

8.85%

(Term

SOFR+400bps),

3/4/28(b)

60,859

Industrial

Conglomerates

(0.0%

†

):

9,925

Brandsafway

Term

B

1Ln,

9.35%

(Term

SOFR+450bps),

8/1/30(b)

9,637

Machinery

(0.0%

†

):

50,000

Convergint

Tech

Term

2Ln,

11.60%

(Term

SOFR+675bps),

3/31/29(b)

46,640

9,700

Convergint

Tech

Term

B

1Ln,

8.60%

(Term

SOFR+375bps),

3/31/28(b)

9,658

56,298

Media

(0.1%):

19,650

ABG

Intermediate

Holdings

2

LLC

Term

B1

1Ln,

7.60%

(Term

SOFR+275bps),

12/21/28(b)

19,658

19,948

COX

Media

Group

Term

B

1Ln,

8.35%

(Term

SOFR+350bps),

12/17/26(b)

17,514

55,962

Diamond

Sports

Term

DIP,

5.00%,

8/2/27(b)

66,700

103,872

Metals

&

Mining

(0.1%):

54,846

American

Rock

Salt

Term

1Ln,

8.85%

(Term

SOFR+400bps),

6/4/28(b)

44,892

17,170

American

Rock

Salt

Term

First

Out

DD

TL

1Ln,

4.85%

(Term

SOFR+0bps),

6/12/28(b)

16,998

16,051

American

Rock

Salt

Term

First

Out

TL

B

1Ln,

4.85%

(Term

SOFR+0bps),

6/12/28(b)

15,890

77,780

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

114

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Software

(0.1%):

$

5,000

Applied

Systems

Term

2Ln,

4.85%

(Term

SOFR+0bps),

2/23/32(b)

$

5,144

48,051

AthenaHealth

Group

Term

B

1Ln,

8.10%

(Term

SOFR+325bps),

2/15/29(b)

47,701

35,000

Darktrace

Term

1Ln,

8.10%

(Term

SOFR+325bps),

7/2/31(b)

34,422

1,249

Finastra

CAN

TL,

12.10%

(Term

SOFR+725bps),

9/13/29

1,249

53,476

Finastra

US

TL,

12.10%

(Term

SOFR+725bps),

9/13/29(b)

53,476

4,204

ION

Anaytics

Term

1Ln,

8.85%

(Term

SOFR+400bps),

2/16/28(b)

4,183

5,000

NCR

Voyix

Term

1Ln,

4.83%

(Libor+0bps),

9/24/31(b)

4,976

151,151

Textiles,

Apparel

&

Luxury

Goods

(0.0%

†

):

9,898

Tory

Burch

Term

B

1Ln,

8.10%

(Term

SOFR+325bps),

4/16/28(b)

9,903

Total

Bank

Loans

(Cost

$924,924)

871,597

Corporate

Bonds

(29.1%):

Aerospace

&

Defense

(0.7%):

10,000

Boeing

Co.

(The),

6.30%,

5/1/29,

Callable

4/1/29

@

100(b)

10,537

214,000

Boeing

Co.

(The),

5.15%,

5/1/30,

Callable

2/1/30

@

100

213,760

28,000

Boeing

Co.

(The),

6.39%,

5/1/31,

Callable

3/1/31

@

100(b)

29,835

29,000

Boeing

Co.

(The),

6.53%,

5/1/34,

Callable

2/1/34

@

100(b)

31,135

100,000

Boeing

Co.

(The),

5.71%,

5/1/40,

Callable

11/1/39

@

100

97,186

200,000

Boeing

Co.

(The),

5.81%,

5/1/50,

Callable

11/1/49

@

100

193,637

44,000

Boeing

Co.

(The),

6.86%,

5/1/54,

Callable

11/1/53

@

100(b)

48,231

42,000

Boeing

Co.

(The),

7.01%,

5/1/64,

Callable

11/1/63

@

100(b)

46,469

30,000

Howmet

Aerospace,

Inc.,

5.95%,

2/1/37

32,809

30,000

Moog,

Inc.,

4.25%,

12/15/27,

Callable

11/4/24

@

102.13(b)

29,062

15,000

Spirit

AeroSystems,

Inc.,

9.75%,

11/15/30,

Callable

11/15/26

@

104.88(b)

16,725

100,000

TransDigm,

Inc.,

5.50%,

11/15/27,

Callable

11/4/24

@

101.38

99,500

100,000

TransDigm,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(b)

103,250

60,000

TransDigm,

Inc.,

6.00%,

1/15/33,

Callable

9/15/27

@

103(b)

60,865

1,013,001

Air

Freight

&

Logistics

(0.1%):

45,000

Cargo

Aircraft

Management,

Inc.,

4.75%,

2/1/28,

Callable

10/21/24

@

101.19(b)

42,975

45,000

GN

Bondco

LLC,

9.50%,

10/15/31,

Callable

10/15/26

@

104.75^(b)

47,250

90,225

Principal

Amount

Value

Corporate

Bonds,

continued

Automobile

Components

(0.0%

†

):

$

20,000

Clarios

Global

LP/Clarios

US

Finance

Co.,

6.75%,

5/15/28,

Callable

5/15/25

@

103.38(b)

$

20,600

25,000

Dana,

Inc.,

4.50%,

2/15/32,

Callable

2/15/27

@

102.25

22,125

15,000

MIWD

Holdco

II

LLC/MIWD

Finance

Corp.,

5.50%,

2/1/30,

Callable

2/1/25

@

102.75(b)

14,569

15,000

Phinia,

Inc.,

6.75%,

4/15/29,

Callable

4/15/26

@

103.38(b)

15,450

72,744

Automobiles

(0.0%

†

):

10,000

LCM

Investments

Holdings

II

LLC,

4.88%,

5/1/29,

Callable

11/4/24

@

102.44(b)

9,550

15,000

LCM

Investments

Holdings

II

LLC,

8.25%,

8/1/31,

Callable

8/1/26

@

104.13(b)

15,825

30,000

Thor

Industries,

Inc.,

4.00%,

10/15/29,

Callable

11/4/24

@

102(b)

27,900

53,275

Banks

(3.2%):

128,000

Bank

of

America

Corp.,

4.45%,

3/3/26

127,980

790,000

Bank

of

America

Corp.,

5.02%

(SOFR),

7/22/33,

Callable

7/22/32

@

100

811,434

770,000

Citigroup,

Inc.,

4.30%,

11/20/26

768,974

150,000

Citigroup,

Inc.,

4.91%

(SOFR),

5/24/33,

Callable

5/24/32

@

100

151,155

40,000

Citigroup,

Inc.,

7.13%

(H15T5Y),

12/31/99,

Callable

8/15/29

@

100

41,600

100,000

Citizens

Financial

Group,

Inc.,

2.64%,

9/30/32,

Callable

7/2/32

@

100

82,000

120,000

First-Citizens

Bank

&

Trust

Co.,

6.13%,

3/9/28

125,418

1,250,000

JPMorgan

Chase

&

Co.,

4.59%

(SOFR),

4/26/33,

Callable

4/26/32

@

100

1,248,940

449,000

Wells

Fargo

&

Co.,

3.53%

(SOFR),

3/24/28,

Callable

3/24/27

@

100

438,390

925,000

Wells

Fargo

&

Co.,

4.90%

(SOFR),

7/25/33,

Callable

7/25/32

@

100

934,034

30,000

Wells

Fargo

&

Co.,

7.63%

(H15T5Y),

12/31/99,

Callable

9/15/28

@

100^

32,700

30,000

Western

Alliance

Bancorp,

3.00%

(TSFR3M),

6/15/31,

Callable

6/15/26

@

100^

27,477

4,790,102

Beverages

(0.0%

†

):

65,000

Triton

Water

Holdings,

Inc.,

6.25%,

4/1/29,

Callable

11/4/24

@

103.13(b)

64,675

Biotechnology

(0.3%):

4,000

Amgen,

Inc.,

5.25%,

3/2/30,

Callable

1/2/30

@

100

4,167

174,000

Amgen,

Inc.,

5.25%,

3/2/33,

Callable

12/2/32

@

100

180,540

165,000

Amgen,

Inc.,

5.60%,

3/2/43,

Callable

9/2/42

@

100

172,295

70,000

Emergent

BioSolutions,

Inc.,

3.88%,

8/15/28,

Callable

10/21/24

@

100.97(b)

53,375

410,377

Broadline

Retail

(0.0%

†

):

15,000

Kohl's

Corp.,

4.25%,

7/17/25,

Callable

4/17/25

@

100

14,738

Building

Products

(0.1%):

110,000

Advanced

Drainage

Systems,

Inc.,

5.00%,

9/30/27,

Callable

10/21/24

@

100(b)

108,625

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

115

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Building

Products,

continued

$

25,000

Builders

FirstSource,

Inc.,

4.25%,

2/1/32,

Callable

8/1/26

@

102.13(b)

$

23,063

14,000

Carrier

Global

Corp.,

5.90%,

3/15/34,

Callable

12/15/33

@

100

15,302

8,000

Carrier

Global

Corp.,

6.20%,

3/15/54,

Callable

9/15/53

@

100

9,201

35,000

Eco

Material

Technologies,

Inc.,

7.88%,

1/31/27,

Callable

11/4/24

@

103.94(b)

35,437

30,000

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25^(b)

30,750

222,378

Capital

Markets

(1.7%):

380,000

Ares

Capital

Corp.,

3.88%,

1/15/26,

Callable

12/15/25

@

100

373,750

40,000

Charles

Schwab

Corp.

(The),

Series

H,

4.00%

(H15T10Y),

12/31/99,

Callable

12/1/30

@

100

35,750

20,000

Charles

Schwab

Corp.

(The),

Series

G,

5.38%

(H15T5Y),

Callable

6/1/25

@

100

19,975

530,000

Goldman

Sachs

Group,

Inc.

(The),

3.80%,

3/15/30,

Callable

12/15/29

@

100

513,054

270,000

Goldman

Sachs

Group,

Inc.

(The),

3.10%

(SOFR),

2/24/33,

Callable

2/24/32

@

100

243,530

90,000

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/37

103,494

10,000

Goldman

Sachs

Group,

Inc.

(The),

Series

Y,

6.13%

(H15T10Y),

12/31/99,

Callable

11/10/34

@

100

10,050

20,000

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

6/30/31,

Callable

6/30/27

@

104.13(b)

20,500

15,000

Kronos

Acquisition

Holdings,

Inc.,

10.75%,

6/30/32,

Callable

6/30/27

@

105.38(b)

14,138

965,000

Morgan

Stanley,

6.34%

(SOFR),

10/18/33,

Callable

10/18/32

@

100

1,073,182

40,000

Olympus

Water

US

Holding

Corp.,

7.25%,

6/15/31,

Callable

6/15/27

@

103.63(b)

41,500

74,000

Sixth

Street

Specialty

Lending,

Inc.,

6.13%,

3/1/29,

Callable

2/1/29

@

100

75,956

25,000

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.,

7.13%,

3/15/29,

Callable

3/15/26

@

103.56(b)

25,687

2,550,566

Chemicals

(0.5%):

60,000

Allied

Universal

Holdco

LLC,

7.88%,

2/15/31,

Callable

2/15/27

@

103.94(b)

61,050

20,000

Avient

Corp.,

6.25%,

11/1/31,

Callable

9/15/27

@

103.13(b)

20,475

71,000

Celanese

US

Holdings

LLC,

6.35%,

11/15/28,

Callable

10/15/28

@

100

75,011

72,000

Celanese

US

Holdings

LLC,

6.55%,

11/15/30,

Callable

9/15/30

@

100

77,632

42,000

Celanese

US

Holdings

LLC,

6.70%,

11/15/33,

Callable

8/15/33

@

100

45,839

16,000

CF

Industries,

Inc.,

4.95%,

6/1/43

15,080

75,000

Chemours

Co.

(The),

5.75%,

11/15/28,

Callable

10/15/24

@

102.88(b)

70,687

70,350

Kobe

US

Midco

2,

Inc.,

9.25%,

11/1/26,

Callable

11/4/24

@

100(b)

58,654

20,000

LSB

Industries,

Inc.,

6.25%,

10/15/28,

Callable

11/4/24

@

103.13(b)

19,475

Principal

Amount

Value

Corporate

Bonds,

continued

Chemicals,

continued

$

25,000

Neogen

Food

Safety

Corp.,

8.63%,

7/20/30,

Callable

7/20/27

@

102.16(b)

$

27,563

80,000

SCIH

Salt

Holdings,

Inc.,

4.88%,

5/1/28,

Callable

11/4/24

@

102.44(b)

77,000

10,000

SCIH

Salt

Holdings,

Inc.,

6.63%,

5/1/29,

Callable

11/4/24

@

103.31(b)

9,625

25,000

Scotts

Miracle-Gro

Co.

(The),

4.38%,

2/1/32,

Callable

8/1/26

@

102.19^

23,125

55,000

Tronox,

Inc.,

4.63%,

3/15/29,

Callable

11/4/24

@

102.31^(b)

51,356

55,000

WR

Grace

Holdings

LLC,

5.63%,

8/15/29,

Callable

11/4/24

@

102.81(b)

51,631

15,000

WR

Grace

Holdings

LLC,

7.38%,

3/1/31,

Callable

3/1/26

@

103.69(b)

15,694

699,897

Commercial

Services

&

Supplies

(0.4%):

25,000

ADT

Security

Corp.

(The),

4.13%,

8/1/29,

Callable

8/1/28

@

100(b)

23,875

62,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

4

Sarl,

4.63%,

6/1/28,

Callable

11/4/24

@

102.31(b)

58,125

70,000

Aramark

Services,

Inc.,

5.00%,

2/1/28,

Callable

11/4/24

@

101.67(b)

69,475

25,000

Clean

Harbors,

Inc.,

6.38%,

2/1/31,

Callable

2/1/26

@

103.19(b)

25,594

45,000

CoreCivic,

Inc.,

8.25%,

4/15/29,

Callable

4/15/26

@

104.13

47,700

10,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

7.88%,

5/15/32,

Callable

5/15/27

@

103.94

10,175

20,000

GEO

Group,

Inc.

(The),

8.63%,

4/15/29,

Callable

4/15/26

@

104.31

20,800

40,000

GEO

Group,

Inc.

(The),

10.25%,

4/15/31,

Callable

4/15/27

@

105.13

42,500

35,000

Pitney

Bowes,

Inc.,

6.88%,

3/15/27,

Callable

10/15/24

@

103.44(b)

34,781

75,000

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25^(b)

76,219

25,000

Safehold

GL

Holdings

LLC,

2.85%,

1/15/32,

Callable

8/15/31

@

100

21,580

50,000

Stericycle,

Inc.,

3.88%,

1/15/29,

Callable

10/21/24

@

101.94(b)

49,375

40,000

TKC

Holdings,

Inc.,

6.88%,

5/15/28,

Callable

11/4/24

@

103.44(b)

39,400

45,000

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

11/4/24

@

105.25(b)

45,113

564,712

Communications

Equipment

(0.1%):

30,000

Viasat,

Inc.,

5.63%,

9/15/25,

Callable

10/15/24

@

100(b)

29,437

50,000

Viavi

Solutions,

Inc.,

3.75%,

10/1/29,

Callable

10/15/24

@

101.88(b)

45,188

74,625

Construction

&

Engineering

(0.3%):

61,000

APX

Group,

Inc.,

6.75%,

2/15/27,

Callable

11/4/24

@

101.69(b)

61,152

40,000

Arcosa,

Inc.,

4.38%,

4/15/29,

Callable

11/4/24

@

102.19(b)

38,100

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

116

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Construction

&

Engineering,

continued

$

85,000

Artera

Services

LLC,

8.50%,

2/15/31,

Callable

2/15/27

@

104.25(b)

$

84,150

45,000

Dycom

Industries,

Inc.,

4.50%,

4/15/29,

Callable

11/4/24

@

102.25(b)

43,425

35,000

Global

Infrastructure

Solutions,

Inc.,

5.63%,

6/1/29,

Callable

11/4/24

@

102.81(b)

34,256

35,000

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

6/1/29,

Callable

10/15/24

@

102.63^(b)

32,463

25,000

Pike

Corp.,

8.63%,

1/31/31,

Callable

1/31/27

@

104.31(b)

26,750

35,000

Railworks

Holdings

LP/Railworks

Rally,

Inc.,

8.25%,

11/15/28,

Callable

11/15/24

@

104.13(b)

35,963

35,000

VM

Consolidated,

Inc.,

5.50%,

4/15/29,

Callable

11/4/24

@

102.75(b)

34,475

390,734

Construction

Materials

(0.1%):

15,000

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13(b)

15,675

35,000

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(b)

37,625

20,000

Star

Holding

LLC,

8.75%,

8/1/31,

Callable

8/1/27

@

104.38(b)

19,075

15,000

Summit

Materials

LLC/Summit

Materials

Finance

Corp.,

7.25%,

1/15/31,

Callable

1/15/27

@

103.63(b)

15,862

88,237

Consumer

Finance

(1.6%):

370,000

Ally

Financial,

Inc.,

7.10%,

11/15/27,

Callable

10/15/27

@

100

391,462

85,000

Ally

Financial,

Inc.,

Series

B,

4.70%

(H15T5Y),

12/31/99,

Callable

5/15/26

@

100

75,735

636,000

Capital

One

Financial

Corp.,

3.80%,

1/31/28,

Callable

12/31/27

@

100

620,990

275,000

Capital

One

Financial

Corp.,

5.25%

(SOFR),

7/26/30,

Callable

7/26/29

@

100

278,948

355,000

Discover

Financial

Services,

4.10%,

2/9/27,

Callable

11/9/26

@

100

351,044

110,000

OneMain

Finance

Corp.,

3.50%,

1/15/27,

Callable

11/4/24

@

101.75

104,912

75,000

OneMain

Finance

Corp.,

4.00%,

9/15/30,

Callable

9/15/25

@

102

66,562

470,000

Synchrony

Financial,

3.95%,

12/1/27,

Callable

9/1/27

@

100

455,881

2,345,534

Consumer

Staples

Distribution

&

Retail

(0.3%):

35,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

4.63%,

1/15/27,

Callable

11/4/24

@

102.31(b)

34,081

80,000

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

3.50%,

3/15/29,

Callable

11/4/24

@

100.88(b)

74,300

75,000

C&S

Group

Enterprises

LLC,

5.00%,

12/15/28,

Callable

11/4/24

@

102.5(b)

63,750

25,000

Chobani

LLC/Chobani

Finance

Corp.,

Inc.,

7.63%,

7/1/29,

Callable

1/1/26

@

103.81(b)

26,250

30,000

KeHE

Distributors

LLC/KeHE

Finance

Corp./

NextWave

Distribution,

Inc.,

9.00%,

2/15/29,

Callable

2/15/26

@

104.5(b)

31,125

Principal

Amount

Value

Corporate

Bonds,

continued

Consumer

Staples

Distribution

&

Retail,

continued

$

30,000

Performance

Food

Group,

Inc.,

4.25%,

8/1/29,

Callable

11/4/24

@

102.13(b)

$

28,463

30,000

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06(b)

30,562

70,000

Sysco

Corp.,

5.95%,

4/1/30,

Callable

1/1/30

@

100

75,078

30,000

United

Natural

Foods,

Inc.,

6.75%,

10/15/28,

Callable

11/4/24

@

101.69(b)

28,537

25,000

US

Foods,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

24,094

20,000

US

Foods,

Inc.,

7.25%,

1/15/32,

Callable

9/15/26

@

103.63(b)

21,175

20,000

US

Foods,

Inc.,

5.75%,

4/15/33,

Callable

10/15/27

@

102.88(b)

20,025

15,000

Walgreens

Boots

Alliance,

Inc.,

8.13%,

8/15/29,

Callable

8/15/26

@

104.06^

14,944

472,384

Containers

&

Packaging

(0.3%):

65,000

Ardagh

Metal

Packaging

Finance

USA

LLC/Ardagh

Metal

Packaging

Finance

plc,

4.00%,

9/1/29,

Callable

11/4/24

@

102(b)

57,850

40,000

Ardagh

Packaging

Finance

plc/Ardagh

Holdings

USA,

Inc.,

4.13%,

8/15/26,

Callable

10/15/24

@

100(b)

35,950

30,000

Ball

Corp.,

6.00%,

6/15/29,

Callable

5/15/26

@

103

30,975

35,000

Ball

Corp.,

3.13%,

9/15/31,

Callable

6/15/31

@

100

30,975

15,000

Clydesdale

Acquisition

Holdings,

Inc.,

6.63%,

4/15/29,

Callable

4/15/25

@

103.31(b)

15,113

90,000

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

4/15/30,

Callable

4/15/25

@

104.38(b)

91,350

30,000

Graphic

Packaging

International

LLC,

3.75%,

2/1/30,

Callable

8/1/29

@

100(b)

27,900

40,000

Graphic

Packaging

International

LLC,

6.38%,

7/15/32,

Callable

5/15/27

@

103.19(b)

41,200

35,000

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

4/15/27,

Callable

2/15/25

@

103.94(b)

36,094

30,000

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

5/15/31,

Callable

5/15/26

@

103.63^(b)

30,862

55,000

Sealed

Air

Corp.,

5.00%,

4/15/29,

Callable

4/15/25

@

102.5(b)

54,175

25,000

Sealed

Air

Corp./Sealed

Air

Corp.

US,

6.13%,

2/1/28,

Callable

2/1/25

@

103.06(b)

25,375

477,819

Distributors

(0.0%

†

):

40,000

LBM

Acquisition

LLC,

6.25%,

1/15/29,

Callable

11/4/24

@

103.13(b)

37,750

15,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75(b)

15,525

53,275

Diversified

Consumer

Services

(0.1%):

60,000

Service

Corp.

International,

5.75%,

10/15/32,

Callable

10/15/27

@

102.88

60,375

20,000

Sotheby's,

7.38%,

10/15/27,

Callable

10/15/24

@

100(b)

19,300

25,000

Wand

NewCo.

3,

Inc.,

7.63%,

1/30/32,

Callable

1/30/27

@

103.81(b)

26,250

105,925

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

117

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Diversified

REITs

(0.5%):

$

75,000

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership

LP,

3.75%,

12/15/27,

Callable

9/15/27

@

100(b)

$

69,844

35,000

Piedmont

Operating

Partnership

LP,

2.75%,

4/1/32,

Callable

1/1/32

@

100^

28,374

112,000

Store

Capital

LLC,

2.75%,

11/18/30,

Callable

8/18/30

@

100

98,408

50,000

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

10.50%,

2/15/28,

Callable

9/15/25

@

105.25(b)

53,187

331,000

Ventas

Realty

LP,

4.75%,

11/15/30,

Callable

8/15/30

@

100

335,060

101,000

WP

Carey,

Inc.,

3.85%,

7/15/29,

Callable

4/15/29

@

100

97,965

682,838

Diversified

Telecommunication

Services

(0.9%):

110,000

AT&T,

Inc.,

4.30%,

2/15/30,

Callable

11/15/29

@

100

109,929

70,000

AT&T,

Inc.,

5.15%,

11/15/46,

Callable

5/15/46

@

100

68,904

25,000

Cablevision

Lightpath

LLC,

5.63%,

9/15/28,

Callable

10/15/24

@

101.41(b)

23,375

25,000

Cogent

Communications

Group,

Inc./Cogent

Communications

Finance,

Inc.,

7.00%,

6/15/27,

Callable

10/15/24

@

103.5(b)

25,406

40,000

Consolidated

Communications,

Inc.,

5.00%,

10/1/28,

Callable

10/15/24

@

102.5(b)

36,600

25,000

Frontier

Communications

Holdings

LLC,

5.88%,

10/15/27,

Callable

11/4/24

@

101.47(b)

25,094

8,244

Frontier

Communications

Holdings

LLC,

5.88%,

11/1/29,

Callable

11/1/24

@

102.94

8,182

60,000

Frontier

Communications

Holdings

LLC,

8.75%,

5/15/30,

Callable

5/15/25

@

104.38(b)

63,825

299,000

Verizon

Communications,

Inc.,

2.55%,

3/21/31,

Callable

12/21/30

@

100

266,826

213,000

Warnermedia

Holdings,

Inc.,

3.76%,

3/15/27,

Callable

2/15/27

@

100

205,877

64,000

Warnermedia

Holdings,

Inc.,

4.05%,

3/15/29,

Callable

1/15/29

@

100

60,566

110,000

Warnermedia

Holdings,

Inc.,

4.28%,

3/15/32,

Callable

12/15/31

@

100

98,084

155,000

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

100

126,584

234,000

Warnermedia

Holdings,

Inc.,

5.14%,

3/15/52,

Callable

9/15/51

@

100

180,780

20,000

Windstream

Escrow

LLC/Windstream

Escrow

Finance

Corp.,

8.25%,

10/1/31,

Callable

10/1/27

@

104.13(b)

20,300

25,000

Zayo

Group

Holdings,

Inc.,

4.00%,

3/1/27,

Callable

11/4/24

@

100^(b)

22,344

30,000

Zayo

Group

Holdings,

Inc.,

6.13%,

3/1/28,

Callable

11/4/24

@

101.53(b)

24,900

1,367,576

Electric

Utilities

(0.7%):

20,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

4.25%,

10/15/27,

Callable

11/4/24

@

101.06(b)

19,125

Principal

Amount

Value

Corporate

Bonds,

continued

Electric

Utilities,

continued

$

70,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/4/24

@

102.94(b)

$

67,025

130,000

Cleco

Corporate

Holdings

LLC,

3.38%,

9/15/29,

Callable

6/15/29

@

100

119,187

160,000

Duquesne

Light

Holdings,

Inc.,

2.78%,

1/7/32,

Callable

10/7/31

@

100(b)

138,076

110,000

Exelon

Corp.,

4.05%,

4/15/30,

Callable

1/15/30

@

100

108,095

40,000

NextEra

Energy

Operating

Partners

LP,

7.25%,

1/15/29,

Callable

10/15/28

@

100(b)

42,100

40,000

NRG

Energy,

Inc.,

5.75%,

1/15/28,

Callable

10/21/24

@

101.92

40,300

30,000

NRG

Energy,

Inc.,

3.38%,

2/15/29,

Callable

10/15/24

@

101.69^(b)

28,013

55,000

NRG

Energy,

Inc.,

3.63%,

2/15/31,

Callable

2/15/26

@

101.81(b)

49,844

100,000

Puget

Energy,

Inc.,

4.10%,

6/15/30,

Callable

3/15/30

@

100

96,221

141,000

Puget

Energy,

Inc.,

4.22%,

3/15/32,

Callable

12/15/31

@

100

132,338

40,000

TerraForm

Power

Operating

LLC,

5.00%,

1/31/28,

Callable

7/31/27

@

100(b)

39,400

18,501

Topaz

Solar

Farms

LLC,

5.75%,

9/30/39(b)

18,362

110,000

Vistra

Operations

Co.

LLC,

5.00%,

7/31/27,

Callable

10/15/24

@

100(b)

109,037

40,000

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31,

Callable

10/15/26

@

103.88(b)

43,000

1,050,123

Electrical

Equipment

(0.0%

†

):

60,000

Vertiv

Group

Corp.,

4.13%,

11/15/28,

Callable

11/15/24

@

102.06(b)

57,900

Electronic

Equipment,

Instruments

&

Components

(0.1%):

110,000

Coherent

Corp.,

5.00%,

12/15/29,

Callable

12/14/24

@

102.5(b)

107,250

15,000

Insight

Enterprises,

Inc.,

6.63%,

5/15/32,

Callable

5/15/27

@

103.31(b)

15,525

122,775

Energy

Equipment

&

Services

(0.0%

†

):

30,000

Kodiak

Gas

Services

LLC,

7.25%,

2/15/29,

Callable

2/15/26

@

103.63(b)

31,050

25,000

Nabors

Industries,

Inc.,

8.88%,

8/15/31,

Callable

8/15/27

@

104.44(b)

23,813

15,000

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29,

Callable

7/31/26

@

104.31(b)

15,600

70,463

Entertainment

(0.0%

†

):

60,000

ROBLOX

Corp.,

3.88%,

5/1/30,

Callable

11/4/24

@

101.94(b)

55,725

Financial

Services

(2.7%):

55,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

5.00%,

5/1/28,

Callable

11/4/24

@

102.5(b)

50,531

20,000

Acuris

Finance

U.S.,

Inc./Acuris

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

@

104.5(b)

20,075

10,000

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(b)

10,737

224,000

Athene

Global

Funding,

5.34%,

1/15/27(b)

227,546

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

118

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

101,000

Athene

Global

Funding,

5.58%,

1/9/29(b)

$

104,166

15,000

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

8.25%,

1/15/30,

Callable

1/15/26

@

104.13(b)

15,300

480,000

Blackstone

Private

Credit

Fund,

4.70%,

3/24/25

478,187

25,000

Block,

Inc.,

2.75%,

6/1/26,

Callable

5/1/26

@

100

24,125

25,000

Block,

Inc.,

3.50%,

6/1/31,

Callable

3/1/31

@

100

22,781

40,000

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25(b)

41,550

60,000

Cobra

AcquisitionCo

LLC,

6.38%,

11/1/29,

Callable

11/4/24

@

103.19(b)

49,050

190,000

Corebridge

Financial,

Inc.,

3.65%,

4/5/27,

Callable

3/5/27

@

100

186,437

130,000

Corebridge

Financial,

Inc.,

3.90%,

4/5/32,

Callable

1/5/32

@

100

121,898

70,000

Corebridge

Financial,

Inc.,

4.40%,

4/5/52,

Callable

10/5/51

@

100

59,588

45,000

EMRLD

Borrower

LP/Emerald

Co.-Issuer,

Inc.,

6.63%,

12/15/30,

Callable

6/15/26

@

103.31(b)

46,294

60,000

Equitable

Holdings,

Inc.,

4.57%,

2/15/29,

Callable

11/15/28

@

100(b)

59,704

30,000

Focus

Financial

Partners

LLC,

6.75%,

9/15/31,

Callable

9/15/27

@

103.38(b)

30,225

940,000

Ford

Motor

Credit

Co.

LLC,

4.06%,

11/1/24

938,966

10,000

Greystar

Real

Estate

Partners

LLC,

7.75%,

9/1/30,

Callable

9/1/26

@

103.88(b)

10,575

25,000

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

8.00%,

6/15/27,

Callable

3/15/27

@

100(b)

26,375

75,000

Hightower

Holding

LLC,

6.75%,

4/15/29,

Callable

11/4/24

@

103.38(b)

71,719

50,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(b)

48,938

80,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(b)

83,200

165,000

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.,

5.25%,

5/15/27,

Callable

11/15/26

@

100

157,781

70,000

Jackson

Financial,

Inc.,

5.17%,

6/8/27,

Callable

5/8/27

@

100

70,992

17,000

Jackson

Financial,

Inc.,

3.13%,

11/23/31,

Callable

8/23/31

@

100

14,819

76,000

Jackson

Financial,

Inc.,

5.67%,

6/8/32,

Callable

3/8/32

@

100

78,818

30,000

Jane

Street

Group/JSG

Finance,

Inc.,

4.50%,

11/15/29,

Callable

11/15/24

@

102.25(b)

28,800

15,000

Jefferson

Capital

Holdings

LLC,

9.50%,

2/15/29,

Callable

2/15/26

@

104.75(b)

15,975

25,000

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.,

4.75%,

6/15/29,

Callable

11/4/24

@

102.38(b)

24,438

14,546

Level

3

Financing,

Inc.,

11.00%,

11/15/29,

Callable

3/22/27

@

105.5(b)

16,073

100,000

Level

3

Financing,

Inc.,

4.50%,

4/1/30,

Callable

3/22/26

@

102.13(b)

78,125

40,000

Level

3

Financing,

Inc.,

3.88%,

10/15/30,

Callable

3/22/25

@

101.81(b)

29,500

20,000

Level

3

Financing,

Inc.,

4.00%,

4/15/31,

Callable

3/22/25

@

101.88(b)

14,550

25,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.25%,

8/1/26,

Callable

11/4/24

@

100^

23,688

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services,

continued

$

130,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

5.00%,

10/15/27,

Callable

11/4/24

@

100.83^

$

116,675

60,000

MPT

Operating

Partnership

LP/MPT

Finance

Corp.,

3.50%,

3/15/31,

Callable

3/15/26

@

101.75

43,500

30,000

Nationstar

Mortgage

Holdings,

Inc.,

6.50%,

8/1/29,

Callable

8/1/26

@

103.25(b)

30,412

85,000

Olympus

Water

US

Holding

Corp.,

4.25%,

10/1/28,

Callable

11/4/24

@

102.13(b)

80,963

25,000

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(b)

26,063

87,000

Sun

Communities

Operating

LP,

2.30%,

11/1/28,

Callable

9/1/28

@

100

79,260

232,000

Sun

Communities

Operating

LP,

2.70%,

7/15/31,

Callable

4/15/31

@

100

201,609

70,000

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC,

6.00%,

1/15/30,

Callable

1/15/25

@

103(b)

59,500

20,000

VFH

Parent

LLC/Valor

Co.-Issuer,

Inc.,

7.50%,

6/15/31,

Callable

6/15/27

@

103.75(b)

20,975

85,000

Wrangler

Holdco

Corp.,

6.63%,

4/1/32,

Callable

4/1/27

@

103.31(b)

88,294

4,028,777

Food

Products

(0.2%):

110,000

Pilgrim's

Pride

Corp.,

4.25%,

4/15/31,

Callable

4/15/26

@

102.13

104,225

15,000

Post

Holdings,

Inc.,

5.63%,

1/15/28,

Callable

10/21/24

@

101.88(b)

15,075

28,000

Post

Holdings,

Inc.,

4.50%,

9/15/31,

Callable

9/15/26

@

102.25(b)

26,145

75,000

Post

Holdings,

Inc.,

6.38%,

3/1/33,

Callable

9/1/27

@

103.19(b)

76,219

15,000

Post

Holdings,

Inc.,

6.25%,

10/15/34,

Callable

10/15/29

@

103.13(b)

15,075

236,739

Ground

Transportation

(0.0%

†

):

30,000

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13(b)

30,825

15,000

Hertz

Corp.

(The),

4.63%,

12/1/26,

Callable

11/4/24

@

102.31^(b)

11,737

42,562

Health

Care

Equipment

&

Supplies

(0.1%):

105,000

Medline

Borrower

LP,

3.88%,

4/1/29,

Callable

11/4/24

@

101.94(b)

99,225

15,000

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co.-Issuer,

7.00%,

2/1/30,

Callable

8/1/26

@

103.5(b)

15,563

20,000

Sotera

Health

Holdings

LLC,

7.38%,

6/1/31,

Callable

6/1/27

@

103.69(b)

20,700

135,488

Health

Care

Providers

&

Services

(1.5%):

50,000

180

Medical,

Inc.,

3.88%,

10/15/29,

Callable

10/15/24

@

101.94(b)

46,911

30,000

AHP

Health

Partners,

Inc.,

5.75%,

7/15/29,

Callable

11/4/24

@

102.88(b)

29,475

5,000

Cano

Health

LLC,

6.25%,

10/1/28

6

20,000

Catalent

Pharma

Solutions,

Inc.,

3.50%,

4/1/30,

Callable

4/1/25

@

101.75(b)

19,575

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

119

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

Providers

&

Services,

continued

$

30,000

Centene

Corp.,

2.45%,

7/15/28,

Callable

5/15/28

@

100

$

27,600

630,000

Centene

Corp.,

4.63%,

12/15/29,

Callable

12/15/24

@

102.31

616,613

100,000

CHS/Community

Health

Systems,

Inc.,

5.63%,

3/15/27,

Callable

10/21/24

@

102.81(b)

98,375

100,000

CHS/Community

Health

Systems,

Inc.,

6.00%,

1/15/29,

Callable

10/21/24

@

103(b)

97,000

55,000

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(b)

46,887

110,000

CHS/Community

Health

Systems,

Inc.,

10.88%,

1/15/32,

Callable

2/15/27

@

105.44(b)

121,275

30,000

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US

LLC,

6.63%,

7/15/30,

Callable

7/16/26

@

103.31(b)

31,162

62,000

CVS

Health

Corp.,

5.00%,

1/30/29,

Callable

12/30/28

@

100

63,224

25,000

CVS

Health

Corp.,

5.25%,

1/30/31,

Callable

11/30/30

@

100

25,637

85,000

DaVita,

Inc.,

4.63%,

6/1/30,

Callable

6/1/25

@

102.31(b)

80,750

203,000

HCA,

Inc.,

5.88%,

2/1/29,

Callable

8/1/28

@

100

213,404

110,000

HCA,

Inc.,

3.50%,

9/1/30,

Callable

3/1/30

@

100

103,538

25,000

HealthEquity,

Inc.,

4.50%,

10/1/29,

Callable

11/4/24

@

102.25(b)

24,063

64,000

Humana,

Inc.,

3.70%,

3/23/29,

Callable

2/23/29

@

100

62,190

50,000

LifePoint

Health,

Inc.,

11.00%,

10/15/30,

Callable

10/15/26

@

105.5(b)

56,350

20,000

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(b)

20,550

5,000

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/1/29,

Callable

11/4/24

@

102.5(b)

3,150

60,000

Molina

Healthcare,

Inc.,

3.88%,

11/15/30,

Callable

8/17/30

@

100(b)

55,650

70,000

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

B.V.,

4.13%,

4/30/28,

Callable

11/4/24

@

102.06(b)

67,200

13,593

Radiology

Partners,

Inc.,

7.78%,

1/31/29,

Callable

11/4/24

@

100^(b)

13,457

20,000

Sally

Holdings

LLC/Sally

Capital,

Inc.,

6.75%,

3/1/32,

Callable

3/1/27

@

103.38^

20,550

30,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(b)

31,313

195,000

Tenet

Healthcare

Corp.,

6.13%,

10/1/28,

Callable

11/4/24

@

101.53

196,219

65,000

Tenet

Healthcare

Corp.,

4.38%,

1/15/30,

Callable

12/1/24

@

102.19

62,400

35,000

Toledo

Hospital

(The),

6.02%,

11/15/48

32,231

10,000

US

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(b)

10,325

20,000

US

Renal

Care,

Inc.,

10.63%,

7/15/27,

Callable

11/4/24

@

100(b)

13,000

2,290,080

Health

Care

REITs

(0.7%):

30,000

CTR

Partnership

LP/CareTrust

Capital

Corp.,

3.88%,

6/30/28,

Callable

3/30/28

@

100(b)

28,650

98,000

Healthcare

Realty

Holdings

LP,

3.10%,

2/15/30,

Callable

11/15/29

@

100

90,134

Principal

Amount

Value

Corporate

Bonds,

continued

Health

Care

REITs,

continued

$

350,000

Omega

Healthcare

Investors,

Inc.,

4.50%,

4/1/27,

Callable

1/1/27

@

100

$

347,891

435,000

Omega

Healthcare

Investors,

Inc.,

3.63%,

10/1/29,

Callable

7/1/29

@

100

409,278

230,000

Sabra

Health

Care

LP,

3.20%,

12/1/31,

Callable

9/1/31

@

100

202,400

1,078,353

Health

Care

Technology

(0.0%

†

):

40,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

10/15/24

@

102.44(b)

38,300

Hotel

&

Resort

REITs

(0.1%):

55,000

Service

Properties

Trust,

5.50%,

12/15/27,

Callable

9/15/27

@

100

52,044

60,000

Service

Properties

Trust,

4.95%,

10/1/29,

Callable

7/1/29

@

100

47,400

99,444

Hotels,

Restaurants

&

Leisure

(0.6%):

65,000

Caesars

Entertainment,

Inc.,

8.13%,

7/1/27,

Callable

10/15/24

@

102.03(b)

66,300

65,000

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29,

Callable

10/15/24

@

102.31^(b)

61,669

70,000

Churchill

Downs,

Inc.,

6.75%,

5/1/31,

Callable

5/1/26

@

103.38(b)

72,187

10,000

ClubCorp

Holdings,

Inc.,

8.50%,

9/15/25,

Callable

11/4/24

@

100(b)

9,350

70,000

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

1/15/25

@

103.38(b)

65,100

120,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

3/15/33,

Callable

3/15/28

@

102.94(b)

122,250

25,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

5.00%,

6/1/29,

Callable

11/4/24

@

102.5(b)

23,750

20,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(b)

20,200

30,000

Jacobs

Entertainment,

Inc.,

6.75%,

2/15/29,

Callable

2/15/25

@

103.38(b)

29,100

25,000

Marriott

Ownership

Resorts,

Inc.,

4.50%,

6/15/29,

Callable

11/4/24

@

102.25^(b)

23,500

105,000

MGM

Resorts

International,

5.75%,

6/15/25

105,000

20,000

Royal

Caribbean

Cruises,

Ltd.,

5.63%,

9/30/31,

Callable

9/30/27

@

102.81(b)

20,275

115,000

Royal

Caribbean

Cruises,

Ltd.,

6.00%,

2/1/33,

Callable

8/1/27

@

103(b)

117,875

40,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(b)

42,850

15,000

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

6.25%,

3/15/33,

Callable

9/15/27

@

103.13(b)

15,188

110,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

105,050

899,644

Household

Durables

(0.2%):

35,000

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

4/1/25

@

102.31(b)

33,162

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

120

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Household

Durables,

continued

$

15,000

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(b)

$

15,488

30,000

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(b)

28,050

20,000

Landsea

Homes

Corp.,

8.88%,

4/1/29,

Callable

4/1/26

@

104.44(b)

21,050

15,000

LGI

Homes,

Inc.,

8.75%,

12/15/28,

Callable

12/15/25

@

104.38(b)

16,012

40,000

Newell

Brands,

Inc.,

6.88%,

4/1/36,

Callable

10/1/35

@

100

38,100

45,000

Tempur

Sealy

International,

Inc.,

4.00%,

4/15/29,

Callable

11/4/24

@

102(b)

41,850

25,000

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31,

Callable

10/15/26

@

101.94(b)

22,250

50,000

TopBuild

Corp.,

4.13%,

2/15/32,

Callable

10/15/26

@

102.06(b)

45,750

261,712

Household

Products

(0.0%

†

):

35,000

Central

Garden

&

Pet

Co.,

4.13%,

4/30/31,

Callable

4/30/26

@

102.06(b)

31,938

Independent

Power

and

Renewable

Electricity

Producers

(0.5%):

350,000

AES

Corp.

(The),

3.30%,

7/15/25,

Callable

6/15/25

@

100(b)

344,781

280,000

AES

Corp.

(The),

3.95%,

7/15/30,

Callable

4/15/30

@

100(b)

267,400

20,000

Clearway

Energy

Operating

LLC,

4.75%,

3/15/28,

Callable

10/15/24

@

102.38(b)

19,600

25,000

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

7/1/29,

Callable

11/4/24

@

102.13(b)

23,438

20,000

Lightning

Power

LLC,

7.25%,

8/15/32,

Callable

8/15/27

@

103.63(b)

21,000

20,000

Pattern

Energy

Operations

LP/Pattern

Energy

Operations,

Inc.,

4.50%,

8/15/28,

Callable

11/4/24

@

102.25(b)

19,275

40,000

Sunnova

Energy

Corp.,

5.88%,

9/1/26,

Callable

11/4/24

@

101.47(b)

37,350

732,844

Industrial

Conglomerates

(0.1%):

85,000

Brand

Industrial

Services,

Inc.,

10.38%,

8/1/30,

Callable

8/1/26

@

105.19(b)

90,950

15,000

Global

Partners

LP/GLP

Finance

Corp.,

8.25%,

1/15/32,

Callable

1/15/27

@

104.13(b)

15,525

15,000

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29,

Callable

11/4/24

@

102.19(b)

14,287

120,762

Insurance

(0.8%):

40,000

Acrisure

LLC/Acrisure

Finance,

Inc.,

8.50%,

6/15/29,

Callable

6/15/26

@

104.25(b)

41,600

35,000

AmWINS

Group,

Inc.,

4.88%,

6/30/29,

Callable

11/4/24

@

102.44(b)

33,425

25,000

AssuredPartners,

Inc.,

5.63%,

1/15/29,

Callable

11/4/24

@

102.81(b)

24,031

35,000

AssuredPartners,

Inc.,

7.50%,

2/15/32,

Callable

2/15/27

@

103.75(b)

35,875

30,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

11/4/24

@

102.94(b)

28,612

Principal

Amount

Value

Corporate

Bonds,

continued

Insurance,

continued

$

340,000

Five

Corners

Funding

Trust

II,

2.85%,

5/15/30,

Callable

2/15/30

@

100(b)

$

313,284

160,000

Pacific

LifeCorp,

5.13%,

1/30/43(b)

156,136

250,000

Peachtree

Corners

Funding

Trust,

3.98%,

2/15/25(b)

248,493

35,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19^(b)

33,600

15,000

Ryan

Specialty

LLC,

5.88%,

8/1/32,

Callable

8/1/27

@

102.94(b)

15,244

35,000

Station

Casinos

LLC,

6.63%,

3/15/32,

Callable

3/15/27

@

103.31(b)

35,788

280,000

Unum

Group,

4.00%,

6/15/29,

Callable

3/15/29

@

100

273,368

1,239,456

IT

Services

(0.0%

†

):

25,000

Amentum

Holdings,

Inc.,

7.25%,

8/1/32,

Callable

8/1/27

@

103.63(b)

26,031

Leisure

Products

(0.1%):

20,000

Amer

Sports

Co.,

6.75%,

2/16/31,

Callable

2/16/27

@

103.38^(b)

20,400

20,000

Fiesta

Purchaser,

Inc.,

7.88%,

3/1/31,

Callable

3/1/27

@

103.94(b)

21,125

10,000

Fiesta

Purchaser,

Inc.,

9.63%,

9/15/32,

Callable

9/15/27

@

104.81(b)

10,313

5,000

Mattel,

Inc.,

5.88%,

12/15/27,

Callable

11/4/24

@

102.94(b)

5,040

30,000

Mattel,

Inc.,

6.20%,

10/1/40

30,423

87,301

Life

Sciences

Tools

&

Services

(0.0%

†

):

20,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

10/21/24

@

101.42(b)

19,275

15,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

11/4/24

@

101.88(b)

14,044

33,319

Machinery

(0.2%):

10,000

Cougar

JV

Subsidiary

LLC,

8.00%,

5/15/32,

Callable

5/15/27

@

104(b)

10,550

35,000

Esab

Corp.,

6.25%,

4/15/29,

Callable

4/15/26

@

103.13(b)

35,875

30,000

Gates

Corp.,

6.88%,

7/1/29,

Callable

7/1/26

@

103.44(b)

30,975

35,000

GrafTech

Finance,

Inc.,

4.63%,

12/15/28,

Callable

11/4/24

@

102.31(b)

23,407

20,000

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28,

Callable

12/15/25

@

104.94(b)

15,300

30,000

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

11/4/24

@

103.25(b)

28,350

40,000

Madison

IAQ

LLC,

4.13%,

6/30/28,

Callable

11/4/24

@

102.06(b)

38,650

20,000

Madison

IAQ

LLC,

5.88%,

6/30/29,

Callable

11/4/24

@

102.94(b)

19,375

25,000

Mueller

Water

Products,

Inc.,

4.00%,

6/15/29,

Callable

11/4/24

@

102(b)

23,781

226,263

Media

(1.2%):

45,000

Allen

Media

LLC/Allen

Media

Co.-Issuer,

Inc.,

10.50%,

2/15/28,

Callable

11/4/24

@

105.25(b)

19,350

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

121

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Media,

continued

$

10,000

Arches

Buyer,

Inc.,

4.25%,

6/1/28,

Callable

11/4/24

@

102.13(b)

$

9,125

15,000

Arches

Buyer,

Inc.,

6.13%,

12/1/28,

Callable

11/4/24

@

103.06(b)

12,750

265,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.75%,

3/1/30,

Callable

11/4/24

@

102.38(b)

243,137

40,000

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(b)

41,450

86,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.10%,

6/1/29,

Callable

5/1/29

@

100

88,969

160,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.40%,

4/1/33,

Callable

1/1/33

@

100

146,269

47,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

6.55%,

6/1/34,

Callable

3/1/34

@

100

48,796

80,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

5.38%,

5/1/47,

Callable

11/1/46

@

100

67,195

252,000

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital,

4.80%,

3/1/50,

Callable

9/1/49

@

100

192,866

50,000

Clear

Channel

Outdoor

Holdings,

Inc.,

9.00%,

9/15/28,

Callable

9/15/25

@

104.5(b)

53,125

25,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.50%,

6/1/29,

Callable

11/4/24

@

103.75(b)

21,594

20,000

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(b)

20,875

45,000

CMG

Media

Corp.,

8.88%,

12/15/27,

Callable

10/15/24

@

102.22(b)

26,325

30,000

CSC

Holdings

LLC,

4.63%,

12/1/30,

Callable

12/1/25

@

102.31(b)

15,150

130,000

CSC

Holdings

LLC,

4.13%,

12/1/30,

Callable

12/1/25

@

102.06(b)

94,900

10,000

Discovery

Communications

LLC,

4.13%,

5/15/29,

Callable

2/15/29

@

100

9,447

75,000

Fox

Corp.,

5.48%,

1/25/39,

Callable

7/25/38

@

100

75,595

30,000

Gray

Television,

Inc.,

4.75%,

10/15/30,

Callable

10/15/25

@

102.38^(b)

18,975

85,000

Match

Group

Holdings

II

LLC,

3.63%,

10/1/31,

Callable

10/1/26

@

101.81(b)

76,181

40,000

TEGNA,

Inc.,

4.75%,

3/15/26,

Callable

11/4/24

@

101.19(b)

39,400

350,000

Time

Warner

Cable

LLC,

6.75%,

6/15/39

349,624

55,000

Univision

Communications,

Inc.,

6.63%,

6/1/27,

Callable

10/15/24

@

101.66(b)

55,000

60,000

Univision

Communications,

Inc.,

8.00%,

8/15/28,

Callable

8/15/25

@

104(b)

61,200

1,787,298

Metals

&

Mining

(0.1%):

30,000

ATI,

Inc.,

4.88%,

10/1/29,

Callable

10/21/24

@

102.44

28,913

40,000

Cleveland-Cliffs,

Inc.,

6.75%,

4/15/30,

Callable

4/15/26

@

103.38(b)

40,550

25,000

Commercial

Metals

Co.,

4.13%,

1/15/30,

Callable

1/15/25

@

102.06

23,687

Principal

Amount

Value

Corporate

Bonds,

continued

Metals

&

Mining,

continued

$

25,000

Novelis

Corp.,

3.88%,

8/15/31,

Callable

8/15/26

@

101.94(b)

$

22,875

35,000

Panther

Escrow

Issuer

LLC,

7.13%,

6/1/31,

Callable

6/1/27

@

103.56(b)

36,575

152,600

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

15,000

Rithm

Capital

Corp.,

8.00%,

4/1/29,

Callable

4/1/26

@

104(b)

15,131

30,000

Starwood

Property

Trust,

Inc.,

4.75%,

3/15/25,

Callable

11/4/24

@

100

29,850

44,981

Multi-Utilities

(0.0%

†

):

55,000

Sempra,

6.00%,

10/15/39

58,423

Office

REITs

(0.2%):

290,000

Hudson

Pacific

Properties

LP,

4.65%,

4/1/29,

Callable

1/1/29

@

100^

240,700

50,000

Vornado

Realty

LP,

2.15%,

6/1/26,

Callable

5/1/26

@

100

47,385

288,085

Oil,

Gas

&

Consumable

Fuels

(3.2%):

25,000

Aethon

United

BR

LP/Aethon

United

Finance

Corp.,

7.50%,

10/1/29,

Callable

10/1/26

@

103.75(b)

25,250

25,000

Alpha

Generation

LLC,

6.75%,

10/15/32,

Callable

10/15/27

@

103.38(b)

25,375

25,000

Apache

Corp.,

7.38%,

8/15/47

26,594

25,000

Archrock

Partners

LP/Archrock

Partners

Finance

Corp.,

6.63%,

9/1/32,

Callable

9/1/27

@

103.31(b)

25,625

65,000

California

Resources

Corp.,

8.25%,

6/15/29,

Callable

6/15/26

@

104.13(b)

66,138

15,000

Calumet

Specialty

Products

Partners

LP/Calumet

Finance

Corp.,

9.75%,

7/15/28,

Callable

7/15/25

@

104.88(b)

14,681

20,000

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(b)

20,800

10,000

CNX

Midstream

Partners

LP,

4.75%,

4/15/30,

Callable

4/15/25

@

102.38(b)

9,300

15,000

CNX

Resources

Corp.,

6.00%,

1/15/29,

Callable

11/4/24

@

104.5(b)

15,037

20,000

Columbia

Pipelines

Operating

Co.

LLC,

5.93%,

8/15/30,

Callable

6/15/30

@

100(b)

21,176

55,000

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/33,

Callable

8/15/33

@

100(b)

58,690

16,000

Columbia

Pipelines

Operating

Co.

LLC,

6.50%,

8/15/43,

Callable

2/15/43

@

100(b)

17,789

30,000

Columbia

Pipelines

Operating

Co.

LLC,

6.54%,

11/15/53,

Callable

5/15/53

@

100(b)

33,712

18,000

Columbia

Pipelines

Operating

Co.

LLC,

6.71%,

8/15/63,

Callable

2/15/63

@

100(b)

20,477

80,000

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

10/21/24

@

103.38(b)

77,900

85,000

Continental

Resources,

Inc.,

5.75%,

1/15/31,

Callable

7/15/30

@

100(b)

87,019

25,000

CVR

Energy,

Inc.,

5.75%,

2/15/28,

Callable

10/21/24

@

101.92(b)

23,344

65,000

CVR

Energy,

Inc.,

8.50%,

1/15/29,

Callable

1/15/26

@

104.25(b)

65,569

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

122

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

67,000

DCP

Midstream

Operating

LP,

5.38%,

7/15/25,

Callable

4/15/25

@

100

$

67,167

60,000

DCP

Midstream

Operating

LP,

5.13%,

5/15/29,

Callable

2/15/29

@

100

61,500

100,000

DCP

Midstream

Operating

LP,

5.60%,

4/1/44,

Callable

10/1/43

@

100

99,500

35,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

7.13%,

6/1/28,

Callable

11/4/24

@

103.56(b)

35,000

50,000

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

3/15/26

@

104.31(b)

52,438

18,000

Devon

Energy

Corp.,

5.25%,

10/15/27,

Callable

10/15/24

@

100.88

18,108

25,000

DT

Midstream,

Inc.,

4.13%,

6/15/29,

Callable

11/4/24

@

102.06(b)

23,875

190,000

Energy

Transfer

LP,

4.95%,

6/15/28,

Callable

3/15/28

@

100

193,211

55,000

Energy

Transfer

LP,

7.38%,

2/1/31,

Callable

2/1/26

@

103.69(b)

58,437

427,000

Energy

Transfer

LP,

5.00%,

5/15/50,

Callable

11/15/49

@

100

385,345

60,000

EnLink

Midstream

LLC,

5.63%,

1/15/28,

Callable

7/15/27

@

100(b)

61,350

70,000

EQM

Midstream

Partners

LP,

4.50%,

1/15/29,

Callable

7/15/28

@

100(b)

68,338

45,000

EQT

Corp.,

5.00%,

1/15/29,

Callable

7/15/28

@

100

45,513

45,000

Genesis

Energy

LP/Genesis

Energy

Finance

Corp.,

8.00%,

1/15/27,

Callable

11/4/24

@

104

45,900

40,000

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75(b)

42,000

150,000

Hess

Corp.,

4.30%,

4/1/27,

Callable

1/1/27

@

100

150,040

109,000

Hess

Corp.,

7.30%,

8/15/31

124,836

610,000

Hess

Corp.,

5.60%,

2/15/41

634,882

20,000

Howard

Midstream

Energy

Partners

LLC,

7.38%,

7/15/32,

Callable

7/15/27

@

103.69(b)

20,650

40,000

Kinetik

Holdings

LP,

6.63%,

12/15/28,

Callable

12/15/25

@

103.31(b)

41,450

20,000

Kinetik

Holdings

LP,

5.88%,

6/15/30,

Callable

6/15/25

@

102.94(b)

20,125

15,000

Kraken

Oil

&

Gas

Partners

LLC,

7.63%,

8/15/29,

Callable

8/15/26

@

103.81(b)

14,981

35,000

Matador

Resources

Co.,

6.50%,

4/15/32,

Callable

4/15/27

@

103.25(b)

35,000

10,000

Matador

Resources

Co.,

6.25%,

4/15/33,

Callable

4/15/28

@

103.13(b)

9,800

408,000

Mesquite

Energy,

Inc.,

7.25%,

2/15/23(a)(b)(d)

—

20,000

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13(b)

19,700

200,000

MPLX

LP,

4.95%,

9/1/32,

Callable

6/1/32

@

100

200,635

42,000

Murphy

Oil

Corp.,

5.88%,

12/1/27,

Callable

10/21/24

@

101.96

42,525

20,000

Murphy

Oil

Corp.,

6.00%,

10/1/32,

Callable

10/1/27

@

103

19,700

30,000

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.,

8.13%,

2/15/29,

Callable

2/15/26

@

104.06(b)

30,675

30,000

Northern

Oil

&

Gas,

Inc.,

8.75%,

6/15/31,

Callable

6/15/26

@

104.38(b)

31,200

112,000

Occidental

Petroleum

Corp.,

7.50%,

5/1/31

127,260

Principal

Amount

Value

Corporate

Bonds,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

33,000

ONEOK,

Inc.,

4.25%,

9/24/27,

Callable

8/24/27

@

100

$

32,959

34,000

ONEOK,

Inc.,

4.40%,

10/15/29,

Callable

9/15/29

@

100

33,776

67,000

ONEOK,

Inc.,

4.75%,

10/15/31,

Callable

8/15/31

@

100

66,719

30,000

PBF

Holding

Co

LLC/PBF

Finance

Corp.,

7.88%,

9/15/30,

Callable

9/15/26

@

103.94(b)

30,788

50,000

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

11/4/24

@

101.5

49,250

30,000

Permian

Resources

Operating

LLC,

5.88%,

7/1/29,

Callable

11/4/24

@

102.94(b)

29,850

45,000

Permian

Resources

Operating

LLC,

7.00%,

1/15/32,

Callable

1/15/27

@

103.5(b)

46,744

45,000

Range

Resources

Corp.,

4.88%,

5/15/25,

Callable

2/15/25

@

100

44,719

230,000

Sabine

Pass

Liquefaction

LLC,

4.50%,

5/15/30,

Callable

11/15/29

@

100

228,850

38,000

Sitio

Royalties

Operating

Partnership

LP/Sitio

Finance

Corp.,

7.88%,

11/1/28,

Callable

11/1/25

@

103.94(b)

39,615

25,000

Southwestern

Energy

Co.,

4.75%,

2/1/32,

Callable

2/1/27

@

102.38

23,875

5,000

Sunoco

LP/Sunoco

Finance

Corp.,

6.00%,

4/15/27,

Callable

11/4/24

@

101

5,006

95,000

Sunoco

LP/Sunoco

Finance

Corp.,

5.88%,

3/15/28,

Callable

11/4/24

@

101.96

95,237

20,000

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.,

4.00%,

1/15/32,

Callable

7/15/26

@

102

18,775

105,000

Venture

Global

LNG,

Inc.,

7.00%,

1/15/30,

Callable

1/15/27

@

103.5(b)

107,231

400,000

Western

Midstream

Operating

LP,

4.50%,

3/1/28,

Callable

12/1/27

@

100

397,000

220,000

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/32,

Callable

5/15/32

@

100

218,151

4,884,162

Passenger

Airlines

(0.1%):

35,000

American

Airlines,

Inc.,

7.25%,

2/15/28,

Callable

2/15/25

@

103.63^(b)

35,744

35,000

American

Airlines,

Inc.,

8.50%,

5/15/29,

Callable

11/15/25

@

104.25(b)

37,056

15,000

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94(b)

15,750

88,550

Personal

Care

Products

(0.0%

†

):

25,000

BellRing

Brands,

Inc.,

7.00%,

3/15/30,

Callable

3/15/27

@

101.75(b)

26,094

Pharmaceuticals

(0.1%):

135,000

Viatris,

Inc.,

2.70%,

6/22/30,

Callable

3/22/30

@

100

119,891

Professional

Services

(0.0%

†

):

25,000

ASGN,

Inc.,

4.63%,

5/15/28,

Callable

11/4/24

@

101.52(b)

24,187

20,000

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(b)

20,750

44,937

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

123

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Real

Estate

Management

&

Development

(0.8%):

$

421,000

Brandywine

Operating

Partnership

LP,

3.95%,

11/15/27,

Callable

8/15/27

@

100

$

401,271

288,000

Brandywine

Operating

Partnership

LP,

8.30%,

3/15/28,

Callable

2/15/28

@

100

310,923

150,000

CBRE

Services,

Inc.,

2.50%,

4/1/31,

Callable

1/1/31

@

100

131,122

98,000

COPT

Defense

Properties

LP,

2.25%,

3/15/26,

Callable

2/15/26

@

100

94,703

27,000

COPT

Defense

Properties

LP,

2.00%,

1/15/29,

Callable

11/15/28

@

100

24,011

85,000

COPT

Defense

Properties

LP,

2.75%,

4/15/31,

Callable

1/15/31

@

100

74,457

35,000

Kennedy-Wilson,

Inc.,

4.75%,

2/1/30,

Callable

11/4/24

@

102.38

31,675

100,000

Pine

Street

Trust

II,

5.57%,

2/15/49,

Callable

8/15/48

@

100(b)

97,912

40,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.63%,

6/15/25,

Callable

3/15/25

@

100(b)

39,650

1,205,724

Retail

REITs

(0.7%):

100,000

Boston

Properties

LP,

6.75%,

12/1/27,

Callable

11/1/27

@

100

105,821

22,000

Kite

Realty

Group

Trust,

4.75%,

9/15/30,

Callable

6/15/30

@

100

22,050

387,000

Tanger

Properties

LP,

3.13%,

9/1/26,

Callable

6/1/26

@

100

375,697

237,000

Tanger

Properties

LP,

2.75%,

9/1/31,

Callable

6/1/31

@

100

204,314

390,000

VICI

Properties

LP,

4.95%,

2/15/30,

Callable

12/15/29

@

100

390,488

1,098,370

Semiconductors

&

Semiconductor

Equipment

(0.7%):

55,000

Broadcom,

Inc.,

2.45%,

2/15/31,

Callable

11/15/30

@

100(b)

48,560

597,000

Broadcom,

Inc.,

2.60%,

2/15/33,

Callable

11/15/32

@

100(b)

510,230

490,000

Broadcom,

Inc.,

3.50%,

2/15/41,

Callable

8/15/40

@

100(b)

402,434

30,000

ON

Semiconductor

Corp.,

3.88%,

9/1/28,

Callable

11/4/24

@

100.97(b)

28,500

50,000

Qorvo,

Inc.,

4.38%,

10/15/29,

Callable

11/4/24

@

102.19

48,313

1,038,037

Software

(0.4%):

45,000

AthenaHealth

Group,

Inc.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(b)

43,200

20,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

10/15/24

@

102(b)

19,425

25,000

Cloud

Software

Group,

Inc.,

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(b)

24,781

110,000

Cloud

Software

Group,

Inc.,

9.00%,

9/30/29,

Callable

9/30/25

@

104.5(b)

111,375

30,000

Fair

Isaac

Corp.,

4.00%,

6/15/28,

Callable

10/21/24

@

101(b)

28,913

20,000

McAfee

Corp.,

7.38%,

2/15/30,

Callable

2/15/25

@

103.69(b)

19,500

355,000

Oracle

Corp.,

2.30%,

3/25/28,

Callable

1/25/28

@

100

333,163

Principal

Amount

Value

Corporate

Bonds,

continued

Software,

continued

$

40,000

SS&C

Technologies,

Inc.,

6.50%,

6/1/32,

Callable

6/1/27

@

103.25(b)

$

41,300

25,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(b)

25,781

30,000

Veritas

US,

Inc./Veritas

Bermuda,

Ltd.,

7.50%,

9/1/25,

Callable

11/4/24

@

100^(b)

28,088

675,526

Specialized

REITs

(0.0%

†

):

17,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100

17,786

Specialty

Retail

(0.5%):

10,000

ACProducts

Holdings,

Inc.,

6.38%,

5/15/29,

Callable

11/4/24

@

103.19(b)

6,237

5,000

Arko

Corp.,

5.13%,

11/15/29,

Callable

11/15/24

@

102.56^(b)

4,644

35,000

Asbury

Automotive

Group,

Inc.,

4.63%,

11/15/29,

Callable

11/15/24

@

102.31(b)

33,250

30,000

At

Home

Group,

Inc.,

4.88%,

7/15/28,

Callable

11/4/24

@

101.63(b)

13,950

47,000

AutoNation,

Inc.,

4.75%,

6/1/30,

Callable

3/1/30

@

100

46,683

200,000

AutoZone,

Inc.,

4.00%,

4/15/30,

Callable

1/15/30

@

100

195,810

95,000

Bath

&

Body

Works,

Inc.,

6.63%,

10/1/30,

Callable

10/1/25

@

103.31(b)

96,662

66,000

Carvana

Co.,

5.88%,

10/1/28,

Callable

10/15/24

@

102.94(b)

59,400

10,000

Carvana

Co.,

4.88%,

9/1/29,

Callable

9/1/25

@

101.22(b)

8,325

55,000

Carvana

Co.,

10.25%,

5/1/30,

Callable

5/1/27

@

105.13(b)

55,000

30,000

Foot

Locker,

Inc.,

4.00%,

10/1/29,

Callable

11/4/24

@

102^(b)

26,025

20,000

Group

1

Automotive,

Inc.,

6.38%,

1/15/30,

Callable

7/15/26

@

103.19(b)

20,300

15,000

Michaels

Cos.,

Inc.

(The),

5.25%,

5/1/28,

Callable

10/15/24

@

102.63(b)

11,100

50,000

Staples,

Inc.,

10.75%,

9/1/29,

Callable

9/1/26

@

105.38(b)

48,500

30,000

Staples,

Inc.,

12.75%,

1/15/30,

Callable

6/15/27

@

106.38(b)

24,300

20,000

Upbound

Group,

Inc.,

6.38%,

2/15/29,

Callable

11/4/24

@

103.19(b)

19,300

50,000

Valvoline,

Inc.,

3.63%,

6/15/31,

Callable

6/15/26

@

101.81(b)

44,625

714,111

Technology

Hardware,

Storage

&

Peripherals

(0.2%):

10,000

Capstone

Borrower,

Inc.,

8.00%,

6/15/30,

Callable

6/15/26

@

104(b)

10,575

90,000

CommScope,

Inc.,

4.75%,

9/1/29,

Callable

11/4/24

@

102.38(b)

72,112

10,000

CPI

CG,

Inc.,

10.00%,

7/15/29,

Callable

7/15/26

@

105(b)

10,525

91,000

Dell

International

LLC/EMC

Corp.,

6.02%,

6/15/26,

Callable

3/15/26

@

100

93,195

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

124

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

$

148,000

Dell

International

LLC/EMC

Corp.,

6.10%,

7/15/27,

Callable

5/15/27

@

100^

$

155,235

341,642

Textiles,

Apparel

&

Luxury

Goods

(0.3%):

25,000

Crocs,

Inc.,

4.13%,

8/15/31,

Callable

8/15/26

@

102.06(b)

22,656

20,000

Kontoor

Brands,

Inc.,

4.13%,

11/15/29,

Callable

11/15/24

@

102.06(b)

18,800

30,000

Levi

Strauss

&

Co.,

3.50%,

3/1/31,

Callable

3/1/26

@

101.75(b)

27,150

19,000

Tapestry,

Inc.,

7.05%,

11/27/25

19,387

53,000

Tapestry,

Inc.,

7.00%,

11/27/26

54,827

84,000

Tapestry,

Inc.,

7.35%,

11/27/28,

Callable

10/27/28

@

100

88,451

94,000

Tapestry,

Inc.,

7.70%,

11/27/30,

Callable

9/27/30

@

100

101,118

94,000

Tapestry,

Inc.,

7.85%,

11/27/33,

Callable

8/27/33

@

100

101,714

45,000

Wolverine

World

Wide,

Inc.,

4.00%,

8/15/29,

Callable

11/4/24

@

102(b)

39,712

473,815

Tobacco

(0.0%

†

):

30,000

Turning

Point

Brands,

Inc.,

5.63%,

2/15/26,

Callable

10/15/24

@

101.41(b)

30,450

Trading

Companies

&

Distributors

(0.3%):

290,000

Air

Lease

Corp.,

3.38%,

7/1/25,

Callable

6/1/25

@

100

286,757

20,000

Beacon

Roofing

Supply,

Inc.,

6.50%,

8/1/30,

Callable

8/1/26

@

103.25(b)

20,625

30,000

Fortress

Transportation

and

Infrastructure

Investors

LLC,

7.88%,

12/1/30,

Callable

12/1/26

@

103.94(b)

32,213

10,000

Fortress

Transportation

and

Infrastructure

Investors

LLC,

7.00%,

6/15/32,

Callable

6/15/27

@

103.5(b)

10,500

40,000

Foundation

Building

Materials,

Inc.,

6.00%,

3/1/29,

Callable

11/4/24

@

103(b)

35,150

55,000

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(b)

56,856

442,101

Wireless

Telecommunication

Services

(0.5%):

80,000

LCPR

Senior

Secured

Financing

DAC,

5.13%,

7/15/29,

Callable

11/4/24

@

102.56^(b)

64,800

175,000

Sprint

Capital

Corp.,

6.88%,

11/15/28

191,275

65,000

T-Mobile

USA,

Inc.,

4.75%,

2/1/28,

Callable

10/15/24

@

101.58

65,130

500,000

T-Mobile

USA,

Inc.,

3.88%,

4/15/30,

Callable

1/15/30

@

100

484,812

806,017

Total

Corporate

Bonds

(Cost

$45,171,413)

43,910,236

Yankee

Debt

Obligations

(6.6%):

Aerospace

&

Defense

(0.1%):

45,000

Bombardier,

Inc.,

6.00%,

2/15/28,

Callable

11/4/24

@

103(b)

45,225

60,000

Bombardier,

Inc.,

7.00%,

6/1/32,

Callable

6/1/27

@

103.5^(b)

62,625

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Aerospace

&

Defense,

continued

$

20,000

Garda

World

Security

Corp.,

8.25%,

8/1/32,

Callable

8/1/27

@

104.13(b)

$

20,400

128,250

Banks

(1.3%):

270,000

Barclays

PLC,

5.09%

(US0003M),

6/20/30,

Callable

6/20/29

@

100

271,098

200,000

Commonwealth

Bank

of

Australia,

3.61%

(H15T5Y),

9/12/34,

Callable

9/12/29

@

100(b)

188,289

550,000

Intesa

Sanpaolo

SpA,

5.71%,

1/15/26(b)

553,159

286,000

NatWest

Group

plc,

3.07%

(H15T1Y),

5/22/28,

Callable

5/22/27

@

100

275,998

513,000

Societe

Generale

SA,

1.49%

(H15T1Y),

12/14/26,

Callable

12/14/25

@

100(b)

490,886

47,000

UniCredit

SpA,

5.86%

(USISDA05),

6/19/32,

Callable

6/19/27

@

100(b)

47,123

23,000

UniCredit

SpA,

7.30%

(USISDA05),

4/2/34,

Callable

4/2/29

@

100(b)

24,453

135,000

Westpac

Banking

Corp.,

4.11%

(H15T5Y),

7/24/34,

Callable

7/24/29

@

100

130,400

1,981,406

Biotechnology

(0.0%

†

):

10,000

Grifols

SA,

4.75%,

10/15/28,

Callable

11/4/24

@

102.38^(b)

9,375

Capital

Markets

(0.7%):

680,000

Deutsche

Bank

AG,

4.50%,

4/1/25

676,811

20,000

Global

Aircraft

Leasing

Co.,

Ltd.,

8.75%,

9/1/27,

Callable

3/1/26

@

104.38(b)

20,300

314,000

UBS

Group

AG,

1.49%

(H15T1Y),

8/10/27,

Callable

8/10/26

@

100(b)

296,388

993,499

Chemicals

(0.1%):

25,000

Cerdia

Finanz

GmbH,

10.50%,

2/15/27,

Callable

11/4/24

@

105.25(b)

26,250

95,000

NOVA

Chemicals

Corp.,

5.25%,

6/1/27,

Callable

3/3/27

@

100(b)

93,694

10,000

NOVA

Chemicals

Corp.,

9.00%,

2/15/30,

Callable

8/15/26

@

104.5(b)

10,812

25,000

SNF

Group

SACA,

3.13%,

3/15/27,

Callable

11/4/24

@

101.56(b)

23,688

154,444

Commercial

Services

&

Supplies

(0.0%

†

):

15,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(b)

15,731

Communications

Equipment

(0.0%

†

):

30,000

Nokia

Oyj,

6.63%,

5/15/39

31,650

Consumer

Staples

Distribution

&

Retail

(0.4%):

550,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

3.00%,

5/15/32,

Callable

2/15/32

@

100

477,813

131,000

JBS

USA

Holding

Lux

Sarl/JBS

USA

Food

Co./JBS

Lux

Co.

Sarl,

5.75%,

4/1/33,

Callable

1/1/33

@

100

135,651

613,464

Containers

&

Packaging

(0.1%):

10,000

Intelligent

Packaging,

Ltd.

Finco,

Inc./Intelligent

Packaging,

Ltd.

Co.-Issuer

LLC,

6.00%,

9/15/28,

Callable

11/4/24

@

100(b)

9,887

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

125

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Containers

&

Packaging,

continued

$

25,000

OI

European

Group

BV,

4.75%,

2/15/30,

Callable

11/15/24

@

102.38(b)

$

23,562

45,000

Trivium

Packaging

Finance

BV,

5.50%,

8/15/26,

Callable

11/4/24

@

100(b)

44,663

78,112

Diversified

Consumer

Services

(0.0%

†

):

30,000

Mclaren

Finance

PLC,

7.50%,

8/1/26,

Callable

11/4/24

@

101.88(b)

27,600

Diversified

Telecommunication

Services

(0.2%):

185,000

Altice

France

SA,

5.13%,

1/15/29,

Callable

11/4/24

@

101.28(b)

128,575

40,000

Altice

France

SA,

5.13%,

7/15/29,

Callable

11/4/24

@

102.56(b)

28,100

45,000

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/30,

Callable

3/15/25

@

102(b)

43,087

30,000

Liquid

Telecommunications

Financing

plc,

5.50%,

9/4/26,

Callable

11/4/24

@

101.38(b)

20,325

20,000

Telecom

Italia

Capital

SA,

6.38%,

11/15/33

20,550

80,000

Telecom

Italia

Capital

SA,

6.00%,

9/30/34^

79,400

320,037

Electrical

Equipment

(0.0%

†

):

45,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

11/4/24

@

102(b)

42,638

Energy

Equipment

&

Services

(0.0%

†

):

30,000

Valaris,

Ltd.,

8.38%,

4/30/30,

Callable

4/30/26

@

104.19(b)

30,825

Financial

Services

(0.6%):

40,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

5.63%,

9/15/29,

Callable

9/15/26

@

102.81(b)

40,400

21,000

1375209

BC,

Ltd.,

9.00%,

1/30/28,

Callable

10/15/24

@

100^(b)

20,790

251,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

4.45%,

4/3/26,

Callable

2/3/26

@

100

250,216

209,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

2.45%,

10/29/26,

Callable

9/29/26

@

100

200,710

234,000

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.30%,

1/30/32,

Callable

10/30/31

@

100

210,714

50,000

GGAM

Finance,

Ltd.,

7.75%,

5/15/26,

Callable

11/15/25

@

100(b)

51,187

30,000

GGAM

Finance,

Ltd.,

8.00%,

2/15/27,

Callable

8/15/26

@

100(b)

31,162

25,000

GGAM

Finance,

Ltd.,

6.88%,

4/15/29,

Callable

4/15/26

@

103.44(b)

25,813

25,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.38%,

5/1/28,

Callable

5/1/25

@

104.19(b)

26,344

5,000

Macquarie

Airfinance

Holdings,

Ltd.,

6.40%,

3/26/29,

Callable

2/26/29

@

100(b)

5,231

20,000

Macquarie

Airfinance

Holdings,

Ltd.,

8.13%,

3/30/29,

Callable

9/30/25

@

104.06(b)

21,125

25,000

NCL

Finance,

Ltd.,

6.13%,

3/15/28,

Callable

12/15/27

@

100(b)

25,500

10,000

Sigma

Holdco

BV,

7.88%,

5/15/26,

Callable

10/15/24

@

100(b)

9,900

919,092

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Health

Care

Providers

&

Services

(0.0%

†

):

$

20,000

Jazz

Securities

DAC,

4.38%,

1/15/29,

Callable

10/21/24

@

102.19(b)

$

19,300

Hotels,

Restaurants

&

Leisure

(0.3%):

80,000

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

10/15/30,

Callable

10/15/25

@

102(b)

73,600

40,000

Carnival

Corp.,

7.00%,

8/15/29,

Callable

8/15/26

@

103.5(b)

42,500

45,000

Carnival

Corp.,

10.50%,

6/1/30,

Callable

6/1/25

@

105.25(b)

48,825

65,000

Melco

Resorts

Finance,

Ltd.,

5.38%,

12/4/29,

Callable

12/4/24

@

102.69(b)

60,938

19,000

NCL

Corp.,

Ltd.,

3.63%,

12/15/24,

Callable

10/15/24

@

100(b)

18,905

55,000

NCL

Corp.,

Ltd.,

8.38%,

2/1/28,

Callable

2/1/25

@

104.19(b)

57,612

10,000

Ontario

Gaming

GTA

LP/OTG

Co.-Issuer,

Inc.,

8.00%,

8/1/30,

Callable

8/1/25

@

104(b)

10,387

25,000

Studio

City

Co.,

Ltd.,

7.00%,

2/15/27,

Callable

11/4/24

@

103.5(b)

25,219

50,000

Viking

Cruises,

Ltd.,

9.13%,

7/15/31,

Callable

7/15/26

@

104.56(b)

54,750

392,736

Industrial

REITs

(0.0%

†

):

20,000

Connect

Finco

SARL/Connect

US

Finco

LLC,

6.75%,

10/1/26

20,000

Insurance

(0.3%):

230,000

AIA

Group,

Ltd.,

3.38%,

4/7/30,

Callable

1/7/30

@

100(b)

218,233

5,000

Jones

Deslauriers

Insurance

Management,

Inc.,

10.50%,

12/15/30,

Callable

12/15/25

@

105.25(b)

5,437

200,000

Swiss

Re

Finance

Luxembourg

SA,

5.00%

(H15T5Y),

4/2/49,

Callable

4/2/29

@

100(b)

201,809

425,479

Metals

&

Mining

(0.1%):

10,000

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56(b)

10,600

85,000

ERO

Copper

Corp.,

6.50%,

2/15/30,

Callable

2/15/25

@

103.25(b)

84,150

5,000

FMG

Resources

August

2006

Pty,

Ltd.,

4.50%,

9/15/27,

Callable

6/15/27

@

100(b)

4,894

30,000

Mineral

Resources,

Ltd.,

8.00%,

11/1/27,

Callable

11/4/24

@

104^(b)

30,750

20,000

Mineral

Resources,

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63^(b)

21,300

151,694

Oil,

Gas

&

Consumable

Fuels

(1.5%):

30,000

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(b)

30,000

40,000

Canacol

Energy,

Ltd.,

5.75%,

11/24/28,

Callable

11/24/24

@

102.88(b)

21,400

35,000

Consolidated

Energy

Finance

SA,

12.00%,

2/15/31,

Callable

2/15/27

@

106(b)

35,219

125,000

eG

Global

Finance

PLC,

12.00%,

11/30/28,

Callable

5/30/26

@

106(b)

138,750

50,000

Parkland

Corp.,

6.63%,

8/15/32,

Callable

8/15/27

@

103.31(b)

50,687

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

126

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Yankee

Debt

Obligations,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

$

205,000

Petroleos

Mexicanos,

6.84%,

1/23/30,

Callable

10/23/29

@

100

$

189,881

120,000

Petroleos

Mexicanos,

5.95%,

1/28/31,

Callable

10/28/30

@

100

103,950

460,000

Petroleos

Mexicanos,

6.70%,

2/16/32,

Callable

11/16/31

@

100

412,850

1,662,000

Petroleos

Mexicanos,

6.75%,

9/21/47

1,188,330

10,000

Seadrill

Finance,

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(b)

10,425

30,000

Teine

Energy,

Ltd.,

6.88%,

4/15/29,

Callable

11/4/24

@

103.44(b)

29,475

36,000

Transocean

Poseidon,

Ltd.,

6.88%,

2/1/27,

Callable

11/4/24

@

101.72(b)

35,910

59,500

Transocean,

Inc.,

8.75%,

2/15/30,

Callable

2/15/26

@

104.38(b)

62,029

2,308,906

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^(b)

81,344

Pharmaceuticals

(0.1%):

85,000

Bausch

Health

Cos.,

Inc.,

5.50%,

11/1/25,

Callable

11/4/24

@

100(b)

82,875

37,000

Bausch

Health

Cos.,

Inc.,

11.00%,

9/30/28(b)

34,502

7,000

Bausch

Health

Cos.,

Inc.,

14.00%,

10/15/30,

Callable

10/15/25

@

106(b)

6,335

123,712

Software

(0.1%):

30,000

Elastic

NV,

4.13%,

7/15/29,

Callable

11/4/24

@

102.06(b)

27,900

95,000

Open

Text

Corp.,

3.88%,

2/15/28,

Callable

11/4/24

@

100.97(b)

90,725

118,625

Sovereign

Bond

(0.3%):

250,000

Dominican

Republic

International

Bond,

6.00%,

7/19/28(b)

256,563

230,000

Saudi

Government

International

Bond,

3.25%,

10/22/30(b)

215,543

472,106

Technology

Hardware,

Storage

&

Peripherals

(0.0%

†

):

20,000

Seagate

HDD

Cayman,

8.25%,

12/15/29,

Callable

7/15/26

@

104.13

21,625

Transportation

Infrastructure

(0.0%

†

):

55,000

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

11/4/24

@

102.75(b)

52,250

Wireless

Telecommunication

Services

(0.3%):

315,000

Millicom

International

Cellular

SA,

6.25%,

3/25/29,

Callable

10/15/24

@

103.13(b)

312,637

60,000

Millicom

International

Cellular

SA,

4.50%,

4/27/31,

Callable

4/27/26

@

102.25(b)

53,775

366,412

Total

Yankee

Debt

Obligations

(Cost

$10,546,092)

9,900,312

Principal

Amount

Value

U.S.

Government

Agency

Mortgages

(22.0%):

Federal

Home

Loan

Mortgage

Corporation

(6.8%):

$

14,388

2.50%,

6/1/31,

Pool

#G18604

$

13,846

25,021

2.50%,

7/1/31,

Pool

#V61246

24,225

41,702

2.50%,

8/1/31,

Pool

#V61273

40,217

154,780

3.50%,

3/1/32,

Pool

#C91403

155,965

486,455

3.50%,

7/1/32,

Pool

#C91467

490,184

4,191

2.50%,

8/1/32,

Pool

#G18654

4,035

4,424

2.50%,

11/1/32,

Pool

#G18665

4,258

136,931

2.50%,

12/1/32,

Pool

#G18669

131,803

21,185

2.50%,

3/1/33,

Pool

#G18680

20,177

8,368

2.50%,

4/1/33,

Pool

#G18683

7,970

48,908

3.00%,

4/1/33,

Pool

#G18684

47,375

4,362

2.50%,

5/1/33,

Pool

#G18687

4,155

92,063

2.50%,

7/1/33,

Pool

#G16661

88,525

19,343

3.00%,

4/1/34,

Pool

#G16829

19,083

183,739

3.50%,

10/1/34,

Pool

#C91793

178,306

382,533

4.00%,

5/1/37,

Pool

#C91938

382,314

16,519

3.50%,

4/1/40,

Pool

#V81744

15,720

34,394

3.50%,

5/1/40,

Pool

#V81750

32,733

31,847

3.50%,

6/1/40,

Pool

#V81792

30,309

19,334

3.50%,

8/1/40,

Pool

#V81886

18,400

14,639

3.50%,

9/1/40,

Pool

#V81958

13,932

22,413

4.50%,

1/1/41,

Pool

#A96051

22,847

123,286

2.00%,

3/1/41,

Pool

#SC0136

107,726

22,315

4.50%,

3/1/41,

Pool

#A97673

22,515

18,082

2.00%,

4/1/41,

Pool

#RB5108

15,787

35,022

4.50%,

4/1/41,

Pool

#A97942

35,336

119,466

5.00%,

6/1/41,

Pool

#G06596

124,804

18,723

2.00%,

7/1/41,

Pool

#RB5118

16,347

19,539

2.00%,

10/1/41,

Pool

#RB5131

16,964

437,539

4.50%,

1/1/42,

Pool

#G60517

430,375

129,208

2.00%,

4/1/42,

Pool

#SC0481

112,995

61,609

3.00%,

12/1/42,

Pool

#C04320

58,273

17,372

4.00%,

5/1/43,

Pool

#Q18481

17,284

21,309

4.00%,

7/1/43,

Pool

#Q19597

21,201

21,434

4.00%,

10/1/43,

Pool

#Q22499

21,325

74,325

3.50%,

1/1/44,

Pool

#G60271

71,391

146,053

3.50%,

1/1/44,

Pool

#G07922

139,091

18,154

4.00%,

1/1/44,

Pool

#V80950

17,789

86,437

4.00%,

1/1/45,

Pool

#Q30720

84,788

73,007

4.00%,

2/1/45,

Pool

#G07949

72,712

36,165

3.50%,

3/1/45,

Pool

#Q32008

34,603

17,061

3.50%,

3/1/45,

Pool

#Q32328

16,324

24,413

3.50%,

3/1/45,

Pool

#Q31974

23,359

92,941

3.50%,

5/1/45,

Pool

#Q33547

87,171

12,965

3.00%,

5/1/45,

Pool

#Q33468

12,192

97,281

3.00%,

6/1/45,

Pool

#Q34156

91,485

114,549

3.50%,

6/1/45,

Pool

#Q34164

107,437

17,377

3.50%,

6/1/45,

Pool

#Q33791

16,299

26,136

3.00%,

7/1/45,

Pool

#Q34759

24,395

8,812

3.00%,

7/1/45,

Pool

#Q34979

8,149

44,424

4.00%,

8/1/45,

Pool

#Q35845

44,188

7,184

4.00%,

9/1/45,

Pool

#Q37853

6,953

3,966

4.00%,

11/1/45,

Pool

#Q38812

3,853

141,217

3.50%,

11/1/45,

Pool

#Q37467

135,118

11,011

4.00%,

2/1/46,

Pool

#Q38783

10,597

7,957

4.00%,

2/1/46,

Pool

#Q38782

7,879

1,505

4.00%,

2/1/46,

Pool

#Q38879

1,479

21,969

4.00%,

4/1/46,

Pool

#V82292

21,867

5,669

4.00%,

4/1/46,

Pool

#Q39975

5,613

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

127

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

Home

Loan

Mortgage

Corporation,

continued

$

51,964

3.50%,

5/1/46,

Pool

#G60603

$

49,550

45,514

3.50%,

5/1/46,

Pool

#Q40647

42,536

156,218

3.50%,

5/1/46,

Pool

#G60553

149,515

141,721

3.50%,

9/1/46,

Pool

#Q43257

135,141

7,458

4.00%,

9/1/47,

Pool

#Q50433

7,395

14,013

4.00%,

10/1/47,

Pool

#Q51189

13,896

8,472

4.00%,

2/1/48,

Pool

#Q54192

8,290

100,985

4.00%,

5/1/48,

Pool

#Q55992

98,815

313,726

4.00%,

6/1/48,

Pool

#G67713

301,978

39,051

4.00%,

7/1/48,

Pool

#Q59935

38,916

246,521

2.50%,

8/1/50,

Pool

#SD0430

215,861

302,247

2.50%,

10/1/50,

Pool

#SD7525

265,229

440,259

2.50%,

11/1/50,

Pool

#SD7530

385,918

28,965

2.50%,

2/1/51,

Pool

#RA4575

25,237

34,703

2.50%,

2/1/51,

Pool

#SD7535

30,452

23,668

2.50%,

3/1/51,

Pool

#RA4749

20,621

328,283

1.50%,

4/1/51,

Pool

#QC0798

259,824

575,567

3.00%,

5/1/51,

Pool

#QC1881

520,456

115,615

2.00%,

5/1/51,

Pool

#SD7541

97,444

11,959

2.00%,

7/1/51,

Pool

#QC4163

10,034

120,947

3.00%,

9/1/51,

Pool

#QC7496

109,342

279,906

2.00%,

10/1/51,

Pool

#RA6076

234,195

414,665

2.00%,

11/1/51,

Pool

#RA6241

346,952

162,674

2.00%,

11/1/51,

Pool

#RA6302

135,667

169,916

2.00%,

12/1/51,

Pool

#RA6510

142,275

976,113

2.50%,

12/1/51,

Pool

#RA6435

851,997

511,611

2.00%,

2/1/52,

Pool

#RA6820

426,436

255,817

2.00%,

2/1/52,

Pool

#RA6823

213,986

210,259

3.50%,

3/1/52,

Pool

#RA6950

197,964

561,219

3.00%,

3/1/52,

Pool

#RA6988

507,290

197,323

3.50%,

3/1/52,

Pool

#RA6949

185,058

133,597

3.00%,

3/1/52,

Pool

#SD2219

121,022

81,880

5.50%,

9/1/52,

Pool

#SD1579

83,740

40,532

4.00%,

10/1/52,

Pool

#SD1772

39,491

89,808

5.00%,

11/1/52,

Pool

#SD1862

90,644

100,003

6.00%,

9/1/54,

Pool

#SD6419

104,335

10,259,545

Federal

National

Mortgage

Association

(10.9%):

56,581

2.50%,

6/1/29,

Pool

#MA3734

54,609

36,649

2.50%,

9/1/31,

Pool

#AS8012

35,264

167,273

2.50%,

12/1/32,

Pool

#CA3748

161,005

776

4.50%,

7/1/33,

Pool

#720240

777

1,493

4.50%,

7/1/33,

Pool

#729327

1,496

2,194

4.50%,

8/1/33,

Pool

#729713

2,203

6,350

4.50%,

8/1/33,

Pool

#726956

6,267

8,061

4.50%,

8/1/33,

Pool

#726928

7,942

3,168

4.50%,

8/1/33,

Pool

#723124

3,115

1,884

4.50%,

8/1/33,

Pool

#727160

1,862

1,571

4.50%,

8/1/33,

Pool

#727029

1,573

9,657

4.50%,

8/1/33,

Pool

#729380

9,797

10,757

4.50%,

9/1/33,

Pool

#727147

10,918

3,779

4.50%,

9/1/33,

Pool

#734922

3,836

16,677

4.50%,

12/1/33,

Pool

#AL5321

16,928

66,113

3.50%,

8/1/34,

Pool

#CA4090

65,307

12,646

6.00%,

10/1/34,

Pool

#AL2130

13,268

43,143

3.50%,

2/1/35,

Pool

#CA5291

42,214

25,468

4.50%,

9/1/35,

Pool

#AB8198

25,855

149,883

2.00%,

10/1/35,

Pool

#BK5705

138,166

233,993

6.00%,

5/1/36,

Pool

#745512

244,592

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

114,773

6.00%,

1/1/37,

Pool

#932030

$

121,275

21,950

6.00%,

3/1/37,

Pool

#889506

23,093

33,076

6.00%,

1/1/38,

Pool

#889371

34,749

12,397

6.00%,

3/1/38,

Pool

#889219

12,840

5,735

6.00%,

7/1/38,

Pool

#889733

6,043

31,096

4.50%,

3/1/39,

Pool

#AB0051

31,592

159,522

4.50%,

4/1/39,

Pool

#AB0043

162,119

122,040

2.50%,

8/1/39,

Pool

#MA3761

111,352

14,932

4.50%,

11/1/39,

Pool

#AC5442

15,091

46,058

6.00%,

5/1/40,

Pool

#AL2129

47,862

42,048

2.00%,

10/1/40,

Pool

#FM4644

36,826

108,812

2.00%,

11/1/40,

Pool

#MA4176

95,970

16,094

2.00%,

12/1/40,

Pool

#MA4204

14,194

17,286

4.00%,

12/1/40,

Pool

#AA4757

17,032

17,182

2.00%,

2/1/41,

Pool

#MA4268

15,057

22,400

4.50%,

2/1/41,

Pool

#AH5580

22,665

17,598

2.00%,

3/1/41,

Pool

#MA4287

15,365

51,827

2.00%,

4/1/41,

Pool

#CB0116

45,284

18,834

2.00%,

6/1/41,

Pool

#MA4364

16,443

38,075

2.00%,

6/1/41,

Pool

#FM7891

33,269

145,210

2.00%,

10/1/41,

Pool

#MA4446

126,073

404,325

1.50%,

11/1/41,

Pool

#MA4473

344,191

3,101

6.00%,

1/1/42,

Pool

#AL2128

3,130

739,403

2.00%,

5/1/42,

Pool

#FS4603

647,987

118,604

2.50%,

2/1/43,

Pool

#AB8465

106,709

26,565

4.00%,

10/1/43,

Pool

#BM1167

26,326

118,108

4.50%,

3/1/44,

Pool

#AL5082

118,756

6,914

4.00%,

12/1/44,

Pool

#AY0045

6,908

50,233

4.00%,

5/1/45,

Pool

#AZ1207

48,786

37,645

3.00%,

5/1/45,

Pool

#AS4972

34,585

25,546

4.00%,

6/1/45,

Pool

#AZ3341

24,989

89,898

4.00%,

6/1/45,

Pool

#AY8096

87,309

20,377

4.00%,

6/1/45,

Pool

#AZ2719

19,933

28,879

4.00%,

6/1/45,

Pool

#AY8126

28,340

22,956

5.00%,

6/1/45,

Pool

#AZ3448

23,785

101,581

4.00%,

7/1/45,

Pool

#AZ0833

99,367

11,978

3.00%,

8/1/45,

Pool

#AZ3728

11,005

84,671

3.00%,

8/1/45,

Pool

#AS5634

77,791

34,066

3.00%,

8/1/45,

Pool

#AZ8288

31,296

10,970

4.00%,

11/1/45,

Pool

#AZ0560

10,654

39,774

4.00%,

12/1/45,

Pool

#BA6404

38,628

28,230

4.50%,

2/1/46,

Pool

#BM5199

28,466

208,125

3.50%,

5/1/46,

Pool

#BC0880

197,615

7,673

4.00%,

5/1/46,

Pool

#BC2276

7,506

77,449

4.00%,

7/1/46,

Pool

#BC1443

76,146

24,760

4.50%,

8/1/46,

Pool

#AL9111

24,943

89,999

4.00%,

9/1/46,

Pool

#BC2843

88,485

272,941

3.50%,

12/1/46,

Pool

#BC9077

259,156

39,722

3.50%,

2/1/47,

Pool

#BE5696

37,711

329,489

4.50%,

2/1/47,

Pool

#AL9846

331,940

4,952

4.00%,

6/1/47,

Pool

#BH4269

4,844

23,850

3.00%,

5/1/49,

Pool

#MA3670

21,686

93,504

3.50%,

1/1/50,

Pool

#FS3728

89,448

174,338

1.50%,

12/1/50,

Pool

#CA8005

137,721

228,413

2.50%,

4/1/51,

Pool

#FM6540

202,216

396,358

2.00%,

4/1/51,

Pool

#MA4305

329,444

134,892

2.50%,

5/1/51,

Pool

#MA4326

117,159

55,580

2.50%,

5/1/51,

Pool

#CB0388

48,427

416,440

1.50%,

6/1/51,

Pool

#MA4354

329,587

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

128

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Federal

National

Mortgage

Association,

continued

$

453,551

3.00%,

6/1/51,

Pool

#CB0850

$

411,508

9,589

2.00%,

7/1/51,

Pool

#BT1461

8,045

76,003

3.00%,

8/1/51,

Pool

#FM9973

68,850

–

2.50%,

9/1/51,

Pool

#CB1549

—

214,901

2.00%,

10/1/51,

Pool

#CB1799

179,852

285,955

2.00%,

10/1/51,

Pool

#CB1801

239,441

159,924

3.00%,

11/1/51,

Pool

#FM9633

145,091

300,580

2.00%,

11/1/51,

Pool

#FM9568

252,316

189,426

2.00%,

11/1/51,

Pool

#FM9539

158,609

651,367

2.50%,

11/1/51,

Pool

#FM9501

568,446

127,394

3.00%,

11/1/51,

Pool

#FM9632

115,872

171,372

3.00%,

11/1/51,

Pool

#CB2164

155,791

123,657

2.00%,

12/1/51,

Pool

#CB2350

103,466

115,389

2.50%,

12/1/51,

Pool

#CB2376

100,718

162,080

2.50%,

12/1/51,

Pool

#CB2320

141,452

–

2.00%,

12/1/51,

Pool

#CB2347

—

82,557

2.00%,

12/1/51,

Pool

#CB2348

69,127

467,743

2.00%,

12/1/51,

Pool

#CB2349

391,651

54,879

3.00%,

12/1/51,

Pool

#CB2420

49,891

85,094

3.00%,

12/1/51,

Pool

#BT9503

76,930

87,975

3.00%,

12/1/51,

Pool

#FM9777

79,818

763,912

2.00%,

1/1/52,

Pool

#FS0286

639,629

331,669

2.00%,

1/1/52,

Pool

#FS0288

276,628

204,029

3.00%,

2/1/52,

Pool

#FS0631

184,755

820,923

2.00%,

2/1/52,

Pool

#CB2842

684,254

132,439

3.00%,

2/1/52,

Pool

#CB2886

119,979

44,596

3.50%,

3/1/52,

Pool

#CB3128

41,825

41,659

4.00%,

4/1/52,

Pool

#FS1647

40,374

175,706

5.50%,

10/1/52,

Pool

#CB4843

178,425

175,333

5.00%,

11/1/52,

Pool

#CB5128

178,157

44,939

5.00%,

11/1/52,

Pool

#FS3295

45,523

83,660

5.00%,

11/1/52,

Pool

#FS3248

84,408

89,783

6.00%,

6/1/53,

Pool

#CB6538

93,108

42,325

5.50%,

6/1/53,

Pool

#CB6642

43,492

89,946

5.50%,

6/1/53,

Pool

#CB6527

92,115

275,561

5.50%,

7/1/53,

Pool

#CB6673

281,872

141,519

5.50%,

8/1/53,

Pool

#CB6911

145,770

140,853

6.50%,

9/1/53,

Pool

#CB7134

147,239

138,553

6.50%,

11/1/53,

Pool

#CB7520

144,423

1,200,000

3.00%,

9/25/54,

TBA

1,076,197

800,000

6.50%,

10/25/54,

TBA

824,750

125,000

2.00%,

10/25/54,

TBA

103,262

150,000

2.50%,

10/25/54,

TBA

129,281

1,600,000

6.00%,

10/25/54,

TBA

1,635,250

16,481,753

Government

National

Mortgage

Association

(4.3%):

2,398

5.00%,

6/15/34,

Pool

#629493

2,401

1,757

5.00%,

3/15/38,

Pool

#676766

1,810

1,295

5.00%,

4/15/38,

Pool

#672672

1,333

4,718

5.00%,

8/15/38,

Pool

#687818

4,859

37,158

5.00%,

1/15/39,

Pool

#705997

38,693

74,077

5.00%,

3/15/39,

Pool

#646746

77,138

502

5.00%,

3/15/39,

Pool

#697946

523

77,558

4.00%,

10/15/40,

Pool

#783143

76,593

21,167

4.00%,

10/20/40,

Pool

#4833

20,904

64,180

4.00%,

1/20/41,

Pool

#4922

63,381

175,628

4.50%,

3/20/41,

Pool

#4978

177,290

61,719

4.50%,

5/20/41,

Pool

#5055

62,303

129,363

4.00%,

5/20/41,

Pool

#5054

128,263

Principal

Amount

Value

U.S.

Government

Agency

Mortgages,

continued

Government

National

Mortgage

Association,

continued

$

60,812

4.50%,

6/15/41,

Pool

#366975

$

61,314

41,123

4.50%,

6/20/41,

Pool

#5082

41,513

165,940

3.50%,

12/20/41,

Pool

#5258

159,099

289,725

4.00%,

1/20/42,

Pool

#5280

287,262

103,507

3.00%,

12/20/42,

Pool

#MA0624

96,797

161,161

3.00%,

12/20/42,

Pool

#AA5872

147,549

18,120

3.00%,

1/20/43,

Pool

#MA0698

16,906

226,413

3.50%,

2/20/43,

Pool

#MA0783

216,268

46,039

3.00%,

3/20/43,

Pool

#AD8812

42,592

107,380

3.00%,

3/20/43,

Pool

#AA6146

99,738

29,581

3.50%,

3/20/43,

Pool

#AD8884

28,307

11,905

3.50%,

4/20/43,

Pool

#AB9891

11,392

31,308

3.50%,

4/20/43,

Pool

#AD9075

29,959

2,605

4.00%,

7/20/44,

Pool

#MA2074

2,561

110,939

4.00%,

4/15/46,

Pool

#784232

108,659

16,881

3.50%,

7/20/46,

Pool

#784391

16,003

9,448

3.00%,

10/20/46,

Pool

#MA4003

8,723

494,864

3.00%,

12/20/46,

Pool

#MA4126

457,244

48,611

4.00%,

1/15/47,

Pool

#AX5831

47,580

55,565

4.00%,

1/15/47,

Pool

#AX5857

54,904

155,624

3.00%,

1/20/47,

Pool

#MA4195

143,794

94,051

3.00%,

2/20/47,

Pool

#MA4261

86,686

157,889

4.00%,

4/20/47,

Pool

#784304

154,448

152,770

4.00%,

4/20/47,

Pool

#784303

149,441

44,538

4.00%,

4/20/48,

Pool

#BG3507

43,679

47,128

4.00%,

4/20/48,

Pool

#BG7744

46,219

96,442

2.00%,

10/20/50,

Pool

#MA6930

81,809

265,871

2.00%,

11/20/50,

Pool

#MA6994

225,530

347,853

2.00%,

1/20/51,

Pool

#MA7135

294,774

253,114

2.00%,

2/20/51,

Pool

#MA7192

214,588

89,253

2.50%,

6/20/51,

Pool

#MA7418

78,620

393,337

2.50%,

8/20/51,

Pool

#MA7534

346,259

177,735

2.50%,

9/20/51,

Pool

#MA7589

156,383

418,465

2.50%,

2/20/52,

Pool

#MA7881

368,121

468,292

2.00%,

2/20/52,

Pool

#MA7880

397,457

47,428

4.00%,

10/20/52,

Pool

#MA8346

45,898

666,892

4.50%,

4/20/53,

Pool

#MA8799

658,735

100,000

5.50%,

11/20/53,

TBA

100,951

250,000

5.50%,

10/20/54,

TBA

252,344

6,435,597

Total

U.S.

Government

Agency

Mortgages

(Cost

$35,448,593)

33,176,895

U.S.

Treasury

Obligations

(29.5%):

U.S.

Treasury

Bonds

(15.0%):

3,103,000

1.75%,

8/15/41

2,199,251

6,364,000

2.00%,

8/15/51

4,098,814

5,300,000

3.63%,

2/15/53

4,818,859

700,000

3.63%,

5/15/53

637,000

8,364,000

4.13%,

8/15/53

8,330,021

950,000

4.25%,

2/15/54

968,258

1,500,000

4.25%,

8/15/54

1,531,641

22,583,844

U.S.

Treasury

Notes

(14.5%):

1,700,000

4.38%,

11/30/30

1,768,266

1,700,000

4.00%,

1/31/31

1,733,469

2,500,000

4.25%,

2/28/31

2,585,156

95,000

4.13%,

11/15/32

97,731

10,800,000

3.50%,

2/15/33

10,612,687

3,200,000

3.38%,

5/15/33

3,111,500

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

129

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

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

September

30,

2024

:

(Unaudited)

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

790,000

4.00%,

2/15/34

$

803,702

1,200,000

3.88%,

8/15/34

1,208,250

21,920,761

Total

U.S.

Treasury

Obligations

(Cost

$47,519,550)

44,504,605

Shares

Value

Unaffiliated

Investment

Companies

(3.1%):

Money

Markets

(3.1%):

1,631,786

BlackRock

Liquidity

FedFund,

Institutional

Class,

5.03%(e)(f)

$

1,631,786

3,074,410

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01

%(f)

3,074,410

Total

Unaffiliated

Investment

Companies

(Cost

$4,706,196)

4,706,196

Total

Investment

Securities

(Cost

$163,084,143)

—

103.4%

155,842,413

Net

other

assets

(liabilities)

—

(3.4)%

(5,122,241)

Net

Assets

—

100.0%

$

150,720,172

H15T1Y—1

Year

Treasury

Constant

Maturity

Rate

H15T10Y—10

Year

Treasury

Constant

Maturity

Rate

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

LIBOR—London

Interbank

Offered

Rate

SOFR—Secured

Overnight

Financing

Rate

TSFR1M—Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M—Term

Secured

Overnight

Financing

Rate

3

Month

TBA—To

Be

Announced

Security

US0003M—3

Month

US

Dollar

LIBOR

USISDA05—5

Year

ICE

Swap

Rate

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$1,561,185.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2024.

(b)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(c)

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

September

30,

2024.

(d)

Defaulted

bond.

(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

September

30,

2024.

(f)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Country

Percentage

Australia

0.2‌%

Bermuda

0.1‌%

British

Virgin

Islands

—‌%

†

Canada

0.6‌%

Cayman

Islands

6.2‌%

Dominican

Republic

0.2‌%

Finland

—‌%

†

France

0.4‌%

Germany

0.5‌%

Hong

Kong

0.1‌%

Ireland

0.5‌%

Italy

0.4‌%

Jersey

0.2‌%

Luxembourg

0.9‌%

Marshall

Island

—‌%

†

Mexico

1.3‌%

Netherlands

0.1‌%

Panama

0.1‌%

Saudi

Arabia

0.1‌%

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

130

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Country

Percentage

Spain

—‌%

†

Switzerland

0.3‌%

United

Kingdom

0.5‌%

United

States

87.3‌%

100.0‌%

†

Represents

less

than

0.05%.

Securities

Sold

Short

(-3.3%):

At

September

30,

2024,

the

Fund's

securities

sold

short

were

as

follows:

Security

Description

Coupon

Rate

Maturity

Date

Par

Amount

Proceeds

Received

Value

U.S.

Government

Agency

Mortgages

Federal

National

Mortgage

Association

Federal

National

Mortgage

Association,

TBA

3.00%

10/25/54

$

(1,200,000‌)

$

(1,090,406‌)

$

(1,076,625‌)

Federal

National

Mortgage

Association,

TBA

3.50%

10/25/54

(900,000‌)

(846,563‌)

(838,125‌)

Federal

National

Mortgage

Association,

TBA

4.00%

10/25/54

(875,000‌)

(846,426‌)

(840,273‌)

Federal

National

Mortgage

Association,

TBA

2.00%

10/25/54

(1,225,000‌)

(1,027,325‌)

(1,011,965‌)

Federal

National

Mortgage

Association,

TBA

2.50%

10/25/54

(225,000‌)

(196,040‌)

(193,922‌)

Federal

National

Mortgage

Association,

TBA

3.00%

9/25/54

(1,200,000‌)

(1,087,729‌)

(1,076,197‌)

$(5,094,489)

$(5,037,107‌)

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

131

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(98.8%):

Aerospace

&

Defense

(2.1%):

44,375

Airbus

SE

$

6,496,835

227,219

BAE

Systems

plc

3,760,600

1,519

Dassault

Aviation

SA

312,871

1,993

Elbit

Systems,

Ltd.

396,649

6,408

Kongsberg

Gruppen

ASA

628,056

21,426

Leonardo

SpA

478,123

98,430

Melrose

Industries

plc

601,936

4,038

MTU

Aero

Engines

AG

1,258,410

3,272

Rheinmetall

AG

1,768,538

631,576

Rolls-Royce

Holdings

plc*

4,459,556

25,512

Saab

AB,

Class

B*

543,059

25,564

Safran

SA

6,031,051

128,300

Singapore

Technologies

Engineering,

Ltd.

463,921

7,004

Thales

SA

1,112,395

28,312,000

Air

Freight

&

Logistics

(0.5%):

76,877

Deutsche

Post

AG

3,422,952

12,671

DSV

A/S

2,629,870

15,358

InPost

SA*

289,767

25,400

SG

Holdings

Co.,

Ltd.

272,812

6,615,401

Automobile

Components

(0.6%):

38,400

Aisin

Corp.

423,381

42,600

Bridgestone

Corp.

1,638,524

51,068

Cie

Generale

des

Etablissements

Michelin

SCA

2,073,138

8,230

Continental

AG

532,361

142,600

Denso

Corp.

2,122,819

54,000

Sumitomo

Electric

Industries,

Ltd.

866,668

7,656,891

Automobiles

(2.6%):

24,089

Bayerische

Motoren

Werke

AG

2,124,260

9,455

Ferrari

NV

4,428,275

336,500

Honda

Motor

Co.,

Ltd.

3,551,841

44,700

Isuzu

Motors,

Ltd.

603,116

41,000

Mazda

Motor

Corp.^

307,392

55,508

Mercedes-Benz

Group

AG

3,587,373

178,600

Nissan

Motor

Co.,

Ltd.^

503,033

14,578

Renault

SA

633,600

157,861

Stellantis

NV

2,182,572

44,500

Subaru

Corp.

773,357

117,100

Suzuki

Motor

Corp.

1,307,267

765,830

Toyota

Motor

Corp.

13,718,212

62,462

Volvo

Car

AB,

Class

B*^

171,822

60,100

Yamaha

Motor

Co.,

Ltd.

538,492

34,430,612

Banks

(10.8%):

33,068

ABN

AMRO

Bank

NV

597,171

130,711

AIB

Group

plc

749,190

223,251

ANZ

Group

Holdings,

Ltd.*

4,716,103

434,473

Banco

Bilbao

Vizcaya

Argentaria

SA

4,702,514

93,554

Banco

BPM

SpA

631,988

417,472

Banco

de

Sabadell

SA

885,229

1,155,824

Banco

Santander

SA

5,905,897

96,434

Bank

Hapoalim

BM

967,986

118,093

Bank

Leumi

Le-Israel

BM

1,158,797

Shares

Value

Common

Stocks,

continued

Banks,

continued

75,301

Bank

of

Ireland

Group

plc

$

842,379

2,155

Banque

Cantonale

Vaudoise,

Registered

Shares

222,542

1,101,248

Barclays

plc

3,313,588

75,919

BNP

Paribas

SA

5,209,205

279,500

BOC

Hong

Kong

Holdings,

Ltd.

891,285

280,544

CaixaBank

SA

1,672,067

41,200

Chiba

Bank,

Ltd.

(The)

331,905

77,152

Commerzbank

AG

1,422,633

124,844

Commonwealth

Bank

of

Australia

11,716,143

78,500

Concordia

Financial

Group,

Ltd.

435,069

78,777

Credit

Agricole

SA

1,204,054

51,357

Danske

Bank

A/S

1,546,514

149,540

DBS

Group

Holdings,

Ltd.

4,442,480

64,826

DNB

Bank

ASA

1,330,243

25,342

Erste

Group

Bank

AG

1,390,232

45,766

FinecoBank

Banca

Fineco

SpA

784,628

58,300

Hang

Seng

Bank,

Ltd.

725,227

1,380,888

HSBC

Holdings

plc

12,383,657

246,659

ING

Groep

NV

4,485,721

1,101,635

Intesa

Sanpaolo

SpA

4,714,743

92,143

Israel

Discount

Bank,

Ltd.,

Class

A

517,008

106,700

Japan

Post

Bank

Co.,

Ltd.

997,103

17,121

KBC

Group

NV

1,362,042

4,654,867

Lloyds

Banking

Group

plc

3,654,446

36,227

Mediobanca

Banca

di

Credito

Finanziario

SpA

618,540

829,600

Mitsubishi

UFJ

Financial

Group,

Inc.

8,446,303

11,001

Mizrahi

Tefahot

Bank,

Ltd.

430,754

180,663

Mizuho

Financial

Group,

Inc.

3,713,920

231,031

National

Australia

Bank,

Ltd.

5,981,694

488,107

NatWest

Group

plc

2,254,690

232,573

Nordea

Bank

Abp

2,741,826

1,972

Nordea

Bank

Abp

Helsinki

23,224

250,499

Oversea-Chinese

Banking

Corp.,

Ltd.

2,950,510

154,987

Resona

Holdings,

Inc.

1,080,703

317,881

Sberbank

of

Russia*(a)(b)

—

32,900

Shizuoka

Financial

Group,

Inc.

286,092

118,463

Skandinaviska

Enskilda

Banken

AB,

Class

A

1,813,179

53,851

Societe

Generale

SA

1,342,298

162,760

Standard

Chartered

plc

1,730,512

279,807

Sumitomo

Mitsui

Financial

Group,

Inc.

5,957,689

48,006

Sumitomo

Mitsui

Trust

Group,

Inc.^

1,139,906

106,734

Svenska

Handelsbanken

AB,

Class

A

1,096,766

62,762

Swedbank

AB,

Class

A

1,332,107

3,719

TCS

Group

Holding

plc,

GDR*(a)

—

—

Turkiye

Is

Bankasi

AS

—

109,902

UniCredit

SpA

4,828,973

95,173

United

Overseas

Bank,

Ltd.

2,388,731

19,456

VTB

Bank

PJSC*(a)(b)

—

257,967

Westpac

Banking

Corp.

5,672,341

141,740,547

Beverages

(1.6%):

66,906

Anheuser-Busch

InBev

SA/NV

4,432,368

106,800

Asahi

Group

Holdings,

Ltd.

1,398,967

7,368

Carlsberg

AS,

Class

B

877,979

15,180

Coca-Cola

Europacific

Partners

plc

1,195,425

16,468

Coca-Cola

HBC

AG

586,502

45,956

Davide

Campari-Milano

NV,

Class

M^

389,321

165,711

Diageo

plc

5,780,918

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

132

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Beverages,

continued

9,597

Heineken

Holding

NV

$

724,710

21,703

Heineken

NV

1,924,085

57,500

Kirin

Holdings

Co.,

Ltd.

876,267

14,979

Pernod

Ricard

SA

2,263,776

10,600

Suntory

Beverage

&

Food,

Ltd.

398,041

60,896

Treasury

Wine

Estates,

Ltd.

506,214

21,354,573

Biotechnology

(0.9%):

4,466

Argenx

SE*

2,417,005

36,151

CSL,

Ltd.

7,169,140

4,672

Genmab

A/S*

1,137,342

22,071

Grifols

SA*

250,653

15,220

Swedish

Orphan

Biovitrum

AB*

490,488

4,816

Zealand

Pharma

A/S*

584,803

12,049,431

Broadline

Retail

(0.9%):

7,159

Global-e

Online,

Ltd.*

275,192

9,086

Next

plc

1,189,891

965

Ozon

Holdings

plc,

ADR*(a)

—

29,100

Pan

Pacific

International

Holdings

Corp.

751,162

104,829

Prosus

NV*

4,533,164

108,700

Rakuten

Group,

Inc.*

703,897

85,251

Wesfarmers,

Ltd.

4,146,742

11,600,048

Building

Products

(1.0%):

14,700

AGC,

Inc.

477,010

73,606

Assa

Abloy

AB,

Class

B

2,479,292

33,853

Cie

de

Saint-Gobain

SA

3,085,291

19,400

Daikin

Industries,

Ltd.

2,724,415

2,501

Geberit

AG,

Registered

Shares

1,632,919

12,068

Kingspan

Group

plc

1,135,833

112,612

Nibe

Industrier

AB,

Class

B

618,185

636

ROCKWOOL

A/S,

Class

B

298,934

10,800

TOTO,

Ltd.

401,718

12,853,597

Capital

Markets

(3.1%):

72,199

3i

Group

plc

3,195,789

4,936

Amundi

SA

368,999

14,490

ASX,

Ltd.

639,881

100,600

Daiwa

Securities

Group,

Inc.

715,955

140,805

Deutsche

Bank

AG,

Registered

Shares

2,426,841

14,114

Deutsche

Boerse

AG

3,309,328

27,032

EQT

AB

926,541

5,848

Euronext

NV

634,714

4,262

Futu

Holdings,

Ltd.

ADR*

407,660

27,012

Hargreaves

Lansdown

plc

402,763

90,893

Hong

Kong

Exchanges

&

Clearing,

Ltd.

3,710,007

72,200

Japan

Exchange

Group,

Inc.

937,198

15,228

Julius

Baer

Group,

Ltd.

917,687

35,560

London

Stock

Exchange

Group

plc

4,861,251

26,949

Macquarie

Group,

Ltd.

4,345,083

222,000

Nomura

Holdings,

Inc.

1,162,690

1,713

Partners

Group

Holding

AG

2,576,807

21,190

SBI

Holdings,

Inc.

488,355

63,052

Schroders

plc

294,898

64,600

Singapore

Exchange,

Ltd.

574,088

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

45,462

The

Moscow

Exchange*(a)(b)

$

—

245,348

UBS

Group

AG

7,576,442

40,472,977

Chemicals

(3.0%):

43,307

Air

Liquide

SA

8,363,009

12,784

Akzo

Nobel

NV

901,583

4,464

Arkema

SA

425,646

94,300

Asahi

Kasei

Corp.

712,335

66,656

BASF

SE

3,527,099

17,007

Clariant

AG,

Registered

Shares

257,730

13,631

Covestro

AG*

849,099

10,410

Croda

International

plc

588,376

13,932

DSM-Firmenich

AG

1,918,270

512

EMS-Chemie

Holding

AG

430,232

18,898

Evonik

Industries

AG

441,775

687

Givaudan

SA,

Registered

Shares

3,768,955

53,836

ICL

Group,

Ltd.

229,812

97,500

Mitsubishi

Chemical

Group

Corp.

626,363

14,000

Mitsui

Chemicals,

Inc.

372,278

66,300

Nippon

Paint

Holdings

Co.,

Ltd.

507,940

12,200

Nippon

Sanso

Holdings

Corp.

445,255

54,000

Nitto

Denko

Corp.

902,587

26,286

Novonesis

(Novozymes)

B

1,893,134

8,000

OCI

NV

227,610

34,637

Orica,

Ltd.*

445,275

1,447

PhosAgro

PJSC*(a)(b)

—

27

PhosAgro

PJSC,

GDR*(a)

—

134,800

Shin-Etsu

Chemical

Co.,

Ltd.

5,638,871

11,392

Sika

AG,

Registered

Shares

3,780,182

5,641

Syensqo

SA

499,808

9,819

Symrise

AG

1,357,352

104,900

Toray

Industries,

Inc.

617,647

12,572

Yara

International

ASA

398,303

40,126,526

Commercial

Services

&

Supplies

(0.4%):

102,281

Brambles,

Ltd.

1,347,883

29,000

Dai

Nippon

Printing

Co.,

Ltd.

516,527

185,326

Rentokil

Initial

plc

909,209

30,800

Secom

Co.,

Ltd.

1,137,720

37,053

Securitas

AB,

Class

B

470,770

18,600

TOPPAN

Holdings,

Inc.

551,426

4,933,535

Communications

Equipment

(0.3%):

397,293

Nokia

Oyj

1,736,049

211,965

Telefonaktiebolaget

LM

Ericsson,

Class

B^

1,602,747

3,338,796

Construction

&

Engineering

(0.7%):

13,699

ACS

Actividades

de

Construccion

y

Servicios

SA*

632,538

13,304

Bouygues

SA

445,560

5,300

Eiffage

SA

511,810

38,609

Ferrovial

SE*

1,661,710

31,800

Kajima

Corp.

595,090

49,300

Obayashi

Corp.

624,990

24,861

Skanska

AB,

Class

B

519,119

12,000

Taisei

Corp.

525,248

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

133

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

37,196

Vinci

SA

$

4,351,362

9,867,427

Construction

Materials

(0.5%):

10,486

Heidelberg

Materials

AG

1,139,660

38,967

Holcim

AG

3,810,563

32,153

James

Hardie

Industries

PLC*

1,286,707

6,236,930

Consumer

Finance

(0.0%

†

):

—

Isracard,

Ltd.

2

Consumer

Staples

Distribution

&

Retail

(1.2%):

48,100

Aeon

Co.,

Ltd.

1,307,187

41,716

Carrefour

SA

711,401

98,561

Coles

Group,

Ltd.*

1,229,498

120,563

Endeavour

Group,

Ltd.

418,104

118,259

J

Sainsbury

plc

467,728

21,353

Jeronimo

Martins

SGPS

SA

419,663

19,670

Kesko

Oyj,

Class

B

419,979

11,400

Kobe

Bussan

Co.,

Ltd.

358,871

69,835

Koninklijke

Ahold

Delhaize

NV

2,412,618

26,100

MatsukiyoCocokara

&

Co.

429,049

165,600

Seven

&

i

Holdings

Co.,

Ltd.

2,480,148

516,653

Tesco

plc

2,476,530

91,964

Woolworths

Group,

Ltd.

2,113,780

3,565

X5

Retail

Group

NV,

GDR*(a)

—

15,244,556

Containers

&

Packaging

(0.0%

†

):

23,221

SIG

Group

AG

518,549

Distributors

(0.0%

†

):

1,697

D'ieteren

Group

358,894

Diversified

Consumer

Services

(0.0%

†

):

44,603

Pearson

plc

604,716

Diversified

REITs

(0.2%):

140,533

GPT

Group

(The)

483,193

51,805

Land

Securities

Group

plc

451,542

294,602

Mirvac

Group

437,263

178,980

Stockland

650,211

2,022,209

Diversified

Telecommunication

Services

(1.7%):

474,615

BT

Group

plc

940,218

36,320

Cellnex

Telecom

SA

1,471,381

260,771

Deutsche

Telekom

AG

7,658,311

10,800

Elisa

Oyj

572,532

277,525

HKT

Trust

&

HKT,

Ltd.

355,331

23,813

Infrastrutture

Wireless

Italiane

SpA

293,049

303,121

Koninklijke

KPN

NV

1,237,862

2,253,500

Nippon

Telegraph

&

Telephone

Corp.

2,306,544

138,781

Orange

SA

1,588,856

554,400

Singapore

Telecommunications,

Ltd.

1,395,815

142,233

Spark

New

Zealand,

Ltd.

273,739

1,905

Swisscom

AG,

Registered

Shares

1,244,634

761,503

Telecom

Italia

SpA/Milano*

211,734

299,152

Telefonica

SA^

1,462,482

47,918

Telenor

ASA

613,504

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

169,228

Telia

Co.

AB

$

547,515

305,854

Telstra

Group,

Ltd.

821,574

22,995,081

Electric

Utilities

(1.9%):

1,609

Acciona

SA

227,965

1,549

BKW

AG

280,913

49,000

Chubu

Electric

Power

Co.,

Inc.

574,407

44,070

CK

Infrastructure

Holdings,

Ltd.

300,112

120,000

CLP

Holdings,

Ltd.

1,058,254

236,366

EDP

-

Energias

de

Portugal

SA

1,079,647

1,970

Elia

Group

SA/NV

225,268

23,395

Endesa

SA

511,108

611,310

Enel

SpA

4,884,620

33,332

Fortum

Oyj^

549,290

455,710

Iberdrola

SA

7,049,624

952,130

Inter

Rao

Ues

PJSC*(a)(b)

—

50,900

Kansai

Electric

Power

Co.,

Inc.

(The)

842,180

47,377

Mercury

NZ,

Ltd.

193,584

131,008

Origin

Energy,

Ltd.

906,081

14,031

Orsted

AS*

933,076

105,500

Power

Assets

Holdings,

Ltd.

675,824

30,305

Redeia

Corp.

SA

589,399

82,150

SSE

plc*

2,070,345

107,724

Terna

-

Rete

Elettrica

Nazionale

970,305

119,800

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

533,199

5,165

Verbund

AG

429,064

24,884,265

Electrical

Equipment

(2.2%):

117,977

ABB,

Ltd.,

Registered

Shares

6,839,927

9,900

Fuji

Electric

Co.,

Ltd.

598,179

19,823

Legrand

SA

2,285,619

142,200

Mitsubishi

Electric

Corp.

2,291,908

61,400

NIDEC

Corp.

1,290,847

19,508

Prysmian

SpA

1,418,102

40,788

Schneider

Electric

SE

10,789,541

46,034

Siemens

Energy

AG*

1,695,360

75,478

Vestas

Wind

Systems

A/S*

1,666,820

28,876,303

Electronic

Equipment,

Instruments

&

Components

(1.3%):

28,976

Halma

plc

1,011,589

20,400

Hamamatsu

Photonics

KK

266,809

155,150

Hexagon

AB,

Class

B

1,675,130

8,100

Ibiden

Co.,

Ltd.

250,952

14,480

Keyence

Corp.

6,931,601

94,300

Kyocera

Corp.

1,094,252

126,200

Murata

Manufacturing

Co.,

Ltd.

2,478,811

12,600

Omron

Corp.

576,668

18,100

Shimadzu

Corp.

603,796

145,500

TDK

Corp.

1,857,172

17,300

Yokogawa

Electric

Corp.

441,689

17,188,469

Energy

Equipment

&

Services

(0.0%

†

):

36,619

Tenaris

SA

581,173

Entertainment

(0.9%):

48,867

Bollore

SE

325,953

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

134

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

26,800

Capcom

Co.,

Ltd.

$

623,280

4,792

CTS

Eventim

AG

&

Co.

KGaA

497,837

7,200

Konami

Group

Corp.

730,793

23,700

Nexon

Co.,

Ltd.

470,946

78,000

Nintendo

Co.,

Ltd.

4,159,102

27,668

Sea,

Ltd.

ADR*

2,608,539

7,600

Toho

Co.,

Ltd.

307,950

63,569

Universal

Music

Group

NV

1,664,280

11,388,680

Financial

Services

(1.1%):

1,635

Adyen

NV*

2,560,321

17,870

Edenred

SE

677,804

3,677

Eurazeo

SE

302,300

7,258

EXOR

NV

777,787

5,927

Groupe

Bruxelles

Lambert

NV

461,617

8,819

Industrivarden

AB,

Class

A

326,170

11,711

Industrivarden

AB,

Class

C

430,926

129,448

Investor

AB,

Class

B

3,988,598

5,444

L

E

Lundbergforetagen

AB,

Class

B

311,744

166,799

M&G

plc

462,725

62,300

Mitsubishi

HC

Capital,

Inc.

439,972

44,818

Nexi

SpA*

304,429

85,300

ORIX

Corp.

1,980,591

1,204

Sofina

SA

339,810

18,781

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

452,195

48,802

Wise

plc,

Class

A*

440,103

14,257,092

Food

&

Staples

Retailing

(0.0%

†

):

2,004

Magnit

PJSC*(a)(b)

—

Food

Products

(2.6%):

35,200

Ajinomoto

Co.,

Inc.

1,360,847

25,088

Associated

British

Foods

plc

782,796

273

Barry

Callebaut

AG,

Registered

Shares

505,712

274,400

China

Huishan

Dairy

Holdings

Co.,

Ltd.*(a)

—

8

Chocoladefabriken

Lindt

&

Spruengli

AG

1,019,914

69

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

891,006

47,971

Danone

SA

3,492,627

10,353

JDE

Peet's

NV

216,340

11,473

Kerry

Group

plc,

Class

A

1,189,241

50,500

Kikkoman

Corp.

574,274

32

Lotus

Bakeries

NV

429,399

16,904

MEIJI

Holdings

Co.,

Ltd.

422,691

36,091

Mowi

ASA

649,297

195,444

Nestle

SA,

Registered

Shares

19,700,930

15,300

Nissin

Foods

Holdings

Co.,

Ltd.

426,757

53,120

Orkla

ASA

500,876

4,854

Salmar

ASA

254,820

568,297

WH

Group,

Ltd.

449,552

145,100

Wilmar

International,

Ltd.

377,689

18,600

Yakult

Honsha

Co.,

Ltd.^

429,884

33,674,652

Gas

Utilities

(0.2%):

101,208

APA

Group*

542,540

838,135

Hong

Kong

&

China

Gas

Co.,

Ltd.

682,771

27,300

Osaka

Gas

Co.,

Ltd.

613,530

153,285

Snam

SpA

780,247

Shares

Value

Common

Stocks,

continued

Gas

Utilities,

continued

26,800

Tokyo

Gas

Co.,

Ltd.

$

623,749

3,242,837

Ground

Transportation

(0.4%):

57,600

Central

Japan

Railway

Co.

1,333,042

66,939

East

Japan

Railway

Co.

1,330,677

148,785

Grab

Holdings,

Ltd.*

565,383

16,800

Hankyu

Hanshin

Holdings,

Inc.

518,113

10,500

Keisei

Electric

Railway

Co.,

Ltd.^

312,956

112,994

MTR

Corp.,

Ltd.

422,022

35,000

Tokyu

Corp.

452,267

33,600

West

Japan

Railway

Co.

638,624

5,573,084

Health

Care

Equipment

&

Supplies

(2.2%):

37,333

Alcon,

Inc.

3,733,498

3,108

BioMerieux

372,478

2,828

Carl

Zeiss

Meditec

AG,

Class

BR

224,018

4,762

Cochlear,

Ltd.

930,926

9,320

Coloplast

A/S,

Class

B

1,217,892

7,748

Demant

A/S*

302,862

1,912

DiaSorin

SpA

223,355

22,135

EssilorLuxottica

SA*

5,244,424

43,974

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

970,626

17,368

Getinge

AB,

B

Shares

375,063

26,100

Hoya

Corp.

3,614,475

60,081

Koninklijke

Philips

NV*

1,968,502

88,200

Olympus

Corp.

1,674,174

20,729

Siemens

Healthineers

AG

1,242,801

65,734

Smith

&

Nephew

plc

1,021,762

3,791

Sonova

Holding

AG

1,361,943

8,214

Straumann

Holding

AG,

Class

R

1,348,565

37,500

Sysmex

Corp.

740,110

100,600

Terumo

Corp.

1,897,790

28,465,264

Health

Care

Providers

&

Services

(0.2%):

10,586

Amplifon

SpA

304,276

15,701

Fresenius

Medical

Care

AG

667,635

30,926

Fresenius

SE

&

Co.

KGaA*

1,177,532

13,523

Ramsay

Health

Care,

Ltd.*

389,766

34,633

Sonic

Healthcare,

Ltd.

651,563

3,190,772

Health

Care

Technology

(0.1%):

32,200

M3,

Inc.

323,548

4,410

Pro

Medicus,

Ltd.

545,120

868,668

Hotels,

Restaurants

&

Leisure

(1.4%):

13,999

Accor

SA

608,396

33,938

Amadeus

IT

Group

SA

2,449,258

42,774

Aristocrat

Leisure,

Ltd.

1,729,469

126,137

Compass

Group

plc

4,040,715

13,134

Delivery

Hero

SE*

532,018

48,536

Entain

plc

495,534

13,583

Evolution

AB

1,335,571

163,000

Galaxy

Entertainment

Group,

Ltd.

808,231

435,557

Genting

Singapore,

Ltd.

296,904

12,185

InterContinental

Hotels

Group

plc

1,331,415

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

135

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

7,421

La

Francaise

des

Jeux

SAEM

$

305,387

169,008

Lottery

Corp.,

Ltd.

(The)

599,652

5,629

McDonald's

Holdings

Co.

Japan,

Ltd.

268,055

82,300

Oriental

Land

Co.,

Ltd.

2,123,798

184,732

Sands

China,

Ltd.*

466,955

6,718

Sodexo

SA

550,727

14,032

Whitbread

plc

588,868

7,400

Zensho

Holdings

Co.,

Ltd.

408,923

18,939,876

Household

Durables

(1.1%):

102,218

Barratt

Developments

plc

655,397

7,074

Berkeley

Group

Holdings

plc*

446,906

179,000

Panasonic

Holdings

Corp.

1,554,879

23,175

Persimmon

plc

508,786

1,891

SEB

SA

216,180

29,700

Sekisui

Chemical

Co.,

Ltd.

462,894

44,100

Sekisui

House,

Ltd.

1,227,488

465,000

Sony

Group

Corp.

9,031,910

259,842

Taylor

Wimpey

plc

571,760

14,676,200

Household

Products

(0.5%):

45,067

Essity

AB,

Class

B

1,407,069

7,943

Henkel

AG

&

Co.

KGaA

675,498

51,982

Reckitt

Benckiser

Group

plc

3,182,672

29,400

Unicharm

Corp.

1,060,504

6,325,743

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

18,495

ACEN

Corp.

1,779

24,545

EDP

Renovaveis

SA*

429,307

103,728

Meridian

Energy,

Ltd.

391,309

47,313

RWE

AG

1,720,796

2,543,191

Industrial

Conglomerates

(1.9%):

195,244

CK

Hutchison

Holdings,

Ltd.

1,108,478

7,228

DCC

plc

492,571

1,200

Hikari

Tsushin,

Inc.

267,159

346,700

Hitachi,

Ltd.

9,160,319

10,177

Investment

AB

Latour,

Class

B

317,763

12,100

Jardine

Matheson

Holdings,

Ltd.*

472,633

111,400

Keppel,

Ltd.

574,632

17,272

Lifco

AB,

Class

B

568,960

56,694

Siemens

AG,

Registered

Shares

11,447,882

27,065

Smiths

Group

plc

607,771

25,018,168

Industrial

REITs

(0.4%):

269,183

CapitaLand

Ascendas

REIT

598,171

126,865

Goodman

Group

3,256,826

184

Nippon

Prologis

REIT,

Inc.

315,287

94,293

Segro

plc*

1,103,438

12,391

Warehouses

De

Pauw

CVA*

330,323

5,604,045

Insurance

(5.5%):

20,230

Admiral

Group

plc

754,400

Shares

Value

Common

Stocks,

continued

Insurance,

continued

97,985

Aegon,

Ltd.

$

629,530

12,390

Ageas

SA/NV

660,788

827,600

AIA

Group,

Ltd.

7,318,537

29,277

Allianz

SE,

Registered

Shares

9,605,347

11,494

ASR

Nederland

NV

563,547

202,847

Aviva

plc

1,314,413

135,483

AXA

SA

5,213,579

3,148

Baloise

Holding

AG,

Registered

Shares

642,181

67,400

Dai-ichi

Life

Holdings,

Inc.

1,736,415

76,190

Generali

2,202,238

15,186

Gjensidige

Forsikring

ASA

284,218

4,445

Hannover

Rueck

SE

1,266,839

2,587

Helvetia

Holding

AG,

Registered

Shares

447,056

174,467

Insurance

Australia

Group,

Ltd.

889,442

143,500

Japan

Post

Holdings

Co.,

Ltd.

1,369,606

15,600

Japan

Post

Insurance

Co.,

Ltd.

283,752

441,599

Legal

&

General

Group

plc

1,335,449

207,807

Medibank

Pvt,

Ltd.

525,614

96,033

MS&AD

Insurance

Group

Holdings,

Inc.

2,240,714

9,978

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

5,489,428

20,038

NN

Group

NV

999,236

56,342

Phoenix

Group

Holdings

plc

422,342

33,256

Poste

Italiane

SpA

466,626

206,718

Prudential

plc

1,928,021

109,711

QBE

Insurance

Group,

Ltd.*

1,253,441

37,442

Sampo

Oyj,

A

Shares

1,748,202

70,875

Sompo

Holdings,

Inc.

1,588,183

93,026

Suncorp

Group,

Ltd.

1,166,937

2,206

Swiss

Life

Holding

AG

1,843,410

22,404

Swiss

Re

AG

3,095,222

36,036

T&D

Holdings,

Inc.

629,460

5,045

Talanx

AG

424,652

140,700

Tokio

Marine

Holdings,

Inc.

5,162,076

24,789

Tryg

A/S

587,948

10,983

Zurich

Insurance

Group

AG

6,626,437

72,715,286

Interactive

Media

&

Services

(0.3%):

66,036

Auto

Trader

Group

plc

766,449

27,637

CAR

Group,

Ltd.*

718,085

203,800

LY

Corp.

595,003

9,068

Nebius

Group

NV,

Class

A*(a)

—

3,995

REA

Group,

Ltd.

557,553

5,301

Scout24

SE

455,896

24,891

SEEK,

Ltd.

429,290

3,760

VK

IPJSC,

GDR*(a)

—

3,522,276

Internet

&

Direct

Marketing

Retail

(0.0%

†

):

321

Ozon

Holdings

plc,

ADR*(a)(b)

—

IT

Services

(0.9%):

5,725

Bechtle

AG

255,727

11,443

Capgemini

SE

2,478,426

123,600

Fujitsu,

Ltd.

2,535,904

18,200

NEC

Corp.

1,753,033

28,038

Nomura

Research

Institute,

Ltd.

1,036,834

48,200

NTT

Data

Group

Corp.

867,318

24,000

Obic

Co.,

Ltd.

844,290

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

136

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

17,400

Otsuka

Corp.

$

429,238

10,400

SCSK

Corp.

214,857

15,700

TIS,

Inc.

399,906

3,994

Wix.com,

Ltd.*

667,677

11,483,210

Leisure

Products

(0.2%):

43,600

Bandai

Namco

Holdings,

Inc.

996,855

5,900

Shimano,

Inc.

1,118,678

2,115,533

Life

Sciences

Tools

&

Services

(0.4%):

2,520

Bachem

Holding

AG

212,436

10,204

Eurofins

Scientific

SE

646,643

5,344

Lonza

Group

AG,

Registered

Shares

3,381,314

16,643

QIAGEN

NV*

748,349

2,264

Sartorius

Stedim

Biotech

473,790

5,462,532

Machinery

(3.1%):

20,947

Alfa

Laval

AB

1,006,248

27,043

Alstom

SA*

561,999

201,146

Atlas

Copco

AB,

Class

A

3,893,126

117,058

Atlas

Copco

AB,

Class

B

2,004,417

24,400

Daifuku

Co.,

Ltd.

471,570

36,834

Daimler

Truck

Holding

AG

1,377,163

51,105

Epiroc

AB,

Class

A

1,105,165

29,884

Epiroc

AB,

Class

B

566,527

69,400

FANUC

Corp.

2,028,541

11,114

GEA

Group

AG

543,438

7,700

Hitachi

Construction

Machinery

Co.,

Ltd.^

186,697

7,500

Hoshizaki

Corp.

261,300

25,721

Husqvarna

AB,

B

Shares

180,460

20,933

Indutrade

AB

651,359

5,039

Knorr-Bremse

AG

447,915

69,500

Komatsu,

Ltd.

1,928,063

25,245

Kone

Oyj,

Class

B

1,509,994

73,000

Kubota

Corp.

1,036,372

18,100

Makita

Corp.

612,617

44,446

Metso

Oyj

476,156

27,100

MINEBEA

MITSUMI,

Inc.

534,728

240,900

Mitsubishi

Heavy

Industries,

Ltd.

3,580,338

355

Rational

AG

361,777

79,688

Sandvik

AB

1,781,388

3,157

Schindler

Holding

AG,

Class

PC

925,761

1,651

Schindler

Holding

AG,

Registered

Shares

469,959

25,498

SKF

AB,

B

Shares

507,452

4,200

SMC

Corp.

1,869,100

5,507

Spirax

Group

plc

554,829

105,000

Techtronic

Industries

Co.,

Ltd.

1,591,707

10,500

Toyota

Industries

Corp.

810,634

16,532

Trelleborg

AB,

Class

B

635,548

1,964

VAT

Group

AG

1,001,496

15,166

Volvo

AB,

Class

A

404,908

116,934

Volvo

AB,

Class

B

3,092,638

39,038

Wartsila

OYJ

Abp

875,008

18,000

Yaskawa

Electric

Corp.

629,993

40,476,391

Shares

Value

Common

Stocks,

continued

Marine

Transportation

(0.4%):

228

AP

Moller

-

Maersk

A/S,

Class

A

$

369,602

344

AP

Moller

-

Maersk

A/S,

Class

B

578,795

29,100

Kawasaki

Kisen

Kaisha,

Ltd.^

451,421

3,709

Kuehne

+

Nagel

International

AG,

Class

R

1,012,168

24,900

Mitsui

OSK

Lines,

Ltd.^

857,822

34,300

Nippon

Yusen

KK^

1,251,451

104,000

SITC

International

Holdings

Co.,

Ltd.

277,475

4,798,734

Media

(0.4%):

14,477

Dentsu

Group,

Inc.

445,608

102,797

Informa

plc

1,129,023

17,179

Publicis

Groupe

SA

1,879,681

55,361

Vivendi

SE

640,421

80,086

WPP

plc

818,300

4,913,033

Metals

&

Mining

(3.0%):

77,337

Alrosa

PAO*(a)(b)

—

94,306

Anglo

American

plc

3,064,475

29,973

Antofagasta

plc

809,241

35,838

ArcelorMittal

SA

940,411

378,320

BHP

Group,

Ltd.

11,760,526

30,458

BlueScope

Steel,

Ltd.

465,753

20,386

Boliden

AB

691,900

14,787

Endeavour

Mining

plc

349,700

127,306

Fortescue,

Ltd.

1,794,916

769,036

Glencore

plc

4,403,085

44,600

JFE

Holdings,

Inc.

597,087

12,868

Mineral

Resources,

Ltd.*

460,163

185,700

MMC

Norilsk

Nickel

PJSC*(a)(b)

—

63,448

Nippon

Steel

Corp.^

1,416,841

100,511

Norsk

Hydro

ASA

653,462

89,399

Northern

Star

Resources,

Ltd.*

978,032

42,350

Novolipetsk

Steel

PJSC*(a)(b)

—

221,707

Pilbara

Minerals,

Ltd.*^

498,276

1,026

Polyus

PJSC*(a)(b)

—

84,598

Rio

Tinto

plc

5,994,418

28,040

Rio

Tinto,

Ltd.

2,496,055

6,613

Severstal*(a)(b)

—

343,666

South32,

Ltd.

898,949

18,300

Sumitomo

Metal

Mining

Co.,

Ltd.

549,178

84,297

United

Co.

RUSAL

International

PJSC*(a)(b)

—

6,766

voestalpine

AG

176,204

38,998,672

Multi-Utilities

(0.9%):

390,821

Centrica

plc

609,825

169,410

E.ON

SE

2,518,779

134,104

Engie

SA

2,316,313

356,620

National

Grid

plc*

4,915,301

70,800

Sembcorp

Industries,

Ltd.

304,470

51,537

Veolia

Environnement

SA

1,695,397

12,360,085

Office

REITs

(0.1%):

3,599

Covivio

SA*

218,680

78,455

Dexus

410,716

3,301

Gecina

SA

380,243

100

Japan

Real

Estate

Investment

Corp.^

397,596

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

137

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Office

REITs,

continued

555

Nippon

Building

Fund,

Inc.

$

509,475

1,916,710

Oil,

Gas

&

Consumable

Fuels

(3.5%):

21,900

Aker

BP

ASA

471,202

18,095

Ampol,

Ltd.

382,617

1,233,058

BP

plc

6,502,895

213,020

ENEOS

Holdings,

Inc.

1,159,916

173,286

Eni

SpA

2,651,057

62,500

Equinor

ASA

1,584,545

34,738

Galp

Energia

SGPS

SA

652,167

354,974

Gazprom

PJSC*(a)(b)

—

66,735

Idemitsu

Kosan

Co.,

Ltd.

479,203

68,500

Inpex

Corp.

929,305

12,219

LUKOIL

PJSC*(a)(b)

—

33,389

Neste

Oyj^

648,791

27,220

Novatek

PJSC*(a)(b)

—

11,220

OMV

AG

479,803

90,065

Repsol

SA

1,191,727

34,912

Rosneft

Oil

Co.

PJSC*(a)(b)

—

242,837

Santos,

Ltd.

1,183,304

470,066

Shell

plc*

15,317,971

171,452

Surgutneftegas

PJSC*(a)(b)

—

199,091

Surgutneftegas

Prefernce*(a)(b)

—

43,241

Tatneft

PJSC*(a)(b)

—

160,973

TotalEnergies

SE

10,432,137

140,247

Woodside

Energy

Group,

Ltd.

2,430,105

46,496,745

Paper

&

Forest

Products

(0.3%):

5,857

Holmen

AB,

B

Shares

253,629

33,304

Mondi

plc

634,009

42,243

Stora

Enso

Oyj,

Class

R

541,072

46,553

Svenska

Cellulosa

AB

SCA,

Class

B

678,522

39,461

UPM-Kymmene

Oyj

1,322,348

3,429,580

Passenger

Airlines

(0.1%):

12,100

ANA

Holdings,

Inc.^

258,922

43,566

Deutsche

Lufthansa

AG,

Registered

Shares^

319,027

12,470

Japan

Airlines

Co.,

Ltd.^

219,016

54,260

Qantas

Airways,

Ltd.*

278,660

105,850

Singapore

Airlines,

Ltd.

558,913

1,634,538

Personal

Care

Products

(2.0%):

7,372

Beiersdorf

AG

1,109,281

550,640

Haleon

plc

2,879,160

34,600

Kao

Corp.

1,714,779

17,960

L'Oreal

SA

8,050,472

29,300

Shiseido

Co.,

Ltd.

794,252

186,108

Unilever

PLC

12,050,483

26,598,427

Pharmaceuticals

(9.4%):

135,200

Astellas

Pharma,

Inc.

1,552,043

115,645

AstraZeneca

plc

18,010,081

74,167

Bayer

AG,

Registered

Shares

2,504,526

1

Celltrion

Pharm,

Inc.*

53

50,000

Chugai

Pharmaceutical

Co.,

Ltd.

2,418,366

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

138,500

Daiichi

Sankyo

Co.,

Ltd.

$

4,553,826

19,200

Eisai

Co.,

Ltd.

714,487

3,586

Galderma

Group

AG*

333,222

308,942

GSK

plc

6,282,679

12,542

Hikma

Pharmaceuticals

plc

320,338

2,549

Ipsen

SA

313,595

2,373

Kangmei

Pharmaceutical

Co.*(a)

—

19,400

Kyowa

Kirin

Co.,

Ltd.

341,809

9,680

Merck

KGaA

1,704,158

147,026

Novartis

AG,

Registered

Shares

16,928,012

240,248

Novo

Nordisk

A/S,

Class

B

28,611,601

26,500

Ono

Pharmaceutical

Co.,

Ltd.

353,009

7,694

Orion

Oyj,

Class

B

421,411

31,200

Otsuka

Holdings

Co.,

Ltd.

1,759,726

7,789

Recordati

Industria

Chimica

e

Farmaceutica

SpA

440,736

52,409

Roche

Holding

AG

16,779,864

2,341

Roche

Holding

AG,

Class

BR

800,759

30,490

Sandoz

Group

AG

1,271,572

85,020

Sanofi

SA

9,794,223

57,300

Shionogi

&

Co.,

Ltd.

820,779

117,973

Takeda

Pharmaceutical

Co.,

Ltd.^

3,374,240

83,581

Teva

Pharmaceutical

Industries,

Ltd.

ADR*

1,506,130

9,442

UCB

SA

1,702,396

123,613,641

Professional

Services

(1.9%):

12,350

Adecco

Group

AG

420,349

24,631

Bureau

Veritas

SA

817,360

38,396

Computershare,

Ltd.

670,119

68,401

Experian

plc

3,602,833

12,516

Intertek

Group

plc

865,024

8,049

Randstad

NV^

400,043

110,500

Recruit

Holdings

Co.,

Ltd.

6,731,169

139,022

RELX

plc

6,566,976

11,238

SGS

SA,

Registered

Shares*

1,254,299

4,338

Teleperformance

SE

449,892

18,484

Wolters

Kluwer

NV

3,115,194

24,893,258

Real

Estate

Management

&

Development

(1.1%):

2,743

Azrieli

Group,

Ltd.

191,471

169,300

CapitaLand

Investment,

Ltd.

411,793

60,000

China

Evergrande

Group*

1,258

149,244

CK

Asset

Holdings,

Ltd.

648,554

4,100

Daito

Trust

Construction

Co.,

Ltd.

498,132

41,700

Daiwa

House

Industry

Co.,

Ltd.

1,310,914

47,911

Fastighets

AB

Balder,

B

Shares*

421,099

109,956

Henderson

Land

Development

Co.,

Ltd.

345,273

78,000

Hongkong

Land

Holdings,

Ltd.

286,230

29,800

Hulic

Co.,

Ltd.

302,478

5,313

LEG

Immobilien

SE*

554,010

83,300

Mitsubishi

Estate

Co.,

Ltd.

1,315,227

201,000

Mitsui

Fudosan

Co.,

Ltd.

1,883,030

9,400

Nomura

Real

Estate

Holdings,

Inc.

251,722

16,567

Sagax

AB,

Class

B

472,368

306,601

Sino

Land

Co.,

Ltd.*

336,411

22,400

Sumitomo

Realty

&

Development

Co.,

Ltd.

752,971

106,000

Sun

Hung

Kai

Properties,

Ltd.

1,151,161

33,964

Swire

Pacific,

Ltd.,

Class

A

291,103

5,841

Swiss

Prime

Site

AG,

Registered

Shares

654,911

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

138

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

54,766

Vonovia

SE*

$

1,995,681

81,931

Wharf

Holdings,

Ltd.

(The)

233,950

127,300

Wharf

Real

Estate

Investment

Co.,

Ltd.

450,404

14,760,151

Retail

REITs

(0.3%):

427,376

CapitaLand

Integrated

Commercial

Trust

706,104

15,395

Klepierre

SA

504,744

194,520

Link

REIT*

972,307

394,258

Scentre

Group

997,920

8,724

Unibail-Rodamco-Westfield

763,731

293,814

Vicinity,

Ltd.

450,218

4,395,024

Semiconductors

&

Semiconductor

Equipment

(3.6%):

57,700

Advantest

Corp.

2,741,998

3,412

ASM

International

NV

2,248,204

29,808

ASML

Holding

NV

24,846,153

5,617

BE

Semiconductor

Industries

NV

713,285

6,800

Disco

Corp.

1,798,508

97,566

Infineon

Technologies

AG

3,414,280

10,600

Kokusai

Electric

Corp.

236,953

6,200

Lasertec

Corp.

1,027,216

122,800

Renesas

Electronics

Corp.

1,792,106

27,700

Rohm

Co.,

Ltd.^

311,011

6,100

SCREEN

Holdings

Co.,

Ltd.

428,465

51,444

STMicroelectronics

NV

1,532,524

28,500

SUMCO

Corp.

308,010

33,400

Tokyo

Electron,

Ltd.

5,931,511

47,330,224

Software

(2.2%):

6,828

Check

Point

Software

Technologies,

Ltd.*

1,316,507

3,144

CyberArk

Software,

Ltd.*

916,822

50,120

Dassault

Systemes

SE

1,988,733

2,818

Monday.com,

Ltd.*

782,756

4,385

Nemetschek

SE

453,904

4,819

Nice,

Ltd.*

838,241

2,800

Oracle

Corp.

287,928

75,158

Sage

Group

PLC

(The)

1,031,145

77,896

SAP

SE

17,692,624

4,270

Temenos

AG,

Registered

Shares

299,049

9,900

Trend

Micro,

Inc.

586,935

12,157

WiseTech

Global,

Ltd.*

1,158,184

11,170

Xero,

Ltd.*

1,158,623

28,511,451

Specialty

Retail

(1.0%):

6,279

Avolta

AG

266,234

14,100

Fast

Retailing

Co.,

Ltd.

4,671,900

43,866

H

&

M

Hennes

&

Mauritz

AB,

Class

B^

747,068

81,931

Industria

de

Diseno

Textil

SA

4,848,599

187,657

JD

Sports

Fashion

plc

387,832

146,299

Kingfisher

plc

631,156

6,200

Nitori

Holdings

Co.,

Ltd.

940,370

15,862

Zalando

SE*

523,303

10,300

ZOZO,

Inc.^

374,381

13,390,843

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals

(0.5%):

17,600

Brother

Industries,

Ltd.

$

342,044

70,400

Canon,

Inc.

2,312,392

84,100

FUJIFILM

Holdings

Corp.

2,169,500

11,673

Logitech

International

SA,

Class

R

1,044,718

38,500

Ricoh

Co.,

Ltd.

414,921

19,900

Seiko

Epson

Corp.

367,081

6,650,656

Textiles,

Apparel

&

Luxury

Goods

(2.8%):

12,036

adidas

AG

3,185,531

49,900

Asics

Corp.

1,045,584

40,329

Cie

Financiere

Richemont

SA,

Registered

Shares

6,394,985

2,316

FF

Group*(a)

—

2,350

Hermes

International

SCA

5,781,454

5,587

Kering

SA

1,600,015

20,520

LVMH

Moet

Hennessy

Louis

Vuitton

SE

15,757,585

16,882

Moncler

SpA

1,071,763

6,154

Pandora

A/S

1,014,133

8,021

Puma

SE

334,726

3,854

Swatch

Group

AG

(The)

165,427

2,177

Swatch

Group

AG

(The),

Class

BR

467,241

36,818,444

Tobacco

(0.7%):

148,372

British

American

Tobacco

plc

5,409,660

60,088

Imperial

Brands

plc

1,747,418

90,700

Japan

Tobacco,

Inc.

2,649,916

9,806,994

Trading

Companies

&

Distributors

(2.1%):

19,589

AddTech

AB,

B

Shares

587,524

14,471

AerCap

Holdings

NV

1,370,693

32,125

Ashtead

Group

plc

2,493,118

27,309

Beijer

Ref

AB

450,923

10,002

Brenntag

SE

745,592

24,658

Bunzl

plc

1,166,358

4,318

IMCD

NV

750,615

88,100

ITOCHU

Corp.

4,733,338

107,800

Marubeni

Corp.

1,768,678

248,900

Mitsubishi

Corp.

5,144,207

192,200

Mitsui

&

Co.,

Ltd.

4,280,552

18,500

MonotaRO

Co.,

Ltd.

307,925

15,587

Reece,

Ltd.

307,816

16,836

Rexel

SA

487,660

15,300

Seven

Group

Holdings,

Ltd.

454,621

78,000

Sumitomo

Corp.

1,744,288

49,500

Toyota

Tsusho

Corp.

895,355

27,689,263

Transportation

Infrastructure

(0.3%):

5,485

Aena

SME

SA

1,206,829

2,687

Aeroports

de

Paris

SA

345,409

92,964

Auckland

International

Airport,

Ltd.

440,493

23,113

Getlink

SE

412,236

231,663

Transurban

Group*

2,101,742

4,506,709

Water

Utilities

(0.1%):

19,154

Severn

Trent

plc

676,663

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

139

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024

Shares

Value

Common

Stocks,

continued

Water

Utilities,

continued

51,908

United

Utilities

Group

plc

$

726,393

1,403,056

Wireless

Telecommunication

Services

(1.0%):

113,600

KDDI

Corp.

3,636,582

29,884

Mobile

TeleSystems

PJSC*(a)(b)

—

2,130,000

SoftBank

Corp.^

2,781,602

77,300

SoftBank

Group

Corp.

4,563,933

39,884

Tele2

AB,

B

Shares

451,398

1,719,290

Vodafone

Group

plc

1,725,379

13,158,894

Total

Common

Stocks

(Cost

$743,896,666)

1,302,482,140

Preferred

Stocks

(0.4%):

Automobiles

(0.3%):

4,531

Bayerische

Motoren

Werke

AG,

8.10%,

5/15/20

374,626

8,831

Dr.

Ing

hc

F

Porsche

AG,

3.23%

702,739

11,435

Porsche

Automobil

Holding

SE,

6.23%,

5/20/20

522,974

15,385

Volkswagen

AG,

9.53%,

5/8/20

1,627,618

3,227,957

Household

Products

(0.1%):

12,636

Henkel

AG

&

Co.

KGaA,

2.19%,

4/21/20

1,187,154

Life

Sciences

Tools

&

Services

(0.0%

†

):

1,990

Sartorius

AG,

0.29%

557,670

Total

Preferred

Stocks

(Cost

$4,625,631)

4,972,781

Affiliated

Investment

Company

(1.4%):

Money

Market

(1.4%):

17,962,007

BlackRock

Liquidity

FedFund,

Institutional

Class

,

5.03%

+

(c)(d)

17,962,007

Total

Affiliated

Investment

Company

(Cost

$17,962,007)

17,962,007

Total

Investment

Securities

(Cost

$766,484,304)

—

100.6%

1,325,416,928

Net

other

assets

(liabilities)

—

(0.6)%

(7,603,679)

Net

Assets

—

100.0%

$

1,317,813,249

ADR—American

Depository

Receipt

GDR—Global

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$16,996,932.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2024.

(b)

These

securities

are

held

by

the

AZL

MSCI

Emerging

Markets

Equity

Index

Fund

(the

“Subsidiary”).See

Note

1

in

notes

to

the

schedules

of

portfolio

investments."

(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

September

30,

2024.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

International

Index

Fund

Consolidated

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

140

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

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

September

30,

2024:

(Unaudited)

Country

Percentage

Australia

7.4‌%

Austria

0.2‌%

Belgium

0.8‌%

Chile

0.1‌%

China

—‌%

†

Cyprus

—‌%

†

Denmark

3.3‌%

Finland

1.0‌%

France

10.9‌%

Germany

8.8‌%

Greece

—‌%

†

Hong

Kong

2.1‌%

Ireland

0.8‌%

Israel

0.8‌%

Italy

2.5‌%

Japan

22.1‌%

Jordan

—‌%

†

Luxembourg

0.2‌%

Macau

—‌%

†

Netherlands

5.0‌%

New

Zealand

0.3‌%

Norway

0.6‌%

Philippines

—‌%

†

Poland

—‌%

†

Portugal

0.2‌%

Republic

of

Korea

(South)

—‌%

†

Russia

—‌%

†

Russian

Federation

—‌%

†

Singapore

1.4‌%

Spain

2.7‌%

Sweden

3.3‌%

Switzerland

10.4‌%

Turkey

—‌%

†

United

Kingdom

13.7‌%

United

States

1.4‌%

100.0‌%

†

Represents

less

than

0.05%.

Futures

Contracts

At

September

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

ASX

SPI

200

Index

December

Futures

(Australian

Dollar)

12/19/24

10

$

1,435,276‌

$

17,853‌

DJ

EURO

STOXX

50

December

Futures

(Euro)

12/20/24

47

2,631,251‌

83,311‌

FTSE

100

Index

December

Futures

(British

Pounds)

12/20/24

16

1,772,680‌

(7,695‌)

SGX

NIKKEI

225

Index

December

Futures

(Japanese

Yen)

12/12/24

15

1,974,810‌

62,200‌

$

155,669‌

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

141

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.7%):

Aerospace

&

Defense

(1.3%):

16,487

BWX

Technologies,

Inc.

$

1,792,137

6,933

Curtiss-Wright

Corp.

2,278,808

14,642

Hexcel

Corp.

905,315

10,805

Woodward,

Inc.

1,853,165

6,829,425

Air

Freight

&

Logistics

(0.2%):

21,514

GXO

Logistics,

Inc.*

1,120,234

Automobile

Components

(0.9%):

13,447

Autoliv,

Inc.

1,255,546

42,070

Gentex

Corp.

1,249,058

52,572

Goodyear

Tire

&

Rubber

Co.

(The)*

465,262

9,912

Lear

Corp.

1,081,895

5,107

Visteon

Corp.*

486,391

4,538,152

Automobiles

(0.4%):

21,286

Harley-Davidson,

Inc.

820,150

9,564

Thor

Industries,

Inc.

1,050,988

1,871,138

Banks

(5.7%):

26,533

Associated

Banc-Corp.

571,521

18,795

Bank

OZK

807,997

33,472

Cadence

Bank

1,066,083

39,033

Columbia

Banking

System,

Inc.

1,019,152

20,851

Commerce

Bancshares,

Inc.

1,238,549

11,415

Cullen/Frost

Bankers,

Inc.^

1,276,882

25,121

East

West

Bancorp,

Inc.

2,078,512

23,788

First

Financial

Bankshares,

Inc.

880,394

97,533

First

Horizon

Corp.

1,514,687

66,747

FNB

Corp.

941,800

20,573

Glacier

Bancorp,

Inc.

940,186

15,750

Hancock

Whitney

Corp.

805,927

34,412

Home

BancShares,

Inc.

932,221

9,364

International

Bancshares

Corp.

559,874

52,559

New

York

Community

Bancorp,

Inc.

590,238

58,492

Old

National

Bancorp

1,091,461

13,869

Pinnacle

Financial

Partners,

Inc.

1,358,746

16,905

Prosperity

Bancshares,

Inc.

1,218,343

13,667

SouthState

Corp.

1,328,159

26,212

Synovus

Financial

Corp.

1,165,648

8,189

Texas

Capital

Bancshares,

Inc.*

585,186

8,050

UMB

Financial

Corp.

846,135

24,401

United

Bankshares,

Inc.

905,277

80,508

Valley

National

Bancorp

729,402

31,235

Webster

Financial

Corp.

1,455,863

18,816

Western

Alliance

Bancorp

1,627,396

11,871

Wintrust

Financial

Corp.

1,288,360

26,571

Zions

Bancorp

NA

1,254,683

30,078,682

Beverages

(0.5%):

1,585

Boston

Beer

Co.,

Inc.

(The),

Class

A*

458,287

28,015

Celsius

Holdings,

Inc.*

878,550

1,023

Coca-Cola

Consolidated,

Inc.

1,346,677

2,683,514

Shares

Value

Common

Stocks,

continued

Biotechnology

(2.8%):

22,754

Arrowhead

Pharmaceuticals,

Inc.*

$

440,745

34,276

BioMarin

Pharmaceutical,

Inc.*

2,409,260

20,998

Cytokinetics,

Inc.*

1,108,694

53,489

Exelixis,

Inc.*

1,388,040

22,882

Halozyme

Therapeutics,

Inc.*

1,309,766

18,207

Neurocrine

Biosciences,

Inc.*

2,097,810

74,585

Roivant

Sciences,

Ltd.*

860,711

17,325

Sarepta

Therapeutics,

Inc.*

2,163,719

8,022

United

Therapeutics

Corp.*

2,874,684

14,653,429

Broadline

Retail

(0.4%):

50,687

Macy's,

Inc.

795,279

17,607

Nordstrom,

Inc.

395,981

11,010

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,070,172

2,261,432

Building

Products

(3.7%):

12,178

AAON,

Inc.

1,313,276

12,614

Advanced

Drainage

Systems,

Inc.

1,982,416

8,346

Carlisle

Cos.,

Inc.

3,753,613

22,316

Fortune

Brands

Innovations,

Inc.

1,997,951

5,815

Lennox

International,

Inc.

3,513,946

15,838

Owens

Corning

2,795,724

7,600

Simpson

Manufacturing

Co.,

Inc.

1,453,652

19,558

Trex

Co.,

Inc.*

1,302,172

11,113

UFP

Industries,

Inc.

1,458,137

19,570,887

Capital

Markets

(3.4%):

5,567

Affiliated

Managers

Group,

Inc.

989,813

38,492

Carlyle

Group,

Inc.

(The)

1,657,466

6,622

Evercore,

Inc.

1,677,617

14,495

Federated

Hermes,

Inc.

532,981

6,718

Hamilton

Lane,

Inc.,

Class

A

1,131,244

9,806

Houlihan

Lokey,

Inc.

1,549,544

19,689

Interactive

Brokers

Group,

Inc.

2,743,859

23,942

Janus

Henderson

Group

plc

911,472

30,082

Jefferies

Financial

Group,

Inc.

1,851,547

4,772

Morningstar,

Inc.

1,522,841

18,075

SEI

Investments

Co.

1,250,609

19,500

Stifel

Financial

Corp.

1,831,050

17,650,043

Chemicals

(2.2%):

192,002

Arcadium

Lithium

plc*

547,206

8,738

Ashland,

Inc.

759,944

16,637

Avient

Corp.

837,174

39,703

Axalta

Coating

Systems,

Ltd.*

1,436,852

9,967

Cabot

Corp.

1,114,012

27,711

Chemours

Co.

(The)

563,087

1,268

NewMarket

Corp.

699,796

21,402

Olin

Corp.

1,026,868

23,220

RPM

International,

Inc.

2,809,620

7,539

Scotts

Miracle-Gro

Co.

(The)

653,631

5,896

Westlake

Corp.

886,110

11,334,300

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

142

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies

(2.0%):

8,155

Brink's

Co.

(The)

$

943,044

9,187

Clean

Harbors,

Inc.*

2,220,590

6,768

MSA

Safety,

Inc.

1,200,237

32,650

RB

Global,

Inc.

2,627,998

16,655

Stericycle,

Inc.*

1,015,955

48,486

Tetra

Tech,

Inc.

2,286,600

10,294,424

Communications

Equipment

(0.5%):

25,850

Ciena

Corp.*

1,592,101

12,213

Lumentum

Holdings,

Inc.*

774,060

2,366,161

Construction

&

Engineering

(2.6%):

24,152

AECOM

2,494,177

6,438

Comfort

Systems

USA,

Inc.

2,513,073

8,436

EMCOR

Group,

Inc.

3,631,951

31,483

Fluor

Corp.*

1,502,054

11,136

MasTec,

Inc.*

1,370,842

38,087

MDU

Resources

Group,

Inc.

1,043,965

3,740

Valmont

Industries,

Inc.

1,084,413

13,640,475

Construction

Materials

(0.5%):

6,097

Eagle

Materials,

Inc.

1,753,802

10,307

Knife

River

Corp.*

921,343

2,675,145

Consumer

Finance

(0.7%):

49,858

Ally

Financial,

Inc.

1,774,446

6,836

FirstCash

Holdings,

Inc.

784,773

40,887

SLM

Corp.

935,086

3,494,305

Consumer

Staples

Distribution

&

Retail

(1.8%):

6,716

Casey's

General

Stores,

Inc.

2,523,268

28,169

Performance

Food

Group

Co.*

2,207,605

18,100

Sprouts

Farmers

Market,

Inc.*

1,998,421

43,051

US

Foods

Holding

Corp.*

2,647,636

9,376,930

Containers

&

Packaging

(1.7%):

11,835

AptarGroup,

Inc.

1,895,849

20,463

Berry

Global

Group,

Inc.

1,391,075

21,385

Crown

Holdings,

Inc.

2,050,394

54,626

Graphic

Packaging

Holding

Co.

1,616,383

4,743

Greif,

Inc.,

Class

A

297,196

14,914

Silgan

Holdings,

Inc.

782,985

17,567

Sonoco

Products

Co.

959,685

8,993,567

Diversified

Consumer

Services

(1.3%):

6,777

Duolingo,

Inc.*

1,911,249

636

Graham

Holdings

Co.,

Class

B

522,614

5,203

Grand

Canyon

Education,

Inc.*

738,045

25,107

H&R

Block,

Inc.

1,595,550

26,191

Service

Corp.

International

2,067,256

6,834,714

Shares

Value

Common

Stocks,

continued

Diversified

REITs

(0.5%):

39,353

WP

Carey,

Inc.

$

2,451,692

Diversified

Telecommunication

Services

(0.4%):

39,951

Frontier

Communications

Parent,

Inc.*

1,419,459

21,582

Iridium

Communications,

Inc.

657,172

2,076,631

Electric

Utilities

(0.9%):

10,129

ALLETE,

Inc.

650,181

9,099

IDACORP,

Inc.

938,016

36,848

OGE

Energy

Corp.

1,511,505

18,206

Portland

General

Electric

Co.

872,067

16,151

TXNM

Energy,

Inc.

706,929

4,678,698

Electrical

Equipment

(1.6%):

5,540

Acuity

Brands,

Inc.

1,525,661

7,410

EnerSys

756,190

25,559

NEXTracker,

Inc.,

Class

A*

957,951

30,192

nVent

Electric

plc

2,121,290

12,028

Regal

Rexnord

Corp.

1,995,205

27,895

Sensata

Technologies

Holding

plc

1,000,315

8,356,612

Electronic

Equipment,

Instruments

&

Components

(2.7%):

9,533

Arrow

Electronics,

Inc.*

1,266,268

15,893

Avnet,

Inc.

863,149

7,496

Belden,

Inc.

878,006

31,002

Cognex

Corp.

1,255,581

27,461

Coherent

Corp.*

2,441,558

8,760

Crane

NXT

Co.

491,436

6,364

Fabrinet*

1,504,704

4,891

IPG

Photonics

Corp.*

363,499

4,593

Littelfuse,

Inc.

1,218,293

6,563

Novanta,

Inc.*

1,174,252

13,676

TD

SYNNEX

Corp.

1,642,214

21,139

Vishay

Intertechnology,

Inc.

399,739

27,696

Vontier

Corp.

934,463

14,433,162

Energy

Equipment

&

Services

(0.8%):

35,343

ChampionX

Corp.

1,065,592

71,899

NOV,

Inc.

1,148,227

11,499

Valaris,

Ltd.*

641,069

13,347

Weatherford

International

plc

1,133,427

3,988,315

Entertainment

(0.4%):

11,844

TKO

Group

Holdings,

Inc.*

1,465,221

22,799

Warner

Music

Group

Corp.,

Class

A

713,609

2,178,830

Financial

Services

(1.7%):

45,498

Equitable

Holdings,

Inc.

1,912,281

18,875

Essent

Group,

Ltd.

1,213,474

7,690

Euronet

Worldwide,

Inc.*

763,079

46,904

MGIC

Investment

Corp.

1,200,742

17,839

Voya

Financial,

Inc.

1,413,206

62,635

Western

Union

Co.

(The)

747,235

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

143

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services,

continued

7,449

WEX,

Inc.*

$

1,562,279

8,812,296

Food

Products

(1.0%):

29,165

Darling

Ingredients,

Inc.*

1,083,771

35,218

Flowers

Foods,

Inc.

812,479

11,793

Ingredion,

Inc.

1,620,712

3,538

Lancaster

Colony

Corp.

624,705

7,136

Pilgrim's

Pride

Corp.*

328,613

8,494

Post

Holdings,

Inc.*

983,181

5,453,461

Gas

Utilities

(1.0%):

16,459

National

Fuel

Gas

Co.

997,580

17,710

New

Jersey

Resources

Corp.

835,912

10,121

ONE

Gas,

Inc.

753,205

11,001

Southwest

Gas

Holdings,

Inc.

811,434

10,286

Spire,

Inc.

692,145

38,832

UGI

Corp.

971,576

5,061,852

Ground

Transportation

(1.6%):

3,137

Avis

Budget

Group,

Inc.

274,770

28,980

Knight-Swift

Transportation

Holdings,

Inc.

1,563,471

6,328

Landstar

System,

Inc.

1,195,169

7,849

Ryder

System,

Inc.

1,144,384

4,799

Saia,

Inc.*

2,098,411

20,993

XPO,

Inc.*

2,256,958

8,533,163

Health

Care

Equipment

&

Supplies

(1.7%):

36,969

DENTSPLY

SIRONA,

Inc.

1,000,381

9,395

Enovis

Corp.*

404,455

31,752

Envista

Holdings

Corp.*

627,419

20,677

Globus

Medical,

Inc.*

1,479,233

9,328

Haemonetics

Corp.*

749,785

12,551

Lantheus

Holdings,

Inc.*

1,377,472

9,968

LivaNova

plc*

523,719

8,006

Masimo

Corp.*

1,067,440

36,161

Neogen

Corp.*

607,866

7,042

Penumbra,

Inc.*

1,368,331

9,206,101

Health

Care

Providers

&

Services

(2.3%):

17,052

Acadia

Healthcare

Co.,

Inc.*

1,081,267

5,731

Amedisys,

Inc.*

553,099

2,693

Chemed

Corp.

1,618,412

17,966

Encompass

Health

Corp.

1,736,234

10,193

Ensign

Group,

Inc.

(The)

1,465,957

15,905

HealthEquity,

Inc.*

1,301,824

32,059

Option

Care

Health,

Inc.*

1,003,447

28,611

R1

RCM,

Inc.*

405,418

17,349

Tenet

Healthcare

Corp.*

2,883,404

12,049,062

Health

Care

REITs

(0.7%):

66,679

Healthcare

Realty

Trust,

Inc.

1,210,224

45,244

Omega

Healthcare

Investors,

Inc.

1,841,431

Shares

Value

Common

Stocks,

continued

Health

Care

REITs,

continued

41,854

Sabra

Health

Care

REIT,

Inc.

$

778,903

3,830,558

Health

Care

Technology

(0.2%):

22,496

Doximity,

Inc.,

Class

A*

980,151

Hotel

&

Resort

REITs

(0.1%):

37,902

Park

Hotels

&

Resorts,

Inc.

534,418

Hotels,

Restaurants

&

Leisure

(3.3%):

47,618

Aramark

1,844,245

12,447

Boyd

Gaming

Corp.

804,699

4,124

Choice

Hotels

International,

Inc.^

537,357

12,973

Churchill

Downs,

Inc.

1,754,079

11,888

Hilton

Grand

Vacations,

Inc.*

431,772

8,249

Hyatt

Hotels

Corp.,

Class

A

1,255,498

16,085

Light

&

Wonder,

Inc.*

1,459,392

5,769

Marriott

Vacations

Worldwide

Corp.

423,906

15,290

Planet

Fitness,

Inc.,

Class

A*

1,241,854

12,311

Texas

Roadhouse,

Inc.

2,174,123

12,591

Travel

+

Leisure

Co.

580,193

6,794

Vail

Resorts,

Inc.

1,184,126

30,109

Wendy's

Co.

(The)

527,510

5,331

Wingstop,

Inc.

2,218,123

14,158

Wyndham

Hotels

&

Resorts,

Inc.

1,106,306

17,543,183

Household

Durables

(1.9%):

12,911

KB

Home

1,106,343

18,708

Taylor

Morrison

Home

Corp.*

1,314,424

31,526

Tempur

Sealy

International,

Inc.

1,721,320

18,438

Toll

Brothers,

Inc.

2,848,487

5,431

TopBuild

Corp.*

2,209,385

9,888

Whirlpool

Corp.

1,058,016

10,257,975

Household

Products

(0.4%):

23,848

BJ's

Wholesale

Club

Holdings,

Inc.*

1,966,983

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

9,732

Ormat

Technologies,

Inc.

748,780

Industrial

REITs

(1.2%):

8,688

EastGroup

Properties,

Inc.

1,623,092

23,600

First

Industrial

Realty

Trust,

Inc.

1,321,128

39,440

Rexford

Industrial

Realty,

Inc.

1,984,226

32,674

STAG

Industrial,

Inc.

1,277,227

6,205,673

Insurance

(4.6%):

12,328

American

Financial

Group,

Inc.

1,659,349

11,374

Brighthouse

Financial,

Inc.*

512,171

19,028

CNO

Financial

Group,

Inc.

667,883

47,356

Fidelity

National

Financial,

Inc.

2,938,913

18,676

First

American

Financial

Corp.

1,232,803

6,589

Hanover

Insurance

Group,

Inc.

(The)

975,897

10,726

Kemper

Corp.

656,968

3,996

Kinsale

Capital

Group,

Inc.

1,860,418

44,277

Old

Republic

International

Corp.

1,568,291

6,139

Primerica,

Inc.

1,627,756

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

144

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

11,948

Reinsurance

Group

of

America,

Inc.

$

2,603,111

9,436

RenaissanceRe

Holdings,

Ltd.

2,570,366

7,282

RLI

Corp.

1,128,564

18,585

Ryan

Specialty

Holdings,

Inc.

1,233,858

10,953

Selective

Insurance

Group,

Inc.

1,021,915

30,987

Unum

Group

1,841,867

24,100,130

Interactive

Media

&

Services

(0.1%):

53,471

ZoomInfo

Technologies,

Inc.*

551,821

IT

Services

(0.2%):

41,444

Kyndryl

Holdings,

Inc.*

952,383

Leisure

Products

(0.7%):

11,893

Brunswick

Corp.

996,871

61,653

Mattel,

Inc.*

1,174,490

9,419

Polaris,

Inc.

784,038

15,551

YETI

Holdings,

Inc.*

638,057

3,593,456

Life

Sciences

Tools

&

Services

(2.5%):

123,039

Avantor,

Inc.*

3,183,019

8,831

Azenta,

Inc.*

427,774

3,202

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,071,325

19,414

Bruker

Corp.

1,340,731

28,739

Illumina,

Inc.*

3,747,853

4,499

Medpace

Holdings,

Inc.*

1,501,766

9,419

Repligen

Corp.*

1,401,736

27,562

Sotera

Health

Co.*

460,285

13,134,489

Machinery

(4.6%):

11,044

AGCO

Corp.

1,080,766

7,543

Chart

Industries,

Inc.*

936,388

149,371

CNH

Industrial

NV

1,658,018

8,844

Crane

Co.

1,399,828

21,199

Donaldson

Co.,

Inc.

1,562,366

10,525

Esab

Corp.

1,118,913

23,515

Flowserve

Corp.

1,215,490

30,043

Graco,

Inc.

2,629,063

14,817

ITT,

Inc.

2,215,290

10,238

Lincoln

Electric

Holdings,

Inc.

1,965,901

9,728

Middleby

Corp.

(The)*

1,353,457

12,132

Oshkosh

Corp.

1,215,748

5,278

RBC

Bearings,

Inc.*

1,580,128

12,209

Terex

Corp.

645,978

11,432

Timken

Co.

(The)

963,603

18,662

Toro

Co.

(The)

1,618,555

5,006

Watts

Water

Technologies,

Inc.,

Class

A

1,037,193

24,196,685

Marine

Transportation

(0.2%):

10,439

Kirby

Corp.*

1,278,047

Media

(0.5%):

29,486

New

York

Times

Co.

(The),

Class

A

1,641,485

5,591

Nexstar

Media

Group,

Inc.

924,472

2,565,957

Shares

Value

Common

Stocks,

continued

Metals

&

Mining

(1.9%):

46,126

Alcoa

Corp.

$

1,779,541

87,143

Cleveland-Cliffs,

Inc.*

1,112,816

20,551

Commercial

Metals

Co.

1,129,483

9,876

Reliance,

Inc.

2,856,238

11,993

Royal

Gold,

Inc.

1,682,618

40,306

United

States

Steel

Corp.

1,424,011

9,984,707

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.6%):

91,571

Annaly

Capital

Management,

Inc.

1,837,830

58,103

Starwood

Property

Trust,

Inc.

1,184,139

3,021,969

Multi-Utilities

(0.3%):

12,711

Black

Hills

Corp.

776,896

11,034

Northwestern

Energy

Group,

Inc.

631,366

1,408,262

Office

REITs

(0.6%):

20,211

COPT

Defense

Properties

613,000

28,133

Cousins

Properties,

Inc.

829,361

19,383

Kilroy

Realty

Corp.

750,122

29,510

Vornado

Realty

Trust

1,162,694

3,355,177

Oil,

Gas

&

Consumable

Fuels

(4.2%):

62,499

Antero

Midstream

Corp.

940,610

53,790

Antero

Resources

Corp.*

1,541,083

11,339

Chord

Energy

Corp.

1,476,678

17,023

Civitas

Resources,

Inc.

862,555

28,170

CNX

Resources

Corp.*

917,497

17,233

DT

Midstream,

Inc.

1,355,548

20,240

Expand

Energy

Corp.

1,664,740

28,438

HF

Sinclair

Corp.

1,267,482

20,788

Matador

Resources

Co.

1,027,343

26,140

Murphy

Oil

Corp.

881,963

45,604

Ovintiv,

Inc.

1,747,089

18,007

PBF

Energy,

Inc.,

Class

A

557,317

107,711

Permian

Resources

Corp.

1,465,947

44,514

Range

Resources

Corp.

1,369,251

203,155

Southwestern

Energy

Co.*

1,444,432

3,419

Texas

Pacific

Land

Corp.

3,024,926

18,284

Viper

Energy,

Inc.

824,791

22,369,252

Paper

&

Forest

Products

(0.2%):

11,326

Louisiana-Pacific

Corp.

1,217,092

Passenger

Airlines

(0.2%):

112,131

American

Airlines

Group,

Inc.*

1,260,352

Personal

Care

Products

(0.6%):

23,409

BellRing

Brands,

Inc.*

1,421,394

67,304

Coty,

Inc.,

Class

A*

631,985

10,088

elf

Beauty,

Inc.*

1,099,895

3,153,274

Pharmaceuticals

(0.4%):

11,132

Jazz

Pharmaceuticals

plc

ADR*

1,240,216

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

145

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

24,610

Perrigo

Co

PLC

$

645,520

1,885,736

Professional

Services

(2.9%):

8,529

ASGN,

Inc.*

795,159

4,095

CACI

International,

Inc.,

Class

A*

2,066,173

8,612

Concentrix

Corp.

441,365

29,898

ExlService

Holdings,

Inc.*

1,140,609

9,322

Exponent,

Inc.

1,074,640

6,369

FTI

Consulting,

Inc.*

1,449,329

29,505

Genpact,

Ltd.

1,156,891

6,417

Insperity,

Inc.

564,696

23,967

KBR,

Inc.

1,560,971

8,329

ManpowerGroup,

Inc.

612,348

10,711

Maximus,

Inc.

997,837

7,969

Parsons

Corp.*

826,226

7,801

Paylocity

Holding

Corp.*

1,286,931

9,273

Science

Applications

International

Corp.

1,291,451

15,264,626

Real

Estate

Management

&

Development

(0.4%):

8,615

Jones

Lang

LaSalle,

Inc.*

2,324,413

Residential

REITs

(1.0%):

56,867

American

Homes

4

Rent,

Class

A

2,183,124

33,504

Equity

LifeStyle

Properties,

Inc.

2,390,175

41,144

Independence

Realty

Trust,

Inc.

843,452

5,416,751

Retail

REITs

(1.1%):

17,731

Agree

Realty

Corp.

1,335,677

55,177

Brixmor

Property

Group,

Inc.

1,537,231

40,370

Kite

Realty

Group

Trust

1,072,227

32,686

NNN

REIT,

Inc.

1,584,944

5,530,079

Semiconductors

&

Semiconductor

Equipment

(2.4%):

26,505

Allegro

MicroSystems,

Inc.*

617,567

19,739

Amkor

Technology,

Inc.

604,013

9,739

Cirrus

Logic,

Inc.*

1,209,681

24,906

Lattice

Semiconductor

Corp.*

1,321,761

10,120

MACOM

Technology

Solutions

Holdings,

Inc.*

1,125,951

11,750

MKS

Instruments,

Inc.

1,277,342

8,967

Onto

Innovation,

Inc.*

1,861,191

10,446

Power

Integrations,

Inc.

669,798

19,555

Rambus,

Inc.*

825,612

5,933

Silicon

Laboratories,

Inc.*

685,677

7,432

Synaptics,

Inc.*

576,575

7,949

Universal

Display

Corp.

1,668,495

12,443,663

Software

(2.7%):

10,520

Altair

Engineering,

Inc.,

Class

A*

1,004,765

4,053

Appfolio,

Inc.,

Class

A*

954,076

4,816

Aspen

Technology,

Inc.*

1,150,157

7,427

Blackbaud,

Inc.*

628,918

8,036

CommVault

Systems,

Inc.*

1,236,339

10,532

Dolby

Laboratories,

Inc.,

Class

A

806,014

44,795

Dropbox,

Inc.,

Class

A*

1,139,137

52,974

Dynatrace,

Inc.*

2,832,520

Shares

Value

Common

Stocks,

continued

Software,

continued

11,064

Manhattan

Associates,

Inc.*

$

3,113,188

6,776

Qualys,

Inc.*

870,445

17,344

Teradata

Corp.*

526,217

14,261,776

Specialized

REITs

(1.8%):

40,675

CubeSmart

2,189,535

13,292

EPR

Properties

651,840

49,235

Gaming

and

Leisure

Properties,

Inc.

2,533,141

15,984

Lamar

Advertising

Co.,

Class

A

2,135,462

12,547

National

Storage

Affiliates

Trust

604,765

13,404

PotlatchDeltic

Corp.

603,850

25,299

Rayonier,

Inc.

814,122

9,532,715

Specialty

Retail

(4.2%):

9,325

Abercrombie

&

Fitch

Co.*

1,304,567

4,539

AutoNation,

Inc.*

812,118

11,387

Burlington

Stores,

Inc.*

3,000,247

10,448

Dick's

Sporting

Goods,

Inc.

2,180,498

9,917

Five

Below,

Inc.*

876,167

19,325

Floor

&

Decor

Holdings,

Inc.,

Class

A*

2,399,585

69,349

GameStop

Corp.,

Class

A*

1,590,173

39,851

Gap,

Inc.

(The)

878,714

4,843

Lithia

Motors,

Inc.

1,538,330

3,364

Murphy

USA,

Inc.

1,658,015

3,367

Penske

Automotive

Group,

Inc.

546,868

2,695

RH*

901,289

23,649

Valvoline,

Inc.*

989,711

23,190

Williams-Sonoma,

Inc.

3,592,595

22,268,877

Technology

Hardware,

Storage

&

Peripherals

(0.5%):

56,075

Pure

Storage,

Inc.,

Class

A*

2,817,208

Textiles,

Apparel

&

Luxury

Goods

(1.2%):

21,709

Capri

Holdings,

Ltd.*

921,330

6,330

Carter's,

Inc.

411,324

5,770

Columbia

Sportswear

Co.

480,006

10,751

Crocs,

Inc.*

1,556,852

10,025

PVH

Corp.

1,010,821

23,810

Skechers

USA,

Inc.,

Class

A*

1,593,365

24,357

Under

Armour,

Inc.,

Class

A*

217,021

34,014

Under

Armour,

Inc.,

Class

C*

284,357

6,475,076

Trading

Companies

&

Distributors

(1.7%):

7,118

Applied

Industrial

Technologies,

Inc.

1,588,241

34,240

Core

&

Main,

Inc.,

Class

A*

1,520,256

6,469

GATX

Corp.

856,819

7,754

MSC

Industrial

Direct

Co.,

Inc.

667,309

6,100

Watsco,

Inc.

3,000,468

8,046

WESCO

International,

Inc.

1,351,567

8,984,660

Water

Utilities

(0.3%):

46,483

Essential

Utilities,

Inc.

1,792,849

Total

Common

Stocks

(Cost

$327,297,909)

524,756,035

AZL

Mid

Cap

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

146

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024

.

Shares

Value

Affiliated

Investment

Company

(0.3%):

Money

Market

(0.3%):

1,309,990

BlackRock

Liquidity

FedFund,

Institutional

Class

,

5.03

%(a)(b)

$

1,309,990

Total

Affiliated

Investment

Company

(Cost

$1,309,990)

1,309,990

Unaffiliated

Investment

Company

(0.5%):

Money

Markets

(0.5%):

2,844,682

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(b)

2,844,682

Total

Unaffiliated

Investment

Company

(Cost

$2,844,682)

2,844,682

Total

Investment

Securities

(Cost

$331,452,581)

—

100.5%

528,910,707

Net

other

assets

(liabilities)

—

(0.5)%

(2,506,607)

Net

Assets

—

100.0%

$

526,404,100

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

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$1,290,095.

(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

September

30,

2024.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Futures

Contracts

At

September

30,

2024,

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

December

Futures

(U.S.

Dollar)

12/20/24

6

$

1,889,160‌

$

80,186‌

$

80,186‌

AZL

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

147

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024

.

Shares

Value

Affiliated

Investment

Companies

(

100

.1

%

):

Domestic

Equity

Funds

(

43

.9

%

):

1,996,021

AZL

Mid

Cap

Index

Fund,

Class

2

$

47,984,345

21,632,286

AZL

S&P

500

Index

Fund,

Class

2

530,856,296

2,721,349

AZL

Small

Cap

Stock

Index

Fund,

Class

2

36,221,161

615,061,802

Fixed

Income

Fund

(

39

.5

%

):

53,828,530

AZL

Enhanced

Bond

Index

Fund

552,280,718

International

Equity

Fund

(

16

.7

%

):

11,889,008

AZL

International

Index

Fund,

Class

2

233,381,219

Total

Affiliated

Investment

Companies

(Cost

$1,291,110,913)

1,400,723,739

Total

Investment

Securities

(Cost

$1,291,110,913)

—

100.1%

1,400,723,739

Net

other

assets

(liabilities)

—

(0.1)%

(

1,413,520

)

Net

Assets

—

100.0%

$

1,399,310,219

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

148

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.1%):

Aerospace

&

Defense

(1.6%):

3,306

Airbus

SE

$

484,023

384

Axon

Enterprise,

Inc.*

153,446

16,538

BAE

Systems

plc

273,713

3,344

Boeing

Co.

(The)*

508,422

1,669

CAE,

Inc.*

31,336

94

Dassault

Aviation

SA

19,361

169

Elbit

Systems,

Ltd.

33,635

1,348

General

Dynamics

Corp.

407,366

276

HEICO

Corp.

72,169

389

HEICO

Corp.,

Class

A

79,263

2,247

Howmet

Aerospace,

Inc.

225,262

197

Huntington

Ingalls

Industries,

Inc.

52,083

439

Kongsberg

Gruppen

ASA

43,027

1,046

L3Harris

Technologies,

Inc.

248,812

1,848

Leonardo

SpA

41,238

1,203

Lockheed

Martin

Corp.

703,226

6,986

Melrose

Industries

plc

42,722

303

MTU

Aero

Engines

AG

94,427

802

Northrop

Grumman

Corp.

423,512

268

Rheinmetall

AG

144,856

47,252

Rolls-Royce

Holdings

plc*

333,646

7,582

RTX

Corp.

918,635

1,911

Saab

AB,

Class

B*

40,678

1,927

Safran

SA

454,617

10,000

Singapore

Technologies

Engineering,

Ltd.

36,159

1,018

Textron,

Inc.

90,174

543

Thales

SA

86,241

314

TransDigm

Group,

Inc.

448,119

6,490,168

Air

Freight

&

Logistics

(0.4%):

584

CH

Robinson

Worldwide,

Inc.

64,456

5,777

Deutsche

Post

AG

257,221

938

DSV

A/S

194,682

856

Expeditors

International

of

Washington,

Inc.

112,479

1,315

FedEx

Corp.

359,889

1,800

SG

Holdings

Co.,

Ltd.

19,333

4,124

United

Parcel

Service,

Inc.,

Class

B

562,266

1,570,326

Automobile

Components

(0.2%):

2,400

Aisin

Corp.

26,461

1,475

Aptiv

plc*

106,215

3,100

Bridgestone

Corp.

119,235

3,811

Cie

Generale

des

Etablissements

Michelin

SCA

154,710

819

Continental

AG

52,977

10,200

Denso

Corp.

151,843

1,638

Magna

International,

Inc.

67,201

3,800

Sumitomo

Electric

Industries,

Ltd.

60,988

739,630

Automobiles

(1.9%):

1,709

Bayerische

Motoren

Werke

AG

150,706

728

Ferrari

NV

340,961

22,980

Ford

Motor

Co.

242,669

6,460

General

Motors

Co.

289,666

25,900

Honda

Motor

Co.,

Ltd.

273,381

3,600

Isuzu

Motors,

Ltd.

48,573

3,600

Mazda

Motor

Corp.

26,991

Shares

Value

Common

Stocks,

continued

Automobiles,

continued

4,276

Mercedes-Benz

Group

AG

$

276,349

11,300

Nissan

Motor

Co.,

Ltd.^

31,827

950

Renault

SA

41,290

4,535

Rivian

Automotive,

Inc.,

Class

A*

50,883

11,381

Stellantis

NV

157,353

3,300

Subaru

Corp.

57,350

8,800

Suzuki

Motor

Corp.

98,240

16,215

Tesla,

Inc.*

4,242,330

57,500

Toyota

Motor

Corp.

1,029,990

4,663

Volvo

Car

AB,

Class

B*

12,827

5,400

Yamaha

Motor

Co.,

Ltd.

48,384

7,419,770

Banks

(5.6%):

2,689

ABN

AMRO

Bank

NV

48,560

8,372

AIB

Group

plc

47,985

16,709

ANZ

Group

Holdings,

Ltd.*

352,972

32,542

Banco

Bilbao

Vizcaya

Argentaria

SA

352,218

8,091

Banco

BPM

SpA

54,657

32,500

Banco

de

Sabadell

SA

68,915

88,824

Banco

Santander

SA

453,863

6,561

Bank

Hapoalim

BM

65,858

8,380

Bank

Leumi

Le-Israel

BM

82,229

39,533

Bank

of

America

Corp.

1,568,669

5,977

Bank

of

Ireland

Group

plc

66,864

4,206

Bank

of

Montreal

379,576

6,898

Bank

of

Nova

Scotia

(The)^

375,888

236

Banque

Cantonale

Vaudoise,

Registered

Shares

24,371

84,208

Barclays

plc

253,377

5,845

BNP

Paribas

SA

401,056

20,000

BOC

Hong

Kong

Holdings,

Ltd.

63,777

20,039

CaixaBank

SA

119,434

5,262

Canadian

Imperial

Bank

of

Commerce^

322,810

2,800

Chiba

Bank,

Ltd.

(The)

22,557

10,690

Citigroup,

Inc.

669,194

2,570

Citizens

Financial

Group,

Inc.

105,550

5,907

Commerzbank

AG

108,921

9,494

Commonwealth

Bank

of

Australia

890,976

4,700

Concordia

Financial

Group,

Ltd.

26,049

6,009

Credit

Agricole

SA

91,844

3,705

Danske

Bank

A/S

111,569

11,260

DBS

Group

Holdings,

Ltd.

334,508

5,470

DNB

Bank

ASA

112,246

1,741

Erste

Group

Bank

AG

95,509

4,028

Fifth

Third

Bancorp

172,560

3,940

FinecoBank

Banca

Fineco

SpA

67,549

62

First

Citizens

BancShares,

Inc.,

Class

A

114,139

3,900

Hang

Seng

Bank,

Ltd.

48,514

103,170

HSBC

Holdings

plc

925,218

8,659

Huntington

Bancshares,

Inc.

127,287

18,805

ING

Groep

NV

341,986

82,398

Intesa

Sanpaolo

SpA

352,644

7,605

Israel

Discount

Bank,

Ltd.,

Class

A

42,671

7,300

Japan

Post

Bank

Co.,

Ltd.

68,218

16,196

JPMorgan

Chase

&

Co.

3,415,089

1,201

KBC

Group

NV

95,544

5,399

KeyCorp

90,433

341,176

Lloyds

Banking

Group

plc

267,851

893

M&T

Bank

Corp.

159,061

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

149

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Banks,

continued

2,528

Mediobanca

Banca

di

Credito

Finanziario

SpA

$

43,163

62,900

Mitsubishi

UFJ

Financial

Group,

Inc.

640,396

859

Mizrahi

Tefahot

Bank,

Ltd.

33,635

12,950

Mizuho

Financial

Group,

Inc.

266,215

17,852

National

Australia

Bank,

Ltd.

462,212

1,968

National

Bank

of

Canada^

185,900

34,369

NatWest

Group

plc

158,759

18,422

Nordea

Bank

Abp

217,179

19,300

Oversea-Chinese

Banking

Corp.,

Ltd.

227,326

2,244

PNC

Financial

Services

Group,

Inc.

(The)

414,803

4,823

Regions

Financial

Corp.

112,521

11,000

Resona

Holdings,

Inc.

76,701

7,889

Royal

Bank

of

Canada

984,739

2,200

Shizuoka

Financial

Group,

Inc.

19,131

8,658

Skandinaviska

Enskilda

Banken

AB,

Class

A

132,518

4,271

Societe

Generale

SA

106,460

13,168

Standard

Chartered

plc

140,006

21,300

Sumitomo

Mitsui

Financial

Group,

Inc.

453,523

3,600

Sumitomo

Mitsui

Trust

Group,

Inc.

85,482

8,930

Svenska

Handelsbanken

AB,

Class

A

91,762

4,822

Swedbank

AB,

Class

A

102,346

9,808

Toronto-Dominion

Bank

(The)

620,262

7,517

Truist

Financial

Corp.

321,502

8,412

UniCredit

SpA

369,614

7,804

United

Overseas

Bank,

Ltd.

195,871

8,714

US

Bancorp

398,491

19,761

Wells

Fargo

&

Co.

1,116,299

19,765

Westpac

Banking

Corp.

434,605

22,372,187

Beverages

(1.4%):

5,149

Anheuser-Busch

InBev

SA/NV

341,109

8,700

Asahi

Group

Holdings,

Ltd.

113,961

1,086

Brown-Forman

Corp.,

Class

B

53,431

524

Carlsberg

AS,

Class

B

62,440

1,001

Celsius

Holdings,

Inc.*

31,391

23,136

Coca-Cola

Co.

(The)

1,662,553

1,180

Coca-Cola

Europacific

Partners

plc

92,925

1,283

Coca-Cola

HBC

AG

45,694

949

Constellation

Brands,

Inc.,

Class

A

244,548

3,162

Davide

Campari-Milano

NV,

Class

M^

26,787

12,720

Diageo

plc

443,744

771

Heineken

Holding

NV

58,222

1,538

Heineken

NV

136,352

5,831

Keurig

Dr

Pepper,

Inc.

218,546

4,700

Kirin

Holdings

Co.,

Ltd.

71,625

1,022

Molson

Coors

Beverage

Co.,

Class

B

58,785

3,981

Monster

Beverage

Corp.*

207,689

7,707

PepsiCo,

Inc.

1,310,575

1,204

Pernod

Ricard

SA

181,961

800

Suntory

Beverage

&

Food,

Ltd.

30,041

4,497

Treasury

Wine

Estates,

Ltd.

37,383

5,429,762

Biotechnology

(1.7%):

9,939

AbbVie,

Inc.

1,962,754

717

Alnylam

Pharmaceuticals,

Inc.*

197,196

3,021

Amgen,

Inc.

973,396

329

Argenx

SE*

178,055

826

Biogen,

Inc.*

160,112

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

1,135

BioMarin

Pharmaceutical,

Inc.*

$

79,779

2,723

CSL,

Ltd.

540,001

1,000

Exact

Sciences

Corp.*

68,120

373

Genmab

A/S*

90,802

6,996

Gilead

Sciences,

Inc.

586,545

1,231

Grifols

SA*

13,980

1,001

Incyte

Corp.*

66,166

1,971

Moderna,

Inc.*

131,722

517

Neurocrine

Biosciences,

Inc.*

59,569

612

Regeneron

Pharmaceuticals,

Inc.*

643,359

1,510

Swedish

Orphan

Biovitrum

AB*

48,662

218

United

Therapeutics

Corp.*

78,120

1,444

Vertex

Pharmaceuticals,

Inc.*

671,576

365

Zealand

Pharma

A/S*

44,322

6,594,236

Broadline

Retail

(2.9%):

52,824

Amazon.com,

Inc.*

9,842,696

380

Canadian

Tire

Corp.,

Ltd.,

Class

A*

45,548

1,624

Dollarama,

Inc.

166,375

2,998

eBay,

Inc.

195,200

260

MercadoLibre,

Inc.*

533,509

661

Next

plc

86,564

1,800

Pan

Pacific

International

Holdings

Corp.

46,463

8,224

Prosus

NV*

355,634

8,000

Rakuten

Group,

Inc.*

51,805

6,311

Wesfarmers,

Ltd.

306,977

11,630,771

Building

Products

(0.7%):

709

A

O

Smith

Corp.

63,689

1,200

AGC,

Inc.

38,940

487

Allegion

plc

70,975

5,725

Assa

Abloy

AB,

Class

B

192,837

745

Builders

FirstSource,

Inc.*

144,426

274

Carlisle

Cos.,

Inc.

123,232

4,521

Carrier

Global

Corp.

363,895

2,501

Cie

de

Saint-Gobain

SA

227,936

1,500

Daikin

Industries,

Ltd.

210,651

708

Fortune

Brands

Innovations,

Inc.

63,387

192

Geberit

AG,

Registered

Shares

125,358

3,882

Johnson

Controls

International

plc

301,282

833

Kingspan

Group

plc

78,401

181

Lennox

International,

Inc.

109,376

1,238

Masco

Corp.

103,918

7,728

Nibe

Industrier

AB,

Class

B

42,423

453

Owens

Corning

79,964

52

ROCKWOOL

A/S,

Class

B

24,441

600

TOTO,

Ltd.

22,318

1,302

Trane

Technologies

plc

506,126

2,893,575

Capital

Markets

(3.2%):

5,683

3i

Group

plc

251,550

553

Ameriprise

Financial,

Inc.

259,805

375

Amundi

SA

28,034

988

Ares

Management

Corp.,

Class

A

153,970

934

ASX,

Ltd.

41,246

4,129

Bank

of

New

York

Mellon

Corp.

(The)

296,710

842

Blackrock

Finance,

Inc.

+

799,487

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

150

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Capital

Markets,

continued

4,042

Blackstone,

Inc.

$

618,952

2,084

Brookfield

Asset

Management,

Ltd.,

Class

A

98,537

7,578

Brookfield

Corp.

402,520

1,473

Carlyle

Group,

Inc.

(The)

63,427

606

Cboe

Global

Markets,

Inc.

124,151

8,372

Charles

Schwab

Corp.

(The)

542,589

2,031

CME

Group,

Inc.

448,140

1,108

Coinbase

Global,

Inc.,

Class

A*

197,412

8,900

Daiwa

Securities

Group,

Inc.

63,340

11,380

Deutsche

Bank

AG,

Registered

Shares

196,140

1,071

Deutsche

Boerse

AG

251,119

2,202

EQT

AB

75,475

488

Euronext

NV

52,965

200

FactSet

Research

Systems,

Inc.

91,970

2,020

Franklin

Resources,

Inc.

40,703

458

Futu

Holdings,

Ltd.

ADR*

43,808

1,820

Goldman

Sachs

Group,

Inc.

(The)

901,100

1,349

Hargreaves

Lansdown

plc

20,114

6,600

Hong

Kong

Exchanges

&

Clearing,

Ltd.

269,394

151

IGM

Financial,

Inc.^

4,531

3,245

Intercontinental

Exchange,

Inc.

521,277

5,200

Japan

Exchange

Group,

Inc.

67,499

1,072

Julius

Baer

Group,

Ltd.

64,602

3,520

KKR

&

Co.,

Inc.

459,642

2,730

London

Stock

Exchange

Group

plc

373,206

448

LPL

Financial

Holdings,

Inc.

104,218

2,063

Macquarie

Group,

Ltd.

332,625

220

MarketAxess

Holdings,

Inc.

56,364

916

Moody's

Corp.

434,724

6,826

Morgan

Stanley

711,542

438

MSCI,

Inc.

255,323

2,454

Nasdaq,

Inc.

179,167

18,400

Nomura

Holdings,

Inc.

96,367

1,150

Northern

Trust

Corp.

103,535

397

Onex

Corp.

27,810

128

Partners

Group

Holding

AG

192,546

1,114

Raymond

James

Financial,

Inc.

136,420

3,132

Robinhood

Markets,

Inc.,

Class

A*

73,352

1,818

S&P

Global,

Inc.

939,215

1,400

SBI

Holdings,

Inc.

32,265

2,664

Schroders

plc

12,460

757

SEI

Investments

Co.

52,377

3,200

Singapore

Exchange,

Ltd.

28,438

1,619

State

Street

Corp.

143,233

1,350

T.

Rowe

Price

Group,

Inc.

147,056

1,625

TMX

Group,

Ltd.

50,938

669

Tradeweb

Markets,

Inc.,

Class

A

82,735

18,531

UBS

Group

AG

572,245

12,588,370

Chemicals

(1.8%):

3,293

Air

Liquide

SA

635,911

1,227

Air

Products

and

Chemicals,

Inc.

365,327

994

Akzo

Nobel

NV

70,101

772

Albemarle

Corp.

73,116

205

Arkema

SA

19,547

6,500

Asahi

Kasei

Corp.

49,101

5,218

BASF

SE

276,110

569

Celanese

Corp.

77,361

971

CF

Industries

Holdings,

Inc.

83,312

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

842

Clariant

AG,

Registered

Shares

$

12,760

3,808

Corteva,

Inc.

223,872

1,032

Covestro

AG*

64,285

763

Croda

International

plc

43,125

3,942

Dow,

Inc.

215,351

1,012

DSM-Firmenich

AG

139,340

2,314

DuPont

de

Nemours,

Inc.

206,201

588

Eastman

Chemical

Co.

65,827

1,417

Ecolab,

Inc.

361,803

36

EMS-Chemie

Holding

AG

30,251

988

Evonik

Industries

AG

23,096

52

Givaudan

SA,

Registered

Shares

285,278

2,385

ICL

Group,

Ltd.

10,181

1,458

International

Flavors

&

Fragrances,

Inc.

152,988

2,720

Linde

plc

1,297,059

1,576

LyondellBasell

Industries

NV,

Class

A

151,138

8,000

Mitsubishi

Chemical

Group

Corp.

51,394

1,000

Mitsui

Chemicals,

Inc.

26,591

1,546

Mosaic

Co.

(The)

41,402

6,600

Nippon

Paint

Holdings

Co.,

Ltd.

50,564

1,100

Nippon

Sanso

Holdings

Corp.

40,146

3,500

Nitto

Denko

Corp.

58,501

2,078

Novonesis

(Novozymes)

B

149,659

2,887

Nutrien,

Ltd.^

138,746

824

OCI

NV

23,444

2,876

Orica,

Ltd.*

36,972

1,273

PPG

Industries,

Inc.

168,622

761

RPM

International,

Inc.

92,081

1,372

Sherwin-Williams

Co.

(The)

523,651

10,300

Shin-Etsu

Chemical

Co.,

Ltd.

430,863

890

Sika

AG,

Registered

Shares

295,327

456

Syensqo

SA

40,403

798

Symrise

AG

110,313

9,200

Toray

Industries,

Inc.

54,169

179

Westlake

Corp.

26,902

1,092

Yara

International

ASA

34,596

7,326,787

Commercial

Services

&

Supplies

(0.6%):

8,487

Brambles,

Ltd.

111,844

2,028

Cintas

Corp.

417,525

4,854

Copart,

Inc.*

254,350

2,200

Dai

Nippon

Printing

Co.,

Ltd.

39,185

1,877

Element

Fleet

Management

Corp.

39,919

1,105

GFL

Environmental,

Inc.

44,084

1,016

RB

Global,

Inc.

81,780

16,211

Rentokil

Initial

plc

79,531

1,223

Republic

Services,

Inc.

245,627

1,446

Rollins,

Inc.

73,139

2,400

Secom

Co.,

Ltd.

88,653

2,676

Securitas

AB,

Class

B

33,999

1,600

TOPPAN

Holdings,

Inc.

47,434

1,380

Veralto

Corp.

154,367

1,508

Waste

Connections,

Inc.

ADR

269,661

2,246

Waste

Management,

Inc.

466,270

2,447,368

Communications

Equipment

(0.7%):

1,496

Arista

Networks,

Inc.*

574,195

22,926

Cisco

Systems,

Inc.

1,220,122

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

151

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Communications

Equipment,

continued

329

F5,

Inc.*

$

72,446

1,798

Juniper

Networks,

Inc.

70,086

952

Motorola

Solutions,

Inc.

428,048

28,106

Nokia

Oyj

122,814

15,367

Telefonaktiebolaget

LM

Ericsson,

Class

B

116,195

2,603,906

Construction

&

Engineering

(0.3%):

912

ACS

Actividades

de

Construccion

y

Servicios

SA*

42,111

779

AECOM

80,447

977

Bouygues

SA

32,720

382

Eiffage

SA

36,889

281

EMCOR

Group,

Inc.

120,979

2,720

Ferrovial

SE*

117,067

2,700

Kajima

Corp.

50,527

3,200

Obayashi

Corp.

40,567

841

Quanta

Services,

Inc.

250,744

1,831

Skanska

AB,

Class

B

38,233

534

Stantec,

Inc.

42,947

1,100

Taisei

Corp.

48,148

2,879

Vinci

SA

336,799

747

WSP

Global,

Inc.

132,729

1,370,907

Construction

Materials

(0.3%):

3,825

CRH

plc

354,731

769

Heidelberg

Materials

AG

83,578

3,081

Holcim

AG

301,289

2,772

James

Hardie

Industries

PLC*

110,931

333

Martin

Marietta

Materials,

Inc.

179,237

721

Vulcan

Materials

Co.

180,560

1,210,326

Consumer

Finance

(0.4%):

1,378

Ally

Financial,

Inc.

49,043

3,279

American

Express

Co.

889,265

2,164

Capital

One

Financial

Corp.

324,016

1,479

Discover

Financial

Services

207,489

1

Isracard,

Ltd.

2

2,083

Synchrony

Financial

103,900

1,573,715

Consumer

Staples

Distribution

&

Retail

(1.8%):

4,000

Aeon

Co.,

Ltd.

108,706

2,104

Albertsons

Cos.,

Inc.,

Class

A

38,882

4,297

Alimentation

Couche-Tard,

Inc.

237,585

3,488

Carrefour

SA

59,482

7,170

Coles

Group,

Ltd.*

89,442

2,495

Costco

Wholesale

Corp.

2,211,867

1,292

Dollar

General

Corp.

109,264

1,171

Dollar

Tree,

Inc.*

82,345

787

Empire

Co.,

Ltd.

24,053

11,695

Endeavour

Group,

Ltd.

40,557

356

George

Weston,

Ltd.

59,759

9,589

J

Sainsbury

plc

37,926

1,662

Jeronimo

Martins

SGPS

SA

32,664

1,609

Kesko

Oyj,

Class

B

34,354

1,000

Kobe

Bussan

Co.,

Ltd.

31,480

5,202

Koninklijke

Ahold

Delhaize

NV

179,716

3,980

Kroger

Co.

(The)

228,054

Shares

Value

Common

Stocks,

continued

Consumer

Staples

Distribution

&

Retail,

continued

839

Loblaw

Cos.,

Ltd.

$

111,726

1,300

MatsukiyoCocokara

&

Co.

21,370

1,126

Metro,

Inc.

71,184

13,200

Seven

&

i

Holdings

Co.,

Ltd.

197,693

2,740

Sysco

Corp.

213,884

2,651

Target

Corp.

413,185

40,777

Tesco

plc

195,461

4,484

Walgreens

Boots

Alliance,

Inc.

40,177

24,849

Walmart,

Inc.

2,006,557

6,603

Woolworths

Group,

Ltd.

151,769

7,029,142

Containers

&

Packaging

(0.2%):

8,627

Amcor

plc

97,744

446

Avery

Dennison

Corp.

98,459

1,847

Ball

Corp.

125,430

1,000

CCL

Industries,

Inc.

60,970

765

Crown

Holdings,

Inc.

73,348

1,718

International

Paper

Co.

83,924

470

Packaging

Corp.

of

America

101,238

1,420

SIG

Group

AG

31,710

1,370

Smurfit

Westrock

plc

68,605

1,467

Smurfit

Westrock

plc

72,499

813,927

Distributors

(0.1%):

91

D'ieteren

Group

19,245

769

Genuine

Parts

Co.

107,414

1,367

LKQ

Corp.

54,571

210

Pool

Corp.

79,128

260,358

Diversified

Consumer

Services

(0.0%

†

):

3,287

Pearson

plc

44,564

Diversified

REITs

(0.1%):

11,976

GPT

Group

(The)

41,177

4,133

Land

Securities

Group

plc

36,024

23,270

Mirvac

Group

34,539

15,451

Stockland

56,131

1,190

WP

Carey,

Inc.

74,137

242,008

Diversified

Telecommunication

Services

(0.9%):

40,789

AT&T,

Inc.

897,358

113

BCE,

Inc.

3,929

41,110

BT

Group

plc

81,439

2,916

Cellnex

Telecom

SA

118,132

18,627

Deutsche

Telekom

AG

547,037

937

Elisa

Oyj

49,672

20,000

HKT

Trust

&

HKT,

Ltd.

25,607

2,027

Infrastrutture

Wireless

Italiane

SpA

24,945

19,439

Koninklijke

KPN

NV

79,384

165,500

Nippon

Telegraph

&

Telephone

Corp.

169,396

11,027

Orange

SA

126,244

717

Quebecor,

Inc.,

Class

B

18,722

42,300

Singapore

Telecommunications,

Ltd.

106,499

10,729

Spark

New

Zealand,

Ltd.

20,649

158

Swisscom

AG,

Registered

Shares

103,229

92,093

Telecom

Italia

SpA/Milano*

25,606

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

152

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

Telecommunication

Services,

continued

22,480

Telefonica

SA^

$

109,899

3,268

Telenor

ASA

41,841

11,109

Telia

Co.

AB

35,942

22,435

Telstra

Group,

Ltd.

60,264

3,112

TELUS

Corp.

52,216

23,986

Verizon

Communications,

Inc.

1,077,211

3,775,221

Electric

Utilities

(1.7%):

193

Acciona

SA

27,345

1,338

Alliant

Energy

Corp.

81,203

2,917

American

Electric

Power

Co.,

Inc.

299,284

165

BKW

AG

29,923

4,300

Chubu

Electric

Power

Co.,

Inc.

50,407

3,500

CK

Infrastructure

Holdings,

Ltd.

23,835

10,000

CLP

Holdings,

Ltd.

88,188

1,758

Constellation

Energy

Corp.

457,115

4,391

Duke

Energy

Corp.

506,282

2,244

Edison

International

195,430

15,813

EDP

-

Energias

de

Portugal

SA

72,229

240

Elia

Group

SA/NV

27,444

1,880

Emera,

Inc.

74,085

2,156

Endesa

SA

47,102

46,417

Enel

SpA

370,891

1,280

Entergy

Corp.

168,461

1,333

Evergy,

Inc.

82,659

2,007

Eversource

Energy

136,576

5,500

Exelon

Corp.

223,025

2,934

FirstEnergy

Corp.

130,123

2,811

Fortis,

Inc.

127,735

3,188

Fortum

Oyj^

52,536

1,632

Hydro

One,

Ltd.

56,576

33,960

Iberdrola

SA

525,346

3,600

Kansai

Electric

Power

Co.,

Inc.

(The)

59,565

4,873

Mercury

NZ,

Ltd.

19,911

11,608

NextEra

Energy,

Inc.

981,224

1,274

NRG

Energy,

Inc.

116,061

9,164

Origin

Energy,

Ltd.

63,380

976

Orsted

AS*

64,905

11,214

PG&E

Corp.

221,701

6,500

Power

Assets

Holdings,

Ltd.

41,639

4,075

PPL

Corp.

134,801

1,850

Redeia

Corp.

SA

35,981

6,055

Southern

Co.

(The)

546,040

5,945

SSE

plc*

149,826

7,914

Terna

-

Rete

Elettrica

Nazionale

71,284

9,900

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

44,062

453

Verbund

AG

37,631

3,264

Xcel

Energy,

Inc.

213,139

6,654,950

Electrical

Equipment

(1.1%):

9,035

ABB,

Ltd.,

Registered

Shares

523,820

1,270

AMETEK,

Inc.

218,072

2,276

Eaton

Corp.

plc

754,357

3,169

Emerson

Electric

Co.

346,594

700

Fuji

Electric

Co.,

Ltd.

42,295

1,555

GE

Vernova,

Inc.*

396,494

284

Hubbell,

Inc.

121,651

1,579

Legrand

SA

182,061

Shares

Value

Common

Stocks,

continued

Electrical

Equipment,

continued

10,800

Mitsubishi

Electric

Corp.

$

174,069

5,200

NIDEC

Corp.

109,323

1,430

Prysmian

SpA

103,951

621

Rockwell

Automation,

Inc.

166,714

3,121

Schneider

Electric

SE

825,590

2,673

Siemens

Energy

AG*

98,442

2,087

Vertiv

Holdings

Co.,

Class

A

207,636

5,803

Vestas

Wind

Systems

A/S*

128,151

4,399,220

Electronic

Equipment,

Instruments

&

Components

(0.7%):

6,857

Amphenol

Corp.,

Class

A

446,802

732

CDW

Corp.

165,652

4,655

Corning,

Inc.

210,173

2,146

Halma

plc

74,920

1,800

Hamamatsu

Photonics

KK

23,542

11,309

Hexagon

AB,

Class

B

122,102

600

Ibiden

Co.,

Ltd.

18,589

585

Jabil,

Inc.

70,101

1,000

Keyence

Corp.

478,702

1,029

Keysight

Technologies,

Inc.*

163,539

6,700

Kyocera

Corp.

77,746

9,600

Murata

Manufacturing

Co.,

Ltd.

188,563

1,300

Omron

Corp.

59,497

1,400

Shimadzu

Corp.

46,702

10,500

TDK

Corp.

134,023

1,822

TE

Connectivity

PLC*

275,104

273

Teledyne

Technologies,

Inc.*

119,481

1,261

Trimble,

Inc.*

78,295

1,200

Yokogawa

Electric

Corp.

30,637

282

Zebra

Technologies

Corp.*

104,430

2,888,600

Energy

Equipment

&

Services

(0.2%):

5,648

Baker

Hughes

Co.

204,175

4,969

Halliburton

Co.

144,349

7,948

Schlumberger

NV

333,419

3,045

Tenaris

SA

48,327

730,270

Entertainment

(1.1%):

5,483

Bollore

SE

36,573

2,400

Capcom

Co.,

Ltd.

55,816

1,500

Electronic

Arts,

Inc.

215,160

500

Konami

Group

Corp.

50,749

1,123

Liberty

Media

Corp-Liberty

Formula

One*

86,954

868

Live

Nation

Entertainment,

Inc.*

95,037

2,445

Netflix,

Inc.*

1,734,165

2,500

Nexon

Co.,

Ltd.

49,678

5,900

Nintendo

Co.,

Ltd.

314,599

2,750

ROBLOX

Corp.,

Class

A*

121,715

702

Roku,

Inc.*

52,411

2,016

Sea,

Ltd.

ADR,*

190,068

958

Take-Two

Interactive

Software,

Inc.*

147,254

600

Toho

Co.,

Ltd.

24,312

4,901

Universal

Music

Group

NV

128,312

10,208

Walt

Disney

Co.

(The)

981,908

13,820

Warner

Bros

Discovery,

Inc.*

114,015

4,398,726

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

153

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Financial

Services

(2.9%):

121

Adyen

NV*

$

189,479

2,244

Apollo

Global

Management,

Inc.

280,298

7,470

Berkshire

Hathaway,

Inc.,

Class

B*

3,438,142

3,219

Block,

Inc.*

216,092

1,482

Edenred

SE

56,212

1,691

Equitable

Holdings,

Inc.

71,073

158

Eurazeo

SE

12,990

541

EXOR

NV

57,975

3,234

Fidelity

National

Information

Services,

Inc.

270,848

3,323

Fiserv,

Inc.*

596,977

1,463

Global

Payments,

Inc.

149,840

576

Groupe

Bruxelles

Lambert

NV

44,861

885

Industrivarden

AB,

Class

A

32,732

840

Industrivarden

AB,

Class

C

30,909

9,978

Investor

AB,

Class

B

307,446

426

Jack

Henry

&

Associates,

Inc.

75,206

418

L

E

Lundbergforetagen

AB,

Class

B

23,936

15,826

M&G

plc

43,904

4,679

Mastercard,

Inc.,

Class

A

2,310,490

4,100

Mitsubishi

HC

Capital,

Inc.

28,955

4,062

Nexi

SpA*

27,591

6,500

ORIX

Corp.

150,924

5,625

PayPal

Holdings,

Inc.*

438,919

142

Sofina

SA

40,077

1,929

Toast,

Inc.,

Class

A*

54,610

8,915

Visa,

Inc.,

Class

A

2,451,179

985

Washington

H

Soul

Pattinson

&

Co.,

Ltd.

23,716

4,104

Wise

plc,

Class

A*

37,010

11,462,391

Food

Products

(1.1%):

2,800

Ajinomoto

Co.,

Inc.

108,249

2,814

Archer-Daniels-Midland

Co.

168,108

1,870

Associated

British

Foods

plc

58,348

23

Barry

Callebaut

AG,

Registered

Shares

42,606

822

Bunge

Global

SA

79,438

954

Campbell

Soup

Co.

46,670

5

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

64,566

2,472

Conagra

Brands,

Inc.

80,389

3,686

Danone

SA

268,367

3,043

General

Mills,

Inc.

224,726

822

Hershey

Co.

(The)

157,643

1,634

Hormel

Foods

Corp.

51,798

476

JDE

Peet's

NV

9,947

678

JM

Smucker

Co.

(The)

82,106

1,607

Kellanova

129,701

876

Kerry

Group

plc,

Class

A

90,802

4,500

Kikkoman

Corp.

51,173

5,018

Kraft

Heinz

Co.

(The)

176,182

883

Lamb

Weston

Holdings,

Inc.

57,165

1,457

McCormick

&

Co.,

Inc.

ADR

119,911

1,600

MEIJI

Holdings

Co.,

Ltd.

40,009

7,659

Mondelez

International,

Inc.,

Class

A

564,238

3,271

Mowi

ASA

58,847

14,960

Nestle

SA,

Registered

Shares

1,507,981

900

Nissin

Foods

Holdings

Co.,

Ltd.

25,103

3,513

Orkla

ASA

33,125

461

Salmar

ASA

24,201

1,273

Saputo,

Inc.

27,478

1,512

Tyson

Foods,

Inc.,

Class

A

90,055

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

41,033

WH

Group,

Ltd.

$

32,459

10,600

Wilmar

International,

Ltd.

27,591

1,800

Yakult

Honsha

Co.,

Ltd.^

41,602

4,540,584

Gas

Utilities

(0.1%):

1,573

AltaGas,

Ltd.

38,944

8,525

APA

Group*

45,700

802

Atmos

Energy

Corp.

111,245

56,117

Hong

Kong

&

China

Gas

Co.,

Ltd.

45,715

2,200

Osaka

Gas

Co.,

Ltd.

49,442

10,274

Snam

SpA

52,296

2,500

Tokyo

Gas

Co.,

Ltd.

58,186

401,528

Ground

Transportation

(1.0%):

2,934

Canadian

National

Railway

Co.

343,605

5,314

Canadian

Pacific

Kansas

City,

Ltd.

454,537

4,500

Central

Japan

Railway

Co.

104,144

11,327

CSX

Corp.

391,121

4,700

East

Japan

Railway

Co.

93,431

8,772

Grab

Holdings,

Ltd.*

33,334

1,400

Hankyu

Hanshin

Holdings,

Inc.

43,176

423

JB

Hunt

Transport

Services,

Inc.

72,896

900

Keisei

Electric

Railway

Co.,

Ltd.

26,825

1,052

Knight-Swift

Transportation

Holdings,

Inc.

56,755

10,500

MTR

Corp.,

Ltd.

39,217

1,241

Norfolk

Southern

Corp.

308,388

1,078

Old

Dominion

Freight

Line,

Inc.

214,134

395

TFI

International,

Inc.

54,111

2,900

Tokyu

Corp.

37,474

10,675

Uber

Technologies,

Inc.*

802,333

612

U-Haul

Holding

Co.

44,064

3,459

Union

Pacific

Corp.

852,574

3,000

West

Japan

Railway

Co.

57,020

4,029,139

Health

Care

Equipment

&

Supplies

(2.2%):

9,831

Abbott

Laboratories

1,120,832

2,970

Alcon,

Inc.

297,016

429

Align

Technology,

Inc.*

109,103

2,628

Baxter

International,

Inc.

99,785

1,664

Becton

Dickinson

&

Co.

401,190

245

BioMerieux

29,362

8,275

Boston

Scientific

Corp.*

693,445

157

Carl

Zeiss

Meditec

AG,

Class

BR

12,437

364

Cochlear,

Ltd.

71,159

764

Coloplast

A/S,

Class

B

99,836

1,164

Cooper

Cos.,

Inc.

(The)*

128,436

522

Demant

A/S*

20,404

2,198

Dexcom,

Inc.*

147,354

55

DiaSorin

SpA

6,425

3,427

Edwards

Lifesciences

Corp.*

226,148

1,680

EssilorLuxottica

SA*

398,041

3,102

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

68,470

2,490

GE

HealthCare

Technologies,

Inc.

233,686

1,030

Getinge

AB,

B

Shares

22,243

1,245

Hologic,

Inc.*

101,418

2,000

Hoya

Corp.

276,971

456

IDEXX

Laboratories,

Inc.*

230,380

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

154

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

394

Insulet

Corp.*

$

91,703

2,017

Intuitive

Surgical,

Inc.*

990,892

4,465

Koninklijke

Philips

NV*

146,292

7,322

Medtronic

plc

659,200

6,100

Olympus

Corp.

115,787

854

ResMed,

Inc.

208,478

1,749

Siemens

Healthineers

AG

104,861

5,148

Smith

&

Nephew

plc

80,020

322

Sonova

Holding

AG

115,681

523

STERIS

plc

126,848

585

Straumann

Holding

AG,

Class

R

96,045

1,950

Stryker

Corp.

704,457

2,200

Sysmex

Corp.

43,420

274

Teleflex,

Inc.

67,766

7,200

Terumo

Corp.

135,826

1,192

Zimmer

Biomet

Holdings,

Inc.

128,676

8,610,093

Health

Care

Providers

&

Services

(1.8%):

845

Amplifon

SpA

24,288

1,353

Cardinal

Health,

Inc.

149,534

1,023

Cencora,

Inc.

230,257

3,092

Centene

Corp.*

232,766

1,632

Cigna

Group

(The)

565,390

7,135

CVS

Health

Corp.

448,649

278

DaVita,

Inc.*

45,572

1,309

Elevance

Health,

Inc.

680,680

969

Fresenius

Medical

Care

AG

41,204

2,178

Fresenius

SE

&

Co.

KGaA*

82,929

1,111

HCA

Healthcare,

Inc.

451,544

731

Henry

Schein,

Inc.*

53,290

678

Humana,

Inc.

214,750

453

Labcorp

Holdings,

Inc.

101,236

722

McKesson

Corp.

356,971

332

Molina

Healthcare,

Inc.*

114,394

617

Quest

Diagnostics,

Inc.

95,789

1,328

Ramsay

Health

Care,

Ltd.*

38,276

838

Solventum

Corp.*

58,425

2,275

Sonic

Healthcare,

Ltd.

42,800

5,178

UnitedHealth

Group,

Inc.

3,027,473

372

Universal

Health

Services,

Inc.,

Class

B

85,192

7,141,409

Health

Care

REITs

(0.2%):

4,216

Healthpeak

Properties,

Inc.

96,420

2,176

Ventas,

Inc.

139,547

3,212

Welltower,

Inc.

411,232

647,199

Health

Care

Technology

(0.1%):

3,600

M3,

Inc.

36,173

869

Veeva

Systems,

Inc.,

Class

A*

182,377

218,550

Hotel

&

Resort

REITs

(0.0%

†

):

4,256

Host

Hotels

&

Resorts,

Inc.

74,906

Hotels,

Restaurants

&

Leisure

(1.9%):

1,023

Accor

SA

44,459

2,411

Airbnb,

Inc.,

Class

A*

305,739

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

2,567

Amadeus

IT

Group

SA

$

185,257

3,286

Aristocrat

Leisure,

Ltd.

132,862

191

Booking

Holdings,

Inc.

804,515

5,549

Carnival

Corp.*

102,545

7,700

Chipotle

Mexican

Grill,

Inc.*

443,674

9,589

Compass

Group

plc

307,177

632

Darden

Restaurants,

Inc.

103,730

1,331

Delivery

Hero

SE*

53,915

211

Domino's

Pizza,

Inc.

90,760

1,608

DoorDash,

Inc.,

Class

A*

229,510

2,435

DraftKings,

Inc.*

95,452

4,276

Entain

plc

43,656

1,060

Evolution

AB

104,226

680

Expedia

Group,

Inc.*

100,654

1,039

Flutter

Entertainment

plc*

244,445

13,000

Galaxy

Entertainment

Group,

Ltd.

64,460

53,300

Genting

Singapore,

Ltd.

36,333

1,454

Hilton

Worldwide

Holdings,

Inc.

335,147

281

Hyatt

Hotels

Corp.,

Class

A

42,768

868

InterContinental

Hotels

Group

plc

94,843

397

La

Francaise

des

Jeux

SAEM

16,337

2,239

Las

Vegas

Sands

Corp.

112,711

14,501

Lottery

Corp.,

Ltd.

(The)

51,451

1,388

Marriott

International,

Inc.,

Class

A

345,057

4,045

McDonald's

Corp.

1,231,743

400

McDonald's

Holdings

Co.

Japan,

Ltd.

19,048

1,525

MGM

Resorts

International*

59,612

6,300

Oriental

Land

Co.,

Ltd.

162,575

1,590

Restaurant

Brands

International,

Inc.

114,671

1,429

Royal

Caribbean

Cruises,

Ltd.

253,447

15,600

Sands

China,

Ltd.*

39,433

597

Sodexo

SA

48,941

6,312

Starbucks

Corp.

615,357

1,279

Whitbread

plc

53,675

551

Wynn

Resorts,

Ltd.

52,830

1,631

Yum!

Brands,

Inc.

227,867

7,370,882

Household

Durables

(0.5%):

6,179

Barratt

Developments

plc

39,618

634

Berkeley

Group

Holdings

plc*

40,053

1,656

D.R.

Horton,

Inc.

315,915

905

Garmin,

Ltd.

159,307

1,406

Lennar

Corp.,

Class

A

263,597

16

NVR,

Inc.*

156,989

13,600

Panasonic

Holdings

Corp.

118,136

2,260

Persimmon

plc

49,616

1,267

PulteGroup,

Inc.

181,853

95

SEB

SA

10,860

2,100

Sekisui

Chemical

Co.,

Ltd.

32,730

3,500

Sekisui

House,

Ltd.

97,420

34,500

Sony

Group

Corp.

670,110

19,704

Taylor

Wimpey

plc

43,357

2,179,561

Household

Products

(1.0%):

1,358

Church

&

Dwight

Co.,

Inc.

142,210

748

Clorox

Co.

(The)

121,857

4,480

Colgate-Palmolive

Co.

465,069

3,373

Essity

AB,

Class

B

105,311

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

155

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Household

Products,

continued

659

Henkel

AG

&

Co.

KGaA

$

56,043

1,895

Kimberly-Clark

Corp.

269,620

13,254

Procter

&

Gamble

Co.

(The)

2,295,593

3,832

Reckitt

Benckiser

Group

plc

234,619

2,400

Unicharm

Corp.

86,572

3,776,894

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

3,715

AES

Corp.

(The)

74,523

787

Brookfield

Renewable

Corp.,

Class

A

25,700

2,069

EDP

Renovaveis

SA*

36,188

7,411

Meridian

Energy,

Ltd.

27,958

3,871

RWE

AG

140,790

1,985

Vistra

Corp.

235,302

540,461

Industrial

Conglomerates

(1.1%):

3,160

3M

Co.

431,972

17,500

CK

Hutchison

Holdings,

Ltd.

99,354

654

DCC

plc

44,568

6,212

General

Electric

Co.

1,171,459

100

Hikari

Tsushin,

Inc.

22,263

26,100

Hitachi,

Ltd.

689,600

3,683

Honeywell

International,

Inc.

761,313

1,007

Investment

AB

Latour,

Class

B

31,442

1,100

Jardine

Matheson

Holdings,

Ltd.*

42,967

7,700

Keppel,

Ltd.

39,719

1,031

Lifco

AB,

Class

B

33,962

4,258

Siemens

AG,

Registered

Shares

859,793

1,653

Smiths

Group

plc

37,120

4,265,532

Industrial

REITs

(0.3%):

19,644

CapitaLand

Ascendas

REIT

43,652

9,245

Goodman

Group

237,334

9

Nippon

Prologis

REIT,

Inc.

15,422

5,265

Prologis,

Inc.

664,864

7,464

Segro

plc*

87,346

1,164

Warehouses

De

Pauw

CVA*

31,030

1,079,648

Insurance

(3.2%):

1,729

Admiral

Group

plc

64,476

8,853

Aegon,

Ltd.

56,878

3,039

Aflac,

Inc.

339,760

810

Ageas

SA/NV

43,199

62,600

AIA

Group,

Ltd.

553,577

2,207

Allianz

SE,

Registered

Shares

+

724,084

1,489

Allstate

Corp.

(The)

282,389

355

American

Financial

Group,

Inc.

47,783

3,871

American

International

Group,

Inc.

283,473

1,092

Aon

plc,

Class

A

377,821

2,057

Arch

Capital

Group,

Ltd.*

230,137

1,222

Arthur

J.

Gallagher

&

Co.

343,834

1,112

ASR

Nederland

NV

54,521

291

Assurant,

Inc.

57,868

16,693

Aviva

plc

108,168

10,315

AXA

SA

396,936

296

Baloise

Holding

AG,

Registered

Shares

60,383

Shares

Value

Common

Stocks,

continued

Insurance,

continued

1,338

Brown

&

Brown,

Inc.

$

138,617

2,203

Chubb,

Ltd.

635,323

840

Cincinnati

Financial

Corp.

114,341

4,900

Dai-ichi

Life

Holdings,

Inc.

126,238

141

Erie

Indemnity

Co.,

Class

A

76,115

228

Everest

Group,

Ltd.

89,337

117

Fairfax

Financial

Holdings,

Ltd.

147,746

1,514

Fidelity

National

Financial,

Inc.

93,959

6,145

Generali

177,618

673

Gjensidige

Forsikring

ASA

12,596

1,806

Great-West

Lifeco,

Inc.

61,593

358

Hannover

Rueck

SE

102,031

1,668

Hartford

Financial

Services

Group,

Inc.

(The)

196,173

679

iA

Financial

Corp.,

Inc.

56,286

12,708

Insurance

Australia

Group,

Ltd.

64,786

1,014

Intact

Financial

Corp.

194,732

11,100

Japan

Post

Holdings

Co.,

Ltd.

105,942

600

Japan

Post

Insurance

Co.,

Ltd.

10,914

35,326

Legal

&

General

Group

plc

106,830

1,019

Loews

Corp.

80,552

9,805

Manulife

Financial

Corp.

289,807

77

Markel

Group,

Inc.*

120,781

2,773

Marsh

&

McLennan

Cos.,

Inc.

618,629

17,323

Medibank

Pvt,

Ltd.

43,816

3,499

MetLife,

Inc.

288,597

6,900

MS&AD

Insurance

Group

Holdings,

Inc.

160,996

771

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Class

R

424,168

1,547

NN

Group

NV

77,144

3,380

Phoenix

Group

Holdings

plc

25,337

2,955

Poste

Italiane

SpA

41,463

3,531

Power

Corp.

of

Canada^

111,390

1,375

Principal

Financial

Group,

Inc.

118,112

3,283

Progressive

Corp.

(The)

833,094

2,002

Prudential

Financial,

Inc.

242,442

14,456

Prudential

plc

134,828

8,713

QBE

Insurance

Group,

Ltd.*

99,545

2,747

Sampo

Oyj,

A

Shares

128,260

5,400

Sompo

Holdings,

Inc.

121,004

3,356

Sun

Life

Financial,

Inc.

194,689

7,083

Suncorp

Group,

Ltd.

88,851

157

Swiss

Life

Holding

AG

131,195

1,730

Swiss

Re

AG

239,008

3,200

T&D

Holdings,

Inc.

55,896

10,400

Tokio

Marine

Holdings,

Inc.

381,561

1,271

Travelers

Cos.,

Inc.

(The)

297,567

2,488

Tryg

A/S

59,011

1,905

W

R

Berkley

Corp.

108,071

556

Willis

Towers

Watson

plc

163,759

821

Zurich

Insurance

Group

AG

495,339

12,711,376

Interactive

Media

&

Services

(4.5%):

33,129

Alphabet,

Inc.,

Class

A

5,494,445

28,503

Alphabet,

Inc.,

Class

C

4,765,417

4,250

Auto

Trader

Group

plc

49,328

2,390

CAR

Group,

Ltd.*

62,099

12,600

LY

Corp.

36,786

1,223

Match

Group,

Inc.*

46,278

12,360

Meta

Platforms,

Inc.,

Class

A

7,075,358

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

156

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Interactive

Media

&

Services,

continued

3,329

Pinterest,

Inc.,

Class

A*

$

107,760

296

REA

Group,

Ltd.

41,310

483

Scout24

SE

41,539

2,004

SEEK,

Ltd.

34,562

6,600

Snap,

Inc.,

Class

A*

70,620

17,825,502

IT

Services

(1.3%):

3,508

Accenture

plc,

Class

A

1,240,008

866

Akamai

Technologies,

Inc.*

87,423

589

Bechtle

AG

26,310

856

Capgemini

SE

185,400

1,202

CGI,

Inc.*

138,324

1,686

Cloudflare,

Inc.,

Class

A*

136,380

2,828

Cognizant

Technology

Solutions

Corp.,

Class

A

218,265

352

EPAM

Systems,

Inc.*

70,058

9,700

Fujitsu,

Ltd.

199,015

439

Gartner,

Inc.*

222,468

771

GoDaddy,

Inc.,

Class

A*

120,877

5,191

International

Business

Machines

Corp.

1,147,626

417

MongoDB,

Inc.*

112,736

1,400

NEC

Corp.

134,849

1,920

Nomura

Research

Institute,

Ltd.

71,001

3,400

NTT

Data

Group

Corp.

61,180

1,000

Obic

Co.,

Ltd.

35,179

958

Okta,

Inc.*

71,218

1,000

Otsuka

Corp.

24,669

900

SCSK

Corp.

18,593

6,929

Shopify,

Inc.,

Class

A*

555,170

1,688

Snowflake,

Inc.,

Class

A*

193,884

1,600

TIS,

Inc.

40,755

1,063

Twilio,

Inc.,

Class

A*

69,329

498

VeriSign,

Inc.*

94,600

301

Wix.com,

Ltd.*

50,318

5,325,635

Leisure

Products

(0.0%

†

):

3,200

Bandai

Namco

Holdings,

Inc.

73,164

298

BRP,

Inc.^

17,737

400

Shimano,

Inc.

75,842

166,743

Life

Sciences

Tools

&

Services

(1.1%):

1,613

Agilent

Technologies,

Inc.

239,498

3,558

Avantor,

Inc.*

92,045

260

Bachem

Holding

AG

21,918

108

Bio-Rad

Laboratories,

Inc.,

Class

A*

36,134

972

Bio-Techne

Corp.

77,692

306

Charles

River

Laboratories

International,

Inc.*

60,273

3,734

Danaher

Corp.

1,038,127

702

Eurofins

Scientific

SE

44,487

909

Illumina,

Inc.*

118,543

1,026

IQVIA

Holdings,

Inc.*

243,131

424

Lonza

Group

AG,

Registered

Shares

268,278

123

Mettler-Toledo

International,

Inc.*

184,463

1,162

QIAGEN

NV*

52,249

700

Revvity,

Inc.

89,425

206

Sartorius

Stedim

Biotech

43,110

2,162

Thermo

Fisher

Scientific,

Inc.

1,337,348

311

Waters

Corp.*

111,926

Shares

Value

Common

Stocks,

continued

Life

Sciences

Tools

&

Services,

continued

442

West

Pharmaceutical

Services,

Inc.

$

132,671

4,191,318

Machinery

(2.0%):

1,646

Alfa

Laval

AB

79,070

2,150

Alstom

SA*

44,681

15,231

Atlas

Copco

AB,

Class

A

294,792

8,445

Atlas

Copco

AB,

Class

B

144,606

2,738

Caterpillar,

Inc.

1,070,887

4,485

CNH

Industrial

NV

49,474

756

Cummins,

Inc.

244,785

2,100

Daifuku

Co.,

Ltd.

40,586

2,626

Daimler

Truck

Holding

AG

98,182

1,501

Deere

&

Co.

626,412

786

Dover

Corp.

150,708

4,031

Epiroc

AB,

Class

A

87,172

2,340

Epiroc

AB,

Class

B

44,361

5,600

FANUC

Corp.

163,686

1,873

Fortive

Corp.

147,836

952

GEA

Group

AG

46,550

1,041

Graco,

Inc.

91,098

800

Hitachi

Construction

Machinery

Co.,

Ltd.

19,397

600

Hoshizaki

Corp.

20,904

2,525

Husqvarna

AB,

B

Shares

17,716

399

IDEX

Corp.

85,585

1,689

Illinois

Tool

Works,

Inc.

442,636

1,318

Indutrade

AB

41,011

2,255

Ingersoll

Rand,

Inc.

221,351

395

Knorr-Bremse

AG

35,111

4,900

Komatsu,

Ltd.

135,935

1,984

Kone

Oyj,

Class

B

118,670

5,700

Kubota

Corp.

80,922

1,500

Makita

Corp.

50,769

3,536

Metso

Oyj

37,882

2,300

MINEBEA

MITSUMI,

Inc.

45,383

17,400

Mitsubishi

Heavy

Industries,

Ltd.

258,605

329

Nordson

Corp.

86,405

2,191

Otis

Worldwide

Corp.

227,733

2,893

PACCAR,

Inc.

285,481

730

Parker-Hannifin

Corp.

461,229

930

Pentair

plc

90,945

32

Rational

AG

32,611

6,342

Sandvik

AB

141,772

204

Schindler

Holding

AG,

Class

PC

59,821

110

Schindler

Holding

AG,

Registered

Shares

31,312

2,448

SKF

AB,

B

Shares

48,719

300

SMC

Corp.

133,507

319

Snap-on,

Inc.

92,417

405

Spirax

Group

plc

40,804

920

Stanley

Black

&

Decker,

Inc.

101,320

7,500

Techtronic

Industries

Co.,

Ltd.

113,693

600

Toro

Co.

(The)

52,038

800

Toyota

Industries

Corp.

61,763

1,285

Trelleborg

AB,

Class

B

49,400

144

VAT

Group

AG

73,429

863

Volvo

AB,

Class

A

23,041

9,308

Volvo

AB,

Class

B

246,175

2,720

Wartsila

OYJ

Abp

60,967

1,048

Westinghouse

Air

Brake

Technologies

Corp.

190,495

1,379

Xylem,

Inc.

186,206

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

157

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

1,600

Yaskawa

Electric

Corp.

$

55,999

7,984,045

Marine

Transportation

(0.1%):

20

AP

Moller

-

Maersk

A/S,

Class

A

32,421

24

AP

Moller

-

Maersk

A/S,

Class

B

40,381

2,400

Kawasaki

Kisen

Kaisha,

Ltd.^

37,231

272

Kuehne

+

Nagel

International

AG,

Class

R

74,228

2,100

Mitsui

OSK

Lines,

Ltd.^

72,346

2,400

Nippon

Yusen

KK

87,565

4,000

SITC

International

Holdings

Co.,

Ltd.

10,672

354,844

Media

(0.5%):

545

Charter

Communications,

Inc.,

Class

A*

176,624

22,313

Comcast

Corp.,

Class

A

932,014

1,300

Dentsu

Group,

Inc.

40,015

1,152

Fox

Corp.,

Class

A

48,764

968

Fox

Corp.,

Class

B

37,558

7,102

Informa

plc

78,001

2,288

Interpublic

Group

of

Cos.,

Inc.

(The)

72,369

2,491

News

Corp.,

Class

A

66,335

1,148

Omnicom

Group,

Inc.

118,692

3,327

Paramount

Global,

Class

B

35,333

1,262

Publicis

Groupe

SA

138,085

2,476

Trade

Desk,

Inc.

(The),

Class

A*

271,493

3,675

Vivendi

SE

42,513

5,465

WPP

plc

55,840

2,113,636

Metals

&

Mining

(1.3%):

2,760

Agnico

Eagle

Mines,

Ltd.

222,363

7,231

Anglo

American

plc

234,971

2,646

Antofagasta

plc

71,439

2,946

ArcelorMittal

SA

77,305

9,439

Barrick

Gold

Corp.

187,761

28,385

BHP

Group,

Ltd.

882,381

2,969

BlueScope

Steel,

Ltd.

45,401

1,507

Boliden

AB

51,147

4,279

First

Quantum

Minerals,

Ltd.*

58,349

9,881

Fortescue,

Ltd.

139,314

1,109

Franco-Nevada

Corp.

137,758

8,012

Freeport-McMoRan,

Inc.

399,959

58,692

Glencore

plc

336,039

4,254

Ivanhoe

Mines,

Ltd.*

63,293

3,100

JFE

Holdings,

Inc.

41,502

7,700

Kinross

Gold

Corp.

72,143

4,089

Lundin

Mining

Corp.

42,846

958

Mineral

Resources,

Ltd.*

34,258

6,439

Newmont

Corp.

344,165

5,300

Nippon

Steel

Corp.^

118,353

6,687

Norsk

Hydro

ASA

43,475

5,989

Northern

Star

Resources,

Ltd.*

65,520

1,338

Nucor

Corp.

201,155

1,988

Pan

American

Silver

Corp.

41,515

18,950

Pilbara

Minerals,

Ltd.*^

42,589

322

Reliance,

Inc.

93,126

6,437

Rio

Tinto

plc

456,111

2,164

Rio

Tinto,

Ltd.

192,634

23,062

South32,

Ltd.

60,325

Shares

Value

Common

Stocks,

continued

Metals

&

Mining,

continued

833

Steel

Dynamics,

Inc.

$

105,025

1,100

Sumitomo

Metal

Mining

Co.,

Ltd.

33,011

2,582

Teck

Resources,

Ltd.,

Class

B

134,876

573

voestalpine

AG

14,922

2,454

Wheaton

Precious

Metals

Corp.

149,893

5,194,924

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.0%

†

):

3,240

Annaly

Capital

Management,

Inc.

65,027

Multi-Utilities

(0.7%):

1,565

Ameren

Corp.

136,875

993

Canadian

Utilities,

Ltd.,

Class

A

26,369

3,884

CenterPoint

Energy,

Inc.

114,267

31,540

Centrica

plc

49,214

1,619

CMS

Energy

Corp.

114,350

1,988

Consolidated

Edison,

Inc.

207,010

4,627

Dominion

Energy,

Inc.

267,394

1,228

DTE

Energy

Co.

157,688

12,177

E.ON

SE

181,047

10,948

Engie

SA

189,100

26,689

National

Grid

plc*

367,855

2,789

NiSource,

Inc.

96,639

2,788

Public

Service

Enterprise

Group,

Inc.

248,718

3,583

Sempra

299,646

3,985

Veolia

Environnement

SA

131,093

1,724

WEC

Energy

Group,

Inc.

165,814

2,753,079

Office

REITs

(0.1%):

914

Alexandria

Real

Estate

Equities,

Inc.

108,537

861

BXP,

Inc.

69,276

316

Covivio

SA*

19,201

6,489

Dexus

33,970

236

Gecina

SA

27,185

7

Japan

Real

Estate

Investment

Corp.^

27,832

50

Nippon

Building

Fund,

Inc.

45,899

331,900

Oil,

Gas

&

Consumable

Fuels

(3.7%):

1,797

Aker

BP

ASA

38,664

1,369

Ampol,

Ltd.

28,947

2,327

APA

Corp.

56,918

3,848

ARC

Resources,

Ltd.

65,049

94,058

BP

plc

496,043

2,490

Cameco

Corp.

118,967

11,883

Canadian

Natural

Resources,

Ltd.

394,635

7,838

Cenovus

Energy,

Inc.

131,107

1,352

Cheniere

Energy,

Inc.

243,144

9,955

Chevron

Corp.

1,466,073

364

Chord

Energy

Corp.

47,404

6,668

ConocoPhillips

702,007

4,369

Coterra

Energy,

Inc.

104,638

3,404

Devon

Energy

Corp.

133,164

939

Diamondback

Energy,

Inc.

161,884

12,128

Enbridge,

Inc.

492,725

17,150

ENEOS

Holdings,

Inc.

93,383

12,101

Eni

SpA

185,130

3,296

EOG

Resources,

Inc.

405,177

2,174

EQT

Corp.

79,655

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

158

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Oil,

Gas

&

Consumable

Fuels,

continued

5,182

Equinor

ASA

$

131,378

1,050

Expand

Energy

Corp.

86,363

25,336

Exxon

Mobil

Corp.

2,969,886

3,214

Galp

Energia

SGPS

SA

60,339

1,636

Hess

Corp.

222,169

891

HF

Sinclair

Corp.

39,712

4,610

Idemitsu

Kosan

Co.,

Ltd.

33,103

1,025

Imperial

Oil,

Ltd.

72,121

6,200

Inpex

Corp.

84,112

1,180

Keyera

Corp.

36,797

11,553

Kinder

Morgan,

Inc.

255,206

3,361

Marathon

Oil

Corp.

89,503

2,031

Marathon

Petroleum

Corp.

330,870

1,950

Neste

Oyj^

37,891

3,968

Occidental

Petroleum

Corp.

204,511

981

OMV

AG

41,951

3,240

ONEOK,

Inc.

295,261

1,492

Ovintiv,

Inc.

57,159

697

Parkland

Corp.

17,967

3,124

Pembina

Pipeline

Corp.

128,790

2,330

Phillips

66

306,279

7,492

Repsol

SA

99,133

20,801

Santos,

Ltd.

101,360

35,824

Shell

plc*

1,167,391

7,252

Suncor

Energy,

Inc.

267,707

1,228

Targa

Resources

Corp.

181,756

5,871

TC

Energy

Corp.^

279,115

111

Texas

Pacific

Land

Corp.

98,206

12,093

TotalEnergies

SE

783,708

1,864

Tourmaline

Oil

Corp.

86,577

1,877

Valero

Energy

Corp.

253,451

6,801

Williams

Cos.,

Inc.

(The)

310,466

11,143

Woodside

Energy

Group,

Ltd.

193,078

14,768,030

Paper

&

Forest

Products

(0.1%):

734

Holmen

AB,

B

Shares

31,785

2,152

Mondi

plc

40,968

2,811

Stora

Enso

Oyj,

Class

R

36,005

2,963

Svenska

Cellulosa

AB

SCA,

Class

B

43,186

3,253

UPM-Kymmene

Oyj

109,009

391

West

Fraser

Timber

Co.,

Ltd.

38,099

299,052

Passenger

Airlines

(0.1%):

990

Air

Canada*

11,999

1,000

ANA

Holdings,

Inc.

21,399

962

Delta

Air

Lines,

Inc.

48,860

4,680

Deutsche

Lufthansa

AG,

Registered

Shares^

34,271

1,000

Japan

Airlines

Co.,

Ltd.^

17,563

5,489

Qantas

Airways,

Ltd.*

28,190

8,850

Singapore

Airlines,

Ltd.

46,730

710

Southwest

Airlines

Co.

21,037

230,049

Personal

Care

Products

(0.6%):

583

Beiersdorf

AG

87,725

1,339

Estee

Lauder

Cos.,

Inc.

(The)

133,485

34,483

Haleon

plc

180,303

2,900

Kao

Corp.

143,724

Shares

Value

Common

Stocks,

continued

Personal

Care

Products,

continued

10,540

Kenvue,

Inc.

$

243,790

1,367

L'Oreal

SA

612,750

2,100

Shiseido

Co.,

Ltd.

56,926

14,147

Unilever

PLC

916,018

2,374,721

Pharmaceuticals

(4.9%):

9,600

Astellas

Pharma,

Inc.

110,204

8,741

AstraZeneca

plc

1,361,288

5,513

Bayer

AG,

Registered

Shares

186,167

11,494

Bristol-Myers

Squibb

Co.

594,700

997

Catalent,

Inc.*

60,388

4,000

Chugai

Pharmaceutical

Co.,

Ltd.

193,469

10,400

Daiichi

Sankyo

Co.,

Ltd.

341,948

1,200

Eisai

Co.,

Ltd.

44,655

4,568

Eli

Lilly

&

Co.

4,046,974

23,538

GSK

plc

478,671

1,106

Hikma

Pharmaceuticals

plc

28,249

123

Ipsen

SA

15,132

13,546

Johnson

&

Johnson

2,195,265

1,400

Kyowa

Kirin

Co.,

Ltd.

24,667

14,360

Merck

&

Co.,

Inc.

1,630,722

757

Merck

KGaA

133,269

11,231

Novartis

AG,

Registered

Shares

1,293,094

18,077

Novo

Nordisk

A/S,

Class

B

2,152,825

2,500

Ono

Pharmaceutical

Co.,

Ltd.

33,303

612

Orion

Oyj,

Class

B

33,520

2,400

Otsuka

Holdings

Co.,

Ltd.

135,364

31,889

Pfizer,

Inc.

922,868

582

Recordati

Industria

Chimica

e

Farmaceutica

SpA

32,932

3,952

Roche

Holding

AG

1,265,317

187

Roche

Holding

AG,

Class

BR

63,965

2,369

Royalty

Pharma

plc,

Class

A

67,019

2,248

Sandoz

Group

AG

93,752

6,368

Sanofi

SA

733,588

4,800

Shionogi

&

Co.,

Ltd.

68,756

8,850

Takeda

Pharmaceutical

Co.,

Ltd.

253,126

7,029

Teva

Pharmaceutical

Industries,

Ltd.

ADR*

126,663

733

UCB

SA

132,160

5,989

Viatris,

Inc.

69,532

2,559

Zoetis,

Inc.

499,977

19,423,529

Professional

Services

(1.0%):

981

Adecco

Group

AG

33,390

725

Amentum

Holdings,

Inc.*

23,381

2,339

Automatic

Data

Processing,

Inc.

647,271

688

Booz

Allen

Hamilton

Holding

Corp.

111,979

694

Broadridge

Financial

Solutions,

Inc.

149,231

1,956

Bureau

Veritas

SA

64,908

2,835

Computershare,

Ltd.

49,479

1,003

Dayforce,

Inc.*

61,434

689

Equifax,

Inc.

202,469

5,216

Experian

plc

274,738

886

Intertek

Group

plc

61,235

725

Jacobs

Solutions,

Inc.

94,902

673

Leidos

Holdings,

Inc.

109,699

1,782

Paychex,

Inc.

239,127

238

Paycom

Software,

Inc.

39,644

647

Randstad

NV^

32,157

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

159

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Professional

Services,

continued

8,400

Recruit

Holdings

Co.,

Ltd.

$

511,691

10,325

RELX

plc

487,721

961

SGS

SA,

Registered

Shares*

107,259

1,147

SS&C

Technologies

Holdings,

Inc.

85,119

227

Teleperformance

SE

23,542

926

Thomson

Reuters

Corp.

157,967

1,006

TransUnion

105,328

805

Verisk

Analytics,

Inc.

215,708

1,433

Wolters

Kluwer

NV

241,510

4,130,889

Real

Estate

Management

&

Development

(0.4%):

116

Azrieli

Group,

Ltd.

8,097

17,300

CapitaLand

Investment,

Ltd.

42,079

1,690

CBRE

Group,

Inc.,

Class

A*

210,371

8,500

CK

Asset

Holdings,

Ltd.

36,938

2,247

CoStar

Group,

Inc.*

169,514

300

Daito

Trust

Construction

Co.,

Ltd.

36,449

3,500

Daiwa

House

Industry

Co.,

Ltd.

110,029

3,858

Fastighets

AB

Balder,

B

Shares*

33,909

257

FirstService

Corp.,

Class

WI

46,962

6,324

Henderson

Land

Development

Co.,

Ltd.

19,858

6,600

Hongkong

Land

Holdings,

Ltd.

24,219

2,400

Hulic

Co.,

Ltd.

24,361

403

LEG

Immobilien

SE*

42,023

6,500

Mitsubishi

Estate

Co.,

Ltd.

102,629

14,600

Mitsui

Fudosan

Co.,

Ltd.

136,777

1,000

Nomura

Real

Estate

Holdings,

Inc.

26,779

1,352

Sagax

AB,

Class

B

38,549

24,117

Sino

Land

Co.,

Ltd.*

26,462

1,600

Sumitomo

Realty

&

Development

Co.,

Ltd.

53,784

9,500

Sun

Hung

Kai

Properties,

Ltd.

103,170

2,000

Swire

Pacific,

Ltd.,

Class

A

17,142

498

Swiss

Prime

Site

AG,

Registered

Shares

55,837

4,099

Vonovia

SE*

149,368

11,000

Wharf

Real

Estate

Investment

Co.,

Ltd.

38,919

1,012

Zillow

Group,

Inc.,

Class

C*

64,616

1,618,841

Residential

REITs

(0.3%):

1,914

American

Homes

4

Rent,

Class

A

73,478

774

AvalonBay

Communities,

Inc.

174,344

556

Camden

Property

Trust

68,683

272

Canadian

Apartment

Properties

REIT

11,061

1,106

Equity

LifeStyle

Properties,

Inc.

78,902

1,836

Equity

Residential

136,709

353

Essex

Property

Trust,

Inc.

104,283

3,323

Invitation

Homes,

Inc.

117,169

645

Mid-America

Apartment

Communities,

Inc.

102,490

705

Sun

Communities,

Inc.

95,281

1,736

UDR,

Inc.

78,710

1,041,110

Retail

REITs

(0.3%):

32,636

CapitaLand

Integrated

Commercial

Trust

53,921

3,984

Kimco

Realty

Corp.

92,508

1,137

Klepierre

SA

37,278

17,300

Link

REIT*

86,474

4,991

Realty

Income

Corp.

316,529

906

Regency

Centers

Corp.

65,440

Shares

Value

Common

Stocks,

continued

Retail

REITs,

continued

27,559

Scentre

Group

$

69,756

1,828

Simon

Property

Group,

Inc.

308,969

572

Unibail-Rodamco-Westfield

50,075

24,703

Vicinity,

Ltd.

37,853

1,118,803

Semiconductors

&

Semiconductor

Equipment

(8.6%):

9,081

Advanced

Micro

Devices,

Inc.*

1,490,010

4,300

Advantest

Corp.

204,343

2,809

Analog

Devices,

Inc.

646,547

4,641

Applied

Materials,

Inc.

937,714

262

ASM

International

NV

172,635

2,241

ASML

Holding

NV

1,867,963

426

BE

Semiconductor

Industries

NV

54,096

24,900

Broadcom,

Inc.

4,295,250

500

Disco

Corp.

132,243

833

Enphase

Energy,

Inc.*

94,146

941

Entegris,

Inc.

105,891

592

First

Solar,

Inc.*

147,668

7,690

Infineon

Technologies

AG

269,108

23,986

Intel

Corp.

562,712

755

KLA

Corp.

584,680

742

Lam

Research

Corp.

605,531

400

Lasertec

Corp.

66,272

4,936

Marvell

Technology,

Inc.

355,984

2,934

Microchip

Technology,

Inc.

235,571

6,203

Micron

Technology,

Inc.

643,313

278

Monolithic

Power

Systems,

Inc.

257,011

138,744

NVIDIA

Corp.

16,849,071

1,454

NXP

Semiconductors

NV

348,975

2,467

ON

Semiconductor

Corp.*

179,129

526

Qorvo,

Inc.*

54,336

6,329

QUALCOMM,

Inc.

1,076,246

8,700

Renesas

Electronics

Corp.

126,965

2,000

Rohm

Co.,

Ltd.^

22,456

500

SCREEN

Holdings

Co.,

Ltd.

35,120

992

Skyworks

Solutions,

Inc.

97,980

3,881

STMicroelectronics

NV

115,616

2,600

SUMCO

Corp.

28,099

932

Teradyne,

Inc.

124,823

5,101

Texas

Instruments,

Inc.

1,053,714

2,500

Tokyo

Electron,

Ltd.

443,975

34,285,193

Software

(8.0%):

2,494

Adobe,

Inc.*

1,291,343

468

ANSYS,

Inc.*

149,119

1,009

AppLovin

Corp.,

Class

A*

131,725

117

Aspen

Technology,

Inc.*

27,942

929

Atlassian

Corp.,

Class

A*

147,534

1,210

Autodesk,

Inc.*

333,331

817

Bentley

Systems,

Inc.,

Class

B

41,512

1,530

Cadence

Design

Systems,

Inc.*

414,676

489

Check

Point

Software

Technologies,

Ltd.*

94,284

114

Constellation

Software,

Inc.

370,924

392

Corpay,

Inc.*

122,602

1,281

Crowdstrike

Holdings,

Inc.,

Class

A*

359,282

280

CyberArk

Software,

Ltd.*

81,651

3,819

Dassault

Systemes

SE

151,536

1,620

Datadog,

Inc.,

Class

A*

186,397

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

160

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

425

Descartes

Systems

Group,

Inc.

(The)*

$

43,738

1,230

DocuSign,

Inc.*

76,371

1,408

Dynatrace,

Inc.*

75,286

137

Fair

Isaac

Corp.*

266,262

3,703

Fortinet,

Inc.*

287,168

3,426

Gen

Digital,

Inc.

93,975

287

HubSpot,

Inc.*

152,569

1,580

Intuit,

Inc.

981,180

349

Manhattan

Associates,

Inc.*

98,202

39,822

Microsoft

Corp.

17,135,406

940

MicroStrategy,

Inc.*

158,484

219

Monday.com,

Ltd.*

60,832

423

Nemetschek

SE

43,786

386

Nice,

Ltd.*

67,143

1,565

Open

Text

Corp.

52,101

300

Oracle

Corp.

30,849

9,389

Oracle

Corp.

ADR

1,599,886

10,673

Palantir

Technologies,

Inc.,

Class

A*

397,036

1,832

Palo

Alto

Networks,

Inc.*

626,178

708

PTC,

Inc.*

127,907

592

Roper

Technologies,

Inc.

329,412

6,257

Sage

Group

PLC

(The)

85,844

5,434

Salesforce,

Inc.

1,487,340

1,209

Samsara,

Inc.,

Class

A*

58,177

5,914

SAP

SE

1,343,255

1,147

ServiceNow,

Inc.*

1,025,865

870

Synopsys,

Inc.*

440,559

400

Temenos

AG,

Registered

Shares

28,014

800

Trend

Micro,

Inc.

47,429

234

Tyler

Technologies,

Inc.*

136,590

846

WiseTech

Global,

Ltd.*

80,597

1,170

Workday,

Inc.,

Class

A*

285,960

951

Xero,

Ltd.*

98,644

1,326

Zoom

Video

Communications,

Inc.,

Class

A*

92,475

554

Zscaler,

Inc.*

94,701

31,913,079

Specialized

REITs

(0.7%):

2,632

American

Tower

Corp.

612,098

2,489

Crown

Castle,

Inc.

295,270

1,818

Digital

Realty

Trust,

Inc.

294,207

534

Equinix,

Inc.

473,994

1,216

Extra

Space

Storage,

Inc.

219,111

1,540

Gaming

and

Leisure

Properties,

Inc.

79,233

1,608

Iron

Mountain,

Inc.

191,079

889

Public

Storage

323,480

638

SBA

Communications

Corp.

153,567

5,725

VICI

Properties,

Inc.

190,700

4,368

Weyerhaeuser

Co.

147,900

2,980,639

Specialty

Retail

(1.6%):

99

AutoZone,

Inc.*

311,854

1,229

Bath

&

Body

Works,

Inc.

39,230

1,107

Best

Buy

Co.,

Inc.

114,353

331

Burlington

Stores,

Inc.*

87,212

809

CarMax,

Inc.*

62,600

341

Dick's

Sporting

Goods,

Inc.

71,167

1,000

Fast

Retailing

Co.,

Ltd.

331,340

2,998

H

&

M

Hennes

&

Mauritz

AB,

Class

B

51,058

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

5,584

Home

Depot,

Inc.

(The)

$

2,262,637

6,063

Industria

de

Diseno

Textil

SA

358,803

17,355

JD

Sports

Fashion

plc

35,868

12,728

Kingfisher

plc

54,910

3,205

Lowe's

Cos.,

Inc.

868,074

500

Nitori

Holdings

Co.,

Ltd.

75,836

328

O'Reilly

Automotive,

Inc.*

377,725

1,846

Ross

Stores,

Inc.

277,841

6,316

TJX

Cos.,

Inc.

(The)

742,383

584

Tractor

Supply

Co.

169,903

296

Ulta

Beauty,

Inc.*

115,180

633

Williams-Sonoma,

Inc.

98,064

829

Zalando

SE*

27,350

400

ZOZO,

Inc.

14,539

6,547,927

Technology

Hardware,

Storage

&

Peripherals

(5.2%):

82,160

Apple,

Inc.

19,143,280

1,100

Brother

Industries,

Ltd.

21,378

5,100

Canon,

Inc.

167,517

1,541

Dell

Technologies,

Inc.,

Class

C

182,670

6,500

FUJIFILM

Holdings

Corp.

167,678

7,877

Hewlett

Packard

Enterprise

Co.

161,164

5,331

HP,

Inc.

191,223

868

Logitech

International

SA,

Class

R

77,685

1,232

NetApp,

Inc.

152,164

1,842

Pure

Storage,

Inc.,

Class

A*

92,542

3,600

Ricoh

Co.,

Ltd.

38,798

1,127

Seagate

Technology

Holdings

plc

123,440

1,000

Seiko

Epson

Corp.

18,446

311

Super

Micro

Computer,

Inc.*

129,501

1,996

Western

Digital

Corp.*

136,307

20,803,793

Textiles,

Apparel

&

Luxury

Goods

(0.9%):

941

adidas

AG

249,052

4,000

Asics

Corp.

83,814

3,125

Cie

Financiere

Richemont

SA,

Registered

Shares

495,533

864

Deckers

Outdoor

Corp.*

137,765

709

Gildan

Activewear,

Inc.

33,376

180

Hermes

International

SCA

442,835

423

Kering

SA

121,139

641

Lululemon

Athletica,

Inc.*

173,935

1,540

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,182,587

1,224

Moncler

SpA

77,706

6,880

NIKE,

Inc.,

Class

B

608,192

416

Pandora

A/S

68,554

767

Puma

SE

32,008

437

Swatch

Group

AG

(The)

18,758

120

Swatch

Group

AG

(The),

Class

BR

25,755

3,751,009

Tobacco

(0.6%):

9,691

Altria

Group,

Inc.

494,629

11,286

British

American

Tobacco

plc

411,489

4,862

Imperial

Brands

plc

141,392

7,100

Japan

Tobacco,

Inc.

207,435

8,720

Philip

Morris

International,

Inc.

1,058,608

2,313,553

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

161

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Trading

Companies

&

Distributors

(0.8%):

1,484

AddTech

AB,

B

Shares

$

44,509

1,088

AerCap

Holdings

NV

103,055

2,519

Ashtead

Group

plc

195,491

908

Brenntag

SE

67,686

1,941

Bunzl

plc

91,812

3,187

Fastenal

Co.

227,616

1,141

Ferguson

Enterprises,

Inc.

224,743

327

IMCD

NV

56,844

6,700

ITOCHU

Corp.

359,970

8,100

Marubeni

Corp.

132,897

18,700

Mitsubishi

Corp.

386,487

14,800

Mitsui

&

Co.,

Ltd.

329,616

1,400

MonotaRO

Co.,

Ltd.

23,302

1,239

Reece,

Ltd.

24,468

1,346

Rexel

SA

38,987

6,300

Sumitomo

Corp.

140,885

483

Toromont

Industries,

Ltd.

47,154

4,200

Toyota

Tsusho

Corp.

75,970

379

United

Rentals,

Inc.

306,888

253

W.W.

Grainger,

Inc.

262,819

193

Watsco,

Inc.

94,933

3,236,132

Transportation

Infrastructure

(0.1%):

435

Aena

SME

SA

95,710

215

Aeroports

de

Paris

SA

27,638

8,354

Auckland

International

Airport,

Ltd.

39,584

1,886

Getlink

SE

33,638

17,059

Transurban

Group*

154,766

351,336

Water

Utilities

(0.1%):

1,102

American

Water

Works

Co.,

Inc.

161,156

1,659

Essential

Utilities,

Inc.

63,988

1,696

Severn

Trent

plc

59,916

3,366

United

Utilities

Group

plc

47,103

332,163

Wireless

Telecommunication

Services

(0.4%):

8,300

KDDI

Corp.

265,701

2,319

Rogers

Communications,

Inc.,

Class

B

93,254

165,000

SoftBank

Corp.

215,476

5,800

SoftBank

Group

Corp.

342,443

2,292

Tele2

AB,

B

Shares

25,940

3,035

T-Mobile

US,

Inc.

626,303

126,827

Vodafone

Group

plc

127,276

1,696,393

Total

Common

Stocks

(Cost

$237,938,487)

394,071,837

Preferred

Stocks

(0.1%):

Automobiles

(0.1%):

335

Bayerische

Motoren

Werke

AG,

8.10%,

5/15/20

27,698

634

Dr.

Ing

hc

F

Porsche

AG,

3.23%

50,451

796

Porsche

Automobil

Holding

SE,

6.23%,

5/20/20

36,405

1,181

Volkswagen

AG,

9.53%,

5/8/20

124,941

239,495

Household

Products

(0.0%

†

):

1,047

Henkel

AG

&

Co.

KGaA,

2.19%,

4/21/20

98,366

Shares

Value

Preferred

Stocks,

continued

Life

Sciences

Tools

&

Services

(0.0%

†

):

144

Sartorius

AG,

0.29%

$

40,354

Total

Preferred

Stocks

(Cost

$497,915)

378,215

Contracts

Warrant

(0.0%

†

):

Software

(0.0%

†

):

147

Constellation

Software,

Inc.,

3/31/40*(a)

—

Total

Warrant

(Cost

$—)

—

Shares

Affiliated

Investment

Company

(0.6%):

Money

Market

(0.6%):

2,179,662

BlackRock

Liquidity

FedFund,

Institutional

Class

,

5.03%

+

(b)(c)

2,179,662

Total

Affiliated

Investment

Company

(Cost

$2,179,662)

2,179,662

Unaffiliated

Investment

Company

(0.0%

†

):

Money

Markets

(0.0%

†

):

194,544

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(c)

194,544

Total

Unaffiliated

Investment

Company

(Cost

$194,544)

194,544

Total

Investment

Securities

(Cost

$240,810,608)

—

99.8%

396,824,258

Net

other

assets

(liabilities)

—

0.2%

645,642

Net

Assets

—

100.0%

$

397,469,900

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

162

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

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

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$2,077,992.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

Security

was

valued

using

significant

unobservable

inputs

as

of

September

30,

2024.

(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

September

30,

2024.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

AZL

MSCI

Global

Equity

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

163

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

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

September

30,

2024:

(Unaudited)

Country

Percentage

Australia

1.9‌%

Austria

—‌%

†

Belgium

0.2‌%

Bermuda

0.1‌%

Canada

3.1‌%

Chile

—‌%

†

Denmark

0.8‌%

Finland

0.3‌%

France

2.8‌%

Germany

2.2‌%

Hong

Kong

0.5‌%

Ireland

1.0‌%

Israel

0.2‌%

Italy

0.6‌%

Japan

5.7‌%

Jordan

—‌%

†

Luxembourg

—‌%

†

Macau

—‌%

†

Netherlands

1.3‌%

New

Zealand

0.1‌%

Norway

0.1‌%

Portugal

—‌%

†

Singapore

0.4‌%

Spain

0.7‌%

Sweden

0.8‌%

Switzerland

2.8‌%

United

Kingdom

3.7‌%

United

States

70.6‌%

Uruguay

0.1‌%

100.0‌%

†

Represents

less

than

0.05%.

Futures

Contracts

At

September

30,

2024,

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

December

Futures

(Euro)

12/20/24

6

$

335,904‌

$

5,525‌

FTSE

100

Index

December

Futures

(British

Pounds)

12/20/24

3

332,378‌

(571‌)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/20/24

7

2,034,988‌

20,922‌

SGX

NIKKEI

225

Index

December

Futures

(Japanese

Yen)

12/12/24

2

263,308‌

148‌

$

26,024‌

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

164

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.6%):

Aerospace

&

Defense

(0.5%):

1,587

Axon

Enterprise,

Inc.*

$

634,165

2,082

Boeing

Co.

(The)*

316,547

399

BWX

Technologies,

Inc.

43,371

943

HEICO

Corp.

246,576

1,768

HEICO

Corp.,

Class

A

360,248

566

Howmet

Aerospace,

Inc.

56,741

230

Loar

Holdings,

Inc.*^

17,156

1,501

Lockheed

Martin

Corp.

877,425

238

TransDigm

Group,

Inc.

339,657

2,891,886

Air

Freight

&

Logistics

(0.0%

†

):

542

Expeditors

International

of

Washington,

Inc.

71,219

Automobiles

(2.6%):

61,084

Tesla,

Inc.*

15,981,407

Banks

(0.2%):

70,164

NU

Holdings,

Ltd.,

Class

A*

957,738

214

Popular,

Inc.

21,458

979,196

Beverages

(1.4%):

42

Boston

Beer

Co.,

Inc.

(The),

Class

A*

12,144

4,035

Celsius

Holdings,

Inc.*

126,538

48,888

Coca-Cola

Co.

(The)

3,513,092

12,585

Monster

Beverage

Corp.*

656,559

23,870

PepsiCo,

Inc.

4,059,093

8,367,426

Biotechnology

(1.6%):

16,822

AbbVie,

Inc.

3,322,008

2,495

Alnylam

Pharmaceuticals,

Inc.*

686,200

9,181

Amgen,

Inc.

2,958,210

2,288

Apellis

Pharmaceuticals,

Inc.*

65,986

1,440

Exact

Sciences

Corp.*

98,093

5,259

Exelixis

,

Inc.*

136,471

251

Incyte

Corp.*

16,591

3,137

Ionis

Pharmaceuticals,

Inc.*

125,668

2,446

Natera

,

Inc.*

310,520

2,169

Neurocrine

Biosciences,

Inc.*

249,912

186

Regeneron

Pharmaceuticals,

Inc.*

195,531

1,976

Sarepta

Therapeutics,

Inc.*

246,783

1,855

Ultragenyx

Pharmaceutical,

Inc.*

103,045

2,852

Vertex

Pharmaceuticals,

Inc.*

1,326,408

2,410

Viking

Therapeutics,

Inc.*

152,577

9,994,003

Broadline

Retail

(6.4%):

204,271

Amazon.com,

Inc.*

38,061,816

25,769

Coupang

,

Inc.*

632,629

1,527

Etsy,

Inc.*

84,794

38,779,239

Building

Products

(0.3%):

1,565

AAON,

Inc.

168,770

577

Advanced

Drainage

Systems,

Inc.

90,681

331

Armstrong

World

Industries,

Inc.

43,504

2,309

AZEK

Co.,

Inc.

(The)*

108,061

250

Builders

FirstSource

,

Inc.*

48,465

Shares

Value

Common

Stocks,

continued

Building

Products,

continued

147

Carlisle

Cos.,

Inc.

$

66,113

704

Lennox

International,

Inc.

425,420

110

Simpson

Manufacturing

Co.,

Inc.

21,040

1,666

Trane

Technologies

plc

647,624

2,447

Trex

Co.,

Inc.*

162,921

1,782,599

Capital

Markets

(1.6%):

1,999

Ameriprise

Financial,

Inc.

939,150

3,963

Ares

Management

Corp.,

Class

A

617,594

15,514

Blackstone,

Inc.

2,375,659

10,472

Blue

Owl

Capital,

Inc.

202,738

3,141

Charles

Schwab

Corp.

(The)

203,568

3,639

Coinbase

Global,

Inc.,

Class

A*

648,360

309

FactSet

Research

Systems,

Inc.

142,094

1,872

Goldman

Sachs

Group,

Inc.

(The)

926,846

142

Houlihan

Lokey

,

Inc.

22,439

1,164

Jefferies

Financial

Group,

Inc.

71,644

4,293

KKR

&

Co.,

Inc.

560,580

2,347

Lazard,

Inc.

118,242

1,618

LPL

Financial

Holdings,

Inc.

376,395

3,468

Moody's

Corp.

1,645,878

1,570

Morgan

Stanley

163,657

556

Morningstar,

Inc.

177,431

986

MSCI,

Inc.

574,769

477

TPG,

Inc.

27,456

1,051

Tradeweb

Markets,

Inc.,

Class

A

129,977

705

XP,

Inc.,

Class

A

12,648

9,937,125

Chemicals

(0.5%):

651

Celanese

Corp.

88,510

4,754

Ecolab,

Inc.

1,213,839

658

RPM

International,

Inc.

79,618

4,690

Sherwin-Williams

Co.

(The)

1,790,032

3,171,999

Commercial

Services

&

Supplies

(0.8%):

7,236

Cintas

Corp.

1,489,748

17,791

Copart

,

Inc.*

932,248

6,043

Rollins,

Inc.

305,655

1,225

Tetra

Tech,

Inc.

57,771

2,386

Veralto

Corp.

266,898

8,812

Waste

Management,

Inc.

1,829,371

4,881,691

Communications

Equipment

(0.5%):

5,660

Arista

Networks,

Inc.*

2,172,421

1,713

Motorola

Solutions,

Inc.

770,216

18

Ubiquiti,

Inc.

3,991

2,946,628

Construction

&

Engineering

(0.1%):

750

Comfort

Systems

USA,

Inc.

292,763

421

EMCOR

Group,

Inc.

181,253

952

Quanta

Services,

Inc.

283,839

1,267

WillScot

Holdings

Corp.*

47,639

805,494

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

165

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

Materials

(0.1%):

596

Eagle

Materials,

Inc.

$

171,439

79

Martin

Marietta

Materials,

Inc.

42,522

782

Vulcan

Materials

Co.

195,836

409,797

Consumer

Finance

(0.2%):

855

Ally

Financial,

Inc.

30,429

4,665

American

Express

Co.

1,265,148

112

Credit

Acceptance

Corp.*

49,663

3,730

SoFi

Technologies,

Inc.*

29,318

1,374,558

Consumer

Staples

Distribution

&

Retail

(1.5%):

137

Casey's

General

Stores,

Inc.

51,472

9,744

Costco

Wholesale

Corp.

8,638,251

501

Performance

Food

Group

Co.*

39,264

6,868

Sysco

Corp.

536,116

9,265,103

Containers

&

Packaging

(0.0%

†

):

692

Avery

Dennison

Corp.

152,766

181

Sealed

Air

Corp.

6,570

159,336

Distributors

(0.1%):

831

Pool

Corp.

313,121

Diversified

Consumer

Services

(0.1%):

181

Bright

Horizons

Family

Solutions,

Inc.*

25,363

841

Duolingo

,

Inc.*

237,179

196

Grand

Canyon

Education,

Inc.*

27,803

620

H&R

Block,

Inc.

39,401

329,746

Diversified

Telecommunication

Services

(0.0%

†

):

250

Iridium

Communications,

Inc.

7,613

Electric

Utilities

(0.1%):

1,148

Constellation

Energy

Corp.

298,503

2,004

NRG

Energy,

Inc.

182,564

481,067

Electrical

Equipment

(0.2%):

661

Generac

Holdings,

Inc.*

105,020

242

Rockwell

Automation,

Inc.

64,967

7,980

Vertiv

Holdings

Co.,

Class

A

793,930

963,917

Electronic

Equipment,

Instruments

&

Components

(0.2%):

15,231

Amphenol

Corp.,

Class

A

992,452

1,468

CDW

Corp.

332,208

221

Jabil,

Inc.

26,483

251

Zebra

Technologies

Corp.*

92,950

1,444,093

Energy

Equipment

&

Services

(0.0%

†

):

1,653

Weatherford

International

plc

140,373

Entertainment

(1.5%):

1,598

Liberty

Media

Corp-Liberty

Formula

One*

123,733

3,428

Live

Nation

Entertainment,

Inc.*

375,332

Shares

Value

Common

Stocks,

continued

Entertainment,

continued

9,404

Netflix,

Inc.*

$

6,669,975

11,258

ROBLOX

Corp.,

Class

A*

498,279

391

Roku,

Inc.*

29,192

3,203

Spotify

Technology

SA*

1,180,402

248

TKO

Group

Holdings,

Inc.*

30,680

8,907,593

Financial

Services

(3.5%):

8,633

Apollo

Global

Management,

Inc.

1,078,348

5,100

Block,

Inc.*

342,363

7,546

Equitable

Holdings,

Inc.

317,158

4,037

Fiserv,

Inc.*

725,247

18,162

Mastercard

,

Inc.,

Class

A

8,968,396

1,383

Shift4

Payments,

Inc.,

Class

A*^

122,534

9,445

Toast,

Inc.,

Class

A*

267,388

604

UWM

Holdings

Corp.

5,146

34,628

Visa,

Inc.,

Class

A

9,520,969

1,195

Western

Union

Co.

(The)

14,256

89

WEX,

Inc.*

18,666

21,380,471

Food

Products

(0.0%

†

):

318

Freshpet

,

Inc.*

43,493

470

Hershey

Co.

(The)

90,136

1,058

Lamb

Weston

Holdings,

Inc.

68,495

202,124

Ground

Transportation

(1.0%):

180

Avis

Budget

Group,

Inc.

15,766

5,362

Lyft,

Inc.,

Class

A*

68,366

4,321

Old

Dominion

Freight

Line,

Inc.

858,323

354

Saia,

Inc.*

154,790

44,157

Uber

Technologies,

Inc.*

3,318,840

787

U-Haul

Holding

Co.

56,664

6,403

Union

Pacific

Corp.

1,578,211

2,452

XPO,

Inc.*

263,615

6,314,575

Health

Care

Equipment

&

Supplies

(1.2%):

929

Align

Technology,

Inc.*

236,263

8,665

Dexcom

,

Inc.*

580,902

2,617

Edwards

Lifesciences

Corp.*

172,696

919

GE

HealthCare

Technologies,

Inc.

86,248

1,814

IDEXX

Laboratories,

Inc.*

916,469

636

Inspire

Medical

Systems,

Inc.*

134,228

1,521

Insulet

Corp.*

354,013

7,764

Intuitive

Surgical,

Inc.*

3,814,220

510

Masimo

Corp.*

67,998

825

Penumbra,

Inc.*

160,306

841

ResMed

,

Inc.

205,305

2,361

Stryker

Corp.

852,935

7,581,583

Health

Care

Providers

&

Services

(0.7%):

3,145

Cardinal

Health,

Inc.

347,585

3,698

Cencora

,

Inc.

832,346

35

Chemed

Corp.

21,034

582

Cigna

Group

(The)

201,628

1,057

DaVita,

Inc.*

173,274

820

Elevance

Health,

Inc.

426,400

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

166

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Providers

&

Services,

continued

1,038

HCA

Healthcare,

Inc.

$

421,874

1,237

McKesson

Corp.

611,598

788

Molina

Healthcare,

Inc.*

271,513

1,367

UnitedHealth

Group,

Inc.

799,258

4,106,510

Health

Care

Technology

(0.1%):

79

Doximity

,

Inc.,

Class

A*

3,442

3,284

Veeva

Systems,

Inc.,

Class

A*

689,213

692,655

Hotels,

Restaurants

&

Leisure

(2.2%):

9,604

Airbnb,

Inc.,

Class

A*

1,217,883

703

Booking

Holdings,

Inc.

2,961,120

1,729

Cava

Group,

Inc.*

214,137

30,001

Chipotle

Mexican

Grill,

Inc.*

1,728,657

565

Choice

Hotels

International,

Inc.

73,619

1,517

Churchill

Downs,

Inc.

205,113

1,331

Darden

Restaurants,

Inc.

218,457

278

Domino's

Pizza,

Inc.

119,579

6,630

DoorDash

,

Inc.,

Class

A*

946,300

9,674

DraftKings

,

Inc.*

379,221

829

Dutch

Bros,

Inc.,

Class

A*

26,553

2,764

Expedia

Group,

Inc.*

409,127

2,806

Hilton

Worldwide

Holdings,

Inc.

646,783

145

Hyatt

Hotels

Corp.,

Class

A

22,069

7,760

Las

Vegas

Sands

Corp.

390,638

2,068

Light

&

Wonder,

Inc.*

187,630

995

McDonald's

Corp.

302,987

9,808

Norwegian

Cruise

Line

Holdings,

Ltd.*

201,162

1,083

Planet

Fitness,

Inc.,

Class

A*

87,961

1,774

Royal

Caribbean

Cruises,

Ltd.

314,637

19,285

Starbucks

Corp.

1,880,095

1,438

Texas

Roadhouse,

Inc.

253,951

731

Vail

Resorts,

Inc.

127,406

1,932

Wendy's

Co.

(The)

33,849

636

Wingstop

,

Inc.

264,627

161

Wynn

Resorts,

Ltd.

15,437

2,353

Yum!

Brands,

Inc.

328,738

13,557,736

Household

Durables

(0.0%

†

):

300

SharkNinja

,

Inc.

32,613

3,844

Tempur

Sealy

International,

Inc.

209,882

53

TopBuild

Corp.*

21,561

264,056

Household

Products

(0.6%):

2,722

Clorox

Co.

(The)

443,441

9,890

Colgate-Palmolive

Co.

1,026,681

3,048

Kimberly-Clark

Corp.

433,669

11,565

Procter

&

Gamble

Co.

(The)

2,003,058

3,906,849

Independent

Power

and

Renewable

Electricity

Producers

(0.2%):

7,660

Vistra

Corp.

908,016

Industrial

Conglomerates

(0.3%):

2,220

3M

Co.

303,474

Shares

Value

Common

Stocks,

continued

Industrial

Conglomerates,

continued

5,152

General

Electric

Co.

$

971,564

2,233

Honeywell

International,

Inc.

461,584

1,736,622

Insurance

(0.7%):

939

Allstate

Corp.

(The)

178,081

341

Arthur

J.

Gallagher

&

Co.

95,947

2,244

Brown

&

Brown,

Inc.

232,479

146

Everest

Group,

Ltd.

57,207

481

Kinsale

Capital

Group,

Inc.

223,939

69

Markel

Group,

Inc.*

108,232

1,469

Marsh

&

McLennan

Cos.,

Inc.

327,719

10,826

Progressive

Corp.

(The)

2,747,206

2,186

Ryan

Specialty

Holdings,

Inc.

145,129

4,115,939

Interactive

Media

&

Services

(11.1%):

129,188

Alphabet,

Inc.,

Class

A

21,425,830

108,254

Alphabet,

Inc.,

Class

C

18,098,986

48,190

Meta

Platforms,

Inc.,

Class

A

27,585,883

12,983

Pinterest,

Inc.,

Class

A*

420,260

826

Trump

Media

&

Technology

Group

Corp.*^

13,274

67,544,233

IT

Services

(0.6%):

6,660

Cloudflare

,

Inc.,

Class

A*

538,727

80

EPAM

Systems,

Inc.*

15,923

1,649

Gartner,

Inc.*

835,647

725

Globant

SA*

143,652

3,127

GoDaddy

,

Inc.,

Class

A*

490,251

1,489

MongoDB,

Inc.*

402,551

1,583

Okta

,

Inc.*

117,680

6,953

Snowflake,

Inc.,

Class

A*

798,622

714

Twilio

,

Inc.,

Class

A*

46,567

123

VeriSign,

Inc.*

23,365

3,412,985

Leisure

Products

(0.0%

†

):

2,785

Hasbro,

Inc.

201,411

582

YETI

Holdings,

Inc.*

23,880

225,291

Life

Sciences

Tools

&

Services

(0.2%):

1,082

10X

Genomics,

Inc.,

Class

A*

24,432

1,523

Bruker

Corp.

105,178

467

IQVIA

Holdings,

Inc.*

110,665

582

Medpace

Holdings,

Inc.*

194,272

183

Repligen

Corp.*

27,234

772

Waters

Corp.*

277,835

951

West

Pharmaceutical

Services,

Inc.

285,452

1,025,068

Machinery

(0.2%):

1,540

Caterpillar,

Inc.

602,325

2,472

Illinois

Tool

Works,

Inc.

647,837

353

Lincoln

Electric

Holdings,

Inc.

67,783

1,317,945

Media

(0.2%):

26

Liberty

Broadband

Corp.,

Class

A*

1,997

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

167

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

616

Liberty

Broadband

Corp.,

Class

C*

$

47,611

300

Nexstar

Media

Group,

Inc.

49,605

9,759

Trade

Desk,

Inc.

(The),

Class

A*

1,070,074

1,169,287

Metals

&

Mining

(0.0%

†

):

3,507

Cleveland-Cliffs,

Inc.*

44,784

1,856

Southern

Copper

Corp.

214,684

259,468

Oil,

Gas

&

Consumable

Fuels

(0.4%):

2,894

Antero

Midstream

Corp.

43,555

2,594

Cheniere

Energy,

Inc.

466,505

630

Civitas

Resources,

Inc.

31,922

803

EQT

Corp.

29,422

4,018

Hess

Corp.

545,644

548

New

Fortress

Energy,

Inc.^

4,981

3,065

Permian

Resources

Corp.

41,715

4,789

Targa

Resources

Corp.

708,820

409

Texas

Pacific

Land

Corp.

361,859

611

Viper

Energy,

Inc.

27,562

2,261,985

Paper

&

Forest

Products

(0.0%

†

):

1,030

Louisiana-Pacific

Corp.

110,684

Personal

Care

Products

(0.1%):

1,212

elf

Beauty,

Inc.*

132,144

1,907

Estee

Lauder

Cos.,

Inc.

(The)

190,109

322,253

Pharmaceuticals

(3.9%):

17,602

Eli

Lilly

&

Co.

15,594,316

2,358

Intra-Cellular

Therapies,

Inc.*

172,535

55,730

Merck

&

Co.,

Inc.

6,328,699

8,261

Zoetis,

Inc.

1,614,034

23,709,584

Professional

Services

(0.8%):

8,366

Automatic

Data

Processing,

Inc.

2,315,123

2,825

Booz

Allen

Hamilton

Holding

Corp.

459,797

2,371

Broadridge

Financial

Solutions,

Inc.

509,836

322

Dayforce

,

Inc.*

19,722

566

Equifax,

Inc.

166,325

262

KBR,

Inc.

17,064

2,506

Paychex,

Inc.

336,280

735

Paycom

Software,

Inc.

122,429

1,004

Paylocity

Holding

Corp.*

165,630

253

TransUnion

26,489

3,133

Verisk

Analytics,

Inc.

839,519

4,978,214

Real

Estate

Management

&

Development

(0.0%

†

):

336

Jones

Lang

LaSalle,

Inc.*

90,656

Retail

REITs

(0.1%):

1,791

Simon

Property

Group,

Inc.

302,715

Semiconductors

&

Semiconductor

Equipment

(16.2%):

23,351

Advanced

Micro

Devices,

Inc.*

3,831,432

16,804

Applied

Materials,

Inc.

3,395,248

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

99,939

Broadcom,

Inc.

$

17,239,477

2,888

Enphase

Energy,

Inc.*

326,402

3,290

Entegris

,

Inc.

370,224

2,960

KLA

Corp.

2,292,254

2,864

Lam

Research

Corp.

2,337,253

2,685

Lattice

Semiconductor

Corp.*

142,493

1,571

Marvell

Technology,

Inc.

113,301

1,033

Monolithic

Power

Systems,

Inc.

955,009

514,529

NVIDIA

Corp.

62,484,402

288

Onto

Innovation,

Inc.*

59,777

23,021

QUALCOMM,

Inc.

3,914,721

3,057

Teradyne,

Inc.

409,424

2,434

Texas

Instruments,

Inc.

502,791

539

Universal

Display

Corp.

113,136

98,487,344

Software

(18.7%):

9,748

Adobe,

Inc.*

5,047,319

504

Appfolio

,

Inc.,

Class

A*

118,642

5,765

AppLovin

Corp.,

Class

A*

752,621

3,491

Atlassian

Corp.,

Class

A*

554,406

4,725

Autodesk,

Inc.*

1,301,643

3,211

Bentley

Systems,

Inc.,

Class

B

163,151

584

BILL

Holdings,

Inc.*

30,812

5,983

Cadence

Design

Systems,

Inc.*

1,621,572

5,539

Confluent,

Inc.,

Class

A*

112,885

1,524

Corpay

,

Inc.*

476,646

4,986

Crowdstrike

Holdings,

Inc.,

Class

A*

1,398,423

6,546

Datadog

,

Inc.,

Class

A*

753,183

4,391

DocuSign,

Inc.*

272,637

1,860

DoubleVerify

Holdings,

Inc.*

31,322

1,738

Dropbox,

Inc.,

Class

A*

44,197

6,479

Dynatrace

,

Inc.*

346,432

1,864

Elastic

NV*

143,081

444

Fair

Isaac

Corp.*

862,923

1,643

Five9,

Inc.*

47,203

11,265

Fortinet,

Inc.*

873,601

2,715

Gitlab

,

Inc.,

Class

A*

139,931

853

Guidewire

Software,

Inc.*

156,048

2,424

HashiCorp

,

Inc.,

Class

A*

82,077

1,083

HubSpot

,

Inc.*

575,723

6,001

Intuit,

Inc.

3,726,621

1,336

Manhattan

Associates,

Inc.*

375,924

163,514

Microsoft

Corp.

70,360,074

220

MicroStrategy

,

Inc.*

37,092

1,170

nCino

,

Inc.*

36,960

1,427

Nutanix

,

Inc.,

Class

A*

84,550

34,521

Oracle

Corp.

ADR

5,882,378

44,258

Palantir

Technologies,

Inc.,

Class

A*

1,646,398

6,767

Palo

Alto

Networks,

Inc.*

2,312,961

842

Pegasystems

,

Inc.

61,542

2,412

Procore

Technologies,

Inc.*

148,869

1,545

PTC,

Inc.*

279,120

1,786

RingCentral,

Inc.,

Class

A*

56,491

17,475

Salesforce,

Inc.

4,783,082

645

SentinelOne

,

Inc.,

Class

A*

15,428

4,513

ServiceNow

,

Inc.*

4,036,382

2,672

Smartsheet

,

Inc.,

Class

A*

147,922

3,344

Synopsys,

Inc.*

1,693,368

2,254

Teradata

Corp.*

68,386

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

168

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

Shares

Value

Common

Stocks,

continued

Software,

continued

797

Tyler

Technologies,

Inc.*

$

465,225

8,380

UiPath

,

Inc.,

Class

A*

107,264

2,389

Unity

Software,

Inc.*

54,039

4,689

Workday,

Inc.,

Class

A*

1,146,039

2,000

Zscaler

,

Inc.*

341,880

113,774,473

Specialized

REITs

(0.5%):

10,260

American

Tower

Corp.

2,386,065

117

Equinix

,

Inc.

103,853

3,653

Iron

Mountain,

Inc.

434,086

503

Lamar

Advertising

Co.,

Class

A

67,201

551

Public

Storage

200,492

3,191,697

Specialty

Retail

(2.3%):

348

AutoZone,

Inc.*

1,096,214

1,390

Burlington

Stores,

Inc.*

366,237

224

CarMax,

Inc.*

17,333

846

Carvana

Co.*

147,297

119

Dick's

Sporting

Goods,

Inc.

24,835

985

Five

Below,

Inc.*

87,025

878

Floor

&

Decor

Holdings,

Inc.,

Class

A*

109,021

17,397

Home

Depot,

Inc.

(The)

7,049,265

398

Murphy

USA,

Inc.

196,162

1,186

O'Reilly

Automotive,

Inc.*

1,365,798

68

RH*

22,741

1,626

Ross

Stores,

Inc.

244,729

14,718

TJX

Cos.,

Inc.

(The)

1,729,954

2,404

Tractor

Supply

Co.

699,396

899

Ulta

Beauty,

Inc.*

349,819

2,960

Valvoline,

Inc.*

123,876

1,597

Williams-Sonoma,

Inc.

247,407

13,877,109

Technology

Hardware,

Storage

&

Peripherals

(12.5%):

319,619

Apple,

Inc.

74,471,227

897

Dell

Technologies,

Inc.,

Class

C

106,330

5,424

HP,

Inc.

194,559

1,980

NetApp,

Inc.

244,550

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

5,502

Pure

Storage,

Inc.,

Class

A*

$

276,420

1,107

Super

Micro

Computer,

Inc.*

460,955

75,754,041

Textiles,

Apparel

&

Luxury

Goods

(0.5%):

245

Crocs,

Inc.*

35,478

3,390

Deckers

Outdoor

Corp.*

540,536

2,632

Lululemon

Athletica

,

Inc.*

714,193

16,351

NIKE,

Inc.,

Class

B

1,445,428

353

Skechers

USA,

Inc.,

Class

A*

23,623

2,759,258

Trading

Companies

&

Distributors

(0.3%):

2,498

Core

&

Main,

Inc.,

Class

A*

110,911

10,546

Fastenal

Co.

753,195

285

Ferguson

Enterprises,

Inc.

56,593

366

SiteOne

Landscape

Supply,

Inc.*

55,233

344

United

Rentals,

Inc.

278,547

829

W.W.

Grainger,

Inc.

861,174

2,115,653

Total

Common

Stocks

(Cost

$186,979,539)

605,843,308

Affiliated

Investment

Company

(0.0%

†

):

Money

Market

(0.0%

†

):

156,257

BlackRock

Liquidity

FedFund

,

Institutional

Class

,

5.03%

+

(a)(b)

156,257

Total

Affiliated

Investment

Company

(Cost

$156,257)

156,257

Unaffiliated

Investment

Company

(0.4%):

Money

Markets

(0.4%):

2,635,772

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(b)

2,635,772

Total

Unaffiliated

Investment

Company

(Cost

$2,635,772)

2,635,772

Total

Investment

Securities

(Cost

$189,771,568)

—

100.0%

608,635,337

Net

other

assets

(liabilities)

—

0.0%

†

(271,427)

Net

Assets

—

100.0%

$

608,363,910

ADR—American

Depository

Receipt

*

Non-income

producing

security.

†

Represents

less

than

0.05%.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$154,718.

+

Affiliated

Securities

(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

September

30,

2024.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Futures

Contracts

At

September

30,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

AZL

Russell

1000

Growth

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

169

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

NASDAQ

100

E-Mini

December

Futures

(U.S.

Dollar)

12/20/24

7

$

2,836,575‌

$

77,691‌

$

77,691‌

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

170

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

bla

Shares

Value

Common

Stocks

(99.5%):

Aerospace

&

Defense

(2.7%):

13,053

Boeing

Co.

(The)*

$

1,984,578

2,017

BWX

Technologies,

Inc.

219,248

1,060

Curtiss-Wright

Corp.

348,411

7,374

General

Dynamics

Corp.

2,228,423

2,299

Hexcel

Corp.

142,147

10,147

Howmet

Aerospace,

Inc.

1,017,237

1,024

Huntington

Ingalls

Industries,

Inc.

270,725

5,093

L3Harris

Technologies,

Inc.

1,211,472

3,916

Lockheed

Martin

Corp.

2,289,137

3,719

Northrop

Grumman

Corp.

1,963,892

35,916

RTX

Corp.

4,351,583

2,649

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

86,119

5,062

Textron,

Inc.

448,392

1,176

TransDigm

Group,

Inc.

1,678,305

1,654

Woodward,

Inc.

283,677

18,523,346

Air

Freight

&

Logistics

(0.8%):

3,188

CH

Robinson

Worldwide,

Inc.

351,860

3,122

Expeditors

International

of

Washington,

Inc.

410,231

6,089

FedEx

Corp.

1,666,437

3,262

GXO

Logistics,

Inc.*

169,852

19,659

United

Parcel

Service,

Inc.,

Class

B

2,680,308

5,278,688

Automobile

Components

(0.2%):

7,282

Aptiv

plc*

524,377

6,364

BorgWarner,

Inc.

230,950

6,429

Gentex

Corp.

190,877

1,569

Lear

Corp.

171,256

9,262

QuantumScape

Corp.*

53,256

1,170,716

Automobiles

(0.4%):

105,360

Ford

Motor

Co.

1,112,602

30,132

General

Motors

Co.

1,351,119

3,223

Harley-Davidson,

Inc.

124,182

25,457

Lucid

Group,

Inc.*^

89,863

21,074

Rivian

Automotive,

Inc.,

Class

A*

236,450

1,413

Thor

Industries,

Inc.

155,275

3,069,491

Banks

(6.6%):

182,812

Bank

of

America

Corp.

7,253,980

2,607

Bank

OZK

112,075

589

BOK

Financial

Corp.

61,621

51,766

Citigroup,

Inc.

3,240,552

12,217

Citizens

Financial

Group,

Inc.

501,752

5,468

Columbia

Banking

System,

Inc.

142,770

3,552

Comerica,

Inc.

212,800

3,156

Commerce

Bancshares,

Inc.

187,466

1,634

Cullen/Frost

Bankers,

Inc.^

182,779

3,834

East

West

Bancorp,

Inc.

317,225

18,490

Fifth

Third

Bancorp

792,112

323

First

Citizens

BancShares

,

Inc.,

Class

A

594,627

3,683

First

Hawaiian,

Inc.

85,261

15,171

First

Horizon

Corp.

235,606

9,623

FNB

Corp.

135,781

38,715

Huntington

Bancshares,

Inc.

569,111

Shares

Value

Common

Stocks,

continued

Banks,

continued

77,286

JPMorgan

Chase

&

Co.

$

16,296,526

24,501

KeyCorp

410,392

4,499

M&T

Bank

Corp.

801,362

2,106

Pinnacle

Financial

Partners,

Inc.

206,325

10,696

PNC

Financial

Services

Group,

Inc.

(The)

1,977,156

1,778

Popular,

Inc.

178,280

2,472

Prosperity

Bancshares,

Inc.

178,157

24,604

Regions

Financial

Corp.

574,011

3,973

Synovus

Financial

Corp.

176,679

690

TFS

Financial

Corp.

8,873

36,155

Truist

Financial

Corp.

1,546,349

41,977

US

Bancorp

1,919,608

4,744

Webster

Financial

Corp.

221,118

94,279

Wells

Fargo

&

Co.

5,325,821

2,984

Western

Alliance

Bancorp

258,086

1,704

Wintrust

Financial

Corp.

184,935

3,850

Zions

Bancorp

NA

181,797

45,070,993

Beverages

(1.1%):

201

Boston

Beer

Co.,

Inc.

(The),

Class

A*

58,117

1,353

Brown-Forman

Corp.,

Class

A

65,052

4,789

Brown-Forman

Corp.,

Class

B

235,619

44,775

Coca-Cola

Co.

(The)

3,217,531

164

Coca-Cola

Consolidated,

Inc.

215,890

4,302

Constellation

Brands,

Inc.,

Class

A

1,108,582

28,451

Keurig

Dr

Pepper,

Inc.

1,066,343

4,865

Molson

Coors

Beverage

Co.,

Class

B

279,835

3,815

Monster

Beverage

Corp.*

199,029

7,795

PepsiCo,

Inc.

1,325,540

7,771,538

Biotechnology

(2.4%):

27,182

AbbVie,

Inc.

5,367,901

393

Alnylam

Pharmaceuticals,

Inc.*

108,087

3,176

Amgen,

Inc.

1,023,339

3,966

Biogen,

Inc.*

768,770

4,959

BioMarin

Pharmaceutical,

Inc.*

348,568

3,068

Exact

Sciences

Corp.*

208,992

855

Exelixis

,

Inc.*

22,187

33,656

Gilead

Sciences,

Inc.

2,821,719

562

GRAIL,

Inc.*

7,733

4,033

Incyte

Corp.*

266,581

101

Ionis

Pharmaceuticals,

Inc.*

4,046

8,758

Moderna

,

Inc.*

585,297

2,585

Regeneron

Pharmaceuticals,

Inc.*

2,717,456

9,741

Roivant

Sciences,

Ltd.*

112,411

1,157

United

Therapeutics

Corp.*

414,611

3,471

Vertex

Pharmaceuticals,

Inc.*

1,614,293

16,391,991

Broadline

Retail

(0.2%):

85

Dillard's,

Inc.,

Class

A^

32,614

13,723

eBay,

Inc.

893,504

1,125

Etsy,

Inc.*

62,471

3,178

Kohl's

Corp.

67,056

7,440

Macy's,

Inc.

116,734

2,780

Nordstrom,

Inc.

62,522

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

171

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

1,694

Ollie's

Bargain

Outlet

Holdings,

Inc.*

$

164,657

1,399,558

Building

Products

(1.2%):

3,166

A

O

Smith

Corp.

284,402

1,147

Advanced

Drainage

Systems,

Inc.

180,263

2,431

Allegion

plc

ADR

354,294

736

Armstrong

World

Industries,

Inc.

96,733

1,189

AZEK

Co.,

Inc.

(The)*

55,645

2,912

Builders

FirstSource

,

Inc.*

564,520

1,093

Carlisle

Cos.,

Inc.

491,577

22,730

Carrier

Global

Corp.

1,829,538

3,412

Fortune

Brands

Innovations,

Inc.

305,476

2,751

Hayward

Holdings,

Inc.*

42,200

17,992

Johnson

Controls

International

plc

1,396,359

5,859

Masco

Corp.

491,804

2,280

Owens

Corning

402,466

1,067

Simpson

Manufacturing

Co.,

Inc.

204,085

4,022

Trane

Technologies

plc

1,563,472

8,262,834

Capital

Markets

(4.8%):

888

Affiliated

Managers

Group,

Inc.

157,886

245

Ameriprise

Financial,

Inc.

115,103

19,921

Bank

of

New

York

Mellon

Corp.

(The)

1,431,523

3,988

Blackrock

Finance,

Inc.+

3,786,646

5,935

Carlyle

Group,

Inc.

(The)

255,561

2,831

Cboe

Global

Markets,

Inc.

579,987

36,116

Charles

Schwab

Corp.

(The)

2,340,678

9,691

CME

Group,

Inc.

2,138,319

878

Coinbase

Global,

Inc.,

Class

A*

156,433

967

Evercore

,

Inc.

244,980

636

FactSet

Research

Systems,

Inc.

292,465

7,920

Franklin

Resources,

Inc.

159,588

6,227

Goldman

Sachs

Group,

Inc.

(The)

3,083,050

1,269

Houlihan

Lokey

,

Inc.

200,527

2,887

Interactive

Brokers

Group,

Inc.

402,332

15,284

Intercontinental

Exchange,

Inc.

2,455,222

9,678

Invesco,

Ltd.

169,946

3,578

Janus

Henderson

Group

plc

136,214

3,263

Jefferies

Financial

Group,

Inc.

200,838

12,983

KKR

&

Co.,

Inc.

1,695,320

1,027

MarketAxess

Holdings,

Inc.

263,117

29,505

Morgan

Stanley

3,075,601

863

MSCI,

Inc.

503,069

11,159

Nasdaq,

Inc.

814,719

5,393

Northern

Trust

Corp.

485,532

5,085

Raymond

James

Financial,

Inc.

622,709

18,229

Robinhood

Markets,

Inc.,

Class

A*

426,923

8,414

S&P

Global,

Inc.

4,346,841

2,783

SEI

Investments

Co.

192,556

8,133

State

Street

Corp.

719,527

2,626

Stifel

Financial

Corp.

246,581

5,915

T.

Rowe

Price

Group,

Inc.

644,321

1,557

TPG,

Inc.

89,621

1,952

Tradeweb

Markets,

Inc.,

Class

A

241,404

2,414

Virtu

Financial,

Inc.,

Class

A

73,530

9,471

XP,

Inc.,

Class

A

169,910

32,918,579

Shares

Value

Common

Stocks,

continued

Chemicals

(2.5%):

5,955

Air

Products

and

Chemicals,

Inc.

$

1,773,042

3,008

Albemarle

Corp.

284,888

1,382

Ashland,

Inc.

120,193

6,006

Axalta

Coating

Systems,

Ltd.*

217,357

2,141

Celanese

Corp.

291,090

4,956

CF

Industries

Holdings,

Inc.

425,225

3,495

Chemours

Co.

(The)

71,018

18,716

Corteva

,

Inc.

1,100,314

18,801

Dow,

Inc.

1,027,099

11,139

DuPont

de

Nemours,

Inc.

992,596

3,250

Eastman

Chemical

Co.

363,837

916

Ecolab,

Inc.

233,882

6,220

Element

Solutions,

Inc.

168,935

3,310

FMC

Corp.

218,261

4,149

Huntsman

Corp.

100,406

6,909

International

Flavors

&

Fragrances,

Inc.

724,961

12,978

Linde

plc

6,188,689

7,027

LyondellBasell

Industries

NV,

Class

A

673,889

8,892

Mosaic

Co.

(The)

238,128

171

NewMarket

Corp.

94,373

3,319

Olin

Corp.

159,246

6,339

PPG

Industries,

Inc.

839,664

2,735

RPM

International,

Inc.

330,935

1,180

Scotts

Miracle-

Gro

Co.

(The)

102,306

580

Sherwin-Williams

Co.

(The)

221,369

893

Westlake

Corp.

134,209

17,095,912

Commercial

Services

&

Supplies

(0.5%):

492

Cintas

Corp.

101,293

1,413

Clean

Harbors,

Inc.*

341,536

1,649

Copart

,

Inc.*

86,408

935

MSA

Safety,

Inc.

165,813

4,851

RB

Global,

Inc.

390,457

5,511

Republic

Services,

Inc.

1,106,829

2,556

Stericycle,

Inc.*

155,916

5,815

Tetra

Tech,

Inc.

274,235

3,595

Veralto

Corp.

402,137

3,911

Vestis

Corp.

58,274

3,082,898

Communications

Equipment

(1.2%):

4,000

Ciena

Corp.*

246,360

109,521

Cisco

Systems,

Inc.

5,828,708

1,623

F5,

Inc.*

357,384

8,935

Juniper

Networks,

Inc.

348,286

1,727

Lumentum

Holdings,

Inc.*

109,457

2,352

Motorola

Solutions,

Inc.

1,057,530

6,406

Sirius

XM

Holdings,

Inc.*

151,502

15

Ubiquiti,

Inc.

3,326

8,102,553

Construction

&

Engineering

(0.4%):

3,772

AECOM

389,534

6,321

API

Group

Corp.*

208,719

782

EMCOR

Group,

Inc.

336,674

1,737

MasTec

,

Inc.*

213,825

5,550

MDU

Resources

Group,

Inc.

152,126

2,728

Quanta

Services,

Inc.

813,353

497

Valmont

Industries,

Inc.

144,105

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

172

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Construction

&

Engineering,

continued

3,551

WillScot

Holdings

Corp.*

$

133,518

2,391,854

Construction

Materials

(0.5%):

18,552

CRH

plc

1,720,512

230

Eagle

Materials,

Inc.

66,160

1,572

Martin

Marietta

Materials,

Inc.

846,129

2,649

Vulcan

Materials

Co.

663,389

3,296,190

Consumer

Finance

(0.9%):

6,592

Ally

Financial,

Inc.

234,609

9,456

American

Express

Co.

2,564,467

10,243

Capital

One

Financial

Corp.

1,533,685

6,800

Discover

Financial

Services

953,972

2,813

OneMain

Holdings,

Inc.

132,408

6,063

SLM

Corp.

138,661

24,113

SoFi

Technologies,

Inc.*

189,528

10,710

Synchrony

Financial

534,215

6,281,545

Consumer

Staples

Distribution

&

Retail

(2.2%):

11,243

Albertsons

Cos.,

Inc.,

Class

A

207,771

851

Casey's

General

Stores,

Inc.

319,729

5,946

Dollar

General

Corp.

502,853

5,505

Dollar

Tree,

Inc.*

387,112

2,935

Grocery

Outlet

Holding

Corp.*

51,509

17,704

Kroger

Co.

(The)

1,014,439

4,783

Maplebear

,

Inc.*

194,859

3,640

Performance

Food

Group

Co.*

285,267

4,995

Sysco

Corp.

389,910

12,458

Target

Corp.

1,941,704

6,038

US

Foods

Holding

Corp.*

371,337

19,900

Walgreens

Boots

Alliance,

Inc.

178,304

116,979

Walmart,

Inc.

9,446,054

15,290,848

Containers

&

Packaging

(0.6%):

39,978

Amcor

plc

452,951

1,835

AptarGroup,

Inc.

293,949

1,387

Avery

Dennison

Corp.

306,194

8,354

Ball

Corp.

567,320

3,178

Berry

Global

Group,

Inc.

216,040

3,172

Crown

Holdings,

Inc.

304,131

7,779

Graphic

Packaging

Holding

Co.

230,181

9,213

International

Paper

Co.

450,055

2,363

Packaging

Corp.

of

America

508,990

2,432

Sealed

Air

Corp.

88,282

2,133

Silgan

Holdings,

Inc.

111,983

13,932

Smurfit

Westrock

plc

688,519

2,722

Sonoco

Products

Co.

148,703

4,367,298

Distributors

(0.1%):

3,729

Genuine

Parts

Co.

520,867

6,904

LKQ

Corp.

275,607

796,474

Diversified

Consumer

Services

(0.1%):

7,509

ADT,

Inc.

54,290

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services,

continued

1,306

Bright

Horizons

Family

Solutions,

Inc.*

$

183,010

461

Grand

Canyon

Education,

Inc.*

65,393

3,105

H&R

Block,

Inc.

197,323

3,965

Service

Corp.

International

312,957

812,973

Diversified

REITs

(0.1%):

6,023

WP

Carey,

Inc.

375,233

Diversified

Telecommunication

Services

(1.4%):

193,904

AT&T,

Inc.

4,265,888

6,823

Frontier

Communications

Parent,

Inc.*

242,421

5,506

GCI

Liberty,

Inc.*

—

3,027

Iridium

Communications,

Inc.

92,172

4,610

Liberty

Global,

Ltd.,

Class

A*

97,317

4,782

Liberty

Global,

Ltd.,

Class

C*

103,339

113,370

Verizon

Communications,

Inc.

5,091,447

9,892,584

Electric

Utilities

(3.2%):

6,776

Alliant

Energy

Corp.

411,235

14,241

American

Electric

Power

Co.,

Inc.

1,461,127

2,006

Avangrid

,

Inc.

71,795

7,171

Constellation

Energy

Corp.

1,864,603

20,839

Duke

Energy

Corp.

2,402,737

10,338

Edison

International

900,336

5,757

Entergy

Corp.

757,679

5,865

Evergy

,

Inc.

363,689

9,459

Eversource

Energy

643,685

26,802

Exelon

Corp.

1,086,821

15,439

FirstEnergy

Corp.

684,720

1,398

IDACORP,

Inc.

144,120

55,540

NextEra

Energy,

Inc.

4,694,796

3,266

NRG

Energy,

Inc.

297,533

5,461

OGE

Energy

Corp.

224,010

57,370

PG&E

Corp.

1,134,205

3,155

Pinnacle

West

Capital

Corp.

279,501

19,894

PPL

Corp.

658,093

29,539

Southern

Co.

(The)

2,663,827

14,823

Xcel

Energy,

Inc.

967,942

21,712,454

Electrical

Equipment

(1.6%):

856

Acuity

Brands,

Inc.

235,734

6,290

AMETEK,

Inc.

1,080,056

10,783

Eaton

Corp.

plc

3,573,917

15,330

Emerson

Electric

Co.

1,676,642

7,358

GE

Vernova

,

Inc.*

1,876,143

835

Generac

Holdings,

Inc.*

132,665

1,434

Hubbell,

Inc.

614,254

4,271

nVent

Electric

plc

300,080

1,845

Regal

Rexnord

Corp.

306,049

2,816

Rockwell

Automation,

Inc.

755,983

3,967

Sensata

Technologies

Holding

plc

142,257

10,693,780

Electronic

Equipment,

Instruments

&

Components

(0.9%):

13,417

Amphenol

Corp.,

Class

A

874,252

1,441

Arrow

Electronics,

Inc.*

191,408

2,495

Avnet,

Inc.

135,503

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

173

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Electronic

Equipment,

Instruments

&

Components,

continued

1,763

CDW

Corp.

$

398,967

4,519

Cognex

Corp.

183,020

3,590

Coherent

Corp.*

319,187

20,806

Corning,

Inc.

939,391

1,375

Crane

NXT

Co.

77,138

785

IPG

Photonics

Corp.*

58,341

2,733

Jabil,

Inc.

327,495

4,695

Keysight

Technologies,

Inc.*

746,176

638

Littelfuse

,

Inc.

169,230

1,872

TD

SYNNEX

Corp.

224,790

1,256

Teledyne

Technologies,

Inc.*

549,701

6,424

Trimble,

Inc.*

398,866

4,292

Vontier

Corp.

144,812

1,060

Zebra

Technologies

Corp.*

392,539

6,130,816

Energy

Equipment

&

Services

(0.5%):

27,176

Baker

Hughes

Co.

982,412

23,894

Halliburton

Co.

694,121

10,944

NOV,

Inc.

174,776

38,377

Schlumberger

NV

1,609,915

11,084

TechnipFMC

plc

290,733

3,751,957

Entertainment

(1.2%):

7,165

Electronic

Arts,

Inc.

1,027,748

334

Liberty

Media

Corp.-Liberty

Formula

One*

23,891

512

Liberty

Media

Corp.-Liberty

Live*

25,349

1,080

Liberty

Media

Corp.-Liberty

Live

ADR*

55,436

3,507

Liberty

Media

Corp-Liberty

Formula

One*

271,547

430

Madison

Square

Garden

Sports

Corp.*

89,552

2,985

Roku,

Inc.*

222,860

4,529

Take-Two

Interactive

Software,

Inc.*

696,153

1,892

TKO

Group

Holdings,

Inc.*

234,059

49,610

Walt

Disney

Co.

(The)

4,771,986

65,369

Warner

Bros

Discovery,

Inc.*

539,294

7,957,875

Financial

Services

(4.6%):

6,331

Affirm

Holdings,

Inc.*

258,431

3,485

Apollo

Global

Management,

Inc.

435,311

49,358

Berkshire

Hathaway,

Inc.,

Class

B*

22,717,513

8,603

Block,

Inc.*

577,519

1,201

Euronet

Worldwide,

Inc.*

119,175

15,121

Fidelity

National

Information

Services,

Inc.

1,266,384

10,538

Fiserv,

Inc.*

1,893,152

6,895

Global

Payments,

Inc.

706,186

2,016

Jack

Henry

&

Associates,

Inc.

355,905

6,620

MGIC

Investment

Corp.

169,472

27,569

PayPal

Holdings,

Inc.*

2,151,209

2,385

Rocket

Cos.,

Inc.,

Class

A*

45,768

2,649

Voya

Financial,

Inc.

209,854

6,778

Western

Union

Co.

(The)

80,862

1,052

WEX,

Inc.*

220,636

31,207,377

Food

Products

(1.5%):

12,852

Archer-Daniels-Midland

Co.

767,778

3,714

Bunge

Global

SA

358,921

5,237

Campbell

Soup

Co.

256,194

Shares

Value

Common

Stocks,

continued

Food

Products,

continued

12,642

Conagra

Brands,

Inc.

$

411,118

4,369

Darling

Ingredients,

Inc.*

162,352

5,027

Flowers

Foods,

Inc.

115,973

776

Freshpet

,

Inc.*

106,134

15,155

General

Mills,

Inc.

1,119,197

3,329

Hershey

Co.

(The)

638,436

8,059

Hormel

Foods

Corp.

255,470

1,814

Ingredion,

Inc.

249,298

2,868

JM

Smucker

Co.

(The)

347,315

7,042

Kellanova

568,360

24,139

Kraft

Heinz

Co.

(The)

847,520

2,715

Lamb

Weston

Holdings,

Inc.

175,769

6,754

McCormick

&

Co.,

Inc.

ADR

555,854

36,127

Mondelez

International,

Inc.,

Class

A

2,661,476

925

Pilgrim's

Pride

Corp.*

42,596

1,358

Post

Holdings,

Inc.*

157,188

7

Seaboard

Corp.

21,959

7,501

Tyson

Foods,

Inc.,

Class

A

446,760

10,265,668

Gas

Utilities

(0.1%):

4,031

Atmos

Energy

Corp.

559,140

2,532

National

Fuel

Gas

Co.

153,464

5,832

UGI

Corp.

145,917

858,521

Ground

Transportation

(1.0%):

283

Avis

Budget

Group,

Inc.

24,788

52,768

CSX

Corp.

1,822,079

2,192

JB

Hunt

Transport

Services,

Inc.

377,747

4,349

Knight-Swift

Transportation

Holdings,

Inc.

234,629

989

Landstar

System,

Inc.

186,792

3,120

Lyft,

Inc.,

Class

A*

39,780

6,103

Norfolk

Southern

Corp.

1,516,595

1,197

Ryder

System,

Inc.

174,523

306

Saia,

Inc.*

133,802

1,105

Schneider

National,

Inc.,

Class

B

31,537

1,396

U-Haul

Holding

Co.

100,512

8,571

Union

Pacific

Corp.

2,112,580

6,755,364

Health

Care

Equipment

&

Supplies

(3.3%):

46,720

Abbott

Laboratories

5,326,547

862

Align

Technology,

Inc.*

219,224

13,604

Baxter

International,

Inc.

516,544

7,783

Becton

Dickinson

&

Co.

1,876,481

39,672

Boston

Scientific

Corp.*

3,324,514

5,216

Cooper

Cos.,

Inc.

(The)*

575,533

5,752

DENTSPLY

SIRONA,

Inc.

155,649

12,938

Edwards

Lifesciences

Corp.*

853,779

1,388

Enovis

Corp.*

59,753

4,016

Envista

Holdings

Corp.*

79,356

10,504

GE

HealthCare

Technologies,

Inc.

985,800

3,112

Globus

Medical,

Inc.*

222,633

6,191

Hologic

,

Inc.*

504,319

571

Masimo

Corp.*

76,131

34,613

Medtronic

plc

3,116,208

1,288

QuidelOrtho

Corp.*

58,733

2,851

ResMed

,

Inc.

695,986

2,659

STERIS

plc

644,914

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

174

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

6,844

Stryker

Corp.

$

2,472,464

1,309

Teleflex,

Inc.

323,742

5,503

Zimmer

Biomet

Holdings,

Inc.

594,049

22,682,359

Health

Care

Providers

&

Services

(4.2%):

2,388

Acadia

Healthcare

Co.,

Inc.*

151,423

939

Amedisys

,

Inc.*

90,623

2,749

Cardinal

Health,

Inc.

303,819

14,300

Centene

Corp.*

1,076,504

371

Chemed

Corp.

222,960

6,813

Cigna

Group

(The)

2,360,296

33,976

CVS

Health

Corp.

2,136,411

5,276

Elevance

Health,

Inc.

2,743,520

2,647

Encompass

Health

Corp.

255,806

3,839

HCA

Healthcare,

Inc.

1,560,285

3,551

Henry

Schein,

Inc.*

258,868

3,242

Humana,

Inc.

1,026,871

2,248

Labcorp

Holdings,

Inc.

502,383

2,009

McKesson

Corp.

993,290

596

Molina

Healthcare,

Inc.*

205,358

2,324

Premier,

Inc.,

Class

A

46,480

2,953

Quest

Diagnostics,

Inc.

458,453

3,746

R1

RCM,

Inc.*

53,081

3,853

Solventum

Corp.*

268,631

2,568

Tenet

Healthcare

Corp.*

426,801

23,112

UnitedHealth

Group,

Inc.

13,513,124

1,609

Universal

Health

Services,

Inc.,

Class

B

368,477

29,023,464

Health

Care

REITs

(0.6%):

10,089

Healthcare

Realty

Trust,

Inc.

183,115

18,809

Healthpeak

Properties,

Inc.

430,162

17,159

Medical

Properties

Trust,

Inc.^

100,380

6,643

Omega

Healthcare

Investors,

Inc.

270,370

10,870

Ventas,

Inc.

697,093

16,254

Welltower

,

Inc.

2,081,000

3,762,120

Health

Care

Technology

(0.0%

†

):

1,478

Certara

,

Inc.*

17,307

3,058

Doximity

,

Inc.,

Class

A*

133,237

150,544

Hotel

&

Resort

REITs

(0.1%):

19,372

Host

Hotels

&

Resorts,

Inc.

340,947

5,069

Park

Hotels

&

Resorts,

Inc.

71,473

412,420

Hotels,

Restaurants

&

Leisure

(1.9%):

7,188

Aramark

278,391

58

Booking

Holdings,

Inc.

244,303

1,796

Boyd

Gaming

Corp.

116,111

5,978

Caesars

Entertainment,

Inc.*

249,522

26,505

Carnival

Corp.*

489,812

1,562

Darden

Restaurants,

Inc.

256,371

629

Domino's

Pizza,

Inc.

270,558

1,225

DoorDash

,

Inc.,

Class

A*

174,844

1,539

Dutch

Bros,

Inc.,

Class

A*

49,294

3,232

Hilton

Worldwide

Holdings,

Inc.

744,976

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

1,041

Hyatt

Hotels

Corp.,

Class

A

$

158,440

6,184

Marriott

International,

Inc.,

Class

A

1,537,342

927

Marriott

Vacations

Worldwide

Corp.

68,116

18,217

McDonald's

Corp.

5,547,259

6,238

MGM

Resorts

International*

243,844

3,688

Penn

Entertainment,

Inc.*

69,556

989

Planet

Fitness,

Inc.,

Class

A*

80,327

4,181

Royal

Caribbean

Cruises,

Ltd.

741,542

86

Seaport

Entertainment

Group,

Inc.*

2,358

6,801

Starbucks

Corp.

663,030

1,387

Travel

+

Leisure

Co.

63,913

169

Vail

Resorts,

Inc.

29,455

2,435

Wendy's

Co.

(The)

42,661

1,991

Wyndham

Hotels

&

Resorts,

Inc.

155,577

2,627

Wynn

Resorts,

Ltd.

251,877

4,682

Yum!

Brands,

Inc.

654,122

13,183,601

Household

Durables

(0.9%):

8,007

D.R.

Horton,

Inc.

1,527,495

4,189

Garmin,

Ltd.

737,390

4,046

Leggett

&

Platt,

Inc.

55,106

6,375

Lennar

Corp.,

Class

A

1,195,185

245

Lennar

Corp.,

Class

B

42,370

1,475

Mohawk

Industries,

Inc.*

237,003

10,966

Newell

Brands,

Inc.

84,219

76

NVR,

Inc.*

745,697

5,518

PulteGroup,

Inc.

791,999

1,475

SharkNinja

,

Inc.

160,347

2,740

Toll

Brothers,

Inc.

423,303

812

TopBuild

Corp.*

330,330

1,348

Whirlpool

Corp.

144,236

6,474,680

Household

Products

(1.7%):

3,666

BJ's

Wholesale

Club

Holdings,

Inc.*

302,372

6,585

Church

&

Dwight

Co.,

Inc.

689,581

9,794

Colgate-Palmolive

Co.

1,016,715

5,367

Kimberly-Clark

Corp.

763,617

49,408

Procter

&

Gamble

Co.

(The)

8,557,465

1,638

Reynolds

Consumer

Products,

Inc.

50,942

673

Spectrum

Brands

Holdings,

Inc.

64,029

11,444,721

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

19,711

AES

Corp.

(The)

395,403

3,951

Brookfield

Renewable

Corp.

ADR,

Class

A

129,040

1,184

Clearway

Energy,

Inc.,

Class

A

33,708

2,013

Clearway

Energy,

Inc.,

Class

C

61,759

619,910

Industrial

Conglomerates

(1.3%):

12,178

3M

Co.

1,664,732

23,081

General

Electric

Co.

4,352,615

14,873

Honeywell

International,

Inc.

3,074,398

9,091,745

Industrial

REITs

(0.6%):

7,576

Americold

Realty

Trust,

Inc.

214,173

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

175

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Industrial

REITs,

continued

1,250

EastGroup

Properties,

Inc.

$

233,525

3,560

First

Industrial

Realty

Trust,

Inc.

199,289

1,660

Lineage,

Inc.^

130,111

24,957

Prologis,

Inc.

3,151,570

5,993

Rexford

Industrial

Realty,

Inc.

301,508

5,029

STAG

Industrial,

Inc.

196,584

4,426,760

Insurance

(4.0%):

15,041

Aflac,

Inc.

1,681,584

5,946

Allstate

Corp.

(The)

1,127,659

1,945

American

Financial

Group,

Inc.

261,797

17,511

American

International

Group,

Inc.

1,282,331

5,276

Aon

plc,

Class

A

1,825,443

9,830

Arch

Capital

Group,

Ltd.*

1,099,780

5,443

Arthur

J.

Gallagher

&

Co.

1,531,497

1,446

Assurant,

Inc.

287,552

1,473

Assured

Guaranty,

Ltd.

117,133

2,158

Axis

Capital

Holdings,

Ltd.

171,798

1,632

Brighthouse

Financial,

Inc.*

73,489

3,527

Brown

&

Brown,

Inc.

365,397

10,928

Chubb,

Ltd.

3,151,526

4,106

Cincinnati

Financial

Corp.

558,909

546

CNA

Financial

Corp.

26,721

949

Everest

Group,

Ltd.

371,847

7,261

Fidelity

National

Financial,

Inc.

450,618

2,628

First

American

Financial

Corp.

173,474

2,461

Globe

Life,

Inc.

260,645

948

Hanover

Insurance

Group,

Inc.

(The)

140,408

7,886

Hartford

Financial

Services

Group,

Inc.

(The)

927,472

1,557

Kemper

Corp.

95,366

4,835

Lincoln

National

Corp.

152,351

4,789

Loews

Corp.

378,570

260

Markel

Group,

Inc.*

407,831

11,479

Marsh

&

McLennan

Cos.,

Inc.

2,560,850

15,778

MetLife,

Inc.

1,301,369

7,002

Old

Republic

International

Corp.

248,011

960

Primerica,

Inc.

254,544

6,229

Principal

Financial

Group,

Inc.

535,071

2,468

Progressive

Corp.

(The)

626,280

9,643

Prudential

Financial,

Inc.

1,167,767

1,733

Reinsurance

Group

of

America,

Inc.

377,569

1,364

RenaissanceRe

Holdings,

Ltd.

371,554

932

RLI

Corp.

144,441

6,170

Travelers

Cos.,

Inc.

(The)

1,444,520

5,286

Unum

Group

314,200

7,919

W

R

Berkley

Corp.

449,245

65

White

Mountains

Insurance

Group,

Ltd.

110,253

2,770

Willis

Towers

Watson

plc

815,848

27,642,720

Interactive

Media

&

Services

(0.1%):

1,990

IAC,

Inc.*

107,102

6,799

Match

Group,

Inc.*

257,274

3,372

TripAdvisor,

Inc.*

48,860

8,673

ZoomInfo

Technologies,

Inc.*

89,506

502,742

IT

Services

(2.1%):

16,948

Accenture

plc,

Class

A

5,990,779

Shares

Value

Common

Stocks,

continued

IT

Services,

continued

3,989

Akamai

Technologies,

Inc.*

$

402,690

3,183

Amdocs,

Ltd.

278,449

13,551

Cognizant

Technology

Solutions

Corp.,

Class

A

1,045,866

4,606

DXC

Technology

Co.*

95,574

1,447

EPAM

Systems,

Inc.*

287,996

290

Globant

SA*

57,461

24,685

International

Business

Machines

Corp.

5,457,360

5,715

Kyndryl

Holdings,

Inc.*

131,331

2,376

Okta

,

Inc.*

176,632

3,547

Twilio

,

Inc.,

Class

A*

231,335

2,145

VeriSign,

Inc.*

407,464

14,562,937

Leisure

Products

(0.1%):

1,927

Brunswick

Corp.

161,521

487

Hasbro,

Inc.

35,220

9,522

Mattel,

Inc.*

181,394

1,471

Polaris,

Inc.

122,446

1,662

YETI

Holdings,

Inc.*

68,192

568,773

Life

Sciences

Tools

&

Services

(2.6%):

7,858

Agilent

Technologies,

Inc.

1,166,756

18,080

Avantor

,

Inc.*

467,729

1,511

Azenta

,

Inc.*

73,193

537

Bio-Rad

Laboratories,

Inc.,

Class

A*

179,669

4,317

Bio-

Techne

Corp.

345,058

1,067

Bruker

Corp.

73,687

1,420

Charles

River

Laboratories

International,

Inc.*

279,697

17,405

Danaher

Corp.

4,838,938

2,568

Fortrea

Holdings,

Inc.*

51,360

4,275

Illumina,

Inc.*

557,503

4,354

IQVIA

Holdings,

Inc.*

1,031,767

573

Mettler

-Toledo

International,

Inc.*

859,328

6,140

QIAGEN

NV*

279,800

1,327

Repligen

Corp.*

197,484

3,253

Revvity

,

Inc.

415,571

3,490

Sotera

Health

Co.*

58,283

10,282

Thermo

Fisher

Scientific,

Inc.

6,360,137

639

Waters

Corp.*

229,970

793

West

Pharmaceutical

Services,

Inc.

238,027

17,703,957

Machinery

(3.6%):

1,730

AGCO

Corp.

169,298

2,254

Allison

Transmission

Holdings,

Inc.

216,542

11,275

Caterpillar,

Inc.

4,409,878

24,264

CNH

Industrial

NV

269,330

1,359

Crane

Co.

215,103

3,663

Cummins,

Inc.

1,186,043

6,800

Deere

&

Co.

2,837,844

3,337

Donaldson

Co.,

Inc.

245,937

3,702

Dover

Corp.

709,821

1,572

Esab

Corp.

167,119

3,649

Flowserve

Corp.

188,617

9,499

Fortive

Corp.

749,756

3,877

Gates

Industrial

Corp.

plc*

68,041

4,405

Graco

,

Inc.

385,482

2,063

IDEX

Corp.

442,514

4,983

Illinois

Tool

Works,

Inc.

1,305,895

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

176

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Machinery,

continued

10,996

Ingersoll

Rand,

Inc.

$

1,079,367

2,290

ITT,

Inc.

342,378

1,106

Lincoln

Electric

Holdings,

Inc.

212,374

1,480

Middleby

Corp.

(The)*

205,912

1,496

Nordson

Corp.

392,894

1,802

Oshkosh

Corp.

180,578

10,808

Otis

Worldwide

Corp.

1,123,384

13,903

PACCAR,

Inc.

1,371,948

3,446

Parker-Hannifin

Corp.

2,177,252

4,544

Pentair

plc

444,358

790

RBC

Bearings,

Inc.*

236,510

1,366

Snap-on,

Inc.

395,744

4,068

Stanley

Black

&

Decker,

Inc.

448,009

1,702

Timken

Co.

(The)

143,462

2,902

Toro

Co.

(The)

251,690

4,735

Westinghouse

Air

Brake

Technologies

Corp.

860,681

6,567

Xylem,

Inc.

886,742

24,320,503

Marine

Transportation

(0.0%

†

):

1,577

Kirby

Corp.*

193,072

Media

(1.1%):

2,555

Charter

Communications,

Inc.,

Class

A*

828,024

103,567

Comcast

Corp.,

Class

A

4,325,994

6,112

Fox

Corp.,

Class

A

258,721

3,269

Fox

Corp.,

Class

B

126,837

10,471

Interpublic

Group

of

Cos.,

Inc.

(The)

331,198

335

Liberty

Broadband

Corp.,

Class

A*

25,735

2,316

Liberty

Broadband

Corp.,

Class

C*

179,004

4,468

New

York

Times

Co.

(The),

Class

A

248,734

10,577

News

Corp.,

Class

A

281,665

2,790

News

Corp.,

Class

B

77,980

527

Nexstar

Media

Group,

Inc.

87,139

5,176

Omnicom

Group,

Inc.

535,147

33

Paramount

Global,

Class

A^

721

16,192

Paramount

Global,

Class

B

171,959

7,478,858

Metals

&

Mining

(1.0%):

6,949

Alcoa

Corp.

268,092

3,429

ATI,

Inc.*

229,434

8,755

Cleveland-Cliffs,

Inc.*

111,801

38,453

Freeport-McMoRan,

Inc.

1,919,574

3,553

MP

Materials

Corp.*

62,710

31,245

Newmont

Corp.

1,670,045

6,394

Nucor

Corp.

961,274

1,517

Reliance,

Inc.

438,732

1,825

Royal

Gold,

Inc.

256,048

3,964

Steel

Dynamics,

Inc.

499,781

6,193

United

States

Steel

Corp.

218,799

6,636,290

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(0.1%):

18,499

AGNC

Investment

Corp.

193,500

13,855

Annaly

Capital

Management,

Inc.

278,070

13,417

Rithm

Capital

Corp.

152,283

8,548

Starwood

Property

Trust,

Inc.

174,208

798,061

Shares

Value

Common

Stocks,

continued

Multi-Utilities

(1.2%):

7,153

Ameren

Corp.

$

625,601

16,848

CenterPoint

Energy,

Inc.

495,668

7,978

CMS

Energy

Corp.

563,486

9,243

Consolidated

Edison,

Inc.

962,474

22,567

Dominion

Energy,

Inc.

1,304,147

5,585

DTE

Energy

Co.

717,170

11,856

NiSource,

Inc.

410,810

13,368

Public

Service

Enterprise

Group,

Inc.

1,192,559

17,106

Sempra

1,430,575

8,575

WEC

Energy

Group,

Inc.

824,744

8,527,234

Office

REITs

(0.2%):

4,643

Alexandria

Real

Estate

Equities,

Inc.

551,356

4,352

BXP,

Inc.

350,162

3,898

Cousins

Properties,

Inc.

114,913

2,992

Highwoods

Properties,

Inc.

100,262

2,982

Kilroy

Realty

Corp.

115,404

4,726

Vornado

Realty

Trust

186,204

1,418,301

Oil,

Gas

&

Consumable

Fuels

(6.1%):

4,971

Antero

Midstream

Corp.

74,814

7,875

Antero

Resources

Corp.*

225,619

10,057

APA

Corp.

245,994

3,011

Cheniere

Energy,

Inc.

541,498

46,538

Chevron

Corp.

6,853,651

1,717

Chord

Energy

Corp.

223,605

2,014

Civitas

Resources,

Inc.

102,049

31,650

ConocoPhillips

3,332,112

19,808

Coterra

Energy,

Inc.

474,402

17,037

Devon

Energy

Corp.

666,487

5,130

Diamondback

Energy,

Inc.

884,412

2,566

DT

Midstream,

Inc.

201,842

15,492

EOG

Resources,

Inc.

1,904,432

14,722

EQT

Corp.

539,414

3,648

Expand

Energy

Corp.

300,048

121,019

Exxon

Mobil

Corp.

14,185,847

2,742

Hess

Corp.

372,364

4,068

HF

Sinclair

Corp.

181,311

52,013

Kinder

Morgan,

Inc.

1,148,967

15,177

Marathon

Oil

Corp.

404,163

9,443

Marathon

Petroleum

Corp.

1,538,359

3,019

Matador

Resources

Co.

149,199

17,809

Occidental

Petroleum

Corp.

917,876

15,763

ONEOK,

Inc.

1,436,482

6,963

Ovintiv

,

Inc.

266,753

13,736

Permian

Resources

Corp.

186,947

11,278

Phillips

66

1,482,493

6,385

Range

Resources

Corp.

196,403

30,483

Southwestern

Energy

Co.*

216,734

8,611

Valero

Energy

Corp.

1,162,743

1,797

Viper

Energy,

Inc.

81,063

32,933

Williams

Cos.,

Inc.

(The)

1,503,391

42,001,474

Paper

&

Forest

Products

(0.0%

†

):

541

Louisiana-Pacific

Corp.

58,136

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

177

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Passenger

Airlines

(0.3%):

3,458

Alaska

Air

Group,

Inc.*

$

156,336

16,883

American

Airlines

Group,

Inc.*

189,765

17,417

Delta

Air

Lines,

Inc.

884,609

15,941

Southwest

Airlines

Co.

472,332

8,694

United

Airlines

Holdings,

Inc.*

496,080

2,199,122

Personal

Care

Products

(0.3%):

3,622

BellRing

Brands,

Inc.*

219,928

10,698

Coty,

Inc.,

Class

A*

100,454

4,095

Estee

Lauder

Cos.,

Inc.

(The)

408,231

51,348

Kenvue

,

Inc.

1,187,679

1,916,292

Pharmaceuticals

(2.9%):

54,730

Bristol-Myers

Squibb

Co.

2,831,730

5,008

Catalent

,

Inc.*

303,335

13,441

Elanco

Animal

Health,

Inc.*

197,448

1,005

Jazz

Pharmaceuticals

plc*

111,967

686

Jazz

Pharmaceuticals

plc

ADR*

76,427

65,039

Johnson

&

Johnson

10,540,220

7,076

Organon

&

Co.

135,364

3,526

Perrigo

Co

PLC

92,487

153,141

Pfizer,

Inc.

4,431,901

10,565

Royalty

Pharma

plc,

Class

A

298,884

31,290

Viatris

,

Inc.

363,277

2,122

Zoetis,

Inc.

414,596

19,797,636

Professional

Services

(0.9%):

3,330

Amentum

Holdings,

Inc.*

107,393

823

Automatic

Data

Processing,

Inc.

227,749

283

Broadridge

Financial

Solutions,

Inc.

60,853

613

CACI

International,

Inc.,

Class

A*

309,295

11,185

Clarivate

plc*

79,414

1,236

Concentrix

Corp.

63,345

3,683

Dayforce

,

Inc.*

225,584

7,346

Dun

&

Bradstreet

Holdings,

Inc.

84,552

2,659

Equifax,

Inc.

781,374

977

FTI

Consulting,

Inc.*

222,326

4,016

Genpact

,

Ltd.

157,467

3,330

Jacobs

Solutions,

Inc.

435,897

3,381

KBR,

Inc.

220,205

3,612

Leidos

Holdings,

Inc.

588,756

1,278

ManpowerGroup

,

Inc.

93,959

1,271

Parsons

Corp.*

131,777

5,574

Paychex,

Inc.

747,975

524

Paycom

Software,

Inc.

87,283

838

Paycor

HCM,

Inc.*

11,891

2,776

Robert

Half,

Inc.

187,130

1,420

Science

Applications

International

Corp.

197,763

5,700

SS&C

Technologies

Holdings,

Inc.

422,997

4,875

TransUnion

510,412

5,955,397

Real

Estate

Management

&

Development

(0.4%):

8,156

CBRE

Group,

Inc.,

Class

A*

1,015,259

11,024

CoStar

Group,

Inc.*

831,650

774

Howard

Hughes

Holdings,

Inc.*

59,931

906

Jones

Lang

LaSalle,

Inc.*

244,448

Shares

Value

Common

Stocks,

continued

Real

Estate

Management

&

Development,

continued

1,090

Zillow

Group,

Inc.,

Class

A*

$

67,504

4,408

Zillow

Group,

Inc.,

Class

C*

281,451

2,500,243

Residential

REITs

(0.8%):

9,384

American

Homes

4

Rent,

Class

A

360,252

3,850

AvalonBay

Communities,

Inc.

867,212

2,876

Camden

Property

Trust

355,272

4,855

Equity

LifeStyle

Properties,

Inc.

346,356

10,222

Equity

Residential

761,130

1,704

Essex

Property

Trust,

Inc.

503,396

16,452

Invitation

Homes,

Inc.

580,098

3,099

Mid-America

Apartment

Communities,

Inc.

492,431

3,286

Sun

Communities,

Inc.

444,103

9,075

UDR,

Inc.

411,460

5,121,710

Retail

REITs

(0.6%):

2,722

Agree

Realty

Corp.

205,048

8,103

Brixmor

Property

Group,

Inc.

225,750

2,288

Federal

Realty

Investment

Trust

263,051

17,426

Kimco

Realty

Corp.

404,632

4,954

NNN

REIT,

Inc.

240,219

23,271

Realty

Income

Corp.

1,475,847

4,843

Regency

Centers

Corp.

349,810

6,440

Simon

Property

Group,

Inc.

1,088,489

4,252,846

Semiconductors

&

Semiconductor

Equipment

(3.3%):

14,784

Advanced

Micro

Devices,

Inc.*

2,425,759

2,090

Allegro

MicroSystems

,

Inc.*

48,697

3,133

Amkor

Technology,

Inc.

95,870

13,383

Analog

Devices,

Inc.

3,080,365

1,874

Applied

Materials,

Inc.

378,642

582

Astera

Labs,

Inc.*

30,491

1,494

Cirrus

Logic,

Inc.*

185,570

2,878

First

Solar,

Inc.*

717,888

2,283

GLOBALFOUNDRIES,

Inc.*

91,891

114,723

Intel

Corp.

2,691,402

1,550

MACOM

Technology

Solutions

Holdings,

Inc.*

172,453

21,377

Marvell

Technology,

Inc.

1,541,709

14,270

Microchip

Technology,

Inc.

1,145,738

29,770

Micron

Technology,

Inc.

3,087,447

1,748

MKS

Instruments,

Inc.

190,025

11,647

ON

Semiconductor

Corp.*

845,689

1,011

Onto

Innovation,

Inc.*

209,843

2,476

Qorvo

,

Inc.*

255,771

1,926

QUALCOMM,

Inc.

327,516

4,283

Skyworks

Solutions,

Inc.

423,032

379

Teradyne,

Inc.

50,759

21,611

Texas

Instruments,

Inc.

4,464,184

643

Universal

Display

Corp.

134,966

3,276

Wolfspeed

,

Inc.*

31,777

22,627,484

Software

(1.1%):

2,364

ANSYS,

Inc.*

753,241

747

Aspen

Technology,

Inc.*

178,399

2,138

BILL

Holdings,

Inc.*

112,801

10,677

CCC

Intelligent

Solutions

Holdings,

Inc.*

117,981

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

178

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Software,

continued

1,426

Dolby

Laboratories,

Inc.,

Class

A

$

109,132

1,756

DoubleVerify

Holdings,

Inc.*

29,571

4,803

Dropbox,

Inc.,

Class

A*

122,140

103

Fair

Isaac

Corp.*

200,183

3,229

Fortinet,

Inc.*

250,409

14,873

Gen

Digital,

Inc.

407,966

1,240

Guidewire

Software,

Inc.*

226,846

448

HashiCorp

,

Inc.,

Class

A*

15,169

1,775

Informatica

,

Inc.,

Class

A*

44,872

3,920

MicroStrategy

,

Inc.*

660,912

874

nCino

,

Inc.*

27,610

4,503

Nutanix

,

Inc.,

Class

A*

266,803

1,293

PTC,

Inc.*

233,593

2,897

Roper

Technologies,

Inc.

1,612,007

3,884

Salesforce,

Inc.

1,063,090

5,569

SentinelOne

,

Inc.,

Class

A*

133,210

177

Tyler

Technologies,

Inc.*

103,318

1,367

UiPath

,

Inc.,

Class

A*

17,498

4,157

Unity

Software,

Inc.*

94,031

6,630

Zoom

Video

Communications,

Inc.,

Class

A*

462,376

7,243,158

Specialized

REITs

(1.6%):

11,719

Crown

Castle,

Inc.

1,390,225

6,219

CubeSmart

334,769

8,716

Digital

Realty

Trust,

Inc.

1,410,510

1,836

EPR

Properties

90,037

2,417

Equinix

,

Inc.

2,145,402

5,689

Extra

Space

Storage,

Inc.

1,025,101

7,239

Gaming

and

Leisure

Properties,

Inc.

372,447

3,289

Iron

Mountain,

Inc.

390,832

1,810

Lamar

Advertising

Co.,

Class

A

241,816

1,991

National

Storage

Affiliates

Trust

95,966

3,608

Public

Storage

1,312,843

3,880

Rayonier,

Inc.

124,858

2,850

SBA

Communications

Corp.

685,995

28,361

VICI

Properties,

Inc.

944,705

19,608

Weyerhaeuser

Co.

663,927

11,229,433

Specialty

Retail

(1.8%):

1,718

Advance

Auto

Parts,

Inc.

66,985

716

AutoNation,

Inc.*

128,107

42

AutoZone,

Inc.*

132,302

6,254

Bath

&

Body

Works,

Inc.

199,628

5,755

Best

Buy

Co.,

Inc.

594,491

4,064

CarMax,

Inc.*

314,472

1,905

Carvana

Co.*

331,680

1,342

Dick's

Sporting

Goods,

Inc.

280,075

308

Five

Below,

Inc.*

27,212

1,853

Floor

&

Decor

Holdings,

Inc.,

Class

A*

230,087

10,095

GameStop

Corp.,

Class

A*

231,478

5,204

Gap,

Inc.

(The)

114,748

5,398

Home

Depot,

Inc.

(The)

2,187,270

753

Lithia

Motors,

Inc.

239,183

15,386

Lowe's

Cos.,

Inc.

4,167,298

127

O'Reilly

Automotive,

Inc.*

146,253

438

Penske

Automotive

Group,

Inc.

71,140

302

RH*

100,998

6,894

Ross

Stores,

Inc.

1,037,616

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

12,541

TJX

Cos.,

Inc.

(The)

$

1,474,069

178

Ulta

Beauty,

Inc.*

69,263

2,566

Wayfair,

Inc.,

Class

A*

144,158

1,444

Williams-Sonoma,

Inc.

223,704

12,512,217

Technology

Hardware,

Storage

&

Peripherals

(0.5%):

6,169

Dell

Technologies,

Inc.,

Class

C

731,273

35,019

Hewlett

Packard

Enterprise

Co.

716,489

19,767

HP,

Inc.

709,042

3,162

NetApp,

Inc.

390,539

1,032

Pure

Storage,

Inc.,

Class

A*

51,848

8,759

Western

Digital

Corp.*

598,152

3,197,343

Textiles,

Apparel

&

Luxury

Goods

(0.4%):

1,568

Amer

Sports,

Inc.*

25,010

689

Birkenstock

Holding

plc*

33,961

3,007

Capri

Holdings,

Ltd.*

127,617

1,080

Carter's,

Inc.

70,178

802

Columbia

Sportswear

Co.

66,718

1,355

Crocs,

Inc.*

196,218

12,514

NIKE,

Inc.,

Class

B

1,106,238

1,581

PVH

Corp.

159,412

1,068

Ralph

Lauren

Corp.

207,053

3,134

Skechers

USA,

Inc.,

Class

A*

209,727

6,165

Tapestry,

Inc.

289,632

4,348

Under

Armour

,

Inc.,

Class

A*

38,741

4,201

Under

Armour

,

Inc.,

Class

C*

35,120

8,987

VF

Corp.

179,291

2,744,916

Tobacco

(1.1%):

46,250

Altria

Group,

Inc.

2,360,600

41,990

Philip

Morris

International,

Inc.

5,097,586

7,458,186

Trading

Companies

&

Distributors

(0.5%):

2,858

Air

Lease

Corp.

129,439

1,582

Core

&

Main,

Inc.,

Class

A*

70,241

2,498

Fastenal

Co.

178,407

5,038

Ferguson

Enterprises,

Inc.

1,000,395

1,205

MSC

Industrial

Direct

Co.,

Inc.

103,702

758

SiteOne

Landscape

Supply,

Inc.*

114,390

1,370

United

Rentals,

Inc.

1,109,330

158

W.W.

Grainger,

Inc.

164,132

919

Watsco

,

Inc.

452,038

1,212

WESCO

International,

Inc.

203,592

3,525,666

Water

Utilities

(0.2%):

5,289

American

Water

Works

Co.,

Inc.

773,463

6,998

Essential

Utilities,

Inc.

269,913

1,043,376

Wireless

Telecommunication

Services

(0.4%):

13,041

T-Mobile

US,

Inc.

2,691,141

Total

Common

Stocks

(Cost

$433,863,843)

680,679,456

AZL

Russell

1000

Value

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

179

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

ba

sed

on

net

assets

as

of

September

30

,

2024.

Shares

Value

Right

(0.0%

†

):

Hotels,

Restaurants

&

Leisure

(0.0%

†

):

86

Seaport

Entertainment

Group,

Inc.

CVR,

Expires

on

10/11/24*

$

254

Total

Right

(Cost

$–)

254

Affiliated

Investment

Company

(0.1%):

Money

Market

(0.1%):

527,602

BlackRock

Liquidity

FedFund

,

Institutional

Class

,

5.03%

+

(a)(b)

527,602

Total

Affiliated

Investment

Company

(Cost

$527,602)

527,602

Shares

Value

Unaffiliated

Investment

Company

(0.5%):

Money

Markets

(0.5%):

3,317,010

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01

%(b)

$

3,317,010

Total

Unaffiliated

Investment

Company

(Cost

$3,317,010)

3,317,010

Total

Investment

Securities

(Cost

$437,708,455)

—

100.1%

684,524,322

Net

other

assets

(liabilities)

—

(0.1)%

(535,596)

Net

Assets

—

100.0%

$

683,988,726

ADR—American

Depository

Receipt

CVR—Contingency

Valued

Rights

REIT—Real

Estate

Investment

Trust

*

Non-income

producing

security.

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$510,547.

†

Represents

less

than

0.05%.

+

Affiliated

Securities

(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

September

30,

2024.

(b)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

September

30,

2024,

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

December

Futures

(U.S.

Dollar)

12/20/24

6

$

1,744,275‌

$

42,581‌

S&P

Midcap

400

E-Mini

December

Futures

(U.S.

Dollar)

12/20/24

7

2,204,020‌

76,629‌

$

119,210‌

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

180

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.4%):

Aerospace

&

Defense

(1.5%):

4,344

Axon

Enterprise,

Inc.*

$

1,735,862

34,794

Boeing

Co.

(The)*

5,290,080

15,516

General

Dynamics

Corp.

4,688,935

23,631

Howmet

Aerospace,

Inc.

2,369,008

2,296

Huntington

Ingalls

Industries,

Inc.

607,016

11,340

L3Harris

Technologies,

Inc.

2,697,446

12,612

Lockheed

Martin

Corp.

7,372,471

8,271

Northrop

Grumman

Corp.

4,367,667

79,175

RTX

Corp.

9,592,843

10,930

Textron,

Inc.

968,179

3,336

TransDigm

Group,

Inc.

4,760,906

44,450,413

Air

Freight

&

Logistics

(0.4%):

7,015

CH

Robinson

Worldwide,

Inc.

774,246

8,183

Expeditors

International

of

Washington,

Inc.

1,075,246

13,593

FedEx

Corp.

3,720,132

43,771

United

Parcel

Service,

Inc.,

Class

B

5,967,738

11,537,362

Automobile

Components

(0.1%):

15,897

Aptiv

plc*

1,144,743

13,763

BorgWarner,

Inc.

499,459

1,644,202

Automobiles

(1.7%):

235,137

Ford

Motor

Co.

2,483,047

66,748

General

Motors

Co.

2,992,980

165,798

Tesla,

Inc.*

43,377,731

48,853,758

Banks

(3.1%):

403,399

Bank

of

America

Corp.

16,006,872

114,001

Citigroup,

Inc.

7,136,463

26,196

Citizens

Financial

Group,

Inc.

1,075,870

40,542

Fifth

Third

Bancorp

1,736,819

88,656

Huntington

Bancshares,

Inc.

1,303,243

170,014

JPMorgan

Chase

&

Co.

35,849,152

56,452

KeyCorp

945,571

9,883

M&T

Bank

Corp.

1,760,360

23,625

PNC

Financial

Services

Group,

Inc.

(The)

4,367,081

56,373

Regions

Financial

Corp.

1,315,182

79,281

Truist

Financial

Corp.

3,390,848

92,302

US

Bancorp

4,220,971

203,177

Wells

Fargo

&

Co.

11,477,469

90,585,901

Beverages

(1.3%):

10,335

Brown-Forman

Corp.,

Class

B

508,482

231,784

Coca-Cola

Co.

(The)

16,655,998

9,427

Constellation

Brands,

Inc.,

Class

A

2,429,244

63,487

Keurig

Dr

Pepper,

Inc.

2,379,493

9,987

Molson

Coors

Beverage

Co.,

Class

B

574,452

41,927

Monster

Beverage

Corp.*

2,187,331

82,078

PepsiCo,

Inc.

13,957,364

38,692,364

Biotechnology

(1.9%):

105,549

AbbVie,

Inc.

20,843,817

Shares

Value

Common

Stocks,

continued

Biotechnology,

continued

32,030

Amgen,

Inc.

$

10,320,386

8,731

Biogen,

Inc.*

1,692,417

74,651

Gilead

Sciences,

Inc.

6,258,740

9,770

Incyte

Corp.*

645,797

20,458

Moderna

,

Inc.*

1,367,208

6,364

Regeneron

Pharmaceuticals,

Inc.*

6,690,091

15,488

Vertex

Pharmaceuticals,

Inc.*

7,203,159

55,021,615

Broadline

Retail

(3.6%):

558,179

Amazon.com,

Inc.*

104,005,493

29,422

eBay,

Inc.

1,915,666

105,921,159

Building

Products

(0.6%):

7,599

A

O

Smith

Corp.

682,618

5,369

Allegion

plc

ADR

782,478

7,007

Builders

FirstSource

,

Inc.*

1,358,377

50,024

Carrier

Global

Corp.

4,026,432

39,920

Johnson

Controls

International

plc

3,098,191

13,379

Masco

Corp.

1,123,033

13,412

Trane

Technologies

plc

5,213,647

16,284,776

Capital

Markets

(3.0%):

5,818

Ameriprise

Financial,

Inc.

2,733,355

44,401

Bank

of

New

York

Mellon

Corp.

(The)

3,190,656

8,354

Blackrock

Finance,

Inc.

+

7,932,207

42,819

Blackstone,

Inc.

6,556,873

6,446

Cboe

Global

Markets,

Inc.

1,320,592

89,538

Charles

Schwab

Corp.

(The)

5,802,958

21,610

CME

Group,

Inc.

4,768,246

2,301

FactSet

Research

Systems,

Inc.

1,058,115

16,181

Franklin

Resources,

Inc.

326,047

18,824

Goldman

Sachs

Group,

Inc.

(The)

9,319,951

34,165

Intercontinental

Exchange,

Inc.

5,488,266

25,144

Invesco,

Ltd.

441,529

40,563

KKR

&

Co.,

Inc.

5,296,716

2,115

MarketAxess

Holdings,

Inc.

541,863

9,387

Moody's

Corp.

4,454,976

74,106

Morgan

Stanley

7,724,809

4,702

MSCI,

Inc.

2,740,937

24,428

Nasdaq,

Inc.

1,783,488

12,466

Northern

Trust

Corp.

1,122,314

10,961

Raymond

James

Financial,

Inc.

1,342,284

19,214

S&P

Global,

Inc.

9,926,337

17,755

State

Street

Corp.

1,570,785

13,213

T.

Rowe

Price

Group,

Inc.

1,439,292

86,882,596

Chemicals

(1.5%):

13,343

Air

Products

and

Chemicals,

Inc.

3,972,745

7,229

Albemarle

Corp.

684,658

5,954

Celanese

Corp.

809,506

10,367

CF

Industries

Holdings,

Inc.

889,489

41,548

Corteva

,

Inc.

2,442,607

41,492

Dow,

Inc.

2,266,708

25,123

DuPont

de

Nemours,

Inc.

2,238,710

6,584

Eastman

Chemical

Co.

737,079

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

181

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Chemicals,

continued

15,288

Ecolab,

Inc.

$

3,903,485

7,582

FMC

Corp.

499,957

15,117

International

Flavors

&

Fragrances,

Inc.

1,586,227

28,923

Linde

plc

13,792,222

15,081

LyondellBasell

Industries

NV,

Class

A

1,446,268

20,154

Mosaic

Co.

(The)

539,724

14,211

PPG

Industries,

Inc.

1,882,389

13,918

Sherwin-Williams

Co.

(The)

5,312,083

43,003,857

Commercial

Services

&

Supplies

(0.6%):

20,380

Cintas

Corp.

4,195,834

52,756

Copart

,

Inc.*

2,764,414

12,141

Republic

Services,

Inc.

2,438,399

16,726

Rollins,

Inc.

846,001

13,587

Veralto

Corp.

1,519,842

21,662

Waste

Management,

Inc.

4,497,031

16,261,521

Communications

Equipment

(0.8%):

15,313

Arista

Networks,

Inc.*

5,877,435

240,744

Cisco

Systems,

Inc.

12,812,396

3,669

F5,

Inc.*

807,914

19,301

Juniper

Networks,

Inc.

752,353

10,051

Motorola

Solutions,

Inc.

4,519,231

24,769,329

Construction

&

Engineering

(0.1%):

8,947

Quanta

Services,

Inc.

2,667,548

Construction

Materials

(0.1%):

3,600

Martin

Marietta

Materials,

Inc.

1,937,700

8,052

Vulcan

Materials

Co.

2,016,462

3,954,162

Consumer

Finance

(0.5%):

33,465

American

Express

Co.

9,075,708

22,631

Capital

One

Financial

Corp.

3,388,539

15,162

Discover

Financial

Services

2,127,077

23,102

Synchrony

Financial

1,152,328

15,743,652

Consumer

Staples

Distribution

&

Retail

(1.9%):

26,492

Costco

Wholesale

Corp.

23,485,688

13,178

Dollar

General

Corp.

1,114,463

11,654

Dollar

Tree,

Inc.*

819,509

40,419

Kroger

Co.

(The)

2,316,009

29,258

Sysco

Corp.

2,283,879

27,595

Target

Corp.

4,300,957

43,532

Walgreens

Boots

Alliance,

Inc.

390,047

259,549

Walmart,

Inc.

20,958,582

55,669,134

Containers

&

Packaging

(0.2%):

87,959

Amcor

plc

996,575

4,918

Avery

Dennison

Corp.

1,085,698

18,234

Ball

Corp.

1,238,271

20,742

International

Paper

Co.

1,013,247

5,377

Packaging

Corp.

of

America

1,158,206

Shares

Value

Common

Stocks,

continued

Containers

&

Packaging,

continued

29,534

Smurfit

Westrock

plc

$

1,459,570

6,951,567

Distributors

(0.1%):

8,611

Genuine

Parts

Co.

1,202,785

15,721

LKQ

Corp.

627,582

2,254

Pool

Corp.

849,307

2,679,674

Diversified

Telecommunication

Services

(0.7%):

430,033

AT&T,

Inc.

9,460,726

251,327

Verizon

Communications,

Inc.

11,287,096

20,747,822

Electric

Utilities

(1.7%):

15,750

Alliant

Energy

Corp.

955,867

31,846

American

Electric

Power

Co.,

Inc.

3,267,400

18,624

Constellation

Energy

Corp.

4,842,612

45,989

Duke

Energy

Corp.

5,302,532

23,109

Edison

International

2,012,563

13,111

Entergy

Corp.

1,725,539

14,374

Evergy

,

Inc.

891,332

21,513

Eversource

Energy

1,463,960

60,873

Exelon

Corp.

2,468,400

29,761

FirstEnergy

Corp.

1,319,900

122,590

NextEra

Energy,

Inc.

10,362,533

11,923

NRG

Energy,

Inc.

1,086,185

126,622

PG&E

Corp.

2,503,317

7,164

Pinnacle

West

Capital

Corp.

634,659

42,810

PPL

Corp.

1,416,155

65,424

Southern

Co.

(The)

5,899,936

33,354

Xcel

Energy,

Inc.

2,178,016

48,330,906

Electrical

Equipment

(0.8%):

13,680

AMETEK,

Inc.

2,348,993

23,789

Eaton

Corp.

plc

7,884,626

34,471

Emerson

Electric

Co.

3,770,093

16,539

GE

Vernova

,

Inc.*

4,217,114

3,562

Generac

Holdings,

Inc.*

565,931

3,103

Hubbell,

Inc.

1,329,170

6,919

Rockwell

Automation,

Inc.

1,857,475

21,973,402

Electronic

Equipment,

Instruments

&

Components

(0.6%):

72,418

Amphenol

Corp.,

Class

A

4,718,757

8,077

CDW

Corp.

1,827,825

46,221

Corning,

Inc.

2,086,878

6,826

Jabil,

Inc.

817,960

10,306

Keysight

Technologies,

Inc.*

1,637,933

18,009

TE

Connectivity

PLC*

2,719,179

2,685

Teledyne

Technologies,

Inc.*

1,175,117

14,828

Trimble,

Inc.*

920,670

3,129

Zebra

Technologies

Corp.*

1,158,731

17,063,050

Energy

Equipment

&

Services

(0.3%):

60,699

Baker

Hughes

Co.

2,194,269

53,689

Halliburton

Co.

1,559,665

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

182

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

84,265

Schlumberger

NV

$

3,534,917

7,288,851

Entertainment

(1.2%):

14,147

Electronic

Arts,

Inc.

2,029,246

8,418

Live

Nation

Entertainment,

Inc.*

921,687

25,645

Netflix,

Inc.*

18,189,229

9,926

Take-Two

Interactive

Software,

Inc.*

1,525,725

108,195

Walt

Disney

Co.

(The)

10,407,277

137,279

Warner

Bros

Discovery,

Inc.*

1,132,552

34,205,716

Financial

Services

(4.0%):

109,459

Berkshire

Hathaway,

Inc.,

Class

B*

50,379,599

32,825

Fidelity

National

Information

Services,

Inc.

2,749,094

34,149

Fiserv,

Inc.*

6,134,868

15,418

Global

Payments,

Inc.

1,579,112

4,423

Jack

Henry

&

Associates,

Inc.

780,836

49,301

Mastercard

,

Inc.,

Class

A

24,344,834

61,511

PayPal

Holdings,

Inc.*

4,799,703

99,818

Visa,

Inc.,

Class

A

27,444,959

118,213,005

Food

Products

(0.7%):

28,520

Archer-Daniels-Midland

Co.

1,703,785

8,721

Bunge

Global

SA

842,797

11,502

Campbell

Soup

Co.

562,678

29,644

Conagra

Brands,

Inc.

964,023

33,695

General

Mills,

Inc.

2,488,376

8,966

Hershey

Co.

(The)

1,719,499

18,096

Hormel

Foods

Corp.

573,643

6,519

JM

Smucker

Co.

(The)

789,451

15,848

Kellanova

1,279,092

53,105

Kraft

Heinz

Co.

(The)

1,864,517

8,841

Lamb

Weston

Holdings,

Inc.

572,366

15,295

McCormick

&

Co.,

Inc.

ADR

1,258,779

80,049

Mondelez

International,

Inc.,

Class

A

5,897,210

17,332

Tyson

Foods,

Inc.,

Class

A

1,032,294

21,548,510

Gas

Utilities

(0.0%

†

):

9,195

Atmos

Energy

Corp.

1,275,438

Ground

Transportation

(1.0%):

116,648

CSX

Corp.

4,027,855

4,825

JB

Hunt

Transport

Services,

Inc.

831,492

13,408

Norfolk

Southern

Corp.

3,331,888

10,834

Old

Dominion

Freight

Line,

Inc.

2,152,066

125,467

Uber

Technologies,

Inc.*

9,430,100

36,299

Union

Pacific

Corp.

8,946,978

28,720,379

Health

Care

Equipment

&

Supplies

(2.3%):

103,914

Abbott

Laboratories

11,847,235

4,336

Align

Technology,

Inc.*

1,102,731

30,841

Baxter

International,

Inc.

1,171,033

17,197

Becton

Dickinson

&

Co.

4,146,197

87,564

Boston

Scientific

Corp.*

7,337,863

12,142

Cooper

Cos.,

Inc.

(The)*

1,339,748

24,000

Dexcom

,

Inc.*

1,608,960

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

35,767

Edwards

Lifesciences

Corp.*

$

2,360,264

27,628

GE

HealthCare

Technologies,

Inc.

2,592,888

14,299

Hologic

,

Inc.*

1,164,797

4,968

IDEXX

Laboratories,

Inc.*

2,509,933

4,012

Insulet

Corp.*

933,793

21,133

Intuitive

Surgical,

Inc.*

10,382,009

76,200

Medtronic

plc

6,860,286

8,882

ResMed

,

Inc.

2,168,274

5,752

STERIS

plc

1,395,090

20,511

Stryker

Corp.

7,409,804

2,836

Teleflex,

Inc.

701,399

12,209

Zimmer

Biomet

Holdings,

Inc.

1,317,962

68,350,266

Health

Care

Providers

&

Services

(2.5%):

14,383

Cardinal

Health,

Inc.

1,589,609

10,121

Cencora

,

Inc.

2,278,035

31,650

Centene

Corp.*

2,382,612

16,571

Cigna

Group

(The)

5,740,857

75,590

CVS

Health

Corp.

4,753,099

2,663

DaVita,

Inc.*

436,546

13,905

Elevance

Health,

Inc.

7,230,600

11,180

HCA

Healthcare,

Inc.

4,543,888

7,709

Henry

Schein,

Inc.*

561,986

7,335

Humana,

Inc.

2,323,288

5,171

Labcorp

Holdings,

Inc.

1,155,615

7,720

McKesson

Corp.

3,816,922

3,536

Molina

Healthcare,

Inc.*

1,218,364

6,697

Quest

Diagnostics,

Inc.

1,039,709

8,339

Solventum

Corp.*

581,395

55,179

UnitedHealth

Group,

Inc.

32,262,058

3,593

Universal

Health

Services,

Inc.,

Class

B

822,833

72,737,416

Health

Care

REITs

(0.2%):

43,722

Healthpeak

Properties,

Inc.

999,922

24,776

Ventas,

Inc.

1,588,885

34,818

Welltower

,

Inc.

4,457,749

7,046,556

Hotel

&

Resort

REITs

(0.0%

†

):

41,673

Host

Hotels

&

Resorts,

Inc.

733,445

Hotels,

Restaurants

&

Leisure

(1.9%):

26,249

Airbnb,

Inc.,

Class

A*

3,328,636

1,996

Booking

Holdings,

Inc.

8,407,392

12,108

Caesars

Entertainment,

Inc.*

505,388

61,733

Carnival

Corp.*

1,140,826

81,826

Chipotle

Mexican

Grill,

Inc.*

4,714,814

7,298

Darden

Restaurants,

Inc.

1,197,821

2,131

Domino's

Pizza,

Inc.

916,628

7,293

Expedia

Group,

Inc.*

1,079,510

14,613

Hilton

Worldwide

Holdings,

Inc.

3,368,296

20,435

Las

Vegas

Sands

Corp.

1,028,698

14,059

Marriott

International,

Inc.,

Class

A

3,495,067

42,865

McDonald's

Corp.

13,052,821

12,911

MGM

Resorts

International*

504,691

26,676

Norwegian

Cruise

Line

Holdings,

Ltd.*

547,125

13,965

Royal

Caribbean

Cruises,

Ltd.

2,476,832

68,181

Starbucks

Corp.

6,646,966

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

183

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

5,213

Wynn

Resorts,

Ltd.

$

499,822

16,559

Yum!

Brands,

Inc.

2,313,458

55,224,791

Household

Durables

(0.4%):

17,594

D.R.

Horton,

Inc.

3,356,408

9,041

Garmin,

Ltd.

1,591,487

14,244

Lennar

Corp.,

Class

A

2,670,465

3,014

Mohawk

Industries,

Inc.*

484,290

179

NVR,

Inc.*

1,756,312

12,589

PulteGroup,

Inc.

1,806,899

11,665,861

Household

Products

(1.2%):

14,578

Church

&

Dwight

Co.,

Inc.

1,526,608

7,521

Clorox

Co.

(The)

1,225,246

48,988

Colgate-Palmolive

Co.

5,085,444

20,339

Kimberly-Clark

Corp.

2,893,833

140,667

Procter

&

Gamble

Co.

(The)

24,363,525

35,094,656

Independent

Power

and

Renewable

Electricity

Producers

(0.1%):

44,129

AES

Corp.

(The)

885,228

20,174

Vistra

Corp.

2,391,426

3,276,654

Industrial

Conglomerates

(0.8%):

33,053

3M

Co.

4,518,345

64,781

General

Electric

Co.

12,216,401

39,113

Honeywell

International,

Inc.

8,085,048

24,819,794

Industrial

REITs

(0.2%):

55,542

Prologis,

Inc.

7,013,844

Insurance

(2.2%):

30,325

Aflac,

Inc.

3,390,335

15,788

Allstate

Corp.

(The)

2,994,194

38,491

American

International

Group,

Inc.

2,818,696

12,959

Aon

plc,

Class

A

4,483,684

22,802

Arch

Capital

Group,

Ltd.*

2,551,088

12,993

Arthur

J.

Gallagher

&

Co.

3,655,840

3,113

Assurant,

Inc.

619,051

13,775

Brown

&

Brown,

Inc.

1,427,090

22,602

Chubb,

Ltd.

6,518,191

9,602

Cincinnati

Financial

Corp.

1,307,024

1,501

Erie

Indemnity

Co.,

Class

A

810,270

2,621

Everest

Group,

Ltd.

1,026,987

5,331

Globe

Life,

Inc.

564,606

17,231

Hartford

Financial

Services

Group,

Inc.

(The)

2,026,538

10,843

Loews

Corp.

857,139

29,537

Marsh

&

McLennan

Cos.,

Inc.

6,589,409

35,395

MetLife,

Inc.

2,919,380

12,337

Principal

Financial

Group,

Inc.

1,059,748

34,900

Progressive

Corp.

(The)

8,856,224

21,596

Prudential

Financial,

Inc.

2,615,276

13,467

Travelers

Cos.,

Inc.

(The)

3,152,894

18,384

W

R

Berkley

Corp.

1,042,924

Shares

Value

Common

Stocks,

continued

Insurance,

continued

6,116

Willis

Towers

Watson

plc

$

1,801,346

63,087,934

Interactive

Media

&

Services

(6.2%):

350,107

Alphabet,

Inc.,

Class

A

58,065,246

287,012

Alphabet,

Inc.,

Class

C

47,985,536

14,305

Match

Group,

Inc.*

541,301

130,550

Meta

Platforms,

Inc.,

Class

A

74,732,042

181,324,125

IT

Services

(1.2%):

37,430

Accenture

plc,

Class

A

13,230,756

9,043

Akamai

Technologies,

Inc.*

912,891

29,216

Cognizant

Technology

Solutions

Corp.,

Class

A

2,254,891

3,569

EPAM

Systems,

Inc.*

710,338

4,573

Gartner,

Inc.*

2,317,414

8,391

GoDaddy

,

Inc.,

Class

A*

1,315,541

54,975

International

Business

Machines

Corp.

12,153,873

4,851

VeriSign,

Inc.*

921,496

33,817,200

Leisure

Products

(0.0%

†

):

7,423

Hasbro,

Inc.

536,831

Life

Sciences

Tools

&

Services

(1.3%):

17,464

Agilent

Technologies,

Inc.

2,593,055

9,535

Bio-

Techne

Corp.

762,133

3,131

Charles

River

Laboratories

International,

Inc.*

616,713

38,349

Danaher

Corp.

10,661,789

10,420

IQVIA

Holdings,

Inc.*

2,469,227

1,295

Mettler

-Toledo

International,

Inc.*

1,942,111

7,356

Revvity

,

Inc.

939,729

22,826

Thermo

Fisher

Scientific,

Inc.

14,119,479

3,593

Waters

Corp.*

1,293,085

4,311

West

Pharmaceutical

Services,

Inc.

1,293,990

36,691,311

Machinery

(1.7%):

28,945

Caterpillar,

Inc.

11,320,968

8,083

Cummins,

Inc.

2,617,195

15,420

Deere

&

Co.

6,435,229

8,256

Dover

Corp.

1,583,005

20,759

Fortive

Corp.

1,638,508

4,537

IDEX

Corp.

973,186

16,153

Illinois

Tool

Works,

Inc.

4,233,217

23,904

Ingersoll

Rand,

Inc.

2,346,417

3,378

Nordson

Corp.

887,164

24,039

Otis

Worldwide

Corp.

2,498,614

31,172

PACCAR,

Inc.

3,076,053

7,675

Parker-Hannifin

Corp.

4,849,218

10,113

Pentair

plc

988,950

3,255

Snap-on,

Inc.

943,006

9,118

Stanley

Black

&

Decker,

Inc.

1,004,165

10,274

Westinghouse

Air

Brake

Technologies

Corp.

1,867,505

14,624

Xylem,

Inc.

1,974,679

49,237,079

Media

(0.5%):

5,921

Charter

Communications,

Inc.,

Class

A*

1,918,878

230,292

Comcast

Corp.,

Class

A

9,619,297

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

184

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Media,

continued

13,693

Fox

Corp.,

Class

A

$

579,625

8,579

Fox

Corp.,

Class

B

332,865

21,349

Interpublic

Group

of

Cos.,

Inc.

(The)

675,269

24,122

News

Corp.,

Class

A

642,369

6,960

News

Corp.,

Class

B

194,532

12,088

Omnicom

Group,

Inc.

1,249,778

28,033

Paramount

Global,

Class

B

297,710

15,510,323

Metals

&

Mining

(0.4%):

85,699

Freeport-McMoRan,

Inc.

4,278,094

68,563

Newmont

Corp.

3,664,692

14,006

Nucor

Corp.

2,105,662

8,573

Steel

Dynamics,

Inc.

1,080,884

11,129,332

Multi-Utilities

(0.7%):

16,102

Ameren

Corp.

1,408,281

38,776

CenterPoint

Energy,

Inc.

1,140,790

17,998

CMS

Energy

Corp.

1,271,199

20,980

Consolidated

Edison,

Inc.

2,184,647

50,300

Dominion

Energy,

Inc.

2,906,837

12,155

DTE

Energy

Co.

1,560,824

27,244

NiSource,

Inc.

944,005

29,555

Public

Service

Enterprise

Group,

Inc.

2,636,601

38,129

Sempra

3,188,728

18,824

WEC

Energy

Group,

Inc.

1,810,492

19,052,404

Office

REITs

(0.1%):

9,623

Alexandria

Real

Estate

Equities,

Inc.

1,142,731

8,436

BXP,

Inc.

678,761

1,821,492

Oil,

Gas

&

Consumable

Fuels

(3.0%):

21,367

APA

Corp.

522,637

101,638

Chevron

Corp.

14,968,228

69,049

ConocoPhillips

7,269,479

42,715

Coterra

Energy,

Inc.

1,023,024

36,370

Devon

Energy

Corp.

1,422,794

10,907

Diamondback

Energy,

Inc.

1,880,367

34,211

EOG

Resources,

Inc.

4,205,558

36,528

EQT

Corp.

1,338,386

265,483

Exxon

Mobil

Corp.

31,119,917

16,345

Hess

Corp.

2,219,651

114,581

Kinder

Morgan,

Inc.

2,531,094

32,225

Marathon

Oil

Corp.

858,152

20,137

Marathon

Petroleum

Corp.

3,280,519

40,588

Occidental

Petroleum

Corp.

2,091,906

35,267

ONEOK,

Inc.

3,213,882

25,184

Phillips

66

3,310,437

13,345

Targa

Resources

Corp.

1,975,193

19,440

Valero

Energy

Corp.

2,624,983

72,081

Williams

Cos.,

Inc.

(The)

3,290,498

89,146,705

Passenger

Airlines

(0.1%):

38,592

Delta

Air

Lines,

Inc.

1,960,088

36,274

Southwest

Airlines

Co.

1,074,799

Shares

Value

Common

Stocks,

continued

Passenger

Airlines,

continued

19,821

United

Airlines

Holdings,

Inc.*

$

1,130,986

4,165,873

Personal

Care

Products

(0.1%):

13,711

Estee

Lauder

Cos.,

Inc.

(The)

1,366,849

112,905

Kenvue

,

Inc.

2,611,493

3,978,342

Pharmaceuticals

(3.6%):

120,246

Bristol-Myers

Squibb

Co.

6,221,528

10,633

Catalent

,

Inc.*

644,041

47,138

Eli

Lilly

&

Co.

41,761,440

143,846

Johnson

&

Johnson

23,311,683

151,469

Merck

&

Co.,

Inc.

17,200,819

337,950

Pfizer,

Inc.

9,780,273

74,911

Viatris

,

Inc.

869,717

27,259

Zoetis,

Inc.

5,325,863

105,115,364

Professional

Services

(0.6%):

7,657

Amentum

Holdings,

Inc.*

246,938

24,221

Automatic

Data

Processing,

Inc.

6,702,678

6,918

Broadridge

Financial

Solutions,

Inc.

1,487,578

9,708

Dayforce

,

Inc.*

594,615

7,493

Equifax,

Inc.

2,201,893

7,657

Jacobs

Solutions,

Inc.

1,002,301

7,897

Leidos

Holdings,

Inc.

1,287,211

19,032

Paychex,

Inc.

2,553,904

2,960

Paycom

Software,

Inc.

493,047

8,572

Verisk

Analytics,

Inc.

2,296,953

18,867,118

Real

Estate

Management

&

Development

(0.1%):

17,864

CBRE

Group,

Inc.,

Class

A*

2,223,711

24,765

CoStar

Group,

Inc.*

1,868,271

4,091,982

Residential

REITs

(0.3%):

8,513

AvalonBay

Communities,

Inc.

1,917,553

6,275

Camden

Property

Trust

775,151

20,311

Equity

Residential

1,512,357

3,908

Essex

Property

Trust,

Inc.

1,154,501

33,005

Invitation

Homes,

Inc.

1,163,756

6,752

Mid-America

Apartment

Communities,

Inc.

1,072,893

18,291

UDR,

Inc.

829,314

8,425,525

Retail

REITs

(0.3%):

4,570

Federal

Realty

Investment

Trust

525,413

39,436

Kimco

Realty

Corp.

915,704

51,863

Realty

Income

Corp.

3,289,151

9,612

Regency

Centers

Corp.

694,275

18,439

Simon

Property

Group,

Inc.

3,116,560

8,541,103

Semiconductors

&

Semiconductor

Equipment

(11.0%):

96,713

Advanced

Micro

Devices,

Inc.*

15,868,669

29,815

Analog

Devices,

Inc.

6,862,519

49,321

Applied

Materials,

Inc.

9,965,308

278,155

Broadcom,

Inc.

47,981,738

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

185

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

8,340

Enphase

Energy,

Inc.*

$

942,587

6,360

First

Solar,

Inc.*

1,586,438

254,149

Intel

Corp.

5,962,336

7,975

KLA

Corp.

6,175,920

7,791

Lam

Research

Corp.

6,358,079

31,540

Microchip

Technology,

Inc.

2,532,347

66,623

Micron

Technology,

Inc.

6,909,471

2,949

Monolithic

Power

Systems,

Inc.

2,726,350

1,469,985

NVIDIA

Corp.

178,514,978

15,313

NXP

Semiconductors

NV

3,675,273

25,818

ON

Semiconductor

Corp.*

1,874,645

5,786

Qorvo

,

Inc.*

597,694

66,510

QUALCOMM,

Inc.

11,310,026

9,727

Skyworks

Solutions,

Inc.

960,736

9,508

Teradyne,

Inc.

1,273,406

54,378

Texas

Instruments,

Inc.

11,232,863

323,311,383

Software

(10.3%):

26,496

Adobe,

Inc.*

13,719,099

5,197

ANSYS,

Inc.*

1,655,920

13,009

Autodesk,

Inc.*

3,583,719

16,461

Cadence

Design

Systems,

Inc.*

4,461,425

4,130

Corpay

,

Inc.*

1,291,699

13,741

Crowdstrike

Holdings,

Inc.,

Class

A*

3,853,938

1,468

Fair

Isaac

Corp.*

2,853,088

38,037

Fortinet,

Inc.*

2,949,769

31,849

Gen

Digital,

Inc.

873,618

16,682

Intuit,

Inc.

10,359,522

444,165

Microsoft

Corp.

191,124,200

95,513

Oracle

Corp.

ADR

16,275,415

121,163

Palantir

Technologies,

Inc.,

Class

A*

4,507,264

19,399

Palo

Alto

Networks,

Inc.*

6,630,578

7,373

PTC,

Inc.*

1,332,006

6,412

Roper

Technologies,

Inc.

3,567,893

57,903

Salesforce,

Inc.

15,848,630

12,310

ServiceNow

,

Inc.*

11,009,941

9,141

Synopsys,

Inc.*

4,628,911

2,591

Tyler

Technologies,

Inc.*

1,512,419

302,039,054

Specialized

REITs

(1.0%):

28,103

American

Tower

Corp.

6,535,634

26,130

Crown

Castle,

Inc.

3,099,802

18,517

Digital

Realty

Trust,

Inc.

2,996,606

5,652

Equinix

,

Inc.

5,016,885

12,798

Extra

Space

Storage,

Inc.

2,306,071

159

Gaming

and

Leisure

Properties,

Inc.

8,180

17,505

Iron

Mountain,

Inc.

2,080,119

9,327

Public

Storage

3,393,815

6,301

SBA

Communications

Corp.

1,516,651

62,706

VICI

Properties,

Inc.

2,088,737

42,431

Weyerhaeuser

Co.

1,436,714

30,479,214

Specialty

Retail

(1.9%):

1,025

AutoZone,

Inc.*

3,228,791

Shares

Value

Common

Stocks,

continued

Specialty

Retail,

continued

11,732

Best

Buy

Co.,

Inc.

$

1,211,916

9,321

CarMax,

Inc.*

721,259

59,254

Home

Depot,

Inc.

(The)

24,009,721

33,957

Lowe's

Cos.,

Inc.

9,197,253

3,484

O'Reilly

Automotive,

Inc.*

4,012,174

19,819

Ross

Stores,

Inc.

2,982,958

67,889

TJX

Cos.,

Inc.

(The)

7,979,673

6,500

Tractor

Supply

Co.

1,891,045

2,755

Ulta

Beauty,

Inc.*

1,072,026

56,306,816

Technology

Hardware,

Storage

&

Peripherals

(7.6%):

908,531

Apple,

Inc.

211,687,723

17,308

Dell

Technologies,

Inc.,

Class

C

2,051,690

76,374

Hewlett

Packard

Enterprise

Co.

1,562,612

58,877

HP,

Inc.

2,111,918

12,134

NetApp,

Inc.

1,498,670

12,097

Seagate

Technology

Holdings

plc

1,324,984

3,124

Super

Micro

Computer,

Inc.*

1,300,834

18,906

Western

Digital

Corp.*

1,291,091

222,829,522

Textiles,

Apparel

&

Luxury

Goods

(0.4%):

9,093

Deckers

Outdoor

Corp.*

1,449,879

7,007

Lululemon

Athletica

,

Inc.*

1,901,349

71,302

NIKE,

Inc.,

Class

B

6,303,097

2,327

Ralph

Lauren

Corp.

451,136

13,376

Tapestry,

Inc.

628,404

10,733,865

Tobacco

(0.6%):

102,658

Altria

Group,

Inc.

5,239,664

92,826

Philip

Morris

International,

Inc.

11,269,077

16,508,741

Trading

Companies

&

Distributors

(0.3%):

33,794

Fastenal

Co.

2,413,567

3,935

United

Rentals,

Inc.

3,186,288

2,637

W.W.

Grainger,

Inc.

2,739,342

8,339,197

Water

Utilities

(0.1%):

11,582

American

Water

Works

Co.,

Inc.

1,693,752

Wireless

Telecommunication

Services

(0.2%):

29,485

T-Mobile

US,

Inc.

6,084,525

Total

Common

Stocks

(Cost

$848,521,881)

2,909,771,064

Unaffiliated

Investment

Company

(0.6%):

Money

Markets

(0.6%):

18,691,943

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(a)

18,691,943

Total

Unaffiliated

Investment

Company

(Cost

$18,691,943)

18,691,943

Total

Investment

Securities

(Cost

$867,213,824)

—

100.0%

2,928,463,007

Net

other

assets

(liabilities)

—

0.0%

†

399,164

Net

Assets

—

100.0%

$

2,928,862,171

AZL

S&P

500

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

186

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

ADR—American

Depository

Receipt

*

Non-income

producing

security.

+

Affiliated

Securities

†

Represents

less

than

0.05%.

(a)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Futures

Contracts

At

September

30,

2024,

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

December

Futures

(U.S.

Dollar)

12/20/24

70

$

20,349,875‌

$

105,122‌

$

105,122‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

187

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(99.3%):

Aerospace

&

Defense

(1.3%):

12,543

AAR

Corp.*

$

819,810‌

10,205

AeroVironment,

Inc.*

2,046,103‌

18,467

Mercury

Systems,

Inc.*

683,279‌

10,789

Moog,

Inc.,

Class

A

2,179,594‌

1,721

National

Presto

Industries,

Inc.

129,316‌

27,927

Triumph

Group,

Inc.*

359,979‌

6,218,081‌

Air

Freight

&

Logistics

(0.3%):

6,799

Forward

Air

Corp.

240,685‌

22,399

Hub

Group,

Inc.,

Class

A

1,018,034‌

1,258,719‌

Automobile

Components

(1.5%):

27,875

Adient

plc*

629,139‌

46,302

American

Axle

&

Manufacturing

Holdings,

Inc.*

286,146‌

48,448

Dana,

Inc.

511,611‌

9,998

Dorman

Products,

Inc.*

1,130,974‌

15,076

Fox

Factory

Holding

Corp.*

625,654‌

11,297

Gentherm,

Inc.*

525,875‌

9,254

LCI

Industries

1,115,477‌

8,088

Patrick

Industries,

Inc.

1,151,489‌

16,149

Phinia,

Inc.

743,338‌

6,999

Standard

Motor

Products,

Inc.

232,367‌

7,908

XPEL,

Inc.*

342,970‌

7,295,040‌

Automobiles

(0.1%):

10,597

Winnebago

Industries,

Inc.

615,792‌

Banks

(9.5%):

25,117

Ameris

Bancorp

1,567,050‌

33,048

Atlantic

Union

Bankshares

Corp.

1,244,918‌

19,772

Axos

Financial,

Inc.*

1,243,263‌

48,099

Banc

of

California,

Inc.

708,498‌

6,433

BancFirst

Corp.

677,073‌

17,751

Bancorp,

Inc.

(The)*

949,679‌

14,204

Bank

of

Hawaii

Corp.

891,585‌

27,490

BankUnited,

Inc.

1,001,736‌

13,297

Banner

Corp.

791,969‌

15,781

Berkshire

Hills

Bancorp,

Inc.

424,982‌

34,663

Brookline

Bancorp,

Inc.

349,750‌

46,234

Capitol

Federal

Financial,

Inc.

270,007‌

27,256

Cathay

General

Bancorp

1,170,645‌

11,376

Central

Pacific

Financial

Corp.

335,706‌

5,541

City

Holding

Co.

650,458‌

49,006

Comerica,

Inc.

2,935,949‌

19,351

Community

Financial

System,

Inc.

1,123,713‌

10,805

Customers

Bancorp,

Inc.*

501,892‌

48,305

CVB

Financial

Corp.

860,795‌

13,280

Dime

Community

Bancshares,

Inc.

382,464‌

11,282

Eagle

Bancorp,

Inc.

254,748‌

13,475

FB

Financial

Corp.

632,382‌

62,807

First

BanCorp

1,329,624‌

15,427

First

Bancorp/Southern

Pines

NC

641,609‌

39,329

First

Commonwealth

Financial

Corp.

674,492‌

36,914

First

Financial

Bancorp

931,340‌

50,246

First

Hawaiian,

Inc.

1,163,195‌

68,164

Fulton

Financial

Corp.

1,235,813‌

Shares

Value

Common

Stocks,

continued

Banks,

continued

13,759

Hanmi

Financial

Corp.

$

255,917‌

13,682

Heritage

Financial

Corp.

297,857‌

17,401

Hilltop

Holdings,

Inc.

559,616‌

50,445

Hope

Bancorp,

Inc.

633,589‌

15,674

Independent

Bank

Corp.

926,804‌

13,063

Independent

Bank

Group,

Inc.

753,213‌

9,571

Lakeland

Financial

Corp.

623,264‌

13,811

National

Bank

Holdings

Corp.,

Class

A

581,443‌

17,392

NBT

Bancorp,

Inc.

769,248‌

50,181

Northwest

Bancshares,

Inc.

671,422‌

17,613

OFG

Bancorp

791,176‌

35,838

Pacific

Premier

Bancorp,

Inc.

901,684‌

5,572

Park

National

Corp.

935,985‌

9,234

Pathward

Financial,

Inc.

609,536‌

5,133

Preferred

Bank

411,923‌

40,225

Provident

Financial

Services,

Inc.

746,576‌

22,740

Renasant

Corp.

739,050‌

15,077

S&T

Bancorp,

Inc.

632,782‌

30,390

Seacoast

Banking

Corp.

of

Florida

809,893‌

18,442

ServisFirst

Bancshares,

Inc.

1,483,659‌

47,008

Simmons

First

National

Corp.,

Class

A

1,012,552‌

10,674

Southside

Bancshares,

Inc.

356,832‌

17,009

Stellar

Bancorp,

Inc.

440,363‌

4,667

Tompkins

Financial

Corp.

269,706‌

8,038

Triumph

Financial,

Inc.*

639,343‌

7,482

TrustCo

Bank

Corp.

247,430‌

23,309

Trustmark

Corp.

741,692‌

45,104

United

Community

Banks,

Inc.

1,311,624‌

20,938

Veritex

Holdings,

Inc.

551,088‌

26,863

WaFd,

Inc.

936,176‌

10,020

Westamerica

BanCorp

495,188‌

22,291

WSFS

Financial

Corp.

1,136,618‌

47,218,584‌

Beverages

(0.2%):

5,087

MGP

Ingredients,

Inc.

423,493‌

8,546

National

Beverage

Corp.

401,149‌

824,642‌

Biotechnology

(2.3%):

83,914

ADMA

Biologics,

Inc.*

1,677,441‌

60,872

Alkermes

plc,

ADR*

1,703,807‌

18,911

Arcus

Biosciences,

Inc.*

289,149‌

40,054

Catalyst

Pharmaceuticals,

Inc.*

796,273‌

44,299

Dynavax

Technologies

Corp.*

493,491‌

51,998

Ironwood

Pharmaceuticals,

Inc.*

214,232‌

9,193

Krystal

Biotech,

Inc.*

1,673,402‌

32,900

Myriad

Genetics,

Inc.*

901,131‌

21,217

Protagonist

Therapeutics,

Inc.*

954,765‌

16,272

REGENXBIO,

Inc.*

170,693‌

47,769

TG

Therapeutics,

Inc.*

1,117,317‌

17,680

Vericel

Corp.*

746,980‌

33,446

Vir

Biotechnology,

Inc.*

250,511‌

22,435

Xencor,

Inc.*

451,168‌

11,440,360‌

Broadline

Retail

(0.6%):

41,170

Etsy,

Inc.*

2,286,170‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

188

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Broadline

Retail,

continued

40,735

Kohl's

Corp.

$

859,509‌

3,145,679‌

Building

Products

(2.7%):

5,750

American

Woodmark

Corp.*

537,338‌

8,239

Apogee

Enterprises,

Inc.

576,854‌

16,320

Armstrong

World

Industries,

Inc.

2,144,938‌

10,813

AZZ,

Inc.

893,262‌

5,834

CSW

Industrials,

Inc.

2,137,519‌

10,981

Gibraltar

Industries,

Inc.*

767,901‌

14,275

Griffon

Corp.

999,250‌

48,624

Hayward

Holdings,

Inc.*

745,892‌

6,890

Insteel

Industries,

Inc.

214,210‌

46,968

Masterbrand,

Inc.*

870,787‌

16,776

Quanex

Building

Products

Corp.

465,534‌

53,338

Resideo

Technologies,

Inc.*

1,074,227‌

49,981

Zurn

Elkay

Water

Solutions

Corp.

1,796,317‌

13,224,029‌

Capital

Markets

(2.6%):

24,939

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,080,357‌

139,269

BGC

Group,

Inc.,

Class

A

1,278,489‌

10,439

Brightsphere

Investment

Group,

Inc.

265,151‌

9,971

Cohen

&

Steers,

Inc.

956,717‌

9,631

Donnelley

Financial

Solutions,

Inc.*

634,009‌

24,068

Moelis

&

Co.,

Class

A

1,648,899‌

6,077

Piper

Sandler

Cos.

1,724,713‌

8,760

PJT

Partners,

Inc.,

Class

A

1,168,058‌

22,673

StepStone

Group,

Inc.,

Class

A

1,288,507‌

10,551

StoneX

Group,

Inc.*

863,916‌

30,428

Virtu

Financial,

Inc.,

Class

A

926,837‌

2,484

Virtus

Investment

Partners,

Inc.

520,274‌

43,881

WisdomTree,

Inc.^

438,371‌

12,794,298‌

Chemicals

(2.1%):

10,070

AdvanSix,

Inc.

305,927‌

12,020

Balchem

Corp.

2,115,520‌

6,954

Hawkins,

Inc.

886,426‌

20,427

HB

Fuller

Co.

1,621,495‌

12,991

Ingevity

Corp.*

506,649‌

9,009

Innospec,

Inc.

1,018,828‌

7,626

Koppers

Holdings,

Inc.

278,578‌

19,534

Mativ

Holdings,

Inc.

331,883‌

11,658

Minerals

Technologies,

Inc.

900,347‌

5,031

Quaker

Chemical

Corp.

847,673‌

15,369

Sensient

Technologies

Corp.

1,232,901‌

7,628

Stepan

Co.

589,263‌

10,635,490‌

Commercial

Services

&

Supplies

(2.0%):

23,184

ABM

Industries,

Inc.

1,223,188‌

16,009

Brady

Corp.,

Class

A

1,226,770‌

40,584

CoreCivic,

Inc.*

513,388‌

16,435

Deluxe

Corp.

320,318‌

30,098

Enviri

Corp.*

311,213‌

50,608

GEO

Group,

Inc.

(The)*

650,313‌

27,168

Healthcare

Services

Group,

Inc.*

303,467‌

16,986

HNI

Corp.

914,526‌

22,689

Interface,

Inc.

430,410‌

Shares

Value

Common

Stocks,

continued

Commercial

Services

&

Supplies,

continued

8,410

Liquidity

Services,

Inc.*

$

191,748‌

11,155

Matthews

International

Corp.,

Class

A

258,796‌

25,207

MillerKnoll,

Inc.

624,125‌

38,208

OPENLANE,

Inc.*

644,951‌

59,328

Pitney

Bowes,

Inc.

423,009‌

5,434

UniFirst

Corp.

1,079,464‌

41,527

Vestis

Corp.

618,752‌

8,165

Viad

Corp.*

292,552‌

10,026,990‌

Communications

Equipment

(0.8%):

21,096

Calix,

Inc.*

818,314‌

13,190

Digi

International,

Inc.*

363,121‌

48,283

Extreme

Networks,

Inc.*

725,693‌

42,327

Harmonic,

Inc.*

616,704‌

25,456

NetScout

Systems,

Inc.*

553,668‌

29,718

Viasat,

Inc.*

354,833‌

82,048

Viavi

Solutions,

Inc.*

740,073‌

4,172,406‌

Construction

&

Engineering

(1.1%):

17,940

Arcosa,

Inc.

1,699,994‌

10,653

Dycom

Industries,

Inc.*

2,099,706‌

16,095

Granite

Construction,

Inc.

1,276,012‌

5,913

MYR

Group,

Inc.*

604,486‌

5,680,198‌

Consumer

Finance

(0.8%):

17,177

Bread

Financial

Holdings,

Inc.

817,282‌

8,287

Encore

Capital

Group,

Inc.*

391,727‌

9,641

Enova

International,

Inc.*

807,819‌

19,943

EZCORP,

Inc.,

Class

A*

223,561‌

17,450

Green

Dot

Corp.,

Class

A*

204,340‌

31,526

Navient

Corp.

491,490‌

14,404

PRA

Group,

Inc.*

322,073‌

15,594

PROG

Holdings,

Inc.

756,153‌

1,368

World

Acceptance

Corp.*

161,397‌

4,175,842‌

Consumer

Staples

Distribution

&

Retail

(0.7%):

12,237

Andersons,

Inc.

(The)

613,563‌

12,583

Chefs'

Warehouse,

Inc.

(The)*

528,612‌

35,180

Grocery

Outlet

Holding

Corp.*

617,409‌

8,880

PriceSmart,

Inc.

815,006‌

12,461

SpartanNash

Co.

279,251‌

21,800

United

Natural

Foods,

Inc.*

366,676‌

3,220,517‌

Containers

&

Packaging

(0.5%):

13,837

Myers

Industries,

Inc.

191,227‌

58,465

O-I

Glass,

Inc.*

767,061‌

47,403

Sealed

Air

Corp.

1,720,729‌

2,679,017‌

Diversified

Consumer

Services

(1.0%):

13,620

Adtalem

Global

Education,

Inc.*

1,028,037‌

27,613

Frontdoor,

Inc.*

1,325,148‌

35,353

Mister

Car

Wash,

Inc.*

230,148‌

22,453

Perdoceo

Education

Corp.

499,355‌

8,518

Strategic

Education,

Inc.

788,341‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

189

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Diversified

Consumer

Services,

continued

15,327

Stride,

Inc.*

$

1,307,546‌

5,178,575‌

Diversified

REITs

(0.8%):

25,510

Alexander

&

Baldwin,

Inc.

489,792‌

17,097

American

Assets

Trust,

Inc.

456,832‌

23,566

Armada

Hoffler

Properties,

Inc.

255,220‌

66,551

Essential

Properties

Realty

Trust,

Inc.

2,272,716‌

69,643

Global

Net

Lease,

Inc.

586,394‌

4,060,954‌

Diversified

Telecommunication

Services

(1.1%):

15,330

Cogent

Communications

Holdings,

Inc.

1,163,854‌

28,087

Consolidated

Communications

Holdings,

Inc.*

130,324‌

43,888

EchoStar

Corp.,

Class

A*

1,089,300‌

371,244

Lumen

Technologies,

Inc.*

2,635,832‌

16,639

Shenandoah

Telecommunications

Co.

234,776‌

5,254,086‌

Electric

Utilities

(0.5%):

13,315

MGE

Energy,

Inc.

1,217,657‌

15,274

Otter

Tail

Corp.

1,193,816‌

2,411,473‌

Electrical

Equipment

(0.5%):

3,396

Powell

Industries,

Inc.

753,878‌

81,979

Sunrun,

Inc.*

1,480,541‌

8,101

Vicor

Corp.*

341,052‌

2,575,471‌

Electronic

Equipment,

Instruments

&

Components

(3.3%):

13,766

Advanced

Energy

Industries,

Inc.

1,448,734‌

36,975

Arlo

Technologies,

Inc.*

447,767‌

10,809

Badger

Meter,

Inc.

2,360,794‌

13,434

Benchmark

Electronics,

Inc.

595,395‌

10,660

CTS

Corp.

515,731‌

9,789

ePlus,

Inc.*

962,650‌

10,351

Insight

Enterprises,

Inc.*

2,229,502‌

16,349

Itron,

Inc.*

1,746,236‌

30,776

Knowles

Corp.*

554,891‌

5,584

OSI

Systems,

Inc.*

847,819‌

4,135

PC

Connection,

Inc.

311,903‌

10,056

Plexus

Corp.*

1,374,756‌

5,807

Rogers

Corp.*

656,249‌

20,446

Sanmina

Corp.*

1,399,529‌

8,651

ScanSource,

Inc.*

415,507‌

36,739

TTM

Technologies,

Inc.*

670,487‌

16,537,950‌

Energy

Equipment

&

Services

(2.0%):

60,055

Archrock,

Inc.

1,215,513‌

8,978

Bristow

Group,

Inc.*

311,447‌

24,594

Cactus,

Inc.,

Class

A

1,467,524‌

16,814

Core

Laboratories,

Inc.

311,563‌

54,000

Helix

Energy

Solutions

Group,

Inc.*

599,400‌

36,821

Helmerich

&

Payne,

Inc.

1,120,095‌

12,327

Innovex

International,

Inc.*

180,960‌

59,494

Liberty

Energy,

Inc.

1,135,741‌

3,193

Nabors

Industries,

Ltd.*

205,853‌

37,519

Oceaneering

International,

Inc.*

933,098‌

Shares

Value

Common

Stocks,

continued

Energy

Equipment

&

Services,

continued

121,393

Patterson-UTI

Energy,

Inc.

$

928,656‌

31,937

ProPetro

Holding

Corp.*

244,637‌

31,455

RPC,

Inc.

200,054‌

17,921

Tidewater,

Inc.*

1,286,549‌

10,141,090‌

Entertainment

(0.5%):

38,900

Cinemark

Holdings,

Inc.*

1,082,976‌

6,065

Madison

Square

Garden

Sports

Corp.*

1,263,097‌

2,346,073‌

Financial

Services

(1.9%):

25,573

EVERTEC,

Inc.

866,669‌

13,961

Jackson

Financial,

Inc.,

Class

A

1,273,662‌

24,640

Mr

Cooper

Group,

Inc.*

2,271,315‌

27,594

NCR

Atleos

Corp.*

787,257‌

31,641

NMI

Holdings,

Inc.*

1,303,293‌

97,331

Payoneer

Global,

Inc.*

732,902‌

24,877

Radian

Group,

Inc.

862,983‌

12,635

Walker

&

Dunlop,

Inc.

1,435,210‌

9,533,291‌

Food

Products

(1.2%):

28,699

B&G

Foods,

Inc.^

254,847‌

15,095

Cal-Maine

Foods,

Inc.

1,129,710‌

11,977

Fresh

Del

Monte

Produce,

Inc.

353,800‌

32,920

Hain

Celestial

Group,

Inc.

(The)*

284,100‌

5,618

J

&

J

Snack

Foods

Corp.

966,970‌

3,074

John

B

Sanfilippo

&

Son,

Inc.

289,909‌

32,908

Simply

Good

Foods

Co.

(The)*

1,144,211‌

5,297

Tootsie

Roll

Industries,

Inc.

164,048‌

16,817

TreeHouse

Foods,

Inc.*

705,978‌

24,475

WK

Kellogg

Co.

418,767‌

5,712,340‌

Gas

Utilities

(0.3%):

7,891

Chesapeake

Utilities

Corp.

979,825‌

13,575

Northwest

Natural

Holding

Co.

554,132‌

1,533,957‌

Ground

Transportation

(0.9%):

8,611

ArcBest

Corp.

933,863‌

16,670

Heartland

Express,

Inc.

204,708‌

51,095

Hertz

Global

Holdings,

Inc.*

168,614‌

19,517

Marten

Transport,

Ltd.

345,451‌

50,004

RXO,

Inc.*

1,400,112‌

15,523

Schneider

National,

Inc.,

Class

B

443,026‌

21,043

Werner

Enterprises,

Inc.^

812,049‌

4,307,823‌

Health

Care

Equipment

&

Supplies

(4.0%):

13,769

Artivion,

Inc.*

366,531‌

16,680

Avanos

Medical,

Inc.*

400,820‌

10,927

CONMED

Corp.

785,870‌

21,001

Embecta

Corp.

296,114‌

20,097

Glaukos

Corp.*

2,618,237‌

8,805

ICU

Medical,

Inc.*

1,604,447‌

17,961

Inari

Medical,

Inc.*

740,712‌

10,828

Inspire

Medical

Systems,

Inc.*

2,285,249‌

12,241

Integer

Holdings

Corp.*

1,591,330‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

190

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Health

Care

Equipment

&

Supplies,

continued

24,576

Integra

LifeSciences

Holdings

Corp.*

$

446,546‌

7,403

LeMaitre

Vascular,

Inc.

687,665‌

21,603

Merit

Medical

Systems,

Inc.*

2,135,025‌

4,420

OmniAb

Operations,

Inc.

-

Vesting

12.5*(a)(b)

—‌

4,420

OmniAb

Operations,

Inc.

-

Vesting

15*(a)(b)

—‌

16,622

Omnicell,

Inc.*

724,719‌

20,708

QuidelOrtho

Corp.*

944,285‌

17,616

STAAR

Surgical

Co.*

654,434‌

23,735

Tandem

Diabetes

Care,

Inc.*

1,006,601‌

12,170

TransMedics

Group,

Inc.*

1,910,690‌

2,667

UFP

Technologies,

Inc.*

844,639‌

20,043,914‌

Health

Care

Providers

&

Services

(2.4%):

36,083

AdaptHealth

Corp.*

405,212‌

6,366

Addus

HomeCare

Corp.*

846,869‌

13,582

AMN

Healthcare

Services,

Inc.*^

575,741‌

15,053

Astrana

Health,

Inc.*

872,171‌

3,322

CorVel

Corp.*

1,085,929‌

12,412

Cross

Country

Healthcare,

Inc.*

166,817‌

7,189

Fulgent

Genetics,

Inc.*

156,217‌

4,533

National

HealthCare

Corp.

570,115‌

46,395

NeoGenomics,

Inc.*

684,326‌

27,381

Owens

&

Minor,

Inc.*

429,608‌

28,476

Patterson

Cos.,

Inc.

621,916‌

31,079

Pediatrix

Medical

Group,

Inc.*

360,206‌

38,168

Premier,

Inc.,

Class

A

763,360‌

35,475

Privia

Health

Group,

Inc.*

646,000‌

26,773

Progyny,

Inc.*

448,716‌

24,655

RadNet,

Inc.*

1,710,810‌

39,021

Select

Medical

Holdings

Corp.

1,360,662‌

5,191

US

Physical

Therapy,

Inc.

439,314‌

12,143,989‌

Health

Care

REITs

(0.8%):

55,736

CareTrust

REIT,

Inc.

1,720,013‌

14,666

LTC

Properties,

Inc.

538,096‌

219,056

Medical

Properties

Trust,

Inc.^

1,281,478‌

4,214

Universal

Health

Realty

Income

Trust

192,790‌

3,732,377‌

Health

Care

Technology

(0.3%):

40,046

Certara,

Inc.*

468,939‌

9,084

HealthStream,

Inc.

261,983‌

20,701

Schrodinger,

Inc.*

384,003‌

5,248

Simulations

Plus,

Inc.

168,041‌

1,282,966‌

Hotel

&

Resort

REITs

(0.9%):

84,685

Apple

Hospitality

REIT,

Inc.

1,257,572‌

77,305

DiamondRock

Hospitality

Co.

674,872‌

43,505

Pebblebrook

Hotel

Trust

575,571‌

63,528

Service

Properties

Trust

289,688‌

39,731

Summit

Hotel

Properties,

Inc.

272,555‌

75,643

Sunstone

Hotel

Investors,

Inc.

780,636‌

37,171

Xenia

Hotels

&

Resorts,

Inc.

549,016‌

4,399,910‌

Hotels,

Restaurants

&

Leisure

(1.9%):

8,704

BJ's

Restaurants,

Inc.*

283,402‌

Shares

Value

Common

Stocks,

continued

Hotels,

Restaurants

&

Leisure,

continued

28,314

Bloomin'

Brands,

Inc.

$

468,030‌

16,275

Brinker

International,

Inc.*

1,245,526‌

17,071

Cheesecake

Factory,

Inc.

(The)

692,229‌

6,021

Chuy's

Holdings,

Inc.*

225,185‌

8,124

Cracker

Barrel

Old

Country

Store,

Inc.

368,423‌

11,772

Dave

&

Buster's

Entertainment,

Inc.*

400,837‌

8,278

Golden

Entertainment,

Inc.

263,158‌

6,779

Jack

in

the

Box,

Inc.

315,495‌

4,443

Monarch

Casino

&

Resort,

Inc.

352,197‌

11,655

Papa

John's

International,

Inc.

627,855‌

53,849

Penn

Entertainment,

Inc.*

1,015,592‌

144,544

Sabre

Corp.*

530,476‌

14,513

Shake

Shack,

Inc.,

Class

A*

1,497,887‌

33,974

Six

Flags

Entertainment

Corp.*

1,369,492‌

9,655,784‌

Household

Durables

(3.3%):

2,858

Cavco

Industries,

Inc.*

1,223,910‌

10,021

Century

Communities,

Inc.

1,031,963‌

8,157

Ethan

Allen

Interiors,

Inc.

260,127‌

10,200

Green

Brick

Partners,

Inc.*

851,904‌

7,914

Helen

of

Troy,

Ltd.*

489,481‌

8,640

Installed

Building

Products,

Inc.

2,127,773‌

15,428

La-Z-Boy,

Inc.

662,324‌

48,656

Leggett

&

Platt,

Inc.

662,695‌

7,320

LGI

Homes,

Inc.*

867,566‌

10,308

M/I

Homes,

Inc.*

1,766,379‌

13,291

Meritage

Homes

Corp.

2,725,585‌

148,127

Newell

Brands,

Inc.

1,137,615‌

43,595

Sonos,

Inc.*

535,783‌

34,572

Tri

Pointe

Homes,

Inc.*

1,566,457‌

11,250

Worthington

Enterprises,

Inc.

466,312‌

16,375,874‌

Household

Products

(0.6%):

4,738

Central

Garden

&

Pet

Co.*

172,795‌

17,940

Central

Garden

&

Pet

Co.,

Class

A*

563,316‌

23,190

Energizer

Holdings,

Inc.

736,515‌

4,905

WD-40

Co.

1,264,901‌

2,737,527‌

Independent

Power

and

Renewable

Electricity

Producers

(0.3%):

14,752

Clearway

Energy,

Inc.,

Class

A

419,989‌

29,469

Clearway

Energy,

Inc.,

Class

C

904,109‌

1,324,098‌

Industrial

REITs

(0.5%):

10,384

Innovative

Industrial

Properties,

Inc.

1,397,687‌

109,047

LXP

Industrial

Trust

1,095,922‌

2,493,609‌

Insurance

(2.4%):

18,403

Ambac

Financial

Group,

Inc.*

206,298‌

7,255

AMERISAFE,

Inc.

350,634‌

19,217

Assured

Guaranty,

Ltd.

1,528,136‌

9,344

Employers

Holdings,

Inc.

448,232‌

173,323

Genworth

Financial,

Inc.*

1,187,263‌

8,815

Goosehead

Insurance,

Inc.,

Class

A*

787,180‌

2,974

HCI

Group,

Inc.

318,396‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

191

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Insurance,

continued

15,395

Horace

Mann

Educators

Corp.

$

538,055‌

64,908

Lincoln

National

Corp.

2,045,251‌

10,076

Mercury

General

Corp.

634,586‌

9,558

Palomar

Holdings,

Inc.*

904,856‌

19,077

ProAssurance

Corp.*

286,918‌

5,737

Safety

Insurance

Group,

Inc.

469,172‌

37,096

SiriusPoint,

Ltd.*

531,957‌

10,668

Stewart

Information

Services

Corp.

797,326‌

12,480

Trupanion,

Inc.*

523,910‌

8,626

United

Fire

Group,

Inc.

180,542‌

11,738,712‌

Interactive

Media

&

Services

(1.1%):

31,199

Cargurus,

Inc.*

936,906‌

23,661

Cars.com,

Inc.*

396,558‌

26,231

IAC,

Inc.*

1,411,752‌

20,316

QuinStreet,

Inc.*

388,645‌

9,112

Shutterstock,

Inc.

322,292‌

39,637

TripAdvisor,

Inc.*

574,340‌

24,150

Yelp,

Inc.*

847,182‌

15,115

Ziff

Davis,

Inc.*

735,496‌

5,613,171‌

IT

Services

(0.7%):

22,881

DigitalOcean

Holdings,

Inc.*

924,164‌

66,138

DXC

Technology

Co.*

1,372,363‌

12,684

Perficient,

Inc.*

957,388‌

3,253,915‌

Leisure

Products

(0.3%):

5,651

Sturm

Ruger

&

Co.,

Inc.

235,534‌

51,700

Topgolf

Callaway

Brands

Corp.*

567,666‌

20,946

Vista

Outdoor,

Inc.*

820,664‌

1,623,864‌

Life

Sciences

Tools

&

Services

(0.3%):

13,158

BioLife

Solutions,

Inc.*

329,477‌

37,028

Cytek

Biosciences,

Inc.*

205,135‌

32,922

Fortrea

Holdings,

Inc.*^

658,440‌

1,934

Mesa

Laboratories,

Inc.

251,149‌

1,444,201‌

Machinery

(4.8%):

3,696

Alamo

Group,

Inc.

665,760‌

11,104

Albany

International

Corp.

986,590‌

8,283

Astec

Industries,

Inc.

264,559‌

16,978

Barnes

Group,

Inc.

686,081‌

19,515

Enerpac

Tool

Group

Corp.

817,483‌

7,682

Enpro,

Inc.

1,245,867‌

9,135

ESCO

Technologies,

Inc.

1,178,232‌

22,867

Federal

Signal

Corp.

2,137,150‌

14,606

Franklin

Electric

Co.,

Inc.

1,531,001‌

80,528

Gates

Industrial

Corp.

plc*

1,413,266‌

11,269

Greenbrier

Cos.,

Inc.

(The)

573,479‌

25,540

Hillenbrand,

Inc.

710,012‌

11,063

John

Bean

Technologies

Corp.

1,089,816‌

27,892

Kennametal,

Inc.

723,240‌

3,848

Lindsay

Corp.

479,615‌

42,240

Mueller

Industries,

Inc.

3,129,984‌

8,768

Proto

Labs,

Inc.*

257,516‌

Shares

Value

Common

Stocks,

continued

Machinery,

continued

17,424

SPX

Technologies,

Inc.*

$

2,778,431‌

4,337

Standex

International

Corp.

792,717‌

6,878

Tennant

Co.

660,563‌

20,452

Titan

International,

Inc.*

166,275‌

29,853

Trinity

Industries,

Inc.

1,040,079‌

16,450

Wabash

National

Corp.

315,676‌

23,643,392‌

Marine

Transportation

(0.4%):

12,496

Matson,

Inc.

1,782,179‌

Media

(0.6%):

1,647

Cable

One,

Inc.

576,104‌

15,022

John

Wiley

&

Sons,

Inc.,

Class

A

724,811‌

9,285

Scholastic

Corp.

297,213‌

9,401

TechTarget,

Inc.*

229,854‌

54,661

TEGNA,

Inc.

862,551‌

11,711

Thryv

Holdings,

Inc.*

201,781‌

2,892,314‌

Metals

&

Mining

(2.5%):

3,973

Alpha

Metallurgical

Resources,

Inc.

938,343‌

6,577

Arch

Resources,

Inc.

908,678‌

45,390

ATI,

Inc.*

3,037,045‌

18,233

Carpenter

Technology

Corp.

2,909,622‌

20,350

Century

Aluminum

Co.*

330,280‌

4,216

Haynes

International,

Inc.

251,021‌

6,028

Kaiser

Aluminum

Corp.

437,151‌

7,787

Materion

Corp.

871,054‌

14,794

Metallus,

Inc.*

219,395‌

40,586

MP

Materials

Corp.*^

716,343‌

31,344

SunCoke

Energy,

Inc.

272,066‌

19,019

Warrior

Met

Coal,

Inc.

1,215,314‌

11,459

Worthington

Steel,

Inc.

389,721‌

12,496,033‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(1.5%):

48,048

Apollo

Commercial

Real

Estate

Finance,

Inc.

441,561‌

69,272

Arbor

Realty

Trust,

Inc.^

1,077,872‌

15,538

ARMOUR

Residential

REIT,

Inc.

316,975‌

64,567

Blackstone

Mortgage

Trust,

Inc.,

Class

A

1,227,419‌

30,324

Ellington

Financial,

Inc.

390,876‌

30,318

Franklin

BSP

Realty

Trust,

Inc.

395,953‌

43,602

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

1,502,961‌

20,596

KKR

Real

Estate

Finance

Trust,

Inc.

254,361‌

34,447

New

York

Mortgage

Trust,

Inc.

218,050‌

33,360

PennyMac

Mortgage

Investment

Trust

475,714‌

62,929

Ready

Capital

Corp.

480,148‌

51,613

Redwood

Trust,

Inc.

398,969‌

36,505

Two

Harbors

Investment

Corp.

506,689‌

7,687,548‌

Multi-Utilities

(0.3%):

28,386

Avista

Corp.

1,099,958‌

6,095

Unitil

Corp.

369,235‌

1,469,193‌

Office

REITs

(1.1%):

65,268

Brandywine

Realty

Trust

355,058‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

192

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Office

REITs,

continued

61,789

Douglas

Emmett,

Inc.

$

1,085,633‌

33,707

Easterly

Government

Properties,

Inc.

457,741‌

39,595

Highwoods

Properties,

Inc.

1,326,828‌

49,228

Hudson

Pacific

Properties,

Inc.

235,310‌

30,852

JBG

SMITH

Properties

539,293‌

24,187

SL

Green

Realty

Corp.

1,683,657‌

5,683,520‌

Oil,

Gas

&

Consumable

Fuels

(2.3%):

25,108

California

Resources

Corp.

1,317,417‌

34,278

Comstock

Resources,

Inc.

381,514‌

9,757

CONSOL

Energy,

Inc.

1,021,070‌

11,222

CVR

Energy,

Inc.

258,443‌

13,070

Dorian

LPG,

Ltd.

449,869‌

23,393

Green

Plains,

Inc.*

316,741‌

69,435

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,695,603‌

35,316

Northern

Oil

&

Gas,

Inc.

1,250,540‌

20,023

Par

Pacific

Holdings,

Inc.*

352,405‌

44,517

Peabody

Energy

Corp.

1,181,481‌

5,529

REX

American

Resources

Corp.*

255,937‌

42,786

SM

Energy

Co.

1,710,156‌

46,397

Talos

Energy,

Inc.*

480,209‌

9,194

Vital

Energy,

Inc.*

247,319‌

21,678

World

Kinect

Corp.

670,067‌

11,588,771‌

Paper

&

Forest

Products

(0.3%):

6,044

Clearwater

Paper

Corp.*

172,495‌

609

Mercer

International,

Inc.

4,123‌

12,848

Sylvamo

Corp.

1,103,001‌

1,279,619‌

Passenger

Airlines

(0.9%):

46,367

Alaska

Air

Group,

Inc.*

2,096,252‌

5,362

Allegiant

Travel

Co.

295,232‌

110,619

JetBlue

Airways

Corp.*

725,660‌

14,683

SkyWest,

Inc.*

1,248,349‌

14,209

Sun

Country

Airlines

Holdings,

Inc.*

159,283‌

4,524,776‌

Personal

Care

Products

(0.3%):

17,676

Edgewell

Personal

Care

Co.

642,346‌

6,534

Inter

Parfums,

Inc.

846,022‌

1,428

Nu

Skin

Enterprises,

Inc.,

Class

A

10,524‌

4,126

USANA

Health

Sciences,

Inc.*

156,458‌

1,655,350‌

Pharmaceuticals

(1.7%):

13,608

Amphastar

Pharmaceuticals,

Inc.*

660,396‌

5,658

ANI

Pharmaceuticals,

Inc.*

337,556‌

11,972

Collegium

Pharmaceutical,

Inc.*

462,598‌

33,828

Corcept

Therapeutics,

Inc.*

1,565,560‌

10,877

Harmony

Biosciences

Holdings,

Inc.*

435,080‌

20,447

Innoviva,

Inc.*

394,832‌

6,537

Ligand

Pharmaceuticals,

Inc.*

654,288‌

94,608

Organon

&

Co.

1,809,851‌

16,886

Pacira

BioSciences,

Inc.*

254,134‌

7,743

Phibro

Animal

Health

Corp.,

Class

A

174,373‌

17,819

Prestige

Consumer

Healthcare,

Inc.*

1,284,750‌

Shares

Value

Common

Stocks,

continued

Pharmaceuticals,

continued

19,993

Supernus

Pharmaceuticals,

Inc.*

$

623,382‌

8,656,800‌

Professional

Services

(1.4%):

10,200

CSG

Systems

International,

Inc.

496,230‌

7,623

Heidrick

&

Struggles

International,

Inc.

296,230‌

12,045

Kelly

Services,

Inc.,

Class

A

257,884‌

19,335

Korn

Ferry

1,454,765‌

4,467

NV5

Global,

Inc.*

417,575‌

37,673

Robert

Half,

Inc.

2,539,537‌

61,603

Verra

Mobility

Corp.*

1,713,179‌

7,175,400‌

Real

Estate

Management

&

Development

(0.6%):

69,490

Cushman

&

Wakefield

plc*

947,149‌

29,719

eXp

World

Holdings,

Inc.

418,741‌

43,093

Kennedy-Wilson

Holdings,

Inc.

476,177‌

8,952

Marcus

&

Millichap,

Inc.

354,768‌

13,516

St.

Joe

Co.

(The)

788,118‌

2,984,953‌

Residential

REITs

(0.4%):

5,427

Centerspace

382,441‌

31,192

Elme

Communities

548,667‌

8,051

NexPoint

Residential

Trust,

Inc.

354,325‌

27,669

Veris

Residential,

Inc.

494,168‌

1,779,601‌

Retail

REITs

(1.8%):

38,601

Acadia

Realty

Trust

906,351‌

16,222

Getty

Realty

Corp.

516,022‌

79,059

Macerich

Co.

(The)

1,442,036‌

44,762

Phillips

Edison

&

Co.,

Inc.

1,687,975‌

46,449

Retail

Opportunity

Investments

Corp.

730,643‌

4,190

Saul

Centers,

Inc.

175,812‌

17,131

SITE

Centers

Corp.*

1,036,426‌

40,292

Tanger,

Inc.

1,336,889‌

44,193

Urban

Edge

Properties

945,288‌

16,540

Whitestone

REIT

223,786‌

9,001,228‌

Semiconductors

&

Semiconductor

Equipment

(2.8%):

8,990

Alpha

&

Omega

Semiconductor,

Ltd.*

333,709‌

11,897

Axcelis

Technologies,

Inc.*

1,247,401‌

8,506

CEVA,

Inc.*

205,420‌

17,296

Cohu,

Inc.*

444,507‌

16,867

Diodes,

Inc.*

1,081,006‌

28,458

FormFactor,

Inc.*

1,309,068‌

11,925

Ichor

Holdings,

Ltd.*

379,334‌

8,222

Impinj,

Inc.*

1,780,228‌

19,910

Kulicke

&

Soffa

Industries,

Inc.

898,538‌

27,990

MaxLinear,

Inc.*

405,295‌

11,077

PDF

Solutions,

Inc.*

350,919‌

22,874

Photronics,

Inc.*

566,360‌

27,153

Semtech

Corp.*

1,239,806‌

6,746

SiTime

Corp.*

1,157,007‌

19,183

SMART

Global

Holdings,

Inc.*

401,884‌

20,497

SolarEdge

Technologies,

Inc.*^

469,586‌

16,701

Ultra

Clean

Holdings,

Inc.*

666,871‌

19,920

Veeco

Instruments,

Inc.*

659,950‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

193

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks,

continued

Semiconductors

&

Semiconductor

Equipment,

continued

42,159

Wolfspeed,

Inc.*

$

408,942‌

14,005,831‌

Software

(3.9%):

27,043

A10

Networks,

Inc.

390,501‌

38,623

ACI

Worldwide,

Inc.*

1,965,911‌

40,812

Adeia,

Inc.

486,071‌

7,901

Agilysys,

Inc.*

860,972‌

17,688

Alarm.com

Holdings,

Inc.*

967,003‌

18,647

BlackLine,

Inc.*

1,028,195‌

53,202

Box,

Inc.,

Class

A*

1,741,301‌

33,101

Clear

Secure,

Inc.,

Class

A

1,096,967‌

51,007

DoubleVerify

Holdings,

Inc.*

858,958‌

14,602

Envestnet,

Inc.*

914,377‌

9,291

InterDigital,

Inc.

1,315,884‌

24,396

LiveRamp

Holdings,

Inc.*

604,533‌

106,980

MARA

Holdings,

Inc.*

1,735,216‌

26,281

N-able,

Inc.*

343,230‌

52,910

NCR

Voyix

Corp.*

717,989‌

15,519

Progress

Software

Corp.

1,045,515‌

20,170

SolarWinds

Corp.

263,218‌

46,345

Sprinklr,

Inc.,

Class

A*

358,247‌

13,645

SPS

Commerce,

Inc.*

2,649,450‌

19,343,538‌

Specialized

REITs

(0.6%):

31,641

Four

Corners

Property

Trust,

Inc.

927,398‌

51,301

Outfront

Media,

Inc.

942,913‌

16,719

Safehold,

Inc.

438,539‌

90,444

Uniti

Group,

Inc.

510,104‌

2,818,954‌

Specialty

Retail

(4.0%):

26,498

Academy

Sports

&

Outdoors,

Inc.

1,546,423‌

21,491

Advance

Auto

Parts,

Inc.

837,934‌

65,123

American

Eagle

Outfitters,

Inc.

1,458,104‌

7,309

Asbury

Automotive

Group,

Inc.*

1,743,854‌

81,522

Bath

&

Body

Works,

Inc.

2,602,182‌

11,163

Boot

Barn

Holdings,

Inc.*

1,867,347‌

10,334

Buckle,

Inc.

(The)

454,386‌

12,770

Caleres,

Inc.

422,049‌

30,151

Foot

Locker,

Inc.

779,102‌

4,826

Group

1

Automotive,

Inc.

1,848,551‌

10,622

Guess?,

Inc.^

213,821‌

70,621

Leslie's,

Inc.*

223,162‌

7,286

MarineMax,

Inc.*

256,977‌

10,630

Monro,

Inc.

306,782‌

29,179

National

Vision

Holdings,

Inc.*

318,343‌

12,115

ODP

Corp.

(The)*

360,421‌

38,178

Sally

Beauty

Holdings,

Inc.*

518,075‌

6,820

Shoe

Carnival,

Inc.

299,057‌

16,398

Signet

Jewelers,

Ltd.

1,691,290‌

5,233

Sonic

Automotive,

Inc.,

Class

A

306,026‌

16,885

Upbound

Group,

Inc.

540,151‌

20,568

Urban

Outfitters,

Inc.*

787,960‌

28,754

Victoria's

Secret

&

Co.*

738,978‌

20,120,975‌

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

16,811

Corsair

Gaming,

Inc.*

117,004‌

Shares

Value

Common

Stocks,

continued

Technology

Hardware,

Storage

&

Peripherals,

continued

41,821

Xerox

Holdings

Corp.

$

434,102‌

551,106‌

Textiles,

Apparel

&

Luxury

Goods

(1.5%):

14,588

G-III

Apparel

Group,

Ltd.*

445,226‌

131,283

Hanesbrands,

Inc.*

964,930‌

18,457

Kontoor

Brands,

Inc.

1,509,413‌

5,142

Oxford

Industries,

Inc.^

446,120‌

25,698

Steven

Madden,

Ltd.

1,258,945‌

121,005

VF

Corp.

2,414,050‌

29,392

Wolverine

World

Wide,

Inc.

512,009‌

7,550,693‌

Tobacco

(0.3%):

9,263

Universal

Corp.

491,958‌

49,610

Vector

Group,

Ltd.

740,181‌

1,232,139‌

Trading

Companies

&

Distributors

(1.4%):

38,927

Air

Lease

Corp.

1,763,004‌

14,354

Boise

Cascade

Co.

2,023,627‌

39,025

DNOW,

Inc.*

504,593‌

4,846

DXP

Enterprises,

Inc.*

258,583‌

14,443

GMS,

Inc.*

1,308,102‌

22,809

Rush

Enterprises,

Inc.,

Class

A

1,204,999‌

7,062,908‌

Water

Utilities

(0.7%):

13,255

American

States

Water

Co.

1,104,009‌

20,709

California

Water

Service

Group

1,122,842‌

6,423

Middlesex

Water

Co.

419,036‌

10,070

SJW

Group

585,168‌

3,231,055‌

Wireless

Telecommunication

Services

(0.2%):

22,327

Gogo,

Inc.*

160,308‌

35,304

Telephone

and

Data

Systems,

Inc.

820,818‌

981,126‌

Total

Common

Stocks

(Cost

$333,962,753)

493,281,680‌

Affiliated

Investment

Company

(1.1%):

Money

Market

(1.1%):

5,601,360

BlackRock

Liquidity

FedFund,

Institutional

Class

,

5.03

%

+

(c)(d)

5,601,360‌

Total

Affiliated

Investment

Company

(Cost

$5,601,360)

5,601,360‌

Unaffiliated

Investment

Company

(0.2%):

Money

Markets

(0.2%):

1,226,567

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(d)

1,226,567‌

Total

Unaffiliated

Investment

Company

(Cost

$1,226,567)

1,226,567‌

Total

Investment

Securities

(Cost

$340,790,680)

—

100.6%

500,109,607‌

Net

other

assets

(liabilities)

—

(0.6)%

(3,013,267‌)

Net

Assets

—

100.0%

$

497,096,340‌

AZL

Small

Cap

Stock

Index

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

194

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

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

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$5,351,510.

+

Affiliated

Securities

(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

September

30,

2024.

(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

September

30,

2024.

(d)

The

rate

represents

the

effective

yield

at

September

30,

2024.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

September

30,

2024,

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

December

Futures

(U.S.

Dollar)

12/20/24

36

$

4,048,560‌

$

55,164‌

$

55,164‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

195

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Common

Stocks

(63.1%):

Aerospace

&

Defense

(1.2%):

5,700

Northrop

Grumman

Corp.

$

3,009,999

82,877

RTX

Corp.

10,041,377

13,051,376

Biotechnology

(1.4%):

54,020

AbbVie,

Inc.

10,667,870

2,800

Argenx

SE

ADR*

1,517,824

17,437

Biogen,

Inc.*

3,379,988

15,565,682

Broadline

Retail

(2.9%):

173,234

Amazon.com,

Inc.

#

*

32,278,691

Capital

Markets

(1.2%):

65,597

Intercontinental

Exchange,

Inc.

10,537,502

19,800

KKR

&

Co.,

Inc.

2,585,484

13,122,986

Chemicals

(1.0%):

24,090

Linde

plc

11,487,557

Commercial

Services

&

Supplies

(1.6%):

81,015

Veralto

Corp.

9,062,338

49,416

Waste

Connections,

Inc.

ADR

8,836,569

17,898,907

Construction

Materials

(1.0%):

20,795

Martin

Marietta

Materials,

Inc.

11,192,909

Diversified

Consumer

Services

(0.7%):

97,502

Service

Corp.

International

7,695,833

Electric

Utilities

(0.3%):

72,764

Exelon

Corp.

2,950,580

Electronic

Equipment,

Instruments

&

Components

(0.4%):

11,419

Teledyne

Technologies,

Inc.*

4,997,639

Financial

Services

(2.2%):

26,669

Mastercard

,

Inc.,

Class

A

13,169,152

39,378

Visa,

Inc.,

Class

A

#

10,826,981

23,996,133

Health

Care

Equipment

&

Supplies

(2.7%):

17,630

Abbott

Laboratories

2,009,996

100,685

Becton

Dickinson

&

Co.

24,275,154

32,965

GE

HealthCare

Technologies,

Inc.

3,093,765

29,378,915

Health

Care

Providers

&

Services

(4.3%):

16,791

Humana,

Inc.

5,318,382

29,377

McKesson

Corp.

14,524,576

46,446

UnitedHealth

Group,

Inc.

27,156,047

46,999,005

Hotels,

Restaurants

&

Leisure

(1.7%):

31,204

Hilton

Worldwide

Holdings,

Inc.

#

7,192,522

12,800

McDonald's

Corp.

#

3,897,728

51,000

Yum!

Brands,

Inc.

#

7,125,210

18,215,460

Shares

Value

Common

Stocks,

continued

Insurance

(0.9%):

22,899

Marsh

&

McLennan

Cos.,

Inc.

$

5,108,538

17,883

Willis

Towers

Watson

plc

5,267,080

10,375,618

Interactive

Media

&

Services

(3.3%):

122,089

Alphabet,

Inc.,

Class

A

20,248,461

27,619

Meta

Platforms,

Inc.,

Class

A

15,810,220

36,058,681

Life

Sciences

Tools

&

Services

(6.2%):

292,322

Avantor

,

Inc.*

7,562,370

87,858

Danaher

Corp.

24,426,281

194,851

Revvity

,

Inc.

24,892,215

18,804

Thermo

Fisher

Scientific,

Inc.

#

11,631,591

68,512,457

Machinery

(3.0%):

330,213

Fortive

Corp.

#

26,063,712

75,497

Ingersoll

Rand,

Inc.

7,410,786

33,474,498

Multi-Utilities

(4.3%):

160,975

Ameren

Corp.

14,078,873

507,904

CenterPoint

Energy,

Inc.

14,942,536

24,387

CMS

Energy

Corp.

1,722,454

69,115

DTE

Energy

Co.

8,875,057

212,590

NiSource,

Inc.

7,366,244

46,985,164

Oil,

Gas

&

Consumable

Fuels

(1.6%):

358,385

Canadian

Natural

Resources,

Ltd.

ADR

11,901,966

71,144

Expand

Energy

Corp.

5,851,594

17,753,560

Pharmaceuticals

(0.7%):

8,300

Eli

Lilly

&

Co.

7,353,302

Semiconductors

&

Semiconductor

Equipment

(5.3%):

68,648

Advanced

Micro

Devices,

Inc.*

11,263,763

24,628

Broadcom,

Inc.

4,248,330

18,291

Marvell

Technology,

Inc.

1,319,147

280,877

NVIDIA

Corp.

#

34,109,703

28,985

NXP

Semiconductors

NV

6,956,690

57,897,633

Software

(13.4%):

2,398,251

Aurora

Innovation,

Inc.*

14,197,646

30,541

Autodesk,

Inc.*

8,413,435

19,811

Intuit,

Inc.

12,302,631

129,403

Microsoft

Corp.

55,682,111

106,630

PTC,

Inc.*

19,263,776

37,445

Roper

Technologies,

Inc.

20,835,896

60,019

Salesforce,

Inc.

16,427,800

147,123,295

Technology

Hardware,

Storage

&

Peripherals

(1.8%):

83,640

Apple,

Inc.

#

19,488,120

Total

Common

Stocks

(Cost

$529,280,827)

693,854,001

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

196

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Shares

Value

Preferred

Stocks

(0.1%):

Multi-Utilities

(0.1%):

40,450

CMS

Energy

Corp.,

5.88%,

10/15/78

$

999,924

15,152

CMS

Energy

Corp.

ADR,

5.88%,

3/1/79

375,467

Total

Preferred

Stocks

(Cost

$1,390,050)

1,375,391

Principal

Amount

Asset

Backed

Securities

(0.1%):

$

619,200

Domino's

Pizza

Master

Issuer

LLC,

Class

A2,

Series

2019-1A,

3.67%,

10/25/49,

Callable

10/25/26

@

100(a)

588,379

809,340

Domino's

Pizza

Master

Issuer

LLC,

Class

A23,

Series

2017-1A,

4.12%,

7/25/47,

Callable

10/25/24

@

100(a)

795,493

Total

Asset

Backed

Securities

(Cost

$1,420,300)

1,383,872

Bank

Loans

(10.3%):

Aerospace

&

Defense

(0.2%):

162,293

TransDigm

,

Inc.

Tranche

I

Term

Loan,

7.60%

(Term

SOFR+275bps),

8/24/28

162,184

1,531,672

TransDigm

,

Inc.

Tranche

K

Term

Loan,

7.60%

(Term

SOFR+275bps),

3/22/30

1,531,197

1,693,381

Automobile

Components

(0.4%):

4,478,793

AssuredPartners

,

Inc.

2024

Term

Loan,

8.35%

(Term

SOFR+350bps),

2/14/31

4,473,508

Banks

(0.6%):

2,475,000

Truist

Insurance

Holdings

LLC

Initial

Term

Loan

(First

Lien),

4.96%

(SOFR+0bps),

5/6/31

2,468,813

3,700,000

Truist

Insurance

Holdings

LLC

Initial

Term

Loan

(Second

Lien),

9.71%

(SOFR+475bps),

5/6/32

3,755,500

6,224,313

Building

Products

(0.6%):

5,126,839

Filtration

Group

Corporation

2021

Incremental

Term

Loan,

8.35%

(Term

SOFR+350bps),

10/21/28

5,125,404

1,783,238

Filtration

Group

Corporation

2023

Extended

Euro

Term

Loan,

7.00%

(EURIBOR

RFR+425bps),

10/21/28

1,979,788

7,105,192

Capital

Markets

(0.0%

†

):

445,321

Severin

Acquisition

LLC

Initial

Term

Loan

(First

Lien),

4.96%

(SOFR+0bps),

8/1/27

445,321

Chemicals

(0.8%):

5,161,230

USI,

Inc.

2024

Term

Loan,

7.60%

(Term

SOFR+275bps),

9/27/30

5,143,269

3,818,003

USI,

Inc.

2024-B

Term

Loan,

7.60%

(Term

SOFR+275bps),

11/22/29

3,805,289

8,948,558

Diversified

Consumer

Services

(0.6%):

1,619,300

Icon

Parent,

Inc.

TL

B

1L,

4.83%

(LIBOR+0bps),

9/11/31

1,606,475

980,400

Icon

Parent,

Inc.

TL

B

2L,

4.83%

(LIBOR+0bps),

9/11/32

982,547

3,477,304

Loire

UK

Midco

3

Limited

Facility

B

(USD),

8.35%

(Term

SOFR+350bps),

4/21/27

3,437,106

647,485

Loire

UK

Midco

3

Limited

Facility

B2

(USD),

8.60%

(Term

SOFR+375bps),

4/21/27

640,201

6,666,329

Principal

Amount

Value

Bank

Loans,

continued

Electrical

Equipment

(0.1%):

$

573,678

Quartz

AcquireCo

,

LLC

Additional

Term

B-1

Loan,

7.60%

(Term

SOFR+275bps),

6/28/30

$

572,605

Financial

Services

(0.6%):

1,932,260

AmWINS

Group,

Inc.

Term

Loan,

7.10%

(Term

SOFR+225bps),

2/19/28

1,928,415

2,093,000

Azalea

TopCo

,

Inc.

Initial

Term

Loan

(2024)

(First

Lien),

8.35%

(Term

SOFR+350bps),

4/30/31

2,087,768

2,226,811

SBA

Senior

Finance

II

LLC

Initial

Term

Loan

(2024),

6.96%

(SOFR+200bps),

1/25/31

2,227,323

624,319

Trans

Union

LLC

2019

Replacement

Term

B-5

Loan,

6.60%

(Term

SOFR+175bps),

11/16/26

623,751

127,425

Trans

Union

LLC

2024

Replacement

Term

B-7

Loan,

6.85%

(Term

SOFR+200bps),

12/1/28

127,286

6,994,543

Health

Care

Equipment

&

Supplies

(0.1%):

609,331

Medline

Borrower,

LP

Refinancing

Term

Loan,

7.60%

(Term

SOFR+275bps),

10/23/28

609,270

Health

Care

Providers

&

Services

(0.5%):

336,124

ADMI

Corp.

Amendment

No.

10

Extended

Term

Loan,

10.60%

(Term

SOFR+575bps),

12/23/27

335,808

1,169,668

ADMI

Corp.

Amendment

No.

4

Refinancing

Term

Loan,

8.22%

(Term

SOFR+337.5bps),

12/23/27

1,135,748

1,947,635

ADMI

Corp.

Amendment

No.

5

Incremental

Term

Loan,

8.60%

(Term

SOFR+375bps),

12/23/27

1,902,761

2,021,605

Heartland

Dental,

LLC

2024

New

Term

Loan,

9.35%

(Term

SOFR+450bps),

4/28/28

1,984,125

5,358,442

Hotels,

Restaurants

&

Leisure

(0.7%):

3,469,852

Hilton

Worldwide

Series

B-4

Term

Loan,

4.96%

(SOFR+0bps),

11/8/30

3,467,874

4,068,779

IRB

Holding

Corp.

2024

Replacement

Term

B

Loan,

7.60%

(Term

SOFR+275bps),

12/15/27

4,062,676

7,530,550

Insurance

(2.2%):

4,492,237

Alliant

Holdings

Intermediate,

LLC

TLB-6

New

Term

Loan,

7.85%

(Term

SOFR+300bps),

11/6/30

4,467,665

4,354,944

Broadstreet

Partners,

Inc.

2024

Term

B

Loan,

8.10%

(Term

SOFR+325bps),

6/13/31

4,335,912

14,889,882

Hub

International

Limited

2024-1

Incremental

Term

Loan,

7.85%

(Term

SOFR+300bps),

6/20/30

14,866,059

23,669,636

Life

Sciences

Tools

&

Services

(0.0%

†

):

153,124

Avantor

Funding,

Inc.

Incremental

B-6

Dollar

Term

Loan,

6.85%

(Term

SOFR+200bps),

11/8/27

153,846

Media

(0.1%):

1,573,347

Charter

Communications

Operating,

LLC

Term

B-2

Loan,

6.60%

(Term

SOFR+175bps),

2/1/27

1,571,459

Passenger

Airlines

(0.1%):

1,442,017

SkyMiles

IP

Ltd.

(Delta

Air

Lines,

Inc.)

Initial

Term

Loan,

8.60%

(Term

SOFR+375bps),

10/20/27

1,467,613

Software

(2.4%):

8,624,215

Applied

Systems,

Inc.

Initial

Term

Loan

(2024)

(First

Lien),

7.85%

(Term

SOFR+300bps),

2/24/31

8,625,337

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

197

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Bank

Loans,

continued

Software,

continued

$

1,311,146

Applied

Systems,

Inc.

Initial

Term

Loan

(2024)

(Second

Lien),

10.10%

(Term

SOFR+525bps),

2/23/32

$

1,348,841

3,547,598

athenahealth

Group,

Inc.

Initial

Term

Loan,

8.10%

(Term

SOFR+325bps),

2/15/29

3,521,736

203,112

Epicor

Software

Corporation

(

fka

Eagle

Parent

Inc.)

2024

Delayed

Draw

Term

Loan,

8.10%

(Term

SOFR+325bps),

5/23/31+

203,181

1,731,139

Epicor

Software

Corporation

(

fka

Eagle

Parent

Inc.)

Term

E

Loan,

4.96%

(SOFR+0bps),

5/23/31

1,731,727

341,076

Informatica

Corp.

Term

B

Loan,

7.10%

(Term

SOFR+225bps),

10/27/28

340,507

3,781,286

Sophia,

LP

Term

B-1

Loan

(First

Lien),

8.35%

(Term

SOFR+350bps),

10/9/29

3,788,962

1,461,479

Storable,

Inc.

Initial

Term

Loan

(First

Lien),

8.35%

(Term

SOFR+350bps),

4/17/28

1,464,095

5,834,019

UKG,

Inc.

2024

Refinancing

Term

Loan

(First

Lien),

4.96%

(SOFR+0bps),

2/10/31

5,834,019

26,858,405

Textiles,

Apparel

&

Luxury

Goods

(0.3%):

2,948,000

Varsity

Brands

LLC

Initial

Term

Loan,

8.60%

(Term

SOFR+375bps),

8/26/31

2,926,509

Total

Bank

Loans

(Cost

$113,191,501)

113,269,480

Corporate

Bonds

(10.9%):

Aerospace

&

Defense

(0.9%):

690,000

Howmet

Aerospace,

Inc.,

5.90%,

2/1/27

716,629

816,000

Howmet

Aerospace,

Inc.,

3.00%,

1/15/29,

Callable

11/15/28

@

100

775,082

1,542,000

TransDigm

,

Inc.,

5.50%,

11/15/27,

Callable

11/4/24

@

101.38

1,534,290

2,254,000

TransDigm

,

Inc.,

6.38%,

3/1/29,

Callable

3/1/26

@

103.19(a)

2,327,255

1,455,000

TransDigm

,

Inc.,

7.13%,

12/1/31,

Callable

12/1/26

@

103.56(a)

1,538,663

2,445,000

TransDigm

,

Inc.,

6.63%,

3/1/32,

Callable

3/1/27

@

103.31(a)

2,542,800

9,434,719

Automobile

Components

(0.1%):

643,000

Clarios

Global

LP/

Clarios

US

Finance

Co.,

6.25%,

5/15/26,

Callable

11/4/24

@

100(a)

643,000

818,000

Clarios

Global

LP/

Clarios

US

Finance

Co.,

8.50%,

5/15/27,

Callable

11/4/24

@

100(a)

822,090

1,465,090

Biotechnology

(0.2%):

466,000

Biogen,

Inc.,

5.20%,

9/15/45,

Callable

3/15/45

@

100

447,221

1,739,000

Biogen,

Inc.,

3.15%,

5/1/50,

Callable

11/1/49

@

100

1,192,230

79,000

Biogen,

Inc.,

3.25%,

2/15/51,

Callable

8/15/50

@

100

54,949

1,694,400

Capital

Markets

(0.5%):

152,000

Intercontinental

Exchange,

Inc.,

4.00%,

9/15/27,

Callable

8/15/27

@

100

152,159

228,000

Intercontinental

Exchange,

Inc.,

3.63%,

9/1/28,

Callable

6/1/28

@

100

222,665

Principal

Amount

Value

Corporate

Bonds,

continued

Capital

Markets,

continued

$

1,456,000

MSCI,

Inc.,

4.00%,

11/15/29,

Callable

11/15/24

@

102(a)

$

1,410,500

858,000

MSCI,

Inc.,

3.63%,

9/1/30,

Callable

3/1/25

@

101.81(a)

805,448

1,179,000

MSCI,

Inc.,

3.88%,

2/15/31,

Callable

6/1/25

@

101.94(a)

1,111,208

1,184,000

MSCI,

Inc.,

3.63%,

11/1/31,

Callable

11/1/26

@

101.81(a)

1,089,280

1,039,000

MSCI,

Inc.,

3.25%,

8/15/33,

Callable

8/15/27

@

101.63(a)

911,722

5,702,982

Communications

Equipment

(0.0%

†

):

117,000

Motorola

Solutions,

Inc.,

2.30%,

11/15/30,

Callable

8/15/30

@

100

103,140

83,000

Motorola

Solutions,

Inc.,

2.75%,

5/24/31,

Callable

2/24/31

@

100

74,146

177,286

Construction

Materials

(0.0%

†

):

117,000

Martin

Marietta

Materials,

Inc.,

2.40%,

7/15/31,

Callable

4/15/31

@

100^

101,954

Containers

&

Packaging

(0.1%):

625,000

Ball

Corp.,

6.00%,

6/15/29,

Callable

5/15/26

@

103

645,312

Distributors

(0.2%):

2,543,000

USI,

Inc.,

7.50%,

1/15/32,

Callable

1/15/27

@

103.75(a)

2,632,005

Diversified

Consumer

Services

(0.1%):

103,000

Service

Corp.

International,

4.63%,

12/15/27,

Callable

11/4/24

@

101.54

101,197

605,000

Service

Corp.

International,

3.38%,

8/15/30,

Callable

8/15/25

@

101.69

546,769

580,000

Service

Corp.

International,

5.75%,

10/15/32,

Callable

10/15/27

@

102.88

583,625

1,231,591

Electric

Utilities

(0.7%):

1,819,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

6.75%,

10/15/27,

Callable

11/4/24

@

100(a)

1,812,179

385,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

4.25%,

10/15/27,

Callable

11/4/24

@

101.06(a)

368,156

2,393,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

6.75%,

4/15/28,

Callable

4/15/25

@

103.38(a)

2,428,895

626,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

5.88%,

11/1/29,

Callable

11/4/24

@

102.94(a)

599,395

2,117,000

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer,

7.00%,

1/15/31,

Callable

1/15/27

@

103.5(a)

2,169,925

7,378,550

Electrical

Equipment

(0.0%

†

):

200,000

Sensata

Technologies,

Inc.,

6.63%,

7/15/32,

Callable

7/15/27

@

103.31(a)

208,000

Entertainment

(0.0%

†

):

100,000

Live

Nation

Entertainment,

Inc.,

4.88%,

11/1/24(a)

99,875

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

198

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Financial

Services

(1.0%):

$

550,000

AmWINS

Group,

Inc.,

6.38%,

2/15/29,

Callable

2/15/26

@

103.19(a)

$

561,688

876,000

HUB

International,

Ltd.,

5.63%,

12/1/29,

Callable

12/1/24

@

102.81(a)

857,385

9,402,000

HUB

International,

Ltd.,

7.25%,

6/15/30,

Callable

6/15/26

@

103.63(a)

9,778,080

11,197,153

Health

Care

Equipment

&

Supplies

(0.6%):

3,320,000

Avantor

Funding,

Inc.,

4.63%,

7/15/28,

Callable

11/4/24

@

101.16(a)

3,241,150

871,000

Avantor

Funding,

Inc.,

3.88%,

11/1/29,

Callable

11/4/24

@

101.94(a)

824,184

396,000

Becton,

Dickinson

&

Co.,

3.70%,

6/6/27,

Callable

3/6/27

@

100

390,610

287,000

GE

HealthCare

Technologies,

Inc.,

5.65%,

11/15/27,

Callable

10/15/27

@

100

298,488

574,000

Hologic

,

Inc.,

3.25%,

2/15/29,

Callable

11/4/24

@

100.81(a)

533,820

854,000

Teleflex,

Inc.,

4.63%,

11/15/27,

Callable

10/21/24

@

101.54

840,123

130,000

Teleflex,

Inc.,

4.25%,

6/1/28,

Callable

11/4/24

@

101.06(a)

125,450

6,253,825

Health

Care

Providers

&

Services

(0.4%):

1,068,000

Heartland

Dental

LLC/Heartland

Dental

Finance

Corp.,

10.50%,

4/30/28,

Callable

5/15/25

@

105.25(a)

1,140,090

905,000

IQVIA,

Inc.,

5.00%,

5/15/27,

Callable

11/4/24

@

100(a)

895,950

852,000

IQVIA,

Inc.,

5.70%,

5/15/28,

Callable

4/15/28

@

100

885,739

574,000

IQVIA,

Inc.,

6.50%,

5/15/30,

Callable

5/15/26

@

103.25(a)

596,960

612,000

Medline

Borrower

LP/Medline

Co-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(a)

628,830

428,000

Surgery

Center

Holdings,

Inc.,

7.25%,

4/15/32,

Callable

4/15/27

@

103.63(a)

446,725

4,594,294

Health

Care

Technology

(0.1%):

306,000

Clarivate

Science

Holdings

Corp.,

3.88%,

7/1/28,

Callable

10/15/24

@

101.94(a)

292,995

220,000

Clarivate

Science

Holdings

Corp.,

4.88%,

7/1/29,

Callable

10/15/24

@

102.44(a)

210,650

503,645

Hotels,

Restaurants

&

Leisure

(2.2%):

1,064,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

5.38%,

4/15/27,

Callable

11/4/24

@

100.9

1,057,350

1,084,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

6.50%,

10/1/28,

Callable

10/21/24

@

102.17

1,097,550

1,438,000

Cedar

Fair

LP/Canada's

Wonderland

Co./Magnum

Management

Corp./Millennium

Op,

5.25%,

7/15/29,

Callable

10/21/24

@

102.63^

1,411,038

723,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.38%,

5/1/25,

Callable

10/15/24

@

100(a)

720,289

Principal

Amount

Value

Corporate

Bonds,

continued

Hotels,

Restaurants

&

Leisure,

continued

$

1,638,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.75%,

5/1/28,

Callable

11/4/24

@

101.44(a)

$

1,642,095

734,000

Hilton

Domestic

Operating

Co.,

Inc.,

5.88%,

4/1/29,

Callable

4/1/26

@

102.94(a)

749,597

1,414,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.75%,

5/1/29,

Callable

11/4/24

@

101.88(a)

1,336,230

1,266,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

1/15/30,

Callable

1/15/25

@

102.44

1,245,427

1,072,000

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(a)

1,000,980

642,000

Hilton

Domestic

Operating

Co.,

Inc.,

3.63%,

2/15/32,

Callable

8/15/26

@

101.81(a)

580,208

566,000

Hilton

Worldwide

Finance

LLC/Hilton

Worldwide

Finance

Corp.,

4.88%,

4/1/27,

Callable

10/21/24

@

100.61

562,462

1,883,000

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC,

4.75%,

6/1/27,

Callable

11/4/24

@

100.79(a)

1,866,524

1,273,000

Life

Time,

Inc.,

5.75%,

1/15/26,

Callable

11/4/24

@

101.44(a)

1,271,409

80,000

Marriott

International,

Inc.,

Series

R,

3.13%,

6/15/26,

Callable

3/15/26

@

100

78,454

1,443,000

Six

Flags

Entertainment

Corp.,

5.50%,

4/15/27,

Callable

11/4/24

@

100.92(a)

1,435,785

403,000

Six

Flags

Theme

Parks,

Inc.,

7.00%,

7/1/25,

Callable

11/4/24

@

100(a)

402,496

599,000

Vail

Resorts,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25(a)

625,955

1,021,000

Yum!

Brands,

Inc.,

4.75%,

1/15/30,

Callable

10/15/29

@

100(a)

1,004,409

1,205,000

Yum!

Brands,

Inc.,

3.63%,

3/15/31,

Callable

12/15/30

@

100

1,108,600

1,561,000

Yum!

Brands,

Inc.,

4.63%,

1/31/32,

Callable

10/1/26

@

102.31

1,490,755

1,492,000

Yum!

Brands,

Inc.,

5.38%,

4/1/32,

Callable

4/1/27

@

102.69

1,484,540

687,000

Yum!

Brands,

Inc.,

6.88%,

11/15/37

772,875

1,354,000

Yum!

Brands,

Inc.,

5.35%,

11/1/43,

Callable

5/1/43

@

100

1,320,150

24,265,178

Insurance

(0.7%):

313,000

AssuredPartners

,

Inc.,

7.50%,

2/15/32,

Callable

2/15/27

@

103.75(a)

320,825

1,282,000

BroadStreet

Partners,

Inc.,

5.88%,

4/15/29,

Callable

11/4/24

@

102.94(a)

1,222,708

5,668,000

HUB

International,

Ltd.,

7.38%,

1/31/32,

Callable

1/31/27

@

103.69(a)

5,845,125

293,000

Ryan

Specialty

LLC,

4.38%,

2/1/30,

Callable

2/1/25

@

102.19^(a)

281,280

7,669,938

IT

Services

(0.2%):

618,000

Gartner,

Inc.,

4.50%,

7/1/28,

Callable

11/4/24

@

101.13(a)

611,047

889,000

Gartner,

Inc.,

3.63%,

6/15/29,

Callable

11/4/24

@

101.81(a)

846,773

457,000

Gartner,

Inc.,

3.75%,

10/1/30,

Callable

10/1/25

@

101.88(a)

427,866

1,885,686

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

199

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Principal

Amount

Value

Corporate

Bonds,

continued

Life

Sciences

Tools

&

Services

(0.2%):

$

781,000

Charles

River

Laboratories

International,

Inc.,

4.25%,

5/1/28,

Callable

10/21/24

@

101.42(a)

$

752,689

491,000

Charles

River

Laboratories

International,

Inc.,

3.75%,

3/15/29,

Callable

11/4/24

@

101.88(a)

459,699

814,000

Charles

River

Laboratories

International,

Inc.,

4.00%,

3/15/31,

Callable

3/15/26

@

102(a)

742,775

211,000

PRA

Health

Sciences,

Inc.,

2.88%,

7/15/26,

Callable

11/4/24

@

100.72(a)

203,615

165,000

Revvity

,

Inc.,

3.30%,

9/15/29,

Callable

6/15/29

@

100

155,063

2,313,841

Media

(1.0%):

439,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.50%,

5/1/26,

Callable

11/4/24

@

100(a)

437,354

5,502,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.13%,

5/1/27,

Callable

11/4/24

@

100.85(a)

5,405,715

4,413,000

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

5.00%,

2/1/28,

Callable

10/21/24

@

100.83(a)

4,280,610

754,000

Lamar

Media

Corp.,

3.75%,

2/15/28,

Callable

10/21/24

@

100.94

721,012

124,000

Lamar

Media

Corp.,

4.88%,

1/15/29,

Callable

11/4/24

@

102.44

122,140

120,000

Lamar

Media

Corp.,

3.63%,

1/15/31,

Callable

1/15/26

@

101.81

109,200

11,076,031

Metals

&

Mining

(0.1%):

1,477,000

Panther

Escrow

Issuer

LLC,

7.13%,

6/1/31,

Callable

6/1/27

@

103.56(a)

1,543,465

Passenger

Airlines

(0.3%):

1,662,274

Delta

Air

Lines,

Inc./

SkyMiles

IP,

Ltd.,

4.75%,

10/20/28(a)

1,659,124

1,195,747

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets,

Ltd.,

6.50%,

6/20/27,

Callable

11/4/24

@

101.63(a)

1,207,704

2,866,828

Professional

Services

(0.1%):

167,000

Broadridge

Financial

Solutions,

Inc.,

2.60%,

5/1/31,

Callable

2/1/31

@

100

146,910

845,000

Korn

Ferry,

4.63%,

12/15/27,

Callable

11/4/24

@

101.16(a)

823,875

970,785

Real

Estate

Management

&

Development

(0.1%):

272,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

5.75%,

2/1/27,

Callable

11/1/26

@

100(a)

277,100

370,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

3.75%,

2/15/27,

Callable

11/4/24

@

100.94(a)

360,750

283,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.13%,

8/15/30,

Callable

2/15/25

@

102.06(a)

269,204

907,054

Retail

REITs

(0.0%

†

):

234,000

VICI

Properties

LP,

5.13%,

5/15/32,

Callable

2/15/32

@

100

234,293

Semiconductors

&

Semiconductor

Equipment

(0.0%

†

):

457,000

Broadcom,

Inc.,

4.15%,

4/15/32,

Callable

1/15/32

@

100(a)

442,231

Principal

Amount

Value

Corporate

Bonds,

continued

Software

(0.3%):

$

749,000

Booz

Allen

Hamilton,

Inc.,

3.88%,

9/1/28,

Callable

11/4/24

@

100.97(a)

$

726,530

476,000

Booz

Allen

Hamilton,

Inc.,

4.00%,

7/1/29,

Callable

10/15/24

@

102(a)

462,315

541,000

Booz

Allen

Hamilton,

Inc.,

5.95%,

8/4/33,

Callable

5/4/33

@

100

578,870

60,000

Crowdstrike

Holdings,

Inc.,

3.00%,

2/15/29,

Callable

10/15/24

@

101.5

55,350

503,000

PTC,

Inc.,

4.00%,

2/15/28,

Callable

11/4/24

@

101.33(a)

486,024

618,000

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(a)

637,312

275,000

VMware

LLC,

4.70%,

5/15/30,

Callable

2/15/30

@

100

276,548

3,222,949

Specialized

REITs

(0.7%):

113,000

American

Tower

Corp.,

1.50%,

1/31/28,

Callable

11/30/27

@

100

102,817

521,000

American

Tower

Corp.,

3.80%,

8/15/29,

Callable

5/15/29

@

100

507,300

363,000

American

Tower

Corp.,

2.90%,

1/15/30,

Callable

10/15/29

@

100

336,424

354,000

American

Tower

Corp.,

2.10%,

6/15/30,

Callable

3/15/30

@

100

312,338

454,000

American

Tower

Corp.,

1.88%,

10/15/30,

Callable

7/15/30

@

100

391,726

138,000

Crown

Castle,

Inc.,

4.30%,

2/15/29,

Callable

11/15/28

@

100

136,038

105,000

Crown

Castle,

Inc.,

5.60%,

6/1/29,

Callable

5/1/29

@

100

109,476

522,000

Crown

Castle,

Inc.,

4.90%,

9/1/29,

Callable

8/1/29

@

100

531,421

870,000

Crown

Castle,

Inc.,

5.20%,

9/1/34,

Callable

6/1/34

@

100

887,331

1,792,000

SBA

Communications

Corp.,

3.88%,

2/15/27,

Callable

10/15/24

@

100.97

1,740,480

1,892,000

SBA

Communications

Corp.,

3.13%,

2/1/29,

Callable

11/4/24

@

101.56

1,745,370

63,000

SBA

Tower

Trust,

6.60%,

1/15/28,

Callable

1/15/27

@

100(a)

65,506

679,000

VICI

Properties

LP,

5.75%,

4/1/34,

Callable

1/1/34

@

100^

710,404

88,000

VICI

Properties

LP/VICI

Note

Co.,

Inc.,

4.63%,

12/1/29,

Callable

12/1/24

@

102.31(a)

86,130

7,662,761

Technology

Hardware,

Storage

&

Peripherals

(0.1%):

290,000

Sensata

Technologies,

Inc.,

4.38%,

2/15/30,

Callable

11/15/29

@

100(a)

276,225

743,000

Sensata

Technologies,

Inc.,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(a)

672,415

948,640

Total

Corporate

Bonds

(Cost

$116,951,841)

119,330,361

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

200

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2024.

Principal

Amount

Value

Yankee

Debt

Obligations

(0.2%):

Commercial

Services

&

Supplies

(0.2%):

$

580,000

GFL

Environmental,

Inc.,

4.00%,

8/1/28,

Callable

10/15/24

@

101(a)

$

556,800

560,000

GFL

Environmental,

Inc.,

4.75%,

6/15/29,

Callable

11/4/24

@

102.38(a)

546,000

476,000

GFL

Environmental,

Inc.,

4.38%,

8/15/29,

Callable

11/4/24

@

102.19(a)

455,175

319,000

GFL

Environmental,

Inc.,

6.75%,

1/15/31,

Callable

1/15/27

@

103.38(a)

334,551

1,892,526

Electrical

Equipment

(0.0%

†

):

359,000

Sensata

Technologies

BV,

4.00%,

4/15/29,

Callable

11/4/24

@

102(a)

340,153

403,000

Sensata

Technologies

BV,

5.88%,

9/1/30,

Callable

9/1/25

@

102.94(a)

404,511

744,664

Total

Yankee

Debt

Obligations

(Cost

$2,545,766)

2,637,190

U.S.

Treasury

Obligations

(11.0%):

U.S.

Treasury

Notes

(11.0%):

60,029,000

3.63%,

8/31/29

60,216,591

Principal

Amount

Value

U.S.

Treasury

Obligations,

continued

U.S.

Treasury

Notes,

continued

$

9,367,500

4.50%,

11/15/33

$

9,892,958

31,691,100

4.00%,

2/15/34

32,240,743

12,076,700

4.38%,

5/15/34

12,648,456

5,751,900

3.88%,

8/15/34

5,791,444

120,790,192

Total

U.S.

Treasury

Obligations

(Cost

$118,136,996)

120,790,192

Shares

Unaffiliated

Investment

Companies

(4.8%):

Money

Markets

(4.8%):

513,850

BlackRock

Liquidity

FedFund

,

Institutional

Class,

5.03

%(b)(c)

513,850

52,399,998

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

5.01%(c)

52,399,998

Total

Unaffiliated

Investment

Companies

(Cost

$52,913,848)

52,913,848

Total

Investment

Securities

(Cost

$935,831,129)

—

100.5%

1,105,554,335

Net

other

assets

(liabilities)

—

(0.5)%

(5,032,206)

Net

Assets

—

100.0%

$

1,100,522,129

ADR—American

Depository

Receipt

EURIBOR

RFR—Euro

Interbank

Offered

Rate

Risk-Free

Rate

LIBOR—London

Interbank

Offered

Rate

SOFR—Secured

Overnight

Financing

Rate

*

Non-income

producing

security.

#

All

or

a

portion

of

this

security

has

been

pledged

as

collateral

for

outstanding

call

options

written.

†

Represents

less

than

0.05%.

+

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

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$491,732.

(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

September

30,

2024.

(c)

The

rate

represents

the

effective

yield

at

September

30,

2024.

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

201

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Options

Contracts

At

September

30,

2024,

the

Fund's

over-the-counter

options

written

were

as

follows:

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount(a)

Value

Abbott

Laboratories

Goldman

Sachs

Call

120.00

USD

1/20/25

30‌

$

360,000‌

$

(8,814‌)

Abbott

Laboratories

Goldman

Sachs

Call

125.00

USD

1/20/25

30‌

375,000‌

(4,858‌)

AbbVie,

Inc.

Citigroup

Call

160.00

USD

1/20/25

94‌

1,504,000‌

(368,746‌)

AbbVie,

Inc.

Citigroup

Call

165.00

USD

1/20/25

94‌

1,551,000‌

(326,227‌)

AbbVie,

Inc.

Morgan

Stanley

Call

165.00

USD

1/20/25

30‌

495,000‌

(104,115‌)

AbbVie,

Inc.

Morgan

Stanley

Call

170.00

USD

1/20/25

31‌

527,000‌

(94,020‌)

AbbVie,

Inc.

Citigroup

Call

175.00

USD

1/20/25

120‌

2,100,000‌

(313,592‌)

Alphabet,

Inc.

Wells

Fargo

Call

175.00

USD

1/20/25

15‌

262,500‌

(10,409‌)

Alphabet,

Inc.

Wells

Fargo

Call

180.00

USD

1/20/25

66‌

1,188,000‌

(34,485‌)

Alphabet,

Inc.

Wells

Fargo

Call

185.00

USD

1/20/25

15‌

277,500‌

(5,820‌)

Amazon.com,

Inc.

Wells

Fargo

Call

200.00

USD

1/20/25

47‌

940,000‌

(36,343‌)

Ameren

Corp.

UBS

Call

90.00

USD

12/20/24

36‌

324,000‌

(7,234‌)

Apple,

Inc.

JPMorgan

Chase

Call

200.00

USD

1/20/25

72‌

1,440,000‌

(272,794‌)

Apple,

Inc.

JPMorgan

Chase

Call

215.00

USD

1/20/25

72‌

1,548,000‌

(183,252‌)

Apple,

Inc.

JPMorgan

Chase

Call

250.00

USD

1/20/25

59‌

1,475,000‌

(33,903‌)

Danaher

Corp.

UBS

Call

300.00

USD

1/20/25

129‌

3,870,000‌

(90,438‌)

Danaher

Corp.

UBS

Call

330.00

USD

1/19/26

61‌

2,013,000‌

(91,044‌)

DTE

Energy

Co.

Barclays

Bank

Call

130.00

USD

1/20/25

15‌

195,000‌

(7,515‌)

DTE

Energy

Co.

Barclays

Bank

Call

135.00

USD

1/20/25

15‌

202,500‌

(4,166‌)

Exelon

Corp.

Citigroup

Call

42.00

USD

1/20/25

141‌

592,200‌

(14,966‌)

GE

HealthCare

Technologies,

Inc.

UBS

Call

85.00

USD

1/20/25

72‌

612,000‌

(85,864‌)

GE

HealthCare

Technologies,

Inc.

UBS

Call

90.00

USD

1/20/25

72‌

648,000‌

(59,698‌)

Hilton

Worldwide

Holdings,

Inc.

Barclays

Bank

Call

220.00

USD

1/20/25

30‌

660,000‌

(62,584‌)

Hilton

Worldwide

Holdings,

Inc.

Barclays

Bank

Call

230.00

USD

1/20/25

30‌

690,000‌

(43,158‌)

Ingersoll

Rand,

Inc.

Bank

of

America

Call

100.00

USD

12/20/24

48‌

480,000‌

(22,857‌)

Ingersoll

Rand,

Inc.

Bank

of

America

Call

105.00

USD

12/20/24

48‌

504,000‌

(14,300‌)

Intercontinental

Exchange,

Inc.

Citigroup

Call

125.00

USD

1/17/25

90‌

1,125,000‌

(336,901‌)

Intercontinental

Exchange,

Inc.

Citigroup

Call

130.00

USD

1/17/25

90‌

1,170,000‌

(293,742‌)

Intercontinental

Exchange,

Inc.

Bank

of

America

Call

140.00

USD

1/20/25

64‌

896,000‌

(149,483‌)

Intercontinental

Exchange,

Inc.

Bank

of

America

Call

145.00

USD

1/20/25

101‌

1,464,500‌

(191,737‌)

Intercontinental

Exchange,

Inc.

Bank

of

America

Call

155.00

USD

1/20/25

36‌

558,000‌

(39,990‌)

Intercontinental

Exchange,

Inc.

Bank

of

America

Call

165.00

USD

1/20/25

47‌

775,500‌

(23,668‌)

Intuit,

Inc.

Bank

of

America

Call

700.00

USD

1/20/25

6‌

420,000‌

(7,433‌)

Intuit,

Inc.

Bank

of

America

Call

740.00

USD

1/20/25

6‌

444,000‌

(3,775‌)

KKR

&

Co.,

Inc.

Citigroup

Call

115.00

USD

1/20/25

48‌

552,000‌

(96,634‌)

KKR

&

Co.,

Inc.

Citigroup

Call

120.00

USD

1/20/25

48‌

576,000‌

(78,737‌)

KKR

&

Co.,

Inc.

Citigroup

Call

130.00

USD

1/20/25

48‌

624,000‌

(47,996‌)

KKR

&

Co.,

Inc.

Citigroup

Call

120.00

USD

1/19/26

18‌

216,000‌

(49,053‌)

KKR

&

Co.,

Inc.

Citigroup

Call

125.00

USD

1/19/26

18‌

225,000‌

(43,773‌)

KKR

&

Co.,

Inc.

Citigroup

Call

130.00

USD

1/19/26

18‌

234,000‌

(38,803‌)

Marsh

&

McLennan

Cos.,

Inc.

Goldman

Sachs

Call

210.00

USD

12/20/24

114‌

2,394,000‌

(199,421‌)

Mastercard

,

Inc.

JPMorgan

Chase

Call

480.00

USD

1/20/25

17‌

816,000‌

(55,758‌)

Mastercard

,

Inc.

JPMorgan

Chase

Call

490.00

USD

1/20/25

23‌

1,127,000‌

(60,822‌)

Mastercard

,

Inc.

JPMorgan

Chase

Call

500.00

USD

1/20/25

16‌

800,000‌

(33,281‌)

Mastercard

,

Inc.

JPMorgan

Chase

Call

515.00

USD

1/20/25

6‌

309,000‌

(8,309‌)

McDonald's

Corp.

UBS

Call

320.00

USD

1/20/25

43‌

1,376,000‌

(28,064‌)

McDonald's

Corp.

UBS

Call

325.00

USD

1/20/25

42‌

1,365,000‌

(21,077‌)

McDonald's

Corp.

UBS

Call

330.00

USD

1/20/25

43‌

1,419,000‌

(16,449‌)

McKesson

Corp.

Goldman

Sachs

Call

600.00

USD

1/20/25

19‌

1,140,000‌

(4,534‌)

McKesson

Corp.

Goldman

Sachs

Call

620.00

USD

1/20/25

19‌

1,178,000‌

(2,600‌)

McKesson

Corp.

UBS

Call

620.00

USD

1/20/25

47‌

2,914,000‌

(6,432‌)

McKesson

Corp.

Goldman

Sachs

Call

640.00

USD

1/20/25

4‌

256,000‌

(310‌)

McKesson

Corp.

Goldman

Sachs

Call

680.00

USD

1/20/25

3‌

204,000‌

(72‌)

Meta

Platforms,

Inc.

Bank

of

America

Call

590.00

USD

1/20/25

12‌

708,000‌

(46,406‌)

Microsoft

Corp.

Wells

Fargo

Call

465.00

USD

1/20/25

24‌

1,116,000‌

(23,447‌)

New

Linde

plc

Wells

Fargo

Call

460.00

USD

1/17/25

76‌

3,496,000‌

(242,375‌)

New

Linde

plc

Wells

Fargo

Call

480.00

USD

1/17/25

45‌

2,160,000‌

(85,636‌)

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

Schedule

of

Portfolio

Investments

September

30,

2024

(Unaudited)

202

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount(a)

Value

New

Linde

plc

Wells

Fargo

Call

440.00

USD

1/20/25

21‌

$

924,000‌

$

(99,327‌)

New

Linde

plc

Wells

Fargo

Call

450.00

USD

1/20/25

40‌

1,800,000‌

(157,379‌)

New

Linde

plc

Wells

Fargo

Call

470.00

USD

1/20/25

17‌

799,000‌

(42,609‌)

New

Linde

plc

Wells

Fargo

Call

485.00

USD

1/20/25

12‌

582,000‌

(19,636‌)

Northrop

Grumman

Corp.

Barclays

Bank

Call

490.00

USD

1/20/25

50‌

2,450,000‌

(259,749‌)

Roper

Technologies,

Inc.

Citigroup

Call

580.00

USD

12/20/24

26‌

1,508,000‌

(28,871‌)

Roper

Technologies,

Inc.

Citigroup

Call

600.00

USD

12/20/24

36‌

2,160,000‌

(20,780‌)

Roper

Technologies,

Inc.

Citigroup

Call

620.00

USD

12/20/24

28‌

1,736,000‌

(8,602‌)

Roper

Technologies,

Inc.

Citigroup

Call

640.00

USD

12/20/24

10‌

640,000‌

(1,615‌)

RTX

Corp.

Goldman

Sachs

Call

115.00

USD

1/20/25

48‌

552,000‌

(48,349‌)

RTX

Corp.

Goldman

Sachs

Call

120.00

USD

1/20/25

48‌

576,000‌

(32,907‌)

RTX

Corp.

Goldman

Sachs

Call

125.00

USD

1/20/25

30‌

375,000‌

(13,050‌)

RTX

Corp.

Goldman

Sachs

Call

130.00

USD

1/20/25

30‌

390,000‌

(7,858‌)

Teledyne

Technologies,

Inc.

Goldman

Sachs

Call

430.00

USD

12/20/24

1‌

43,000‌

(2,420‌)

Teledyne

Technologies,

Inc.

Goldman

Sachs

Call

440.00

USD

12/20/24

3‌

132,000‌

(5,381‌)

Teledyne

Technologies,

Inc.

Goldman

Sachs

Call

450.00

USD

12/20/24

1‌

45,000‌

(1,326‌)

Teledyne

Technologies,

Inc.

Goldman

Sachs

Call

460.00

USD

12/20/24

3‌

138,000‌

(3,011‌)

Thermo

Fisher

Scientific,

Inc.

JPMorgan

Chase

Call

650.00

USD

1/20/25

19‌

1,235,000‌

(38,694‌)

Thermo

Fisher

Scientific,

Inc.

JPMorgan

Chase

Call

670.00

USD

1/20/25

12‌

804,000‌

(16,343‌)

UnitedHealth

Group,

Inc.

Citigroup

Call

580.00

USD

1/20/25

44‌

2,552,000‌

(175,513‌)

UnitedHealth

Group,

Inc.

JPMorgan

Chase

Call

600.00

USD

1/20/25

52‌

3,120,000‌

(154,167‌)

Veralto

Corp.

UBS

Call

110.00

USD

1/20/25

34‌

374,000‌

(22,306‌)

Veralto

Corp.

UBS

Call

115.00

USD

1/20/25

49‌

563,500‌

(18,729‌)

Veralto

Corp.

UBS

Call

120.00

USD

1/20/25

15‌

180,000‌

(2,887‌)

Visa,

Inc.

Goldman

Sachs

Call

300.00

USD

1/20/25

36‌

1,080,000‌

(14,068‌)

Visa,

Inc.

Goldman

Sachs

Call

305.00

USD

1/20/25

27‌

823,500‌

(7,846‌)

Visa,

Inc.

Goldman

Sachs

Call

310.00

USD

1/20/25

27‌

837,000‌

(5,764‌)

Visa,

Inc.

Goldman

Sachs

Call

315.00

USD

1/20/25

27‌

850,500‌

(4,198‌)

Waste

Connections,

Inc.

Citigroup

Call

175.00

USD

12/20/24

24‌

420,000‌

(22,930‌)

Waste

Connections,

Inc.

Citigroup

Call

180.00

USD

12/20/24

24‌

432,000‌

(15,596‌)

Waste

Connections,

Inc.

Citigroup

Call

195.00

USD

12/20/24

12‌

234,000‌

(1,654‌)

Waste

Connections,

Inc.

Citigroup

Call

200.00

USD

12/20/24

12‌

240,000‌

(914‌)

Yum!

Brands,

Inc.

Wells

Fargo

Call

140.00

USD

1/20/25

56‌

784,000‌

(34,020‌)

Yum!

Brands,

Inc.

JPMorgan

Chase

Call

145.00

USD

1/20/25

63‌

913,500‌

(22,604‌)

Yum!

Brands,

Inc.

Wells

Fargo

Call

145.00

USD

1/20/25

160‌

2,320,000‌

(57,407‌)

Yum!

Brands,

Inc.

JPMorgan

Chase

Call

150.00

USD

1/20/25

139‌

2,085,000‌

(27,488‌)

Yum!

Brands,

Inc.

Wells

Fargo

Call

150.00

USD

1/20/25

92‌

1,380,000‌

(18,193‌)

Total

(Premiums

$3,523,797)

$

(5,952,111‌)

(a)

Notional

amount

is

expressed

as

the

number

of

contracts

multiplied

by

the

contract

size

multiplied

by

the

strike

price

of

the

underlying

asset.

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2024

(Unaudited)

203

1.

Consolidation

of

Subsidiary

Effective

as

of

the

close

of

business

March

10,

2023,

the

International

Index

Fund

(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

September

30,

2024,

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.

2.

Related

Party

Transactions

Allianz

Investment

Management

LLC

(the

“Manager”)

or

an

affiliate

of

the

Manager

serves

as

the

investment

adviser

of

certain

underlying

funds

in

which

each

Fund

invests

or

is

an

affiliate

of

the

security.

At

September

30,

2024,

the

following

investments

are

noted

as

affiliated

securities

in

each

Fund’s

Schedule

of

Portfolio

Investments.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/24

Shares

as

of

09/30/24

AZL

International

Index

Fund

Allianz

SE,

Registered

Shares

$

8,264,578

$

516,525

$

(987,758

)

$

332,363

$

1,479,639

$

9,605,347

29,277

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/24

Shares

as

of

09/30/24

AZL

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

565,006,998

$

10,705,053

$

(47,778,706

)

$

(7,872,193)

$

32,219,566

$

552,280,718

53,828,530

AZL

International

Index

Fund,

Class

2

215,889,716

19,540,000

(29,308,105

)

(1,240,041

)

28,499,649

233,381,219

11,889,008

AZL

Mid

Cap

Index

Fund,

Class

2.

128,616,815

—

(88,435,414

)

(15,356,310

)

23,159,254

47,984,345

1,996,021

AZL

S&P

500

Index

Fund,

Class

2

449,516,866

78,520,000

(96,055,366

)

(3,819,720

)

102,694,516

530,856,296

21,632,286

AZL

Small

Cap

Stock

Index

Fund,

Class

2

64,890,781

—

(29,979,402

)

(12,935,903

)

14,245,685

36,221,161

2,721,349

$

1,423,921,176

$

108,765,053

$

(291,556,993

)

$

(41,224,167)

$

200,818,670

$

1,400,723,739

92,067,194

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/24

Shares

as

of

09/30/24

AZL

MSCI

Global

Equity

Index

Fund

Allianz

SE,

Registered

Shares

$

697,572

$

—

$

(118,121

)

$

17,462

$

127,171

$

724,084

2,207

BlackRock

Finance,

Inc.

784,199

—

(99,924

)

(7,389

)

122,601

799,487

842

$

1,481,771

$

—

$

(218,045

)

$

10,073

$

249,772

$

1,523,571

3,049

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/24

Shares

as

of

09/30/24

AZL

Russell

1000

Value

Index

Fund

BlackRock

Finance,

Inc.

$

3,907,193

$

—

$

(657,894)

$

226,924

$

310,423

$

3,786,646

3,988

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

09/30/24

Shares

as

of

09/30/24

AZL

S&P

500

Index

Fund

Blackrock

Finance,

Inc.

$

7,298,082

$

664,845

$

(1,241,946

)

$

470,585

$

740,641

$

7,932,207

8,354

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2024

(Unaudited)

204

3.

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

September

30,

2024

are

identified

below.

AZL

Enhanced

Bond

Index

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Total

Bond

Fund

Security

Acquisition

Date(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Class

A,

Series

2022-NXSS,

7.28%,

9/15/39

3/16/23

$

1,494,375

1,500,000

$

1,500,

676

0.05%

Signal

Peak

CLO

4,

Ltd.,

Class

XR,

Series

2017-4A,

6.49%,

10/26/24

3/16/23

860,125

1,000,000

995,705

0.03%

Security

Acquisition

Date(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Acuris

Finance

U.S.,

Inc./

Acuris

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

@

104.50

7/25/24

$

120,000

120,000

$

120,450

0.01%

Finastra

US

TL,

12.10%,

9/13/29

9/22/23

320,606

325,718

325,718

0.02%

Mesquite

Energy,

Inc.,

7.25%,

2/15/23

10/30/18

256,808

278,000

–

0.00%

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Acuris

Finance

U.S.,

Inc./

Acuris

Finance

SARL,

9.00%,

8/1/29,

Callable

8/1/26

@

104.50

7/25/24

$

20,000

20,000

$

20,075

0.01%

Finastra

US

TL,

12.10%,

9/13/29

9/22/23

52,407

53,476

53,476

0.04%

Mesquite

Energy,

Inc.,

7.25%,

2/15/23

10/30/18

376,933

408,000

–

0.00%

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.