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

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Report of Independent Registered Public Accounting Firm

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Approval of Investment Advisory and Subadvisory Agreements

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Information about the Board of Trustees and Officers

Page 23

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

AZL^® DFA Five-Year Global Fixed Income Fund (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® DFA Five-Year Global Fixed Income Fund and Dimensional Fund Advisors LP serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® DFA Five-Year Global Fixed Income Fund (the “Fund”) returned 3.50%. That compared to a 3.86% total return for its benchmark, the FTSE World Government Bond Index,1-5 Years, Currency-Hedged in USD Terms¹.

Global fixed income returns were generally positive for 2019.Non-U.S. yield curves exhibited currency-hedged expected returns equal to or greater than those in the U.S. Yield curves in markets eligible for inclusion in the Fund generally flattened, suggesting smaller expected term premiums by the end of the year. Realized term premiums were positive for the year, with longer-term bonds generally outperforming shorter-term bonds.^*

The Fund underperformed its benchmark during the12-month period. An overweight position in Norwegian krone-denominated bonds detracted from the Fund’s relative performance during the period, as Norwegian bonds underperformed. The Fund’s focus on higher-quality securities meant it had a below-benchmark exposure to lower-rated bond markets, such as Italy, which outperformed during the period. This reduced exposure to strongly-performing markets dragged on the Fund’s relative performance.^*

By contrast, underweight positions in Japaneseyen-denominated bonds and short-term U.S. dollar-denominated bonds boosted relative returns, as these issues underperformed in the period. An overweight position in intermediate-term euro-denominated bonds, which produced strong performance relative to the overall benchmark, also improved the Fund’s performance during the period.*

The Fund used currency forward contracts to hedge its foreign currency exposure during the period. Given that the Fund’s benchmark index is also currency hedged, this strategy did not affect the Fund’s relative performance.^*

Past performance does not guarantee future results.

The Fund’s portfolio composition is subject to change. There is no guarantee that any sectors mentioned will continue to perform well or that securities in such sectors will be held by the Fund in the future. The information contained in this commentary is for informational purposes only and should not be construed as a recommendation to purchase or sell securities in the sector mentioned. The Fund’s holdings and weightings are as of December 31, 2019.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® DFA Five-Year Global Fixed Income Fund (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and seeks to focus the eligible universe on securities with relatively less expected upward or downward movement in market value. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in fixed income securities that mature within five years from the date of settlement.

Investment Concerns

Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund’s benchmark and represents the reinvestment of dividends and capital gains in the Fund.

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			Since Inception (4/27/15)
AZL^®DFA Five-Year Global Fixed Income Fund		3.50	%		2.07	%		1.40	%
FTSE World Government Bond Index,1-5 Years, Currency-Hedged in USD Terms		3.86	%		2.37	%		1.89	%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.Allianzlife.com.


Expense Ratio	Gross
AZL^®DFA Five-Year Global Fixed Income Fund		0.91	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.50% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.95% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

The total return of the Fund does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Such charges, fees and tax payments would reduce the performance quoted.

The Fund’s performance is measured against the FTSE World Government Bond Index,1-5 Years, Currency-Hedged in USD Terms, an unmanaged index that is designed to measure the performance of fixed-rate; local currency, investment-grade sovereign bonds, and currently comprises sovereign debt from over 20 countries. This index follows the same inclusion criteria and methodology as the FTSE(Non-USD) World Government Bond Index, which is a market capitalization-weighted index that tracks 10 government bond indexes, excluding the U.S. (“WGBI”), but only includes the securities from the WGBI with a weighted average life of greater than or equal to 1 and less than 5 years. The index does not reflect the deduction of fees associated with a mutual fund, such as investment fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL DFA Five-Year Global Fixed Income Fund

Expense Examples

(Unaudited)

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

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA Five-Year Global Fixed Income Fund		$	1,000.00		$	1,007.00		$	4.10		0.81	%

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA Five-Year Global Fixed Income Fund		$	1,000.00		$	1,021.12		$	4.13		0.81	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Foreign Bonds		85.9	%

Corporate Bonds		5.7

Yankee Dollars		2.8

Commercial Paper		2.8

U.S. Treasury Obligations		2.6

Unaffiliated Investment Companies		1.0


Total Investment Securities		100.8

Net other assets (liabilities)		(0.8	)


Net Assets		100.0	%

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds (5.7%):
Communications Equipment (0.3%):
$	1,339,000	Cisco Systems, Inc., 1.85%, 9/20/21, Callable 8/20/21 @ 100	$	1,340,391

Consumer Finance (0.6%):
	2,000,000	Toyota Motor Credit Corp., 2.16% (US0003M+15 bps), 10/9/20, MTN		2,000,802
	200,000	Toyota Motor Credit Corp., 0.75%, 7/21/22		229,617
	257,000	Toyota Motor Credit Corp., 2.38%, 2/1/23		310,056

				2,540,475

Diversified Financial Services (0.5%):
	1,900,000	Berkshire Hathaway, Inc., 0.63%, 1/17/23, Callable 11/17/22 @ 100		2,172,646

Food & Staples Retailing (0.3%):
	1,000,000	Walmart, Inc., 1.90%, 4/8/22, Callable 1/8/22 @ 100		1,170,865

Household Products (1.3%):
	4,700,000	Procter & Gamble Co. (The), 2.00%, 8/16/22		5,575,234

Industrial Conglomerates (0.5%):
	1,850,000	3M Co., 0.38%, 2/15/22, Callable 11/15/21 @ 100		2,097,814
	200,000	3M Co., Series E, 0.95%, 5/15/23		232,127

				2,329,941

Pharmaceuticals (1.3%):
	750,000	Johnson & Johnson, 0.25%, 1/20/22, Callable 12/20/21 @ 100		849,245
	4,521,000	Pfizer, Inc., 0.25%, 3/6/22, Callable 2/6/22 @ 100		5,113,723

				5,962,968

Software (0.2%):
	250,000	Oracle Corp., Series E, 2.25%, 1/10/21, MTN		287,577
	491,000	Oracle Corp., 2.50%, 5/15/22, Callable 3/15/22 @ 100		498,130

				785,707

Technology Hardware, Storage & Peripherals (0.7%):
	500,000	Apple, Inc., 3.04% (US0003M+113 bps), 2/23/21		505,646
	2,000,000	Apple, Inc., 1.00%, 11/10/22		2,317,414

				2,823,060

	Total Corporate Bonds (Cost $25,648,660)			24,701,287

Foreign Bonds (85.9%):
Banks (24.2%):
	16,000,000	Bank of Montreal, 1.88%, 3/31/21+		12,291,313
	1,000,000	Bank of Montreal, 1.61%, 10/28/21+		763,355
	7,000,000	Bank of Nova Scotia, 2.13%, 6/15/20+		5,397,666
	6,500,000	Bank of Nova Scotia, 3.27%, 1/11/21+		5,068,138
	500,000	Bank of Nova Scotia, 0.38%, 4/6/22, MTN+		565,406
	3,000,000	Canadian Imperial Bank of Commerce, 1.85%, 7/14/20+		2,310,421
	3,200,000	Canadian Imperial Bank of Commerce, 1.90%, 4/26/21+		2,461,072
	450,000	Canadian Imperial Bank of Commerce, 0.75%, 3/22/23+		517,037
	1,000,000	Commonwealth Bank of Australia, Series E, 0.50%, 7/11/22+		1,137,251


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Banks, continued
$	2,389,000	Cooperatieve Rabobank UA, Series E, 4.75%, 6/6/22+	$	2,996,338
	2,093,000	Cooperatieve Rabobank UA, 0.50%, 12/6/22+		2,386,088
	4,350,000	Dexia Credit Local SA, 0.25%, 6/2/22+		4,942,796
	1,800,000	Dexia Credit Local SA, Series E, 1.13%, 6/15/22+		2,390,973
	5,200,000	Dexia Credit Local SA, 0.25%, 6/1/23, MTN+		5,920,469
	405,000	International Bank for Reconstruction & Development, 1.00%, 12/19/22+		538,489
	6,123,000	Kreditanstalt fuer Wiederaufbau, 2.13%, 8/15/23+		7,481,751
	3,000,000	National Australia Bank, Ltd., Series G, 0.88%, 1/20/22+		3,432,109
	500,000	National Australia Bank, Ltd., 0.35%, 9/7/22+		566,702
	10,930,000	Nordic Investment Bank, 1.38%, 7/15/20, MTN+		1,242,660
	1,164,000	Oesterreichische Kontrollbank AG, Series E, 0.75%, 3/7/22+		1,536,111
	5,500,000	Royal Bank of Canada, 1.92%, 7/17/20+		4,235,729
	3,500,000	Royal Bank of Canada, 2.03%, 3/15/21+		2,695,302
	7,700,000	Royal Bank of Canada, Series DPNT, 1.97%, 3/2/22+		5,907,010
	1,190,000	Skandinaviska Enskilda Banken AB, 1.25%, 8/5/22+		1,578,303
	250,000	State of North Rhine-Westphalia Germany, 1.25%, 3/13/20+		281,296
	2,700,000	State of North Rhine-Westphalia Germany, 0.00%, 12/5/22+		3,054,527
	3,167,000	State of North Rhine-Westphalia Germany, 0.38%, 2/16/23+		3,624,407
	475,000	State of North Rhine-Westphalia Germany, 0.13%, 3/16/23+		539,725
	1,000,000	State of North Rhine-Westphalia Germany, 0.20%, 4/17/23+		1,139,258
	2,318,000	Svenska Handelsbanken AB, Series E, 0.25%, 2/28/22+		2,618,365
	1,000,000	Svenska Handelsbanken AB, 2.63%, 8/23/22+		1,199,017
	1,100,000	Svenska Handelsbanken AB, 1.13%, 12/14/22+		1,273,640
	2,000,000	Toronto-Dominion Bank (The), 2.56%, 6/24/20+		1,544,116
	4,000,000	Toronto-Dominion Bank (The), Series DPNT, 2.62%, 12/22/21+		3,110,598
	10,300,000	Toronto-Dominion Bank (The), Series DPNT, 1.99%, 3/23/22+		7,911,977
	300,000	Westpac Banking Corp., Series E, 0.25%, 1/17/22+		338,423

				104,997,838

Capital Markets (1.1%):
	4,000,000	Canada Housing Trust, 1.45%, 6/15/20+(a)		3,076,741
	300,000	FMS Wertmanagement, 1.13%, 9/7/23+		400,272
	1,000,000	International Finance Corp., 0.96% (SONIA+25bps), 1/18/22+		1,324,941

				4,801,954

Consumer Finance (2.4%):
	1,000,000	Toyota Credit Canada, Inc., 2.20%, 2/25/21+		771,041
	1,500,000	Toyota Credit Canada, Inc., 2.02%, 2/28/22+		1,150,786
	5,368,000	Toyota Finance Australia, Ltd., 0.00%, 4/9/21, MTN+		6,030,766
	1,355,000	Toyota Finance Australia, Ltd., Series E, 0.50%, 4/6/23, MTN+		1,545,154

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Consumer Finance, continued
$	905,000	Toyota Motor Finance Netherlands BV, Series E, 0.25%, 1/10/22, MTN+	$	1,023,832

				10,521,579

Diversified Financial Services (32.6%):
	1,000,000	Agence Francaise de Developpement, 0.13%, 4/30/22+		1,133,123
	1,500,000	Agence Francaise de Developpement, 0.50%, 10/25/22+		1,718,932
	5,700,000	ASB Finance, Ltd., Series E, 0.50%, 6/10/22+		6,482,649
	11,248,000	Asian Development Bank, 0.20%, 5/25/23+		12,847,558
	400,000	Bank Nederlandse Gemeenten NV, Series E, 1.00%, 3/15/22+		530,612
	1,600,000	Bank Nederlandse Gemeenten NV, 0.25%, 2/22/23+		1,824,698
	399,000	BNG Bank NV, 1.50%, 4/15/20+		449,968
	6,334,000	BNG Bank NV, 0.05%, 7/11/23, MTN+		7,185,728
	300,000	Caisse d’Amortissement de la Dette Sociale, 0.13%, 11/25/22+		341,603
	400,000	Caisse d’Amortissement de la Dette Sociale, Series E, 0.50%, 5/25/23, MTN+		461,747
	5,600,000	Caisse d’Amortissement de la Dette Sociale, 0.13%, 10/25/23+		6,387,195
	700,000	Caisse des Depots et Consignations, Series E, 1.00%, 1/25/21, MTN+		927,635
	403,000	Council Of Europe Development Bank, 0.38%, 10/27/22+		461,368
	750,000	Council Of Europe Development Bank, 0.13%, 5/25/23, MTN+		854,133
	4,498,000	European Bank for Reconstruction & Development, Series G, 1.01% (SONIO/N+30bps), 2/28/24, MTN+		5,957,798
	11,400,000	European Financial Stability Facility, 0.13%, 10/17/23, MTN+		12,988,313
	183,000	European Investment Bank, 1.04% (BP0003M+25bps), 2/17/20, MTN+		242,457
	2,000,000	European Investment Bank, Series E, 0.99% (SONIO/N+28bps), 1/10/22, MTN+		2,654,888
	85,000,000	European Investment Bank, Series E, 1.50%, 5/12/22, MTN+		9,648,274
	143,000	European Investment Bank, 0.00%, 10/16/23+		162,389
	8,586,000	European Stability Mechanism, 0.10%, 7/31/23+		9,768,865
	400,000	Kommunalbanken AS, 1.13%, 11/30/22+		532,318
	846,000	Kommunekredit, 0.13%, 8/28/23, MTN+		962,124
	97,000,000	Kommuninvest I Sverige AB, 0.25%, 6/1/22+		10,386,627
	24,000,000	Kommuninvest I Sverige AB, 0.75%, 2/22/23+		2,605,669
	3,000,000	Kommuninvest I Sverige AB, Series 2311, 1.00%, 11/13/23, MTN+		328,919
	4,253,000	Kreditanstalt fuer Wiederaufbau, 0.00%, 9/15/23+		4,828,713
	200,000	Landeskreditbank Baden-Wuerttemberg Foerderbank, Series E, 0.88%, 3/7/22+		264,729
	5,250,000	Landwirtschaftliche Rentenbank, 0.05%, 6/12/23, MTN+		5,966,915
	1,466,000	Municipality Finance plc, 1.25%, 12/7/22+		1,956,809


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Diversified Financial Services, continued
$	3,091,000	Nederlandse Waterschapsbank NV, 0.13%, 9/25/23, MTN+	$	3,519,853
	500,000	Nestle Finance International, Ltd., Series E, 0.75%, 11/8/21, MTN+		570,930
	500,000	Nestle Finance International, Ltd., 1.75%, 9/12/22+		589,964
	1,100,000	NRW.Bank, 0.00%, 11/11/22+		1,244,104
	4,500,000	NRW.Bank, 0.13%, 3/10/23+		5,115,660
	5,850,000	NRW.Bank, 0.13%, 7/7/23+		6,649,964
	4,680,000	OP Corporate Bank plc, Series E, 0.75%, 3/3/22+		5,344,747
	700,000	Roche Finance Europe BV, 0.50%, 2/27/23, Callable 11/27/22 @ 100+		799,381
	1,140,000	Shell International Finance BV, 1.63%, 3/24/21, MTN+		1,308,344
	500,000	Temasek Financial I, Ltd., Series E, 0.50%, 3/1/22+		568,771
	800,000	Temasek Financial I, Ltd., Series G, 4.63%, 7/26/22+		1,157,598
	1,300,000	Total Capital Canada, Ltd., 1.88%, 7/9/20, MTN+		1,474,591
	600,000	Total Capital Canada, Ltd., Series E, 1.13%, 3/18/22+		692,243
	500,000	Total Capital International SA, Series E, 0.00% (EUR003M+30bps), 3/19/20, MTN+		561,172
	900,000	Total Capital International SA, 0.25%, 7/12/23+		1,019,942

				141,480,020

Insurance (0.9%):
	600,000	UNEDIC ASSEO, 0.13%, 5/25/22+		680,473
	2,600,000	UNEDIC ASSEO, 0.88%, 10/25/22+		3,016,896

				3,697,369

Oil, Gas & Consumable Fuels (1.2%):
	500,000	Equinor ASA, Series E, 2.00%, 9/10/20, MTN+		569,635
	1,925,000	Shell International Finance BV, Series E, 1.25%, 3/15/22+		2,228,179
	900,000	Shell International Finance BV, Series E, 1.00%, 4/6/22+		1,036,245
	1,300,000	Statoil ASA, 0.88%, 2/17/23, Callable 11/17/22 @ 100+		1,495,048

				5,329,107

Pharmaceuticals (3.8%):
	750,000	Novartis Finance SA, 0.75%, 11/9/21+		856,808
	2,000,000	Novartis Finance SA, 0.50%, 8/14/23, Callable 5/14/23 @ 100+		2,286,121
	1,200,000	Sanofi, 0.00%, 1/13/20, MTN+		1,345,979
	300,000	Sanofi, 0.00% (EUR003M+15bps), 3/21/20, MTN+		336,710
	500,000	Sanofi, 1.13%, 3/10/22, Callable 12/10/21 @ 100+		575,933
	300,000	Sanofi, Series E, 0.00%, 3/21/22, Callable 2/21/22 @ 100, MTN+		338,288
	1,100,000	Sanofi, 0.00%, 9/13/22, Callable 6/13/22 @ 100+		1,239,218
	8,300,000	Sanofi, 0.50%, 3/21/23, Callable 12/21/22 @ 100+		9,483,400

				16,462,457

Road & Rail (0.2%):
	667,000	Transport For London, 2.25%, 8/9/22, MTN+		913,444

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Sovereign Bond (19.3%):
$	300,000	Bpifrance Financement SA, Series E, 0.10%, 2/19/21+	$	338,298
	10,000,000	Canadian Government Bond, 1.50%, 3/1/20+		7,701,555
	81,000,000	Denmark Government Bond, 1.50%, 11/15/23+		13,122,415
	4,000,000	European Investment Bank, Series E, 3.50%, 1/14/21+		441,630
	200,000	European Investment Bank, 0.05%, 12/15/23, MTN+		227,724
	500,000	European Stability Mechanism Bill, 0.00%, 1/23/20+(b)		560,954
	1,000,000	European Stability Mechanism Bill, 0.00%, 3/5/20+(b)		1,122,580
	1,000,000	Export Development Canada, Series E, 1.02% (SONIO/N+31bps), 5/29/24+		1,323,868
	4,615,000	Finland Government Bond, 0.00%, 9/15/23+(a)		5,266,166
	1,700,000	French Republic Discount Bill, 0.00%, 2/12/20+(b)		1,908,101
	3,150,000	International Bank for Reconstruction & Development, 1.13%, 3/11/20+		2,423,588
	4,568,000	International Bank for Reconstruction & Development, 0.98% (SONIO/N+27bps), 5/15/24+		6,044,889
	500,000	Kommunalbanken AS, Series E, 0.88%, 12/8/20, MTN+		661,994
	500,000	Kommunalbanken AS, Series E, 1.50%, 12/15/23, MTN+		675,151
	6,000,000	Monetary Authority of Singapore Bill, Series 84, 1.71%, 1/31/20+(b)		4,455,734
	7,000,000	Monetary Authority of Singapore Bill, Series 84, 1.76%, 3/20/20+(b)		5,185,758
	450,000	Province of Manitoba, 1.50%, 12/15/22+		603,441
	5,000,000	Province of Ontario, 4.20%, 6/2/20+		3,888,979
	950,000	Province of Quebec, 0.88%, 5/24/22+		1,253,825
	3,033,000	Republic of Austria Government Bond, 0.00%, 7/15/23+(a)		3,458,296
	500,000	Swedish Export Credit AB, Series E, 1.38%, 12/15/23, MTN+		671,178
	105,000,000	Swedish Government Bond, Series 1047, 5.00%, 12/1/20+		11,756,739
	2,500,000	United Kingdom Government Bill, 0.72%, 3/2/20+(b)		3,306,923
	6,000,000	United Kingdom Government Bill, 0.76%, 3/23/20+(b)		7,932,481

				84,332,267


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Foreign Bonds, continued
Transportation Infrastructure (0.2%):
$	693,000	Oebb-Infrastruktur AG, Series E, 3.50%, 10/19/20, MTN+	$	801,585

	Total Foreign Bonds (Cost $377,428,604)			373,337,620

Yankee Dollars (2.8%):
Banks (0.5%):
	1,250,000	Bank of Nova Scotia, Series B, 2.41% (US0003M+44 bps), 4/20/21		1,253,100
	512,000	Bank of Nova Scotia, 2.70%, 3/7/22		520,446
	400,000	The Toronto-Dominion Bank, 3.04% (US0003M+100 bps), 4/7/21, MTN		403,978

				2,177,524

Diversified Financial Services (1.9%):
	600,000	Caisse des Depots et Consignations, 2.18% (US0003M+9 bps), 10/2/20, MTN		600,444
	1,000,000	EUROFIMA, 2.00% (US0003M+9 bps), 11/15/21		999,760
	800,000	EUROFIMA, 1.99% (US0003M+10 bps), 3/11/22, MTN		799,616
	2,000,000	Kommunalbanken AS, 2.04% (US0003M+4 bps), 4/15/21		1,999,288
	3,000,000	Landeskreditbank Baden-Wuerttemberg Foerderbank, Series E, 2.07% (US0003M+12 bps), 9/27/21, MTN		3,002,820
	650,000	Total Capital International SA, 2.88%, 2/17/22		663,355

				8,065,283

Oil, Gas & Consumable Fuels (0.2%):
	910,000	Shell International Finance BV, 2.38%, 8/21/22		921,980

Sovereign Bond (0.2%):
	1,000,000	Swedish Export Credit AB, Series E, 2.01% (US0003M+12 bps), 12/13/21, MTN		1,000,330

	Total Yankee Dollars (Cost $12,113,411)			12,165,117

U.S. Treasury Obligations (2.6%):
U.S. Treasury Notes (2.6%):
	11,500,000	1.75% (USBMMY3M+22bps), 7/31/21		11,499,779

	Total U.S. Treasury Obligations (Cost $11,497,086)			11,499,779

Commercial Paper (2.8%):
	4,000,000	DBS Bank, Ltd., 1.88%(a)(b)		3,979,860
	5,000,000	DBS Bank, Ltd., 1.83%(a)(b)		4,984,275
	3,000,000	Oversea-Chinese Banking Corp., Ltd., 2.00%(a)		3,000,423

	Total Commercial Paper (Cost $11,963,915)			11,964,558

Unaffiliated Investment Companies (1.0%):
Money Markets (1.0%):
	4,252,122	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(b)		4,252,122

	Total Unaffiliated Investment Companies (Cost $4,252,122)			4,252,122

	Total Investment Securities (Cost $442,903,798)—100.8%(c)			437,920,483
	Net other assets (liabilities)—(0.8)%			(3,636,919	)

	Net Assets—100.0%		$	434,283,564

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

December 31, 2019

Percentages indicated are based on net assets as of December 31, 2019.

BP0003M—3 Month GBP LIBOR

EUR003M—3 Month EUR LIBOR

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SONIA—Sterling Overnight Interbank Average Rate

US0003M—3 Month US Dollar LIBOR

USBMMY3M—3 Month Treasury Bill Rate

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

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. Thesub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b)	The rate represents the effective yield at December 31, 2019.

(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of December 31, 2019:

(Unaudited)


Country	Percentage

Australia		3.0	%
Austria		1.3	%
Canada		18.0	%
Denmark		3.2	%
Finland		2.9	%
France		10.6	%
Germany		10.0	%
Luxembourg		3.9	%
Netherlands		6.0	%
New Zealand		1.5	%
Norway		1.4	%
Singapore		5.3	%
Supernational		13.3	%
Sweden		7.6	%
United Kingdom		2.8	%
United States		9.2	%

		100.0	%

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

December 31, 2019

Forward Currency Contracts

At December 31, 2019, the Fund’s open forward currency contracts were as follows:


Currency Purchased		Currency Sold			Counterparty		Settlement Date			Net Unrealized Appreciation/ (Depreciation)
Danish Krone	896,670		U.S. Dollar	132,642		Bank of America		1/2/20		$	1,975
Danish Krone	88,110,958		U.S. Dollar	13,160,691		State Street		1/2/20			67,395
European Euro	1,195,657		U.S. Dollar	1,330,060		Bank of America		1/8/20			11,670
European Euro	1,025,970		U.S. Dollar	1,139,989		Bank of America		1/8/20			11,323
European Euro	821,549		U.S. Dollar	916,838		Bank of America		1/8/20			5,079
European Euro	583,571		U.S. Dollar	645,306		State Street		1/8/20			9,559
European Euro	1,030,460		U.S. Dollar	1,145,730		Bank of America		1/9/20			10,693
European Euro	1,671,234		U.S. Dollar	1,860,952		BNY Mellon		1/9/20			14,572
European Euro	436,434		U.S. Dollar	487,337		BNY Mellon		1/9/20			2,447
European Euro	10,358		U.S. Dollar	11,559		BNY Mellon		1/9/20			65
British Pound	1,507,659		U.S. Dollar	1,952,845		Bank of America		1/24/20			45,208
Canadian Dollar	6,768,038		U.S. Dollar	5,091,993		Bank of America		1/28/20			121,580
Canadian Dollar	8,664,062		U.S. Dollar	6,577,881		Bank of America		1/28/20			96,243
Canadian Dollar	4,160,953		U.S. Dollar	3,173,986		Bank of America		1/28/20			31,290

										$	429,099

U.S. Dollar	13,126,354		Danish Krone	89,007,628		Bank of America		1/2/20		$	(236,349	)
U.S. Dollar	74,192,564		European Euro	67,058,602		Bank of America		1/8/20			(1,058,519	)
U.S. Dollar	429,812		European Euro	387,810		BNY Mellon		1/8/20			(5,377	)
U.S. Dollar	1,127,063		European Euro	1,017,389		Bank of America		1/9/20			(14,692	)
U.S. Dollar	73,877,034		European Euro	66,852,991		Bank of America		1/9/20			(1,148,037	)
U.S. Dollar	1,333,010		British Pound	1,023,528		BNY Mellon		1/9/20			(22,883	)
U.S. Dollar	630,961		British Pound	484,939		State Street		1/9/20			(11,450	)
U.S. Dollar	3,305,372		British Pound	2,503,553		State Street		1/9/20			(11,146	)
U.S. Dollar	3,807,335		British Pound	2,923,585		State Street		1/9/20			(65,610	)
U.S. Dollar	2,250,471		Swedish Krona	21,135,968		Bank of America		1/21/20	��		(9,327	)
U.S. Dollar	1,680,269		Swedish Krona	15,776,779		Barclays Bank		1/21/20			(6,540	)
U.S. Dollar	7,858,942		Swedish Krona	73,536,087		State Street		1/21/20			(3,328	)
U.S. Dollar	13,615,313		Swedish Krona	129,982,248		State Street		1/21/20			(282,020	)
U.S. Dollar	1,005,685		European Euro	904,707		Bank of America		1/24/20			(10,571	)
U.S. Dollar	865,831		European Euro	782,565		State Street		1/24/20			(13,223	)
U.S. Dollar	70,927,684		European Euro	63,508,950		State Street		1/24/20			(411,810	)
U.S. Dollar	37,525,808		British Pound	28,945,660		State Street		1/24/20			(834,972	)
U.S. Dollar	10,439,738		Norwegian Krone	96,709,246		Bank of America		1/28/20			(582,275	)
U.S. Dollar	3,077,707		Canadian Dollar	4,045,052		Bank of America		1/28/20			(38,288	)
U.S. Dollar	84,630,211		Canadian Dollar	110,454,587		Barclays Bank		1/28/20			(455,459	)
U.S. Dollar	5,153,386		Singapore Dollar	6,982,400		Bank of America		2/5/20			(41,489	)
U.S. Dollar	4,403,935		Singapore Dollar	5,977,320		Citigroup		2/5/20			(43,165	)
U.S. Dollar	13,183,786		Danish Krone	87,926,231		State Street		2/26/20			(71,167	)

										$	(5,377,697	)

Total Net Forward Currency Contracts										$	(4,948,598	)

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

Unrealized

Appreciation

Unrealized
Depreciation

Forward currency contracts

429,099

(5,377,697

)

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	442,903,798

Investment securities, at value	$	437,920,483
Interest and dividends receivable		1,411,983
Foreign currency, at value (cost $2,625)		2,668
Unrealized appreciation on forward currency contracts		429,099
Receivable for capital shares issued		229,190
Prepaid expenses		1,491

Total Assets		439,994,914

Liabilities:
Unrealized depreciation on forward currency contracts		5,377,697
Payable for capital shares redeemed		24,580
Manager fees payable		184,230
Administration fees payable		4,667
Distribution fees payable		92,114
Custodian fees payable		11,506
Administrative and compliance services fees payable		1,541
Transfer agent fees payable		959
Trustee fees payable		379
Other accrued liabilities		13,677

Total Liabilities		5,711,350

Net Assets	$	434,283,564

Net Assets Consist of:
Paid in capital	$	440,934,712
Total distributable earnings		(6,651,148	)

Net Assets	$	434,283,564

Shares of beneficial interest (unlimited number of shares authorized, no par value)		44,228,532
Net Asset Value (offering and redemption price per share)	$	9.82

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Interest	$	4,084,633
Dividends		81,120
Income from securities lending		6,599

Total Investment Income		4,172,352

Expenses:
Manager fees		2,683,087
Administration fees		145,218
Distribution fees		1,117,947
Custodian fees		64,441
Administrative and compliance services fees		8,076
Transfer agent fees		5,859
Trustee fees		25,942
Professional fees		22,177
Shareholder reports		6,286
Other expenses		13,900

Total expenses before reductions		4,092,933
Less expenses voluntarily waived/reimbursed by the Manager		(447,176	)

Net expenses		3,645,757

Net Investment Income/(Loss)		526,595

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(6,434,387	)
Net realized gains/(losses) on forward currency contracts		20,646,243
Change in net unrealized appreciation/depreciation on securities and foreign currencies		8,013,097
Change in net unrealized appreciation/depreciation on forward currency contracts		(7,026,059	)

Net realized and Change in net unrealized gains/losses on investments		15,198,894

Change in Net Assets Resulting From Operations	$	15,725,489

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	526,595			$	2,230,317
Net realized gains/(losses) on investments			14,211,856				12,519,470
Change in unrealized appreciation/depreciation on investments			987,038				(9,544,124	)

Change in net assets resulting from operations			15,725,489				5,205,663

Distributions to Shareholders:
Distributions			(24,665,739	)			(2,736,651	)

Change in net assets resulting from distributions to shareholders			(24,665,739	)			(2,736,651	)

Capital Transactions:
Proceeds from shares issued			12,381,360				23,263,345
Proceeds from dividends reinvested			24,665,739				2,736,651
Value of shares redeemed			(54,717,556	)			(73,662,691	)

Change in net assets resulting from capital transactions			(17,670,457	)			(47,662,695	)

Change in net assets			(26,610,707	)			(45,193,683	)
Net Assets:
Beginning of period			460,894,271				506,087,954

End of period		$	434,283,564			$	460,894,271

Share Transactions:
Shares issued			1,218,558				2,334,447
Dividends reinvested			2,514,346				275,594
Shares redeemed			(5,333,251	)			(7,385,373	)

Change in shares			(1,600,347	)			(4,775,332	)

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				April 27, 2015 to December 31, 2015(a)

Net Asset Value, Beginning of Period		$	10.06			$	10.00			$	9.96			$	9.91			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.01	(b)			0.06				0.11				0.11				0.06
Net Realized and Unrealized Gains/(Losses) on Investments			0.34				0.06				0.05				0.02				(0.15	)

Total from Investment Activities			0.35				0.12				0.16				0.13				(0.09	)

Distributions to Shareholders From:
Net Investment Income			(0.59	)			(0.06	)			(0.12	)			(0.08	)			—

Total Dividends			(0.59	)			(0.06	)			(0.12	)			(0.08	)			—

Net Asset Value, End of Period		$	9.82			$	10.06			$	10.00			$	9.96			$	9.91

Total Return(c)			3.50	%			1.17	%			1.57	%			1.28	%			(0.90	)%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	434,284			$	460,894			$	506,088			$	482,830			$	517,049
Net Investment Income/(Loss)(e)			0.12	%			0.45	%			1.11	%			1.01	%			0.90	%
Expenses Before Reductions(e)(f)			0.92	%			0.91	%			0.90	%			0.90	%			0.91	%
Expenses Net of Reductions(e)			0.82	%			0.81	%			0.80	%			0.80	%			0.81	%
Portfolio Turnover Rate			35	%			69	%			83	%			52	%			127	%(d)

(a)	For the period April 27, 2015 (commencement of share class) to December 31, 2015.

(b)	Calculated using the average shares method.

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

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

(e)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA Five-Year Global Fixed Income Fund (the “Fund”), and 20 are presented in separate reports.

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

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on theex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available. Income received by the Fund from sources within foreign countries may be subject to withholding or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

Real Estate Investment Trusts

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

Foreign Currency Translation

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

Distributions to Shareholders

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

Expense Allocation

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

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

December 31, 2019

Securities Lending

To generate additional income, the Fund may lend up to 33¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned,marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2019 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $632 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had no open securities lending transactions as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2019, the Fund did not engage in any Rule17a-7 transactions under the Rule.

Derivative Instruments

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

Forward Currency Contracts

During the year ended December 31, 2019, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2019, the monthly average notional amount for long contracts was $7.6 million and the monthly average notional amount for short contracts was $394.7 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Foreign Exchange Risk

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

429,099

Unrealized depreciation on forward currency contracts

5,377,697

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Foreign Exchange Risk

Forward Currency Contracts	Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts	$	20,646,243	$	(7,026,059	)

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

December 31, 2019

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at December 31, 2019. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019.

As of December 31, 2019, the Fund’s derivative assets and liabilities by type were as follows:


	Assets				Liabilities
Derivative Financial Instruments:
Forward currency contracts		$	429,099			$	5,377,697

Total derivative assets and liabilities in the Statement of Assets and Liabilities			429,099				5,377,697
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(17,084	)			(28,260	)

Total assets and liabilities subject to a MNA		$	412,015			$	5,349,437

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2019:


Counterparty	Derivative Assets Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Received*			Cash Collateral Received*			Net Amount of Derivative Assets
Bank of America		$	335,061		$	(335,061	)		$	—		$	—		$	—
State Street			76,954			(76,954	)			—			—			—

Total		$	412,015		$	(412,015	)		$	—		$	—		$	—

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral pledged by the Fund as of December 31, 2019:


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Pledged*			Cash Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America		$	3,139,547		$	(335,061	)		$	—		$	—		$	2,804,486
Barclays Bank			461,999			—				—			—			461,999
Citigroup			43,165			—				—			—			43,165
State Street			1,704,726			(76,954	)			—			—			1,627,772

Total		$	5,349,437		$	(412,015	)		$	—		$	—		$	4,937,422

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

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL DFA Five-Year Global Fixed Income Fund		0.60	%		0.95	%

*	The Manager voluntarily reduced the management fee to 0.50% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

December 31, 2019

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At December 31, 2019, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations.

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

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

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

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

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $3,376 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, eachnon-interested Trustee receives a $182,500 annual Board retainer, the Lead Director receives an additional $45,625 annually, the Chair of the Nominating and Corporate Governance Committee receives an additional $10,000 annually and the Chair of the Audit Committee receives an additional $10,000 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the year ended December 31, 2019, actual Trustee compensation was $1,343,125 in total for both trusts.

4. Investment Valuation Summary

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

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments inopen-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

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

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

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

December 31, 2019

In accordance with procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2				Level 3			Total

Corporate Bonds+		$	—		$	24,701,287			$	—		$	24,701,287
Foreign Bonds+			—			373,337,620				—			373,337,620
Yankee Dollars+			—			12,165,117				—			12,165,117
U.S. Treasury Obligations			—			11,499,779				—			11,499,779
Commercial Paper			—			11,964,558				—			11,964,558
Unaffiliated Investment Companies			4,252,122			—				—			4,252,122

Total Investment Securities			4,252,122			433,668,361				—			437,920,483

Other Financial Instruments:*
Forward Currency Contracts			—			(4,948,598	)			—			(4,948,598	)

Total Investments		$	4,252,122		$	428,719,763			$	—		$	432,971,885

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

*	Other Financial Instruments would include any derivative instruments, such as forward currency contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL DFA Five-Year Global Fixed Income Fund		$	143,770,889		$	234,907,752

For the year ended December 31, 2019, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL DFA Five-Year Global Fixed Income Fund		$	39,181,258		$	27,693,589

6. Investment Risks

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

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

Foreign Securities and Currencies Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority expects the use of LIBOR will be phased out by the end of 2021. Currently, there are no definitive details regarding the future utilization of LIBOR or of any particular replacement floating rate of interest. Abandonment of or modifications to LIBOR could lead to market uncertainty and instability. To the extent that the Fund’s investments have maturities which extend beyond 2021, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

7. Federal Tax Information

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

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

December 31, 2019

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $442,904,981. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	2,788,293
Unrealized (depreciation)		(7,772,791	)

Net unrealized appreciation/(depreciation)	$	(4,984,498	)

As of the end of its tax year ended December 31, 2019, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

During the year ended December 31, 2019, the Fund utilized $99,873 in CLCFs to offset capital gains.

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL DFA Five-Year Global Fixed Income Fund		$	3,436,105		$	5,579,865		$	9,015,970

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA Five-Year Global Fixed Income Fund		$	24,665,739		$	—		$	24,665,739

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA Five-Year Global Fixed Income Fund		$	2,736,651		$	—		$	2,736,651

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)				Total Accumulated Earnings/ (Deficit)

AZL DFA Five-Year Global Fixed Income Fund		$	9,025,087		$	—		$	(9,015,970	)		$	(5,288,537	)		$	(5,279,420	)

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, mark-to-market of currency contracts and straddles.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL DFA Five-Year Global Fixed Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA Five-Year Global Fixed Income Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended December 31, 2017 and the financial highlights for each of the periods ended on or prior to December 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 23, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Information (Unaudited)

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

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

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

Subject to the general supervision of the Board of Trustees (the “Board”) and in accordance with the investment objectives and restrictions of each separate series (together, the “Funds”) of the Allianz Variable Insurance Products Trust (the “Trust”), investment advisory services are provided to the Funds by Allianz Investment Management LLC (the “Manager”). As used in this section, “Fund” refers to any of the Funds other than the AZL Moderate Index Strategy Fund. The Manager manages each Fund pursuant to an investment management agreement (the “Management Agreement”) with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon each Fund’s average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2021 (the “Expense Limitation Agreement”).

Each Fund is amanager-of-managers fund. That means that the Manager is responsible for monitoring the various Subadvisers that haveday-to-day responsibility for the decisions made for each Fund. The Manager also is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager’s experience and expertise in the variable insurance marketplace. Currently, the Funds are offered only through variable annuities and variable life insurance policies, and not in the retail fund market. In addition, the Board receives information regarding the Manager’s expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America (“Allianz Life”) and its subsidiary, Allianz Life Insurance Company of New York (“Allianz of New York”). Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products.

The Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Board reviews and considers the information provided by the Manager in deciding which investment advisers to select as a Subadviser. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a “watch” list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or “capacity” concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Board. Funds which are on the watch list are subject to additional scrutiny by the Manager and the Board. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board has subsequently considered and approved retention of the new Subadviser.

As required by the Investment Company Act of 1940 (the “1940 Act”), the Board has reviewed and approved the Management Agreement with the Manager and portfolio management agreements (the “Subadvisory Agreements”) with the Subadvisers. The Board’s decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considered many factors, among the most material of which are: the Fund’s investment objectives and long-term performance; the Manager’s and Subadvisers’ (collectively, the “Advisory Organizations”) management philosophy, personnel, processes and investment performance, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) any payments made by the Funds pursuant toRule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser’s compensation: the nature and quality of the services provided by the adviser, including the performance of the fund; the adviser’s cost of providing the services; the extent to which the adviser may realize “economies of scale” as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser’s relationship with the fund; performance and expenses of comparable funds; the profitability of acting as adviser to the fund; and the extent to which the independent Board members, who are not “interested persons” of a fund as defined by the 1940 Act, are fully informed about all facts bearing on the adviser’s services and fees. The Board is aware of these factors and takes them into account in its review of the Management Agreement and Subadvisory Agreements (collectively, the “Agreements”).

The Board considered and weighed these circumstances in light of its experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds, and is assisted in its deliberations by the advice of independent legal counsel to the independent Trustees (“Independent Trustee Counsel”). In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board’s formal review of an advisory contract occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board’s evaluation of an advisory contract is informed by reports covering such matters as: an Advisory Organization’s investment philosophy, personnel, and processes; the Fund’s investment performance (in absolute terms as well as in relationship to its benchmark(s), certain competitor or “peer group” funds and similar funds managed by the particular Subadviser), and comments on the reasons for performance; the Fund’s expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities; the nature and extent of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about the Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the advisory contracts, but also fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or “fall out” benefits an Advisory Organization may derive from its relationship with the Funds.

In assessing the Advisory Organizations performance of their obligations, the Board may also consider whether there has occurred a circumstance or event that would constitute a reason for it to not renew an advisory contract. In this regard, the Board is mindful of the potential disruption of a Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

expense information for other investment companies with similar investment objectives derived from data compiled by an independent third party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval/continuance of the Agreements with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approvals/continuances. The independent Trustees also discussed the proposed approvals/continuances in a private session with Independent Trustee Counsel at which no representatives of the Manager were present. In reaching its determinations relating to the approval and/or continuance of the Agreements, in respect of each Fund, the Board considered all factors it believed relevant. The Board based its decision to approve the Agreements on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

An SEC rule requires that shareholder reports include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The “factors” enumerated by the SEC are set forth below in italics, as well as the Board’s conclusions regarding such factors:

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the control of the Board, administers each Fund’s business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for other to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handleday-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handleday-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

The Board also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any others retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust’s Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of such services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager’s role in coordinating the activities of the Trust’s other service providers, also were considered. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the Funds under the Agreements.

(2)The investment performance of the Funds, the Manager and the Subadvisers. In connection with everyin-person quarterly Board meeting, as well as the summer and fall 2019 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previousone-, three- and five-year periods. (For Funds that have been in existence for less than five years, the Board receives performance information on shorter time periods to the extent available.) The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 18 and September 18, 2019, the Manager reported that for theone-year period ended December 31, 2018, seven Funds were in the top 40%, seven were in the middle 20%, and six were in the bottom 40%, and for the three-year period ended December 31, 2018, ten Funds were in the top 40%, three were in the middle 20% and five were in the bottom 40%. The Manager also reported that for the five-year period ended December 31, 2018, seven Funds were in the top 40%, three were in the middle 20%, and three were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, that such Funds deviate from their particular benchmark index (referred to as “index attribution”).

Only two Funds, the AZL Morgan Stanley Global Real Estate Fund and the AZL Government Money Market Fund, were in the bottom 40% for all of theone-, three- and five-year periods. The Board met with the portfolio managers of the AZL Government Money Market Fund on September 12, 2018, and the AZL Morgan Stanley Global Real Estate Fund on September 17, 2019, to review the Funds’ current investment strategy, process and outlook. As a result of these discussions, the Board understood that the performance of these Funds was a consequence of headwinds faced by their long-term investment strategies and not a reflection of the nature, extent or quality of services being provided by the respective Subadvisers. The Board also found that the relative performance of the AZL Government Money Market Fund was attributable to the unprecedented period of low short-term interest rates and the Fund’s reimbursement of expenses waived by the Manager during the period; the Fund’s reimbursement of expenses previously waived ended December 31, 2019.

Funds in the bottom 40% for the three- and five-year periods had shown improved relative performance in later periods. Thus, the Board determined that the overall investment performance of the Funds was acceptable.

(3)The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

Based upon the information provided, the management fee ranking in 2018 for the 20 Funds was as follows: (1) 17 of the Funds had management fee rankings at or below the 65^th percentile (with 10 Funds at or below the 50^th percentile); and (2) for the AZL Enhanced Bond Index Fund, the AZL MSCI Emerging Markets Equity Index Fund, and the AZL MSCI Global Equity Index Fund, it was determined that there was poor (or no) peer group comparability. For the AZL Russell 1000 Value Index Fund and the AZL Russell 1000 Growth Index Fund, following discussions with the Board, and although the Funds’ management fee ranked below the 65^th percentile, the Manager recommended increasing a temporary management fee waiver by one basis point, which the Board approved. Increasing the temporary management fee waivers by one basis point effectively decreases the management fee paid by a fund by one basis point.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certainfall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

The Manager, on behalf of the Board, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvised. The Manager was unable to obtain consistent profitability information from some of the Subadvisers that would allow the Board to determine the profits derived from the Subadviser’s relationship to the Fund or Funds, rather than its overall level of profitability. The Board recognized the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. The Manager assured the Board, however, that the Agreements with the Subadvisers, all of which currently are not affiliated with the Manager, were negotiated on an “arm’s length” basis, which should not result in excessive profits for the Subadvisers.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Board noted that the advisory fee schedules for the Funds do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such “breakpoints.” The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board also noted that the total assets in all of the Funds, as of December 31, 2018, were approximately $14.7 billion, and that no single Fund had assets in excess of $2.9 billion.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as the Funds grow larger. As noted above, the Manager has agreed to increase the fee waivers for two Funds. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Agreements or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

In conclusion, after full consideration of the above factors, as well as such other factors as each member of the Board considered instructive in evaluating the Management Agreement, the Board concluded that the advisory fees were reasonable, and that the continuation of the Management Agreement was in the best interest of the Funds.

Information about the Board of Trustees and Officers (Unaudited)

The Trust is managed by the Trustees in accordance with the laws of the state of Delaware governing business trusts. There are currently seven Trustees, one of whom is an “interested person” of the Trust within the meaning of that term under the 1940 Act. The Trustees and Officers of the Trust, and their addresses, ages, positions held with the Trust, terms of office with the Trust and length of time served, principal occupation(s) during the past five years, the number of portfolios in the Trust they oversee, and other directorships held during the past five years are as follows:

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

The Manager and the Trust are parties to a Chief Compliance Officer Agreement under which the Manager is compensated by the Trust for providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer. The Chief Compliance Officer and Anti-Money Laundering Compliance Officer is not considered a corporate officer or executive employee of the Trust.

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® DFA International Core Equity Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 36

Page 36

Page 37

Page 38

Report of Independent Registered Public Accounting Firm

Page 39

Page 44

Page 45

Approval of Investment Advisory and Subadvisory Agreements

Page 46

Page 47

Information about the Board of Trustees and Officers

Page 50

AZL^®DFA International Core Equity Fund (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^®DFA International Core Equity Fund and Dimensional Fund Advisors LP serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® DFA International Core Equity Fund (the “Fund”) returned 20.72%^†. That compared to a 22.66% and 23.16% total return for its benchmarks, the MSCI EAFE Index¹ and the MSCI World Ex-USA Index¹ respectively, each gross of withholding taxes.

Developed market equities outside the United States posted strong returns for the period. They trailed U.S. equities, but outperformed equities in emerging markets. Currency movements in developed markets were mixed, with the Canadian dollar and Israeli new shekel appreciating relative to the U.S. dollar, while the Swedish krona and Danish krone depreciated. Currency movements produced little overall impact on returns in U.S. dollar-denominated terms.

Within the developed ex-U.S. equity universe, small-cap stocks outperformed large-cap and mid-cap stocks during the period. Mid-cap stocks also outperformed large-cap stocks. Among large-cap equities, higher profitability stocks outperformed lower profitability stocks. However, higher profitability stocks in the small-cap universe underperformed their lower profitability counterparts. Growth stocks outperformed value stocks across all market cap sizes.

The Fund’s performance trailed that of both of its benchmarks during the 12-month period. The Fund’s bias toward value stocks dragged on relative results as growth stocks outperformed value stocks. The Fund’s tilt toward small-cap stocks offset some of this negative impact, due to strong performance among small-cap companies relative to their mid-cap and large-cap counterparts.^*

The Fund also includes results from Canada, a country that is not covered by the MSCI EAFE Index. Canada outperformed the overall benchmark for the period, boosting relative returns.^*

Past performance does not guarantee future results.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmarks please refer to page 2 of this report.

AZL^® DFA International Core Equity Fund (Unaudited)

Fund Objective

Investment Concerns

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Small- tomid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

The chart above represents a comparison of a hypothetical investment in the Fund versus a similar investment in the Fund’s benchmarks and represents the reinvestment of dividends and capital gains in the Fund.

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			Since Inception (4/27/15)
AZL^®DFA International Core Equity Fund		20.72	%^†		7.82	%		3.36	%
MSCI EAFE Index (gross of withholding taxes)		22.66	%		10.11	%		4.27	%
MSCI EAFE Index (net of withholding taxes)		22.01	%		9.56	%		3.78	%
MSCI WorldEx-USA Index (gross of withholding taxes)		23.16	%		9.91	%		4.22	%
MSCI WorldEx-USA Index (net of withholding taxes)		22.49	%		9.34	%		3.69	%


Expense Ratio	Gross
AZL^®DFA International Core Equity Fund		1.38	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.75% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.39% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Morgan Stanley Capital International, Europe, Australasia and Far East (“MSCI EAFE”) Index and the Morgan Stanley Capital International WorldEx-USA (“MSCI WorldEx-USA”) Index. The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI WorldEx-USA Index captures a large- andmid-capitalization representation across 22 of 23 developed markets countries, excluding the United States. The Indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Index noted as “gross of withholding taxes” reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as “net of withholding taxes” reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable tonon-resident institutional investors who do not benefit from double taxation treaties. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL DFA International Core Equity Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA International Core Equity Fund		$	1,000.00		$	1,075.10		$	5.75		1.10	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA International Core Equity Fund		$	1,000.00		$	1,019.66		$	5.60		1.10	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Industrials		19.2	%

Financials		15.7

Consumer Discretionary		14.4

Materials		11.0

Consumer Staples		7.5

Health Care		7.0

Energy		6.5

Information Technology		6.5

Communication Services		5.6

Utilities		3.0

Real Estate		2.7


Total Common and Preferred Stocks		99.1

Warrants		—	^†

Rights		—	^†

Short-Term Securities Held as Collateral for Securities on Loan		0.5

Unaffiliated Investment Companies		0.4


Total Investment Securities		100.0

Net other assets (liabilities)		—	^†


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (98.7%):
Aerospace & Defense (1.2%):
	4,047	Airbus SE	$	593,716
	15,989	Austal, Ltd.		43,021
	982	Avon Rubber plc		27,296
	44,779	BAE Systems plc		335,459
	5,900	Bombardier, Inc., Class B*		8,770
	6,187	CAE, Inc.		163,824
	3,081	Chemring Group plc		9,830
	50,056	Cobham plc		108,930
	15	Dassault Aviation SA		19,755
	504	Elbit Systems, Ltd.		78,510
	89	Facc AG		1,112
	401	FMS Enterprises Migun, Ltd.		14,881
	2,535	Heroux-Devtek, Inc.*		37,291
	9,452	Leonardo SpA		110,760
	1,132	LISI		38,171
	24,328	Meggitt plc		211,961
	2,059	MTU Aero Engines AG		587,911
	19,005	QinetiQ Group plc		90,051
	25,323	Rolls-Royce Holdings plc		229,268
	1,420	Saab AB		47,569
	1,223	Safran SA		189,566
	20,156	Senior plc		46,135
	25,500	Singapore Technologies Engineering, Ltd.		74,796
	1,426	Thales SA		148,348
	4,563	Ultra Electronics Holdings plc		128,024

				3,344,955

Air Freight & Logistics (0.4%):
	13,896	Bollore, Inc.		60,648
	6,117	BPOST SA		70,882
	1,400	Chuo Warehouse Co., Ltd.		15,720
	2,399	Cia de Distribucion Integral Logista Holdings SA		54,193
	6,355	CTT-Correios de Portugal SA		22,782
	10,513	Deutsche Post AG		401,348
	5,804	Freightways, Ltd.		33,208
	73	ID Logistics Group*		14,772
	37,500	Kerry Network, Ltd.		64,474
	2,300	Kintetsu World Express, Inc.		39,926
	1,800	Konoike Transport Co., Ltd.		27,434
	1,284	Mainfreight, Ltd.		36,738
	1,800	Mitsui-Soko Holdings Co., Ltd.		33,821
	1,146	Oesterreichische Post AG		43,687
	27,139	PostNL NV		61,216
	23,649	Royal Mail plc		70,947
	900	SBS Holdings, Inc.		15,606
	27,700	Singapore Post, Ltd.		19,264
	36	XPO Logistics Europe SADIR		10,454
	2,000	Yamato Holdings Co., Ltd.		34,207
	1,600	Yasuda Logistics Corp.		15,290

				1,146,617

Airlines (0.3%):
	2,930	Air Canada*		109,468
	13,467	AirFrance-KLM*		149,910
	26,921	Air New Zealand, Ltd.		53,148
	1,200	ANA Holdings, Inc.		40,154
	1,046	Cathay Pacific Airways, Ltd.		1,548
	6,945	Dart Group plc		155,735


Shares			Fair Value
Common Stocks, continued
Airlines, continued
	9,717	Deutsche Lufthansa AG, Registered Shares	$	178,805
	2,130	easyJet plc		40,511
	28,658	El Al Israel Airlines*		7,994
	1,728	Exchange Income Corp.		59,477
	13,156	International Consolidated Airlines Group SA		109,234
	1,700	Japan Airlines Co., Ltd.		53,057
	24,091	Qantas Airways, Ltd.		120,336
	18,011	SAS AB*		29,377
	21,400	Singapore Airlines, Ltd.		144,015

				1,252,769

Auto Components (2.3%):
	1,000	Aisan Industry Co., Ltd.		7,208
	4,300	Aisin Sieki Co., Ltd.		159,059
	7,300	Akebono Brake Industry Co., Ltd.*		16,390
	1,027	Akwel		23,256
	2,314	Arb Corp., Ltd.		30,520
	266	Autoneum Holding AG		31,972
	8,806	Brembo SpA		109,347
	12,900	Bridgestone Corp.		479,210
	1,647	Bulten AB		13,876
	11	Burelle SA		10,099
	3,874	CIE Automotive SA		91,761
	5,225	Compagnie Generale des Establissements Michelin SCA, Class B		640,865
	2,623	Continental AG		340,590
	2,800	Daido Metal Co., Ltd.		19,508
	2,400	Daikyonishikawa Corp.		18,661
	3,400	Denso Corp.		153,394
	10,709	Dometic Group AB(a)		108,027
	1,800	Eagle Industry Co., Ltd.		18,618
	673	Edag Engineering Group AG		7,625
	1,724	ElringKlinger AG*		15,865
	1,700	Exedy Corp.		38,369
	3,076	Faurecia SA		166,767
	2,300	FCC Co., Ltd.		49,701
	1,000	F-Tech, Inc.		7,294
	4,000	Futaba Industrial Co., Ltd.		28,002
	1,400	G-Tekt Corp.		22,218
	3,860	Gud Holdings, Ltd.		30,119
	2,186	Hella GmbH & Co. KGaA		120,978
	1,600	Hi-Lex Corp.		29,444
	700	H-One Co., Ltd.		5,405
	1,200	Imasen Electric Industrial		10,712
	1,800	Kasai Kogyo Co., Ltd.		14,100
	2,500	Keihin Corp.		58,661
	1,600	Koito Manufacturing Co., Ltd.		74,063
	31,203	Kongsberg Automotive ASA*		21,796
	1,400	KYB Corp.*		41,451
	2,493	Leoni AG*^		29,143
	3,233	Linamar Corp.		122,333
	11,703	Magna International, Inc.		641,793
	350	Magna Internationl, Inc.		19,193
	6,366	Martinrea International, Inc.		70,161
	2,000	Mitsuba Corp.		13,570
	3,200	Musashi Seimitsu Industry Co., Ltd.		43,782
	3,300	NGK Spark Plug Co., Ltd.		64,024
	6,600	NHK SPRING Co., Ltd.		59,701

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Auto Components, continued
	600	Nichirin Co., Ltd.	$	10,712
	3,600	Nifco, Inc.		98,483
	3,300	Nippon Seiki Co., Ltd.		53,954
	1,400	Nissin Kogyo Co., Ltd.		28,536
	2,700	NOK Corp.		40,209
	5,985	Nokian Renkaat OYJ		172,494
	800	Ohashi Technica, Inc.		11,002
	2,600	Pacific Industrial Co., Ltd.		35,376
	1,800	Piolax, Inc.		34,725
	6,511	Pirelli & C SpA(a)		37,527
	2,839	Plastic Omnium SA		79,578
	6,300	Press Kogyo Co., Ltd.		25,038
	3,582	PWR Holdings, Ltd.		12,066
	400	Riken Corp.		15,233
	4,208	Saf-Holland SA		34,898
	1,600	Sanden Holdings Corp.*		12,362
	1,900	Sanoh Industrial Co., Ltd.		21,827
	2,535	Schaeffler AG		27,522
	600	Shoei Co., Ltd.		28,447
	4,000	Showa Corp.		83,420
	2,500	Stanley Electric Co., Ltd.		72,289
	11,800	Sumitomo Electric Industries, Ltd.		177,073
	2,900	Sumitomo Riko Co., Ltd.		26,144
	9,500	Sumitomo Rubber Industries, Ltd.		115,588
	300	T RAD Co., Ltd.		5,636
	1,400	Tachi-S Co., Ltd.		18,302
	800	Taiho Kogyo Co., Ltd.		6,377
	3,900	Tokai Rika Co., Ltd.		75,931
	2,500	Topre Corp.		40,303
	7,500	Toyo Tire Corp.		107,574
	3,400	Toyoda Gosei Co., Ltd.		84,864
	3,500	Toyota Boshoku Corp.		56,143
	1,200	Toyota Industries Corp.		69,161
	1,500	TPR Co., Ltd.		29,430
	2,100	TS Tech Co., Ltd.		65,144
	2,000	Unipres Corp.		28,073
	2,847	Valeo SA		100,796
	104,000	Xinyi Glass Holdings, Ltd.		137,818
	6,500	Yokohama Rubber Co., Ltd. (The)		125,798
	600	Yorozu Corp.		8,037

				6,292,521

Automobiles (2.7%):
	7,641	Bayerische Motoren Werke AG (BMW)		628,965
	17,987	Daimler AG, Registered Shares		997,172
	1,253	Ferrari NV		207,422
	36,310	Fiat Chrysler Automobiles NV		537,715
	21,000	Honda Motor Co., Ltd.		592,433
	24,135	IMMSI SpA*		15,220
	10,900	Isuzu Motors, Ltd.		128,429
	11,700	Mazda Motor Corp.		99,593
	16,200	Mitsubishi Motors Corp.		67,444
	33,900	Nissan Motor Co., Ltd.		197,047
	2,700	Nissan Shatai Co., Ltd.		25,724
	14,678	Piaggio & C SpA		45,262
	27,636	PSA Peugeot Citroen SA		661,808
	3,686	Renault SA		174,848
	4,600	Subaru Corp.		113,753


Shares			Fair Value
Common Stocks, continued
Automobiles, continued
	4,400	Suzuki Motor Corp.	$	184,327
	36,824	Toyota Motor Corp.		2,593,127
	794	Volkswagen AG		154,291
	8,800	Yamaha Motor Co., Ltd.		175,929

				7,600,509

Banks (8.0%):
	3,000	77th Bank		49,868
	5,948	ABN AMRO Group NV(a)		108,632
	15,084	AIB Group plc		52,824
	500	Aichi Bank, Ltd. (The)		17,132
	1,500	Akita Bank, Ltd. (The)		30,388
	3,329	Aktia Bank OYJ		34,900
	1,200	Aomori Bank, Ltd. (The)		32,063
	3,300	Aozora Bank, Ltd.		87,175
	22,170	Australia & New Zealand Banking Group, Ltd.		384,004
	2,000	Awa Bank, Ltd. (The)		44,595
	21,166	Banca Popolare di Sondrio SCPA		50,061
	44,344	Banco Bilbao Vizcaya Argentaria SA		249,878
	75,804	Banco Bpm SpA*		172,554
	106,975	Banco Comercial Portugues SA, Class R		24,392
	118,137	Banco de Sabadell SA		138,368
	158,428	Banco Santander SA		668,893
	11,673	Bank Hapoalim BM		97,003
	15,385	Bank LeumiLe-Israel Corp.		112,164
	24,138	Bank of East Asia, Ltd. (The)		53,939
	2,674	Bank of Georgia Group plc		57,674
	39,409	Bank of Ireland Group plc		217,298
	900	Bank of Iwate, Ltd. (The)		23,804
	1,900	Bank of Kyoto, Ltd. (The)		81,012
	15,317	Bank of Montreal		1,187,069
	500	Bank of Nagoya, Ltd. (The)		15,550
	9,618	Bank of Nova Scotia		543,321
	820	Bank of Okinawa, Ltd. (The)		27,532
	16,478	Bank of Queensland, Ltd.		83,973
	1,100	Bank of Saga, Ltd. (The)		17,583
	2,000	Bank of The Ryukyus, Ltd.		21,905
	23,866	Bankia SA		51,083
	11,373	Bankinter SA		83,611
	71	Banque Cantonale de Geneve		14,278
	142	Banque Cantonale Vaudoise,Registered Shares		115,918
	32,117	Barclays plc, ADR		305,754
	14,732	Bendigo & Adelaide Bank, Ltd.		101,288
	209	Berner Kantonalbank AG		47,939
	9,054	BNP Paribas SA		538,914
	57,542	BOC Hong Kong Holdings, Ltd.		200,394
	20,218	BPER Banca		101,741
	41,307	CaixaBank SA		130,255
	5,889	Canadian Imperial Bank of Commerce		489,965
	4,227	Canadian Western Bank		103,819
	9,400	Chiba Bank, Ltd. (The)		54,056
	4,300	Chiba Kogyo Bank, Ltd. (The)		15,546
	6,200	Chugoku Bank, Ltd. (The)		62,888
	700	Chukyo Bank, Ltd. (The)		14,325
	1,097	Comdirect Bank AG		15,994
	19,952	Commerzbank AG		123,540
	11,410	Commonwealth Bank of Australia		641,322
	19,900	Concordia Financial Group, Ltd.		81,640

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	9,126	Credit Agricole SA	$	132,945
	5,165	Credito Emiliano SpA		30,095
	348,864	Credito Valtellinese SpA*		27,877
	16,000	Dah Sing Banking Group, Ltd.		21,384
	5,600	Dah Sing Financial Holdings, Ltd.		22,087
	1,900	Daishi Hokuetsu Financial Group, Inc.		52,697
	4,743	Danske Bank A/S		76,717
	10,500	DBS Group Holdings, Ltd.		202,444
	8,411	DNB ASA		157,675
	3,100	Ehime Bank, Ltd. (The)		33,401
	3,500	Erste Group Bank AG		131,630
	6,500	Fidea Holdings Co., Ltd.		8,265
	13,601	Finecobank Banca Fineco SpA		163,242
	3,600	First Bank of Toyama, Ltd. (The)		11,378
	1,816	First International Bank of Israel		52,610
	1,000	Fukui Bank, Ltd. (The)		18,027
	5,100	Fukuoka Financial Group, Inc.		97,364
	2,200	Fukushima Bank, Ltd. (The)		5,604
	11,100	Gunma Bank, Ltd. (The)		38,946
	15,800	Hachijuni Bank, Ltd. (The)		68,813
	9,105	Hang Seng Bank, Ltd.		188,429
	26,855	Heartland Group Holdings Npv		33,484
	11,800	Hiroshima Bank, Ltd. (The)		57,435
	1,000	Hokkoku Bank, Ltd. (The)		31,976
	6,000	Hokuhoku Financial Group, Inc.		62,890
	29,691	HSBC Holdings plc, ADR		1,160,621
	9,400	Hyakugo Bank, Ltd. (The)		29,795
	1,000	Hyakujushi Bank, Ltd. (The)		19,752
	31,633	ING Groep NV		380,134
	116,122	Intesa Sanpaolo SpA		306,088
	20,917	Isreal Discount Bank		97,114
	9,500	Iyo Bank, Ltd. (The)		53,605
	6,200	Jimoto Holdings, Inc.		6,503
	1,200	Juroku Bank, Ltd. (The)		28,131
	2,965	Jyske Bank A/S		108,314
	1,742	Kansai Mirai Financial Group,Inc.		11,198
	2,805	KBC Group NV		211,494
	5,800	Keiyo Bank, Ltd. (The)		33,403
	400	Kita-Nippon Bank, Ltd. (The)		8,278
	3,800	Kiyo Bank, Ltd. (The)		57,443
	13,590	Kyushu Financial Group, Inc.		58,464
	2,296	Laurentian Bank of Canada		78,567
	120,273	Liberbank SA		45,311
	562	Liechtensteinische Landesbank AG		36,222
	513,763	Lloyds Banking Group plc		428,735
	78,144	Lloyds TSB Group plc, ADR		258,657
	162	Luzerner Kantonalbank AG		70,257
	24,670	Mebuki Financial Group, Inc.		62,952
	9,651	Mediobanca SpA		106,296
	700	Michinoku Bank, Ltd. (The)		9,641
	95,500	Mitsubishi UFJ Financial Group, Inc.		516,211
	800	Miyazaki Bank, Ltd. (The)		19,936
	3,605	Mizrahi Tefahot Bank, Ltd.		96,173
	183,400	Mizuho Financial Group, Inc.		282,101
	1,300	Musashino Bank, Ltd. (The)		22,299
	800	Nagano Bank, Ltd. (The)		12,149
	1,300	Nanto Bank, Ltd. (The)		32,964


Shares			Fair Value
Common Stocks, continued
Banks, continued
	19,757	National Australia Bank, Ltd.	$	342,264
	9,441	National Bank of Canada		524,112
	7,200	Nishi-Nippon Holdings, Inc.		56,065
	14,794	Nordea Bank AB		119,710
	17,400	North Pacific Bank, Ltd.		38,779
	4,701	Norwegian Finans Holding ASA*		51,048
	1,800	Ogaki Kyoritsu Bank, Ltd. (The)		39,120
	1,000	Oita Bank, Ltd. (The)		25,447
	23,586	Oversea-Chinese Banking Corp., Ltd.		192,906
	28,000	Public Financial Holdings, Ltd.		11,428
	5,943	Raiffeisen International Bank-Holding AG		149,066
	33,600	Resona Holdings, Inc.		146,529
	1,604	Ringkjoebing Landbobank A/S		124,056
	1,041	Royal Bank of Canada		82,380
	12,263	Royal Bank of Canada		971,230
	19,782	Royal Bank of Scotland, ADR^		127,396
	1,190	San Ju San Financial Group, Inc.		18,834
	6,200	San-In Godo Bank, Ltd. (The)		37,806
	1,475	Sbanken ASA(a)		12,543
	11,600	Senshu Ikeda Holdings, Inc.		22,043
	24,500	Seven Bank, Ltd.		80,528
	2,300	Shiga Bank, Ltd. (The)		58,305
	1,000	Shikoku Bank, Ltd. (The)		9,494
	400	Shimizu Bank, Ltd. (The)		7,967
	3,300	Shinsei Bank, Ltd.		50,382
	7,400	Shizuoka Bank, Ltd. (The)		55,097
	13,992	Skandinaviska Enskilda Banken AB, Class A		131,665
	8,737	Societe Generale		305,251
	4,543	Spar Nord Bank A/S		44,119
	4,203	Sparebank 1Sr-Bank ASA		47,891
	147	St. Galler Kantonalbank AG		68,481
	37,160	Standard Chartered plc		350,909
	10,600	Sumitomo Mitsui Financial Group, Inc.		390,263
	2,900	Sumitomo Mitsui Trust Holdings, Inc.		114,456
	1,500	Suruga Bank, Ltd.*		6,809
	11,527	Svenska Handelsbanken AB, Class A		124,154
	7,319	Swedbank AB, Class A		109,187
	3,208	Sydbank A/S		67,290
	1,200	Taiko Bank, Ltd. (The)		18,743
	8,700	Tochigi Bank, Ltd. (The)		18,696
	6,500	Toho Bank, Ltd. (The)		16,154
	1,100	Tokyo Kiraboshi Financial Group, Inc.		15,295
	7,500	Tomony Holdings, Inc.		28,404
	12,432	Toronto-Dominion Bank (The)		697,808
	2,100	Towa Bank, Ltd. (The)		16,688
	6,200	Tsukuba Bank, Ltd.		13,571
	13,966	Unicaja Banco SA(a)		15,186
	17,111	Unicredit SpA		250,146
	48,370	Unione di Banche Italiane SpA		157,922
	9,727	United Overseas Bank, Ltd.		191,379
	682	Valiant Holding AG		69,339
	764	Van Lanschot Kempen NV		17,234
	34,734	Virgin Money UK plc		87,779
	582	Walliser Kantonalbank, Registered Shares		67,973
	25,126	Westpac Banking Corp.		428,085
	1,600	Yamagata Bank, Ltd. (The)		23,543
	7,200	Yamaguchi Financial Group, Inc.		48,715

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	1,800	Yamanashi Chuo Bank, Ltd. (The)	$	19,193
	6	Zuger Kantonalbank AG		39,192

				21,712,102

Beverages (1.3%):
	3,371	A.G. Barr plc		25,914
	8,852	Anheuser-Busch InBev NV		725,815
	3,600	Asahi Breweries, Ltd.		164,470
	10,973	Britvic plc		131,672
	11,716	C&C Group plc		62,969
	1,071	Carlsberg A/S, Class B		159,790
	11,116	Coca-Cola Amatil, Ltd.		86,415
	2,200	Coca-Cola Bottlers Japan Holdings, Inc.		56,499
	3,897	Coca-Cola European Partners plc		195,596
	3,906	Coca-Cola HBC AG		133,200
	5,750	Cott Corp.		78,562
	5,510	Davide Campari – Milano SpA		50,317
	4,082	Diageo plc, ADR		687,491
	4,304	Fevertree Drinks plc		119,679
	2,618	Heineken NV		279,242
	900	ITO EN, Ltd.		45,364
	7,900	Kirin Holdings Co., Ltd.		172,328
	109	Laurent-Perrier		10,684
	938	Olvi OYJ		43,369
	207	Pernod Ricard SA		37,051
	2,807	Royal Unibrew A/S		257,367
	4,000	Sapporo Breweries, Ltd.		94,313
	3,457	Stock Spirits Group plc		9,472
	1,000	Suntory Beverage & Food, Ltd.		41,824
	2,119	Treasury Wine Estates, Ltd.		24,210

				3,693,613

Biotechnology (0.4%):
	195	Argenx SE*		31,375
	986	Bavarian Nordic A/S*		25,368
	906	Biogaia AB		41,093
	486	Biotest AG		11,181
	3,023	CSL, Ltd.		586,553
	225	Galapagos NV*		46,828
	275	Genmab A/S*		61,219
	634	Genus plc		26,777
	2,522	Grifols SA		89,040
	5,747	Knight Therapeutics, Inc.*		33,551
	29,311	Mesoblast, Ltd.*		42,755
	1,400	Peptidream, Inc.*		71,695
	1,008	Swedish Orphan Biovitrum AB*		16,657
	1,188	Vitrolife AB		25,074
	1,155	Zealand Pharma A/S*		40,778

				1,149,944

Building Products (1.1%):
	4,300	AGC, Inc.		153,457
	1,100	AICA Kogyo Co., Ltd.		36,383
	2,028	Arbonia AG		26,403
	1,735	ASSA Abloy AB, Class B		40,556
	20	Belimo Holding AG, Registered Shares		150,826
	2,400	Bunka Shutter Co., Ltd.		21,143
	1,800	Central Glass Co., Ltd.		43,956
	631	Centrotec Sustainable AG		11,664


Shares			Fair Value
Common Stocks, continued
Building Products, continued
	11,276	Compagnie de Saint-Gobain SA	$	463,287
	1,300	Daikin Industries, Ltd.		182,844
	153	dorma kaba Holding AG		109,500
	512	Geberit AG, Registered Shares		287,489
	12,489	Gwa Group, Ltd.		29,125
	2,938	Inwido AB		22,624
	8,338	Kingspan Group plc		513,482
	4,912	Lindab International AB		62,767
	3,600	Lixil Group Corp.		62,054
	600	Maeda Kosen Co., Ltd.		11,926
	2,617	Nibe Industrier AB, Class B		45,397
	4,000	Nichias Corp.		101,207
	1,500	Nichiha Corp.		36,666
	1,600	Nippon Hume Corp.		12,589
	4,100	Nippon Sheet Glass Co., Ltd.		25,864
	1,400	Nitto Boseki Co., Ltd.		59,329
	2,401	Nordic Waterproofing Holding AS(a)		24,684
	1,500	Noritz Corp.		20,095
	1,400	Okabe Co., Ltd.		11,788
	5,784	Polypipe Group plc		41,393
	22	Rockwool International A/S		4,754
	353	Rockwool International A/S		83,579
	1,900	Sankyo Tateyama, Inc.		21,281
	7,800	Sanwa Holdings Corp.		87,397
	55	Schweiter Technologies AG		69,712
	2,100	Sekisui Jushi Corp.		44,309
	900	Shin Nippon Air Technologies Co., Ltd.		17,912
	1,800	Takara Standard Co., Ltd.		32,411
	2,310	Tarkett SA		37,413
	900	TOTO, Ltd.		37,934
	2,597	Tyman plc		9,361
	3,400	Uponor OYJ		44,445
	638	Zehnder Group AG		30,082

				3,129,088

Capital Markets (2.9%):
	10,501	3i Group plc		153,030
	24,792	ABG Sundal Collier Holding ASA		11,273
	3,200	AGF Management, Ltd.		15,872
	1,600	Aizawa Securities Co., Ltd.		10,426
	2,800	Alaris Royalty Corp.		47,292
	1,655	Altamir		30,967
	817	Amundi SA(a)		64,218
	11,464	Anima Holding SpA(a)		59,210
	4,796	Ashmore Group plc		32,994
	1,066	ASX, Ltd.		58,777
	4,255	Avanza Bank Holding AB		44,479
	6,343	Azimut Holding SpA		151,501
	2,819	Banca Generali SpA		91,549
	521	Bellevue Group AG		12,868
	4,346	Bolsas y Mercados Espanoles		167,770
	16,646	Brewin Dolphin Holdings plc		82,478
	86,000	Bright Smart Securities & Commodities Group, Ltd.		15,501
	1,119	Brookfield Asset Management, Inc., Class A		64,678
	2,865	Bure Equity AB		64,845
	4,759	Burford Capital, Ltd.		45,245
	2,497	Canaccord Genuity Group, Inc.		9,308
	7,682	CI Financial Corp.		128,447

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	115	CIE Financiere Tradition SA	$	12,557
	6,760	Close Brothers Group plc		143,398
	66,000	Cosmopolitan International Holdings, Ltd.*		14,925
	20,849	Credit Suisse Group AG		282,999
	29,100	Daiwa Securities Group, Inc.		147,644
	4,462	Dea Capital SpA		7,311
	10,467	Deutsche Bank AG, Registered Shares		81,433
	23,069	Deutsche Bank AG, Registered Shares		178,951
	2,050	Deutsche Boerse AG		322,373
	1,252	Eastnine AB		18,382
	5,622	EFG International AG		37,100
	258,000	Emperor Capital Group, Ltd.		6,264
	2,588	Euronext NV(a)		211,166
	2,000	Fiera Capital Corp.		18,038
	3,097	Flow Traders(a)		74,824
	10,649	GAM Holding AG*		30,840
	2,674	Georgia Capital plc*		32,692
	969	Gimv NV		59,626
	2,400	GMO Financial Holdings, Inc.		13,076
	1,675	Guardian Capital Group, Ltd., Class A		34,638
	142,000	Guotai Junan International Hol		25,197
	135,243	Haitong International Securities		41,155
	5,422	Hargreaves Lansdown plc		139,588
	8,576	Hong Kong Exchanges & Clearing, Ltd.		277,980
	4,000	Ichiyoshi Securities Co., Ltd.		23,490
	11,954	IG Group Holdings plc		110,197
	632	IGM Financial, Inc.		18,146
	3,744	Intermediate Capital Group plc		80,034
	22,533	Investec plc		132,677
	15,236	IOOF Holdings, Ltd.		84,065
	29,231	IP Group plc*		27,580
	1,700	IwaiCosmo Holdings, Inc.		20,280
	1,400	Jafco Co., Ltd.		54,854
	7,200	Japan Exchange Group, Inc.		126,759
	4,092	Julius Baer Group, Ltd.		211,372
	25,444	Jupiter Fund Management plc		138,390
	138,000	Kingston Financial Group, Ltd.		14,177
	800	Kyokuto Securities Co., Ltd.		5,427
	3,928	London Stock Exchange Group plc		405,670
	3,452	Macquarie Group, Ltd.		334,748
	3,866	Magellan Financial Group, Ltd.		155,099
	63,034	Man Group PLC/Jersey		132,103
	2,300	Marusan Securities Co., Ltd.		10,315
	1,180,000	Mason Group Holdings, Ltd.		9,389
	2,000	Matsui Securities Co., Ltd.		15,827
	3,000	Mercuria Investment Co., Ltd.		20,825
	2,900	Mito Securities Co., Ltd.		5,874
	3,035	MLP SE		19,088
	7,700	Monex Group, Inc.		18,828
	12,339	Natixis		54,989
	4,265	Navigator Global Investments, Ltd.		8,470
	29,100	Nomura Holdings, Inc.		149,499
	9,500	Okasan Securities Group, Inc.		34,011
	2,586	Pacific Current Group, Ltd.		11,438
	276	Partners Group Holding AG		252,998
	8,321	Pendal Group, Ltd.		50,297
	2,749	Perpetual, Ltd.		79,512


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	11,593	Platinum Asset Management, Ltd.	$	36,865
	2,595	Polar Capital Holdings plc		18,947
	3,710	Premier Miton Group plc		9,270
	92,552	Quilter plc(a)		197,918
	565	Rathbone Brothers plc		15,996
	9,785	Ratos AB, Class B		34,978
	1,124	Rothschild & Co.		32,311
	3,700	SBI Holdings, Inc.		77,950
	965	Schroders plc		42,907
	11,400	Singapore Exchange, Ltd.		75,220
	4,300	Sprott, Inc.		9,869
	14,023	St. James Place plc		216,952
	700	Strike Co., Ltd.		35,157
	900	Swissquote Group Holding SA		45,183
	2,584	Tamburi Investment Partners SP		19,771
	1,131	TMX Group, Ltd.		97,952
	8,500	Tokai Tokyo Financial Holdings, Inc.		25,277
	4,000	Toyo Securities Co., Ltd.		5,472
	25,317	TP ICAP plc		137,353
	29,721	UBS Group AG		375,183
	1,161	Vontobel Holding AG		83,025
	245	Vp Bank AG, Registered Shares		39,234
	77	VZ Holding AG		23,750

				8,047,853

Chemicals (4.0%):
	900	Achilles Corp.		14,959
	3,300	Adeka Corp.		49,661
	4,658	Air Liquide SA		661,969
	6,000	Air Water, Inc.		88,476
	1,618	Akzo Nobel NV		164,954
	700	Arakawa Chemical Industries, Ltd.		10,488
	4,466	Arkema SA		476,328
	19,200	Asahi Kasei Corp.		215,465
	1,100	ASAHI YUKIZAI Corp.		18,041
	4,458	BASF SE		338,050
	3,760	Borregaard ASA		40,705
	2,300	Carlit Holdings Co., Ltd.		13,304
	52,400	China Sunsine Chemical Holdings, Ltd.		20,101
	600	Christian Hansen Holding A/S		47,671
	2,100	Chugoku Marine Paints, Ltd.		20,008
	1,600	CI Takiron Corp.		10,761
	2,563	Clariant AG		57,364
	3,032	Corbion NV		95,469
	3,597	Covestro AG(a)		167,196
	2,733	Croda International plc		185,594
	1,000	Dai Nippon Toryo Co., Ltd.		10,721
	9,800	Daicel Corp.		93,497
	2,600	Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		21,455
	900	Dainichiseika Color & Chemical		25,937
	5,100	Dainippon Ink & Chemicals, Inc.		140,664
	5,600	Denka Co., Ltd.		166,369
	500	DKS Co., Ltd.		20,286
	18,377	Elementis plc		43,680
	132	EMS-Chemie Holding AG		86,886
	8,516	Ercros SA		24,536
	9,485	Essentra plc		54,866
	60,321	Evolva Holding SA*		13,651

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	3,245	Evonik Industries AG	$	99,457
	2,601	Fuchs Petrolub AG		129,393
	679	FUCHS Petrolub SE		30,557
	1,100	Fujimori Kogyo Co., Ltd.		34,843
	1,400	Fuso Chemical Co., Ltd.		41,548
	100	Givaudan SA, Registered Shares		313,037
	29	Gurit Holding AG		44,881
	835	H&R GMBH & Co. KGAA*		5,007
	1,900	Harima Chemicals Group, Inc.		20,858
	4,570	Hexpol AB		44,783
	600	Hitachi Chemical Co., Ltd.		25,116
	700	Hodogaya Chemical Co., Ltd.		27,150
	43,710	Incitec Pivot, Ltd.		97,775
	1,500	Ishihara Sangyo Kaisha, Ltd.		14,264
	10,087	Israel Chemicals, Ltd.		47,609
	1,700	JCU Corp.		50,525
	1,479	Johnson Matthey plc		58,838
	700	Jsp Corp.		12,585
	3,500	JSR Corp.		63,980
	8,586	K+S AG, Registered Shares		107,090
	2,000	Kaneka Corp.		63,958
	1,100	Kansai Paint Co., Ltd.		26,888
	5,000	Kanto Denka Kogyo Co., Ltd.		46,603
	7,358	Kemira OYJ		109,404
	800	Kh Neochem Co., Ltd.		17,047
	1,500	Koatsu Gas Kogyo Co., Ltd.		12,147
	3,055	Koninklijke DSM NV		398,755
	1,000	Konishi Co., Ltd.		14,111
	3,200	Kumiai Chemical Industry Co., Ltd.		29,274
	7,800	Kuraray Co., Ltd.		95,665
	800	Kureha Corp.		47,993
	4,531	Lanxess AG		304,446
	671	Lenzing AG		62,282
	1,300	Lintec Corp.		28,921
	2,350	Methanex Corp.		90,781
	46,900	Mitsubishi Chemical Holdings Corp.		349,465
	4,800	Mitsubishi Gas Chemical Co., Inc.		72,952
	4,400	Mitsui Chemicals, Inc.		106,957
	800	Nihon Kagaku Sangyo Co., Ltd.		7,594
	2,300	Nihon Nohyaku Co., Ltd.		12,205
	3,600	Nihon Parkerizing Co., Ltd.		38,376
	600	Nippon Chemical Industrial Co., Ltd.		17,469
	1,400	Nippon Fine Chemical Co., Ltd.		16,506
	3,300	Nippon Kayaku Co., Ltd.		40,739
	600	Nippon Paint Holdings Co., Ltd.		31,046
	1,400	Nippon Pillar Packing Co., Ltd.		19,346
	700	Nippon Shokubai Co., Ltd.		43,273
	800	Nippon Soda Co., Ltd.		21,553
	2,400	Nissan Chemical Corp.		100,346
	2,700	Nitto Denko Corp.		151,505
	1,400	NOF Corp.		46,448
	3,539	Novozymes A/S, Class B		173,294
	6,786	Nufarm, Ltd.*		27,581
	4,481	Nutrien, Ltd.^		214,684
	1,600	OCI NV*		33,832
	500	Okamoto Industries, Inc.		18,508
	600	Okura Industrial Co., Ltd.		11,010


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	8,136	Orica, Ltd.	$	125,718
	1,000	Osaka Organic Chemical Industry, Ltd.		14,607
	964	Plastivaloire		7,492
	1,600	Rasa Industries, Ltd.		23,164
	2,613	Recticel SA		24,405
	2,800	Riken Technos Corp.		13,715
	500	Sakai Chemical Industry Co., Ltd.		11,389
	2,400	Sakata Inx Corp.		25,927
	700	Sanyo Chemical Industries, Ltd.		34,551
	900	Sekisui Plastics Co., Ltd.		6,809
	1,100	Shikoku Chemicals Corp.		13,820
	2,500	Shin-Etsu Chemical Co., Ltd.		274,127
	1,800	Shin-Etsu Polymer Co., Ltd.		18,256
	3,900	Showa Denko K.K.		102,744
	1,873	Sika AG		352,795
	1,754	SOL SpA		20,659
	2,035	Solvay SA		236,626
	400	Stella Chemifa Corp.		11,706
	1,500	Sumitomo Bakelite Co., Ltd.		56,125
	38,000	Sumitomo Chemical Co., Ltd.		172,244
	300	Sumitomo Seika Chemicals Co. Ltd.		9,752
	2,206	Symrise AG		232,060
	18,622	Synthomer plc		87,468
	2,000	T Hasegawa Co., Ltd.		38,920
	1,200	T&K Toka Co., Ltd.		11,141
	900	Taiyo Holdings Co., Ltd.		36,502
	3,000	Taiyo Nippon Sanso Corp.		66,469
	600	Takasago International Corp.		13,957
	600	Tayca Corp.		10,585
	9,600	Teijin, Ltd.		179,152
	500	Tenma Corp.		9,200
	1,223	Tessenderlo Group SA*		43,113
	2,007	Tikkurila OYJ		32,280
	4,900	Toagosei Co., Ltd.		56,531
	5,400	Tokai Carbon Co., Ltd.		53,798
	4,100	Tokuyama Corp.		106,268
	600	Tokyo Ohka Kogyo Co., Ltd.		23,375
	12,900	Toray Industries, Inc.		88,146
	13,500	Tosoh Corp.		207,789
	1,200	Toyo Ink SC Holdings Co., Ltd.		29,112
	5,000	Toyobo Co., Ltd.		75,911
	7,200	Ube Industries, Ltd.		155,916
	3,116	Umicore SA		151,899
	3,635	Victrex plc		120,347
	329	Wacker Chemie AG		25,058
	997	Yara International ASA		41,558
	4,800	Zeon Corp.		59,648

				11,084,206

Commercial Services & Supplies (1.7%):
	800	AEON Delight Co., Ltd.		28,657
	17,026	Aggreko plc		187,920
	25,551	Babcock International Group plc		213,489
	1,800	Bell System24 Holdings, Inc.		28,295
	13,069	Biffa plc(a)		47,459
	13,431	Bingo Industries, Ltd.		26,821
	1,670	Black Diamond Group, Ltd.*		2,765
	14,490	Brambles, Ltd.		119,410

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies, continued
	3,225	Bravida Holding AB(a)	$	31,330
	300	Central Security Patrols Co., Ltd.		17,249
	432	Cewe Stiftung & Co. KGAA		51,271
	49,900	CITIC Envirotech, Ltd.		20,178
	46,000	Cleanaway Waste Management, Ltd.		65,067
	10,948	Collection House, Ltd.		8,562
	1,829	Coor Service Management Holding AB(a)		16,096
	3,600	CTS Co., Ltd.		25,518
	3,300	Dai Nippon Printing Co., Ltd.		89,573
	1,000	Daiseki Co., Ltd.		28,732
	4,203	De La Rue plc		7,933
	20,752	Downer EDI, Ltd.		119,238
	1,100	Duskin Co., Ltd.		30,551
	5,961	Edenred		308,425
	1,700	EF-ON, Inc.		11,611
	9,528	Elis SA		197,902
	79,627	G4S plc		231,533
	435	GL Events		11,737
	18,123	HomeServe plc		303,525
	10,900	Horizon North Logistics, Inc.		10,326
	900	Inaba Seisakusho Co., Ltd.		11,853
	2,297	Intrum AB		68,543
	5,989	ISS A/S		143,837
	1,800	Itoki Corp.		8,822
	42,602	IWG plc		246,033
	400	Japan Elevator Service Holdings Co., Ltd.		10,084
	3,300	Kokuyo Co., Ltd.		49,233
	400	Kyodo Printing Co., Ltd.		10,928
	2,302	Lassila & Tikanoja OYJ		40,642
	4,748	Loomis AB		196,752
	700	Matsuda Sangyo Co., Ltd.		10,360
	5,449	Mears Group plc		21,225
	22,737	Mitie Group plc		43,696
	1,400	NAC Co., Ltd.		13,022
	15,900	Nippon Parking Development Co., Ltd.		22,656
	1,600	Okamura Corp.		16,248
	1,100	Oyo Corp.		15,343
	2,700	Park24 Co., Ltd.		66,149
	2,696	PayPoint plc		36,190
	1,400	Pilot Corp.		56,298
	2,400	Prestige International, Inc.		21,688
	13,654	Prosegur Cia de Seguridad SA		56,406
	2,400	Relia, Inc.		30,417
	11,583	Renewi plc		5,567
	58,477	Rentokil Initial plc		351,977
	3,299	RPS Group plc		7,458
	900	Sato Holdings Corp.		28,187
	700	SECOM Co., Ltd.		62,477
	6,430	Securitas AB, Class B		110,978
	3,267	Smartgroup Corp., Ltd.		15,911
	1,201	Societe BIC SA		83,631
	700	Sohgo Security Services Co., Ltd.		37,915
	5,537	Spie SA		112,859
	1,300	Takeei Corp.		15,124
	2,256	Tomra Systems ASA		71,570
	2,600	Toppan Forms Co., Ltd.		29,167
	4,780	Toppan Printing Co., Ltd.		98,554


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies, continued
	4,470	Transcontinental, Inc.	$	54,636
	980	Waste Connections, Inc.		88,974
	290	Waste Connections, Inc.		26,344

				4,638,927

Communications Equipment (0.2%):
	2,792	Adva Optical Networking Se*		25,455
	700	Aiphone Co., Ltd.		11,826
	1,000	Audiocodes, Ltd.		25,690
	700	Denki Kogyo Co., Ltd.		20,973
	991	Evs Broadcast Equipment SA		24,222
	500	Icom, Inc.		12,446
	18,706	Nokia OYJ		69,390
	10,200	Quarterhill, Inc.		13,119
	2,600	Sierra Wireless, Inc.*		24,811
	26,263	Spirent Communications plc		87,421
	3,280	Telefonaktiebolaget LM Ericsson, Class B		28,749
	9,300	VTech Holdings, Ltd.		91,981

				436,083

Construction & Engineering (2.1%):
	4,227	ACS Actividades de Construccion y Servicios SA		169,432
	3,143	Adapteo OYJ*		38,585
	3,353	Aecon Group, Inc.		45,244
	783	AF Gruppen ASA		15,701
	3,103	Arcadis NV		72,381
	300	Asanuma Corp.		13,028
	2,110	Badger Daylighting, Ltd.		57,105
	14,080	Balfour Beatty plc		48,872
	375	Bauer AG		6,362
	4,556	Boskalis Westminster		116,933
	16,800	Boustead Singapore, Ltd.		9,430
	7,647	Bouygues SA		325,510
	209	Burkhalter Holding AG		16,441
	14,759	Cardno, Ltd.*		4,921
	1,700	Chudenko Corp.		39,259
	589	CIE d’Entreprises CFE SA		64,458
	2,026	Cimic Group, Ltd.		47,259
	621	ComSys Holdings Corp.		17,806
	6,098	Costain Group plc		12,901
	500	Dai-Dan Co., Ltd.		12,805
	1,200	Daiho Corp.		31,718
	800	Daiichi Kensetsu Corp.		12,893
	4,435	Eiffage SA		508,158
	2,783	Elecnor SA		34,167
	44	Electra, Ltd./Israel		19,559
	7,737	Eltel AB*(a)		15,725
	37,002	Empresas ICA SAB de C.V.*		79
	2,944	Ferrovial SA		89,304
	1,664	FLSmidth & Co. A/S		66,397
	1,845	Fomento de Construcciones y Contratas SA		22,581
	440	Fudo Tetra Corp.		6,960
	200	Fukuda Corp.		8,968
	4,363	Galliford Try plc		49,763
	6,000	Hazama Ando Corp.		52,062
	1,713	Heijmans NV*		14,408
	600	Hibiya Engineering, Ltd.		10,880
	373	Hochtief AG		47,737

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Construction & Engineering, continued
	600	Ichiken Co., Ltd.	$	9,912
	1,093	Implenia AG		44,329
	14,759	Intega Group, Ltd.*		4,948
	5,200	JGC Holdings Corp.		83,689
	9,988	John Laing Group plc(a)		50,335
	7,500	Kajima Corp.		100,244
	3,000	Kandenko Co., Ltd.		28,716
	400	Kawada Technologies, Inc.		24,562
	5,690	Keller Group plc		56,577
	3,564	Kier Group plc		4,530
	3,500	Kinden Corp.		54,190
	15,900	Koninklijke BAM Groep NV		48,138
	1,600	Kumagai Gumi Co., Ltd.		48,632
	1,300	Kyowa Exeo Corp.		32,868
	1,300	Kyudenko Corp.		38,353
	7,400	Lian Beng Group, Ltd.		2,862
	5,300	Maeda Corp.		51,551
	3,000	Maeda Road Construction Co., Ltd.		73,415
	9,546	Maire Tecnimont SpA^		26,508
	3,300	Mirait Holdings Corp.		50,013
	5,179	Monadelphous Group, Ltd.		60,715
	1,922	Morgan Sindall Group plc		41,469
	1,000	Nichireki Co., Ltd.		12,482
	1,900	Nippo Corp.		40,792
	1,600	Nippon Densetsu Kogyo Co., Ltd.		32,957
	700	Nippon Koei Co., Ltd.		23,815
	200	Nippon Road Co., Ltd. (The)		12,506
	1,500	Nishimatsu Construction Co., Ltd.		33,772
	30,510	NRW Holdings, Ltd.		69,323
	11,600	Obayashi Corp.		128,636
	4,863	Obrascon Huarte Lain SA*		5,804
	1,100	Okumura Corp.		30,213
	8,600	OSJB Holdings Corp.		21,389
	12,582	Peab AB		126,054
	18,100	Penta-Ocean Construction Co., Ltd.		111,759
	1,318	Per Aarsleff Holding A/S		42,445
	2,500	Raito Kogyo Co., Ltd.		36,119
	21,104	Sacyr SA		61,696
	1,900	Sanki Engineering Co., Ltd.		26,768
	1,700	Seikitokyu Kogyo Co., Ltd.		14,151
	26,757	Service Stream, Ltd.		50,003
	3,211	Shapir Engineering And Indus		19,610
	11,913	Shikun & Binui, Ltd.		54,921
	8,500	Shimizu Corp.		86,491
	1,500	Shinnihon Corp.		12,907
	5,521	Skanska AB, Class B		124,881
	2,500	SNC-Lavalin Group, Inc.		57,667
	881	Strabag Se		30,632
	1,000	Sumitomo Densetsu Co., Ltd.		26,855
	12,380	Sumitomo Mitsui Construction		71,671
	2,479	SwecoAB-B Shs		95,638
	700	Taihei Dengyo Kaisha, Ltd.		14,795
	800	Taikisha, Ltd.		28,340
	3,500	Taisei Corp.		144,927
	1,400	Takamatsu Construction Group C		36,210
	400	Tekken Corp.		10,312
	900	TOA Corp.		13,547


Shares			Fair Value
Common Stocks, continued
Construction & Engineering, continued
	400	TOA Road Corp.	$	13,084
	1,630	Tobishima Corp.		22,329
	4,700	Toda Corp.		30,984
	400	Toenec Corp.		14,189
	1,000	Tokyo Energy & Systems, Inc.		8,361
	5,100	Tokyu Construction Co., Ltd.		36,349
	1,100	Totetsu Kogyo Co., Ltd.		31,860
	4,300	Toyo Construction Co., Ltd.		20,636
	2,100	Toyo Engineering Corp.*		13,672
	3,109	Veidekke ASA		42,373
	4,816	Vinci SA		534,990
	1,400	Wakachiku Construction Co., Ltd.		22,499
	1,700	Yahagi Construction Co., Ltd.		12,858
	7,664	YIT OYJ		51,227
	1,200	Yokogawa Bridge Holdings Corp.		21,878
	1,200	Yurtec Corp.		7,561

				5,657,286

Construction Materials (0.8%):
	13,883	Adelaide Brighton, Ltd.		33,782
	1,800	Asia Pile Holdings Corp.		9,945
	34,094	Boral, Ltd.		107,502
	3,157	Brickworks, Ltd.		41,451
	1,408	Buzzi Unicem SpA		35,481
	2,602	CRH plc		104,363
	14,374	CRH plc, ADR		579,702
	22,791	CSR, Ltd.		72,795
	14,576	Fletcher Building, Ltd.		49,997
	1,160	H+H International A/S, Class B*		21,782
	2,326	HeidelbergCement AG		169,528
	13,005	Ibstock plc(a)		54,737
	1,410	Imerys SA		59,749
	5,016	James Hardie Industries SE		98,320
	400	Krosaki Harima Corp.		23,465
	3,983	LafargeHolcim, Ltd., Registered Shares		220,910
	13,487	Marshalls PLC		154,385
	2,500	Nippon Concrete Industries Co., Ltd.		6,531
	500	Shinagawa Refractories Co., Ltd.		16,169
	123	STO SE & Co KGaA		15,770
	1,500	Sumitomo Osaka Cement Co., Ltd.		65,385
	7,200	Taiheiyo Cement Corp.		210,690
	2,600	TYK Corp.		8,104
	998	Vicat		45,205

				2,205,748

Consumer Finance (0.3%):
	3,600	AEON Financial Service Co., Ltd.		56,632
	15,300	Aiful Corp.*		35,432
	96,000	Allied Properties HK, Ltd.		19,092
	9,830	Arrow Global Group plc		33,576
	6,358	Axactor SE*		13,766
	982	Cembra Money Bank AG		107,721
	2,046	Credit Corp. Group, Ltd.		44,335
	3,900	Credit Saison Co., Ltd.		67,607
	18,226	Eclipx Group, Ltd.*		18,566
	18,254	Flexigroup, Ltd.		23,574
	1,185	Gruppo MutuiOnline SpA		26,656
	2,616	H&T Group Plc		11,657

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Consumer Finance, continued
	4,100	Hitachi Capital Corp.	$	107,620
	5,740	Hoist Finance AB*(a)		30,630
	17,800	Hong Leong Finance, Ltd.		35,361
	14,415	International Personal Finance		30,927
	4,300	J Trust Co., Ltd.		16,950
	1,800	Jaccs Co., Ltd.		46,017
	8,490	Money3 Corp., Ltd.		13,586
	15,200	Orient Corp.		22,831
	213,600	Oshidori International Holdings, Ltd.		26,620
	4,742	Provident Financial plc		28,753
	4,452	Resurs Holding AB(a)		28,607
	38,000	Sun Hung Kai & Co., Ltd.		18,067

				864,583

Containers & Packaging (0.6%):
	8,372	BillerudKorsnas AB^		98,884
	4,231	Cascades, Inc.		36,529
	1,780	CCL Industries, Inc.		75,839
	28,862	DS Smith plc		147,256
	800	FP Corp.		47,468
	1,900	Fuji Seal International, Inc.		42,301
	1,000	Hokkan Holdings, Ltd.		19,133
	5,634	Huhtamaki OYJ		261,641
	3,327	Intertape Polymer Group, Inc.		42,587
	187	Mayr Melnhof Karton AG		25,096
	59,022	Orora, Ltd.		131,698
	6,607	Pact Group Holdings, Ltd.*		12,612
	8,600	Rengo Co., Ltd.		65,503
	8,689	Smurfit Kappa Group plc		334,670
	500	Taisei Lamick Co., Ltd.		13,562
	600	Tomoku Co., Ltd.		10,419
	3,400	Toyo Seikan Group Holdings, Ltd.		58,947
	15	Vetropack Holding AG		47,116
	887	Vidrala SA		93,512
	300	Winpak, Ltd.		10,855

				1,575,628

Distributors (0.2%):
	10,053	Bapcor, Ltd.		45,252
	1,900	Canon Marketing Japan, Inc.		44,020
	500	Chori Co., Ltd.		10,129
	5,572	Connect Group plc*		2,676
	1,438	D’ieteren SA/NV		101,063
	1,000	Doshisha Co., Ltd.		16,577
	1,600	Happinet Corp.		20,655
	4,313	Headlam Group plc		30,636
	29,210	Inchcape plc		273,083
	1,000	Jardine Cycle & Carriage, Ltd.		22,386
	7,157	John Menzies plc		44,913
	400	Paltac Corp.		19,116
	3,025	Uni-Select, Inc.		26,536

				657,042

Diversified Consumer Services (0.1%):
	23,128	AA plc		17,874
	1,811	Academedia AB(a)		10,655
	1,100	Benesse Holdings, Inc.		28,927
	32,000	China New Higher Education Group Limited(a)		12,460
	10,000	Cross-Harbour Holdings, Ltd. (The)		15,543


Shares			Fair Value
Common Stocks, continued
Diversified Consumer Services, continued
	4,259	Dignity plc	$	32,969
	23,577	G8 Education, Ltd.		31,544
	1,700	IBJ, Inc.		19,338
	5,459	IDP Education, Ltd.		65,918
	6,281	InvoCare, Ltd.		58,149
	1,800	Japan Best Rescue System Co., Ltd.		18,647
	300	PIA Corp.		13,210
	2,600	Riso Kyoiku Co., Ltd.		9,195
	700	Studio Alice Co., Ltd.		12,185
	1,300	Take And Give Needs Co., Ltd.		14,829

				361,443

Diversified Financial Services (0.7%):
	1,042	Ackermans & Van Haaren NV		163,476
	376	Aker ASA		23,287
	77,201	AMP, Ltd.		103,781
	3,396	Banca Farmafactoring SpA(a)		20,356
	1,140	Banca Ifis SpA		17,915
	3,032	Banca Mediolanum SpA		30,141
	6,216	Cerved Group SpA		60,646
	5,648	Challenger, Ltd.		32,162
	14,100	Ecn Capital Corp.		52,017
	2,300	eGuarantee, Inc.		26,619
	20,244	Element Fleet Management Corp.		172,910
	3,300	Financial Products Group Co., Ltd.		31,919
	108,669	First Pacific Co., Ltd.		36,910
	1,200	Fuyo General Lease Co., Ltd.		80,644
	1,236,000	G-Resources Group, Ltd.*		9,202
	7,214	IMF Bentham, Ltd.*		22,647
	800	Japan Investment Adviser Co., Ltd.		11,114
	4,600	Japan Securities Finance Co., Ltd.		21,932
	23,000	Mitsubishi UFJ Lease & Finance Co., Ltd.		148,049
	1,800	Mizuho Leasing Co., Ltd.		56,224
	900	NEC Capital Solutions, Ltd.		20,606
	16,085	Ofx Group, Ltd.		15,768
	597	Onex Corp.		37,781
	23,500	ORIX Corp.		391,221
	4,352	Pioneer Credit, Ltd.		5,481
	1,100	Ricoh Leasing Co., Ltd.		41,492
	14,676	Standard Life Aberdeen plc		63,938
	1,900	Tokyo Century Corp.		102,032
	2,800	Zenkoku Hosho Co., Ltd.		119,665

				1,919,935

Diversified Telecommunication Services (2.1%):
	26,000	APT Satellite Holdings, Ltd.		9,744
	644	BCE, Inc.		29,839
	974	BCE, Inc.		45,145
	36,348	Bezeq Israeli Telecommunication Corp., Ltd. (The)*		29,256
	105,351	BT Group plc		269,953
	3,250	Cellnex Telecom SAU(a)		140,061
	25,395	Chorus, Ltd.		105,686
	155,000	CITIC Telecom International Holdings, Ltd.		56,507
	67,539	Deutsche Telekom AG, Registered Shares		1,103,599
	4,161	Elisa OYJ		229,907
	4,460	Euskaltel SA(a)		44,973
	34,000	HKBN, Ltd.		57,002
	82,295	HKT Trust & HKT, Ltd.		116,025

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	1,538	Iliad SA	$	199,549
	2,100	Internet Initiative Japan, Inc.		56,537
	61,309	Koninklijke KPN NV		181,132
	2,835	Masmovil Ibercom SA*		64,855
	6,000	Nippon Telegraph & Telephone Corp.		152,000
	40,490	Orange SA		594,923
	275,553	PCCW, Ltd.		162,709
	5,067	Proximus SADP		145,091
	9,797	QSC AG^		11,564
	48,100	Singapore Telecommunications, Ltd.		120,652
	34,736	Spark New Zealand, Ltd.		101,292
	13,084	Speedcast International, Ltd.		8,636
	2,262	Sunrise Communications Group(a)		177,772
	9,426	Superloop, Ltd.*		6,418
	723	Swisscom AG, Registered Shares^		382,967
	29,050	Talktalk Telecom Group plc		44,732
	207,283	Telecom Italia SpA*		129,331
	19,343	Telefonica Deutschland Holding AG		56,059
	47,197	Telefonica SA		329,844
	4,768	Telekom Austria AG		38,873
	5,872	Telenor ASA		105,353
	28,747	Telia Co AB		123,524
	41,906	Telstra Corp., Ltd.		104,378
	14,183	TPG Telecom, Ltd.		66,900
	6,450	United Internet AG, Registered Shares		211,951
	1,800	Vision, Inc.*		29,814
	28,323	Vocus Group, Ltd.*		57,025

				5,901,578

Electric Utilities (1.4%):
	2,033	Acciona SA		214,100
	53,654	AusNet Services		63,966
	452	BKW AG		33,354
	3,200	Chubu Electric Power Co., Inc.		45,143
	2,800	Chugoku Electric Power Co., Inc. (The)		36,929
	7,000	CK Infrastructure Holdings, Ltd.		49,926
	8,064	CLP Holdings, Ltd.		84,917
	5,549	Contact Energy, Ltd.		26,634
	18,599	Electricite de France		207,461
	633	Elia System Operator SA/NV		56,223
	4,746	Endesa SA		126,698
	76,385	Enel SpA		607,622
	3,198	EVN AG		62,029
	2,853	Fortis, Inc.		118,457
	8,437	Fortum OYJ		208,119
	18,530	Genesis Energy, Ltd.		37,745
	30,000	HK Electric Investments, Ltd.		29,568
	7,700	Hokkaido Electric Power Co., Inc.		37,337
	3,500	Hokuriku Electric Power Co.*		25,486
	3,000	Hydro One, Ltd.(a)		57,948
	72,781	Iberdrola SA		749,510
	27,751	Infratil, Ltd.		93,947
	3,500	Kansai Electric Power Co., Inc. (The)		40,478
	3,800	Kyushu Electric Power Co., Inc.		32,831
	9,445	Mercury NZ, Ltd.		32,116
	1,325	Okinawa Electric Power Co., Inc.		24,930
	673	Orsted A/S(a)		69,736
	9,500	Power Assets Holdings, Ltd.		69,466


Shares			Fair Value
Common Stocks, continued
Electric Utilities, continued
	4,360	Red Electrica Corp SA	$	87,695
	11	Romande Energie Holding SA, Registered Shares		13,646
	11,301	Scottish & Southern Energy plc		216,493
	3,300	Shikoku Electric Power Co., Inc.		32,805
	13,794	Terna SpA		92,287
	3,900	Tohoku Electric Power Co., Inc.		38,579
	13,100	Tokyo Electric Power Co. Holdings, Inc.*		55,946
	284	Verbund AG, Class A		14,260

				3,794,387

Electrical Equipment (1.2%):
	10,462	ABB, Ltd.		252,613
	600	Chiyoda Integre Co., Ltd.		12,577
	1,200	Daihen Corp.		39,520
	1,300	Denyo Co., Ltd.		24,627
	2,400	Fuji Electric Co., Ltd.		73,352
	6,900	Fujikura, Ltd.		28,293
	4,000	Furukawa Electric Co., Ltd. (The)		102,534
	1,200	Futaba Corp.		14,845
	38	Gavazzi Carlo Holding AG		10,210
	4,600	GS Yuasa Corp.		99,172
	400	Hirakawa Hewtech Corp.		5,878
	815	Huber & Suhner AG		64,635
	29,500	Johnson Electric Holdings, Ltd.		67,176
	254	Kendrion NV		5,974
	3,563	Legrand SA		290,692
	400	Mabuchi Motor Co., Ltd.		15,118
	91,010	Melrose Industries plc		290,857
	346	Mersen		13,278
	12,700	Mitsubishi Electric Corp.		172,708
	1,976	Nexans SA		96,571
	400	Nidec Corp.		54,649
	500	Nippon Carbon Co., Ltd.		18,713
	2,700	Nissin Electric Co., Ltd.		33,418
	2,100	Nitto Kogyo Corp.		48,633
	821	NKT A/S*		19,931
	4,617	Nordex Se*		62,543
	3,659	OSRAM Licht AG*		166,415
	17	Phoenix Mecano AG		8,404
	6,311	PNE AG*		28,172
	574	Prysmian SpA		13,831
	400	Sanyo Denki Co., Ltd.		19,728
	3,972	Schneider Electric SA		408,557
	200	SEC Carbon, Ltd.		17,396
	2,150	SGL Carbon SE*		11,426
	1,735	Siemens Gamesa Renewable Energy		30,485
	4,485	Signify NV(a)		140,236
	1,000	Sinfonia Technology Co., Ltd.		12,567
	190	Somfy SA		18,659
	2,200	SwCC Showa Holdings Co., Ltd.		29,974
	900	Takaoka Toko Co., Ltd.		9,848
	4,000	Tatsuta Electric Wire And Cable Co., Ltd.		22,111
	2,597	TKH Group NV		145,615
	600	Toyo Tanso Co., Ltd.		12,429
	4,400	Ushio, Inc.		65,606
	1,461	Vestas Wind Systems A/S		147,723
	920	XP Power, Ltd.		37,733

				3,265,432

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares				Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components (2.0%):
	1,300	Ai Holdings Corp.		$	23,049
	4,460	Alps Alpine Co., Ltd.			100,761
	506	ALSO Holding AG, Registered Shares			85,399
	1,300	Amano Corp.			39,566
	3,800	Arisawa Manufacturing Co., Ltd.			35,110
	3,172	Austria Technologie & Systemte			71,417
	1,000	Azbil Corp.			28,153
	333	Barco NV			81,948
	225	Basler AG			13,724
	900	Canon Electronics, Inc.			17,282
	5,004	Celestica, Inc.*			41,507
	157	Cicor Technologies, Ltd.			9,642
	13,600	Citizen Watch Co., Ltd.			73,803
	3,400	CMK Corp.			21,047
	1,300	Conexio Corp.			19,286
	46,000	Cowell e Holdings, Inc.			11,124
	400	Dai-ichi Seiko Co., Ltd.			9,716
	1,000	Daiwabo Holdings Co., Ltd.			61,826
	545	Datalogic SpA			10,310
	3,500	Dexerials Corp.			35,164
	21,950	Electrocomponents plc			197,266
	1,100	Elematec Corp.			11,587
	1,300	Espec Corp.			26,623
	700	Evertz Technologies, Ltd.			9,629
	148,000	FIH Mobile, Ltd.*	��		28,694
	7,452	Fingerprint Cards AB*^			15,053
	2,100	Furuno Electric Co., Ltd.			25,878
	400	Hagiwara Electric Co., Ltd.			10,466
	500	Hakuto Co., Ltd.			6,224
	12,033	Halma plc			337,758
	400	Hamamatsu Photonics KK			16,392
	1,034	Hexagon AB, Class B			57,952
	200	Hirose Electric Co., Ltd.			25,572
	600	Hitachi High-Technologies Corp.			42,405
	6,700	Hitachi, Ltd.			282,257
	1,200	Hochiki Corp.			19,275
	400	Horiba, Ltd.			26,686
	2,600	Hosiden Corp.			32,811
	3,500	IBIDEN Co., Ltd.			83,048
	91	Inficon Holding AG			72,263
	2,871	Ingenico Group			312,098
	500	Iriso Electronics Co., Ltd.			22,185
	4,000	Japan Aviation Electronics Industry, Ltd.			80,593
	1,100	Japan Cash Machine Co., Ltd.			9,098
	21,200	Japan Display, Inc.*			15,552
	1,679	Jenoptik AG			47,977
	1,000	Kaga Electronics Co., Ltd.			22,920
	400	Keyence Corp.			141,601
	1,200	Koa Corp.			14,902
	2,388	Kudelski SA			14,184
	2,000	Kyocera Corp.			136,312
	3,500	Kyosan Electric Manufacturing Co., Ltd.			19,929
	1,835	Lagercrantz Group AB, Class B			28,728
	26	Lem Holding SA, Registered Shares			38,268
	2,200	Macnica Fuji Electronics Holdings			37,973
	700	Maruwa Co., Ltd./Aichi			54,160
	2,000	Meiko Electronics Co., Ltd.			45,207


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	2,366	Micronic Mydata AB	$	46,763
	160	Midwich Group plc		1,170
	4,600	Murata Manufacturing Co., Ltd.		284,434
	1,500	Nagano Keiki Co., Ltd.		12,599
	267	Nederland Apparatenfabriek		14,532
	2,800	Nichicon Corp.		29,139
	600	NipponChemi-Con Corp.		11,565
	2,900	Nippon Electric Glass Co., Ltd.		64,247
	3,400	Nippon Signal Co., Ltd.		45,352
	1,800	Nissha Co., Ltd.		18,379
	600	Nohmi Bosai, Ltd.		13,435
	3,600	OKI Electric Industry Co., Ltd.		49,919
	700	Omron Corp.		40,785
	1,200	Optex Group Co., Ltd.		18,210
	13,505	Opus Group AB		12,124
	3,000	Osaki Electric Co., Ltd.		18,876
	3,519	Oxford Instruments plc		72,030
	8,300	Pricer AB		16,590
	1,053	Renishaw plc		53,050
	1,100	Restar Holdings Corp.		20,341
	1,400	Ryoden Corp.		21,197
	1,100	Ryosan Co., Ltd.		28,258
	600	Ryoyo Electro Corp.		11,121
	900	Sanshin Electronics Co., Ltd.		14,707
	700	Shibaura Electronics Co., Ltd.		20,548
	900	Shimadzu Corp.		28,152
	1,200	Shinko Shoji Co., Ltd.		9,717
	2,000	Siix Corp.		27,674
	2,172	Spectris plc		83,848
	6,120	Strix Group plc		15,892
	2,000	Sumida Corp.		23,455
	700	Tachibana Eletech Co., Ltd.		11,908
	8,000	Taiyo Yuden Co., Ltd.		245,395
	2,500	Tamura Corp.		16,414
	3,700	TDK Corp.		415,915
	1,800	Terilogy Co., Ltd.*		14,846
	5,000	Topcon Corp.		64,440
	1,300	Toyo Corp.		16,193
	7,103	TT Electronics plc		23,611
	400	V Technology Co., Ltd.		20,211
	312	Vaisala OYJ, Class A		11,101
	7,400	Venture Corp., Ltd.		89,312
	74,000	Vstecs Holdings, Ltd.		38,034
	3,200	Yaskawa Electric Corp.		120,767
	2,200	Yokogawa Electric Corp.		38,971
	1,100	Yokowo Co., Ltd.		32,611

				5,447,198

Energy Equipment & Services (0.6%):
	7,314	Akastor ASA*		8,284
	5,393	Aker Solutions ASA*		15,192
	1,137	Bonheur ASA		25,810
	2,991	BW Offshore, Ltd.*^		22,590
	5,101	Calfrac Well Services, Ltd.*^		4,911
	5,874	Ces Energy Solutions Corp.		10,541
	29,491	CGG SA*		96,405
	4,726	Computer Modelling Group, Ltd.		29,920
	6,058	Enerflex, Ltd.		57,063

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Energy Equipment & Services, continued
	8,606	Ensign Energy Services, Inc.	$	18,890
	106,730	Ezion Holdings, Ltd.*		1,278
	4,488	Fugro NV*		50,447
	6,704	Hunting plc		37,245
	22,482	John Wood Group plc		119,032
	8,257	Lamprell plc*		4,280
	1,000	Modec, Inc.		24,527
	4,500	Mullen Group, Ltd.		32,128
	2,400	North American Construction Group, Ltd.		29,094
	3,324	Ocean Yield ASA		18,181
	7,269	Odfjell Drilling, Ltd.*		27,103
	2,900	Pason Systems, Inc.		29,281
	6,196	Petrofac, Ltd.		31,553
	18,993	PetroleumGeo-Services ASA*		37,226
	16,362	Precision Drilling Corp.*		22,809
	2,400	Raiznext Corp.		29,232
	15,278	Saipem SpA*		74,697
	8,829	SBM Offshore NV		164,922
	174	Schoeller-Blackman Oilfield Equipment AG		9,817
	8,377	Secure Energy Services, Inc.		32,646
	3,900	ShawCor, Ltd.		37,636
	5,204	Subsea 7 SA		62,415
	1,938	Tenaris SA		21,915
	5,241	TGS NOPEC Geophysical Co. ASA		159,527
	421	The Drilling Co of 1972 A/S*		27,837
	900	Total Energy Services, Inc.		4,450
	400	Toyo Kanetsu KK		8,819
	13,311	Trican Well Service, Inc.*		11,687
	10,731	Vallourec SA*		34,049
	10,270	Worley, Ltd.		110,773

				1,544,212

Entertainment (0.5%):
	1,400	Ateam, Inc.		14,010
	2,500	Avex, Inc.		28,864
	3,818	Borussia Dortmund GMBH & Co. KGaA		37,690
	2,600	Capcom Co., Ltd.		72,223
	4,665	Cineplex, Inc.		121,619
	50,738	Cineworld Group plc		147,312
	2,160	CTS Eventim AG & Co. KGaA		135,778
	1,600	Daiichikosho Co., Ltd.		83,860
	3,000	DeNA Co., Ltd.		48,264
	4,107	Event Hospitality And Entertainment, Ltd.		39,186
	1,590	Gungho Online Enetertainment, Inc.		33,833
	38,000	IGG, Inc.		28,104
	594	Kinepolis Group NV		39,452
	1,100	Konami Holdings Corp.		45,363
	1,700	Marvelous, Inc.		11,334
	2,100	Nexon Co., Ltd.*		27,780
	200	Nintendo Co., Ltd.		80,740
	200	Square Enix Holdings Co., Ltd.		9,994
	13,788	Technicolor SA*		10,591
	400	Toei Animation Co., Ltd.		20,623
	200	Toei Co., Ltd.		29,862
	1,000	Toho Co., Ltd.		41,646
	2,851	UbiSoft Entertainment SA*		197,206
	2,219	Vivendi Universal SA		64,312


Shares			Fair Value
Common Stocks, continued
Entertainment, continued
	5,570	WildBrain, Ltd.*	$	6,735

				1,376,381

Food & Staples Retailing (2.0%):
	5,600	AEON Co., Ltd.		115,383
	500	Ain Holdings, Inc.		31,886
	800	Albis Co., Ltd.		16,607
	3,200	Alcanna, Inc.*		10,967
	5,772	Alimentation Couche-Tard, Inc.		183,198
	1,309	Amsterdam Commodities NV		30,461
	2,400	Arcs Co., Ltd.		50,490
	1,537	Axfood AB		34,213
	1,200	Axial Retailing, Inc.		41,727
	600	Belc Co., Ltd.		30,482
	12,484	Carrefour SA		209,690
	2,135	Casino Guichard-Perrachon SA^		100,076
	1,100	Cawachi, Ltd.		22,256
	400	Cocokara Fine, Inc.		23,221
	14,148	Coles Group, Ltd.		147,734
	2,636	Colruyt SA		137,582
	400	Cosmos Pharmaceutical Corp.		83,060
	1,300	Create SD Holdings Co., Ltd.		33,218
	500	Daikokutenbussan Co., Ltd.		14,757
	3,700	Dairy Farm International Holdings, Ltd.		21,105
	800	Eco’s Co., Ltd.		12,576
	3,691	Empire Co., Ltd., Class A		86,590
	1,600	Heiwado Co., Ltd.		30,258
	1,367	ICA Gruppen AB		63,861
	200	Itochu-Shokuhin Co., Ltd.		9,591
	34,091	J Sainsbury plc		104,491
	600	Japan Meat Co., Ltd.		12,498
	580	Kesko OYJ, Class A		38,248
	761	Kesko OYJ, Class B		53,838
	1,200	Kobe Bussan Co., Ltd.		41,232
	35,101	Koninklijke Ahold Delhaize NV		879,621
	400	Kusuri NO Aoki Holdings Co., Ltd.		25,179
	400	LAWSON, Inc.		22,656
	800	Life Corp.		18,999
	1,111	Loblaw Cos., Ltd.		57,330
	1,430	Marr SpA		32,641
	54,594	Metcash, Ltd.		98,487
	10,912	METRO AG		175,878
	1,817	Metro, Inc.		74,995
	600	Ministop Co., Ltd.		8,072
	900	Mitsubishi Shokuhin Co., Ltd.		25,451
	600	Nihon Chouzai Co., Ltd.		21,065
	1,801	North West Co., Inc.		37,909
	2,000	Okuwa Co., Ltd.		26,755
	9,500	Olam International, Ltd.		12,790
	1,200	Qol Holdings Co., Ltd.		16,738
	1,094	Rallye SA		12,440
	337	Rami Levy Chain Stores Hashikm		19,397
	1,000	Retail Partners Co., Ltd.		8,235
	600	San-A Co., Ltd.		26,693
	8,900	Seven & I Holdings Co., Ltd.		325,686
	28,900	Sheng Siong Group, Ltd.		26,655
	6,398	Shufersal, Ltd.		40,771
	1,454	Sligro Food Group NV		39,189

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	600	Sogo Medical Holdings Co., Ltd.	$	11,054
	38,447	Sonae SGPS SA		39,297
	500	Sugi Holdings Co., Ltd.		26,372
	1,300	Sundrug Co., Ltd.		46,988
	73,670	Tesco plc		249,520
	400	Tsuruha Holdings, Inc.		51,326
	3,100	United Supermarkets Holdings		27,283
	2,200	Valor Holdings Co., Ltd.		42,929
	700	Watahan & Co., Ltd.		12,240
	1,000	Welcia Holdings Co., Ltd.		63,707
	11,809	Wesfarmers, Ltd.		343,969
	1,793	Weston (George), Ltd.		142,263
	68,290	William Morrison Supermarkets plc		181,771
	9,081	Woolworths Group, Ltd.		231,014
	800	YAKUODO Holdings Co., Ltd.		17,958
	700	Yamatane Corp.		10,430
	700	Yaoko Co., Ltd.		35,745
	2,800	Yokohama Reito Co., Ltd.		25,722

				5,384,516

Food Products (2.7%):
	3,191	A2 Milk Co., Ltd.*		32,290
	3,258	AAK AB		61,946
	364	Agrana Beteiligungs AG		7,585
	2,600	Ajinomoto Co., Inc.		43,233
	44,180	Aryzta AG*		49,471
	4,032	Associated British Foods plc		139,658
	772	Atria OYJ		8,692
	4,083	Austevoll Seafood ASA		41,922
	23,247	Australian Agricultural Co., Ltd.*		17,946
	363	Bakkafrost P/F		26,886
	33	Barry Callebaut AG, Registered Shares		72,968
	6,130	Bega Cheese, Ltd.		18,601
	125	Bell AG		33,854
	854	Bonduelle S.C.A.		22,331
	1,100	Calbee, Inc.		35,780
	1	Chocoladefabriken Lindt & Spruengli AG		88,368
	800	Chubu Shiryo Co., Ltd.		11,804
	12,278	Cloetta AB		41,582
	13,015	Costa Group Holdings, Ltd.		22,646
	2,420	Cranswick plc		108,783
	6,062	Danone SA		503,125
	1,700	Delfi, Ltd.		1,259
	16,123	Devro plc		38,111
	500	DyDo Group Holdings, Inc.		21,070
	2,372	Ebro Foods SA		51,335
	7,504	Elders, Ltd.		34,127
	80	Emmi AG		69,626
	16,300	First Resources, Ltd.		23,066
	1,616	Forfarmers NV		10,424
	9,500	Fraser & Neave, Ltd.		12,154
	3,739	Freedom Foods Group, Ltd.		13,395
	1,000	Fuji Oil Holdings, Inc.		26,975
	700	Fujicco Co., Ltd.		12,505
	260,400	Golden Agri-Resources, Ltd.		45,583
	11,957	GrainCorp, Ltd.*		63,796
	17,127	Greencore Group plc		60,820
	3,373	Grieg Seafood ASA		53,940


Shares			Fair Value
Common Stocks, continued
Food Products, continued
	1,119	Hilton Food Group plc	$	16,462
	1,600	Hokuto Corp.		29,095
	700	House Foods Group, Inc.		23,875
	15,498	Inghams Group, Ltd.		36,624
	6,700	Itoham Yonekyu Holdings, Inc.		43,153
	300	Iwatsuka Confectionery Co., Ltd.		11,559
	47,400	Japfa, Ltd.		20,468
	300	J-Oil Mills, Inc.		11,874
	800	Kagome Co., Ltd.		19,139
	400	Kameda Seika Co., Ltd.		18,286
	700	Kenko Mayonnaise Co., Ltd.		15,782
	706	Kerry Group plc, Class A		87,891
	1,100	Kewpie Corp.		24,773
	400	Kikkoman Corp.		19,571
	900	Kotobuki Spirits Co., Ltd.		66,573
	295	KWS Saat SE		19,107
	500	Kyokuyo Co., Ltd.		13,175
	147	Lassonde Industries, Inc.		17,602
	3,154	Leroy Seafood Group ASA		20,979
	5	Lotus Bakeries		14,539
	2,049	Maple Leaf Foods, Inc.		40,841
	1,200	Marudai Food Co., Ltd.		25,110
	2,600	Maruha Nichiro Corp.		66,745
	2,400	Megmilk Snow Brand Co., Ltd.		54,678
	41	Mehadrin, Ltd.*		1,627
	1,100	Meiji Holdings Co., Ltd.		74,303
	800	Mitsui Sugar Co., Ltd.		16,677
	700	Morinaga & Co., Ltd.		33,758
	3,000	Morinaga Milk Industry Co., Ltd.		122,311
	3,528	Mowi ASA		91,791
	300	Nakamuraya Co., Ltd.		12,039
	25,220	Nestle SA, Registered Shares		2,732,812
	1,200	NH Foods, Ltd.		49,713
	4,900	Nichirei Corp.		114,217
	800	Nippon Beet Sugar Manufacturing Co., Ltd.		14,913
	2,800	Nippon Flour Mills Co., Ltd.		43,280
	20,100	Nippon Suisan Kaisha, Ltd.		120,202
	1,200	Nisshin Oillio Group, Ltd. (The)		41,460
	900	Nisshin Seifun Group, Inc.		15,688
	900	Nissin Sugar Co., Ltd.		16,571
	993	Norway Royal Salmon ASA		27,090
	326	Orior AG		30,148
	2,710	Orkla ASA, Class A		27,475
	51,099	Premier Foods plc*		25,697
	988	Premium Brands Holdings Corp.		69,215
	2,000	Prima Meat Packers, Ltd.		46,400
	33,700	PT Tiga Pilar Sejahtera Food Tbk*		76
	3,268	Raisio Oyj, Class V		12,458
	11,598	Ridley Corp., Ltd.		8,547
	1,000	Rock Field Co., Ltd.		14,071
	5,300	Rogers Sugar, Inc.		20,083
	600	S Foods, Inc.		15,653
	1,029	Salmar ASA		52,760
	2,346	Sanford, Ltd.		12,553
	2,323	Saputo, Inc.		71,923
	127	Savencia SA		8,749
	3,496	Scales Corp., Ltd.		11,789

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Food Products, continued
	3,767	Scandi Standard AB	$	29,933
	786	Schouw & Co.		66,096
	2,304	Select Harvests, Ltd.		13,559
	800	Showa Sangyo Co., Ltd.		22,856
	306	Sipef SA		18,820
	300	Starzen Co., Ltd.		12,154
	1,353	Strauss Group, Ltd.		41,521
	3,754	Suedzucker AG		68,977
	2,371	Synlait Milk, Ltd.*		14,201
	11,335	Tassal Group, Ltd.		33,094
	9,755	Tate & Lyle plc		98,308
	700	Toyo Suisan Kaisha, Ltd.		29,777
	58	United International Enterprises		11,758
	475	Vilmorin & CIE SA		25,718
	1,955	Viscofan SA		103,389
	22,000	Vitasoy International Holdings, Ltd.		79,798
	400	Warabeya Nichiyo Holdings Co., Ltd.		6,409
	238,612	WH Group, Ltd.(a)		247,253
	200	Yakult Honsha Co., Ltd.		11,011
	2,000	Yamazaki Baking Co., Ltd.		35,741

				7,571,980

Gas Utilities (0.4%):
	5,937	AltaGas, Ltd.		90,445
	12,578	APA Group		98,212
	7,633	Gas Natural SDG SA		192,137
	40,948	Hong Kong & China Gas Co., Ltd.		80,012
	16,993	Italgas SpA		103,925
	800	K&O Energy Group, Inc.		11,938
	2,400	Nippon Gas Co., Ltd.		76,820
	2,100	Osaka Gas Co., Ltd.		40,130
	1,382	Rubis SCA		85,101
	1,300	Saibu Gas Co., Ltd.		30,165
	3,700	Shizuoka Gas Co. Ltd.		32,078
	10,212	Superior Plus Corp.		98,785
	800	Toho Gas Co., Ltd.		32,578
	2,200	Tokyo Gas Co., Ltd.		53,382

				1,025,708

Health Care Equipment & Supplies (1.5%):
	5,549	Alcon, Inc.*		314,414
	2,602	Ambu A/S		43,608
	2,532	Ansell, Ltd.		51,676
	11,514	Arjo AB, Class B		55,476
	3,200	Asahi Intecc Co., Ltd.		94,232
	838	BioMerieux		74,643
	792	Cochlear, Ltd.		125,170
	1,014	Coloplast A/S, Class B		126,081
	251	Coltene Holding AG		23,031
	1,992	Consort Medical plc		27,025
	11,124	Convatec Group plc(a)		29,318
	3,137	Demant A/S*		98,867
	781	DiaSorin SpA		101,130
	509	Draegerwerk AG & Co. KGaA		31,796
	238	Draegerwerk AG & Co. KGaA		10,575
	185	Eckert & Ziegler AG		39,642
	2,223	Elekta AB, Class B		29,296
	633	EssilorLuxottica SA		96,688


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	4,164	Fisher & Paykel Healthcare Corp., Ltd.	$	62,467
	5,004	Getinge AB, Class B		92,948
	7,376	GN Store Nord A/S		347,295
	405	Guerbet		18,764
	800	Hogy Medical Co., Ltd.		26,142
	3,200	HOYA Corp.		305,580
	1,300	Jeol, Ltd.		39,314
	3,877	Koninklijke Philips Electronics NV, NYS		189,197
	3,471	Koninklijke Philips NV		169,680
	1,500	Mani, Inc.		42,892
	500	Menicon Co., Ltd.		20,950
	1,200	Nakanishi, Inc.		22,851
	1,500	Nihon Kohden Corp.		41,728
	2,300	Nikkiso Co., Ltd.		30,162
	8,900	Nipro Corp.		107,135
	14,000	Olympus Corp.		215,618
	900	Paramount Bed Holdings Co., Ltd.		37,441
	457	Revenio Group OYJ		13,466
	1,192	Sartorius AG		255,171
	1,077	Sectra AB, Class B*		44,974
	900	Shofu, Inc.		14,825
	6,142	Smith & Nephew plc		148,347
	411	Sonova Holding AG, Registered Shares		94,050
	360	Stratec Se		24,627
	184	Straumann Holding AG, Registered Shares		180,642
	1,200	Sysmex Corp.		81,577
	5,000	Terumo Corp.		176,672

				4,177,183

Health Care Providers & Services (0.8%):
	500	Alfresa Holdings Corp.		10,210
	3,876	Amplifon SpA		111,513
	300	As One Corp.		28,097
	18,377	Australian Pharmaceutical Industries, Ltd.		17,306
	700	BML, Inc.		20,097
	3,715	CareTech Holdings plc		21,928
	6,200	CRH Medical Corp.*		21,488
	4,243	Ebos Group, Ltd.		69,279
	1,500	Elan Corp.		22,067
	14,050	Estia Health, Ltd.		24,080
	4,012	Extendicare, Inc.		26,079
	2,001	Fagron		43,456
	1,000	FALCO Holdings Co., Ltd.		16,953
	6,326	Fresenius Medical Care AG & Co., KGaA		469,147
	2,812	Fresenius SE & Co. KGaA		158,713
	27,126	Healius, Ltd.		52,661
	2,000	Japan Lifeline Co., Ltd.		27,377
	1,000	Japan Medical Dynamic Marketing, Inc.		21,440
	16,930	Japara Healthcare, Ltd.		11,729
	1,912	Korian SA		90,119
	225	Lna Sante		12,525
	3,204	Medical Facilities Corp.		11,845
	6,037	Mediclinic International plc		32,972
	2,000	Medipal Holdings Corp.		44,124
	7,584	Metlifecare, Ltd.		34,861
	2,800	Miraca Holdings, Inc.		68,544
	1,800	N Field Co., Ltd.		11,060
	2,200	Nichiigakkan Co., Ltd.		33,292

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	1,110	NMC Health plc	$	26,054
	18,405	Oceania Healthcare, Ltd.		16,357
	11,311	Oriola Corp.		25,689
	1,060	Orpea		136,069
	23,400	Raffles Medical Group, Ltd.		17,405
	1,806	Ramsay Health Care, Ltd.		92,127
	873	Rhoen-Klinikum AG		17,127
	3,746	Ryman Healthcare, Ltd.		41,239
	2,200	Ship Healthcare Holdings, Inc.		101,940
	800	Sienna Senior Living, Inc.		11,251
	59,044	Sigma Healthcare, Ltd.		24,058
	1,900	Solasto Corp.		22,304
	3,129	Sonic Healthcare, Ltd.		63,249
	8,887	Spire Healthcare Group plc(a)		16,757
	10,895	Summerset Group Holdings, Ltd.		65,282
	400	Suzuken Co., Ltd.		16,280
	1,800	Toho Holdings Co., Ltd.		39,928
	5,100	Tsukui Corp.		27,570
	3,435	Virtus Health, Ltd.		11,286
	2,800	Vital Ksk Holdings, Inc.		26,894

				2,311,828

Health Care Technology (0.1%):
	14,160	AGFA-Gevaert NV*		73,363
	2,052	Ascom Holding AG		22,304
	857	Compugroup Medical Se		61,302
	2,389	Emis Group plc		35,102
	4,200	M3, Inc.		126,848
	800	Nnit A/S(a)		13,393
	1,258	Pro Medicus, Ltd.		19,738
	1,213	Raysearch Laboratories AB*		13,897

				365,947

Hotels, Restaurants & Leisure (2.3%):
	2,563	Accor SA		120,306
	36,400	Accordia Golf Trust		18,133
	600	AEON Fantasy Co., Ltd.		16,079
	1,000	Arcland Service Holdings Co., Ltd.		17,250
	23,206	Ardent Leisure Group, Ltd.*		21,236
	7,016	Aristocrat Leisure, Ltd.		166,361
	4,300	Atom Corp.		40,140
	7,557	Autogrill SpA		79,070
	1,707	Basic-Fit NV*(a)		64,923
	3,095	Betsson AB*		14,447
	20,000	Cafe de Coral Holdings, Ltd.		47,390
	1,533	Carnival plc, ADR		73,829
	700	Central Sports Co., Ltd.		20,502
	72,000	Century City International Holdings, Ltd.		5,360
	485	CIE des Alpes		16,236
	9,479	Collins Foods, Ltd.		59,377
	2,000	Colowide Co., Ltd.		41,403
	9,783	Compass Group plc		245,035
	2,200	Corporate Travel Management, Ltd.		31,706
	2,000	Create Restaurants Holdings In		34,325
	4,576	Crown Resorts, Ltd.		38,619
	151	Do & Co. AG		14,543
	1,951	Domino’s Pizza Enterprises, Ltd.		71,687
	23,341	Domino’s Pizza Group plc		99,165


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	1,600	Doutor Nichires Holdings Co., Ltd.	$	31,741
	29,990	EI Group plc*		112,735
	4,906	Elior Group^(a)		72,164
	6,500	Fairwood Holdings, Ltd.		16,587
	2,425	Flight Centre Travel Group, Ltd.		74,996
	1,016	Flutter Entertainment plc		124,272
	2,258	Flutter Entertainment plc		275,724
	800	Fuji Kyuko Co., Ltd.		30,931
	600	Fujita Kanko, Inc.		15,576
	557	Fuller Smith & Turner plc, Class A		7,090
	19,010	Galaxy Entertainment Group, Ltd.		140,128
	1,491	Gamesys Group plc*		13,974
	200	Genki Sushi Co., Ltd.		5,488
	50,200	Genting Singapore, Ltd.		34,376
	36,100	GL Limited		21,635
	2,773	Great Canadian Gaming Corp.*		91,921
	8,283	Greggs plc		252,295
	16,772	GVC Holdings plc		196,664
	660	Hiday Hidaka Corp.		12,195
	1,700	HIS Co., Ltd.		48,802
	18,000	Hongkong & Shanghai Hotels (The)		19,295
	11,300	Hotel Grand Central, Ltd.		10,766
	400	Ichibanya Co., Ltd.		21,170
	1,639	InterContinental Hotels Group plc, ADR		112,550
	900	Intertain Group, Ltd. (The)*		8,304
	7,041	JD Wetherspoon plc		155,402
	868	Jumbo Interactive, Ltd.		9,106
	6,856	Kindred Group plc		42,046
	1,700	Komeda Holdings Co., Ltd.		33,143
	1,900	Koshidaka Holdings Co., Ltd.		28,782
	900	Kourakuen Holdings Corp.		17,127
	400	Kura Sushi, Inc.		19,885
	1,100	Kyoritsu Maintenance Co., Ltd.		52,310
	70,000	Macau Legend Development, Ltd.*		9,797
	33,812	Marston’s plc		57,263
	200	Matsuya Foods Co., Ltd.		8,317
	500	McDonald’s Holdings Co., Ltd.		24,099
	36,000	Melco International Development Ltd.		101,332
	5,571	Melia Hotels International SA		49,219
	15,327	MGM China Holdings, Ltd.		25,121
	14,000	Miramar Hotel & Investment		28,213
	10,745	Mitchells & Butlers plc*		65,429
	410	Mty Food Group, Inc.		17,522
	72,000	NagaCorp, Ltd.		125,714
	4,629	NetEnt AB*		12,802
	400	Ohsho Food Service Corp.		23,834
	1,223	Orascom Development Holding AG*		19,316
	200	Oriental Land Co., Ltd.		27,300
	2,702	Pandox AB		61,217
	900	Pizza Pizza Royalty Corp.		6,772
	10,182	PlayTech plc		53,616
	12,439	Rank Group plc		45,691
	600	Renaissance, Inc.		9,616
	4,200	Resorttrust, Inc.		71,283
	1,657	Restaurant Brands International, Inc.		105,643
	392	Restaurant Brands International, Inc.		24,998
	1,129	Restaurant Brands New Zealand, Ltd.*		10,599

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	33,738	Restaurant Group plc (The)	$	73,214
	800	Ringer Hut Co., Ltd.		18,496
	3,200	Round One Corp.		31,169
	1,300	Royal Holdings Co., Ltd.^		29,395
	1,200	Saint Marc Holdings Co., Ltd.		25,620
	400	Saizeriya Co., Ltd.		9,762
	16,988	Sands China, Ltd.		91,105
	2,943	Scandic Hotels Group AB(a)		32,813
	44,000	Shangri-La Asia, Ltd.		46,028
	56,868	SJM Holdings, Ltd.		64,919
	1,360	SkiStar AB		17,266
	25,292	Sky City Entertainment Group, Ltd.		67,597
	4,600	Skylark Holdings Co., Ltd.		90,060
	1,707	Sodexo SA		202,441
	20,846	SSP Group Plc		179,625
	27,388	Star Entertainment Group, Ltd. (The)		88,570
	5,813	Stars Group, Inc. (The)*		151,727
	500	Sushiro Global Holdings, Ltd.		43,078
	28,365	Tabcorp Holdings, Ltd.		90,287
	581	The Gym Group plc(a)		2,230
	50,634	Thomas Cook Group plc*(b)		—
	4,500	Tokyo Dome Corp.		44,952
	1,100	Toridoll Holding Corp.		28,462
	400	Tosho Co., Ltd.		9,191
	7,082	TUI AG		89,524
	1,475	Whitbread plc		94,906
	41,297	William Hill plc		103,213
	26,430	Wynn Macau, Ltd.		65,382
	3,500	Zensho Holdings Co., Ltd.		79,192

				6,321,239

Household Durables (2.0%):
	5,875	Azorim-Investment Development & Construction Co., Ltd.*		11,922
	1,604	Bang & Olufsen A/S*		8,419
	19,424	Barratt Developments plc		192,503
	5,753	Bellway plc		290,642
	2,271	Berkeley Group Holdings plc (The)		147,242
	1,566	Bigben Interactive		28,179
	3,728	Bonava AB		39,612
	4,205	Bovis Homes Group plc		76,146
	3,865	Breville Group, Ltd.		47,466
	2,200	Casio Computer Co., Ltd.		44,215
	600	Chofu Seisakusho Co., Ltd.		13,521
	1,800	Cleanup Corp.		11,859
	1,800	Corona Corp.		17,092
	9,695	Countryside Properties plc(a)		58,944
	11,005	Crest Nicholson Holdings plc		63,394
	1,076	De’Longhi		22,781
	7,507	DFS Furniture plc		28,881
	1,000	Dorel Industries, Inc.		4,606
	2,152	Duni AB		29,720
	4,630	Electrolux AB, Series B, Class B		113,668
	2,700	Es-Con Japan, Ltd.		23,231
	800	Eslead Corp.		16,056
	2,053	Fiskars OYJ Abp		25,924
	2,700	FJ Next Co., Ltd.		28,370
	87	Forbo Holding AG		148,077


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	1,600	Foster Electric Co., Ltd.	$	28,074
	1,400	France Bed Holdings Co., Ltd.		12,382
	1,600	Fuji Corp., Ltd.		10,352
	900	Fujitsu General, Ltd.		20,213
	14,200	Haseko Corp.		190,359
	700	Hoosiers Holdings		4,598
	187	Hunter Douglas NV		12,188
	10,452	Husqvarna AB, Class B		83,720
	3,200	Iida Group Holdings Co., Ltd.		56,021
	3,817	JM AB		113,051
	10,600	Jvc Kenwood Corp.		26,510
	958	Kaufman & Broad SA		39,761
	1,300	LEC, Inc.		15,880
	540	Leifheit AG		14,347
	62,400	Man Wah Holdings, Ltd.		44,555
	18,466	McCarthy & Stone plc(a)		36,508
	10	Metall Zug AG		22,522
	4,500	Nikon Corp.		55,012
	9,589	Nobia AB		71,554
	39,400	Panasonic Corp.		369,595
	5,699	Persimmon plc		205,270
	3,200	Pressance Corp.		39,402
	13,354	Redrow plc		131,923
	1,000	Rinnai Corp.		78,105
	500	Sangetsu Corp.		9,441
	1,048	SEB SA		155,857
	13,000	Sekisui Chemical Co., Ltd.		225,057
	4,500	Sekisui House, Ltd.		96,116
	3,000	Sharp Corp.		45,849
	13,600	Sony Corp.		925,835
	2,500	Space Value Holdings Co., Ltd.		12,250
	2,200	Starts Corp., Inc.		56,023
	6,900	Sumitomo Forestry Co., Ltd.		101,584
	328	Surteco Group SE		8,330
	1,100	Tamron Co., Ltd.		25,444
	171,627	Taylor Wimpey plc		444,101
	20,687	Techtronic Industries Co., Ltd.		169,288
	805	The Vitec Group plc		11,723
	1,000	TOA Corp.		10,490
	400	Token Corp.		27,017
	3,468	TomTom NV		36,704

				5,535,481

Household Products (0.2%):
	4,672	Essity AB, Class B		150,664
	407	Henkel AG & Co. KGaA		38,321
	1,700	Lion Corp.		33,186
	14,255	Mcbride plc		16,756
	1,600	Pigeon Corp.		59,003
	5,635	PZ Cussons plc		15,548
	2,279	Reckitt Benckiser Group plc		185,041
	2,600	Unicharm Corp.		87,833

				586,352

Independent Power and Renewable Electricity Producers (0.4%):
	2,002	Albioma SA		58,485
	4,859	Boralex, Inc., Class A		91,537
	1,700	Capital Power Corp.		45,027

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Independent Power and Renewable Electricity Producers, continued
	17,378	Drax Group plc	$	72,186
	5,259	EDP Renovaveis SA		61,948
	1,300	Electric Power Development Co., Ltd.		31,596
	1,162	ERG SpA		25,058
	9,297	Falck Renewables SpA		49,665
	54,874	Infigen Energy		25,056
	3,741	Innergex Renewable Energy, Inc.		48,578
	1,207	Kenon Holdings, Ltd.		25,799
	10,105	Meridian Energy, Ltd.		34,019
	15,630	New Energy Solar, Ltd.		14,798
	4,661	Northland Power, Inc.		97,643
	2,000	Polaris Infrastructure, Inc.		18,869
	1,917	Scatec Solar ASA(a)		27,171
	16,748	Transalta Corp.		119,701
	1,200	Transalta Renewables, Inc.		14,344
	3,710	Uniper SE		122,782

				984,262

Industrial Conglomerates (0.6%):
	8,000	Chevalier International Holdings Ltd.		11,807
	26,645	Cir-Compagnie Industriali Riun		32,511
	20,430	CK Hutchison Holdings, Ltd.		195,229
	615	DCC plc		53,525
	2,000	Guoco Group, Ltd.		33,892
	1,269	Indus Holding AG		55,545
	515	Italmobiliare SpA		13,953
	1,500	Katakura Industries Co., Ltd.		18,687
	1,800	Keihan Holdings Co., Ltd.		87,629
	23,700	Keppel Corp., Ltd.		119,440
	1,284	LifcoAB-B Shs		78,521
	5,400	Nisshinbo Holdings, Inc.		51,318
	1,487	Nolato AB		87,366
	23,000	NWS Holdings, Ltd.		32,285
	2,675	Rheinmetall AG		307,588
	2,400	Seibu Holdings, Inc.		39,598
	57,400	SembCorp Industries, Ltd.		97,913
	70,000	Shun Tak Holdings, Ltd.		33,429
	1,907	Siemens AG, Registered Shares		249,262
	2,723	Smiths Group plc		60,870
	5,400	Tokai Holdings Corp.		54,301

				1,714,669

Insurance (3.6%):
	5,489	Admiral Group plc		168,072
	31,128	AEGON NV		142,472
	3,360	Ageas NV		198,757
	49,040	AIA Group, Ltd.		516,015
	4,109	Alm Brand A/S		36,578
	5,560	ASR Nederland NV		208,456
	6,744	Assicurazioni Generali SpA		139,205
	1,203	AUB Group, Ltd.		10,134
	60,373	Aviva plc		336,744
	15,366	AXA SA		433,477
	1,671	Baloise Holding AG, Registered Shares		302,071
	3,798	Beazley plc		28,013
	7,384	Chesnara plc		31,177
	2,213	Clal Insurance Enterprises Holdings, Ltd.*		33,299
	2,983	CNP Assurances SA		59,428


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	5,028	Coface SA	$	61,938
	8,500	Dai-ichi Life Holdings, Inc.		140,005
	51,629	Direct Line Insurance Group plc		215,087
	82	E-L Financial Corp., Ltd.		52,352
	398	Fairfax Financial Holdings, Ltd.		186,904
	1,054	FBD Holdings plc		10,319
	1,983	Gjensidige Forsikring ASA		41,683
	1,400	Great-West Lifeco, Inc.		35,863
	578	Grupo Catalana Occidente SA		20,227
	478	Hannover Rueck SE		92,408
	5,987	Harel Insurance Investments &		46,800
	15,099	Hastings Group Holdings, Ltd.(a)		35,854
	1,674	Helvetia Holding AG		236,584
	4,798	Hiscox, Ltd.		90,729
	4,219	IA Financial Corp., Inc.		231,779
	506	IDI Insurance Co., Ltd.		18,461
	22,509	Insurance Australia Group, Ltd.		121,238
	400	Intact Financial Corp.		43,259
	12,300	Japan Post Holdings Co., Ltd.		115,537
	33,275	Just Group plc*		34,870
	7,487	Lancashire Holdings, Ltd.		76,081
	102,780	Legal & General Group plc		414,014
	13,895	Manulife Financial Corp.		281,930
	4,750	Manulife Financial Corp.		96,434
	13,386	Mapfre SA		35,605
	26,388	Medibank Private, Ltd.		58,540
	1,055	Menora Mivtachim Holdings, Ltd.		15,467
	16,641	Migdal Insurance & Financial Holding, Ltd.		15,732
	3,700	MS&AD Insurance Group Holdings, Inc.		121,844
	1,100	Muenchener Rueckversicherungs-Gesellschaft AG		324,488
	20,116	NIB Holdings, Ltd.		88,714
	4,578	NN Group NV		174,064
	19,541	Phoenix Group Holdings plc		194,290
	7,577	Phoenix Holdings, Ltd. (The)		45,883
	5,245	Poste Italiane SpA(a)		59,524
	2,480	Prudential plc, ADR		94,463
	14,630	QBE Insurance Group, Ltd.		132,568
	11,387	RSA Insurance Group plc		85,941
	57,341	Saga plc		40,539
	5,023	Sampo Oyj, Class A		219,138
	5,232	SCOR SA		219,791
	8,029	Societa Cattolica di Assicuraz		65,518
	3,200	Sompo Holdings, Inc.		125,407
	14,257	Storebrand ASA		112,129
	3,597	Sun Life Financial, Inc.		163,915
	554	Swiss Life Holding AG, Registered Shares		278,000
	2,344	Swiss Re AG		263,506
	10,600	T&D Holdings, Inc.		133,808
	995	Talanx AG		49,396
	3,600	Tokio Marine Holdings, Inc.		201,036
	1,981	Topdanmark A/S		97,805
	23	Trisura Group, Ltd.*		713
	2,610	Tryg A/S		77,380
	21,980	Unipol Gruppo Finanziario SpA		125,996
	22,967	UnipolSai SpA		66,770
	6,313	Uniqa Insurance Group AG		64,200
	54	Vaudoise Assurances Holding SA		31,931

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	2,033	Vienna Insurance Group AG Wiener Versicherung Gruppe	$	57,722
	1,796	Wuestenrot & Wuerttembergische AG		39,068
	1,771	Zurich Insurance Group AG		726,508

				9,951,653

Interactive Media & Services (0.4%):
	1,083	Adevinta ASA, Class B*		12,836
	22,069	Auto Trader Group plc(a)		174,386
	600	Bengo4.com, Inc.*		31,753
	9,425	Carsales.com, Ltd.		110,198
	1,200	Dip Corp.		35,463
	5,600	Gree, Inc.		25,384
	3,100	Gurunavi, Inc.		27,721
	800	Itokuro, Inc.*		10,416
	3,100	Kakaku.com, Inc.		79,704
	2,000	mixi, Inc.		37,935
	135	New Work SE		44,217
	1,012	REA Group, Ltd.		73,764
	29,220	Rightmove plc		245,686
	1,046	Scout24 AG(a)		69,189
	12,657	Solocal Group*		7,858
	15,200	Z Holdings Corp.		63,692
	1,700	Zigexn Co., Ltd.		8,429

				1,058,631

Internet & Direct Marketing Retail (0.2%):
	1,900	Belluna Co., Ltd.		12,406
	18,446	Boohoo Group plc*		72,916
	3,809	Dustin Group AB(a)		30,593
	2,462	eDreams ODIGEO SA*		11,799
	2,400	Enigmo, Inc.*		19,587
	22,749	Moneysupermarket.com Group plc		99,857
	6,515	N Brown Group plc		14,070
	1,472	Ocado Group plc*		24,990
	7,306	On The Beach Group plc(a)		47,355
	800	Open Door, Inc.*		11,524
	9,400	Rakuten, Inc.		80,636
	3,182	Rocket Internet SE*(a)		78,863
	1,817	Takkt AG		25,717
	2,580	Webjet, Ltd.^		23,650
	1,200	ZOZO, Inc.		22,961

				576,924

IT Services (1.4%):
	1,366	AddNode Group AB		26,045
	370	Allgeier SE		14,099
	974	Alten SA		123,302
	9,025	Altran Technologies SA		143,447
	3,748	Amadeus IT Group SA		307,073
	2,621	Appen, Ltd.		41,359
	5,372	ARQ Group, Ltd.		1,430
	3,853	Atea ASA		56,636
	2,079	Atos SE		173,814
	1,266	Bechtle AG		177,636
	1,900	CAC Holdings Corp.		27,381
	2,722	Cancom SE		161,075
	1,420	Capgemini SA		173,931
	2,893	CGI, Inc.*		242,173


Shares			Fair Value
Common Stocks, continued
IT Services, continued
	4,933	Columbus A/S	$	7,129
	5,725	Computacenter plc		133,841
	6,694	Computershare, Ltd.		78,888
	1,600	Comture Corp.		34,391
	500	Densan System Co., Ltd.		13,947
	317	Devoteam SA		33,642
	1,400	DTS Corp.		32,555
	8,624	Econocom Group SA/NV		23,575
	1,000	E-Guardian, Inc.		18,647
	6,228	Equiniti Group plc(a)		17,119
	3,891	Fdm Group Holdings plc		53,627
	457	Formula Systems 1985, Ltd.		31,135
	700	Fujitsu, Ltd.		66,063
	800	Future Corp.		13,263
	6,665	Global Dominion Access SA*(a)		27,319
	3,000	GMO Internet, Inc.		57,299
	400	GMO Payment Gateway, Inc.		27,522
	287	Groupe Open		3,515
	2,320	HIQ International AB*		12,817
	800	ID Holdings Corp.		11,152
	6,538	Indra Sistemas SA*		75,219
	1,200	Infocom Corp.		29,443
	700	Information Services Internati		27,817
	2,776	Iomart Group plc		13,751
	1,100	Itochu Techno-Solutions Corp.		31,059
	400	Kanematsu Electronics, Ltd.		13,369
	1,915	Knowit AB		42,636
	19,141	Link Administration Holdings, Ltd.		78,864
	2,100	Mamezou Holdings Co., Ltd.		28,240
	896	Matrix It, Ltd.		18,042
	300	Mitsubishi Research Institute		11,846
	9,872	NCC Group plc		29,406
	700	NEC Networks & System Integrat		24,892
	3,000	Nihon Unisys, Ltd.		94,287
	2,556	Nomura Research Institute, Ltd.		55,002
	800	NS Solutions Corp.		26,297
	2,200	Nsd Co., Ltd.		36,344
	5,500	NTT Data Corp.		73,535
	200	OBIC Co., Ltd.		27,020
	4,539	Ordina NV		10,372
	1,400	Otsuka Corp.		55,923
	1,200	Poletowin Pitcrew Holdings, Inc.		10,662
	663	Reply SpA		51,654
	800	SCSK Corp.		41,724
	159	Shopify, Inc., Class A*		63,215
	800	Softbank Technology Corp.		14,781
	2,531	Softcat plc		38,702
	700	Sopra Steria Group		112,782
	16,000	Sunevision Holdings, Ltd.		10,825
	1,200	TDC Soft, Inc.		11,825
	1,400	TechMatrix Corp.		30,226
	2,503	The Citadel Group, Ltd.		8,644
	3,261	Tieto OYJ		101,497
	1,500	TIS, Inc.		88,678
	1,140	Wirecard AG		137,727
	402	Worldline SA*(a)		28,529

				3,921,682

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Leisure Products (0.3%):
	1,179	Accell Group	$	34,131
	2,900	Bandai Namco Holdings, Inc.		175,996
	406	BRP, Inc.		18,499
	1,319	Games Workshop Group plc		106,722
	800	Globeride, Inc.		20,018
	72,000	Goodbaby International Holdings, Ltd.*		15,992
	1,200	Heiwa Corp.		25,106
	700	Kawai Musical Instruments Manufacturing Co., Ltd.		25,136
	500	Mars Group Holdings Corp.		9,358
	2,702	Maytronics, Ltd.		22,604
	800	Mizuno Corp.		20,188
	26,132	Photo-Me International plc		33,612
	1,200	Sankyo Co., Ltd.		39,780
	3,600	Sega Sammy Holdings, Inc.		52,442
	1,337	Spin Master Corp.*(a)		40,715
	1,169	Technogym SpA(a)		15,204
	1,995	Thule Group AB (The)(a)		46,052
	4,700	Tomy Co., Ltd.		60,803
	385	Trigano SA		40,690
	700	Universal Entertainment Corp.		23,831
	500	Yamaha Corp.		27,566

				854,445

Life Sciences Tools & Services (0.5%):
	2,607	Biotage AB		34,546
	600	Cmic Holdings Co., Ltd.		10,136
	1,200	Eps Holdings, Inc.		15,270
	478	Eurofins Scientific SE		265,430
	2,098	Evotec SE*		54,417
	1,626	Gerresheimer AG		126,068
	1,600	Linical Co., Ltd.		16,536
	1,329	Lonza Group AG, Registered Shares		484,806
	1,322	Qiagen NV*		44,684
	876	Sartorius Stedim Biotech		145,235
	1,600	Shin Nippon Biomedical Laborat		9,264
	185	Siegfried Holding AG		89,690

				1,296,082

Machinery (3.9%):
	6,065	Aalberts NV		272,828
	1,100	AG Growth International, Inc.		39,344
	2,600	Aichi Corp.		17,668
	2,100	Aida Engineering, Ltd.		18,777
	4,185	Alfa Laval AB		105,466
	1,607	Alimak Group AB(a)		23,978
	900	Alinco, Inc.		10,620
	789	Alstom SA		37,374
	5,000	Amada Holdings Co., Ltd.		56,792
	2,790	Andritz AG		120,108
	2,000	Anest Iwata Corp.		19,256
	2,700	Asahi Diamond Industrial Co., Ltd.		15,869
	2,774	Atlas Copco AB		96,275
	4,706	Atlas Copco AB, Class A		187,652
	1,149	Ats Automation Tooling Systems, Inc.*		18,964
	1,300	Bando Chemical Industries, Ltd.		10,963
	2,296	Beijer Alma AB, Class B		38,423
	506	Bobst Group SA		29,486
	10,601	Bodycote plc		133,912


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	267	Bucher Industries AG	$	93,817
	1,623	Cargotec OYJ		55,002
	500	Chugai Ro Co., Ltd.		8,338
	1,000	CKD Corp.		16,808
	17,805	CNH Industrial NV		195,436
	2,050	Concentric AB		34,845
	1,110	Construcc y Aux de Ferrocarr SA		51,011
	68	Conzzeta AG		81,239
	234	Daetwyler Holding AG		45,050
	900	Daifuku Co., Ltd.		54,431
	1,900	Daihatsu Diesel Manufacturing Co., Ltd.		12,382
	2,100	Daiwa Industries, Ltd.		23,246
	7,304	Deutz AG		45,653
	3,500	DMG Mori Co., Ltd.		53,579
	2,668	Duerr AG		90,998
	3,400	Ebara Corp.		102,742
	2,774	Epiroc AB		32,935
	3,946	Epiroc AB, Class A		48,240
	1,500	Exco Technologies, Ltd.		9,161
	300	FANUC Corp.		55,414
	114	Feintool International Holding AG		7,282
	19,282	Fincantieri SpA^		19,929
	1,579	Fluidra SA*		21,608
	2,000	Fuji Corp.		36,581
	700	Fukushima Galilei Co., Ltd.		26,203
	1,700	Furukawa Co., Ltd.		22,397
	4,784	GEA Group AG		158,163
	140	Georg Fischer AG		142,351
	2,000	Glory, Ltd.		60,374
	2,253	Haldex AB		12,289
	26,103	Heidelberger Druckmaschinen AG*		33,788
	9,700	Hino Motors, Ltd.		102,506
	1,200	Hisaka Works, Ltd.		11,059
	2,600	Hitachi Construction Machinery Co., Ltd.		77,365
	12,300	Hitachi Zosen Corp.		46,510
	400	Hoshizaki Corp.		35,621
	500	Hosokawa Micron Corp.		21,403
	2,700	IHI Corp.		63,288
	14,403	IMI plc		225,345
	755	Industria Macchine Automatiche		54,305
	1,933	Interpump Group SpA		61,234
	27	Interroll Holding AG, Registered Shares		60,730
	1,300	Iseki & Co., Ltd.		19,772
	3,200	Japan Steel Works, Ltd. (The)		62,535
	8,700	JTEKT Corp.		102,630
	2,600	Juki Corp.		20,854
	3,751	Jungheinrich AG		90,966
	609	Kardex AG		102,705
	900	Kato Works Co., Ltd.		13,503
	5,400	Kawasaki Heavy Industries, Ltd.		118,075
	2,997	Kion Group AG		206,919
	400	Kitagawa Iron Works Co., Ltd.		8,809
	1,400	Kito Corp.		21,973
	5,100	Kitz Corp.		35,928
	572	Koenig & Bauer AG		18,022
	13,400	Komatsu, Ltd.		321,313
	184	Komax Holding AG		44,987

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	2,900	Komori Corp.	$	30,027
	2,802	Kone OYJ, Class B		183,169
	1,994	Konecranes OYJ		61,246
	354	Krones AG		26,914
	3,100	Kubota Corp.		48,571
	1,800	Kurita Water Industries, Ltd.		53,337
	1,000	Kyokuto Kaihatsu Kogyo Co., Ltd.		14,654
	600	Maezawa Kyuso Industries Co., Ltd.		12,228
	700	Makino Milling Machine Co., Ltd.		31,828
	600	Makita Corp.		20,774
	586	Manitou Bf SA		14,170
	800	Max Co., Ltd.		16,015
	2,600	Meidensha Corp.		57,317
	400	Metawater Co., Ltd.		15,996
	5,870	Metso Oyj		231,727
	8,632	MINEBEA MITSUMI, Inc.		178,158
	1,700	Misumi Group, Inc.		42,045
	2,000	Mitsubishi Heavy Industries, Ltd.		77,361
	1,000	Mitsubishi Logisnext Co., Ltd.		12,641
	700	Mitsuboshi Belting Co., Ltd.		13,405
	2,900	Mitsui Engineering & Shipbuilding Co., Ltd.*		23,462
	700	Miura Co., Ltd.		24,186
	19,488	Morgan Advanced Materials plc		82,037
	1,500	Morita Holdings Corp.		24,893
	2,100	Nabtesco Corp.		61,975
	1,100	Nachi-Fujikoshi Corp.		48,026
	2,000	Namura Shipbuilding Co., Ltd.		4,892
	2,956	NFI Group, Inc.		60,673
	4,300	NGK Insulators, Ltd.		74,603
	1,569	Nilfisk Holding A/S*		34,352
	3,900	Nippon Thompson Co., Ltd.		18,399
	800	Nitta Corp.		23,665
	500	Nitto Kohki Co., Ltd.		10,707
	1,900	Nitto Seiko Co., Ltd.		11,127
	300	Noritake Co., Ltd.		12,820
	2,186	Norma Group SE		93,162
	1,000	NS Tool Co., Ltd.		24,643
	7,000	NSK, Ltd.		66,028
	34,000	NTN Corp.		106,276
	700	Obara Group, Inc.		23,571
	7,984	OC Oerlikon Corp. AG		93,666
	1,700	Oiles Corp.		25,810
	500	Okuma Corp.		26,270
	400	Organo Corp.		24,693
	3,000	OSG Corp.		57,132
	2,177	Outotec OYJ*		14,046
	1,045	Palfinger AG		34,264
	330	Pfeiffer Vacuum Technology AG		58,899
	4,300	Punch Industry Co., Ltd.		19,625
	118	Rational AG		94,895
	70	Rieter Holding AG		9,985
	40,796	Rotork plc		181,410
	1,800	Ryobi, Ltd.		31,958
	18,878	Sandvik AB		369,080
	332	Schindler Holding AG, Registered Shares		81,357
	18,300	SembCorp Marine, Ltd.*		17,993
	757	SFS Group AG		72,798


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	1,200	Shima Seiki Manufacturing, Ltd.	$	27,876
	4,000	Shinmaywa Industries, Ltd.		54,430
	78,000	Singamas Container Holdings, Ltd.		8,609
	2,200	Sintokogio, Ltd.		21,238
	3,528	Skellerup Holdings, Ltd.		5,691
	7,796	SKF AB, Class B		157,996
	200	SMC Corp.		91,434
	2,300	Sodick Co., Ltd.		20,347
	2,119	Spirax-Sarco Engineering plc		250,883
	891	Stabilus SA		60,607
	1,600	Star Micronics Co., Ltd.		22,933
	849	Sulzer AG, Registered Shares		94,710
	3,200	Sumitomo Heavy Industries, Ltd.		90,723
	14,200	Sunningdale Tech, Ltd.		14,048
	3,900	Tadano, Ltd.		35,478
	2,200	Takeuchi Manufacturing Co., Ltd.		32,919
	3,400	Takuma Co., Ltd.		40,947
	5,654	Talgo SA*(a)		38,680
	478	Technotrans SE		10,030
	800	Teikoku Electric Manufacturing Co., Ltd.		10,596
	4,200	THK Co., Ltd.		112,745
	5,700	Tocalo Co., Ltd.		58,262
	1,200	Tokyo Keiki, Inc.		11,290
	1,400	Torishima Pump Manufacturing Co., Ltd.		11,783
	1,000	Toshiba Machine Co., Ltd.		26,949
	3,695	Trelleborg AB		66,480
	1,098	Troax Group AB		14,169
	2,700	Tsubaki Nakashima Co., Ltd.		39,607
	1,400	Tsubakimoto Chain Co.		49,275
	4,900	Tsugami Corp.		49,617
	1,200	Tsukishima Kikai Co., Ltd.		18,177
	600	Tsurumi Manufacturing Co., Ltd.		11,220
	6,727	Valmet Corp.		161,177
	957	Vat Group AG(a)		161,937
	6,262	Vesuvius plc		41,827
	5,758	Volvo AB, Class A		97,460
	27,562	Volvo AB, Class B		462,677
	689	Vossloh AG		28,589
	1,416	Wacker Neuson SE		27,189
	7,232	Wartsila OYJ Abp, Class B		79,852
	560	Washtec AG		33,857
	1,192	Weir Group plc (The)		23,848
	3,000	Yamabiko Corp.		32,708
	84,100	Yangzijiang Shipbuilding Holdings, Ltd.		70,283
	5,060	Zardoya Otis SA		39,865

				10,859,383

Marine (0.4%):
	32	A.P. Moeller – Maersk A/S, Class A		43,393
	40	A.P. Moeller – Maersk A/S, Class B		57,726
	3,578	American Shipping Co. ASA		13,400
	556	Clarkson plc		22,329
	1,333	D/S Norden A/S		21,339
	1,307	DFDS A/S		64,090
	1,192	Hapag-Lloyd AG(a)		102,665
	3,300	Iino Kaiun Kaisha, Ltd.		11,185
	9,940	Irish Continental Group		54,546
	2,300	Japan Transcity Corp.		11,547

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares				Fair Value
Common Stocks, continued
Marine, continued
	3,000	Kawasaki Kisen Kaisha, Ltd.*		$	50,613
	894	Kuehne & Nagel International AG, Registered Shares			150,730
	3,600	Mitsui O.S.K. Lines, Ltd.			98,874
	102,930	MMA Offshore, Ltd.*			12,683
	3,900	Nippon Yusen KK			70,275
	600	NS United Kaiun Kaisha, Ltd.			12,308
	246,000	Pacific Basin Shipping, Ltd.			51,677
	89,000	Sitc International Holdings Co., Ltd.			108,535
	1,962	Stolt-Nielsen, Ltd.			25,487

					983,402

Media (1.4%):
	1,267	4imprint Group plc			58,482
	5,715	Aimia, Inc.*			15,846
	18,743	Altice Europe NV, Class A*			121,112
	1,460	Altice Europe NV, Class B*			9,349
	65	APG SGA SA			19,082
	14,475	Arnoldo Mondadori Editore SpA*			33,464
	2,124	Ascential plc(a)			11,045
	4,886	Atresmedia Corp. de Medios de Comuicacion SA			19,102
	1,891	Bloomsbury Publishing plc			7,272
	6,744	Cairo Communication SpA			20,552
	1,001	Cogeco Communications, Inc.			87,271
	400	Cogeco, Inc.			32,067
	5,394	Corus Entertainment, Inc.			22,101
	1,600	Cyberagent, Inc.			55,711
	3,302	Daily Mail & General Trust plc			36,292
	1,300	Dentsu Group, Inc.			44,770
	3,391	Euromoney Institutional Investor plc			58,512
	8,672	Eutelsat Communications SA			141,047
	1,700	F@n Communications, Inc.			7,491
	800	Fuji Media Holdings, Inc.			11,356
	4,000	Hakuhodo DY Holdings, Inc.			64,343
	8,376	HT&E, Ltd.			9,961
	26,999	Hyve Group plc			36,510
	12,641	Informa plc			143,673
	2,000	Intage Holdings, Inc.			17,107
	1,711	Ipsos			55,585
	78,966	ITV plc			158,473
	9,582	Ive Group, Ltd.			16,278
	1,344	JCDecaux SA			41,474
	2,300	Kadokawa Corp.			44,142
	2,312	Kin And Carta plc			3,056
	7,566	Lagardere SCA	��		165,159
	3,548	Liberty Global plc, Series C*			77,329
	1,449	Liberty Global plc, Class A*			32,950
	1,664	M6 Metropole Television SA			31,327
	1,300	Macromill, Inc.			12,456
	8,183	Mediaset Espana Comunicacion SA			52,036
	24,075	Mediaset SpA*^			71,861
	70,711	Nine Entertainment Co. Holdings, Ltd.			88,980
	15,502	NOS SGPS SA			83,525
	1,307	NRJ Group			9,826
	8,170	Ooh!media, Ltd.			20,909
	6,014	Otello Corp. ASA*			10,968
	7,451	Pearson plc			63,019
	3,968	Pearson plc, ADR^			33,450
	13,544	Promotora de Informaciones SA*			21,895


Shares			Fair Value
Common Stocks, continued
Media, continued
	6,106	Publicis Groupe SA	$	276,447
	7,521	QMS Media, Ltd.		6,335
	4,026	Quebecor, Inc., Class B		102,759
	13,261	Reach plc		23,954
	1,406	RTL Group		69,337
	4,177	Sanoma OYJ		44,268
	641	Schibsted ASA, Class A		19,386
	435	Schibsted ASA, Class B		12,486
	16,754	SES Global, Class A		235,545
	60,999	Seven West Media, Ltd.*		14,069
	7,456	Shaw Communications, Inc.		151,282
	44,700	Singapore Press Holdings, Ltd.		72,496
	18,618	Sky Network Television, Ltd.		8,904
	7,900	SKY Perfect JSAT Holdings, Inc.		35,004
	4,175	Societe Television Francaise 1		34,761
	500	SoldOut, Inc.		9,205
	44,663	Southern Cross Media Group, Ltd.		26,058
	1,167	Stroeer SE & Co. KGaA		94,412
	232	Tamedia AG, Registered Shares		22,463
	1,586	Telenet Group Holding NV		71,434
	15,000	Television Broadcasts, Ltd.		23,590
	1,900	Tokyo Broadcasting System Hold		32,305
	1,400	TV Asahi Holdings Corp.		25,900
	500	TV Tokyo Holdings Corp.		11,174
	1,000	ValueCommerce Co., Ltd.		21,471
	500	Wowow, Inc.		12,720
	27,313	WPP Aunz, Ltd.		10,447
	18,270	WPP plc		257,083
	700	Zenrin Co., Ltd.		11,629

				3,915,140

Metals & Mining (5.0%):
	3,860	Acerinox SA		43,611
	1,911	Agnico Eagle Mines, Ltd.		117,737
	400	Aichi Steel Corp.		13,991
	16,681	Alacer Gold Corp.*		88,647
	17,361	Alamos Gold, Inc., Class A		104,695
	2,200	Altius Minerals Corp.		20,265
	12,599	Alumina, Ltd.		20,344
	723	Amg Advanced Metallurgical Group N.V.		17,754
	34,264	Anglo American plc		988,773
	6,845	Antofagasta plc		83,388
	1,971	Aperam SA		63,321
	11,577	ArcelorMittal		204,482
	12,400	Argonaut Gold, Inc.*		18,623
	1,100	Asahi Holdings, Inc.		27,254
	8,215	Asanko Gold, Inc.*		7,782
	63,720	Aurelia Metals, Ltd.		19,454
	1,731	Aurubis AG		106,244
	58,345	B2Gold Corp.		234,117
	9,184	Barrick Gold Corp.		170,609
	1,875	Bekaert NV		55,930
	35,937	BHP Group, Ltd.		984,120
	10,342	Billiton plc, ADR		486,177
	25,458	BlueScope Steel, Ltd.		269,690
	9,186	Boliden AB		244,413
	17,700	Capstone Mining Corp.*		10,360
	3,059	Castile Resources Pty, Ltd.*		—

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	73,572	Centamin plc	$	123,327
	11,600	Centerra Gold, Inc.*		92,289
	4,374	Central Asia Metals plc		12,686
	16,254	China Gold International Resources Corp., Ltd.*		14,772
	5,800	Continental Gold, Inc.*		23,899
	700	Daido Steel Co., Ltd.		30,608
	2,700	Daiki Aluminium Industry Co., Ltd.		18,761
	9,900	Detour Gold Corp.*		191,687
	2,600	DOWA Mining Co.		96,499
	10,500	Dundee Precious Metals, Inc.*		45,125
	7,762	Eldorado Gold Corp.*		62,352
	3,600	Endeavour Mining Corp.*		68,013
	539	Eramet		27,772
	40,854	Evolution Mining, Ltd.		108,560
	16,814	EVRAZ plc		90,231
	22,438	Ferrexpo plc		47,432
	3,209	First Majestic Silver Corp.*		39,371
	8,602	First Quantum Minerals, Ltd.		87,252
	86,302	Fortescue Metals Group, Ltd.		650,327
	5,947	Fortuna Silver Mines, Inc.*		24,230
	327	Franco Nevada Corp.		33,779
	3,312	Fresnillo plc		28,068
	129,412	Glencore plc		404,600
	1,100	Godo Steel, Ltd.		28,314
	4,758	Granges AB		50,337
	5,096	Guyana Goldfields, Inc.*		2,747
	18,140	Highland Gold Mining, Ltd.		47,029
	4,214	Hill & Smith Holdings plc		82,388
	3,000	Hitachi Metals, Ltd.		44,080
	15,125	Hochschild Mining plc		36,705
	18,195	Hudbay Minerals, Inc.		75,392
	15,631	IAMGOLD Corp.*		58,388
	5,323	Iluka Resources, Ltd.		34,802
	14,498	Imdex, Ltd.		15,031
	17,091	Independence Group NL		74,979
	23,446	Ivanhoe Mines, Ltd., Class A*		76,745
	9,400	JFE Holdings, Inc.		120,436
	50,009	Jupiter Mines, Ltd.		9,836
	14,214	KAZ Minerals plc		100,372
	84,792	Kinross Gold Corp.*		402,279
	4,744	Kirkland Lake Gold, Ltd.		209,139
	10,600	Kobe Steel, Ltd.		56,811
	1,800	Kyoei Steel, Ltd.		35,066
	800	Labrador Iron Ore Royalty Corp.		15,169
	4,400	Leagold Mining Corp.*		10,946
	14,207	Lucara Diamond Corp.		9,301
	29,301	Lundin Mining Corp.		175,120
	24,310	Lynas Corp., Ltd.*		39,872
	11,288	MACA, Ltd.		8,316
	48,387	Macmahon Holdings, Ltd.		9,678
	4,545	Major Drilling Group International, Inc.*		19,848
	176,000	Midas Holdings, Ltd.*		4,712
	10,123	Mineral Resources, Ltd.		117,627
	4,300	Mitsubishi Materials Corp.		116,610
	500	Mitsubishi Steel Manufacturing Co., Ltd.		4,927
	4,200	Mitsui Mining & Smelting Co., Ltd.		111,528
	25,100	Mount Gibson Iron, Ltd.		16,823


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	2,200	Neturen Co., Ltd.	$	17,985
	27,410	New Gold, Inc.*		24,277
	4,822	Newcrest Mining, Ltd.		102,053
	6,200	Nippon Denko Co., Ltd.*		9,833
	37,000	Nippon Light Metal Holdings Co.		79,529
	8,595	Nippon Steel Corp.		129,330
	930	Nippon Yakin Kogyo Co., Ltd.		19,755
	200	Nittetsu Mining Co., Ltd.		9,221
	22,184	Norsk Hydro ASA		82,847
	28,664	Northern Star Resources, Ltd.		226,705
	22,428	OceanaGold Corp.		44,048
	21,175	OM Holdings, Ltd.		7,465
	500	Osaka Steel Co., Ltd.		6,792
	3,154	Osisko Gold Royalties, Ltd.		30,656
	18,826	Outokumpu OYJ		59,198
	15,777	OZ Minerals, Ltd.		117,281
	900	Pacific Metals Co., Ltd.		20,971
	1,752	Pan American Silver Corp.		41,505
	8,517	Pan American Silver Corp.		201,774
	31,662	Perenti Global, Ltd.		36,072
	73,744	Perseus Mining, Ltd.*		60,060
	57,911	Petra Diamonds, Ltd.*		6,797
	176,214	Petropavlovsk plc*		29,701
	9,700	Premier Gold Mines, Ltd.*		14,717
	5,733	Pretium Resources, Inc.*		63,803
	23,878	Ramelius Resources, Ltd.		20,636
	25,382	Regis Resources, Ltd.		77,011
	45,534	Resolute Mining, Ltd.*		40,174
	550	Rio Tinto plc		32,674
	11,161	Rio Tinto plc, Registered Shares, ADR		662,518
	5,809	Rio Tinto, Ltd.		410,737
	6,000	Sabina Gold & Silver Corp.*		8,872
	2,148	Salzgitter AG		47,641
	11,858	Sandfire Resources NL		49,915
	4,142	Sandstorm Gold, Ltd.*		30,912
	1,600	Sanyo Special Steel Co., Ltd.		23,288
	38,220	Saracen Mineral Holdings, Ltd.*		88,719
	21,718	Schmolz + Bickenbach AG*		6,302
	16,210	Semafo, Inc.*		33,708
	32,896	Silver Lake Resources, Ltd.*		30,908
	7,261	Sims Metal Management, Ltd.		54,396
	71,970	South32, Ltd.		136,990
	4,092	SSAB AB, Class A^		14,386
	15,312	SSAB AB, Class B		50,015
	4,935	SSR Mining, Inc.*		94,983
	43,997	St. Barbara, Ltd.		83,917
	11,400	Straits Trading Co., Ltd.		17,973
	4,200	Sumitomo Metal & Mining Co., Ltd.		135,484
	17,269	Syrah Resources, Ltd.*		5,715
	10,787	Teck Cominco, Ltd., Class B		187,094
	1,985	Teck Resources, Ltd., Class B		34,479
	9,775	Teranga Gold Corp.*		52,850
	3,912	ThyssenKrupp AG		52,819
	1,900	Toho Titanium Co., Ltd.		16,227
	700	Toho Zinc Co., Ltd.		13,182
	1,100	Tokyo Rope Manufacturing Co. Ltd.		13,084
	1,500	Tokyo Steel Manufacturing Co., Ltd.		10,815

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	1,300	Topy Industries, Ltd.	$	23,909
	4,685	Torex Gold Resources, Inc.*		74,042
	9,694	Trevali Mining Corp.*		1,717
	33,241	Turquoise Hill Resources, Ltd.*		24,321
	1,500	UACJ Corp.		34,121
	6,344	Voestalpine AG		176,762
	14,139	Western Areas, Ltd.		30,144
	12,239	Westgold Resources, Ltd.*		19,676
	2,702	Wheaton Precious Metals Corp.		80,385
	2,310	Wheaton Precious Metals Corp.		68,745
	42,447	Yamana Gold, Inc.		168,036
	1,600	Yamato Kogyo Co., Ltd.		39,984
	800	Yodogawa Steel Works, Ltd.		14,857

				13,682,272

Multiline Retail (0.6%):
	40,020	B&M European Value Retail SA		218,123
	1,147	Canadian Tire Corp., Class A		123,455
	53,885	Debenhams plc*		—
	2,909	Dollarama, Inc.		99,991
	15,946	Europris ASA(a)		62,688
	500	Fuji Co., Ltd./Ehime		8,889
	3,300	H2O Retailing Corp.		36,873
	24,471	Harvey Norman Holdings, Ltd.		70,009
	10,400	Isetan Mitsukoshi Holdings, Ltd.		93,528
	900	Izumi Co., Ltd.		32,354
	4,300	J. Front Retailing Co., Ltd.		59,985
	400	Kintetsu Department Store Co., Ltd.		14,174
	24,500	Lifestyle International Holdings, Ltd.		28,128
	73,250	Marks & Spencer Group plc		207,698
	1,300	Marui Group Co., Ltd.		31,649
	30,000	Metro Holdings, Ltd.		20,864
	47,139	Myer Holdings, Ltd.*		15,881
	1,643	Next plc		152,957
	5,600	Pan Pacific International Holdings Corp.		92,961
	2,100	Parco Co., Ltd.		35,586
	5,000	Ryohin Keikaku Co., Ltd.		116,637
	600	Sanyo Electric Railway Co., Ltd.		12,051
	1,000	Seria Co., Ltd.		27,283
	6,000	Takashimaya Co., Ltd.		67,284
	3,557	Tokmanni Group Corp.		50,397
	4,000	Wing On Company International, Ltd.		11,098

				1,690,543

Multi-Utilities (0.8%):
	3,187	Acea SpA		65,909
	3,186	AGL Energy, Ltd.		45,979
	4,330	Algonquin Power & Utilities Corp.		61,262
	905	Atco, Ltd.		34,690
	1,466	Canadian Utilities, Ltd., Class A		44,226
	93,709	Centrica plc		111,667
	40,123	E.ON SE		429,075
	17,405	Engie Group		281,241
	8,483	Hera SpA		37,186
	23,167	Iren SpA		71,867
	41,584	ITL AEM SpA		77,972
	2,700	Just Energy Group, Inc.		4,533
	110,123	Keppel Infrastructure Trust		44,235


Shares			Fair Value
Common Stocks, continued
Multi-Utilities, continued
	3,070	National Grid plc, ADR	$	192,397
	11,914	Ren – Redes Energeticas Nacion		36,359
	8,682	RWE AG		266,725
	7,455	Suez		112,818
	3,114	Telecom Plus plc		62,019
	6,009	Vector, Ltd.		15,085
	4,208	Veolia Environnement SA		112,079

				2,107,324

Oil, Gas & Consumable Fuels (6.0%):
	9,181	Advantage Oil & Gas, Ltd.*		19,445
	24,155	Africa Oil Corp.*		21,766
	145,000	Agritrade Resources, Ltd.		10,791
	2,005	Aker BP ASA		65,802
	7,200	Anglo Pacific Group plc		18,324
	18,944	ARC Resources, Ltd.		119,348
	18,809	Athabasca Oil Corp.*		8,547
	2,064	Baytex Energy Corp.*		2,993
	25,572	Baytex Energy Corp.*		36,830
	103,499	Beach Energy, Ltd.		183,080
	17,741	Birchcliff Energy, Ltd.		35,389
	15,440	Bonavista Energy Corp.		7,254
	1,208	Bonterra Energy Corp.		3,666
	32,835	BP plc		206,085
	50,100	BP plc, ADR		1,890,775
	173,000	Brightoil Petroleum Holdings, Ltd.*		24,978
	2,656	BW LPG, Ltd.(a)		22,352
	26,063	Cairn Energy plc*		71,106
	12,816	Caltex Australia, Ltd.		306,072
	5,227	Cameco Corp.		46,520
	9,946	Cameco Corp.		88,399
	10,058	Canadian Natural Resources, Ltd.		325,351
	16,028	Canadian Natural Resources, Ltd.		518,507
	3,012	Cardinal Energy, Ltd.		6,031
	11,375	Cenovus Energy, Inc.		115,456
	7,600	Cenovus Energy, Inc.		77,264
	13,100	China Aviation Oil Singapore Corp., Ltd.		12,379
	40,015	Cooper Energy, Ltd.*		17,048
	3,700	Cosmo Energy Holdings Co., Ltd.		85,439
	8,781	Crescent Point Energy		39,251
	7,561	Crescent Point Energy Corp.		33,717
	8,223	Crew Energy, Inc.*		3,610
	854	CropEnergies AG		10,542
	252	Delek Group, Ltd.		38,290
	39,162	DNO ASA		51,655
	9,137	Enagas SA		233,396
	8,022	Enbridge, Inc.		318,989
	13,160	EnCana Corp.		61,624
	1,055	EnCana Corp.		4,948
	17,700	Enerplus Corp.		126,098
	43,854	ENI SpA		681,381
	114,028	EnQuest plc*		32,617
	21,115	Equinor ASA		422,414
	1,004	Equital, Ltd.*		29,807
	1,390	Etablissements Maurel et Prom SA		4,405
	9,112	Euronav NV		112,374
	1,579	Exmar NV*		9,350
	1,267	FLEX LNG, Ltd.		13,127

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	3,700	Freehold Royalties, Ltd.	$	20,774
	1,400	Frontera Energy Corp.		10,567
	3,784	Frontline, Ltd.		47,816
	3,100	Fuji Oil Co., Ltd.		6,955
	7,147	Galp Energia SGPS SA		119,525
	734	Gaztransport et Technigaz SA		70,557
	6,249	Genel Energy plc		15,713
	5,650	Gibson Energy, Inc.		115,707
	19,607	Gran Tierra Energy, Inc.*		25,521
	18,883	Gulf Keystone Petroleum, Ltd.		53,207
	4,281	Hoegh Lng Holdings, Ltd.		16,348
	11,767	Husky Energy, Inc.		94,433
	4,700	Idemitsu Kosan Co., Ltd.		130,775
	2,500	Imperial Oil, Ltd.		66,139
	1,542	Imperial Oil, Ltd.		40,817
	13,700	INPEX Corp.		142,930
	6,882	Inter Pipeline, Ltd.		119,470
	2,244	International Petroleum Corp.*		9,886
	3,600	Itochu Enex Co., Ltd.		30,317
	1,000	Japan Petroleum Exploration Co., Ltd.		27,130
	41,000	JXTG Holdings, Inc.		187,501
	24,713	Karoon Energy, Ltd.*		20,084
	7,300	Kelt Exploration, Ltd.*		27,381
	7,446	Keyera Corp.		195,096
	2,385	Koninklijke Vopak NV		129,468
	2,011	Lundin Petroleum AB		68,366
	10,707	MEG Energy Corp.*		60,940
	1,700	Mitsuuroko Holdings Co., Ltd.		20,099
	1,502	Naphtha Israel Petroleum Corp.		8,977
	11,451	Neste Oyj		398,415
	14,065	New Hope Corp., Ltd.		20,339
	7,392	New Zealand Refining Co., Ltd. (The)		9,353
	64,000	NewOcean Energy Holdings, Ltd.*		9,695
	21,200	Nippon Coke & Engineering Co., Ltd.		15,751
	7,654	Nuvista Energy, Ltd.*		18,805
	4,687	Obsidian Energy, Ltd.*		3,357
	104,047	Oil Refineries, Ltd.		52,303
	21,604	Oil Search, Ltd.		110,186
	2,596	OMV AG		145,824
	29,853	Origin Energy, Ltd.		177,414
	7,550	Painted Pony Energy, Ltd.*		4,419
	1,307	Paramount Resouces, Ltd., Class A*		7,590
	9,663	Parex Resources, Inc.*		179,730
	5,800	Parkland Fuel Corp.		213,122
	587	Paz Oil Co., Ltd.		83,233
	1,584	Pembina Pipeline Corp.		58,703
	183	Pembina Pipeline Corp.		6,784
	6,660	Peyto Exploration & Development Corp.		19,492
	12,892	Pharos Energy plc		8,934
	5,032	Prairiesky Royalty, Ltd.		59,024
	61,033	Premier Oil plc*		79,719
	9,112	Repsol SA		142,931
	17,670	Royal Dutch Shell plc, Class A, ADR		1,042,177
	16,231	Royal Dutch Shell plc, Class B, ADR		973,373
	1,600	Sala Corp.		9,346
	4,000	San-Ai Oil Co., Ltd.		43,390
	35,592	Santos, Ltd.		204,805


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	27,521	Saras SpA	$	44,281
	36,000	Savannah Petroleum plc*		10,258
	59,700	Senex Energy, Ltd.*		14,520
	13,762	Seven Generations Energy*		89,775
	400	Sinanen Holdings Co., Ltd.		7,433
	12,876	Snam SpA		67,839
	12,179	Stobart Group, Ltd.		17,406
	18,111	Suncor Energy, Inc.		594,042
	9,784	Suncor Energy, Inc.		320,708
	384	Sundance Energy, Inc.*		7,283
	16,600	Tamarack Valley Energy, Ltd.*		25,570
	3,152	TC Energy Corp.		168,033
	13,400	Tidewater Midstream and Infrastructure, Ltd.		12,075
	8,990	Torc Oil & Gas, Ltd.		31,088
	1,559	Torm plc*		17,422
	31,435	Total SA		1,737,021
	11,630	Tourmaline Oil Corp.		136,328
	6,518	TransGlobe Energy Corp.		9,086
	103,509	Tullow Oil plc		88,579
	3,072	Verbio Vereinigte Bioenergie AG		40,430
	5,883	Vermilion Energy, Inc.		96,192
	12,328	Whitecap Resources, Inc.		52,696
	48,191	Whitehaven Coal, Ltd.		89,494
	9,290	Woodside Petroleum, Ltd.		224,616
	8,000	Yangarra Resources, Ltd.*		8,503
	10,083	Z Energy, Ltd.		29,661

				16,495,644

Paper & Forest Products (0.6%):
	1,344	Ahlstrom-Munksjo OYJ		21,609
	2,718	Altri SGPS SA		17,349
	5,029	Canfor Corp.*		47,021
	2,751	Canfor Pulp Products, Inc.		17,713
	1,300	Chuetsu Pulp & Paper Co., Ltd.		19,824
	600	Daiken Corp.		10,862
	6,000	Daio Paper Corp.		81,838
	11,027	Ence Energia y Celulosa S.A		45,520
	6,700	Hokuetsu Kishu Paper Co., Ltd.		34,486
	2,821	Holmen AB, Class B		86,017
	4,627	Interfor Corp.*		52,278
	5,272	Metsa Board OYJ^		35,430
	6,301	Mondi plc		148,722
	5,731	Navigator Co. SA (The)		23,093
	3,200	Nippon Paper Industries Co., Ltd.		54,019
	1,721	Norbord, Inc.		46,034
	25,900	Oji Holdings Corp.		139,803
	1,598	Semapa-Sociedade de Investimento E Gestao		24,655
	898	Stella-Jones, Inc.		25,950
	11,332	Stora Enso OYJ, Registered Shares, Class R		164,662
	10,437	Svenska Cellulosa AB, Class B		105,849
	600	Tokushu Tokai Paper Co., Ltd.		22,264
	13,480	UPM-Kymmene OYJ		467,143
	1,416	West Fraser Timber Co., Ltd.		62,467
	24,618	Western Forest Products, Inc.		23,132

				1,777,740

Personal Products (0.8%):
	18,108	Asaleo Care, Ltd.*		13,469

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Personal Products, continued
	458	Beiersdorf AG	$	54,799
	16,000	Best World International, Ltd.		6,015
	498	Blackmores, Ltd.		29,686
	800	Fancl Corp.		21,386
	300	HABA Laboratories, Inc.		19,550
	1,514	Jamieson Wellness, Inc.		30,026
	3,900	Kao Corp.		321,709
	300	Kobayashi Pharmaceutical Co., Ltd.		25,408
	400	Kose Corp.		58,470
	778	L’Oreal SA		231,026
	400	Milbon Co., Ltd.		22,780
	1,000	Noevir Holdings Co., Ltd.		53,841
	3,305	Ontex Group NV		69,714
	1,400	Pola Orbis Holdings, Inc.		33,450
	3,000	Shiseido Co., Ltd.		214,543
	9,464	Unilever NV, NYS		543,801
	958	Unilever NV		55,115
	366	Unilever plc		20,950
	4,976	Unilever plc, ADR		284,478
	1,300	Ya-Man, Ltd.		8,757	��

				2,118,973

Pharmaceuticals (3.6%):
	172	Alk-Abello A/S*		42,314
	15,687	Alliance Pharma plc		17,432
	1,867	Almirall SA		30,784
	1,900	Aska Pharmaceutical Co., Ltd.		21,961
	16,400	Astellas Pharma, Inc.		280,182
	15,563	AstraZeneca plc, ADR		775,971
	5,900	Aurora Cannabis, Inc.*		12,678
	8,600	Bausch Health Cos., Inc.*		257,457
	1,145	Bausch Health Cos., Inc.*		34,258
	8,705	Bayer AG, Registered Shares		711,486
	693	Boiron SA		28,235
	400	Chugai Pharmaceutical Co., Ltd.		36,847
	600	Daiichi Sankyo Co., Ltd.		39,625
	700	Eisai Co., Ltd.		52,144
	20,341	Faes Farma SA		114,406
	700	Fuji Pharma Co., Ltd.		8,569
	500	Fuso Pharmaceutical Industries. Ltd.		9,402
	11,369	GlaxoSmithKline plc, ADR		534,229
	3,801	GlaxoSmithKline plc		89,408
	1,126	H. Lundbeck A/S		43,168
	6,300	Haw Par Corp., Ltd.		59,959
	4,811	Hikma Pharmaceuticals plc		127,425
	500	Hisamitsu Pharmaceutical Co., Inc.		24,327
	26,202	Indivior plc*		13,562
	701	Ipsen SA		62,107
	98,000	Jacobson Pharma Corp., Ltd.		21,666
	1,000	Kaken Pharmaceutical Co., Ltd.		55,140
	1,000	Kissei Pharmaceutical Co., Ltd.		28,384
	1,700	Kyorin Holdings, Inc.		29,613
	1,100	Kyowa Kirin Co., Ltd.		25,849
	98,378	Mayne Pharma Group, Ltd.*		30,107
	468	Merck KGaA		55,377
	4,400	Mitsubishi Tanabe Pharma Corp.		81,158
	3,200	Nichi-Iko Pharmaceutical Co., Ltd.		39,758
	300	Nippon Shinyaku Co., Ltd.		26,092


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	15,903	Novartis AG, Registered Shares	$	1,506,999
	13,371	Novo Nordisk A/S, Class B		775,625
	1,000	Ono Pharmaceutical Co., Ltd.		22,839
	1,037	Orion OYJ		47,639
	4,471	Orion OYJ, Class B		206,914
	800	Otsuka Holdings Co., Ltd.		35,583
	1,732	Recipharm AB		27,587
	3,141	Recordati SpA		132,423
	216	Roche Holding AG		68,628
	5,605	Roche Holding AG		1,817,843
	600	Rohto Pharmaceutical Co., Ltd.		18,166
	5,527	Sanofi		555,069
	1,600	Santen Pharmaceutical Co., Ltd.		30,511
	1,200	Sawai Pharmaceutical Co., Ltd.		76,018
	1,300	Seikagaku Corp.		14,610
	1,400	Shionogi & Co., Ltd.		86,508
	1,600	Sumitomo Dainippon Pharma Co., Ltd.		31,220
	400	Taisho Pharmaceutical Holdings Co., Ltd.		29,560
	3,500	Takeda Pharmacuetical Co., Ltd.		138,682
	3,519	Teva Pharmaceutical Industries, Ltd.*		34,552
	800	Torii Pharmaceutical Co., Ltd.		22,430
	1,200	Towa Pharmaceutical Co., Ltd.		31,188
	1,400	Tsumura & Co.		41,006
	1,144	UCB SA		91,022
	46,000	United Laboratories International Holdings, Ltd.^		33,384
	34,791	Vectura Group plc		42,795
	1,353	Vifor Pharma AG		247,204
	116	Virbac SA*		30,840

				10,017,925

Professional Services (2.2%):
	5,976	Adecco SA, Registered Shares		377,882
	2,215	AF Poyry AB		51,752
	1,162	Akka Technologies SA		85,544
	7,788	ALS, Ltd.		50,179
	770	Altech Corp.		13,916
	80	Amadeus Fire AG		13,286
	9,096	Applus Services SA		116,498
	1,000	Baycurrent Consulting, Inc.		51,270
	3,600	Benefit One, Inc.		74,305
	372	Bertrandt AG		23,525
	7,058	Bureau Veritas SA		184,416
	26,624	Capita plc*		57,964
	180	Danel Adir Yeoshua, Ltd.		16,762
	1,100	DKSH Holding, Ltd.		59,860
	900	EN-Japan, Inc.		39,382
	11,350	Experian plc		383,828
	1,200	FULLCAST Holdings Co., Ltd.		27,361
	900	Funai Soken Holdings, Inc.		20,500
	175	Groupe Crit		14,442
	76,397	Hays plc		184,148
	2,680	Intertek Group plc		207,969
	2,270	Intertrust NV(a)		44,103
	5,691	IPH, Ltd.		32,807
	800	IR Japan Holdings, Ltd.		35,509
	1,000	Jac Recruitment Co., Ltd.		17,829
	5,154	McMillan Shakespeare, Ltd.		47,463
	1,100	Meitec Corp.		61,761

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Professional Services, continued
	2,597	Morneau Shepell, Inc.	$	67,585
	700	Nexyz Group Corp.		11,482
	2,500	Nihon M&A Center, Inc.		86,365
	3,600	Nomura Co., Ltd.		47,688
	3,000	Outsourcing, Inc.		31,762
	18,606	Pagegroup plc		129,036
	2,000	Pasona Group, Inc.		29,322
	1,700	Persol Holdings Co., Ltd.		31,958
	5,320	Randstad NV		325,757
	8,900	Recruit Holdings Co., Ltd.		334,955
	7,938	RELX plc		200,223
	5,236	RELX plc, ADR		132,314
	2,833	Ricardo plc		28,628
	6,390	Robert Walters plc		47,236
	2,992	Seek, Ltd.		47,466
	80	SGS SA, Registered Shares		219,041
	2,100	SIGMAXYZ, Inc.		39,850
	2,400	SMS Co., Ltd.		66,399
	2,421	Stantec, Inc.		68,514
	1,400	Stantec, Inc.		39,572
	7,669	SThree plc		38,544
	1,100	Tanseisha Co., Ltd.		13,284
	1,200	Technopro Holdings, Inc.		84,240
	2,255	Teleperformance		550,927
	2,878	Thomson Reuters Corp.		206,065
	1,800	Trust Tech, Inc.		21,005
	1,100	UT Group Co., Ltd.		32,796
	800	Weathernews, Inc.		25,791
	10,253	Wolters Kluwer NV		749,360
	600	YAMADA Consulting Group Co., Ltd.		8,938
	3,100	Yumeshin Holdings Co., Ltd.		25,163

				6,035,527

Real Estate Management & Development (2.7%):
	1,963	Adler Real Estate AG*^		30,309
	902	ADO Properties SA(a)		32,512
	1,200	AEON Mall Co., Ltd.		21,276
	3,164	Airport City, Ltd.*		59,425
	2,300	Airport Facilities Co., Ltd.		11,697
	656	Allreal Holding AG		130,416
	1,972	Alony Hetz Properties & Invest		31,217
	492	Alrov Properties And Lodgings, Ltd.		22,539
	2,393	Amot Investments, Ltd.		17,388
	7,650	Aroundtown SA		68,501
	2,512	Ashtrom Properties, Ltd.		16,089
	46,000	Asia Standard International Group, Ltd.		7,549
	2,076	Atrium Ljungberg AB, Class B		50,004
	443	Azrieli Group		32,419
	45	Bayside Land Corp.		34,604
	210	Big Shopping Centers, Ltd.		20,421
	3,700	Bukit Sembawang Estates, Ltd.		12,885
	844	CA Immobilien Anlagen AG		35,461
	19,711	Capital & Counties Properties plc		68,651
	38,900	CapitaLand, Ltd.		108,526
	2,300	Castellum AB		54,061
	1,571	Catena AB		69,400
	2,794	Cedar Woods Properties, Ltd.		15,396
	18,000	Chinese Estates Holdings, Ltd.		14,256


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	41,300	Chip Eng Seng Corp., Ltd.	$	19,047
	52,000	Chuang’s Consortium International, Ltd.		9,739
	7,300	City Developments, Ltd.		59,547
	1,684	Citycon OYJ		17,686
	16,430	CK Asset Holdings, Ltd.		119,081
	3,803	CLS Holdings plc		15,293
	72,500	Cnqc International Holdings, Ltd.		10,343
	1,625	Colliers International Group		126,701
	741	Corestate Capital Holding SA		31,169
	231	Countrywide plc*		1,060
	340,000	CSI Properties, Ltd.		12,237
	168	Daejan Holdings plc		12,076
	1,700	Daibiru Corp.		20,404
	900	Daito Trust Construction Co., Ltd.		111,481
	10,300	Daiwa House Industry Co., Ltd.		319,155
	887	Deutsche Euroshop AG		26,286
	3,980	Deutsche Wohnen SE		162,635
	2,618	Dic Asset AG		46,645
	2,900	Dream Unlimited Corp.		26,132
	34,000	Emperor International Holdings		7,551
	2,667	Entra ASA(a)		44,093
	1,853	Fabege AB		30,828
	68,000	Far East Consortium International, Ltd.		33,307
	1,175	Fastighets AB Balder*		54,387
	3,800	First Capital Real Estate Investment Trust		60,494
	1,529	FirstService Corp.		142,259
	11,092	Foxtons Group PLC*		13,025
	16,000	Frasers Property, Ltd.		20,116
	1,100	Goldcrest Co., Ltd.		20,967
	9,690	Grainger plc		40,223
	2,575	Grand City Properties SA		61,753
	10,000	Great Eagle Holdings, Ltd.		33,732
	17,100	GuocoLand, Ltd.		24,929
	28,000	Hang Lung Group, Ltd.		69,114
	33,984	Hang Lung Properties, Ltd.		74,299
	1,200	Heiwa Real Estate Co., Ltd.		33,096
	5,154	Helical plc		32,443
	4,837	Hemfosa Fastigheter AB		62,595
	16,706	Henderson Land Development Co., Ltd.		82,045
	37,840	HKR International, Ltd.		15,733
	9,400	Ho Bee Land, Ltd.		16,854
	18,500	Hong Fok Corp., Ltd.		10,871
	9,000	Hongkong Land Holdings, Ltd.		51,793
	2,049	Hufvudstaden AB		40,521
	3,000	Hulic Co., Ltd.		36,117
	11,000	Hysan Development Co., Ltd.		43,283
	12,900	Ichigo, Inc.		54,311
	836	IMMOFINANZ AG		22,393
	9,306	Industrial Buildings Corp., Ltd.*		25,436
	29	Intershop Holdings AG		16,991
	2,000	Invesque, Inc.		13,460
	1,400	Keihanshin Building Co., Ltd.		18,345
	8,200	Kenedix, Inc.		42,687
	22,225	Kerry Properties, Ltd.		70,831
	21,647	Klovern AB		53,146
	26,000	Kowloon Development Co., Ltd.		32,616
	7,162	Kungsleden AB		75,280

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	11,400	Lai Sun Development Co., Ltd.	$	15,125
	112,800	Landing International Development, Ltd.*		12,761
	44,500	Langham Hospitality Investment		13,489
	1,358	LEG Immobilien AG		160,825
	11,224	Lend Lease Group		138,881
	14,300	Leopalace21 Corp.*		46,898
	8,000	Liu Chong Hing Investment, Ltd.		10,935
	4,644	LSL Property Services plc		16,868
	578	Melisron, Ltd.		36,970
	59,000	Mingfa Group International Co., Ltd.*		426
	4,200	Mitsubishi Estate Co., Ltd.		80,303
	4,100	Mitsui Fudosan Co., Ltd.		100,152
	338	Mobimo Holding AG, Registered Shares		100,763
	100	Morguard Corp.		15,481
	102,351	New World Development Co., Ltd.		140,379
	2,193	Nexity SA		110,220
	800	Nippon Commercial Development Co., Ltd.		12,265
	1,700	Nisshin Fudosan Co.		8,589
	3,200	Nomura Real Estate Holdings, Inc.		77,016
	2,400	Open House Co., Ltd.		68,699
	17,900	Oue, Ltd.		19,833
	49,550	Oxley Holdings, Ltd.		13,095
	1,449	PATRIZIA AG		32,283
	94	Plazza AG		27,395
	2,600	Polytec Asset Holdings, Ltd.		334
	31,000	Prospect Co., Ltd.*		8,254
	638	PSP Swiss Property AG		88,127
	700	Raysum Co., Ltd.		6,891
	2,300	Relo Group, Inc.		64,161
	2,615	S Immo AG		65,441
	1,200	SAMTY Co., Ltd.		24,685
	9,123	Savills plc		137,270
	1,875	Selvaag Bolig ASA		15,861
	7,103	Servcorp, Ltd.		20,996
	2,600	Shinoken Group Co., Ltd.		30,849
	100,800	Sinarmas Land, Ltd.		18,752
	46,825	Sino Land Co., Ltd.		68,228
	5,000	Soundwill Holdings, Ltd.		6,356
	8,938	St. Modwen Properties plc		59,027
	2,900	Sumitomo Realty & Development Co., Ltd.		101,163
	1,493	Summit Real Estate Holdings, Ltd.		19,943
	1,800	Sun Frontier Fudousan Co., Ltd.		21,543
	11,421	Sun Hung Kai Properties, Ltd.		175,200
	7,146	Swire Pacific, Ltd., Class A		66,604
	17,500	Swire Pacific, Ltd., Class B		26,224
	5,800	Swire Properties, Ltd.		19,275
	2,643	Swiss Prime Site AG		306,451
	3,756	TAG Immobilien AG		93,345
	21,000	TAI Cheung Holdings, Ltd.		17,170
	4,200	Takara Leben Co., Ltd.		19,486
	21,324	The Wharf Holdings, Ltd.		54,254
	2,606	TLG Immobilien AG		83,164
	4,500	Toc Co., Ltd.		36,980
	6,400	Tokyo Tatemono Co., Ltd.		99,863
	17,000	Tokyu Fudosan Holdings Corp.		117,397
	2,400	Tosei Corp.		32,742
	2,676	Tricon Capital Group, Inc.		21,908


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	6,860	U & I Group plc	$	16,117
	213	UBM Development AG		11,279
	22,100	United Engineers, Ltd.		44,278
	1,200	Unizo Holdings Co., Ltd.		56,335
	9,300	UOL Group, Ltd.		57,613
	2,129	Vonovia SE		114,607
	3,228	Wallenstam AB		39,041
	10,000	Wharf Real Estate Investment Co., Ltd.		61,323
	12,829	Wheelock & Co., Ltd.		85,556
	2,034	Wihlborgs Fastigheter AB		37,477
	20,700	Wing Tai Holdings, Ltd.		31,098
	16,000	Wing Tai Properties, Ltd.		10,549
	17	Zug Estates Holding AG		40,943

				7,487,454

Road & Rail (1.5%):
	8,566	A2B Australia, Ltd.		8,986
	43,226	Aurizon Holdings, Ltd.		158,987
	400	Canadian National Railway Co.		36,189
	5,353	Canadian National Railway Co.		484,179
	1,009	Canadian Pacific Railway, Ltd.		257,245
	600	Central Japan Railway Co.		120,588
	1,200	Chilled & Frozen Logistics Holdings Co., Ltd.		15,844
	44,100	ComfortDelGro Corp., Ltd.		78,131
	1,441	DSV PANALPINA A/S		166,832
	1,400	East Japan Railway Co.		126,387
	8,727	Europcar Mobility Group^(a)		42,458
	64,976	FirstGroup plc*		107,929
	900	Fukuyama Transporting Co., Ltd.		32,661
	4,083	Go-Ahead Group plc		119,443
	1,000	Hamakyorex Co., Ltd.		32,893
	3,000	Hankyu Hanshin Holdings, Inc.		128,307
	2,200	Hitachi Transport System, Ltd.		61,867
	1,100	Ichinen Holdings Co., Ltd.		16,254
	206	Jungfraubahn Holding AG, Registered Shares		35,130
	2,500	Keikyu Corp.		48,192
	700	Keio Corp.		42,298
	900	Keisei Electric Railway Co., Ltd.		34,908
	1,500	Kintetsu Group Holdings Co., Ltd.		81,300
	400	Maruzen Showa Unyu Co., Ltd.		11,705
	7,515	MTR Corp., Ltd.		44,550
	2,700	Nagoya Railroad Co., Ltd.		83,809
	2,400	Nankai Electric Railway Co., Ltd.		65,140
	29,502	National Express Group plc		183,749
	3,300	Nikkon Holdings Co., Ltd.		82,371
	1,100	Nippon Express Co., Ltd.		64,369
	2,100	Nishi-Nippon Railroad Co., Ltd.		48,354
	5,199	Nobina AB(a)		35,784
	8,429	Northgate plc		34,863
	2,800	Odakyu Electric Railway Co., Ltd.		65,314
	13,948	Redde plc		19,742
	500	Sakai Moving Service Co., Ltd.		31,860
	2,300	Sankyu, Inc.		115,838
	4,000	Seino Holdings Co., Ltd.		53,953
	11,100	Senko Group Holdings Co., Ltd.		94,518
	823	Sixt Leasing Se		10,450
	1,659	Sixt SE		121,512
	1,209	Sixt SE		121,980

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Road & Rail, continued
	2,000	Sotetsu Holdings, Inc.	$	54,216
	31,768	Stagecoach Group plc		67,912
	278	Stef S.A.		25,084
	5,661	Tfi International, Inc.		190,836
	2,000	Tobu Railway Co., Ltd.		72,693
	1,800	Tokyu Corp.		33,263
	300	Tonami Holdings Co., Ltd.		14,849
	3,913	Tourism Holdings, Ltd.		9,090
	600	Trancom Co., Ltd.		45,583
	20,000	Transport International Holdings, Ltd.		51,824
	700	West Japan Railway Co.		60,454

				4,152,673

Semiconductors & Semiconductor Equipment (1.4%):
	2,600	Advantest Corp.		147,124
	1,000	Aixtron SE*		9,577
	2,386	ASM International NV		269,649
	14,619	ASM Pacific Technology, Ltd.		203,250
	2,381	ASML Holding NV, NYS		704,634
	4,404	BE Semiconductor Industries NV		171,020
	3,163	Dialog Semiconductor plc*		160,248
	100	Disco Corp.		23,806
	839	Elmos Semiconductor AG		26,799
	2,300	Ferrotec Holdings Corp.		19,535
	438	First Sensor AG		18,590
	17,569	Infineon Technologies AG		402,855
	2,200	Japan Material Co., Ltd.		36,556
	1,600	Lasertec Corp.		81,491
	1,200	Megachips Corp.		20,661
	1,090	Melexis NV		82,125
	800	Mimasu Semiconductor Industry		16,011
	1,700	MitsuiHigh-Tec, Inc.		26,841
	12,100	Renesas Electronics Corp.*		83,331
	1,100	ROHM Co., Ltd.		88,674
	1,600	Sanken Electric Co., Ltd.		49,320
	400	Screen Holdings Co., Ltd.		27,380
	700	Shibaura Mechatronics Corp.		25,513
	300	Shindengen Electric Manufacturing Co., Ltd.		10,444
	4,800	Shinko Electric Industries Co., Ltd.		56,879
	992	Siltronic AG		99,859
	285	SMA Solar Technology AG*		11,043
	474	Soitec*		50,028
	8,416	STMicroelectronics NV		227,123
	1,086	SUESS MicroTec SE*		14,665
	5,400	SUMCO Corp.		90,459
	1,100	Tokyo Electron, Ltd.		241,762
	800	Tokyo Seimitsu Co., Ltd.		31,288
	2,300	Towa Corp.		24,719
	2,312	Tower Semiconductor, Ltd.*		55,627
	300	Tri Chemical Laboratories, Inc.		23,609
	386	U-Blox AG		38,997
	1,800	Ulvac, Inc.		71,670
	1,200	Yamaichi Electronics Co., Ltd.		18,639

				3,761,801

Software (1.1%):
	1,800	Access Co., Ltd.		15,728
	4,557	Altium, Ltd.		111,357


Shares			Fair Value
Common Stocks, continued
Software, continued
	585	AVEVA Group plc	$	36,159
	14,854	BlackBerry, Ltd.*		95,526
	7,787	Bravura Solutions, Ltd.		28,436
	500	Computer Engineering & Consulting, Ltd.		9,466
	301	Constellation Software, Inc.		292,367
	700	Cresco, Ltd.		23,357
	1,200	Cybozu, Inc.		16,362
	323	Dassault Systemes SA		53,273
	764	Descartes Systems Group, Inc.*		32,638
	300	Digital Arts, Inc.		15,381
	1,200	Enghouse Systems, Ltd.		44,529
	900	Fukui Computer Holdings, Inc.		29,163
	900	Gunosy, Inc.*		12,233
	8,509	Hansen Technology, Ltd.		22,707
	916	Hilan, Ltd.		36,925
	8,800	Infomart Corp.		79,676
	13,965	Infomedia, Ltd.		20,473
	6,854	IRESS, Ltd.		62,870
	9,063	Isentia Group, Ltd.*		1,812
	400	Kinaxis, Inc.*		30,813
	1,361	Lectra		34,153
	172	Linedata Services		5,157
	1,195	Magic Software Enterprises, Ltd.		11,636
	8,235	Micro Focus International plc, ADR		115,537
	500	Miroku Jyoho Service Co., Ltd.		15,112
	2,085	Nemetschek Se		137,489
	546	NICE Systems, Ltd.*		84,674
	3,485	Open Text Corp.		153,584
	700	Oracle Corp.		63,649
	1,053	Rib Software Se		26,687
	16,033	Sage Group plc		159,286
	2,059	SAP SE		277,468
	2,151	SimCorp A/S		244,448
	998	Software AG		34,943
	500	SRA Holdings		12,285
	2,800	Systena Corp.		45,722
	8,525	Technology One, Ltd.		49,679
	1,610	Temenos AG		254,597
	1,900	Trend Micro, Inc.		97,241
	8,732	Vista Group International, Ltd.		21,163

				2,915,761

Specialty Retail (1.5%):
	400	ABC-Mart, Inc.		27,270
	16,866	Accent Group, Ltd.		22,089
	10,400	Adairs, Ltd.		16,726
	1,300	Adastria Co., Ltd.		29,589
	900	Alpen Co., Ltd.		14,639
	34,842	AMA Group, Ltd.		21,925
	2,600	Aoki Holdings, Inc.		26,887
	2,800	Aoyama Trading Co., Ltd.		39,517
	3,236	AP Eagers, Ltd.		23,239
	1,900	Arcland Sakamoto Co., Ltd.		21,638
	700	Autobacs Seven Co., Ltd.		11,034
	1,813	Autocanada, Inc.		17,301
	2,300	BIC Camera, Inc.		26,190
	6,038	Bilia AB, Class A		68,585
	3,245	Byggmax Group AB*		9,158

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	2,292	Carasso Motors, Ltd.	$	10,298
	16,294	Card Factory PLC		32,064
	3,919	Ceconomy AG*		23,865
	800	Chiyoda Co., Ltd.		11,853
	18,000	Chow Sang Sang Holdings International, Ltd.		22,401
	31,200	Chow Tai Fook Jewellery Group, Ltd.		29,831
	4,700	DCM Holdings Co., Ltd.		45,764
	39,375	Dixons Carphone plc		75,518
	1,884	Dufry AG, Registered Shares		186,806
	5,850	Dunelm Group plc		89,737
	4,900	Edion Corp.		54,337
	230,000	Emperor Watch & Jewellery, Ltd.		4,636
	77,300	Esprit Holdings, Ltd.*		15,597
	400	Fast Retailing Co., Ltd.		237,128
	104	Fenix Outdoor International AG		12,977
	811	Fielmann AG		65,612
	878	Fnac Darty SA*		52,095
	9,000	Frasers Group plc*		54,700
	2,300	Geo Holdings Corp.		28,376
	130,000	Giordano International, Ltd.		39,205
	1,946	Grandvision BV(a)		59,860
	13,359	Halfords Group plc		29,976
	5,546	Hennes & Mauritz AB, Class B		112,773
	300	Hikari Tsushin, Inc.		75,320
	483	Hornbach Baumarkt AG		12,763
	721	Hornbach Holding AG & Co. KGaA		52,244
	22,000	I.T, Ltd.		5,281
	5,100	Idom, Inc.		29,361
	5,629	Industria de Diseno Textil SA		199,379
	5,883	JBHi-Fi, Ltd.		155,784
	27,079	JD Sports Fashion plc		302,403
	700	JINS Holdings, Inc.		47,292
	1,500	Joshin Denki Co., Ltd.		35,695
	11,030	Kathmandu Holdings, Ltd.		24,804
	1,700	Keiyo Co., Ltd.		8,940
	71,499	Kingfisher plc		207,320
	900	Kohnan Shoji Co., Ltd.		21,135
	5,100	Kojima Co., Ltd.		24,558
	1,600	Komeri Co., Ltd.		34,334
	6,600	K’s Holding Corp.		86,328
	2,366	Leon’s Furniture, Ltd.		30,377
	300	Lixil Viva Corp.		5,382
	20,250	L’occitane International SA		47,961
	19,046	Lookers plc		13,862
	20,000	Luk Fook Holdings International, Ltd.		57,637
	2,347	Matas A/S		19,403
	1,681	Mekonomen AB*^		16,723
	2,955	Mobilezone Holding AG		33,184
	3,966	Nick Scali, Ltd.		19,310
	1,900	Nishimatsuya Chain Co., Ltd.		16,304
	400	Nitori Co., Ltd.		63,214
	2,300	Nojima Corp.		48,201
	40,000	Oriental Watch Holdings		10,622
	700	Pal Group Holdings Co., Ltd.		24,427
	76,677	Pendragon plc		13,153
	19,618	Pets At Home Group plc		72,720
	2,736	Premier Investments, Ltd.		36,109


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	61,088	SA SA International Holdings, Ltd.	$	13,871
	1,800	Shimachu Co., Ltd.		49,045
	800	Shimamura Co., Ltd.		61,056
	2,900	Sleep Country Canada Holdings, Inc.(a)		45,139
	8,650	Super Retail Group, Ltd.		61,596
	3,968	Superdry plc		26,441
	900	T-Gaia Corp.		21,894
	1,300	United Arrows, Ltd.		36,822
	2,400	USS Co., Ltd.		45,328
	240	Valora Holding AG		66,958
	8,200	VT Holdings Co., Ltd.		36,406
	4,080	WHSmith plc		140,751
	300	Workman Co., Ltd.		28,021
	700	Xebio Holdings Co., Ltd.		8,439
	1,990	XXL ASA*(a)		3,800
	10,200	Yamada Denki Co., Ltd.		53,996
	800	Yellow Hat, Ltd.		14,357

				4,236,646

Technology Hardware, Storage & Peripherals (0.5%):
	6,400	Brother Industries, Ltd.		131,798
	3,200	Canon, Inc.		87,279
	700	EIZO Corp.		25,027
	900	Elecom Co., Ltd.		36,436
	2,200	FUJIFILM Holdings Corp.		104,915
	14,600	Konica Minolta, Inc.		95,570
	4,546	Logitech International SA, ADR		214,389
	1,900	Maxell Holdings, Ltd.		25,784
	4,900	Mcj Co., Ltd.		37,628
	2,500	NEC Corp.		103,893
	1,300	Noritsu Koki Co., Ltd.		18,057
	1,935	Quadient		46,863
	13,100	Ricoh Co., Ltd.		141,972
	600	Roland Dg Corp.		12,031
	2,197	S&T AG		52,491
	7,600	Seiko Epson Corp.		114,759
	1,800	Toshiba Tec Corp.		74,380
	4,400	Wacom Co., Ltd.		17,768

				1,341,040

Textiles, Apparel & Luxury Goods (1.6%):
	1,248	Adidas AG		405,574
	1,537	Aritzia, Inc.*		22,551
	1,500	Asics Corp.		24,952
	1,700	Atsugi Co., Ltd.		13,257
	287	Bijou Brigitte AG		15,593
	1,383	Brunello Cucinelli SpA		48,981
	6,313	Burberry Group plc		184,727
	364	Calida Holding AG		13,838
	408	Canada Goose Holdings, Inc.*		14,786
	3,896	Cie Financiere Richemont SA		305,889
	485	Delta-Galil Industries, Ltd.		13,240
	800	Descente, Ltd.		15,079
	829	Fox Wizel, Ltd.		37,802
	900	Fujibo Holdings, Inc.		29,105
	2,382	Gildan Activewear, Inc.		70,340
	28,000	Global Brands Group Holding, Ltd.		2,302
	400	Goldwin, Inc.		29,386

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	900	Gunze, Ltd.	$	40,185
	189	Hermes International SA		141,425
	2,775	Hugo Boss AG		134,636
	2,800	Japan Wool Textile Co., Ltd. (The)		28,843
	420	Kering		276,660
	1,500	Komatsu Matere Co., Ltd.		11,182
	700	Kurabo Industries, Ltd.		16,215
	399,238	Li & Fung, Ltd.		43,651
	2,443	LVMH Moet Hennessy Louis Vuitton SA		1,137,684
	5,170	Moncler SpA		232,516
	3,560	New Wave Group AB		22,748
	5,000	Onward Holdings Co., Ltd.		30,005
	9,893	Ovs SpA*(a)		22,278
	44,000	Pacific Textiles Holdings, Ltd.		30,214
	2,465	Pandora A/S		107,242
	12,900	Prada SpA		53,412
	990	Puma SE		75,901
	1,469	Salvatore Ferragamo Italia SpA		30,912
	73,200	Samsonite International SA(a)		175,377
	2,100	Sankyo Seiko Co., Ltd.		11,505
	500	Sanyo Shokai, Ltd.		6,364
	1,800	Seiko Holdings Corp.		48,022
	2,500	Seiren Co., Ltd.		35,880
	17,500	Stella International Holdings, Ltd.		28,024
	244	Swatch Group AG (The), Class B		68,028
	953	Swatch Group AG (The), Registered Shares		50,331
	1,909	Ted Baker plc		10,297
	60,000	Texwinca Holdings, Ltd.		14,869
	404	Tod’s SpA		18,682
	3,200	Tsi Holdings Co., Ltd.		16,165
	5,500	Unitika, Ltd.*		18,886
	2,000	Wacoal Holdings Corp.		53,573
	45,514	Yue Yuen Industrial Holdings, Ltd.		134,562

				4,373,676

Thrifts & Mortgage Finance (0.2%):
	2,831	Aareal Bank AG		96,057
	6,165	Deutsche Pfandbriefbank AG(a)		100,970
	615	Equitable Group, Inc.		51,795
	1,100	Firm Capital Mortgage Investment Corp.		12,471
	2,026	Genworth MI Canada, Inc.		88,661
	16,190	Genworth Mortgage Insurance AU		41,529
	3,512	Home Capital Group, Inc.*		89,152
	3,730	MyState, Ltd.		12,974
	15,593	Onesavings Bank plc		89,651
	7,191	Paragon Banking Group plc		51,369
	3,600	Timbercreek Financial Corp.		27,532

				662,161

Tobacco (0.5%):
	17,152	British American Tobacco plc		730,654
	8,782	Imperial Brands plc, Class A		217,571
	13,100	Japan Tobacco, Inc.		292,080
	3,118	Scandinavian Tobacco Group A/S(a)		38,056
	2,105	Swedish Match AB, Class B		108,555

				1,386,916

Trading Companies & Distributors (1.9%):
	2,637	AddTech AB, Class B		85,301


Shares			Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
	1,000	Alconix Corp.	$	13,096
	14,372	Ashtead Group plc		459,842
	1,271	B&b Tools AB		10,974
	653	BayWa AG		20,696
	2,337	Beijer Ref AB		68,647
	12,500	BOC Aviation, Ltd.(a)		126,994
	537	Bossard Holding AG		97,010
	5,520	Brenntag AG		300,119
	4,067	Bunzl plc		111,258
	4,000	CanWel Building Materials Group, Ltd.		16,513
	70,000	China Strategic Holdings, Ltd.*		314
	3,143	Cramo OYJ		46,674
	400	Daiichi Jitsugyo Co., Ltd.		14,022
	5,850	Diploma plc		156,809
	3,513	Ferguson plc		319,131
	1,100	Finning International, Inc.		21,434
	1,200	Furusato Industries, Ltd.		19,558
	7,815	Grafton Group plc		90,246
	1,700	Hanwa Co., Ltd.		44,472
	32,140	Howden Joinery Group plc		288,024
	1,598	Imcd Group NV		139,854
	1,800	Inaba Denki Sangyo Co., Ltd.		45,693
	1,800	Inabata & Co., Ltd.		26,871
	3,231	Indutrade AB		115,820
	7,900	Itochu Corp.		182,977
	2,600	Iwatani Corp.		88,414
	616	Jacquet Metal Service		10,662
	500	Japan Pulp & Paper Co., Ltd.		19,168
	700	Kamei Corp.		8,565
	900	Kanaden Corp.		11,247
	1,700	Kanamoto Co., Ltd.		43,777
	4,800	Kanematsu Corp.		64,469
	5,365	Kloeckner & Co. SE		37,784
	14,200	Marubeni Corp.		104,944
	900	Maruka Corp.		19,241
	900	Mitani Corp.		51,933
	10,700	Mitsubishi Corp.		283,907
	13,100	Mitsui & Co., Ltd.		232,976
	1,271	Momentum Group AB, Class B		15,836
	1,800	MonotaRo Co., Ltd.		48,256
	4,300	Nagase & Co., Ltd.		63,800
	600	Nichiden Corp.		11,425
	1,100	Nippon Steel Trading Corp.		53,198
	1,200	Nishio Rent All Co., Ltd.		34,094
	700	Onoken Co., Ltd.		9,090
	4,501	Reece, Ltd.		36,219
	10,309	Rexel SA		137,277
	3,492	Richelieu Hardware, Ltd.		72,965
	2,804	Russel Metals, Inc.		47,878
	1,200	Seika Corp.		14,783
	600	Senshu Electric Co., Ltd.		18,827
	4,146	Seven Group Holdings, Ltd.		56,771
	21,100	Sojitz Corp.		67,919
	409	Solar A/S		18,391
	17,864	Speedy Hire plc		18,295
	800	Sugimoto & Co., Ltd.		15,375
	10,200	Sumitomo Corp.		152,093

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
	600	Tomoe Engineering Co., Ltd.	$	12,496
	2,572	Toromont Industries, Ltd.		139,831
	1,400	Toyota Tsushu Corp.		49,078
	9,061	Travis Perkins plc		193,822
	1,000	Trusco Nakayama Corp.		25,593
	800	Wajax Corp.		9,119
	2,700	Wakita & Co., Ltd.		27,482
	2,700	Yamazen Corp.		26,924
	800	Yuasa Trading Co., Ltd.		26,944

				5,203,217

Transportation Infrastructure (0.6%):
	833	Aena SME SA(a)		159,822
	496	Aeroports de Paris		98,167
	3,735	Atlantia SpA		87,119
	15,506	Atlas Arteria, Ltd.		85,238
	6,897	Auckland International Airport, Ltd.		40,622
	4,570	Enav SpA(a)		27,274
	671	Flughafen Zuerich AG		122,507
	1,452	Fraport AG		123,402
	3,270	Getlink SE		56,903
	2,440	Hamburger Hafen und Logistik AG		67,152
	182,200	Hutchison Port Holdings Trust		31,366
	2,770	James Fisher & Sons plc		74,363
	400	Japan Airport Terminal Co., Ltd.		22,140
	1,500	Kamigumi Co., Ltd.		32,869
	2,100	Mitsubishi Logistics Corp.		54,563
	400	Nissin Corp.		6,925
	47,661	Qube Holdings, Ltd.		110,248
	15,500	SATS, Ltd.		58,396
	1,641	SIAS SpA		27,502
	17,118	Signature Aviation plc		72,057
	3,800	Sumitomo Warehouse Co., Ltd. (The)		50,949
	9,817	Sydney Airport		59,800
	8,991	Transurban Group		94,255
	2,729	Westshore Terminals Investment Corp.		39,829

				1,603,468

Water Utilities (0.2%):
	15,034	Pennon Group plc		204,613
	5,341	Severn Trent plc		178,221
	45,000	Siic Environment Holdings, Ltd.		8,869
	10,525	United Utilities Group plc		132,181

				523,884

Wireless Telecommunication Services (1.2%):
	1,292	1&1 Drillisch AG		33,185
	3,670	Cellcom Israel, Ltd.*		11,691
	7,390	Freenet AG		169,424
	88,000	Hutchison Telecommunications Holdings, Ltd.		17,757
	27,900	KDDI Corp.		830,134
	3,522	Millicom International Cellular SA, SDR		168,861
	12,900	NTT DoCoMo, Inc.		360,545
	1,000	Okinawa Cellular Telephone Co.		39,194
	2,104	Orange Belgium SA		48,864
	5,106	Partner Communications Co.*		22,754
	1,708	Rogers Communications, Inc., Class B		84,836


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	35,000	Smartone Telecommunications Ho	$	26,991
	20,900	SoftBank Group Corp.		910,039
	21,800	StarHub, Ltd.		23,029
	2,667	Tele2 AB		38,699
	229,560	Vodafone Group plc		445,593

				3,231,596

	Total Common Stocks (Cost $246,862,450)			272,302,788

Preferred Stocks (0.4%):
Automobiles (0.4%):
	1,600	Bayerische Motoren Werke AG (BMW), 6.39%, 5/15/20		98,787
	2,667	Porsche Automobil Holding SE, 3.31%, 5/20/20		199,488
	4,515	Volkswagen AG, 2.76%, 5/8/20		892,458

				1,190,733

Household Products (0.0%^†):
	638	Henkel AG & Co. KGaA, 2.01%, 4/21/20		65,972

	Total Preferred Stocks (Cost $1,327,911)			1,256,705

Warrant (0.0%^†):
Energy Equipment & Services (0.0%^†):
	64,038	Ezion Holdings, Ltd.		—

	Total Warrant (Cost $—)			—

Rights (0.0%^†):
Aerospace & Defense (0.0%^†):
	1,164,858	Rolls-Royce Holdings plc, Expires on 1/6/20*		1,543

Metals & Mining (0.0%^†):
	3,059	Castile Resources, Expires on 1/20/20*		—
	5,574	Tahoe Resources, Inc. - CVR, Expires on 12/31/49*		1,969
	9,084	Tahoe Resources, Inc. - CVR, Expires on 12/31/49*		3,209

				5,178

Oil, Gas & Consumable Fuels (0.0%^†):
	9,112	Repsol SA, Expires on 1/8/20*		4,323

Specialty Retail (0.0%^†):
	218	XXL ASA, Expires on 12/31/49*		43

	Total Rights (Cost $5,814)			11,087

Short-Term Securities Held as Collateral for Securities on Loan (0.5%):
	1,263,528	BlackRock Liquidity FedFund, Institutional Class, 2.00%(c)(d)		1,263,528

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $1,263,528)			1,263,528

Unaffiliated Investment Companies (0.4%):
Money Markets (0.4%):
	975,207	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(d)		975,207

	Total Unaffiliated Investment Companies (Cost $975,207)			975,207

	Total Investment Securities (Cost $250,434,910) — 100.0%(e)			275,809,315
	Net other assets (liabilities) — 0.0%^†			76,966

	Net Assets — 100.0%		$	275,886,281

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019

Percentages indicated are based on net assets as of December 31, 2019.

ADR—American Depository Receipt

CVR—Contingency Valued Rights

NYS—New York Shares

SDR—Swedish Depository Receipt

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $1,210,692.

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. Thesub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(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 December 31, 2019.

(d)	The rate represents the effective yield at December 31, 2019.

(e)	See Federal Tax Information listed in the Notes to the Financial Statements.

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

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of December 31, 2019:

(Unaudited)


Country	Percentage

Australia		6.1	%

Austria		0.5	%

Belgium		1.2	%

Bermuda		0.1	%

Cambodia		—	%^†

Canada		8.9	%

Cayman Islands		—	%^†

China		0.1	%

Colombia		—	%^†

Denmark		1.6	%

Egypt		—	%^†

European Community		—	%^†

Faroe Islands		—	%^†

Finland		1.5	%

France		7.7	%

Germany		7.3	%

Hong Kong		2.3	%

Indonesia		—	%^†

Ireland		1.2	%

Isle of Man		0.1	%

Israel		0.7	%

Italy		2.6	%


Country	Percentage

Japan		23.6	%

Jersey		—	%^†

Liechtenstein		—	%^†

Luxembourg		0.5	%

Macau		—	%^†

Malta		—	%^†

Mexico		—	%^†

Monaco		—	%^†

Netherlands		3.4	%

New Zealand		0.4	%

Norway		0.9	%

Peru		—	%^†

Portugal		0.1	%

Russian Federation		—	%^†

Singapore		1.0	%

Spain		2.4	%

Sweden		2.8	%

Switzerland		7.3	%

United Arab Emirates		—	%^†

United Kingdom		14.5	%

United States		1.2	%

		100.0	%

†	Represents less than 0.05%.

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	250,434,910

Investment securities, at value(a)	$	275,809,315
Cash		2,933
Interest and dividends receivable		256,889
Foreign currency, at value (cost $312,404)		314,068
Receivable for investments sold		48,867
Reclaims receivable		1,038,910
Prepaid expenses		952

Total Assets		277,471,934

Liabilities:
Payable for capital shares redeemed		72,238
Payable for collateral received on loaned securities		1,263,528
Manager fees payable		174,633
Administration fees payable		4,335
Distribution fees payable		58,211
Custodian fees payable		5,540
Administrative and compliance services fees payable		557
Transfer agent fees payable		527
Trustee fees payable		137
Other accrued liabilities		5,947

Total Liabilities		1,585,653

Net Assets	$	275,886,281

Net Assets Consist of:
Paid in capital	$	245,803,640
Total distributable earnings		30,082,641

Net Assets	$	275,886,281

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,087,484
Net Asset Value (offering and redemption price per share)	$	10.58

(a)	Includes securities on loan of $1,210,692.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	9,565,867
Interest		5,382
Income from securities lending		52,142
Foreign withholding tax		(882,681	)

Total Investment Income		8,740,710

Expenses:
Manager fees		2,579,467
Administration fees		140,551
Distribution fees		678,806
Custodian fees		74,327
Administrative and compliance services fees		5,755
Transfer agent fees		9,644
Trustee fees		17,805
Professional fees		18,112
Shareholder reports		4,386
Other expenses		81,297

Total expenses before reductions		3,610,150
Less expenses voluntarily waived/reimbursed by the Manager		(543,050	)

Net expenses		3,067,100

Net Investment Income/(Loss)		5,673,610

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(689,954	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		45,781,004

Net realized and Change in net unrealized gains/losses on investments		45,091,050

Change in Net Assets Resulting From Operations	$	50,764,660

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	5,673,610			$	3,941,035
Net realized gains/(losses) on investments			(689,954	)			9,116,493
Change in unrealized appreciation/depreciation on investments			45,781,004				(59,004,774	)

Change in net assets resulting from operations			50,764,660				(45,947,246	)

Distributions to Shareholders:
Distributions			(12,489,056	)			(5,579,837	)

Change in net assets resulting from distributions to shareholders			(12,489,056	)			(5,579,837	)

Capital Transactions:
Proceeds from shares issued			2,153,591				59,206,671
Proceeds from dividends reinvested			12,489,056				5,579,836
Value of shares redeemed			(30,075,836	)			(19,174,409	)

Change in net assets resulting from capital transactions			(15,433,189	)			45,612,098

Change in net assets			22,842,415				(5,914,985	)
Net Assets:
Beginning of period			253,043,866				258,958,851

End of period		$	275,886,281			$	253,043,866

Share Transactions:
Shares issued			216,549				6,025,192
Dividends reinvested			1,303,659				543,844
Shares redeemed			(2,929,634	)			(1,661,236	)

Change in shares			(1,409,426	)			4,907,800

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				April 27, 2015 to December 31, 2015(a)

Net Asset Value, Beginning of Period		$	9.20			$	11.46			$	9.21			$	9.03			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.21	(b)			0.17				0.19				0.11				0.08
Net Realized and Unrealized Gains/(Losses) on Investments			1.65				(2.16	)			2.21				0.17				(1.05	)

Total from Investment Activities			1.86				(1.99	)			2.40				0.28				(0.97	)

Distributions to Shareholders From:
Net Investment Income			(0.15	)			(0.21	)			(0.15	)			(0.10	)			—
Net Realized Gains			(0.33	)			(0.06	)			—				—				—

Total Dividends			(0.48	)			(0.27	)			(0.15	)			(0.10	)			—

Net Asset Value, End of Period		$	10.58			$	9.20			$	11.46			$	9.21			$	9.03

Total Return(c)			20.72	%			(17.65	)%			26.09	%			3.17	%			(9.70	)%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	275,886			$	253,044			$	258,959			$	252,697			$	170,273
Net Investment Income/(Loss)(e)			2.09	%			1.63	%			1.48	%			1.62	%			1.19	%
Expenses Before Reductions(e)(f)			1.33	%			1.38	%			1.41	%			1.39	%			1.39	%
Expenses Net of Reductions(e)			1.13	%			1.18	%			1.21	%			1.19	%			1.19	%
Portfolio Turnover Rate			6	%			20	%			4	%			11	%			4	%(d)

(a)	For the period April 27, 2015 (commencement of share class) to December 31, 2015.

(b)	Calculated using the average shares method.

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

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

(e)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA International Core Equity Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

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

Distributions to Shareholders

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and

AZL DFA International Core Equity Fund

Notes to the Financial Statements

December 31, 2019

Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned,marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at December 31, 2019 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $5,149 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,263,528 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

3. Fees and Transactions with Affiliates and Other Parties

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL DFA International Core Equity Fund		0.95	%		1.39	%

*	The Manager voluntarily reduced the management fee to 0.75% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

AZL DFA International Core Equity Fund

Notes to the Financial Statements

December 31, 2019

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $2,036 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2				Level 3				Total
Common Stocks+		$	38,276,567		$	234,026,221			$	—	#		$	272,302,788
Preferred Stocks+			—			1,256,705				—				1,256,705
Warrants+			—			—	#			—				—
Rights+			—			11,087				—				11,087
Short-Term Securities Held as Collateral for Securities on Loan			1,263,528			—				—				1,263,528
Unaffiliated Investment Companies			975,207			—				—				975,207

Total Investments		$	40,515,302		$	235,294,013			$	—			$	275,809,315

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

#	Represents the interest in securities that were determined to have a value of zero at December 31, 2019.

AZL DFA International Core Equity Fund

Notes to the Financial Statements

December 31, 2019

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL DFA International Core Equity Fund		$	15,340,631		$	38,178,617

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $251,163,724. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	51,251,250
Unrealized (depreciation)		(26,605,659	)

Net unrealized appreciation/(depreciation)	$	24,645,591

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL DFA International Core Equity Fund		$	—		$	801,699		$	801,699

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA International Core Equity Fund		$	4,021,220		$	8,467,836		$	12,489,056

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA International Core Equity Fund		$	5,579,837		$	—		$	5,579,837

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

AZL DFA International Core Equity Fund

Notes to the Financial Statements

December 31, 2019

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL DFA International Core Equity Fund		$	6,243,461		$	—		$	(801,699	)		$	24,640,878		$	30,082,640

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on washsales, mark-to-market of passive foreign investment companies and mark-to-market of futures contracts.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 80% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL DFA International Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA International Core Equity Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 0.08% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $188,209.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $8,467,836.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

the period ending April 30, 2021. In connection with such meetings, the Trustees requested and evaluated extensive materials from the Manager, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval/continuance of the Agreements with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approvals/continuances. The independent Trustees also discussed the proposed approvals/continuances in a private session with Independent Trustee Counsel at which no representatives of the Manager were present. In reaching its determinations relating to the approval and/or continuance of the Agreements, in respect of each Fund, the Board considered all factors it believed relevant. The Board based its decision to approve the Agreements on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

(1)The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the control of the Board, administers each Fund’s business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for other to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handleday-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handleday-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

The Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2016 through December 31, 2018. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certainfall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® DFA U.S. Core Equity Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 25

Page 25

Page 26

Page 27

Report of Independent Registered Public Accounting Firm

Page 28

Page 33

Page 34

Approval of Investment Advisory and Subadvisory Agreements

Page 35

Page 36

Information about the Board of Trustees and Officers

Page 39

AZL^® DFA U.S. Core Equity Fund (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® DFA U.S. Core Equity Fund and Dimensional Fund Advisors LP serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® DFA U.S. Core Equity Fund (the “Fund”) returned 29.36%^†. That compared to a 31.02% total return for its benchmark, the Russell 3000^® Index¹.

U.S. stocks began 2019 rebounding from the significant losses experienced at the end of 2018. The Federal Reserve Board’s (the Fed) announcement in January that it would halt interest rate hikes for the near future boosted both stocks and bonds. Market volatility returned in the second quarter on worries about U.S. trade relations. The Fed cut rates in July and September, offsetting the negative effects of the U.S.-China trade war, weak global growth and signs of weakness in the U.S. manufacturing and consumer sectors. In August, the 10-year U.S. Treasury yield briefly fell below the yields on 2-year and 1-year notes, sparking recession fears. Improving prospects for a U.S.-China trade deal in the fourth quarter, increased investors’ appetites for risk, and third rate cut by the Fed in October combined with strong economic growth to buoy markets through the end of the year.

Large-cap stocks outperformed small-cap stocks for the period. Growth stocks outperformed value stocks across all market cap sizes. In the large-cap universe, stocks with lower-relative prices and higher profitability outperformed stocks with higher relative prices and lower profitability. In the small-cap universe, however, stocks with lower relative prices and higher profitability underperformed stocks with higher-relative prices and lower profitability.

The Fund underperformed its benchmark for the 12-month period. The Fund’s emphasis on stocks with smaller market capitalizations detracted from its relative performance; as such, stocks underperformed their larger-cap peers for the

year. The Fund’s bias toward value stocks also detracted from relative returns as value stocks underperformed growth stocks during the period.*

Conversely, the Fund’s general lack of exposure to real estate investment trusts² (REITs) offset some of these negative impacts, as REITs underperformed the overall benchmark.*

Past performance does not guarantee future results.

^†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), real estate operating companies (REOCs), and foreign real estate companies, and property management, all of which can be affected by a variety of factors, including national and regional economic conditions.

AZL^® DFA U.S. Core Equity Fund (Unaudited)

Fund Objective

Investment Concerns

Small- to mid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			Since Inception (4/27/15)
AZL^® DFA U.S. Core Equity Fund		29.36	%^†		12.95	%		9.99	%
Russell 3000^® Index		31.02	%		14.57	%		11.22	%


Expense Ratio	Gross
AZL^® DFA U.S. Core Equity Fund		1.10	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.54% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.20% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Russell 3000^® Index, which is an unmanaged broad capitalization index of the top 3,000 U.S. stocks by market capitalization and covers 98% of the U.S. equity investable universe. The index does not reflect the deduction of fees associated with a mutual fund, such as investment fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL DFA U.S. Core Equity Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA U.S. Core Equity Fund		$	1,000.00		$	1,099.40		$	4.44		0.84	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA U.S. Core Equity Fund		$	1,000.00		$	1,020.97		$	4.28		0.84	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		21.1	%

Financials		15.3

Industrials		12.9

Health Care		11.8

Consumer Discretionary		11.8

Communication Services		8.6

Consumer Staples		6.3

Energy		4.5

Materials		3.9

Utilities		3.1

Real Estate		0.3


Total Common Stocks		99.6

Rights		—	^†

Short-Term Securities Held as Collateral for Securities on Loan		0.6

Unaffiliated Investment Companies		0.3


Total Investment Securities		100.5

Net other assets (liabilities)		(0.5	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (99.6%):
Aerospace & Defense (2.2%):
	1,810	AAR Corp.	$	81,631
	3,216	Aerojet Rocketdyne Holdings, Inc.*		146,843
	1,163	AeroVironment, Inc.*		71,804
	7,585	Arconic, Inc.		233,390
	712	Astronics Corp.*		19,900
	415	Astronics Corp., Class B*		11,558
	1,481	Axon Enterprise, Inc.*		108,528
	5,814	Boeing Co. (The)		1,893,968
	2,197	BWX Technologies, Inc.		136,390
	685	CPI Aerostructures, Inc.*		4,610
	1,202	Cubic Corp.		76,411
	1,891	Curtiss-Wright Corp.		266,423
	625	Ducommun, Inc.*		31,581
	3,113	General Dynamics Corp.		548,978
	1,087	HEICO Corp.		124,081
	1,407	HEICO Corp., Class A		125,969
	3,113	Hexcel Corp.		228,214
	934	Huntington Ingalls Industries, Inc.		234,322
	4,471	Kratos Defense & Security Solutions, Inc.*		80,523
	2,203	L3harris Technologies, Inc.		435,908
	3,632	Lockheed Martin Corp.		1,414,228
	1,378	Mercury Systems, Inc.*		95,234
	913	Moog, Inc., Class A		77,906
	343	National Presto Industries, Inc.		30,318
	2,196	Northrop Grumman Corp.		755,358
	953	Park Aerospace Corp., Class C		15,505
	4,443	Raytheon Co.		976,305
	2,910	Spirit AeroSystems Holdings, Inc., Class A		212,081
	597	Teledyne Technologies, Inc.*		206,884
	6,294	Textron, Inc.		280,712
	521	TransDigm Group, Inc.		291,760
	2,166	Triumph Group, Inc.		54,735
	10,499	United Technologies Corp.		1,572,329
	741	Vectrus, Inc.*		37,984
	6,897	WESCO Aircraft Holdings, Inc.*		76,005

				10,958,376

Air Freight & Logistics (0.6%):
	3,741	Air Transport Services Group, Inc.*		87,764
	1,400	Atlas Air Worldwide Holdings, Inc.*		38,598
	3,518	C.H. Robinson Worldwide, Inc.		275,108
	1,026	Echo Global Logistics, Inc.*		21,238
	3,621	Expeditors International of Washington, Inc.		282,510
	4,109	FedEx Corp.		621,322
	1,079	Forward Air Corp.		75,476
	1,993	Hub Group, Inc., Class A*		102,221
	3,266	Radiant Logistics, Inc.*		18,192
	10,010	United Parcel Service, Inc., Class B		1,171,771
	4,309	XPO Logistics, Inc.*		343,427

				3,037,627

Airlines (0.7%):
	5,679	Alaska Air Group, Inc.		384,752
	858	Allegiant Travel Co.		149,326
	6,467	American Airlines Group, Inc.		185,474
	1,140	Copa Holdings SA, Class A		123,211
	11,193	Delta Air Lines, Inc.		654,566
	2,644	Hawaiian Holdings, Inc.		77,443


Shares			Fair Value
Common Stocks, continued
Airlines, continued
	7,697	JetBlue Airways Corp.*	$	144,088
	2,917	SkyWest, Inc.		188,526
	8,851	Southwest Airlines Co.		477,777
	3,618	Spirit Airlines, Inc.*		145,842
	8,909	United Airlines Holdings, Inc.*		784,793

				3,315,798

Auto Components (0.6%):
	2,780	Adient plc*		59,075
	8,138	American Axle & Manufacturing Holdings, Inc.*		87,565
	5,014	Aptiv plc		476,180
	3,249	Autoliv, Inc.		274,248
	6,472	BorgWarner, Inc.		280,755
	2,411	Cooper Tire & Rubber Co.		69,316
	1,256	Cooper-Standard Holding, Inc.*		41,649
	8,752	Dana, Inc.		159,286
	2,123	Delphi Technologies plc*		27,238
	1,395	Dorman Products, Inc.*		105,629
	1,599	Fox Factory Holding Corp.*		111,242
	1,259	Garrett Motion, Inc.*		12,577
	9,029	Gentex Corp.		261,660
	1,620	Gentherm, Inc.*		71,912
	10,334	Goodyear Tire & Rubber Co.		160,745
	1,365	Horizon Global Corp.*		4,764
	1,015	LCI Industries		108,737
	2,642	Lear Corp.		362,483
	3,637	Modine Manufacturing Co.*		28,005
	1,190	Motorcar Parts of America, Inc.*		26,216
	1,436	Standard Motor Products, Inc.		76,424
	1,582	Stoneridge, Inc.*		46,384
	275	Strattec Security Corp.		6,108
	3,917	Tenneco, Inc.		51,313
	3,249	Veoneer, Inc.*^		50,749
	986	Visteon Corp.*		85,378
	1,621	VOXX International Corp.*		7,100

				3,052,738

Automobiles (0.5%):
	72,805	Ford Motor Co.		677,087
	31,998	General Motors Co.		1,171,126
	7,220	Harley-Davidson, Inc.		268,512
	429	Tesla, Inc.*		179,464
	1,652	Winnebago Industries, Inc.		87,523

				2,383,712

Banks (7.1%):
	1,278	1st Source Corp.		66,303
	504	ACNB Corp.		19,061
	954	Allegiance Bancshares, Inc.*		35,870
	661	American National Bankshares, Inc.		26,156
	587	American River Bankshares		8,729
	2,629	Ameris Bancorp		111,838
	704	Ames National Corp.		19,754
	958	Arrow Financial Corp.		36,212
	5,524	Associated Banc-Corp.		121,749
	1,160	Atlantic Capital Bancshares, Inc.*		21,286
	4,019	Atlantic Union Bankshares Corp.		150,913
	2,876	Banc of California, Inc.		49,410
	1,639	BancFirst Corp.		102,339

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	2,831	Bancorp, Inc. (The)*	$	36,718
	2,523	BancorpSouth Bank		79,247
	96,505	Bank of America Corp.		3,398,907
	899	Bank of Commerce Holdings		10,401
	1,489	Bank of Hawaii Corp.		141,693
	902	Bank of Marin Bancorp		40,635
	2,800	Bank of Nt Butterfield & Son, Ltd. (The)		103,656
	4,810	Bank OZK		146,729
	2,950	BankUnited, Inc.		107,852
	1,829	Banner Corp.		103,503
	1,189	Bar Harbor Bankshares		30,189
	842	BCB Bancorp, Inc.		11,611
	2,598	Berkshire Hills Bancorp, Inc.		85,422
	1,780	BOK Financial Corp.		155,572
	5,245	Boston Private Financial Holdings, Inc.		63,097
	668	Bridge Bancorp, Inc.		22,398
	5,107	Brookline Bancorp, Inc.		84,061
	1,162	Bryn Mawr Bank Corp.		47,921
	977	Byline BanCorp, Inc.		19,120
	74	C&F Financial Corp.		4,094
	5,075	Cadence Bancorp		92,010
	843	Camden National Corp.		38,829
	1,309	Capital City Bank Group, Inc.		39,925
	1,092	Carolina Financial Corp.		47,207
	3,399	Cathay General Bancorp		129,332
	1,225	CBTX, Inc.		38,122
	5,698	CenterState Bank Corp.		142,336
	1,402	Central Pacific Financial Corp.		41,471
	933	Central Valley Community Bancorp		20,218
	273	Century Bancorp, Inc.		24,559
	377	Chemung Financial Corp.		16,023
	2,299	CIT Group, Inc.		104,903
	24,885	Citigroup, Inc.		1,988,063
	943	Citizens & Northern Corp.		26,640
	5,861	Citizens Financial Group, Inc.		238,015
	552	Citizens Holding Co.		12,078
	904	City Holding Co.		74,083
	938	Civista Bancshares, Inc.		22,512
	735	CNB Financial Corp.		24,020
	85	Codorus Valley Bancorp, Inc.		1,958
	56	Colony Bankcorp, Inc.		924
	3,326	Columbia Banking System, Inc.		135,318
	2,543	Comerica, Inc.		182,460
	3,237	Commerce Bancshares, Inc.^		219,922
	1,393	Community Bank System, Inc.		98,819
	1,325	Community Trust Bancorp, Inc.		61,798
	2,266	ConnectOne Bancorp, Inc.		58,282
	1,451	Cullen/Frost Bankers, Inc.		141,879
	1,643	Customers Bancorp, Inc.*		39,120
	5,350	CVB Financial Corp.		115,453
	1,882	Eagle Bancorp, Inc.		91,522
	4,316	East West Bancorp, Inc.		210,189
	1,229	Enterprise Financial Services Corp.		59,250
	682	Equity Bancshares, Inc.*		21,053
	312	Evans Bancorp, Inc.		12,511
	13,238	F.N.B. Corp.		168,123
	1,329	Farmers National Banc Corp.		21,689


Shares			Fair Value
Common Stocks, continued
Banks, continued
	1,542	FB Financial Corp.	$	61,048
	13,546	Fifth Third Bancorp		416,404
	1,053	Financial Institutions, Inc.		33,801
	752	First Bancorp		30,012
	10,711	First Bancorp		113,429
	814	First Bancorp, Inc.		24,607
	611	First Bancshares, Inc. (The)		21,703
	2,931	First Busey Corp.		80,603
	664	First Business Financial Services, Inc.		17,483
	365	First Citizens BancShares, Inc., Class A		194,257
	5,424	First Commonwealth Financial Corp.		78,702
	1,419	First Community Bankshares		44,017
	5,037	First Financial Bancorp		128,141
	4,532	First Financial Bankshares, Inc.		159,073
	536	First Financial Corp.		24,506
	733	First Financial Northwest, Inc.		10,951
	1,996	First Foundation, Inc.		34,730
	1,512	First Hawaiian, Inc.		43,621
	11,600	First Horizon National Corp.		192,096
	1,244	First Interstate BancSystem, Class A		52,148
	1,606	First Merchants Corp.		66,794
	660	First Mid Bancshares, Inc.		23,265
	4,022	First Midwest Bancorp, Inc.		92,747
	1,573	First of Long Island Corp. (The)		39,451
	2,517	First Republic Bank		295,622
	2,253	Flushing Financial Corp.		48,676
	322	Franklin Financial Network, Inc.		11,054
	5,044	Fulton Financial Corp.		87,917
	1,315	German American Bancorp, Inc.		46,840
	3,017	Glacier Bancorp, Inc.		138,752
	1,035	Great Southern Bancorp, Inc.		65,536
	2,353	Great Western Bancorp, Inc.		81,743
	4,107	Hancock Whitney Corp.		180,215
	2,408	Hanmi Financial Corp.		48,148
	3,310	HarborOne BanCorp, Inc.*		36,377
	41	Hawthorn Bancshares, Inc.		1,046
	1,853	Heartland Financial USA, Inc.		92,168
	1,197	Heritage Financial Corp.		33,875
	2,010	Hertiage Commerce Corp.		25,788
	5,680	Hilltop Holdings, Inc.		141,602
	4,922	Home Bancshares, Inc.		96,767
	1,540	Hometrust Bancshares, Inc.		41,318
	6,189	Hope BanCorp, Inc.		91,969
	2,112	Horizon Bancorp		40,128
	17,399	Huntington Bancshares, Inc.		262,377
	1,730	IBERIABANK Corp.		129,456
	929	Independent Bank Corp.		77,339
	855	Independent Bank Corp.		19,366
	2,071	Independent Bank Group, Inc.		114,816
	3,359	International Bancshares Corp.		144,672
	10,187	Investors Bancorp, Inc.		121,378
	50,280	JPMorgan Chase & Co.		7,009,033
	9,622	KeyCorp		194,749
	2,859	Lakeland Bancorp, Inc.		49,689
	1,656	Lakeland Financial Corp.		81,028
	501	Landmark Bancorp, Inc.		12,550
	712	LCNB Corp.		13,742

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	2,207	Live Oak Bancshares, Inc.	$	41,955
	2,041	M&T Bank Corp.		346,460
	2,571	Macatawa Bank Corp.		28,615
	1,293	Mercantile Bank Corp.		47,156
	241	Midland States BanCorp, Inc.		6,979
	638	MidWestone Financial Group, Inc.		23,115
	570	MutualFirst Financial, Inc.		22,612
	1,805	National Bank Holdings Corp.		63,572
	514	National Bankshares, Inc.		23,094
	2,353	NBT Bancorp, Inc.		95,438
	373	Nicolet Bankshares, Inc.*		27,546
	510	Northrim Bancorp, Inc.		19,533
	511	Norwood Financial Corp.		19,878
	3,309	OFG Bancorp		78,125
	440	Ohio Valley Banc Corp.		17,433
	7,959	Old National Bancorp		145,570
	2,225	Old Second Bancorp, Inc.		29,971
	1,951	Opus Bank		50,472
	550	Origin BanCorp, Inc.		20,812
	638	Orrstown Financial Services, Inc.		14,432
	1,205	Pacific Mercantile Bancorp*		9,785
	3,086	Pacific Premier Bancorp, Inc.		100,619
	2,447	PacWest Bancorp		93,647
	784	Park National Corp.		80,266
	1,165	Peapack-Gladstone Financial Corp.		35,999
	546	Penns Woods Bancorp, Inc.		19,416
	608	Peoples Bancorp of NC		19,973
	1,361	Peoples Bancorp, Inc.		47,172
	11,228	People’s United Financial, Inc.		189,753
	749	People’s Utah BanCorp		22,560
	2,297	Pinnacle Financial Partners, Inc.		147,008
	5,024	PNC Financial Services Group, Inc.		801,981
	2,484	Popular, Inc.		145,936
	878	Preferred Bank Los Angeles		52,759
	945	Premier Financial Bancorp, Inc.		17,142
	3,603	Prosperity Bancshares, Inc.		259,020
	606	QCR Holdings, Inc.		26,579
	487	Rbb BanCorp		10,310
	17,681	Regions Financial Corp.		303,406
	2,997	Renasant Co.		106,154
	1,417	Republic Bancorp, Inc., Class A		66,316
	1,468	S & T Bancorp, Inc.		59,146
	148	Salisbury Bancorp, Inc.		6,759
	1,838	Sandy Spring Bancorp, Inc.		69,623
	1,879	Seacoast Banking Corp of Florida*		57,441
	1,252	Select Bancorp, Inc.*		15,400
	2,629	ServisFirst Bancshares, Inc.		99,061
	1,113	Shore Bancshares, Inc.		19,322
	1,028	Sierra Bancorp		29,935
	933	Signature Bank		127,457
	4,534	Simmons First National Corp., Class A		121,466
	1,131	South State Corp.		98,114
	2,003	Southern National Bancorp		32,749
	2,264	Southside Bancshares, Inc.		84,085
	7,203	Sterling Bancorp		151,839
	1,432	Stock Yards Bancorp, Inc.		58,798
	557	Summit Financial Group, Inc.		15,089


Shares			Fair Value
Common Stocks, continued
Banks, continued
	1,390	SVB Financial Group*	$	348,946
	5,125	Synovus Financial Corp.		200,900
	6,322	TCF Financial Corp.		295,870
	1,633	Texas Capital Bancshares, Inc.*		92,705
	490	Tompkins Financial Corp.		44,835
	3,776	TowneBank		105,048
	1,726	TriCo Bancshares		70,438
	2,154	Tristate Capital Holdings, Inc.*		56,262
	1,501	Triumph BanCorp, Inc.*		57,068
	13,468	Truist Financial Corp.		758,518
	3,028	Trustmark Corp.		104,496
	98	Two River Bancorp(a)		2,195
	17,207	U.S. Bancorp		1,020,203
	2,075	UMB Financial Corp.		142,428
	6,312	Umpqua Holdings Corp.		111,722
	4,048	United Bankshares, Inc.		156,496
	3,244	United Community Banks, Inc.		100,175
	1,190	United Security Bancshares		12,769
	42	Unity Bancorp, Inc.		948
	1,914	Univest Financial Corp.		51,257
	13,568	Valley National Bancorp		155,354
	1,733	Veritex Holdings, Inc.		50,482
	1,113	Washington Trust Bancorp		59,868
	2,517	Webster Financial Corp.		134,307
	64,624	Wells Fargo & Co.		3,476,772
	2,998	WesBanco, Inc.		113,294
	1,062	West Bancorp		27,219
	1,287	Westamerica Bancorp		87,220
	3,900	Western Alliance Bancorp		222,300
	2,102	Wintrust Financial Corp.		149,032
	2,669	Zions Bancorp		138,574

				35,114,941

Beverages (1.4%):
	185	Boston Beer Co., Inc. (The), Class A*		69,902
	1,635	Brown-Forman Corp., Class A		102,629
	4,793	Brown-Forman Corp., Class B		324,007
	48,017	Coca-Cola Co. (The)		2,657,741
	285	Coca-Cola Consolidated, Inc.		80,954
	1,620	Constellation Brands, Inc., Class C		307,395
	787	Craft Brewers Alliance, Inc.*		12,986
	2,891	Keurig Dr Pepper, Inc.		83,694
	615	MGP Ingredients, Inc.		29,797
	3,243	Molson Coors Brewing Co., Class B		174,798
	4,703	Monster Beverage Corp.*		298,876
	1,132	National Beverage Corp.*^		57,755
	19,743	PepsiCo, Inc.		2,698,275
	876	Primo Water Corp.*		9,833

				6,908,642

Biotechnology (1.9%):
	16,064	AbbVie, Inc.		1,422,306
	3,743	Achillion Pharmaceuticals, Inc.*		22,570
	3,866	Acorda Therapeutics, Inc.*		7,887
	3,964	Adverum Biotechnologies, Inc.*		45,665
	436	Agios Pharmaceuticals, Inc.*		20,819
	7,184	Akebia Therapeutics, Inc.*		45,403
	3,451	Alexion Pharmaceuticals, Inc.*		373,226
	1,012	Alkermes plc*		20,645

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	1,987	Alnylam Pharmaceuticals, Inc.*	$	228,843
	2,354	AMAG Pharmaceuticals, Inc.*^		28,648
	9,024	Amgen, Inc.		2,175,415
	955	Anaptysbio, Inc.*		15,519
	2,151	Arena Pharmaceuticals, Inc.*		97,698
	1,907	Atara Biotherapeutics, Inc.*		31,408
	2,471	Audentes Therapeutics, Inc.*		147,865
	2,548	Biogen, Inc.*		756,067
	1,108	BioMarin Pharmaceutical, Inc.*		93,681
	506	Bluebird Bio, Inc.*		44,402
	718	Concert Pharmaceuticals, Inc.*		6,624
	1,545	Deciphera Pharmaceuticals, Inc.*		96,161
	1,534	Denali Therapeutics, Inc.*^		26,722
	233	Eagle Pharmaceuticals, Inc.*		13,999
	1,249	Emergent Biosolutions, Inc.*		67,384
	1,013	Enanta Pharmaceuticals, Inc.*		62,583
	2,306	Epizyme, Inc.*		56,728
	785	Exact Sciences Corp.*		72,597
	6,986	Exelixis, Inc.*		123,093
	2,400	Five Prime Therapeutics, Inc.*		11,016
	1,432	G1 Therapeutics, Inc.*		37,848
	17,621	Gilead Sciences, Inc.		1,145,012
	1,929	Global Blood Therapeutics, Inc.*		153,336
	779	Glycomimetics Industries*		4,121
	966	Incyte Corp.*		84,351
	953	Insmed, Inc.*		22,758
	2,177	Intellia Therapeutics, Inc.*		31,937
	945	Ionis Pharmaceuticals, Inc.*		57,087
	2,043	Iovance Biotherapeutics, Inc.*		56,550
	1,605	Karyopharm Therapeutics, Inc.*		30,768
	1,263	Kura Oncology, Inc.*		17,366
	526	Ligand Pharmaceuticals, Inc., Class B*		54,857
	1,449	Macrogenics, Inc.*		15,765
	194	Madrigal Pharmaceuticals, Inc.*		17,675
	4,868	Momenta Pharmaceuticals, Inc.*		96,046
	3,689	Myriad Genetics, Inc.*		100,451
	1,067	Neurocrine Biosciences, Inc.*		114,692
	1,522	ObsEva SA*		5,814
	10,235	OPKO Health, Inc.*^		15,045
	9,565	PDL BioPharma, Inc.*		31,038
	1,720	Prothena Corp. plc*		27,228
	687	Regeneron Pharmaceuticals, Inc.*		257,955
	1,384	Regenxbio, Inc.*		56,702
	1,271	Repligen Corp.*		117,568
	1,882	Retrophin, Inc.*		26,724
	1,053	Rhythm Pharmaceuticals, Inc.*		24,177
	2,600	Rocket Pharmaceuticals, Inc.*		59,176
	6,888	Sangamo Therapeutics, Inc.*		57,653
	1,210	Seattle Genetics, Inc.*		138,255
	2,126	Spectrum Pharmaceuticals, Inc.*		7,739
	1,559	United Therapeutics Corp.*		137,317
	2,321	Vanda Pharmaceuticals, Inc.*		38,088
	841	Vertex Pharmaceuticals, Inc.*		184,137
	2,446	Xencor, Inc.*		84,118

				9,424,328


Shares			Fair Value
Common Stocks, continued
Building Products (0.7%):
	3,264	A.O. Smith Corp.	$	155,497
	1,915	AAON, Inc.		94,620
	2,557	Advanced Drainage Systems, Inc.		99,314
	1,995	Allegion plc		248,457
	1,083	American Woodmark Corp.*		113,184
	1,085	Apogee Enterprises, Inc.		35,263
	1,778	Armstrong Flooring, Inc.*		7,592
	734	Armstrong World Industries, Inc.		68,974
	5,385	Builders FirstSource, Inc.*		136,833
	2,571	Continental Building Products, Inc.*		93,662
	3,362	Cornerstone Building Brands, Inc.*		28,611
	889	Csw Industrials, Inc.		68,453
	4,434	Fortune Brands Home & Security, Inc.		289,718
	1,576	Gibraltar Industries, Inc.*		79,493
	2,893	Griffon Corp.		58,815
	1,209	Insteel Industries, Inc.		25,981
	4,386	Jeld-Wen Holding, Inc.*		102,676
	8,866	Johnson Controls International plc		360,934
	617	Lennox International, Inc.		150,529
	3,994	Masco Corp.		191,672
	1,451	Masonite International Corp.*		104,777
	5,086	Owens Corning, Inc.		331,200
	1,648	Patrick Industries, Inc.		86,405
	3,615	PGT Innovations, Inc.*		53,900
	1,925	Quanex Building Products Corp.		32,879
	5,228	Resideo Technologies, Inc.*		62,370
	1,453	Simpson Manufacturing Co., Inc.		116,574
	1,002	Trex Co., Inc.*		90,060
	2,820	Universal Forest Products, Inc.		134,514

				3,422,957

Capital Markets (2.6%):
	2,645	Affiliated Managers Group, Inc.		224,137
	2,626	Ameriprise Financial, Inc.		437,439
	1,834	Ares Management Corp., Class A		65,455
	2,502	Artisan Partners Asset Management, Inc., Class A		80,865
	10,085	Bank of New York Mellon Corp. (The)		507,578
	14,937	BGC Partners, Inc., Class A		88,726
	1,035	BlackRock, Inc., Class A		520,295
	2,377	Blucora, Inc.*		62,135
	3,965	Brightsphere Investment Group, Inc.		40,522
	1,779	Cboe Global Markets, Inc.		213,480
	12,920	Charles Schwab Corp. (The)		614,475
	2,686	CME Group, Inc.		539,134
	2,934	Cohen & Steers, Inc.		184,138
	190	Diamond Hill Investment Group		26,687
	2,917	Donnelley Financial Solutions, Inc.*		30,541
	5,873	E*TRADE Financial Corp.		266,458
	3,982	Eaton Vance Corp.		185,920
	796	FactSet Research Systems, Inc.		213,567
	4,054	Federated Investors, Inc., Class B		132,120
	5,534	Franklin Resources, Inc.		143,773
	3,237	Gain Capital Holdings, Inc.^		12,786
	388	GAMCO Investors, Inc., Class A		7,562
	3,627	Goldman Sachs Group, Inc.		833,955

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	1,743	Greenhill & Co., Inc.	$	29,770
	211	Hennessy Advisors, Inc.		2,127
	1,166	Houlihan Lokey, Inc.		56,982
	2,679	Interactive Brokers Group, Inc., Class A		124,895
	4,301	Intercontinental Exchange, Inc.		398,058
	597	INTL FCStone, Inc.*		29,152
	13,284	Invesco, Ltd.		238,846
	4,134	Janus Henderson Group plc		101,076
	10,552	Ladenburg Thalmann Financial Services, Inc.		36,721
	3,497	Lazard, Ltd., Class A		139,740
	2,912	Legg Mason, Inc.		104,570
	3,166	LPL Financial Holdings, Inc.		292,064
	628	MarketAxess Holdings, Inc.		238,081
	1,429	Moelis & Co., Class A		45,614
	2,453	Moody’s Corp.		582,367
	18,789	Morgan Stanley		960,493
	1,357	Morningstar, Inc.		205,328
	1,253	MSCI, Inc.		323,500
	3,324	Nasdaq, Inc.		356,000
	3,367	Northern Trust Corp.		357,710
	1,024	Oppenheimer Holdings, Class A		28,140
	784	Piper Jaffray Cos., Inc.		62,673
	940	PJT Partners, Inc.		42,422
	1,113	Pzena Investment Management, Inc.		9,594
	3,034	Raymond James Financial, Inc.		271,422
	3,572	S&P Global, Inc.		975,334
	3,335	SEI Investments Co.		218,376
	660	Silvercrest Asset Management Group, Inc., Class A		8,303
	3,927	State Street Corp.		310,626
	2,637	Stifel Financial Corp.		159,934
	4,497	T. Rowe Price Group, Inc.		547,914
	2,299	TD Ameritrade Holding Corp.		114,260
	1,429	Virtu Financial, Inc., Class A		22,850
	438	Virtus Investment Partners, Inc.		53,313
	5,362	Waddell & Reed Financial, Inc., Class A		89,653
	425	Westwood Holdings, Inc.		12,589
	7,874	WisdomTree Investments, Inc.		38,110

				13,020,355

Chemicals (2.1%):
	2,746	AdvanSix, Inc.*		54,810
	2,624	Air Products & Chemicals, Inc.		616,613
	4,125	Albemarle Corp.		301,290
	1,157	American Vanguard Corp.		22,527
	2,194	Ashland Global Holdings, Inc.		167,907
	3,752	Axalta Coating Systems, Ltd.*		114,061
	1,138	Balchem Corp.		115,655
	2,532	Cabot Corp.		120,321
	3,318	Celanese Corp., Series A		408,512
	4,613	CF Industries Holdings, Inc.		220,225
	733	Chase Corp.		86,846
	4,033	Chemours Co. (The)		72,957
	578	Core Molding Technologies, Inc.*		1,879
	8,214	Corteva, Inc.		242,806
	10,218	Dow, Inc.		559,231
	8,214	DuPont de Nemours, Inc.		527,339
	3,749	Eastman Chemical Co.		297,146


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	2,888	Ecolab, Inc.	$	557,355
	13,216	Element Solutions, Inc.*		154,363
	5,990	Ferro Corp.*		88,832
	2,310	FMC Corp.		230,584
	3,222	Futurefuel Corp.		39,921
	3,313	GCP Applied Technologies, Inc.*		75,238
	1,438	H.B. Fuller Co.		74,158
	9,602	Huntsman Corp.		231,984
	962	Ingevity Corp.*		84,060
	1,620	Innophos Holdings, Inc.		51,808
	571	Innospec, Inc.		59,064
	1,701	International Flavors & Fragrances, Inc.		219,463
	14,982	Intrepid Potash, Inc.*		40,601
	783	Koppers Holdings, Inc.*		29,926
	2,348	Kraton Corp.*		59,451
	4,741	Kronos Worldwide, Inc.		63,529
	4,500	Linde plc		958,050
	2,160	Livent Corp.*		18,468
	1,233	LSB Industries, Inc.*		5,179
	5,319	LyondellBasell Industries NV, Class A		502,539
	1,816	Minerals Technologies, Inc.		104,656
	5,492	Mosaic Co. (The)		118,847
	441	NewMarket Corp.		214,555
	7,103	Olin Corp.		122,527
	2,346	Omnova Solutions, Inc.*		23,718
	3,051	PolyOne Corp.		112,246
	3,333	PPG Industries, Inc.		444,922
	1,630	PQ Group Holdings, Inc.*		28,003
	368	Quaker Chemical Corp.		60,543
	3,631	Rayonier Advanced Materials, Inc.		13,943
	2,581	RPM International, Inc.		198,118
	1,648	Scotts Miracle-Gro Co. (The)		174,985
	1,975	Sensient Technologies Corp.		130,528
	1,137	Sherwin Williams Co.		663,484
	893	Stepan Co.		91,479
	1,627	Trecora Resources*		11,633
	1,070	Tredegar Corp.		23,915
	2,086	Trinseo SA		77,620
	4,906	Tronox Holdings plc, Class A		56,027
	6,023	Valvoline, Inc.		128,952
	4,276	Venator Materials plc*		16,377
	1,439	W.R. Grace & Co.		100,514
	1,636	Westlake Chemical Corp.		114,765

				10,507,055

Commercial Services & Supplies (1.1%):
	2,302	ABM Industries, Inc.		86,808
	2,927	ACCO Brands Corp.		27,397
	3,173	Advanced Disposal Services, Inc.*		104,297
	4,271	ARC Document Solutions, Inc.*		5,937
	1,844	Brady Corp., Class A		105,587
	1,144	Brink’s Co. (The)		103,738
	1,028	Casella Waste Systems, Inc.*		47,319
	2,003	CECO Environmental Corp.*		15,343
	912	Cimpress plc*		114,702
	1,976	Cintas Corp.		531,702
	5,206	Civeo Corp.*		6,716

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies, continued
	2,044	Clean Harbors, Inc.*	$	175,273
	4,259	Copart, Inc.*		387,313
	5,346	Covanta Holding Corp.		79,335
	859	Deluxe Corp.		42,881
	1,613	Ennis, Inc.		34,921
	2,148	Healthcare Services Group, Inc.		52,239
	1,042	Heritage-Crystal Clean, Inc.*		32,688
	2,205	Herman Miller, Inc.		91,838
	2,271	HNI Corp.		85,072
	4,215	IAA, Inc.*		198,358
	4,002	Interface, Inc.		66,393
	5,118	KAR Auction Services, Inc.		111,521
	2,829	Kimball International, Inc., Class B		58,475
	2,754	Knoll, Inc.		69,566
	1,875	Matthews International Corp., Class A		71,569
	1,011	McGrath Rentcorp		77,382
	2,162	Mobile Mini, Inc.		81,961
	1,035	MSA Safety, Inc.		130,783
	1,552	NL Industries, Inc.*		6,068
	1,763	PICO Holdings, Inc.*		19,605
	8,238	Pitney Bowes, Inc.		33,199
	2,606	Quad Graphics, Inc.		12,170
	6,273	Republic Services, Inc., Class A		562,249
	4,020	Rollins, Inc.		133,303
	2,114	RR Donnelley & Sons Co.		8,350
	1,467	SP Plus Corp.*		62,245
	5,403	Steelcase, Inc., Class A		110,545
	1,563	Stericycle, Inc.*		99,735
	1,534	Team, Inc.*		24,498
	1,842	Tetra Tech, Inc.		158,707
	542	UniFirst Corp.		109,473
	1,141	US Ecology, Inc.		66,075
	1,003	Viad Corp.		67,703
	824	Vse Corp.		31,345
	7,973	Waste Management, Inc.		908,604

				5,410,988

Communications Equipment (1.1%):
	1,772	Acacia Communications, Inc.*		120,159
	2,109	ADTRAN, Inc.		20,858
	752	Applied Optoelectronics, Inc.*^		8,934
	976	Arista Networks, Inc.*		198,518
	1,829	CalAmp Corp.*		17,522
	2,202	Calix, Inc.*		17,616
	4,939	Ciena Corp.*		210,846
	57,588	Cisco Systems, Inc.		2,761,921
	6,102	CommScope Holding Co., Inc.*		86,587
	316	Communications Systems, Inc.		1,950
	1,822	Comtech Telecommunications Corp.		64,663
	1,262	Digi International, Inc.*		22,363
	1,548	EchoStar Corp., Class A*		67,044
	1,189	EMCORE Corp.*		3,615
	1,678	F5 Networks, Inc.*		234,333
	7,060	Harmonic, Inc.*		55,068
	11,833	Infinera Corp.*		93,954
	1,013	InterDigital, Inc.		55,198
	7,807	Juniper Networks, Inc.		192,286
	909	KVH Industries, Inc.*		10,117


Shares			Fair Value
Common Stocks, continued
Communications Equipment, continued
	1,533	Lumentum Holdings, Inc.*	$	121,567
	2,594	Motorola Solutions, Inc.		417,997
	2,444	NETGEAR, Inc.*		59,902
	3,156	NetScout Systems, Inc.*		75,965
	360	Palo Alto Networks, Inc.*		83,250
	807	Plantronics, Inc.		22,063
	3,679	Ribbon Communications, Inc.*		11,405
	583	Ubiquiti, Inc.		110,175
	2,004	ViaSat, Inc.*		146,683
	6,628	Viavi Solutions, Inc.*		99,420

				5,391,979

Construction & Engineering (0.4%):
	5,463	AECOM*		235,620
	800	Aegion Corp.*		17,896
	2,172	Ameresco, Inc., Class A*		38,010
	1,719	Arcosa, Inc.		76,581
	1,245	Argan, Inc.		49,974
	1,358	Comfort Systems USA, Inc.		67,696
	2,183	Construction Partners, Inc., Class A*		36,827
	1,425	Dycom Industries, Inc.*		67,189
	2,278	EMCOR Group, Inc.		196,591
	2,848	Fluor Corp.		53,770
	2,377	Granite Construction, Inc.^		65,772
	5,343	Great Lakes Dredge & Dock Co.*		60,536
	1,221	IES Holdings, Inc.*		31,331
	2,447	Jacobs Engineering Group, Inc.		219,814
	3,504	MasTec, Inc.*		224,818
	1,578	MYR Group, Inc.*		51,427
	574	NV5 Global, Inc.*		28,958
	2,101	Orion Group Holdings, Inc.*		10,904
	3,094	Primoris Services Corp.		68,811
	5,039	Quanta Services, Inc.		205,138
	2,791	Tutor Perini Corp.*		35,892
	568	Valmont Industries, Inc.		85,075
	1,311	Williams Industrial Services Group, Inc.*		2,255
	5,058	Willscot Corp.*		93,522

				2,024,407

Construction Materials (0.2%):
	961	Eagle Materials, Inc., Class A		87,124
	1,145	Martin Marietta Materials, Inc.		320,188
	5,020	Summit Materials, Inc., Class A*		119,978
	1,308	U.S. Concrete, Inc.*		54,491
	353	U.S. Lime & Minerals, Inc.		31,876
	2,021	Vulcan Materials Co.		291,004

				904,661

Consumer Finance (1.0%):
	8,927	Ally Financial, Inc.		272,809
	9,821	American Express Co.		1,222,615
	144	Asta Funding, Inc.*		1,488
	6,037	Capital One Financial Corp.		621,267
	1,912	Consumer Portfolio Services, Inc.*		6,443
	600	Credit Acceptance Corp.*		265,398
	8,319	Discover Financial Services		705,617
	2,110	Encore Capital Group, Inc.*		74,610
	1,910	Enova International, Inc.*		45,955
	3,948	EZCORP, Inc., Class A*		26,925

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Consumer Finance, continued
	1,460	Firstcash, Inc.	$	117,720
	1,425	Green Dot Corp., Class A*		33,203
	5,431	LendingClub Corp.*		68,539
	9,170	Navient Corp.		125,446
	1,462	Nelnet, Inc., Class A		85,147
	750	Nicholas Financial, Inc.*		6,180
	5,999	Onemain Holdings, Inc.		252,858
	2,661	PRA Group, Inc.*		96,594
	960	Regional Mgmt Corp.*		28,829
	10,164	Santander Consumer USA Holdings, Inc.		237,533
	13,802	SLM Corp.		122,976
	16,752	Synchrony Financial		603,240
	505	World Acceptance Corp.*		43,632

				5,065,024

Containers & Packaging (0.7%):
	21,700	Amcor plc		235,228
	2,245	AptarGroup, Inc.		259,567
	1,901	Avery Dennison Corp.		248,689
	6,530	Ball Corp.		422,294
	4,116	Berry Global Group, Inc.*		195,469
	3,346	Crown Holdings, Inc.*		242,719
	14,726	Graphic Packaging Holding Co.		245,188
	1,930	Greif, Inc., Class A		85,306
	1,110	Greif, Inc., Class B		57,465
	8,729	International Paper Co.		401,970
	2,608	Myers Industries, Inc.		43,501
	9,463	O-I Glass, Inc.		112,894
	2,537	Packaging Corp. of America		284,119
	3,591	Sealed Air Corp.		143,030
	5,030	Silgan Holdings, Inc.		156,332
	4,589	Sonoco Products Co.		283,233
	538	UFP Technologies, Inc.*		26,690
	4,190	WestRock Co.		179,793

				3,623,487

Distributors (0.2%):
	2,074	Core Markt Holdngs Co., Inc.		56,392
	3,288	Genuine Parts Co.		349,284
	6,871	LKQ Corp.*		245,295
	973	Pool Corp.		206,646
	811	Weyco Group, Inc.		21,451

				879,068

Diversified Consumer Services (0.3%):
	1,744	Adtalem Global Education, Inc.*		60,988
	1,304	American Public Education, Inc.*		35,717
	1,375	Bright Horizons Family Solutions, Inc.*		206,648
	2,522	Career Education Corp.*		46,380
	1,464	Carriage Services, Inc.		37,478
	467	Chegg, Inc.*		17,704
	506	Collectors Universe, Inc.		11,663
	1,726	Frontdoor, Inc.*		81,847
	112	Graham Holdings Co., Class B		71,567
	1,763	Grand Canyon Education, Inc.*		168,878
	5,239	H&R Block, Inc.		123,012
	8,803	Houghton Mifflin Harcourt Co.*		55,019
	2,988	K12, Inc.*		60,806
	3,406	Laureate Education, Inc.*		59,980


Shares			Fair Value
Common Stocks, continued
Diversified Consumer Services, continued
	1,309	Regis Corp.*	$	23,392
	6,510	Service Corp. International		299,654
	3,452	ServiceMaster Global Holdings, Inc.*		133,454
	925	Strategic Education, Inc.		146,983
	1,696	Universal Technical Institute, Inc.*		13,076
	1,419	WW International, Inc.*		54,220

				1,708,466

Diversified Financial Services (1.1%):
	22,020	Berkshire Hathaway, Inc., Class B*		4,987,530
	2,704	Cannae Holdings, Inc.*		100,562
	6,246	Jefferies Financial Group, Inc.		133,477
	827	Marlin Business Services, Inc.		18,177
	4,869	On Deck Capital, Inc.*		20,158
	2,777	Voya Financial, Inc.		169,341

				5,429,245

Diversified Telecommunication Services (2.7%):
	398	Anterix, Inc.*		17,198
	180,809	AT&T, Inc.		7,066,016
	1,019	ATN International, Inc.		56,442
	33,705	CenturyLink, Inc.		445,243
	3,035	Cincinnati Bell, Inc.*		31,776
	1,533	Cogent Communications Holdings, Inc.		100,887
	4,558	Consolidated Communications Holdings, Inc.		17,685
	1,573	Frontier Communications Corp.*		1,399
	1,994	IDT Corp.*		14,377
	2,626	Intelsat S.A.*		18,461
	4,575	Iridium Communications, Inc.*		112,728
	4,045	Orbcomm, Inc.*		17,029
	84,538	Verizon Communications, Inc.		5,190,633
	5,536	Vonage Holdings Corp.*		41,022
	7,609	Zayo Group Holdings, Inc.*		263,652

				13,394,548

Electric Utilities (1.6%):
	1,218	ALLETE, Inc.		98,865
	3,448	Alliant Energy Corp.		188,675
	5,589	American Electric Power Co., Inc.		528,216
	1,163	Avangrid, Inc.		59,499
	8,111	Duke Energy Corp.		739,804
	4,082	Edison International		307,824
	1,593	El Paso Electric Co.		108,149
	2,217	Entergy Corp.		265,597
	3,485	Evergy, Inc.		226,839
	4,208	Eversource Energy		357,975
	10,867	Exelon Corp.		495,427
	7,887	FirstEnergy Corp.		383,308
	1,272	Genie Energy, Ltd., Class B		9,833
	3,281	Hawaiian Electric Industries, Inc.		153,748
	1,676	IDA Corp., Inc.		178,997
	1,426	MGE Energy, Inc.		112,397
	5,402	NextEra Energy, Inc.		1,308,147
	3,593	OGE Energy Corp.		159,781
	1,672	Otter Tail Corp.		85,757
	1,175	PG&E Corp.*		12,772
	1,787	Pinnacle West Capital Corp.		160,705
	2,755	PNM Resources, Inc.		139,706
	2,522	Portland General Electric Co.		140,702

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Electric Utilities, continued
	11,330	PPL Corp.	$	406,520
	10,893	Southern Co. (The)		693,884
	6,176	Xcel Energy, Inc.		392,114

				7,715,241

Electrical Equipment (0.8%):
	2,009	Acuity Brands, Inc.		277,242
	926	Allied Motion Technologies, Inc.		44,911
	4,662	AMETEK, Inc.		464,988
	2,063	Atkore International Group, Inc.*		83,469
	1,175	AZZ, Inc.		53,991
	4,820	Eaton Corp. plc		456,550
	8,538	Emerson Electric Co.		651,108
	1,159	Encore Wire Corp.		66,527
	1,495	EnerSys		111,871
	2,333	Generac Holdings, Inc.*		234,676
	1,858	Hubbell, Inc.		274,650
	1,831	LSI Industries, Inc.		11,078
	5,836	nVent Electric plc		149,285
	606	Powell Industries, Inc.		29,688
	400	Preformed Line Products Co.		24,140
	1,766	Regal-Beloit Corp.		151,187
	2,197	Rockwell Automation, Inc.		445,266
	5,452	Sensata Technologies Holding plc*		293,699
	4,883	Sunrun, Inc.*		67,434
	1,298	Thermon Group Holdings, Inc.*		34,786
	1,704	Tpi Composites, Inc.*		31,541

				3,958,087

Electronic Equipment, Instruments & Components (1.4%):
	3,911	Amphenol Corp., Class A		423,287
	1,693	Anixter International, Inc.*		155,925
	2,582	Arlo Technologies, Inc.*		10,870
	2,934	Arrow Electronics, Inc.*		248,627
	2,249	Avnet, Inc.		95,448
	6,994	AVX Corp.		143,167
	1,234	Badger Meter, Inc.		80,124
	550	Bel Fuse, Inc., Class B		11,275
	2,425	Belden, Inc.		133,375
	1,721	Benchmark Electronics, Inc.		59,134
	3,072	CDW Corp.		438,803
	1,759	Cognex Corp.		98,574
	687	Coherent, Inc.*		114,282
	13,544	Corning, Inc.		394,266
	1,576	CTS Corp.		47,296
	2,838	Daktronics, Inc.		17,283
	1,977	Dolby Laboratories, Inc., Class A		136,018
	876	ePlus, Inc.*		73,838
	1,526	Fabrinet*		98,946
	1,007	FARO Technologies, Inc.*		50,702
	10,405	Fitbit, Inc., Class A*		68,361
	21,372	Flex, Ltd.*		269,715
	2,876	FLIR Systems, Inc.		149,753
	640	Frequency Electronics, Inc.*		6,534
	3,837	II-VI, Inc.*		129,192
	1,676	Insight Enterprises, Inc.*		117,806
	1,107	IPG Photonics Corp.*		160,426
	1,749	Itron, Inc.*		146,829


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	8,429	Jabil, Inc.	$	348,371
	3,410	KEMET Corp.		92,241
	2,507	Keysight Technologies, Inc.*		257,293
	1,603	Kimball Electronics, Inc.*		28,133
	4,037	Knowles Corp.*		85,383
	725	Littlelfuse, Inc.		138,693
	2,290	Methode Electronics, Inc., Class A		90,112
	915	MTS Systems Corp.		43,947
	1,715	National Instruments Corp.		72,613
	1,323	Novanta, Inc.*		117,006
	594	OSI Systems, Inc.*		59,840
	1,445	PC Connection, Inc.		71,759
	1,291	Plexus Corp.*		99,330
	793	Rogers Corp.*		98,911
	2,240	Sanmina Corp.*		76,698
	1,757	ScanSource, Inc.*		64,921
	1,596	SYNNEX Corp.		205,565
	4,966	TE Connectivity, Ltd.		475,941
	1,453	Tech Data Corp.*		208,651
	2,596	Trimble, Inc.*		108,227
	6,321	TTM Technologies, Inc.*		95,131
	6,420	Vishay Intertechnology, Inc.		136,682
	1,035	Zebra Technologies Corp., Class A*		264,380

				7,119,684

Energy Equipment & Services (0.6%):
	2,515	Apergy Corp.*		84,957
	7,479	Archrock, Inc.		75,089
	3,651	Baker Hughes Co.		93,575
	1,347	Core Laboratories NV		50,741
	10,172	Diamond Offshore Drilling, Inc.*^		73,137
	2,169	Dril-Quip, Inc.*		101,748
	1,558	Era Group, Inc.*		15,845
	2,010	Exterran Corp.*		15,738
	6,125	Forum Energy Technologies, Inc.*		10,290
	13,037	Frank’s International NV*		67,401
	760	Geospace Technologies Corp.*		12,745
	1,086	Gulf Island Fabrication, Inc.*		5,506
	11,888	Halliburton Co.		290,898
	7,826	Helix Energy Solutions Group, Inc.*		75,364
	2,727	Helmerich & Payne, Inc.		123,888
	892	KLX Energy Services Holdings, Inc.*		5,744
	2,181	Liberty Oilfield Services, Inc., Class A		24,253
	1,436	Mammoth Energy Services, Inc.		3,159
	1,750	Matrix Service Co.*		40,040
	6,284	McDermott International, Inc.*^		4,252
	17,995	Nabors Industries, Ltd.		51,826
	8,395	National-Oilwell Varco, Inc.		210,295
	935	Natural Gas Services Group*		11,463
	4,799	Newpark Resources, Inc.*		30,090
	12,646	NexTier Oilfield Solutions, Inc.*		84,728
	12,057	Noble Corp. plc*		14,710
	4,818	Oceaneering International, Inc.*		71,836
	3,066	Oil States International, Inc.*		50,006
	6,531	Patterson-UTI Energy, Inc.		68,576
	6,172	Propetro Holding Corp.*		69,435
	4,475	RPC, Inc.		23,449

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Energy Equipment & Services, continued
	11,144	Schlumberger, Ltd.	$	447,990
	1,291	SEACOR Holdings, Inc.*		55,707
	493	SEACOR Marine Holdings, Inc.*		6,798
	3,974	Select Energy Services, Inc.*		36,879
	7,361	Technipfmc plc		157,819
	4,086	TETRA Technologies, Inc.*		8,009
	2,510	Tidewater, Inc.*		48,393
	14,584	Transocean, Ltd.*		100,338
	4,546	U.S. Silica Holdings, Inc.		27,958
	2,800	Unit Corp.*		1,948
	9,435	Valaris plc^		61,894

				2,814,517

Entertainment (1.1%):
	11,312	Activision Blizzard, Inc.		672,159
	3,433	AMC Entertainment Holdings, Inc., Class A^		24,855
	4,383	Cinemark Holdings, Inc.		148,365
	2,474	Electronic Arts, Inc.*		265,980
	1,834	Eros International plc*^		6,217
	2,858	Imax Corp.*		58,389
	247	Liberty Braves Group, Class A*		7,324
	527	Liberty Braves Group, Class C*		15,568
	619	Liberty Media Corp-Liberty Formula One, Class A*		27,100
	3,302	Liberty Media Corp-Liberty Formula One, Class C*		151,776
	2,111	Lions Gate Entertainment Corp., Class A*		22,503
	2,411	Lions Gate Entertainment Corp., Class B*		23,941
	2,762	Live Nation Entertainment, Inc.*		197,400
	540	Madison Square Garden Co. (The), Class A*		158,863
	1,459	Marcus Corp.		46,352
	2,535	Netflix, Inc.*		820,250
	1,419	Reading International, Inc., Class A*		15,879
	294	Rosetta Stone, Inc.*		5,333
	1,231	Take-Two Interactive Software, Inc.*		150,711
	14,586	Walt Disney Co. (The)		2,109,572
	1,208	World Wrestling Entertainment, Inc., Class A^		78,363
	31,714	Zynga, Inc.*		194,090

				5,200,990

Food & Staples Retailing (1.4%):
	500	BJ’s Wholesale Club Holdings, Inc.*		11,370
	1,222	Casey’s General Stores, Inc.		194,286
	5,792	Costco Wholesale Corp.		1,702,385
	1,267	Ingles Markets, Inc., Class A		60,195
	27,024	Kroger Co. (The)		783,426
	1,720	Natural Grocers by Vitamin Cottage, Inc.		16,976
	1,409	Performance Food Group Co.*		72,535
	884	PriceSmart, Inc.		62,782
	1,864	Rite Aid Corp.*^		28,836
	3,281	SpartanNash Co.		46,721
	4,494	Sprouts Farmers Market, Inc.*		86,959
	7,069	Sysco Corp.		604,682
	1,610	The Andersons, Inc.		40,701
	1,143	The Chefs’ Warehouse, Inc.*		43,560
	3,347	United Natural Foods, Inc.*		29,320
	3,790	US Foods Holding Corp.*		158,763
	738	Village Super Market, Inc., Class A		17,122
	10,994	Walgreens Boots Alliance, Inc.		648,206


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	19,566	Walmart, Inc.	$	2,325,223
	2,107	Weis Markets, Inc.		85,312

				7,019,360

Food Products (1.5%):
	8,183	Archer-Daniels-Midland Co.		379,282
	3,898	B&G Foods, Inc.^		69,891
	4,805	Bunge, Ltd.		276,528
	808	Calavo Growers, Inc.		73,197
	1,477	Cal-Maine Foods, Inc.		63,142
	5,711	Campbell Soup Co.		282,238
	7,343	Conagra Brands, Inc.		251,424
	4,717	Darling Ingredients, Inc.*		132,453
	5,447	Dean Foods Co.*		327
	1,004	Farmer Brothers Co.*		15,120
	7,961	Flowers Foods, Inc.		173,072
	2,396	Fresh Del Monte Produce, Inc.		83,812
	7,635	General Mills, Inc.		408,931
	3,802	Hain Celestial Group, Inc.*		98,681
	2,287	Hershey Co. (The)		336,143
	6,832	Hormel Foods Corp.		308,192
	6,244	Hostess Brands, Inc.*		90,788
	2,764	Ingredion, Inc.		256,914
	576	J & J Snack Foods Corp.		106,140
	2,443	JM Smucker Co. (The)		254,390
	300	John B Sanfilippo And Son, Inc.		27,384
	5,585	Kellogg Co.		386,259
	6,403	Kraft Heinz Co. (The)		205,728
	2,371	Lamb Weston Holdings, Inc.		203,977
	902	Lancaster Colony Corp.		144,410
	1,028	Landec Corp.*		11,627
	1,858	McCormick & Co.		315,358
	389	McCormick & Co., Inc.		66,546
	11,410	Mondelez International, Inc., Class A		628,462
	4,222	Pilgrim’s Pride Corp.*		138,123
	3,404	Post Holdings, Inc.*		371,376
	954	Sanderson Farms, Inc.		168,114
	29	Seaboard Corp.		123,266
	677	Seneca Foods Corp., Class A*		27,615
	3,045	Simply Good Foods Co. (The)*		86,904
	1,842	Tootsie Roll Industries, Inc.^		62,886
	2,341	TreeHouse Foods, Inc.*		113,539
	4,611	Tyson Foods, Inc., Class A		419,784

				7,162,023

Gas Utilities (0.3%):
	1,751	Atmos Energy Corp.		195,866
	900	Chesapeake Utilities Corp.		86,247
	2,716	National Fuel Gas Co.		126,403
	3,160	New Jersey Resources Corp.		140,841
	1,115	Northwest Natural Holding Co.		82,209
	1,624	ONE Gas, Inc.		151,958
	232	RGC Resources, Inc.		6,631
	2,958	South Jersey Industries, Inc.		97,555
	1,754	Southwest Gas Holdings, Inc.		133,251
	1,545	Spire, Inc.		128,714
	3,695	UGI Corp.		166,866

				1,316,541

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies (2.3%):
	15,845	Abbott Laboratories	$	1,376,296
	771	ABIOMED, Inc.*		131,525
	2,269	Accuray, Inc.*		6,399
	1,170	Align Technology, Inc.*		326,477
	2,726	AngioDynamics, Inc.*		43,643
	955	Anika Therapeutics, Inc.*		49,517
	66	Atrion Corp.		49,599
	1,897	Avanos Medical, Inc.*		63,929
	4,834	Baxter International, Inc.		404,219
	1,987	Becton Dickinson & Co.		540,403
	7,099	Boston Scientific Corp.*		321,017
	1,208	Cantel Medical Corp.		85,647
	1,289	CONMED Corp.		144,149
	716	Cooper Cos., Inc. (The)		230,044
	1,619	CryoLife, Inc.*		43,859
	4,107	Danaher Corp.		630,341
	4,082	Dentsply Sirona, Inc.		231,000
	693	DexCom, Inc.*		151,587
	1,586	Edwards Lifesciences Corp.*		369,998
	1,790	Envista Holdings Corp.*		53,056
	1,966	Globus Medical, Inc., Class A*		115,758
	1,463	Haemonetics Corp.*		168,099
	392	Heska Corp.*		37,608
	1,867	Hill-Rom Holdings, Inc.		211,961
	5,682	Hologic, Inc.*		296,657
	508	ICU Medical, Inc.*		95,057
	1,650	IDEXX Laboratories, Inc.*		430,865
	433	Inogen, Inc.*		29,587
	489	Insulet Corp.*		83,717
	1,457	Integer Holdings Corp.*		117,187
	1,042	Integra LifeSciences Holdings Corp.*		60,728
	891	Intuitive Surgical, Inc.*		526,715
	2,327	Invacare Corp.		20,990
	1,705	Lantheus Holdings, Inc.*		34,970
	809	LeMaitre Vascular, Inc.		29,084
	1,168	LivaNova plc*		88,102
	1,479	Masimo Corp.*		233,771
	9,563	Medtronic plc		1,084,921
	3,164	Meridian Bioscience, Inc.		30,912
	1,466	Merit Medical Systems, Inc.*		45,769
	1,935	Natus Medical, Inc.*		63,836
	804	Neogen Corp.*		52,469
	1,366	NuVasive, Inc.*		105,646
	481	Nuvectra Corp.*		46
	2,205	OraSure Technologies, Inc.*		17,706
	1,074	Orthofix Medical, Inc.*		49,597
	285	Penumbra, Inc.*		46,817
	700	Quidel Corp.*		52,521
	2,826	ResMed, Inc.		437,945
	3,310	RTI Surgical, Inc.*		9,069
	624	SeaSpine Holdings Corp.*		7,494
	1,207	Steris plc		183,971
	2,573	Stryker Corp.		540,176
	750	Teleflex, Inc.		282,330
	227	Utah Medical Products, Inc.		24,493
	1,961	Varex Imaging Corp.*		58,457


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	1,458	Varian Medical Systems, Inc.*	$	207,051
	1,157	West Pharmaceutical Services, Inc.		173,932
	1,714	Zimmer Biomet Holdings, Inc.		256,552

				11,565,271

Health Care Providers & Services (2.8%):
	3,551	Acadia Healthcare Co., Inc.*		117,964
	634	Addus HomeCare Corp.*		61,637
	801	Amedisys, Inc.*		133,703
	2,339	AmerisourceBergen Corp.		198,862
	1,394	AMN Healthcare Services, Inc.*		86,860
	2,880	Anthem, Inc.		869,846
	724	BioTelemetry, Inc.*		33,521
	9,264	Brookdale Senior Living, Inc.*		67,349
	5,903	Cardinal Health, Inc.		298,574
	5,646	Centene Corp.*		354,964
	497	Chemed Corp.		218,312
	6,310	Cigna Corp.		1,290,333
	7,171	Community Health Systems, Inc.*		20,796
	922	CorVel Corp.*		80,546
	1,589	Covetrus, Inc.*^		20,975
	1,177	Cross Country Healthcare, Inc.*		13,677
	18,367	CVS Health Corp.		1,364,485
	5,046	DaVita, Inc.*		378,601
	4,148	Diplomat Pharmacy, Inc.*		16,592
	3,452	Encompass Health Corp.		239,120
	1,585	Ensign Group, Inc. (The)		71,911
	78	Five Star Senior Living, Inc.*		289
	1,531	Hanger, Inc.*		42,271
	3,078	HCA Healthcare, Inc.		454,959
	1,272	HealthEquity, Inc.*		94,217
	2,772	Henry Schein, Inc.*		184,948
	1,947	Humana, Inc.		713,614
	2,629	InfuSystems Holdings, Inc.*		22,425
	1,959	Laboratory Corp. of America Holdings*		331,404
	925	LHC Group, Inc.*		127,428
	1,471	Magellan Health, Inc.*		115,106
	3,805	McKesson Corp.		526,308
	3,346	MEDNAX, Inc.*		92,985
	1,417	Molina Healthcare, Inc.*		192,273
	1,075	National Healthcare Corp.		92,912
	1,219	National Research Corp.		80,381
	4,172	Owens & Minor, Inc.		21,569
	4,695	Patterson Cos., Inc.		96,154
	629	Petiq, Inc.*^		15,756
	2,269	Premier, Inc., Class A*		85,950
	835	Providence Service Corp.*		49,415
	2,544	Quest Diagnostics, Inc.		271,674
	2,518	RadNet, Inc.*		51,115
	2,778	Select Medical Holdings Corp.*		64,839
	2,133	Surgery Partners, Inc.*		33,392
	3,992	Tenet Healthcare Corp.*		151,816
	792	The Pennant Group, Inc.*		26,191
	2,390	Tivity Health, Inc.*		48,625
	1,303	Triple-S Management Corp., Class B*		24,092
	577	U.S. Physical Therapy, Inc.		65,980

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	11,374	UnitedHealth Group, Inc.	$	3,343,730
	2,273	Universal Health Services, Inc., Class B		326,085
	969	WellCare Health Plans, Inc.*		319,973

				14,006,504

Health Care Technology (0.2%):
	8,903	Allscripts Healthcare Solutions, Inc.*		87,383
	5,606	Cerner Corp.		411,425
	339	Computer Programs & Systems, Inc.		8,950
	4,037	Evolent Health, Inc., Class A*		36,535
	1,357	HealthStream, Inc.*		36,910
	3,154	HMS Holdings Corp.*		93,358
	2,464	NextGen Healthcare, Inc.*		39,596
	1,095	Omnicell, Inc.*		89,483
	1,047	Simulations Plus, Inc.		30,436
	1,142	Veeva Systems, Inc., Class A*		160,634

				994,710

Hotels, Restaurants & Leisure (2.2%):
	7,296	Aramark		316,646
	2,451	BBX Capital Corp.		11,691
	6	Biglari Holdings, Inc., Class A*		3,600
	67	Biglari Holdings, Inc., Class B*		7,666
	813	BJ’s Restaurants, Inc.		30,861
	3,499	Bloomin’ Brands, Inc.		77,223
	1,968	Brinker International, Inc.		82,656
	7,300	Caesars Entertainment Corp.*		99,280
	6,877	Carnival Corp., Class A		349,558
	2,943	Carrols Restaurant Group, Inc.*		20,748
	1,723	Century Casinos, Inc.*		13,646
	2,158	Cheesecake Factory, Inc. (The)		83,860
	140	Chipotle Mexican Grill, Inc.*		117,195
	1,693	Choice Hotels International, Inc.^		175,107
	582	Churchill Downs, Inc.		79,850
	1,178	Chuy’s Holdings, Inc.*		30,534
	1,026	Cracker Barrel Old Country Store, Inc.		157,737
	2,832	Darden Restaurants, Inc.		308,716
	1,410	Dave & Buster’s Entertainment, Inc.		56,640
	2,144	Del Taco Restaurants, Inc.*		16,948
	2,291	Denny’s Corp.*		45,545
	684	Dine Brands Global, Inc.		57,128
	693	Domino’s Pizza, Inc.		203,590
	2,246	Dunkin’ Brands Group, Inc.		169,663
	1,288	El Pollo Loco Holdings, Inc.*		19,500
	1,112	Eldorado Resorts, Inc.*^		66,320
	1,277	Fiesta Restaurant Group, Inc.*		12,630
	624	Habit Restaurants, Inc. (The), Class A*		6,508
	2,724	Hilton Grand Vacations, Inc.*		93,678
	3,183	Hilton Worldwide Holdings, Inc.		353,027
	1,051	Hyatt Hotels Corp., Class A		94,285
	6,233	International Game Technology plc		93,308
	721	Jack in the Box, Inc.		56,260
	6,925	Las Vegas Sands Corp.		478,102
	2,136	Luby’s, Inc.*		4,699
	3,634	Marriott International, Inc., Class A		550,297
	1,381	Marriott Vacations Worldwide Corp.		177,818
	8,276	McDonald’s Corp.		1,635,420


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	10,392	MGM Resorts International	$	345,742
	341	Nathans Famous, Inc.		24,170
	5,162	Norwegian Cruise Line Holdings, Ltd.*		301,512
	1,596	Papa John’s International, Inc.		100,787
	2,376	Penn National Gaming, Inc.*		60,731
	2,093	Planet Fitness, Inc.*		156,305
	3,664	Playa Hotels & Resorts NV*		30,778
	763	Potbelly Corp.*		3,220
	1,501	Red Lion Hotels Corp.*		5,599
	878	Red Robin Gourmet Burgers*		28,992
	1,400	Red Rock Resorts, Inc.		33,530
	2,548	Royal Caribbean Cruises, Ltd.		340,183
	2,527	Ruth’s Hospitality Group, Inc.		55,000
	3,394	Scientific Games Corp., Class A*		90,891
	2,359	SeaWorld Entertainment, Inc.*		74,804
	1,629	Six Flags Entertainment Corp.		73,484
	13,021	Starbucks Corp.		1,144,806
	2,721	Texas Roadhouse, Inc., Class A		153,247
	1,604	Town Sports International Holdings, Inc.*		2,743
	633	Vail Resorts, Inc.		151,812
	8,057	Wendy’s Co. (The)		178,946
	898	Wingstop, Inc.		77,435
	3,177	Wyndham Destinations, Inc.		164,219
	3,177	Wyndham Hotels & Resorts, Inc.		199,547
	2,056	Wynn Resorts, Ltd.		285,517
	3,672	Yum! Brands, Inc.		369,881

				10,611,821

Household Durables (0.9%):
	1,886	Beazer Homes USA, Inc.*		26,649
	511	Cavco Industries, Inc.*		99,839
	1,523	Century Communities, Inc.*		41,654
	6,885	D.R. Horton, Inc.		363,183
	1,137	Dixie Group, Inc. (The)*		1,296
	1,910	Ethan Allen Interiors, Inc.		36,405
	431	Flexsteel Industries, Inc.		8,586
	2,780	Garmin, Ltd.		271,217
	2,761	GoPro, Inc., Class A*^		11,983
	2,219	Green Brick Partners, Inc.*		25,474
	911	Helen of Troy, Ltd.*		163,789
	500	Hooker Furniture Corp.		12,845
	1,333	Installed Building Products, Inc.*		91,804
	931	iRobot Corp.*^		47,137
	4,456	KB Home		152,707
	2,231	La-Z-Boy, Inc.		70,232
	4,024	Leggett & Platt, Inc.		204,540
	3,994	Lennar Corp., Class A		222,825
	119	Lennar Corp., Class B		5,319
	1,206	LGI Homes, Inc.*		85,204
	1,627	Libbey, Inc.*		2,359
	1,017	Lifetime Brands, Inc.		7,068
	2,531	M.D.C. Holdings, Inc.		96,583
	1,880	M/I Homes, Inc.*		73,978
	3,168	Meritage Corp.*		193,596
	1,447	Mohawk Industries, Inc.*		197,342
	2,791	Newell Brands, Inc.		53,643
	69	NVR, Inc.*		262,780

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	7,610	PulteGroup, Inc.	$	295,268
	2,933	Skyline Champion Corp.*		92,976
	5,496	Taylor Morrison Home Corp., Class A*		120,143
	1,501	Tempur Sealy International, Inc.*		130,677
	2,183	Toll Brothers, Inc.		86,250
	2,208	TopBuild Corp.*		227,601
	4,276	TRI Pointe Group, Inc.*		66,620
	2,153	Tupperware Brands Corp.		18,473
	718	Universal Electronics, Inc.*		37,523
	1,966	Whirlpool Corp.		290,044
	2,147	William Lyon Homes, Class A*		42,897
	1,918	Zagg, Inc.*^		15,555

				4,254,064

Household Products (1.1%):
	2,899	Central Garden & Pet Co., Class A*		85,115
	3,967	Church & Dwight Co., Inc.		279,039
	2,408	Clorox Co. (The)		369,724
	9,432	Colgate-Palmolive Co.		649,299
	3,853	Kimberly-Clark Corp.		529,980
	333	Oil-Dri Corp of America		12,071
	27,268	Procter & Gamble Co. (The)		3,405,774
	2,129	Spectrum Brands Holdings, Inc.		136,873
	295	WD-40 Co.		57,271

				5,525,146

Independent Power and Renewable Electricity Producers (0.2%):
	11,888	AES Corp. (The)		236,571
	5,810	Atlantic Power Corp.*		13,537
	4,440	Atlantica Yield plc		117,172
	1,323	Clearway Energy, Inc., Class A		25,296
	2,753	Clearway Energy, Inc., Class C		54,922
	3,849	NRG Energy, Inc.		152,998
	2,058	Ormat Technologies, Inc.		153,362
	3,788	Pattern Energy Group, Inc.		101,348
	10,243	Vistra Energy Corp.		235,487

				1,090,693

Industrial Conglomerates (0.9%):
	9,625	3M Co.		1,698,042
	1,602	Carlisle Cos., Inc.		259,268
	53,601	General Electric Co.		598,187
	8,521	Honeywell International, Inc.		1,508,217
	1,736	Raven Industries, Inc.		59,823
	876	Roper Technologies, Inc.		310,305

				4,433,842

Insurance (2.9%):
	8,732	Aflac, Inc.		461,923
	275	Alleghany Corp.*		219,882
	5,169	Allstate Corp. (The)		581,254
	2,395	AMBAC Financial Group, Inc.*		51,660
	3,511	American Equity Investment Life Holding Co.		105,084
	1,597	American Financial Group, Inc.		175,111
	9,027	American International Group, Inc.		463,356
	409	American National Insurance Co.		48,131
	907	Amerisafe, Inc.		59,889
	3,137	Aon plc		653,407
	5,730	Arch Capital Group, Ltd.*		245,760


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	1,501	Argo Group International Holdings, Ltd.	$	98,691
	3,560	Arthur J. Gallagher & Co.		339,019
	1,955	Assurant, Inc.		256,261
	3,247	Assured Guaranty, Ltd.		159,168
	1,196	Athene Holding, Ltd.*		56,248
	2,351	Axis Capital Holdings, Ltd.		139,743
	1,029	Brighthouse Financial, Inc.*		40,368
	5,788	Brown & Brown, Inc.		228,510
	4,915	Chubb, Ltd.		765,070
	2,852	Cincinnati Financial Corp.		299,888
	2,176	Citizens, Inc.*		14,688
	1,199	CNA Financial Corp.		53,727
	2,354	Crawford & Co.		23,893
	2,915	Crawford & Co., Class A		33,435
	1,631	Donegal Group, Inc., Class A		24,171
	800	eHealth, Inc.*		76,864
	1,993	Employers Holdings, Inc.		83,208
	447	Enstar Group, Ltd.*		92,466
	664	Erie Indemnity Co., Class A		110,224
	748	Everest Re Group, Ltd.		207,076
	1,025	FBL Financial Group, Inc., Class A		60,403
	1,054	FedNat Holding Co.		17,528
	4,594	First American Financial Corp.		267,922
	5,437	FNF Group		246,568
	21,335	Genworth Financial, Inc., Class A*		93,874
	695	Global Indemnity, Ltd.		20,593
	1,775	Globe Life, Inc.		186,819
	2,383	Greenlight Capital Re, Ltd.*		24,092
	1,469	Hallmark Financial Services, Inc.*		25,810
	1,263	Hanover Insurance Group, Inc. (The)		172,614
	7,229	Hartford Financial Services Group, Inc. (The)		439,306
	397	HCI Group, Inc.		18,123
	387	Heritage Insurance Holdings, Inc.		5,128
	2,388	Horace Mann Educators Corp.		104,260
	1,317	Independence Holding Co.		55,419
	153	Investors Title Co.		24,358
	1,283	James River Group Holdings		52,872
	2,246	Kemper Corp.		174,065
	3,599	Lincoln National Corp.		212,377
	5,372	Loews Corp.		281,976
	5,556	Maiden Holdings, Ltd.*		4,167
	281	Markel Corp.*		321,231
	5,780	Marsh & McLennan Cos., Inc.		643,950
	1,688	Mercury General Corp.		82,256
	8,570	MetLife, Inc.		436,813
	4,959	National General Holdings Corp.		109,594
	162	National Western Life Group, Inc., Class A		47,123
	9,717	Old Republic International Corp.		217,369
	1,995	Primerica, Inc.		260,467
	5,300	Principal Financial Group, Inc.		291,500
	2,111	ProAssurance Corp.		76,292
	6,434	Progressive Corp. (The)		465,757
	4,383	Prudential Financial, Inc.		410,862
	1,023	Reinsurance Group of America, Inc.		166,810
	1,433	RenaissanceRe Holdings, Ltd.		280,898
	1,252	RLI Corp.		112,705

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	854	Safety Insurance Group, Inc.	$	79,021
	2,198	Selective Insurance Group, Inc.		143,288
	2,664	State Auto Financial Corp.		82,637
	1,761	Stewart Information Services Corp.		71,831
	5,145	Third Point Reinsurance, Ltd.*		54,125
	1,767	Tiptree, Inc., Class A		14,383
	5,063	Travelers Cos., Inc. (The)		693,379
	1,438	United Fire Group, Inc.		62,884
	2,794	United Insurance Holdings Co.		35,232
	1,869	Universal Insurance Holdings, Inc.		52,313
	3,102	Unum Group		90,454
	140	White Mountains Insurance Group, Ltd.		156,171
	911	Willis Towers Watson plc		183,967
	3,121	WR Berkley Corp.		215,661

				14,515,422

Interactive Media & Services (2.7%):
	2,399	Alphabet, Inc., Class A*		3,213,197
	2,477	Alphabet, Inc., Class C*		3,311,798
	1,229	Cargurus, Inc.*		43,236
	3,783	Cars.com, Inc.*		46,228
	2,881	DHI Group, Inc.*		8,672
	28,959	Facebook, Inc., Class A*		5,943,834
	583	IAC/InterActiveCorp.*		145,231
	5,384	Liberty TripAdvisor Holdings, Inc., Class A*		39,572
	1,146	Match Group, Inc.*^		94,098
	1,563	QuinStreet, Inc.*		23,930
	2,297	The Meet Group, Inc. (The)*		11,508
	1,344	Travelzoo, Inc.*		14,381
	2,514	TripAdvisor, Inc.		76,375
	6,966	TrueCar, Inc.*		33,089
	6,535	Twitter, Inc.*		209,447
	2,068	Yelp, Inc.*		72,028
	664	Zedge, Inc., Class B*		1,023
	1,125	Zillow Group, Inc., Class A*		51,458
	2,298	Zillow Group, Inc., Class C*^		105,570

				13,444,675

Internet & Direct Marketing Retail (2.6%):
	2,093	1-800 Flowers.com, Inc., Class A*		30,349
	5,634	Amazon.com, Inc.*		10,410,731
	593	Booking Holdings, Inc.*		1,217,862
	13,047	eBay, Inc.		471,127
	800	Etsy, Inc.*		35,440
	2,413	Expedia Group, Inc.		260,942
	4,200	Groupon, Inc.*		10,038
	1,546	Grubhub, Inc.*^		75,197
	2,242	Lands’ End, Inc.*		37,666
	1,546	Leaf Group, Ltd.*		6,184
	1,736	Liquidity Services, Inc.*		10,347
	1,164	PetMed Express, Inc.^		27,377
	4,088	Quotient Technology, Inc.*		40,308
	8,810	Qurate Retail, Inc., Class A*		74,268
	981	Shutterstock, Inc.*		42,065
	585	Stamps.com, Inc.*		48,859
	1,006	Wayfair, Inc., Class A*^		90,912

				12,889,672


Shares			Fair Value
Common Stocks, continued
IT Services (4.5%):
	8,224	Accenture plc, Class C	$	1,731,728
	3,427	Akamai Technologies, Inc.*		296,024
	2,523	Alliance Data Systems Corp.		283,081
	2,873	Amdocs, Ltd.		207,402
	6,220	Automatic Data Processing, Inc.		1,060,510
	3,092	Black Knight, Inc.*		199,372
	3,165	Booz Allen Hamilton Holding Corp.		225,126
	2,371	Broadridge Financial Solutions, Inc.		292,913
	843	CACI International, Inc., Class A*		210,742
	2,591	Cardtronics plc*		115,688
	687	Cass Information Systems, Inc.		39,667
	5,920	Cognizant Technology Solutions Corp., Class A		367,158
	6,347	Conduent, Inc.*		39,351
	2,751	CoreLogic, Inc.*		120,246
	1,424	CSG Systems International, Inc.		73,735
	5,461	DXC Technology Co.		205,279
	513	Endurance International Group Holdings, Inc.*		2,411
	577	Epam Systems, Inc.*		122,416
	1,953	Euronet Worldwide, Inc.*		307,715
	2,060	Evertec, Inc.		70,122
	1,320	Exlservice Holdings, Inc.*		91,687
	5,231	Fidelity National Information Services, Inc.		727,580
	4,710	Fiserv, Inc.*		544,617
	1,288	FleetCor Technologies, Inc.*		370,583
	609	Gartner, Inc.*		93,847
	6,266	Genpact, Ltd.		264,237
	2,507	Global Payments, Inc.		457,678
	2,153	GoDaddy, Inc., Class A*		146,232
	2,548	GTT Communications, Inc.*^		28,920
	1,357	Hackett Group, Inc. (The)		21,902
	821	Internap Corp.*		903
	16,183	International Business Machines Corp.		2,169,169
	1,269	Jack Henry & Associates, Inc.		184,855
	5,179	KBR, Inc.		157,960
	3,050	Leidos Holdings, Inc.		298,565
	2,160	Limelight Networks, Inc.*		8,813
	1,817	LiveRamp Holdings, Inc.*		87,343
	1,140	ManTech International Corp., Class A		91,063
	12,605	MasterCard, Inc., Class A		3,763,728
	2,057	Maximus, Inc.		153,020
	403	MongoDB, Inc.*		53,039
	3,759	NIC, Inc.		84,014
	839	Okta, Inc.*		96,795
	4,250	Paychex, Inc.		361,505
	8,338	PayPal Holdings, Inc.*		901,921
	2,322	Perficient, Inc.*		106,975
	1,985	Perspecta, Inc.		52,483
	840	PFSweb, Inc.*		3,209
	6,698	Sabre Corp.		150,303
	1,873	Science Applications International Corp.		162,988
	3,035	Servicesource International, Inc.*		5,068
	3,966	Steel Connect, Inc.*		5,790
	2,283	Sykes Enterprises, Inc.*		84,448
	3,331	Teradata Corp.*		89,171
	2,575	TTEC Holdings, Inc.		102,022
	3,021	Unisys Corp.*		35,829

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
IT Services, continued
	1,735	VeriSign, Inc.*	$	334,300
	1,675	Virtusa Corp.*		75,928
	20,184	Visa, Inc., Class A		3,792,575
	9,515	Western Union Co.		254,812
	662	WEX, Inc.*		138,663

				22,525,226

Leisure Products (0.2%):
	3,430	Acushnet Holdings Corp.		111,475
	3,582	American Outdoor Brands Corp.*		33,241
	2,964	Brunswick Corp.		177,781
	3,826	Callaway Golf Co.		81,111
	658	Escalade, Inc.		6,468
	1,907	Hasbro, Inc.		201,398
	503	Johnson Outdoors, Inc., Class A		38,580
	531	Malibu Boats, Inc.*		21,744
	662	Marine Products Corp.		9,533
	6,035	Mattel, Inc.*^		81,774
	1,932	Nautilus Group, Inc.*		3,381
	2,101	Polaris, Inc.		213,673
	2,859	Vista Outdoor, Inc.*		21,385

				1,001,544

Life Sciences Tools & Services (0.9%):
	4,857	Agilent Technologies, Inc.		414,351
	427	Bio-Rad Laboratories, Inc., Class A*		158,003
	954	Bio-Techne Corp.		209,413
	5,159	Bruker Corp.		262,954
	1,808	Charles River Laboratories International, Inc.*		276,190
	1,979	Harvard Bioscience, Inc.*		6,036
	1,139	Illumina, Inc.*		377,852
	2,504	IQVIA Holdings, Inc.*		386,893
	2,457	Luminex Corp.		56,904
	1,150	Medpace Holdings, Inc.*		96,669
	465	Mettler-Toledo International, Inc.*		368,875
	1,400	Neogenomics, Inc.*		40,950
	1,490	PerkinElmer, Inc.		144,679
	1,655	PRA Health Sciences, Inc.*		183,953
	2,622	Syneos Health, Inc.*		155,943
	3,326	Thermo Fisher Scientific, Inc.		1,080,517
	1,230	Waters Corp.*		287,390

				4,507,572

Machinery (3.0%):
	2,898	Actuant Corp., Class A		75,435
	4,145	AGCO Corp.		320,201
	228	Alamo Group, Inc.		28,625
	737	Albany International Corp., Class A		55,953
	4,381	Allison Transmission Holdings, Inc.		211,690
	2,614	Altra Industrial Motion Corp.		94,653
	929	Astec Industries, Inc.		39,018
	1,993	Barnes Group, Inc.		123,486
	837	Blue Bird Corp.*		19,184
	2,517	Briggs & Stratton Corp.		16,763
	10,638	Caterpillar, Inc.		1,571,019
	1,019	Chart Industries, Inc.*		68,772
	1,284	CIRCOR International, Inc.*		59,372
	4,064	Colfax Corp.*		147,848
	1,526	Columbus McKinnon Corp.		61,086


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	2,706	Commercial Vehicle Group, Inc.*	$	17,183
	1,945	Crane Co.		168,009
	3,972	Cummins, Inc.		710,828
	4,084	Deere & Co.		707,594
	562	DMC Global, Inc.^		25,256
	4,360	Donaldson Co., Inc.		251,223
	1,324	Douglas Dynamics, Inc.		72,820
	2,877	Dover Corp.		331,603
	1,120	EnPro Industries, Inc.		74,906
	951	ESCO Technologies, Inc.		87,968
	2,959	Federal Signal Corp.		95,428
	3,108	Flowserve Corp.		154,685
	3,574	Fortive Corp.		273,018
	1,521	Franklin Electric Co., Inc.		87,184
	694	FreightCar America, Inc.*		1,437
	2,740	Gardner Denver Holdings, Inc.*		100,503
	889	Gencor Industries, Inc.*		10,375
	1,617	Gorman-Rupp Co. (The)		60,638
	4,423	Graco, Inc.		229,996
	2,503	Harsco Corp.*		57,594
	1,370	Helios Technologies, Inc.		63,335
	4,005	Hillenbrand, Inc.		133,407
	490	Hurco Cos, Inc.		18,796
	896	Hyster-Yale Materials Handling, Inc., Class A		52,828
	1,615	IDEX Corp.		277,780
	4,695	Illinois Tool Works, Inc.		843,362
	2,925	Ingersoll-Rand plc		388,791
	3,590	ITT, Inc.		265,337
	1,157	John Bean Technologies Corp.		130,348
	598	Kadant, Inc.		62,993
	2,960	Kennametal, Inc.		109,194
	787	L.B. Foster Co., Class A*		15,252
	1,806	Lincoln Electric Holdings, Inc.		174,694
	539	Lindsay Corp.		51,739
	774	Lydall, Inc.*		15,882
	1,213	Manitex International, Inc.*		7,217
	2,529	Manitowoc Co., Inc. (The)*		44,258
	4,260	Meritor, Inc.*		111,569
	1,601	Middleby Corp. (The)*		175,342
	2,406	Mueller Industries, Inc.		76,391
	7,183	Mueller Water Products, Inc., Class A		86,052
	2,868	Navistar International Corp.*		83,000
	1,258	NN, Inc.		11,637
	1,155	Nordson Corp.		188,080
	158	Omega Flex, Inc.		16,952
	2,269	Oshkosh Corp.		214,761
	8,569	PACCAR, Inc.		677,808
	2,496	Parker Hannifin Corp.		513,727
	1,058	Park-Ohio Holdings Corp.		35,602
	5,836	Pentair plc		267,697
	976	Proto Labs, Inc.*		99,113
	660	RBC Bearings, Inc.*		104,504
	5,687	REV Group, Inc.		69,552
	5,156	Rexnord Corp.*		168,189
	1,567	Snap-On, Inc.		265,450
	612	Spartan Motors, Inc.		11,065
	1,562	SPX Corp.*		79,475

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	2,004	SPX FLOW, Inc.*	$	97,935
	775	Standex International Corp.		61,496
	1,547	Stanley Black & Decker, Inc.		256,400
	793	Tennant Co.		61,791
	3,523	Terex Corp.		104,915
	1,612	The Greenbrier Cos., Inc.		52,277
	3,355	Timken Co.		188,920
	3,046	Titan International, Inc.		11,027
	3,651	Toro Co.		290,875
	2,213	TriMas Corp.*		69,510
	5,158	Trinity Industries, Inc.		114,250
	4,006	Wabash National Corp.		58,848
	1,380	WABCO Holdings, Inc.*		186,990
	2,490	Wabtec Corp.		193,722
	960	Watts Water Technologies, Inc., Class A		95,770
	4,275	Welbilt, Inc.*		66,733
	2,272	Woodward, Inc.		269,096
	3,852	Xylem, Inc.		303,499

				14,806,586

Marine (0.1%):
	7,028	Costamare, Inc.		66,977
	1,680	Eagle Bulk Shipping, Inc.*^		7,728
	1,300	Genco Shipping & Trading, Ltd.		13,806
	1,331	Golden Ocean Group, Ltd.		7,733
	1,948	Kirby Corp.*		174,404
	1,541	Matson, Inc.		62,873
	1,478	Scorpio Bulkers, Inc.		9,415

				342,936

Media (2.0%):
	1,468	A.H. Belo Corp., Class A		4,140
	5,437	Altice USA, Inc., Class A*		148,648
	2,029	AMC Networks, Inc., Class A*		80,146
	270	Cable One, Inc.		401,887
	2,157	Charter Communications, Inc., Class A*		1,046,317
	1,661	Clear Channel Outdoor Holdings, Inc.*		4,750
	65,295	Comcast Corp., Class A		2,936,315
	2,952	comScore, Inc.*		14,583
	9,189	Discovery Communications, Inc., Class C*		280,173
	4,071	Discovery, Inc., Class A*^		133,285
	5,909	DISH Network Corp., Class A*		209,592
	4,131	E.W. Scripps Co. (The), Class A		64,898
	4,691	Emerald Expositions Events, Inc.		49,490
	8,164	Entercom Communications Corp.		37,881
	4,792	Entravision Communications Corp., Class A		12,555
	6,577	Fox Corp., Class A		243,809
	4,728	Fox Corp., Class B		172,099
	7,573	Gannett Co, Inc.		48,316
	3,660	GCI Liberty, Inc., Class A*		259,311
	4,886	Gray Television, Inc.*		104,756
	13,729	Interpublic Group of Cos., Inc. (The)		317,140
	1,262	John Wiley & Sons, Inc., Class A		61,232
	192	John Wiley & Sons, Inc., Class B		8,911
	563	Liberty Broadband Corp., Class A*		70,127
	2,655	Liberty Broadband Corp., Class C*		333,866
	1,489	Liberty Latin America, Ltd.*		28,738


Shares			Fair Value
Common Stocks, continued
Media, continued
	3,100	Liberty Latin America, Ltd., Class C*	$	60,326
	2,477	Liberty SiriusXM Group, Class A*		119,738
	4,373	Liberty SiriusXM Group, Class C*		210,516
	143	Loral Space & Communications*		4,622
	2,502	Marchex, Inc., Class B*		9,458
	1,649	Meredith Corp.		53,543
	3,759	MSG Networks, Inc., Class A*		65,407
	3,726	National CineMedia, Inc.		27,163
	3,530	New York Times Co. (The), Class A		113,560
	9,481	News Corp., Class A		134,061
	2,563	News Corp., Class B		37,189
	2,115	Nexstar Media Group, Inc., Class A		247,984
	5,196	Omnicom Group, Inc.		420,980
	1,853	Scholastic Corp.		71,248
	5,191	Sinclair Broadcast Group, Inc., Class A		173,068
	17,733	Sirius XM Holdings, Inc.		126,791
	1,895	TechTarget, Inc.*		49,460
	8,978	Tegna, Inc.		149,843
	933	Tribune Publishing Co.		12,278
	16,141	ViacomCBS, Inc., B		677,437
	445	ViacomCBS, Inc., Class A^		19,967

				9,857,604

Metals & Mining (0.7%):
	16,272	AK Steel Holding Corp.*		53,535
	6,163	Alcoa Corp.*		132,566
	4,528	Allegheny Technologies, Inc.*		93,548
	799	Ampco-Pittsburgh Corp.*		2,405
	2,296	Carpenter Technology Corp.		114,295
	4,968	Century Aluminum Co.*		37,335
	6,542	Cleveland-Cliffs, Inc.^		54,953
	12,366	Coeur Mining, Inc.*		99,917
	6,147	Commercial Metals Co.		136,894
	1,713	Compass Minerals International, Inc.		104,424
	7,323	Ferroglobe plc*		6,884
	9,823	Ferroglobe Unit*(a)		—
	25,395	Freeport-McMoRan, Inc.		333,182
	2,945	Gold Resource Corp.		16,315
	943	Haynes International, Inc.		33,741
	23,972	Hecla Mining Co.		81,265
	151	Kaiser Aluminum Corp.		16,744
	1,359	Materion Corp.		80,793
	12,309	McEwen Mining, Inc.		15,632
	9,007	Newmont Goldcorp Corp.		391,353
	6,254	Nucor Corp.		351,975
	700	Olympic Steel, Inc.		12,544
	2,353	Reliance Steel & Aluminum Co.		281,795
	2,119	Royal Gold, Inc.		259,048
	1,500	Ryerson Holding Corp.*		17,745
	1,365	Schnitzer Steel Industries, Inc., Class A		29,593
	1,772	Southern Copper Corp.		75,275
	11,019	Steel Dynamics, Inc.		375,087
	3,673	SunCoke Energy, Inc.		22,883
	701	Synalloy Corp.*		9,050
	2,052	TimkenSteel Corp.*		16,129
	7,131	United States Steel Corp.^		81,365
	548	Universal Stainless & Alloy Products, Inc.*		8,165

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	4,099	Warrior Met Coal, Inc.	$	86,612
	2,198	Worthington Industries, Inc.		92,712

				3,525,759

Multiline Retail (0.7%):
	2,583	Big Lots, Inc.		74,184
	1,248	Dillard’s, Inc., Class A^		91,703
	3,091	Dollar General Corp.		482,134
	4,739	Dollar Tree, Inc.*		445,703
	18,758	J.C. Penney Co., Inc.*		21,009
	6,791	Kohl’s Corp.		346,001
	15,105	Macy’s, Inc.^		256,785
	5,858	Nordstrom, Inc.^		239,768
	2,055	Ollie’s Bargain Outlet Holdings, Inc.*		134,212
	9,357	Target Corp.		1,199,661

				3,291,160

Multi-Utilities (0.8%):
	3,944	Ameren Corp.		302,899
	1,884	Avista Corp.		90,602
	1,784	Black Hills Corp.		140,115
	7,105	CenterPoint Energy, Inc.		193,753
	4,589	CMS Energy Corp.		288,373
	3,650	Consolidated Edison, Inc.		330,216
	9,272	Dominion Energy, Inc.		767,906
	2,856	DTE Energy Co.		370,909
	7,317	MDU Resources Group, Inc.		217,388
	6,403	NiSource, Inc.		178,260
	1,765	NorthWestern Corp.		126,498
	5,413	Public Service Enterprise Group, Inc.		319,638
	2,131	Sempra Energy		322,804
	844	Unitil Corp.		52,176
	4,178	WEC Energy Group, Inc.		385,336

				4,086,873

Oil, Gas & Consumable Fuels (3.9%):
	7,900	Abraxas Petroleum Corp.*		2,774
	332	Adams Resources & Energy, Inc.		12,639
	7,652	Antero Resources Corp.*		21,808
	8,444	Apache Corp.		216,082
	1,256	Arch Coal, Inc.		90,105
	1,988	Berry Petroleum Corp.		18,747
	1,149	Bonanza Creek Energy, Inc.*		26,818
	7,819	Cabot Oil & Gas Corp.		136,129
	275	California Resources Corp.*^		2,483
	28,192	Callon Petroleum Co.*		136,167
	6,243	Centennial Resource Development, Inc., Class A*		28,843
	3,933	Cheniere Energy, Inc.*		240,188
	40,762	Chesapeake Energy Corp.*		33,653
	30,418	Chevron Corp.		3,665,672
	1,737	Cimarex Energy Co.		91,175
	7,534	Clean Energy Fuel Corp.*		17,630
	10,708	CNX Resources Corp.*		94,766
	3,437	Concho Resources, Inc.		300,978
	17,974	ConocoPhillips Co.		1,168,848
	1,846	CONSOL Energy, Inc.*		26,785
	1,423	Contango Oil & Gas Co.*^		5,222
	1,170	Continental Resources, Inc.		40,131


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	3,223	CVR Energy, Inc.	$	130,306
	4,054	Delek US Holdings, Inc.		135,931
	35,565	Denbury Resources, Inc.*		50,147
	7,602	Devon Energy Corp.		197,424
	8,860	DHT Holdings, Inc.		73,361
	3,063	Diamondback Energy, Inc.		284,430
	107	Dorian LPG, Ltd.*		1,656
	2,885	Energy Transfer LP		37,015
	5,391	Enlink Midstream LLC		33,047
	7,578	EOG Resources, Inc.		634,732
	3,515	EQT Corp.		38,314
	2,812	Equitrans Midstream Corp.		37,568
	5,493	Extraction Oil & Gas, Inc.*^		11,645
	60,879	Exxon Mobil Corp.		4,248,136
	4,505	Gaslog, Ltd.		44,104
	2,514	Green Plains, Inc.		38,791
	8,600	Gulfport Energy Corp.*		26,144
	2,222	Hallador Energy Co.		6,599
	5,198	Hess Corp.		347,278
	10,617	HighPoint Resources Corp.*		17,943
	5,967	HollyFrontier Corp.		302,587
	1,180	International Seaways, Inc.*		35,117
	3,393	Jagged Peak Energy, Inc.*		28,807
	23,531	Kinder Morgan, Inc.		498,151
	17,233	Kosmos Energy, Ltd.		98,228
	12,195	Laredo Petroleum, Inc.*		35,000
	17,859	Marathon Oil Corp.		242,525
	8,975	Marathon Petroleum Corp.		540,744
	6,316	Matador Resources Co.*		113,499
	1,037	Montage Resources Corp.*^		8,234
	6,993	Murphy Oil Corp.		187,412
	7,953	Noble Energy, Inc.		197,553
	10,234	Northern Oil & Gas, Inc.*		23,948
	11,184	Oasis Petroleum, Inc.*		36,460
	13,641	Occidental Petroleum Corp.		562,146
	5,286	ONEOK, Inc.		399,992
	2,263	Pacific Ethanol, Inc.*		1,471
	1,401	Panhandle Oil & Gas, Inc., Class A		15,705
	2,936	PAR Pacific Holdings, Inc.*		68,233
	5,375	Parsley Energy, Inc., Class A		101,641
	5,640	PBF Energy, Inc., Class A		176,927
	3,182	PDC Energy, Inc.*		83,273
	4,173	Peabody Energy Corp.		38,058
	787	Penn Virginia Corp.*		23,885
	5,076	Phillips 66		565,517
	2,116	Pioneer Natural Resources Co.		320,299
	6	PrimeEnergy Resources Corp.*		908
	11,578	QEP Resources, Inc.		52,101
	4,715	Range Resources Corp.^		22,868
	3,344	Renewable Energy Group, Inc.*		90,121
	374	REX American Resources Corp.*		30,653
	1,820	Ring Energy, Inc.*		4,805
	3,448	Scorpio Tankers, Inc.		135,644
	6,460	SFL Corp., Ltd.		93,929
	6,397	SM Energy Co.		71,902
	22,197	Southwestern Energy Co.*		53,717

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	14,755	SRC Energy, Inc.*	$	60,791
	3,310	Talos Energy, Inc.*		99,797
	4,483	Targa Resources Corp.		183,041
	6,407	Teekay Shipping Corp.^		34,085
	1,031	Teekay Tankers, Ltd., Class A*		24,713
	4,967	Valero Energy Corp.		465,160
	6,207	Whiting Petroleum Corp.*		45,559
	8,914	Williams Cos., Inc.		211,440
	3,515	World Fuel Services Corp.		152,621
	13,673	WPX Energy, Inc.*		187,867

				19,499,348

Paper & Forest Products (0.1%):
	2,511	Boise Cascade Co.		91,727
	1,659	Clearwater Paper Corp.*		35,436
	3,283	Domtar Corp.		125,542
	4,940	Louisiana-Pacific Corp.		146,569
	5,575	Mercer International, Inc.		68,573
	617	Neenah, Inc.		43,455
	2,520	P.H. Glatfelter Co.		46,116
	5,870	Resolute Forest Products*		24,654
	1,565	Schweitzer-Mauduit International, Inc.		65,714
	2,251	Verso Corp.*		40,586

				688,372

Personal Products (0.3%):
	22,998	Avon Products, Inc.		129,709
	5,561	Coty, Inc., Class A		62,561
	1,562	e.l.f. Beauty, Inc.*		25,195
	2,453	Edgewell Personal Care Co.*		75,945
	2,824	Estee Lauder Co., Inc. (The), Class A		583,270
	4,410	Herbalife Nutrition, Ltd.*		210,225
	1,355	Inter Parfums, Inc.		98,522
	609	Medifast, Inc.^		66,734
	1,236	Natures Sunshine Products, Inc.*		11,037
	2,377	Nu Skin Enterprises, Inc., Class A		97,409
	340	United-Guardian, Inc.		6,681
	864	Usana Health Sciences, Inc.*		67,867

				1,435,155

Pharmaceuticals (3.6%):
	4,368	Akorn, Inc.*		6,552
	3,430	Allergan plc		655,713
	2,003	Amphastar Pharmaceuticals, Inc.*		38,638
	900	ANI Pharmaceuticals, Inc.*		55,503
	885	Assembly Biosciences, Inc.*		18,107
	32,815	Bristol-Myers Squibb Co.		2,106,395
	5,044	Catalent, Inc.*		283,977
	4,376	Corcept Therapeutics, Inc.*		52,950
	1,468	Cumberland Pharmaceuticals, Inc.*		7,560
	1,054	Cymabay Therapeutics, Inc.*		2,066
	6,012	Elanco Animal Health, Inc.*		177,053
	10,978	Eli Lilly & Co.		1,442,839
	8,827	Endo International plc*		41,398
	5,527	Horizon Therapeutics plc*		200,077
	3,292	Innoviva, Inc.*		46,615
	2,219	Intra-Cellular Therapies, Inc.*		76,134
	1,011	Jazz Pharmaceuticals plc*		150,922


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	35,929	Johnson & Johnson Co.	$	5,240,964
	2,281	Lannett Co., Inc.*^		20,118
	4,828	Mallinckrodt plc*^		16,850
	32,001	Merck & Co., Inc.		2,910,491
	7,562	Mylan NV*		151,996
	1,317	Otonomy, Inc.*		5,044
	3,223	Perrigo Co. plc		166,500
	75,996	Pfizer, Inc.		2,977,523
	793	Phibro Animal Health Corp., Class A		19,690
	2,480	Prestige Consumer Healthcare, Inc.*		100,440
	1,463	Revance Therapeutics, Inc.*		23,744
	1,789	Supernus Pharmaceuticals, Inc.*		42,435
	923	Taro Pharmaceutical Industries, Ltd.*		81,159
	6,923	Zoetis, Inc.		916,259
	1,297	Zogenix, Inc.*		67,613

				18,103,325

Professional Services (0.6%):
	2,183	ASGN, Inc.*		154,928
	494	Barrett Business Services, Inc.		44,687
	3,154	CBIZ, Inc.*		85,032
	304	CoStar Group, Inc.*		181,883
	456	CRA International, Inc.		24,838
	1,275	Equifax, Inc.		178,653
	1,075	Exponent, Inc.		74,186
	825	Forrester Research, Inc.*		34,403
	1,382	FTI Consulting, Inc.*		152,932
	1,205	Heidrick & Struggles International, Inc.		39,163
	466	Hill International, Inc.*		1,473
	1,313	Huron Consulting Group, Inc.*		90,229
	795	ICF International, Inc.		72,838
	3,095	InnerWorkings, Inc.*		17,053
	740	Insperity, Inc.		63,670
	2,223	Kelly Services, Inc., Class A		50,195
	1,154	Kforce, Inc.		45,814
	2,258	Korn Ferry		95,739
	2,677	ManpowerGroup, Inc.		259,937
	659	Mistras Group, Inc.*		9,404
	7,090	Nielsen Holdings plc		143,927
	2,125	Resources Connection, Inc.		34,701
	3,340	Robert Half International, Inc.		210,921
	2,853	TransUnion		244,245
	2,194	TriNet Group, Inc.*		124,202
	2,213	Trueblue, Inc.*		53,245
	2,920	Verisk Analytics, Inc.		436,072
	840	Volt Information Sciences, Inc.*		2,083
	633	Willdan Group, Inc.*		20,117

				2,946,570

Real Estate Management & Development (0.3%):
	400	Altisource Portfolio Solutions*^		7,732
	9,333	CBRE Group, Inc., Class A*		572,021
	339	Consolidated-Tomoka Land Co.		20,448
	279	Forestar Group, Inc.*		5,817
	232	FRP Holdings, Inc.*		11,556
	318	Griffin Industrial Realty, Inc.		12,577
	1,280	Howard Hughes Corp. (The)*		162,304
	1,691	Jones Lang LaSalle, Inc.		294,386

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	5,360	Kennedy-Wilson Holdings, Inc.	$	119,528
	2,112	Marcus & Millichap, Inc.*		78,672
	6,929	Newmark Group, Inc.		93,230
	997	Rafael Holdings, Inc., Class B*		17,786
	910	RE/MAX Holdings, Inc., Class A		35,026
	7,526	Realogy Holdings Corp.^		72,852
	1,447	Tejon Ranch Co.*		23,123
	1,038	The RMR Group, Inc., Class A		47,374
	3,157	The St Joe Co.*^		62,603

				1,637,035

Road & Rail (1.1%):
	566	AMERCO, Inc.		212,714
	1,475	ArcBest Corp.		40,710
	2,770	Avis Budget Group, Inc.*		89,305
	1,699	Covenant Transportation Group, Inc., Class A*		21,960
	10,582	CSX Corp.		765,713
	4,179	Heartland Express, Inc.		87,968
	8,317	Hertz Global Holdings, Inc.*		130,993
	3,215	J.B. Hunt Transport Services, Inc.		375,448
	2,263	Kansas City Southern		346,601
	3,490	Knight-Swift Transportation Holdings, Inc.		125,082
	1,359	Landstar System, Inc.		154,749
	3,359	Marten Transport, Ltd.		72,185
	3,691	Norfolk Southern Corp.		716,534
	2,241	Old Dominion Freight Line, Inc.		425,297
	400	P.A.M. Transportation SVCS*		23,084
	1,902	Ryder System, Inc.		103,298
	1,512	Saia, Inc.*		140,797
	9,046	Union Pacific Corp.		1,635,425
	2,010	Universal Logistics Holdings, Inc.		38,110
	1,023	USA Truck, Inc.*		7,621
	3,284	Werner Enterprises, Inc.		119,505
	1,829	YRC Worldwide, Inc.*^		4,664

				5,637,763

Semiconductors & Semiconductor Equipment (4.3%):
	1,056	Advanced Energy Industries, Inc.*		75,187
	6,699	Advanced Micro Devices, Inc.*		307,216
	2,031	Alpha & Omega Semiconductor, Ltd.*		27,662
	1,392	Ambarella, Inc.*		84,300
	12,824	Amkor Technology, Inc.*		166,712
	2,339	Analog Devices, Inc.		277,967
	15,126	Applied Materials, Inc.		923,291
	1,615	Axcelis Technologies, Inc.*		38,913
	1,701	AXT, Inc.*		7,399
	4,273	Broadcom, Inc.		1,350,353
	3,367	Brooks Automation, Inc.		141,279
	297	Cabot Microelectronics Corp.		42,863
	437	CEVA, Inc.*		11,782
	1,665	Cirrus Logic, Inc.*		137,213
	2,261	Cohu, Inc.		51,664
	3,350	Cree, Inc.*		154,603
	9,588	Cypress Semiconductor Corp.		223,688
	2,201	Diodes, Inc.*		124,070
	5,453	Entegris, Inc.		273,141
	3,383	First Solar, Inc.*		189,313


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	3,971	FormFactor, Inc.*	$	103,127
	1,314	GSI Technology, Inc.*		9,316
	948	Ichor Holdings, Ltd.*		31,540
	975	Inphi Corp.*		72,170
	78,572	Intel Corp.		4,702,533
	3,658	KLA Corp.		651,746
	2,537	Kulicke & Soffa Industries, Inc.		69,006
	2,315	Lam Research Corp.		676,906
	4,922	Lattice Semiconductor Corp.*		94,207
	2,991	MA-COM Technology Solutions Holdings, Inc.*		79,561
	11,227	Marvell Technology Group, Ltd.		298,189
	5,015	Maxim Integrated Products, Inc.		308,473
	3,353	MaxLinear, Inc., Class A*		71,151
	3,257	Microchip Technology, Inc.		341,073
	27,536	Micron Technology, Inc.*		1,480,886
	1,905	MKS Instruments, Inc.		209,569
	793	Monolithic Power Systems, Inc.		141,170
	1,500	Neophotonics Corp.*		13,230
	150	NVE Corp.		10,710
	5,537	NVIDIA Corp.		1,302,856
	11,695	ON Semiconductor Corp.*		285,124
	2,597	Onto Innovation, Inc.*		94,894
	1,438	PDF Solutions, Inc.*		24,288
	5,010	Photronics, Inc.*		78,958
	760	Power Integrations, Inc.		75,172
	1,918	Qorvo, Inc.*		222,929
	15,194	Qualcomm, Inc.		1,340,567
	5,880	Rambus, Inc.*		80,997
	2,464	Semtech Corp.*		130,346
	867	Silicon Laboratories, Inc.*		100,555
	3,982	Skyworks Solutions, Inc.		481,344
	1,751	SMART Global Holdings, Inc.*		66,433
	2,652	SolarEdge Technologies, Inc.*		252,180
	1,129	Synaptics, Inc.*		74,254
	4,497	Teradyne, Inc.		306,650
	13,222	Texas Instruments, Inc.		1,696,249
	1,678	Ultra Clean Holdings, Inc.*		39,383
	516	Universal Display Corp.		106,332
	3,598	Veeco Instruments, Inc.*		52,837
	3,913	Xilinx, Inc.		382,574
	3,667	Xperi Corp.		67,840

				21,235,941

Software (5.2%):
	2,452	ACI Worldwide, Inc.*		92,894
	5,752	Adobe, Inc.*		1,897,067
	627	Alarm.com Holding, Inc.*		26,942
	1,009	American Software, Inc., Class A		15,014
	988	ANSYS, Inc.*		254,321
	1,609	Aspen Technology, Inc.*		194,576
	1,764	Autodesk, Inc.*		323,623
	5,114	Avaya Holdings Corp.*		69,039
	2,272	Aware, Inc.*		7,634
	1,088	Blackbaud, Inc.		86,605
	794	Bottomline Technologies, Inc.*		42,558
	4,885	Cadence Design Systems, Inc.*		338,824
	3,648	CDK Global, Inc.		199,473

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Software, continued
	1,053	Cerence, Inc.*	$	23,829
	2,507	Cision, Ltd.*		24,995
	2,502	Citrix Systems, Inc.		277,472
	505	CommVault Systems, Inc.*		22,543
	533	Coupa Software, Inc.*		77,951
	1,380	Ebix, Inc.		46,106
	990	Envestnet, Inc.*		68,934
	573	Fair Isaac Corp.*		214,692
	1,784	FireEye, Inc.*		29,490
	1,944	Fortinet, Inc.*		207,541
	977	Globant SA*		103,611
	1,126	Guidewire Software, Inc.*		123,601
	385	HubSpot, Inc.*		61,023
	3,002	Intuit, Inc.		786,314
	1,711	J2 Global, Inc.		160,338
	1,431	LogMeIn, Inc.		122,694
	1,805	Manhattan Associates, Inc.*		143,949
	92,844	Microsoft Corp.		14,641,498
	430	MicroStrategy, Inc., Class A*		61,331
	600	New Relic, Inc.*		39,426
	2,577	NortonLifeLock, Inc.		65,765
	5,919	Nuance Communications, Inc.*		105,536
	1,722	OneSpan, Inc.*		29,481
	40,545	Oracle Corp.		2,148,074
	1,051	Paycom Software, Inc.*		278,263
	237	Paylocity Holding Corp.*		28,634
	963	Pegasystems, Inc.		76,703
	1,395	Progress Software Corp.		57,962
	400	Proofpoint, Inc.*		45,912
	393	PTC, Inc.*		29,432
	1,224	Qualys, Inc.*		102,045
	2,745	RealNetworks, Inc.*		3,294
	1,867	RealPage, Inc.*		100,351
	737	Rubicon Project, Inc.*		6,014
	3,484	Salesforce.com, Inc.*		566,638
	1,200	Sapiens International Corp. NV		27,600
	2,393	SeaChange International, Inc.*		10,027
	574	ServiceNow, Inc.*		162,052
	967	Splunk, Inc.*		144,828
	4,418	SS&C Technologies Holdings, Inc.		271,265
	2,279	Synchronoss Technologies, Inc.*^		10,825
	1,545	Synopsys, Inc.*		215,064
	3,390	Telaria, Inc.*		29,866
	454	The Trade Desk, Inc.*		117,940
	7,428	TiVo Corp.		62,989
	409	Tyler Technologies, Inc.*		122,708
	2,230	Verint Systems, Inc.*		123,453
	742	VMware, Inc., Class A*		112,628
	494	Workday, Inc., Class A*		81,238

				25,922,495

Specialty Retail (2.6%):
	2,187	Aaron’s, Inc.		124,900
	4,015	Abercrombie & Fitch Co., Class A		69,419
	1,285	Advance Auto Parts, Inc.		205,806
	7,096	American Eagle Outfitters, Inc.		104,311
	492	America’s Car Mart, Inc.*		53,953
	1,333	Asbury Automotive Group, Inc.*		149,016


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	462	Ascena Retail Group, Inc.*^	$	3,541
	3,229	At Home Group, Inc.*		17,760
	4,080	AutoNation, Inc.*		198,410
	351	AutoZone, Inc.*		418,150
	3,164	Barnes & Noble Education, Inc.*		13,510
	5,744	Bed Bath & Beyond, Inc.^		99,371
	5,789	Best Buy Co, Inc.		508,274
	1,657	Big 5 Sporting Goods Corp.		4,971
	1,519	Boot Barn Holdings, Inc.*		67,641
	583	Build-A-Bear Workshop, Inc.*		1,889
	1,337	Burlington Stores, Inc.*		304,876
	2,280	Caleres, Inc.		54,150
	3,534	CarMax, Inc.*		309,826
	1,987	Cato Corp., Class A		34,574
	7,822	Chico’s FAS, Inc.		29,802
	881	Citi Trends, Inc.		20,369
	1,572	Conn’s, Inc.*		19,477
	3,425	Designer Brands, Inc., Class A		53,910
	2,864	Destination XL Group, Inc.*		3,666
	2,768	Dick’s Sporting Goods, Inc.		136,988
	6,313	Express, Inc.*		30,744
	976	Five Below, Inc.*		124,791
	4,013	Foot Locker, Inc.		156,467
	199	Francesca’s Holdings Corp.*^		2,066
	6,630	GameStop Corp., Class A^		40,310
	16,270	Gap, Inc. (The)		287,654
	1,571	Genesco, Inc.*		75,282
	1,200	Group 1 Automotive, Inc.		120,000
	4,368	Guess?, Inc.		97,756
	1,166	Haverty Furniture Cos., Inc.		23,507
	1,874	Hibbett Sports, Inc.*		52,547
	11,850	Home Depot, Inc. (The)		2,587,802
	1,293	Hudson, Ltd., Class A*		19,835
	1,036	Kirkland’s, Inc.*^		1,285
	4,361	L Brands, Inc.		79,021
	1,177	Lithia Motors, Inc., Class A		173,019
	11,080	Lowe’s Cos., Inc.		1,326,940
	1,427	MarineMax, Inc.*		23,817
	7,372	Michaels Cos., Inc. (The)*		59,639
	1,401	Monro, Inc.		109,558
	1,654	Murphy U.S.A., Inc.*		193,518
	1,200	National Vision Holdings, Inc.*		38,916
	25,774	Office Depot, Inc.		70,621
	1,161	O’Reilly Automotive, Inc.*		508,820
	5,666	Party City Holdco, Inc.*^		13,258
	3,939	Penske Automotive Group, Inc.		197,817
	8	Pier 1 Imports, Inc.*^		51
	1,792	Rent-A-Center, Inc.		51,681
	622	RH*		132,797
	5,323	Ross Stores, Inc.		619,704
	4,842	RTW Retailwinds, Inc.*		3,878
	5,608	Sally Beauty Holdings, Inc.*		102,346
	600	Shoe Carnival, Inc.^		22,368
	1,393	Signet Jewelers, Ltd.^		30,283
	1,230	Sleep Number Corp.*		60,565
	3,293	Sonic Automotive, Inc., Class A		102,083
	1,606	Sportsman’s Warehouse Holdings, Inc.*		12,896

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	289	Tandy Leather Factory, Inc.*	$	1,650
	848	The Buckle, Inc.		22,930
	988	The Children’s Place, Inc.		61,770
	2,708	Tiffany & Co.		361,924
	854	Tilly’s, Inc.		10,462
	17,310	TJX Cos., Inc. (The)		1,056,949
	2,828	Tractor Supply Co.		264,248
	1,178	Ulta Beauty, Inc.*		298,199
	5,535	Urban Outfitters, Inc.*		153,707
	2,949	Williams-Sonoma, Inc.		216,575
	285	Winmark Corp.		56,516
	2,204	Zumiez, Inc.*		76,126

				13,143,258

Technology Hardware, Storage & Peripherals (4.5%):
	6,315	3D Systems Corp.*		55,256
	67,371	Apple, Inc.		19,783,495
	728	AstroNova, Inc.		9,988
	2,354	Avid Technology, Inc.*		20,197
	2,642	Dell Technologies, Inc., Class C*		135,772
	17,049	Hewlett Packard Enterprise Co.		270,397
	20,929	HP, Inc.		430,092
	5,127	NCR Corp.*		180,265
	4,382	NetApp, Inc.		272,780
	2,304	Pure Storage, Inc., Class A*		39,421
	6,799	Seagate Technology plc		404,541
	2,522	Stratasys, Ltd.*		51,007
	1,472	Super Micro Computer, Inc.*		35,357
	6,313	Western Digital Corp.		400,687
	7,974	Xerox Holdings Corp.		294,002

				22,383,257

Textiles, Apparel & Luxury Goods (1.0%):
	5,725	Capri Holdings, Ltd.*		218,409
	1,710	Carter’s, Inc.		186,971
	1,828	Columbia Sportswear Co.		183,147
	2,493	Crocs, Inc.*		104,432
	810	Culp, Inc.		11,032
	1,141	Deckers Outdoor Corp.*		192,669
	3,440	Fossil Group, Inc.*		27,107
	2,480	G-III Apparel Group, Ltd.*		83,080
	11,489	Hanesbrands, Inc.		170,612
	795	Kontoor Brands, Inc.		33,382
	2,320	Lululemon Athletica, Inc.*		537,475
	1,551	Movado Group, Inc.		33,719
	15,610	Nike, Inc., Class B		1,581,448
	1,259	Oxford Industries, Inc.		94,954
	1,797	PVH Corp.		188,955
	1,477	Ralph Lauren Corp.		173,134
	570	Rocky Brands, Inc.		16,775
	5,498	Skechers U.S.A., Inc., Class A*		237,459
	2,686	Steven Madden, Ltd.		115,525
	700	Superior Group of Cos., Inc.		9,478
	8,939	Tapestry, Inc.		241,085
	3,746	Under Armour, Inc., Class C*		71,848
	1,027	Unifi, Inc.*		25,942
	802	Vera Bradley, Inc.*		9,464
	4,448	VF Corp.		443,288


Shares			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	3,237	Wolverine World Wide, Inc.	$	109,216

				5,100,606

Thrifts & Mortgage Finance (0.6%):
	3,384	Axos Financial, Inc.*		102,468
	1,591	BankFinancial Corp.		20,810
	7,721	Capitol Federal Financial, Inc.		106,009
	2,223	Columbia Financial, Inc.*		37,658
	2,791	Dime Community Bancshares, Inc.		58,304
	855	ESSA Bancorp, Inc.		14,492
	3,469	Essent Group, Ltd.		180,353
	403	Federal Agricultural Mortgage Corp.		33,651
	408	First Capital, Inc.		29,784
	1,544	First Defiance Financial Corp.		48,621
	2,446	Flagstar Bancorp, Inc.		93,560
	8	Greene County Bancorp, Inc.		230
	155	Hingham Institution for Savings		32,581
	1,670	HomeStreet, Inc.*		56,780
	413	IF Bancorp, Inc.		9,507
	966	Impac Mortgage Holdings, Inc.*		5,081
	5,948	Kearny Financial Corp.		82,261
	1,249	Kentucky First Federal Bancorp		9,680
	750	Lake Shore Bancorp, Inc.		11,438
	194	LendingTree, Inc.*		58,867
	3,570	Meridian Bancorp, Inc.		71,721
	2,468	Meta Financial Group, Inc.		90,107
	14,868	MGIC Investment Corp.		210,679
	4,623	Mr Cooper Group, Inc.*		57,834
	7,598	New York Community Bancorp, Inc.		91,328
	3,378	NMI Holdings, Inc., Class A*		112,082
	2,984	Northfield Bancorp, Inc.		50,609
	5,417	Northwest Bancshares, Inc.		90,085
	3,167	Oceanfirst Financial Corp.		80,885
	503	Oconee Federal Financial Corp.		13,133
	6,975	Ocwen Financial Corp.*		9,556
	2,417	PennyMac Financial Services, Inc.		82,275
	679	Provident Financial Holdings, Inc.		14,870
	3,181	Provident Financial Services, Inc.		78,412
	6,456	Radian Group, Inc.		162,432
	420	Riverview Bancorp, Inc.		3,448
	561	Southern Missouri Bancorp, Inc.		21,520
	1,764	Sterling Bancorp, Inc.		14,288
	733	Territorial Bancorp, Inc.		22,679
	5,881	TFS Financial Corp.		115,738
	7,273	TrustCo Bank Corp NY		63,057
	2,800	United Community Financial Corp.		32,648
	3,136	Washington Federal, Inc.		114,934
	2,036	Waterstone Financial, Inc.		38,745
	1,846	Wawlker & Dunlop, Inc.		119,399
	1,498	Western New England BanCorp, Inc.		14,426
	2,825	WSFS Financial Corp.		124,272

				2,893,297

Tobacco (0.7%):
	33,963	Altria Group, Inc.		1,695,094
	17,037	Philip Morris International, Inc.		1,449,678
	1,284	Universal Corp.		73,265

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Tobacco, continued
	8,474	Vector Group, Ltd.	$	113,467

				3,331,504

Trading Companies & Distributors (0.8%):
	7,096	Air Lease Corp.		337,202
	4,508	Aircastle, Ltd.		144,301
	1,994	Applied Industrial Technologies, Inc.		132,980
	2,840	Beacon Roofing Supply, Inc.*		90,823
	3,866	BMC Stock Holdings, Inc.*		110,916
	1,592	CAI International, Inc.*		46,136
	644	DXP Enterprises, Inc.*		25,638
	11,185	Fastenal Co.		413,286
	876	GATX Corp.		72,577
	2,334	GMS, Inc.*		63,205
	1,700	H&E Equipment Services, Inc.		56,831
	6,084	HD Supply Holdings, Inc.*		244,698
	1,767	Herc Holdings, Inc.*		86,477
	1,307	Huttig Building Products, Inc.*		2,013
	870	Kaman Corp., Class A		57,350
	5,217	MRC Global, Inc.*		71,160
	2,233	MSC Industrial Direct Co., Inc., Class A		175,224
	5,453	NOW, Inc.*		61,292
	1,902	Rush Enterprises, Inc., Class A		88,443
	2,034	Systemax, Inc.		51,175
	2,654	Textainer Group Holdings, Ltd.*^		28,424
	651	Titan Machinery, Inc.*		9,622
	1,007	Transcat, Inc.*		32,083
	3,334	Triton International, Ltd.		134,027
	2,958	United Rentals, Inc.*		493,305
	5,820	Univar Solutions, Inc.*		141,077
	1,184	Veritiv Corp.*		23,289
	1,254	W.W. Grainger, Inc.		424,504
	902	Watsco, Inc.		162,495
	84	Watsco, Inc., Class B		15,004
	2,155	WESCO International, Inc.*		127,985

				3,923,542

Transportation Infrastructure (0.0%^†):
	2,859	Macquarie Infrastructure Corp.		122,480

Water Utilities (0.2%):
	1,327	American States Water Co.		114,971
	2,774	American Water Works Co., Inc.		340,786
	3,102	Aqua America, Inc.		145,608
	1,620	AquaVenture Holdings, Ltd.*		43,934
	491	Artesian Resources Corp.		18,270
	1,743	California Water Service Group		89,869
	979	Middlesex Water Co.		62,235
	669	Pure Cycle Corp.*		8,423
	1,234	SJW Group		87,688


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Water Utilities, continued
	772	York Water Co. (The)	$	35,597

				947,381

Wireless Telecommunication Services (0.2%):
	2,055	Boingo Wireless, Inc.*		22,502
	2,603	Shenandoah Telecommunications Co.		108,311
	1,649	Spok Holdings, Inc.		20,167
	15,850	Sprint Corp.*		82,579
	4,354	Telephone & Data Systems, Inc.		110,722
	6,513	T-Mobile US, Inc.*		510,749
	1,695	United States Cellular Corp.*		61,410

				916,440

	Total Common Stocks (Cost $354,940,623)			494,429,694

Rights (0.0%^†):
Chemicals (0.0%^†):
	2,215	Schulman, Inc. CVR, Expires on 12/31/49*(a)		—

Diversified Financial Services (0.0%^†):
	2,411	NewStar Financial, Inc. CVR, Expires on 12/31/49*		1,739

Media (0.0%^†):
	9,820	Media General, Inc. CVR, Expires on 12/31/49*		928

Pharmaceuticals (0.0%^†):
	14,276	Bristol-Myers Squibb Co. CVR, Expires on 12/31/21*		42,970

	Total Rights (Cost $37,180)			45,637

Short-Term Securities Held as Collateral for
Securities on Loan (0.6%):
	3,040,005	BlackRock Liquidity FedFund, Institutional Class, 2.00%(b)(c)		3,040,005

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $3,040,005)			3,040,005

Unaffiliated Investment Companies (0.3%):
Money Markets (0.3%):
	1,309,836	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(c)		1,309,836

	Total Unaffiliated Investment Companies (Cost $1,309,836)			1,309,836

	Total Investment Securities
	(Cost $359,327,644) — 100.5%(d)			498,825,172
	Net other assets (liabilities) — (0.5)%			(2,506,994	)

	Net Assets — 100.0%		$	496,318,178

Percentages indicated are based on net assets as of December 31, 2019.

CVR—Contingency Valued Rights

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $2,947,972.

†	Represents less than 0.05%.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(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 December 31, 2019.

(c)	The rate represents the effective yield at December 31, 2019.

(d)	See Federal Tax Information listed in the Notes to the Financial Statements.

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

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	359,327,644

Investment securities, at value(a)	$	498,825,172
Cash		180,102
Interest and dividends receivable		433,414
Receivable for investments sold		282,164
Reclaims receivable		4,866
Prepaid expenses		1,709

Total Assets		499,727,427

Liabilities:
Payable for capital shares redeemed		9,699
Payable for collateral received on loaned securities		3,040,005
Manager fees payable		226,620
Administration fees payable		5,166
Distribution fees payable		104,917
Custodian fees payable		3,564
Administrative and compliance services fees payable		1,801
Transfer agent fees payable		987
Trustee fees payable		443
Other accrued liabilities		16,047

Total Liabilities		3,409,249

Net Assets	$	496,318,178

Net Assets Consist of:
Paid in capital	$	319,148,027
Total distributable earnings		177,170,151

Net Assets	$	496,318,178

Shares of beneficial interest (unlimited number of shares authorized, no par value)		36,683,360
Net Asset Value (offering and redemption price per share)	$	13.53

(a)	Includes securities on loan of $2,947,972.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	9,169,471
Income from securities lending		71,131
Foreign tax reclaims received		566

Total Investment Income		9,241,168

Expenses:
Manager fees		3,963,770
Administration fees		159,266
Distribution fees		1,238,676
Custodian fees		20,599
Administrative and compliance services fees		9,040
Transfer agent fees		5,933
Trustee fees		28,204
Professional fees		25,123
Shareholder reports		6,863
Other expenses		18,472

Total expenses before reductions		5,475,946
Less expenses voluntarily waived/reimbursed by the Manager		(1,288,228	)

Net expenses		4,187,718

Net Investment Income/(Loss)		5,053,450

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		32,472,338
Change in net unrealized appreciation/depreciation on securities		90,102,485

Net realized and Change in net unrealized gains/losses on investments		122,574,823

Change in Net Assets Resulting From Operations	$	127,628,273

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	5,053,450			$	5,485,762
Net realized gains/(losses) on investments			32,472,338				30,756,695
Change in unrealized appreciation/depreciation on investments			90,102,485				(69,335,803	)

Change in net assets resulting from operations			127,628,273				(33,093,346	)

Distributions to Shareholders:
Distributions			(36,227,548	)			(21,156,078	)

Change in net assets resulting from distributions to shareholders			(36,227,548	)			(21,156,078	)

Capital Transactions:
Proceeds from shares issued			2,050,767				9,663,472
Proceeds from dividends reinvested			36,227,548				21,156,078
Value of shares redeemed			(96,897,568	)			(97,254,403	)

Change in net assets resulting from capital transactions			(58,619,253	)			(66,434,853	)

Change in net assets			32,781,472				(120,684,277	)
Net Assets:
Beginning of period			463,536,706				584,220,983

End of period		$	496,318,178			$	463,536,706

Share Transactions:
Shares issued			163,172				753,910
Dividends reinvested			2,969,471				1,661,907
Shares redeemed			(7,394,237	)			(7,270,508	)

Change in shares			(4,261,594	)			(4,854,691	)

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				April 27, 2015 to December 31, 2015(a)

Net Asset Value, Beginning of Period		$	11.32			$	12.76			$	10.74			$	9.49			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.13	(b)			0.16				0.15				0.13				0.08
Net Realized and Unrealized Gains/(Losses) on Investments			3.08				(1.06	)			2.04				1.21				(0.59	)

Total from Investment Activities			3.21				(0.90	)			2.19				1.34				(0.51	)

Distributions to Shareholders From:
Net Investment Income			(0.15	)			(0.15	)			(0.14	)			(0.09	)			—
Net Realized Gains			(0.85	)			(0.39	)			(0.03	)			—				—

Total Dividends			(1.00	)			(0.54	)			(0.17	)			(0.09	)			—

Net Asset Value, End of Period		$	13.53			$	11.32			$	12.76			$	10.74			$	9.49

Total Return(c)			29.36	%			(7.52	)%			20.45	%			14.25	%			(5.10	)%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	496,318			$	463,537			$	584,221			$	582,088			$	557,576
Net Investment Income/(Loss)(e)			1.03	%			1.00	%			1.02	%			1.24	%			1.12	%
Expenses Before Reductions(e)(f)			1.10	%			1.10	%			1.10	%			1.10	%			1.12	%
Expenses Net of Reductions(e)			0.84	%			0.84	%			0.84	%			0.84	%			0.86	%
Portfolio Turnover Rate			4	%			4	%			2	%			10	%			12	%(d)

(a)	For the period April 27, 2015 (commencement of share class) to December 31, 2015.

(b)	Calculated using the average shares method.

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

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

(e)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Core Equity Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

December 31, 2019

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $6,966 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $3,040,005 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

3. Fees and Transactions with Affiliates and Other Parties

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL DFA U.S. Core Equity Fund		0.80	%		1.20	%

*	The Manager voluntarily reduced the management fee to 0.54% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

December 31, 2019

annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $3,734 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total
Common Stocks+		$	494,427,499		$	—		$	2,195			$	494,429,694
Rights			42,970			2,667			—	#			45,637
Short-Term Securities Held as Collateral for Securities on Loan			3,040,005			—			—				3,040,005
Unaffiliated Investment Companies			1,309,836			—			—				1,309,836

Total Investments		$	498,820,310		$	2,667		$	2,195			$	498,825,172

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

#	Represents the interest in securities that were determined to have a value of zero at December 31, 2019.

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL DFA U.S. Core Equity Fund		$	20,467,568		$	108,507,847

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

December 31, 2019

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $359,308,347. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	175,683,818
Unrealized (depreciation)		(36,166,993	)

Net unrealized appreciation/(depreciation)	$	139,516,825

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA U.S. Core Equity Fund		$	5,481,514		$	30,746,034		$	36,227,548

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA U.S. Core Equity Fund		$	6,370,472		$	14,785,606		$	21,156,078

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

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

December 31, 2019

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL DFA U.S. Core Equity Fund		$	5,364,452		$	32,288,876		$	—		$	139,516,825		$	177,170,153

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on washsales, mark-to-market of passive foreign investment companies, and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 75% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL DFA U.S. Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA U.S. Core Equity Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $93,963.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $30,746,034.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the control of the Board, administers each Fund’s business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for other to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handleday-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handleday-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with everyin-person quarterly Board meeting, as well as the summer and fall 2019 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previousone-, three- and five-year periods. (For Funds that have been in existence for less than five years, the Board receives performance information on shorter time periods to the extent available.) The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 18 and September 18, 2019, the Manager reported that for theone-year period ended December 31, 2018, seven Funds were in the top 40%, seven were in the middle 20%, and six were in the bottom 40%, and for the three-year period ended December 31, 2018, ten Funds were in the top 40%, three were in the middle 20% and five were in the bottom 40%. The Manager also reported that for the five-year period ended December 31, 2018, seven Funds were in the top 40%, three were in the middle 20%, and three were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, that such Funds deviate from their particular benchmark index (referred to as “index attribution”).

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® DFA U.S. Small Cap Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 21

Page 21

Page 22

Page 23

Report of Independent Registered Public Accounting Firm

Page 24

Page 29

Page 30

Approval of Investment Advisory and Subadvisory Agreements

Page 31

Page 32

Information about the Board of Trustees and Officers

Page 35

AZL^® DFA U.S. Small Cap Fund (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® DFA U.S. Small Cap Fund and Dimensional Fund Advisors LP serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® DFA U.S. Small Cap Fund (the “Fund”) returned 21.10%^†. That compared to a 25.52% total return for its benchmark, the Russell 2000^® Index¹.

U.S. stocks began 2019 rebounding from the significant losses experienced at the end of 2018. The Federal Reserve Board’s (the Fed) announcement in January that it would halt interest rate hikes for the near future boosted both stocks and bonds. Market volatility returned in the second quarter on worries about U.S. trade relations. The Fed cut rates in July and September, offsetting the negative effects of the U.S.-China trade war, weak global growth and signs of weakness in the U.S. manufacturing and consumer sectors. In August, the10-year U.S. Treasury yield briefly fell below the yields on2-year and1-year notes, sparking recession fears. Improving prospects for a U.S.-China trade deal in the fourth quarter, increased investors’ appetites for risk, and a third rate cut by the Fed in October combined with strong economic growth to buoy markets through the end of the year.

Large-cap stocks outperformedsmall-cap stocks for the period. Growth stocks outperformed value stocks across all market cap sizes. In thelarge-cap universe, stocks with lower relative prices and higher profitability outperformed stocks with higher relative prices and lower profitability. In thesmall-cap universe, however, stocks with lower-relative prices and higher profitability underperformed stocks with higher-relative prices and lower profitability.

The Fund’s underperformance relative to its benchmark was primarily driven by its lack of exposure to stocks with the lowest profitability and highest-relative price. These stocks were among the best performers during the period. The Fund’s lack of exposure to the largest stocks held by the benchmark also detracted from relative performance, as those stocks outperformed thesmaller-cap stocks in the Fund’s portfolio.*

Past performance does not guarantee future results.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® DFA U.S. Small Cap Fund (Unaudited)


Fund Objective
The Fund’s investment objective is to seek long-term capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities of small-capitalization U.S. companies.
Investment Concerns
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
Small- tomid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.
For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


							Since
	1			3			Inception
	Year			Year			(4/27/15)
AZL^®DFA U.S. Small Cap Fund		21.10	%^†		5.43	%		6.57	%
Russell 2000^®Index		25.52	%		8.59	%		7.83	%


Expense Ratio	Gross
AZL^®DFA U.S. Small Cap Fund		1.16	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.70% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.35% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Russell 2000^® Index, which is an unmanaged market capitalization-weighted index comprised of the 2,000 smallest companies listed in the Russell 3000^® Index, which contains the 3,000 largest companies in the U.S. based on market capitalization. The index does not reflect the deduction of fees associated with a mutual fund, such as investment fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL DFA U.S. Small Cap Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA U.S. Small Cap Fund		$	1,000.00		$	1,061.10		$	5.30		1.02	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL DFA U.S. Small Cap Fund		$	1,000.00		$	1,020.06		$	5.19		1.02	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		21.0	%

Industrials		20.4

Consumer Discretionary		14.4

Information Technology		13.5

Health Care		8.6

Materials		5.7

Utilities		4.3

Energy		4.1

Consumer Staples		4.0

Communication Services		3.3

Real Estate		0.5


Total Common and Preferred Stocks		99.8

Rights		—	^†

Short-Term Securities Held as Collateral for Securities on Loan		1.8

Unaffiliated Investment Companies		0.3


Total Investment Securities		101.9

Net other assets (liabilities)		(1.9	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (99.8%):
Aerospace & Defense (1.4%):
	1,397	AAR Corp.	$	63,005
	9,389	Aerojet Rocketdyne Holdings, Inc.*		428,703
	2,231	AeroVironment, Inc.*		137,742
	2,615	Astronics Corp.*		73,089
	392	Astronics Corp., Class B*		10,917
	3,730	Axon Enterprise, Inc.*		273,334
	685	CPI Aerostructures, Inc.*		4,610
	3,061	Cubic Corp.		194,588
	766	Ducommun, Inc.*		38,706
	3,376	Innovative Solutions & Support, Inc.*		19,716
	11,071	Kratos Defense & Security Solutions, Inc.*		199,389
	4,348	Mercury Systems, Inc.*		300,490
	4,062	Moog, Inc., Class A		346,610
	947	National Presto Industries, Inc.		83,705
	2,564	Park Aerospace Corp., Class C		41,716
	621	Triumph Group, Inc.		15,693
	459	Vectrus, Inc.*		23,528
	12,220	WESCO Aircraft Holdings, Inc.*		134,664

				2,390,205

Air Freight & Logistics (0.5%):
	738	Air T, Inc.*		14,871
	7,991	Air Transport Services Group, Inc.*		187,469
	1,862	Atlas Air Worldwide Holdings, Inc.*		51,335
	3,555	Echo Global Logistics, Inc.*		73,589
	3,628	Forward Air Corp.		253,778
	4,675	Hub Group, Inc., Class A*		239,781
	5,212	Radiant Logistics, Inc.*		29,031

				849,854

Airlines (0.6%):
	2,064	Allegiant Travel Co.		359,218
	455	Copa Holdings SA, Class A		49,176
	6,365	Hawaiian Holdings, Inc.		186,431
	2,689	SkyWest, Inc.		173,790
	4,325	Spirit Airlines, Inc.*		174,341

				942,956

Auto Components (1.6%):
	3,195	Adient plc*		67,894
	12,952	American Axle & Manufacturing Holdings, Inc.*		139,364
	7,311	Cooper Tire & Rubber Co.		210,191
	2,216	Cooper-Standard Holding, Inc.*		73,483
	11,599	Dana, Inc.		211,102
	2,148	Delphi Technologies plc*		27,559
	4,102	Dorman Products, Inc.*		310,603
	4,852	Fox Factory Holding Corp.*		337,553
	1,200	Garrett Motion, Inc.*		11,988
	4,614	Gentherm, Inc.*		204,815
	6,906	Goodyear Tire & Rubber Co.		107,423
	1,680	Horizon Global Corp.*		5,863
	3,045	LCI Industries		326,210
	7,745	Modine Manufacturing Co.*		59,637
	2,866	Motorcar Parts of America, Inc.*		63,138
	1,992	Shiloh Industries, Inc.*		7,092
	3,444	Standard Motor Products, Inc.		183,290


Shares			Fair Value
Common Stocks, continued
Auto Components, continued
	3,162	Stoneridge, Inc.*	$	92,710
	733	Strattec Security Corp.		16,280
	3,266	Tenneco, Inc.		42,785
	472	Veoneer, Inc.*^		7,373
	3,073	Visteon Corp.*		266,091
	4,313	VOXX International Corp.*		18,891

				2,791,335

Automobiles (0.2%):
	1,980	Thor Industries, Inc.		147,094
	4,607	Winnebago Industries, Inc.		244,079

				391,173

Banks (12.9%):
	1,584	1st Constitution Bancorp		35,054
	3,659	1st Source Corp.		189,829
	410	ACNB Corp.		15,506
	704	Allegiance Bancshares, Inc.*		26,470
	1,339	American National Bankshares, Inc.		52,984
	346	American River Bankshares		5,145
	6,800	Ameris Bancorp		289,272
	1,649	Ames National Corp.		46,271
	1,809	Arrow Financial Corp.		68,380
	8,706	Associated Banc-Corp.		191,880
	1,465	Atlantic Capital Bancshares, Inc.*		26,883
	7,824	Atlantic Union Bankshares Corp.		293,791
	13	Auburn National Bancorp, Inc.		689
	5,894	Banc of California, Inc.		101,259
	4,614	BancFirst Corp.		288,098
	810	Bancorp of New Jersey, Inc.*		14,491
	8,252	Bancorp, Inc. (The)*		107,028
	10,148	BancorpSouth Bank		318,749
	2,653	Bank of Commerce Holdings		30,695
	3,143	Bank of Hawaii Corp.		299,088
	1,669	Bank of Marin Bancorp		75,188
	997	Bank of Nt Butterfield & Son, Ltd. (The)		36,909
	485	Bank of South Carolina Corp.		9,108
	4,212	Bank OZK		128,487
	4,568	BankUnited, Inc.		167,006
	3,430	Banner Corp.		194,104
	2,449	Bar Harbor Bankshares		62,180
	595	BCB Bancorp, Inc.		8,205
	5,543	Berkshire Hills Bancorp, Inc.		182,254
	9,350	Boston Private Financial Holdings, Inc.		112,481
	2,206	Bridge Bancorp, Inc.		73,967
	8,918	Brookline Bancorp, Inc.		146,790
	2,266	Bryn Mawr Bank Corp.		93,450
	1,380	Byline BanCorp, Inc.		27,007
	227	C&F Financial Corp.		12,560
	6,024	Cadence Bancorp		109,215
	1,274	California First National Bancorp		21,212
	2,359	Camden National Corp.		108,656
	2,242	Capital City Bank Group, Inc.		68,381
	1,218	Carolina Financial Corp.		52,654
	7,813	Cathay General Bancorp		297,285
	279	CBTX, Inc.		8,682
	11,385	CenterState Bank Corp.		284,397
	3,786	Central Pacific Financial Corp.		111,990

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	1,141	Central Valley Community Bancorp	$	24,725
	511	Century Bancorp, Inc.		45,970
	668	Chemung Financial Corp.		28,390
	2,009	Citizens & Northern Corp.		56,754
	718	Citizens Holding Co.		15,710
	1,550	City Holding Co.		127,023
	822	Civista Bancshares, Inc.		19,728
	2,720	CNB Financial Corp.		88,890
	85	Codorus Valley Bancorp, Inc.		1,958
	56	Colony Bankcorp, Inc.		924
	7,176	Columbia Banking System, Inc.		291,956
	5,057	Community Bank System, Inc.		358,744
	3,296	Community Bankers Trust Corp.		29,268
	2,232	Community Trust Bancorp, Inc.		104,100
	525	Community West Bancshares		5,828
	4,062	ConnectOne Bancorp, Inc.		104,475
	4,048	Customers Bancorp, Inc.*		96,383
	13,574	CVB Financial Corp.		292,927
	609	Eagle Bancorp Montana, Inc.		13,027
	4,678	Eagle Bancorp, Inc.		227,491
	2,893	Enterprise Financial Services Corp.		139,472
	924	Equity Bancshares, Inc.*		28,524
	534	Evans Bancorp, Inc.		21,413
	13,654	F.N.B. Corp.		173,406
	2,582	Farmers National Banc Corp.		42,138
	242	Fauquier Bankshares, Inc.		5,140
	1,909	Financial Institutions, Inc.		61,279
	22,183	First Bancorp		234,918
	2,793	First Bancorp		111,469
	2,165	First Bancorp, Inc.		65,448
	965	First Bancshares, Inc. (The)		34,277
	5,271	First Busey Corp.		144,953
	940	First Business Financial Services, Inc.		24,750
	3,144	First Commonwealth Financial Corp.		45,619
	2,206	First Community Bankshares		68,430
	10,114	First Financial Bancorp		257,300
	9,472	First Financial Bankshares, Inc.		332,467
	2,044	First Financial Corp.		93,452
	1,717	First Financial Northwest, Inc.		25,652
	2,578	First Foundation, Inc.		44,857
	5,182	First Hawaiian, Inc.		149,501
	402	First Internet BanCorp		9,531
	3,985	First Interstate BancSystem, Class A		167,051
	5,921	First Merchants Corp.		246,254
	320	First Mid Bancshares, Inc.		11,280
	10,291	First Midwest Bancorp, Inc.		237,310
	3,897	First of Long Island Corp. (The)		97,737
	28	First Savings Financial Group		1,879
	234	First United Corp.		5,637
	908	First US Bancshares, Inc.		10,542
	3,766	Flushing Financial Corp.		81,364
	601	Franklin Financial Network, Inc.		20,632
	18,304	Fulton Financial Corp.		319,039
	3,443	German American Bancorp, Inc.		122,640
	8,403	Glacier Bancorp, Inc.		386,454
	1,738	Great Southern Bancorp, Inc.		110,050
	2,715	Great Western Bancorp, Inc.		94,319


Shares			Fair Value
Common Stocks, continued
Banks, continued
	3,930	Hancock Whitney Corp.	$	172,448
	4,853	Hanmi Financial Corp.		97,036
	1,518	HarborOne BanCorp, Inc.*		16,683
	41	Hawthorn Bancshares, Inc.		1,046
	3,598	Heartland Financial USA, Inc.		178,965
	3,957	Heritage Financial Corp.		111,983
	5,806	Hertiage Commerce Corp.		74,491
	15,083	Hilltop Holdings, Inc.		376,019
	7,449	Home Bancshares, Inc.		146,447
	2,818	Hometrust Bancshares, Inc.		75,607
	13,353	Hope BanCorp, Inc.		198,426
	4,456	Horizon Bancorp		84,664
	2,493	IBERIABANK Corp.		186,551
	3,317	Independent Bank Corp.		276,140
	4,315	Independent Bank Group, Inc.		239,224
	6,452	International Bancshares Corp.		277,888
	12,112	Investors Bancorp, Inc.		144,314
	6,091	Lakeland Bancorp, Inc.		105,862
	3,599	Lakeland Financial Corp.		176,099
	862	Landmark Bancorp, Inc.		21,593
	1,512	LCNB Corp.		29,182
	1,000	Limestone Bancorp, Inc.*		18,000
	1,383	Live Oak Bancshares, Inc.		26,291
	5,225	Macatawa Bank Corp.		58,154
	1,048	Mackinac Financial Corp.		18,298
	2,659	Mercantile Bank Corp.		96,974
	974	Midland States BanCorp, Inc.		28,207
	1,441	MidWestone Financial Group, Inc.		52,207
	892	MutualFirst Financial, Inc.		35,386
	3,525	National Bank Holdings Corp.		124,151
	1,069	National Bankshares, Inc.		48,030
	4,368	NBT Bancorp, Inc.		177,166
	378	Nicolet Bankshares, Inc.*		27,915
	1,136	Northeast Bank		24,981
	657	Northrim Bancorp, Inc.		25,163
	609	Norwood Financial Corp.		23,690
	6,426	OFG Bancorp		151,718
	183	Ohio Valley Banc Corp.		7,250
	16,444	Old National Bancorp		300,761
	1,004	Old Point Financial Corp.		27,600
	3,314	Old Second Bancorp, Inc.		44,640
	1,805	Opus Bank		46,695
	1,765	Orrstown Financial Services, Inc.		39,924
	1,718	Pacific Mercantile Bancorp*		13,950
	4,430	Pacific Premier Bancorp, Inc.		144,440
	598	PacWest Bancorp		22,885
	1,807	Park National Corp.		185,001
	1,488	Parke Bancorp, Inc.		37,780
	2,884	Peapack-Gladstone Financial Corp.		89,116
	1,452	Penns Woods Bancorp, Inc.		51,633
	434	Peoples Bancorp of NC		14,257
	2,394	Peoples Bancorp, Inc.		82,976
	1,015	People’s United Financial, Inc.		17,154
	452	People’s Utah BanCorp		13,614
	997	Pinnacle Financial Partners, Inc.		63,808
	2,285	Preferred Bank Los Angeles		137,306
	1,193	Premier Financial Bancorp, Inc.		21,641

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	880	Prosperity Bancshares, Inc.	$	63,263
	1,118	QCR Holdings, Inc.		49,035
	351	Rbb BanCorp		7,431
	5,547	Renasant Co.		196,475
	1,882	Republic Bancorp, Inc., Class A		88,078
	6,466	Republic First Bancorp, Inc.*		27,028
	3,577	S & T Bancorp, Inc.		144,117
	320	Salisbury Bancorp, Inc.		14,614
	3,392	Sandy Spring Bancorp, Inc.		128,489
	552	SB Financial Group, Inc.		10,869
	625	SB One BanCorp		15,575
	4,737	Seacoast Banking Corp of Florida*		144,810
	1,252	Select Bancorp, Inc.*		15,400
	3,209	ServisFirst Bancshares, Inc.		120,915
	2,325	Shore Bancshares, Inc.		40,362
	2,333	Sierra Bancorp		67,937
	9,879	Simmons First National Corp., Class A		264,658
	4,213	South State Corp.		365,478
	562	Southern First Bancshares, Inc.*		23,879
	2,309	Southern National Bancorp		37,752
	3,194	Southside Bancshares, Inc.		118,625
	88	Southwest Georgia Financial Corp.		3,089
	13,176	Sterling Bancorp		277,750
	3,509	Stock Yards Bancorp, Inc.		144,080
	682	Summit Financial Group, Inc.		18,475
	1,203	Summit State Bank		15,597
	8,055	TCF Financial Corp.		376,974
	2,140	Texas Capital Bancshares, Inc.*		121,488
	2,166	Tompkins Financial Corp.		198,189
	7,005	TowneBank		194,879
	3,566	TriCo Bancshares		145,528
	3,463	Tristate Capital Holdings, Inc.*		90,454
	969	Triumph BanCorp, Inc.*		36,841
	6,836	Trustmark Corp.		235,910
	98	Two River Bancorp		2,195
	3,397	UMB Financial Corp.		233,170
	4,425	Umpqua Holdings Corp.		78,323
	249	Union Bankshares, Inc.		9,029
	450	United Bancshares, Inc.		10,220
	5,557	United Bankshares, Inc.		214,834
	3,612	United Community Banks, Inc.		111,539
	916	United Security Bancshares		9,829
	42	Unity Bancorp, Inc.		948
	3,568	Univest Financial Corp.		95,551
	25,614	Valley National Bancorp		293,280
	2,264	Veritex Holdings, Inc.		65,950
	2,567	Washington Trust Bancorp		138,079
	830	Webster Financial Corp.		44,289
	127	Wellesley Bank		5,716
	7,260	WesBanco, Inc.		274,355
	2,380	West Bancorp		60,999
	3,781	Westamerica Bancorp		256,238
	256	Western Alliance Bancorp		14,592
	2,797	Wintrust Financial Corp.		198,307

				21,965,102


Shares			Fair Value
Common Stocks, continued
Beverages (0.4%):
	547	Boston Beer Co., Inc. (The), Class A*	$	206,684
	1,011	Coca-Cola Consolidated, Inc.		287,175
	1,920	Craft Brewers Alliance, Inc.*		31,680
	2,640	MGP Ingredients, Inc.		127,908
	634	National Beverage Corp.*^		32,347
	1,846	Primo Water Corp.*		20,721
	985	Willamette Valley Vineyards, Inc.*		6,826

				713,341

Biotechnology (1.7%):
	838	Abeona Therapeutics, Inc.*		2,740
	8,857	Achillion Pharmaceuticals, Inc.*		53,408
	4,449	Acorda Therapeutics, Inc.*		9,076
	1,123	Aduro Biotech, Inc.*		1,325
	3,308	Adverum Biotechnologies, Inc.*		38,108
	1,728	Agios Pharmaceuticals, Inc.*		82,512
	1,550	Akebia Therapeutics, Inc.*		9,796
	473	Albireo Pharma, Inc.*		12,024
	2,647	Alkermes plc*		53,999
	1,397	AMAG Pharmaceuticals, Inc.*^		17,001
	6,621	Amicus Therapeutics, Inc.*		64,489
	1,103	Applied Genetic Technologies Corp.*		4,986
	3,101	Ardelyx, Inc.*		23,273
	1,538	Arena Pharmaceuticals, Inc.*		69,856
	1,412	Atara Biotherapeutics, Inc.*		23,256
	1,202	Audentes Therapeutics, Inc.*		71,928
	804	Avrobio, Inc.*		16,185
	1,280	Biospecifics Technologies Corp.*		72,883
	221	Bluebird Bio, Inc.*		19,393
	4,360	Calithera Biosciences, Inc.*		24,896
	1,053	Catalyst Biosciences, Inc.*		7,171
	2,202	ChemoCentryx, Inc.*		87,089
	10,291	Chimerix, Inc.*		20,891
	1,046	Concert Pharmaceuticals, Inc.*		9,649
	1,877	CRISPR Therapeutics AG*		114,319
	992	Cytomx Therapeutics, Inc.*		8,244
	577	Eagle Pharmaceuticals, Inc.*		34,666
	3,366	Emergent Biosolutions, Inc.*		181,595
	2,302	Enanta Pharmaceuticals, Inc.*		142,218
	2,852	Fibrogen, Inc.*		122,322
	2,224	Five Prime Therapeutics, Inc.*		10,208
	1,199	Global Blood Therapeutics, Inc.*		95,309
	1,738	Glycomimetics Industries*		9,194
	592	ImmuCell Corp.*		3,049
	2,155	Intellia Therapeutics, Inc.*		31,614
	1,649	Iovance Biotherapeutics, Inc.*		45,644
	956	Ironwood Pharmaceuticals, Inc.*		12,724
	3,800	Jounce Therapeutics, Inc.*		33,174
	2,769	Kindred Biosciences, Inc.*		23,481
	2,093	Kura Oncology, Inc.*		28,779
	742	Ligand Pharmaceuticals, Inc., Class B*		77,383
	1,612	Macrogenics, Inc.*		17,539
	900	MediciNova, Inc.*		6,066
	1,300	Minerva Neurosciences, Inc.*		9,243
	514	Momenta Pharmaceuticals, Inc.*		10,141
	7,827	Myriad Genetics, Inc.*		213,128
	687	ObsEva SA*		2,624

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	19,735	OPKO Health, Inc.*^	$	29,010
	14,857	PDL BioPharma, Inc.*		48,211
	1,429	Pfenex, Inc.*		15,690
	4,400	Progenics Pharmaceuticals, Inc.*		22,396
	2,626	Prothena Corp. plc*		41,570
	580	PTC Therapeutics, Inc.*		27,857
	1,892	Repligen Corp.*		175,009
	3,247	Retrophin, Inc.*		46,107
	506	Rhythm Pharmaceuticals, Inc.*		11,618
	1,925	Rigel Pharmaceuticals, Inc.*		4,120
	853	Rocket Pharmaceuticals, Inc.*		19,414
	2,359	Sangamo Therapeutics, Inc.*		19,745
	1,670	Spectrum Pharmaceuticals, Inc.*		6,079
	1,000	Syndax Pharmaceuticals, Inc.*		8,780
	905	Syros Pharmaceuticals, Inc.*		6,254
	2,094	Ultragenyx Pharmaceutical, Inc.*		89,435
	2,009	United Therapeutics Corp.*		176,952
	889	Vericel Corp.*		15,469
	1,909	Xencor, Inc.*		65,651

				2,857,965

Building Products (2.0%):
	6,894	AAON, Inc.		340,633
	5,005	Advanced Drainage Systems, Inc.		194,394
	2,371	American Woodmark Corp.*		247,793
	3,577	Apogee Enterprises, Inc.		116,253
	3,226	Armstrong Flooring, Inc.*		13,775
	4,820	Armstrong World Industries, Inc.		452,936
	14,981	Builders FirstSource, Inc.*		380,667
	1,725	Continental Building Products, Inc.*		62,842
	308	Continental Materials Corp.*		2,421
	3,446	Cornerstone Building Brands, Inc.*		29,325
	815	Csw Industrials, Inc.		62,755
	1,117	Gibraltar Industries, Inc.*		56,341
	2,794	Insteel Industries, Inc.		60,043
	3,571	Patrick Industries, Inc.		187,228
	7,162	PGT Innovations, Inc.*		106,785
	4,793	Quanex Building Products Corp.		81,864
	1,305	Resideo Technologies, Inc.*		15,569
	5,332	Simpson Manufacturing Co., Inc.		427,787
	4,263	Trex Co., Inc.*		383,158
	2,113	Universal Forest Products, Inc.		100,790

				3,323,359

Capital Markets (1.7%):
	2,080	Affiliated Managers Group, Inc.		176,259
	3,202	Artisan Partners Asset Management, Inc., Class A		103,489
	3,253	BGC Partners, Inc., Class A		19,323
	1,300	Blucora, Inc.*		33,982
	5,851	Brightsphere Investment Group, Inc.		59,797
	6,403	Cohen & Steers, Inc.		401,853
	473	Diamond Hill Investment Group		66,438
	2,638	Donnelley Financial Solutions, Inc.*		27,620
	834	Eaton Vance Corp.		38,939
	7,007	Federated Investors, Inc., Class B		228,358
	8,015	Gain Capital Holdings, Inc.^		31,659
	1,776	GAMCO Investors, Inc., Class A		34,614
	3,795	Greenhill & Co., Inc.		64,819


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	537	Hamilton Lane, Inc.	$	32,005
	211	Hennessy Advisors, Inc.		2,127
	1,116	Houlihan Lokey, Inc.		54,539
	2,999	Interactive Brokers Group, Inc., Class A		139,813
	2,101	INTL FCStone, Inc.*		102,592
	4,175	Janus Henderson Group plc		102,079
	18,721	Ladenburg Thalmann Financial Services, Inc.		65,149
	4,777	Lazard, Ltd., Class A		190,889
	3,606	Legg Mason, Inc.		129,491
	2,775	Manning & Napier, Inc.		4,829
	2,069	Moelis & Co., Class A		66,042
	1,741	Oppenheimer Holdings, Class A		47,843
	284	Piper Jaffray Cos., Inc.		22,703
	1,718	PJT Partners, Inc.		77,533
	2,624	Pzena Investment Management, Inc.		22,619
	3,824	Safeguard Scientifics, Inc.		41,988
	1,619	Silvercrest Asset Management Group, Inc., Class A		20,367
	3,787	Stifel Financial Corp.		229,682
	207	Value Line, Inc.		5,984
	4,653	Virtu Financial, Inc., Class A		74,401
	493	Virtus Investment Partners, Inc.		60,008
	1,478	Westwood Holdings, Inc.		43,778
	14,884	WisdomTree Investments, Inc.		72,039

				2,895,650

Chemicals (2.8%):
	1,064	Advanced Emmissions Solutions^		11,172
	3,852	AdvanSix, Inc.*		76,886
	1,429	Agrofresh Solutions, Inc.*		3,687
	4,305	American Vanguard Corp.		83,818
	1,186	Ashland Global Holdings, Inc.		90,765
	3,963	Balchem Corp.		402,761
	3,659	Cabot Corp.		173,876
	1,192	Chase Corp.		141,228
	5,193	Chemours Co. (The)		93,941
	1,403	Core Molding Technologies, Inc.*		4,560
	18,384	Element Solutions, Inc.*		214,725
	2,886	Ferro Corp.*		42,799
	2,318	Flotek Industries, Inc.*		4,636
	7,277	Futurefuel Corp.		90,162
	3,321	GCP Applied Technologies, Inc.*		75,420
	5,688	H.B. Fuller Co.		293,330
	1,335	Hawkins, Inc.		61,156
	3,581	Huntsman Corp.		86,517
	1,769	Ingevity Corp.*		154,575
	2,429	Innophos Holdings, Inc.		77,679
	3,040	Innospec, Inc.		314,459
	14,475	Intrepid Potash, Inc.*		39,227
	1,147	Koppers Holdings, Inc.*		43,838
	4,651	Kraton Corp.*		117,763
	6,883	Kronos Worldwide, Inc.		92,232
	4,373	LSB Industries, Inc.*		18,367
	4,709	Minerals Technologies, Inc.		271,380
	1,786	Northern Technologies International Corp.		25,111
	9,710	Olin Corp.		167,498
	6,607	Omnova Solutions, Inc.*		66,797
	3,797	PolyOne Corp.		139,692

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	1,916	PQ Group Holdings, Inc.*	$	32,917
	339	Quaker Chemical Corp.		55,772
	5,893	Rayonier Advanced Materials, Inc.		22,629
	1,058	ScottsMiracle-Gro Co. (The)		112,338
	1,833	Sensient Technologies Corp.		121,143
	2,776	Stepan Co.		284,373
	3,421	Trecora Resources*		24,460
	1,788	Tredegar Corp.		39,962
	2,135	Trinseo SA		79,443
	10,917	Tronox Holdings plc, Class A		124,672
	10,237	Valvoline, Inc.		219,174
	2,972	Venator Materials plc*		11,383
	3,305	W.R. Grace & Co.		230,854

				4,839,177

Commercial Services & Supplies (3.5%):
	6,854	ABM Industries, Inc.		258,464
	11,413	ACCO Brands Corp.		106,826
	675	Acme United Corp.		16,058
	462	Advanced Disposal Services, Inc.*		15,186
	1,580	AMREP Corp.*		9,448
	8,754	ARC Document Solutions, Inc.*		12,168
	6,288	Brady Corp., Class A		360,051
	4,155	Brink’s Co. (The)		376,775
	6,301	Casella Waste Systems, Inc.*		290,035
	5,965	CECO Environmental Corp.*		45,692
	2,582	Cimpress plc*		324,737
	5,239	Civeo Corp.*		6,758
	2,332	Clean Harbors, Inc.*		199,969
	325	CompX International, Inc.		4,742
	17,319	Covanta Holding Corp.		257,014
	1,356	Deluxe Corp.		67,692
	535	Ecology and Environment, Inc., Class A		8,293
	1,100	Ennis, Inc.		23,815
	3,351	Healthcare Services Group, Inc.		81,496
	7,474	Herman Miller, Inc.		311,292
	5,553	HNI Corp.		208,015
	8,025	Interface, Inc.		133,135
	5,879	Kimball International, Inc., Class B		121,519
	6,368	Knoll, Inc.		160,856
	4,144	Matthews International Corp., Class A		158,176
	3,355	McGrath Rentcorp		256,792
	5,478	Mobile Mini, Inc.		207,671
	2,856	MSA Safety, Inc.		360,884
	2,566	NL Industries, Inc.*		10,033
	2,198	Perma-Fix Environmental Services, Inc.*		20,002
	3,566	PICO Holdings, Inc.*		39,654
	4,293	Pitney Bowes, Inc.		17,301
	5,379	Quad Graphics, Inc.		25,120
	8,004	RR Donnelley & Sons Co.		31,616
	3,028	SP Plus Corp.*		128,478
	11,600	Steelcase, Inc., Class A		237,336
	1,542	Stericycle, Inc.*		98,395
	5,115	Team, Inc.*		81,687
	5,737	Tetra Tech, Inc.		494,299
	1,723	UniFirst Corp.		348,012
	3,000	US Ecology, Inc.		173,730


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies, continued
	3,364	Virco Manufacturing Co.*	$	14,263
	1,477	Vse Corp.		56,185

				6,159,670

Communications Equipment (1.0%):
	620	Acacia Communications, Inc.*		42,042
	5,938	ADTRAN, Inc.		58,727
	1,444	Applied Optoelectronics, Inc.*^		17,155
	900	BK Technologies Corp.		2,790
	4,095	CalAmp Corp.*		39,230
	7,919	Calix, Inc.*		63,352
	3,508	Casa Systems, Inc.*		14,348
	980	Clearfield, Inc.*		13,661
	3,616	ClearOne, Inc.*		6,003
	1,300	CommScope Holding Co., Inc.*		18,447
	316	Communications Systems, Inc.		1,950
	2,902	Comtech Telecommunications Corp.		102,992
	2,559	Digi International, Inc.*		45,345
	1,076	EchoStar Corp., Class A*		46,602
	6,028	EMCORE Corp.*		18,325
	5,946	Extreme Networks, Inc.*		43,822
	12,360	Harmonic, Inc.*		96,408
	6,890	Infinera Corp.*		54,707
	3,253	InterDigital, Inc.		177,256
	3,225	KVH Industries, Inc.*		35,894
	2,394	Lumentum Holdings, Inc.*		189,843
	3,305	NETGEAR, Inc.*		81,006
	7,359	NetScout Systems, Inc.*		177,131
	2,391	Network-1 Technologies, Inc.		5,212
	131	Optical Cable Corp.*		426
	300	Plantronics, Inc.		8,202
	7,260	Ribbon Communications, Inc.*		22,506
	1,633	ViaSat, Inc.*		119,527
	8,844	Viavi Solutions, Inc.*		132,660

				1,635,569

Construction & Engineering (1.1%):
	524	Aegion Corp.*		11,722
	4,275	Ameresco, Inc., Class A*		74,813
	1,970	Argan, Inc.		79,076
	5,217	Comfort Systems USA, Inc.		260,067
	4,203	Dycom Industries, Inc.*		198,171
	1,499	EMCOR Group, Inc.		129,364
	4,959	Granite Construction, Inc.^		137,216
	2,621	Great Lakes Dredge & Dock Co.*		29,696
	1,979	IES Holdings, Inc.*		50,781
	2,037	MasTec, Inc.*		130,694
	2,719	MYR Group, Inc.*		88,612
	1,479	Northwest Pipe Co.*		49,265
	1,180	NV5 Global, Inc.*		59,531
	5,203	Orion Group Holdings, Inc.*		27,004
	1,563	Primoris Services Corp.		34,761
	3,151	Sterling Construction Co., Inc.*		44,366
	4,317	The Goldfield Corp.*		15,325
	1,290	Tutor Perini Corp.*		16,589
	2,416	Valmont Industries, Inc.		361,869

				1,798,922

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Construction Materials (0.2%):
	1,180	Eagle Materials, Inc., Class A	$	106,978
	4,132	Summit Materials, Inc., Class A*		98,755
	2,142	U.S. Concrete, Inc.*		89,236
	720	U.S. Lime & Minerals, Inc.		65,016

				359,985

Consumer Finance (1.0%):
	195	Asta Funding, Inc.*		2,014
	2,191	Atlanticus Holdings Corp.*		19,741
	5,088	Consumer Portfolio Services, Inc.*		17,147
	1,481	Curo Group Holdings Corp.*		18,039
	3,868	Encore Capital Group, Inc.*		136,772
	5,261	Enova International, Inc.*		126,580
	8,075	EZCORP, Inc., Class A*		55,072
	5,168	Firstcash, Inc.		416,695
	3,061	Green Dot Corp., Class A*		71,321
	2,159	LendingClub Corp.*		27,247
	14,462	Navient Corp.		197,840
	3,433	Nelnet, Inc., Class A		199,938
	1,556	Nicholas Financial, Inc.*		12,821
	1,671	Onemain Holdings, Inc.		70,433
	5,326	PRA Group, Inc.*		193,334
	1,376	Regional Mgmt Corp.*		41,321
	1,278	SLM Corp.		11,387
	1,276	World Acceptance Corp.*		110,246

				1,727,948

Containers & Packaging (0.5%):
	11,072	Graphic Packaging Holding Co.		184,349
	3,300	Greif, Inc., Class A		145,860
	1,290	Greif, Inc., Class B		66,783
	5,009	Myers Industries, Inc.		83,550
	7,172	O-I Glass, Inc.		85,562
	4,885	Silgan Holdings, Inc.		151,826
	1,332	UFP Technologies, Inc.*		66,081

				784,011

Distributors (0.1%):
	12	AMCON Distributing Co.		864
	4,993	Core Markt Holdngs Co., Inc.		135,759
	1,626	Educational Development Corp.		10,049
	1,655	Weyco Group, Inc.		43,775

				190,447

Diversified Consumer Services (0.9%):
	5,521	Adtalem Global Education, Inc.*		193,069
	2,153	American Public Education, Inc.*		58,971
	8,806	Career Education Corp.*		161,942
	2,338	Carriage Services, Inc.		59,853
	1,667	Collectors Universe, Inc.		38,424
	3,371	Frontdoor, Inc.*		159,853
	271	Graham Holdings Co., Class B		173,166
	624	Grand Canyon Education, Inc.*		59,773
	6,370	Houghton Mifflin Harcourt Co.*		39,813
	5,615	K12, Inc.*		114,265
	1,977	Laureate Education, Inc.*		34,815
	2,561	Regis Corp.*		45,765
	496	ServiceMaster Global Holdings, Inc.*		19,175
	1,112	Strategic Education, Inc.		176,697


Shares			Fair Value
Common Stocks, continued
Diversified Consumer Services, continued
	5,156	Universal Technical Institute, Inc.*	$	39,753
	2,647	WW International, Inc.*		101,142
	3,362	Zovio, Inc.*		6,926

				1,483,402

Diversified Financial Services (0.1%):
	1,727	Cannae Holdings, Inc.*		64,227
	1,617	Marlin Business Services, Inc.		35,542
	3,296	On Deck Capital, Inc.*		13,645

				113,414

Diversified Telecommunication Services (0.7%):
	679	Anterix, Inc.*		29,340
	1,599	ATN International, Inc.		88,569
	8,538	Cincinnati Bell, Inc.*		89,393
	5,915	Cogent Communications Holdings, Inc.		389,266
	5,491	Consolidated Communications Holdings, Inc.		21,305
	4,115	IDT Corp.*		29,669
	6,073	Intelsat S.A.*		42,693
	13,452	Iridium Communications, Inc.*		331,457
	8,713	Orbcomm, Inc.*		36,682
	13,169	Vonage Holdings Corp.*		97,582

				1,155,956

Electric Utilities (1.2%):
	3,264	ALLETE, Inc.		264,939
	5,690	El Paso Electric Co.		386,293
	3,043	Genie Energy, Ltd., Class B		23,522
	4,044	Hawaiian Electric Industries, Inc.		189,502
	191	IDA Corp., Inc.		20,399
	4,330	MGE Energy, Inc.		341,291
	5,364	Otter Tail Corp.		275,120
	7,610	PNM Resources, Inc.		385,903
	2,371	Portland General Electric Co.		132,278

				2,019,247

Electrical Equipment (1.1%):
	1,259	Allied Motion Technologies, Inc.		61,062
	634	Atkore International Group, Inc.*		25,652
	2,918	AZZ, Inc.		134,082
	2,210	Encore Wire Corp.		126,854
	5,188	EnerSys		388,218
	5,430	Enphase Energy, Inc.*^		141,886
	411	Espey Manufacturing & Electronics Corp.		8,878
	2,346	Generac Holdings, Inc.*		235,984
	7,970	GrafTech International, Ltd.		92,611
	4,534	LSI Industries, Inc.		27,431
	515	nVent Electric plc		13,174
	53	Pioneer Power Solutions, Inc.		120
	569	Powell Industries, Inc.		27,875
	864	Preformed Line Products Co.		52,142
	3,194	Regal-Beloit Corp.		273,438
	75	Servotronics, Inc.		755
	5,025	Thermon Group Holdings, Inc.*		134,670
	3,104	Ultralife Corp.*		22,939
	320	Vicor Corp.*		14,950
	5,942	Vivint Solar, Inc.*^		43,139

				1,825,860

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components (3.5%):
	2,011	ADDvantage Technologies Group, Inc.*	$	4,947
	3,997	Anixter International, Inc.*		368,124
	6,544	Arlo Technologies, Inc.*		27,550
	373	Avnet, Inc.		15,830
	12,822	AVX Corp.		262,466
	3,861	Badger Meter, Inc.		250,695
	254	Bel Fuse, Inc., Class A		4,064
	1,595	Bel Fuse, Inc., Class B		32,698
	1,972	Belden, Inc.		108,460
	896	Benchmark Electronics, Inc.		30,787
	807	Coherent, Inc.*		134,244
	6,442	Daktronics, Inc.		39,232
	1,365	Data I/O Corp.*		5,719
	4,550	Fabrinet*		295,021
	1,853	FARO Technologies, Inc.*		93,299
	5,586	Fitbit, Inc., Class A*		36,700
	640	Frequency Electronics, Inc.*		6,534
	646	IEC Electronics Corp.*		5,872
	6,190	II-VI, Inc.*		208,417
	1,303	Insight Enterprises, Inc.*		91,588
	3,899	Itron, Inc.*		327,321
	3,461	Jabil, Inc.		143,043
	8,386	KEMET Corp.		226,841
	2,556	Kimball Electronics, Inc.*		44,858
	10,286	Knowles Corp.*		217,549
	187	Littlelfuse, Inc.		35,773
	450	Mesa Labs, Inc.		112,230
	4,775	Methode Electronics, Inc., Class A		187,896
	2,201	MTS Systems Corp.		105,714
	2,608	Napco Security Technologies, Inc.*		76,649
	4,365	Novanta, Inc.*		386,040
	2,432	OSI Systems, Inc.*		245,000
	1,908	PAR Technology Corp.*^		58,652
	400	PC Connection, Inc.		19,864
	1,875	Perceptron, Inc.*		10,313

	3,488	Plexus Corp.*		268,367

	1,727	RF Industries, Ltd.		11,675
	2,291	Rogers Corp.*		285,756
	8,103	Sanmina Corp.*		277,447
	3,045	ScanSource, Inc.*		112,513
	1,494	SYNNEX Corp.		192,427
	1,738	Tech Data Corp.*		249,577
	12,240	TTM Technologies, Inc.*		184,212
	7,410	Vishay Intertechnology, Inc.		157,759
	989	Wayside Technology Group, Inc.		16,022
	3,952	Wireless Telecom Group, Inc.*		5,651

				5,981,396

Energy Equipment & Services (1.3%):
	3,788	Apergy Corp.*		127,959
	5,088	Archrock, Inc.		51,084
	1,261	Basic Energy Services, Inc.*		334
	2,978	Cactus, Inc., Class A		102,205
	1,217	Core Laboratories NV		45,844
	1,457	Dawson Geophysical Co.*		3,497
	4,461	Diamond Offshore Drilling, Inc.*^		32,075


Shares			Fair Value
Common Stocks, continued
Energy Equipment & Services, continued
	3,587	Dril-Quip, Inc.*	$	168,265
	3,837	Era Group, Inc.*		39,022
	4,307	Exterran Corp.*		33,724
	12,451	Forum Energy Technologies, Inc.*		20,918
	3,592	Frank’s International NV*		18,571
	2,906	FTS International, Inc.*		3,022
	1,260	Geospace Technologies Corp.*		21,130
	2,641	Gulf Island Fabrication, Inc.*		13,390
	7,520	Helix Energy Solutions Group, Inc.*		72,418
	4,571	Helmerich & Payne, Inc.		207,660
	749	Ion Geophysical*		6,501
	2,658	KLX Energy Services Holdings, Inc.*		17,118
	595	Mammoth Energy Services, Inc.		1,309
	4,480	Matrix Service Co.*		102,502
	12,642	McDermott International, Inc.*^		8,554
	24,731	Nabors Industries, Ltd.		71,225
	2,316	Natural Gas Services Group*		28,394
	11,883	Newpark Resources, Inc.*		74,506
	6,877	NexTier Oilfield Solutions, Inc.*		46,076
	885	Nine Energy Service, Inc.*		6,921
	18,346	Noble Corp. plc*		22,382
	10,150	Oceaneering International, Inc.*		151,337
	3,039	Oil States International, Inc.*		49,566
	14,429	Patterson-UTI Energy, Inc.		151,504
	2,252	Propetro Holding Corp.*		25,335
	1,757	Rignet, Inc.*		11,596
	4,432	RPC, Inc.^		23,224
	1,148	SEACOR Holdings, Inc.*		49,536
	1,598	SEACOR Marine Holdings, Inc.*		22,036
	1,229	Select Energy Services, Inc.*		11,405
	1,537	Solaris Oilfield Infrastructure, Inc.		21,518
	5,480	TETRA Technologies, Inc.*		10,741
	1,075	Tidewater, Inc.*		20,726
	20,620	Transocean, Ltd.*		141,866
	5,730	U.S. Silica Holdings, Inc.		35,240
	3,954	Unit Corp.*		2,750
	16,905	Valaris plc^		110,896

				2,185,882

Entertainment (0.4%):
	3,922	AMC Entertainment Holdings, Inc., Class A^		28,395
	2,527	Ballantyne Strong, Inc.*		8,187
	2,242	Eros International plc*^		7,600
	4,000	Glu Mobile, Inc.*		24,200
	1,045	Imax Corp.*		21,349
	783	Liberty Braves Group, Class A*		23,216
	1,784	Liberty Braves Group, Class C*		52,699
	3,297	Lions Gate Entertainment Corp., Class A*		35,146
	5,341	Lions Gate Entertainment Corp., Class B*		53,036
	870	Marcus Corp.		27,640
	2,715	Reading International, Inc., Class A*		30,381
	700	Rosetta Stone, Inc.*		12,698
	951	World Wrestling Entertainment, Inc., Class A^		61,692
	49,054	Zynga, Inc.*		300,211

				686,450

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing (0.7%):
	5,839	BJ’s Wholesale Club Holdings, Inc.*	$	132,780
	224	Casey’s General Stores, Inc.		35,614
	1,910	Ingles Markets, Inc., Class A		90,744
	4,259	Natural Grocers by Vitamin Cottage, Inc.		42,036
	4,226	Performance Food Group Co.*		217,555
	4,174	PriceSmart, Inc.		296,438
	305	Rite Aid Corp.*^		4,718
	2,176	SpartanNash Co.		30,986
	3,641	Sprouts Farmers Market, Inc.*		70,453
	1,576	The Andersons, Inc.		39,841
	3,260	The Chefs’ Warehouse, Inc.*		124,239
	3,444	United Natural Foods, Inc.*		30,169
	1,832	Village Super Market, Inc., Class A		42,502
	2,676	Weis Markets, Inc.		108,351

				1,266,426

Food Products (1.6%):
	8,875	B&G Foods, Inc.^		159,129
	2,290	Calavo Growers, Inc.		207,451
	3,684	Cal-Maine Foods, Inc.		157,491
	1,318	Coffee Holding Co., Inc.*		6,063
	11,242	Darling Ingredients, Inc.*		315,675
	13,942	Dean Foods Co.*		837
	2,411	Farmer Brothers Co.*		36,310
	2,122	Flowers Foods, Inc.		46,132
	1,800	Fresh Del Monte Produce, Inc.		62,964
	300	Freshpet, Inc.*		17,727
	4,577	Hostess Brands, Inc.*		66,550
	1,810	J & J Snack Foods Corp.		333,529
	470	John B Sanfilippo And Son, Inc.		42,902
	1,773	Lancaster Colony Corp.		283,857
	2,754	Landec Corp.*		31,148
	2,175	Limoneira Co.		41,825
	1,220	Rocky Mountain Chocolate Factory, Inc.		11,261
	2,474	Sanderson Farms, Inc.		435,967
	927	Seneca Foods Corp., Class A*		37,812
	12	Seneca Foods Corp., Class B*		492
	1,600	Simply Good Foods Co. (The)*		45,664
	4,416	Tootsie Roll Industries, Inc.^		150,762
	3,670	TreeHouse Foods, Inc.*		177,995

				2,669,543

Gas Utilities (1.0%):
	2,159	Chesapeake Utilities Corp.		206,897
	3,578	National Fuel Gas Co.		166,520
	5,705	New Jersey Resources Corp.		254,272
	2,904	Northwest Natural Holding Co.		214,112
	1,560	ONE Gas, Inc.		145,969
	118	RGC Resources, Inc.		3,372
	7,843	South Jersey Industries, Inc.		258,662
	1,833	Southwest Gas Holdings, Inc.		139,253
	4,117	Spire, Inc.		342,988

				1,732,045

Health Care Equipment & Supplies (2.2%):
	6,691	Accuray, Inc.*		18,869
	5,021	AngioDynamics, Inc.*		80,386
	1,709	Anika Therapeutics, Inc.*		88,612
	263	Atrion Corp.		197,645


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	4,568	Avanos Medical, Inc.*	$	153,942
	1,300	Axogen, Inc.*		23,257
	2,329	Cantel Medical Corp.		165,126
	1,804	CONMED Corp.		201,740
	3,805	CryoLife, Inc.*		103,077
	1,118	Elctromed, Inc.*		9,671
	427	Fonar Corp.*		8,408
	2,687	Globus Medical, Inc., Class A*		158,211
	420	Haemonetics Corp.*		48,258
	608	Heska Corp.*		58,332
	439	ICU Medical, Inc.*		82,146
	1,629	Inogen, Inc.*		111,310
	3,276	Integer Holdings Corp.*		263,488
	1,200	Integra LifeSciences Holdings Corp.*		69,936
	199	IntriCon Corp.*		3,582
	4,509	Invacare Corp.		40,671
	850	iRadimed Corp.*		19,873
	2,006	IRIDEX Corp.*		4,493
	249	Kewaunee Scientific CP		3,349
	3,514	Lantheus Holdings, Inc.*		72,072
	2,690	LeMaitre Vascular, Inc.		96,706
	1,108	LivaNova plc*		83,576
	6,577	Meridian Bioscience, Inc.		64,257
	5,338	Merit Medical Systems, Inc.*		166,652
	3,498	Natus Medical, Inc.*		115,399
	2,746	Neogen Corp.*		179,204
	4,707	NuVasive, Inc.*		364,038
	3,020	Nuvectra Corp.*		287
	6,333	OraSure Technologies, Inc.*		50,854
	1,884	Orthofix Medical, Inc.*		87,003
	574	Orthopediatrics Corp.*		26,972
	1,629	Quidel Corp.*		122,224
	10,930	RTI Surgical, Inc.*		29,948
	2,363	SeaSpine Holdings Corp.*		28,380
	2,000	Sientra, Inc.*		17,880
	1,450	Surmodics, Inc.*		60,074
	277	TransEnterix, Inc.*		407
	554	Utah Medical Products, Inc.		59,777
	626	Varex Imaging Corp.*		18,661
	7,300	Wright Medical Group NV*		222,504

				3,781,257

Health Care Providers & Services (2.8%):
	6,333	Acadia Healthcare Co., Inc.*		210,382
	1,470	Addus HomeCare Corp.*		142,913
	2,954	Amedisys, Inc.*		493,083
	1,150	American Renal Associates Holdings, Inc.*		11,926
	5,781	AMN Healthcare Services, Inc.*		360,214
	3,573	BioTelemetry, Inc.*		165,430
	12,012	Brookdale Senior Living, Inc.*		87,327
	3,946	Capital Senior Living Corp.*		12,193
	5,249	Community Health Systems, Inc.*		15,222
	2,726	CorVel Corp.*		238,143
	1,032	Covetrus, Inc.*^		13,622
	2,958	Cross Country Healthcare, Inc.*		34,372
	2,588	Diplomat Pharmacy, Inc.*		10,352
	6,408	Ensign Group, Inc. (The)		290,731
	190	Five Star Senior Living, Inc.*		705

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	1,259	Hanger, Inc.*	$	34,761
	1,605	HealthEquity, Inc.*		118,882
	3,529	InfuSystems Holdings, Inc.*		30,102
	3,061	LHC Group, Inc.*		421,684
	2,287	Magellan Health, Inc.*		178,958
	6,017	MEDNAX, Inc.*		167,212
	1,646	National Healthcare Corp.		142,264
	2,600	National Research Corp.		171,444
	5,327	Option Care Health, Inc.*		19,870
	7,794	Owens & Minor, Inc.		40,295
	3,316	Patterson Cos., Inc.		67,912
	1,065	Petiq, Inc.*^		26,678
	1,671	Providence Service Corp.*		98,890
	1,080	Psychemedics Corp.		9,882
	6,913	RadNet, Inc.*		140,334
	18,186	Select Medical Holdings Corp.*		424,462
	1,331	Surgery Partners, Inc.*		20,837
	5,780	Tenet Healthcare Corp.*		219,813
	3,204	The Pennant Group, Inc.*		105,956
	1,697	Tivity Health, Inc.*		34,525
	3,562	Triple-S Management Corp., Class B*		65,861
	1,714	U.S. Physical Therapy, Inc.		195,996

				4,823,233

Health Care Technology (0.6%):
	15,998	Allscripts Healthcare Solutions, Inc.*		157,020
	3,434	Castlight Health, Inc., Class B*		4,567
	2,108	Computer Programs & Systems, Inc.		55,651
	564	Evolent Health, Inc., Class A*		5,104
	2,627	HealthStream, Inc.*		71,454
	5,891	HMS Holdings Corp.*		174,374
	1,027	Inovalon Holdings, Inc., Class A*		19,328
	558	Micron Solutions, Inc.*		1,334
	8,396	NextGen Healthcare, Inc.*		134,924
	3,783	Omnicell, Inc.*		309,147
	2,026	Simulations Plus, Inc.		58,896
	364	Teladoc Health, Inc.*^		30,474
	1,266	Vocera Communications, Inc.*		26,282

				1,048,555

Hotels, Restaurants & Leisure (2.9%):
	1,724	BBQ Holdings, Inc.*		6,775
	4,748	BBX Capital Corp.		22,648
	3	Biglari Holdings, Inc., Class A*		1,800
	168	Biglari Holdings, Inc., Class B*		19,223
	2,915	BJ’s Restaurants, Inc.		110,653
	12,557	Bloomin’ Brands, Inc.		277,133
	2,784	Brinker International, Inc.		116,928
	4,497	Carrols Restaurant Group, Inc.*		31,704
	4,585	Century Casinos, Inc.*		36,313
	6,259	Cheesecake Factory, Inc. (The)		243,225
	1,550	Choice Hotels International, Inc.^		160,317
	1,082	Churchill Downs, Inc.		148,450
	2,799	Chuy’s Holdings, Inc.*		72,550
	1,266	Cracker Barrel Old Country Store, Inc.		194,635
	3,275	Dave & Buster’s Entertainment, Inc.		131,557
	2,980	Del Taco Restaurants, Inc.*		23,557
	7,674	Denny’s Corp.*		152,559


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	495	Dine Brands Global, Inc.	$	41,342
	3,712	Dover Motorsports, Inc.		6,904
	3,973	Drive Shack, Inc.*		14,541
	2,394	El Pollo Loco Holdings, Inc.*		36,245
	2,468	Eldorado Resorts, Inc.*		147,192
	1,759	Extended Stay America, Inc.		26,139
	4,357	Fiesta Restaurant Group, Inc.*		43,091
	378	Flanigan’s Enterprises, Inc.		8,369
	608	Habit Restaurants, Inc. (The), Class A*		6,341
	2,816	Hilton Grand Vacations, Inc.*		96,842
	4,444	International Game Technology plc		66,527
	3,548	Jack in the Box, Inc.		276,850
	2,108	Lindblad Expeditions Holdings, Inc.*		34,466
	5,681	Luby’s, Inc.*		12,498
	2,755	Marriott Vacations Worldwide Corp.		354,735
	597	Nathans Famous, Inc.		42,315
	1,669	Noodles & Co.*		9,246
	4,423	Papa John’s International, Inc.		279,312
	4,883	Penn National Gaming, Inc.*		124,809
	1,446	Playa Hotels & Resorts NV*		12,146
	1,540	Playags, Inc.*		18,680
	3,185	Potbelly Corp.*		13,441
	3,634	Red Lion Hotels Corp.*		13,555
	2,030	Red Robin Gourmet Burgers*		67,031
	662	Red Rock Resorts, Inc.		15,855
	4,652	Ruth’s Hospitality Group, Inc.		101,251
	3,369	Scientific Games Corp., Class A*		90,222
	3,059	SeaWorld Entertainment, Inc.*		97,001
	788	Shake Shack, Inc., Class A*		46,941
	3,391	Six Flags Entertainment Corp.		152,968
	4,120	Texas Roadhouse, Inc., Class A		232,038
	4,346	Town Sports International Holdings, Inc.*		7,432
	9,899	Wendy’s Co. (The)		219,857
	2,153	Wingstop, Inc.		185,653
	3,977	Wyndham Destinations, Inc.		205,571

				4,857,433

Household Durables (2.3%):
	608	Bassett Furniture Industries, Inc.		10,141
	899	Cavco Industries, Inc.*		175,647
	2,144	Century Communities, Inc.*		58,638
	3,024	Dixie Group, Inc. (The)*		3,447
	4,218	Ethan Allen Interiors, Inc.		80,395
	820	Flexsteel Industries, Inc.		16,334
	3,002	Helen of Troy, Ltd.*		539,730
	670	Hooker Furniture Corp.		17,212
	2,905	Installed Building Products, Inc.*		200,067
	3,858	iRobot Corp.*^		195,331
	9,957	KB Home		341,226
	1,138	Koss Corp.*		1,753
	6,113	La-Z-Boy, Inc.		192,437
	924	LGI Homes, Inc.*		65,281
	2,522	Lifetime Brands, Inc.		17,528
	7,014	M.D.C. Holdings, Inc.		267,654
	4,157	M/I Homes, Inc.*		163,578
	6,186	Meritage Corp.*		378,026
	723	P & F Industries, Inc., Class A		4,960

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	1,301	Skyline Champion Corp.*	$	41,242
	5,672	Taylor Morrison Home Corp., Class A*		123,990
	2,725	Tempur Sealy International, Inc.*		237,239
	2,041	TopBuild Corp.*		210,386
	15,629	TRI Pointe Group, Inc.*		243,500
	4,563	Tupperware Brands Corp.		39,151
	1,860	Universal Electronics, Inc.*		97,204
	4,639	William Lyon Homes, Class A*		92,687
	4,044	Zagg, Inc.*^		32,797

				3,847,581

Household Products (0.4%):
	1,115	Central Garden & Pet Co.*		34,643
	3,036	Central Garden & Pet Co., Class A*		89,137
	799	Energizer Holdings, Inc.		40,126
	1,767	OceanBio-Chem, Inc.		5,849
	940	Oil-Dri Corp of America		34,075
	1,701	Spectrum Brands Holdings, Inc.		109,357
	1,660	WD-40 Co.		322,272

				635,459

Independent Power and Renewable Electricity Producers (0.6%):
	22,978	Atlantic Power Corp.*		53,539
	3,027	Atlantica Yield plc		79,883
	3,724	Clearway Energy, Inc., Class A		71,203
	5,480	Clearway Energy, Inc., Class C		109,326
	6,324	Ormat Technologies, Inc.		471,264
	9,283	Pattern Energy Group, Inc.		248,367
	4,607	TerraForm Power, Inc., Class A		70,902

				1,104,484

Industrial Conglomerates (0.1%):
	4,605	Raven Industries, Inc.		158,688

Insurance (2.8%):
	6,708	AMBAC Financial Group, Inc.*		144,692
	9,054	American Equity Investment Life Holding Co.		270,985
	1,653	American National Insurance Co.		194,525
	2,876	Amerisafe, Inc.		189,902
	3,498	Argo Group International Holdings, Ltd.		229,994
	1,079	Assured Guaranty, Ltd.		52,893
	1,304	Brighthouse Financial, Inc.*		51,156
	8,209	Citizens, Inc.*		55,411
	3,445	Crawford & Co.		34,967
	4,636	Crawford & Co., Class A		53,175
	2,691	Donegal Group, Inc., Class A		39,881
	2,004	eHealth, Inc.*		192,544
	3,106	Employers Holdings, Inc.		129,676
	797	Enstar Group, Ltd.*		164,867
	2,839	FBL Financial Group, Inc., Class A		167,302
	2,111	FedNat Holding Co.		35,106
	10,826	Genworth Financial, Inc., Class A*		47,634
	1,050	Global Indemnity, Ltd.		31,112
	301	Goosehead Insurance, Inc.^		12,762
	3,055	Greenlight Capital Re, Ltd.*		30,886
	1,752	Hallmark Financial Services, Inc.*		30,783
	1,470	HCI Group, Inc.		67,106
	569	Heritage Insurance Holdings, Inc.		7,539


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	1,214	Horace Mann Educators Corp.	$	53,003
	2,328	Independence Holding Co.		97,962
	253	Investors Title Co.		40,278
	941	James River Group Holdings		38,779
	790	Kemper Corp.		61,225
	1,473	Kingstone Co., Inc.		11,416
	1,000	Kinsale Capital Group, Inc.		101,660
	12,677	Maiden Holdings, Ltd.*		9,508
	2,967	Mercury General Corp.		144,582
	4,498	National General Holdings Corp.		99,406
	386	National Western Life Group, Inc., Class A		112,280
	927	Primerica, Inc.		121,029
	5,649	ProAssurance Corp.		204,155
	180	Protective Insurance Corp.^		2,808
	4,238	RLI Corp.		381,504
	513	Safety Insurance Group, Inc.		47,468
	3,533	Selective Insurance Group, Inc.		230,315
	4,915	State Auto Financial Corp.		152,463
	3,277	Stewart Information Services Corp.		133,669
	204	The National Security Group, Inc.		3,042
	2,083	Third Point Reinsurance, Ltd.*		21,913
	2,849	Tiptree, Inc., Class A		23,191
	748	United Fire Group, Inc.		32,710
	4,002	United Insurance Holdings Co.		50,465
	4,549	Universal Insurance Holdings, Inc.		127,327
	161	White Mountains Insurance Group, Ltd.		179,597

				4,716,653

Interactive Media & Services (0.4%):
	1,722	Care.com, Inc.*		25,882
	4,376	Cargurus, Inc.*		153,947
	3,666	Cars.com, Inc.*		44,799
	6,181	DHI Group, Inc.*		18,605
	7,846	Liberty TripAdvisor Holdings, Inc., Class A*		57,668
	7,450	QuinStreet, Inc.*		114,060
	7,131	The Meet Group, Inc. (The)*		35,726
	2,073	Travelzoo, Inc.*		22,181
	1,127	TripAdvisor, Inc.		34,238
	2,459	TrueCar, Inc.*		11,680
	2,489	Yelp, Inc.*		86,692
	1,473	Zedge, Inc., Class B*		2,268

				607,746

Internet & Direct Marketing Retail (0.4%):
	4,886	1-800 Flowers.com, Inc., Class A*		70,847
	11,534	Groupon, Inc.*		27,566
	905	Grubhub, Inc.*^		44,019
	1,300	Lands’ End, Inc.*		21,840
	3,938	Leaf Group, Ltd.*		15,752
	3,018	Liquidity Services, Inc.*		17,987
	3,081	PetMed Express, Inc.^		72,465
	1,050	Quotient Technology, Inc.*		10,353
	4,378	Qurate Retail, Inc., Class A*		36,907
	4,549	Shutterstock, Inc.*		195,061
	1,086	Stamps.com, Inc.*		90,703

				603,500

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
IT Services (2.7%):
	1,081	CACI International, Inc., Class A*	$	270,239
	5,955	Cardtronics plc*		265,890
	1,886	Cass Information Systems, Inc.		108,898
	11,403	Conduent, Inc.*		70,699
	4,018	CoreLogic, Inc.*		175,627
	4,402	CSG Systems International, Inc.		227,936
	758	CSP, Inc.		9,892
	4,290	Endurance International Group Holdings, Inc.*		20,163
	3,668	Evertec, Inc.		124,859
	3,658	Exlservice Holdings, Inc.*		254,085
	1,053	Greensky, Inc.*		9,372
	4,964	GTT Communications, Inc.*^		56,341
	4,599	Hackett Group, Inc. (The)		74,228
	439	I3 Verticals, Inc.*		12,402
	1,786	Internap Corp.*		1,965
	16,780	KBR, Inc.		511,789
	18,673	Limelight Networks, Inc.*		76,186
	6,459	LiveRamp Holdings, Inc.*		310,484
	2,747	ManTech International Corp., Class A		219,430
	500	Maximus, Inc.		37,195
	8,730	NIC, Inc.		195,116
	862	Paysign, Inc.*^		8,749
	4,334	Perficient, Inc.*		199,667
	6,302	Perspecta, Inc.		166,625
	3,168	PFSweb, Inc.*		12,102
	4,370	Science Applications International Corp.		380,276
	8,429	Servicesource International, Inc.*		14,076
	1,555	StarTek, Inc.*		12,409
	10,553	Steel Connect, Inc.*		15,407
	4,608	Sykes Enterprises, Inc.*		170,450
	4,172	Teradata Corp.*		111,684
	5,956	TTEC Holdings, Inc.		235,977
	7,332	Unisys Corp.*		86,958
	3,309	Virtusa Corp.*		149,997

				4,597,173

Leisure Products (0.3%):
	1,742	Acushnet Holdings Corp.		56,615
	8,017	American Outdoor Brands Corp.*		74,398
	7,292	Callaway Golf Co.		154,589
	2,916	Escalade, Inc.		28,664
	2,447	Jakks Pacific, Inc.*		2,520
	361	Johnson Outdoors, Inc., Class A		27,689
	1,830	Malibu Boats, Inc.*		74,938
	2,419	Marine Products Corp.		34,834
	850	Mastercraft Boat Holdings, Inc.*		13,388
	4,982	Nautilus Group, Inc.*		8,719
	7,141	Vista Outdoor, Inc.*		53,415

				529,769

Life Sciences Tools & Services (0.3%):
	671	Codexis, Inc.*		10,729
	7,407	Enzo Biochem, Inc.*		19,480
	7,018	Harvard Bioscience, Inc.*		21,405
	4,475	Luminex Corp.		103,641
	1,361	Medpace Holdings, Inc.*		114,406


Shares			Fair Value
Common Stocks, continued
Life Sciences Tools & Services, continued
	4,427	Neogenomics, Inc.*	$	129,490
	1,449	Syneos Health, Inc.*		86,179

				485,330

Machinery (5.5%):
	6,598	Actuant Corp., Class A		171,746
	1,154	Alamo Group, Inc.		144,885
	3,730	Albany International Corp., Class A		283,182
	1,386	Altra Industrial Motion Corp.		50,187
	806	Art’s-Way Manufacturing Co.*		1,435
	2,880	Astec Industries, Inc.		120,960
	6,349	Barnes Group, Inc.		393,383
	1,115	Blue Bird Corp.*		25,556
	2,245	Briggs & Stratton Corp.		14,952
	3,812	Chart Industries, Inc.*		257,272
	2,359	CIRCOR International, Inc.*		109,080
	6,302	Colfax Corp.*		229,267
	3,105	Columbus McKinnon Corp.		124,293
	5,525	Commercial Vehicle Group, Inc.*		35,084
	1,676	DMC Global, Inc.		75,319
	3,020	Douglas Dynamics, Inc.		166,100
	500	Eastern Co. (The)		15,265
	2,433	EnPro Industries, Inc.		162,719
	3,185	ESCO Technologies, Inc.		294,613
	8,469	Federal Signal Corp.		273,125
	5,946	Franklin Electric Co., Inc.		340,824
	2,281	FreightCar America, Inc.*		4,722
	1,555	Gates Industrial Corp. plc*		21,397
	1,765	Gencor Industries, Inc.*		20,598
	3,372	Gorman-Rupp Co. (The)		126,450
	459	Graham Corp.		10,043
	10,550	Harsco Corp.*		242,756
	3,615	Helios Technologies, Inc.		167,121
	4,010	Hillenbrand, Inc.		133,573
	785	Hurco Cos, Inc.		30,113
	1,314	Hyster-Yale Materials Handling, Inc., Class A		77,473
	3,679	John Bean Technologies Corp.		414,475
	9,594	Kennametal, Inc.		353,922
	1,529	L.B. Foster Co., Class A*		29,632
	1,368	Lindsay Corp.		131,314
	829	Lydall, Inc.*		17,011
	3,228	Manitex International, Inc.*		19,207
	4,498	Manitowoc Co., Inc. (The)*		78,715
	11,063	Meritor, Inc.*		289,740
	7,214	Mueller Industries, Inc.		229,045
	22,037	Mueller Water Products, Inc., Class A		264,003
	5,988	Navistar International Corp.*		173,293
	3,562	NN, Inc.		32,949
	738	Omega Flex, Inc.		79,180
	2,028	Park-Ohio Holdings Corp.		68,242
	1,756	Proto Labs, Inc.*		178,322
	2,358	RBC Bearings, Inc.*		373,365
	12,642	Rexnord Corp.*		412,381
	5,735	Spartan Motors, Inc.		103,689
	1,692	SPX Corp.*		86,089
	1,085	SPX FLOW, Inc.*		53,024

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	1,636	Standex International Corp.	$	129,817
	466	Taylor Devices, Inc.*		4,898
	1,866	Tennant Co.		145,399
	9,270	Terex Corp.		276,061
	800	The Exone Co.*^		5,968
	3,586	The Greenbrier Cos., Inc.		116,294
	2,794	Timken Co.		157,330
	7,930	Titan International, Inc.		28,707
	5,970	TriMas Corp.*		187,518
	6,206	Trinity Industries, Inc.		137,463
	1,747	Twin Disc, Inc.*		19,252
	7,530	Wabash National Corp.		110,616
	3,369	Watts Water Technologies, Inc., Class A		336,091
	18,293	Welbilt, Inc.*		285,554

				9,452,059

Marine (0.2%):
	1,689	Costamare, Inc.		16,096
	4,337	Genco Shipping & Trading, Ltd.		46,059
	848	Kirby Corp.*		75,921
	5,648	Matson, Inc.		230,439
	3,151	Scorpio Bulkers, Inc.		20,072

				388,587

Media (1.5%):
	3,904	A.H. Belo Corp., Class A		11,009
	2,250	AMC Networks, Inc., Class A*		88,875
	478	Beasley Broadcast Group, Inc., Class A		1,477
	41	Cable One, Inc.		61,027
	23,234	Central Eurpoean Media Enterprises*		105,250
	4,066	Clear Channel Outdoor Holdings, Inc.*		11,629
	229	Daily Journal Corp.*		66,506
	7,889	E.W. Scripps Co. (The), Class A		123,936
	3,323	Emerald Expositions Events, Inc.		35,058
	6,123	Entercom Communications Corp.		28,411
	11,865	Entravision Communications Corp., Class A		31,086
	5,880	Gannett Co, Inc.		37,514
	8,641	Gray Television, Inc.*		185,263
	2,892	Hemisphere Media Group*		42,946
	4,052	John Wiley & Sons, Inc., Class A		196,603
	10,454	Lee Enterprises, Inc.*		14,845
	3,964	Liberty Latin America, Ltd.*		76,505
	7,609	Liberty Latin America, Ltd., Class C*		148,071
	6,655	Marchex, Inc., Class B*		25,156
	4,388	Meredith Corp.		142,478
	3,571	MSG Networks, Inc., Class A*		62,135
	10,941	National CineMedia, Inc.		79,760
	4,149	New York Times Co. (The), Class A		133,473
	2,788	Nexstar Media Group, Inc., Class A		326,894
	1,017	Scholastic Corp.		39,104
	3,843	Sinclair Broadcast Group, Inc., Class A		128,126
	3,708	TechTarget, Inc.*		96,779
	10,206	Tegna, Inc.		170,338
	2,169	Tribune Publishing Co.		28,544
	8,158	Urban One, Inc.*		15,500

				2,514,298


Shares			Fair Value
Common Stocks, continued
Metals & Mining (1.4%):
	23,109	AK Steel Holding Corp.*	$	76,029
	7,273	Alcoa Corp.*		156,442
	7,802	Allegheny Technologies, Inc.*		161,189
	2,124	Ampco-Pittsburgh Corp.*		6,393
	5,867	Carpenter Technology Corp.		292,060
	3,100	Century Aluminum Co.*		23,297
	21,148	Cleveland-Cliffs, Inc.^		177,643
	7,283	Coeur Mining, Inc.*		58,847
	12,903	Commercial Metals Co.		287,350
	4,543	Compass Minerals International, Inc.		276,941
	13,641	Ferroglobe plc*		12,823
	13,641	Ferroglobe Unit*(a)		—
	1,805	Gold Resource Corp.		10,000
	1,557	Haynes International, Inc.		55,709
	42,581	Hecla Mining Co.		144,350
	931	Kaiser Aluminum Corp.		103,239
	2,285	Materion Corp.		135,843
	9,373	McEwen Mining, Inc.		11,904
	2,868	Ryerson Holding Corp.*		33,928
	1,487	Schnitzer Steel Industries, Inc., Class A		32,238
	3,318	SunCoke Energy, Inc.		20,671
	1,789	Synalloy Corp.*		23,096
	4,467	TimkenSteel Corp.*		35,111
	6,784	United States Steel Corp.^		77,405
	1,458	Universal Stainless & Alloy Products, Inc.*		21,724
	684	Warrior Met Coal, Inc.		14,453
	2,441	Worthington Industries, Inc.		102,961

				2,351,646

Multiline Retail (0.4%):
	5,705	Big Lots, Inc.		163,848
	654	Dillard’s, Inc., Class A^		48,056
	27,998	J.C. Penney Co., Inc.*^		31,358
	3,428	Macy’s, Inc.^		58,276
	3,797	Nordstrom, Inc.^		155,411
	2,928	Ollie’s Bargain Outlet Holdings, Inc.*		191,227
	5,314	Tuesday Morning Corp.*		9,831

				658,007

Multi-Utilities (0.6%):
	8,048	Avista Corp.		387,028
	2,541	Black Hills Corp.		199,570
	4,953	NorthWestern Corp.		354,982
	2,144	Unitil Corp.		132,542

				1,074,122

Oil, Gas & Consumable Fuels (2.8%):
	4,107	Abraxas Petroleum Corp.*		1,442
	816	Adams Resources & Energy, Inc.		31,065
	1,538	Amplify Energy Corp.		10,166
	2,307	Antero Resources Corp.*		6,575
	1,638	Arch Coal, Inc.		117,510
	1,954	Ardmore Shipping Corp.*		17,684
	2,422	Bonanza Creek Energy, Inc.*		56,529
	2,193	California Resources Corp.*^		19,803
	23,301	Callon Petroleum Co.*		112,544
	3,036	Centennial Resource Development, Inc., Class A*		14,026

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	32,742	Chesapeake Energy Corp.*	$	27,032
	3,046	Cimarex Energy Co.		159,885
	16,914	Clean Energy Fuel Corp.*		39,579
	19,397	CNX Resources Corp.*		171,663
	2,015	CONSOL Energy, Inc.*		29,238
	1,914	Contango Oil & Gas Co.*^		7,024
	4,234	CVR Energy, Inc.		171,181
	7,363	Delek US Holdings, Inc.		246,881
	39,156	Denbury Resources, Inc.*		55,210
	16,266	DHT Holdings, Inc.		134,682
	4,012	Dorian LPG, Ltd.*		62,106
	416	Earthstone Energy, Inc.*		2,633
	2,142	Energy Transfer LP		27,482
	17,427	Enlink Midstream LLC		106,828
	8,624	EQT Corp.		94,002
	9,259	Equitrans Midstream Corp.		123,700
	2,943	Evolution Petroleum Corp.		16,098
	5,664	Extraction Oil & Gas, Inc.*^		12,008
	10,643	Gaslog, Ltd.		104,195
	1,561	Green Plains, Inc.		24,086
	9,417	Gulfport Energy Corp.*		28,628
	5,504	Hallador Energy Co.		16,347
	9,079	HighPoint Resources Corp.*		15,344
	2,520	International Seaways, Inc.*		74,995
	6,317	Jagged Peak Energy, Inc.*		53,631
	34,496	Kosmos Energy, Ltd.		196,627
	14,513	Laredo Petroleum, Inc.*		41,652
	2,082	Lonestar Resources US, Inc.*		5,434
	9,030	Matador Resources Co.*		162,269
	290	Montage Resources Corp.*^		2,303
	6,183	Murphy Oil Corp.		165,704
	12,361	Nordic American Tankers, Ltd.		60,816
	3,092	Northern Oil & Gas, Inc.*		7,235
	18,805	Oasis Petroleum, Inc.*		61,304
	5,300	Overseas Shipholding Group, Inc.*		12,190
	2,410	Panhandle Oil & Gas, Inc., Class A		27,016
	1,648	PAR Pacific Holdings, Inc.*		38,300
	6,480	PBF Energy, Inc., Class A		203,278
	3,470	PDC Energy, Inc.*		90,810
	5,636	Peabody Energy Corp.		51,400
	523	Penn Virginia Corp.*		15,873
	6	PrimeEnergy Resources Corp.*		908
	12,864	QEP Resources, Inc.		57,888
	12,188	Range Resources Corp.^		59,112
	5,239	Renewable Energy Group, Inc.*		141,191
	3,561	Ring Energy, Inc.*		9,401
	1,533	SandRidge Energy, Inc.*		6,500
	2,911	Scorpio Tankers, Inc.		114,519
	12,619	SFL Corp., Ltd.		183,480
	7,278	SM Energy Co.		81,805
	32,445	Southwestern Energy Co.*		78,517
	23,009	SRC Energy, Inc.*		94,797
	1,352	Talos Energy, Inc.*		40,763
	1,980	Teekay Shipping Corp.^		10,534
	2,363	Teekay Tankers, Ltd., Class A*		56,641
	8,709	W&T Offshore, Inc.*		48,422
	7,070	Whiting Petroleum Corp.*		51,894


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	3,407	World Fuel Services Corp.	$	147,932
	19,806	WPX Energy, Inc.*		272,134

				4,790,451

Paper & Forest Products (0.8%):
	5,866	Boise Cascade Co.		214,285
	2,174	Clearwater Paper Corp.*		46,437
	7,194	Domtar Corp.		275,099
	6,293	Louisiana-Pacific Corp.		186,713
	8,641	Mercer International, Inc.		106,284
	2,510	Neenah, Inc.		176,779
	1,455	P.H. Glatfelter Co.		26,627
	12,394	Resolute Forest Products*		52,055
	4,054	Schweitzer-Mauduit International, Inc.		170,227
	1,313	Verso Corp.*		23,673

				1,278,179

Personal Products (0.7%):
	27,730	Avon Products, Inc.		156,397
	2,048	e.l.f. Beauty, Inc.*		33,034
	2,807	Edgewell Personal Care Co.*		86,905
	4,010	Inter Parfums, Inc.		291,568
	900	Lifevantage Corp.*		14,049
	537	Mannatech, Inc.		8,409
	1,346	Medifast, Inc.^		147,495
	1,387	Natural Alternatives International, Inc.*		11,068
	369	Natural Health Trends Corp.		1,985
	2,857	Natures Sunshine Products, Inc.*		25,513
	2,622	Nu Skin Enterprises, Inc., Class A		107,450
	340	United-Guardian, Inc.		6,681
	3,195	Usana Health Sciences, Inc.*		250,967

				1,141,521

Pharmaceuticals (0.9%):
	5,270	Akorn, Inc.*		7,905
	3,129	Amphastar Pharmaceuticals, Inc.*		60,358
	1,566	ANI Pharmaceuticals, Inc.*		96,575
	1,496	Aratana Therapeutics- CVR*(a)		—
	961	Assembly Biosciences, Inc.*		19,662
	4,744	Assertio Therapeutics, Inc.*		5,930
	2,200	BioDelivery Sciences International, Inc.*		13,904
	1,154	Collegium Pharmaceutical, Inc.*		23,749
	3,245	Corcept Therapeutics, Inc.*		39,265
	3,415	Cumberland Pharmaceuticals, Inc.*		17,587
	1,891	Cymabay Therapeutics, Inc.*		3,706
	1,500	Dermira, Inc.*		22,740
	7,597	Endo International plc*		35,630
	7,355	Horizon Therapeutics plc*		266,252
	6,525	Innoviva, Inc.*		92,394
	2,755	Intra-Cellular Therapies, Inc.*		94,524
	1,144	Kala Pharmaceuticals, Inc.*^		4,221
	6,034	Lannett Co., Inc.*		53,220
	3,492	Mallinckrodt plc*^		12,187
	1,475	Nektar Therapeutics*		31,838
	2,308	Otonomy, Inc.*		8,840
	1,324	Pacira BioSciences, Inc.*		59,977
	859	Phibro Animal Health Corp., Class A		21,329
	5,702	Prestige Consumer Healthcare, Inc.*		230,932
	1,980	Revance Therapeutics, Inc.*		32,135

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	1,800	SIGA Technologies, Inc.*	$	8,586
	5,788	Supernus Pharmaceuticals, Inc.*		137,291
	1,155	Taro Pharmaceutical Industries, Ltd.*		101,559
	1,478	Zogenix, Inc.*		77,048

				1,579,344

Professional Services (1.9%):
	1,888	Acacia Research Corp.*		5,022
	5,362	ASGN, Inc.*		380,541
	1,199	Barrett Business Services, Inc.		108,462
	6,714	CBIZ, Inc.*		181,009
	490	CRA International, Inc.		26,690
	5,032	Exponent, Inc.		347,258
	2,512	Forrester Research, Inc.*		104,750
	2,195	Franklin Covey Co.*		70,745
	4,532	FTI Consulting, Inc.*		501,511
	2,202	GP Strategies Corp.*		29,132
	2,274	Heidrick & Struggles International, Inc.		73,905
	2,544	Huron Consulting Group, Inc.*		174,824
	2,071	ICF International, Inc.		189,745
	5,892	InnerWorkings, Inc.*		32,465
	1,529	Insperity, Inc.		131,555
	1,000	Kelly Services, Inc., Class A		22,580
	3,344	Kforce, Inc.		132,757
	5,647	Korn Ferry		239,433
	1,332	Mastech Digital, Inc.*		14,745
	3,943	Mistras Group, Inc.*		56,267
	4,033	Resources Connection, Inc.		65,859
	3,165	TriNet Group, Inc.*		179,171
	6,167	Trueblue, Inc.*		148,378
	4,212	Volt Information Sciences, Inc.*		10,446
	505	Willdan Group, Inc.*		16,049

				3,243,299

Real Estate Management & Development (0.5%):
	2,400	Altisource Portfolio Solutions*^		46,392
	395	CKX Lands, Inc.*^		3,681
	920	Consolidated-Tomoka Land Co.		55,494
	692	Forestar Group, Inc.*		14,428
	504	FRP Holdings, Inc.*		25,104
	376	Griffin Industrial Realty, Inc.		14,871
	10	J.W. Mays, Inc.*		303
	6,324	Kennedy-Wilson Holdings, Inc.		141,024
	5,387	Marcus & Millichap, Inc.*		200,665
	1,035	Maui Land & Pineapple Co.*		11,644
	3,298	Newmark Group, Inc.		44,375
	2,057	Rafael Holdings, Inc., Class B*		36,697
	702	RE/MAX Holdings, Inc., Class A		27,020
	8,369	Realogy Holdings Corp.^		81,012
	308	Stratus Properties, Inc.*		9,542
	3,421	Tejon Ranch Co.*		54,668
	1,076	The RMR Group, Inc., Class A		49,109
	2,700	The St Joe Co.*^		53,541

				869,570

Road & Rail (0.9%):
	1,803	ArcBest Corp.		49,763
	9,143	Avis Budget Group, Inc.*		294,770
	2,278	Covenant Transportation Group, Inc., Class A*		29,443


Shares			Fair Value
Common Stocks, continued
Road & Rail, continued
	10,920	Heartland Express, Inc.	$	229,866
	5,530	Hertz Global Holdings, Inc.*		87,098
	875	Landstar System, Inc.		99,636
	1,700	Marten Transport, Ltd.		36,533
	598	Ryder System, Inc.		32,477
	3,297	Saia, Inc.*		307,017
	646	Schneider National, Inc.		14,096
	3,855	Universal Logistics Holdings, Inc.		73,091
	988	USA Truck, Inc.*		7,361
	8,985	Werner Enterprises, Inc.		326,964
	4,526	YRC Worldwide, Inc.*^		11,541

				1,599,656

Semiconductors & Semiconductor Equipment (3.5%):
	4,922	Advanced Energy Industries, Inc.*		350,446
	3,814	Alpha & Omega Semiconductor, Ltd.*		51,947
	1,056	Ambarella, Inc.*		63,951
	30,273	Amkor Technology, Inc.*		393,548
	1,301	Amtech Systems, Inc.*		9,315
	4,245	Axcelis Technologies, Inc.*		102,283
	2,777	AXT, Inc.*		12,080
	2,714	Brooks Automation, Inc.		113,879
	2,508	Cabot Microelectronics Corp.		361,955
	1,462	CEVA, Inc.*		39,416
	5,549	Cirrus Logic, Inc.*		457,292
	4,450	Cohu, Inc.		101,683
	1,905	Cree, Inc.*		87,916
	522	Cyberoptics Corp.*		9,594
	6,488	Diodes, Inc.*		365,728
	3,285	DSP Group, Inc.*		51,706
	3,718	Entegris, Inc.		186,235
	8,247	FormFactor, Inc.*		214,175
	4,679	GSI Technology, Inc.*		33,174
	1,254	Ichor Holdings, Ltd.*		41,721
	1,471	Inphi Corp.*		108,883
	1,349	inTest Corp.*		8,027
	7,339	Kulicke & Soffa Industries, Inc.		199,621
	12,204	Lattice Semiconductor Corp.*		233,585
	1,636	MagnaChip Semiconductor Corp.*^		18,994
	4,333	MaxLinear, Inc., Class A*		91,946
	700	MKS Instruments, Inc.		77,007
	6,163	Neophotonics Corp.*		54,358
	807	NVE Corp.		57,620
	6,903	Onto Innovation, Inc.*		252,236
	4,804	PDF Solutions, Inc.*		81,140
	9,112	Photronics, Inc.*		143,605
	2,109	Pixelworks, Inc.*		8,267
	2,975	Power Integrations, Inc.		294,257
	11,907	Rambus, Inc.*		164,019
	2,943	Semtech Corp.*		155,685
	2,126	Silicon Laboratories, Inc.*		246,573
	1,208	SMART Global Holdings, Inc.*		45,832
	1,698	SolarEdge Technologies, Inc.*		161,463
	2,469	Synaptics, Inc.*		162,386
	5,213	Ultra Clean Holdings, Inc.*		122,349
	6,109	Veeco Instruments, Inc.*		89,711
	5,605	Xperi Corp.		103,693

				5,929,301

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Software (2.6%):
	3,492	A10 Networks, Inc.*	$	23,990
	12,450	ACI Worldwide, Inc.*		471,667
	994	Agilysys, Inc.*		25,258
	2,538	Alarm.com Holding, Inc.*		109,058
	966	Altair Engineering, Inc.*		34,689
	4,794	American Software, Inc., Class A		71,335
	752	Appfolio, Inc.*		82,682
	935	Asure Software, Inc.*^		7,648
	2,595	Avaya Holdings Corp.*		35,033
	2,785	Aware, Inc.*		9,358
	2,658	Blackbaud, Inc.		211,577
	620	Blackline, Inc.*		31,967
	2,196	Bottomline Technologies, Inc.*		117,706
	2,350	BSQUARE Corp.*		3,267
	900	ChannelAdvisor Corp.*		8,136
	3,451	Cision, Ltd.*		34,406
	2,037	CommVault Systems, Inc.*		90,932
	2,686	Cornerstone OnDemand, Inc.*		157,265
	3,185	Digital Turbine, Inc.*		22,709
	3,842	Ebix, Inc.		128,361
	2,301	Envestnet, Inc.*		160,219
	5,614	Finjan Holdings, Inc.*		11,284
	3,423	FireEye, Inc.*		56,582
	4,113	GlobalSCAPE, Inc.		40,431
	1,820	Globant SA*		193,011
	2,398	J2 Global, Inc.		224,717
	1,662	LogMeIn, Inc.		142,500
	2,555	Manhattan Associates, Inc.*		203,761
	562	MicroStrategy, Inc., Class A*		80,158
	2,468	Mimecast, Ltd.*		107,062
	856	New Relic, Inc.*		56,248
	5,507	OneSpan, Inc.*		94,280
	1,348	Paylocity Holding Corp.*		162,865
	5,762	Progress Software Corp.		239,410
	1,864	QAD, Inc.		94,934
	2,008	Qualys, Inc.*		167,407
	7,302	RealNetworks, Inc.*		8,762
	2,886	Rubicon Project, Inc.*		23,550
	4,036	SailPoint Technologies Holding, Inc.*		95,250
	769	Sapiens International Corp. NV		17,687
	6,367	SeaChange International, Inc.*		26,678
	539	Shotspotter, Inc.*		13,745
	684	Sps Commerce, Inc.*		37,907
	5,449	Synacor, Inc.*		8,282
	3,280	Synchronoss Technologies, Inc.*^		15,580
	5,185	Telaria, Inc.*		45,680
	7,906	Telenav, Inc.*		38,423
	16,342	TiVo Corp.		138,580
	870	Upland Software, Inc.*		31,068
	3,726	Verint Systems, Inc.*		206,271
	1,895	Zix Corp.*		12,848

				4,432,224

Specialty Retail (3.9%):
	7,069	Aaron’s, Inc.		403,712
	3,905	Abercrombie & Fitch Co., Class A		67,517
	13,115	American Eagle Outfitters, Inc.		192,791


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	996	America’s Car Mart, Inc.*	$	109,221
	2,646	Asbury Automotive Group, Inc.*		295,796
	660	Ascena Retail Group, Inc.*^		5,059
	3,093	At Home Group, Inc.*		17,012
	4,741	AutoNation, Inc.*		230,555
	7,305	Barnes & Noble Education, Inc.*		31,192
	7,174	Bed Bath & Beyond, Inc.^		124,110
	4,102	Big 5 Sporting Goods Corp.		12,306
	3,574	Boot Barn Holdings, Inc.*		159,150
	1,732	Build-A-Bear Workshop, Inc.*		5,612
	3,926	Caleres, Inc.		93,243
	3,499	Cato Corp., Class A		60,883
	16,720	Chico’s FAS, Inc.		63,703
	1,594	Citi Trends, Inc.		36,853
	3,051	Conn’s, Inc.*		37,802
	7,160	Designer Brands, Inc., Class A		112,698
	10,159	Destination XL Group, Inc.*		13,004
	5,615	Dick’s Sporting Goods, Inc.		277,886
	11,002	Express, Inc.*		53,580
	4,493	Floor & Decor Holdings, Inc., Class A*		228,289
	2,914	Foot Locker, Inc.		113,617
	367	Francesca’s Holdings Corp.*^		3,809
	5,741	GameStop Corp., Class A^		34,905
	2,011	Genesco, Inc.*		96,367
	693	Group 1 Automotive, Inc.		69,300
	7,980	Guess?, Inc.		178,592
	2,764	Haverty Furniture Cos., Inc.		55,722
	2,944	Hibbett Sports, Inc.*		82,550
	2,388	J. Jill, Inc.^		2,698
	1,806	Kirkland’s, Inc.*^		2,239
	6,135	L Brands, Inc.		111,166
	2,739	Lithia Motors, Inc., Class A		402,634
	1,529	Lumber Liquidators Holdings, Inc.*^		14,938
	3,059	MarineMax, Inc.*		51,055
	8,315	Michaels Cos., Inc. (The)*		67,268
	4,052	Monro, Inc.		316,866
	4,397	Murphy U.S.A., Inc.*		514,450
	1,671	National Vision Holdings, Inc.*		54,191
	42,056	Office Depot, Inc.		115,233
	5,416	Party City Holdco, Inc.*^		12,673
	5,392	Penske Automotive Group, Inc.		270,786
	577	Pier 1 Imports, Inc.*^		3,693
	1,537	Rent-A-Center, Inc.		44,327
	805	RH*		171,868
	11,726	RTW Retailwinds, Inc.*		9,393
	7,968	Sally Beauty Holdings, Inc.*		145,416
	4,149	Signet Jewelers, Ltd.		90,199
	4,304	Sleep Number Corp.*		211,929
	4,654	Sonic Automotive, Inc., Class A		144,274
	2,363	Sportsman’s Warehouse Holdings, Inc.*		18,975
	1,752	Tailored Brands, Inc.^		7,253
	289	Tandy Leather Factory, Inc.*		1,650
	6,734	The Buckle, Inc.		182,087
	2,162	The Children’s Place, Inc.		135,168
	6,893	The Container Store Group, Inc.*^		29,088
	2,271	Tilly’s, Inc.		27,820
	4,285	Urban Outfitters, Inc.*		118,994

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	672	Winmark Corp.	$	133,258
	3,700	Zumiez, Inc.*		127,798

				6,806,223

Technology Hardware, Storage & Peripherals (0.3%):
	3,723	3D Systems Corp.*		32,576
	1,308	AstroNova, Inc.		17,946
	7,288	Avid Technology, Inc.*		62,531
	1,901	CCUR Holdings, Inc.*		8,269
	6,091	NCR Corp.*		214,160
	2,458	Stratasys, Ltd.*		49,713
	2,001	Super Micro Computer, Inc.*		48,064
	1,590	TransAct Technologies, Inc.		17,442

				450,701

Textiles, Apparel & Luxury Goods (1.4%):
	2,413	Capri Holdings, Ltd.*		92,056
	920	Carter’s, Inc.		100,593
	8,448	Crocs, Inc.*		353,887
	2,291	Culp, Inc.		31,203
	3,005	Deckers Outdoor Corp.*		507,424
	1,291	Fossil Group, Inc.*		10,173
	6,596	G-III Apparel Group, Ltd.*		220,966
	849	Kontoor Brands, Inc.		35,650
	816	Lakeland Industries, Inc.*		8,813
	2,340	Oxford Industries, Inc.		176,483
	1,515	Rocky Brands, Inc.		44,586
	10,289	Steven Madden, Ltd.		442,530
	957	Unifi, Inc.*		24,174
	1,916	Vera Bradley, Inc.*		22,609
	10,479	Wolverine World Wide, Inc.		353,561

				2,424,708

Thrifts & Mortgage Finance (2.5%):
	8,516	Axos Financial, Inc.*		257,864
	2,838	BankFinancial Corp.		37,121
	15,045	Capitol Federal Financial, Inc.		206,568
	280	Citizens Community Bancorp, Inc.		3,422
	4,896	Dime Community Bancshares, Inc.		102,277
	1,537	ESSA Bancorp, Inc.		26,052
	3,103	Essent Group, Ltd.		161,325
	696	Federal Agricultural Mortgage Corp.		58,116
	242	First Capital, Inc.		17,666
	1,180	First Defiance Financial Corp.		37,158
	6,849	Flagstar Bancorp, Inc.		261,974
	659	FS Bancorp, Inc.		42,038
	195	Guaranty Federal Bankshares, Inc.		4,914
	301	Hingham Institution for Savings		63,270
	629	HMN Financial, Inc.*		13,215
	973	Home Bancorp, Inc.		38,132
	43	Home Federal Bancorp, Inc.		1,537
	3,414	HomeStreet, Inc.*		116,076
	869	IF Bancorp, Inc.		20,004
	865	Impac Mortgage Holdings, Inc.*		4,550
	8,131	Kearny Financial Corp.		112,452
	390	Kentucky First Federal Bancorp		3,023
	955	LendingTree, Inc.*		289,785
	940	Malvern Bancorp, Inc.*		21,705
	5,312	Meridian Bancorp, Inc.		106,718


Shares			Fair Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	3,591	Meta Financial Group, Inc.	$	131,107
	3,964	Mr Cooper Group, Inc.*		49,590
	676	MSB Financial Corp.		12,168
	3,627	NMI Holdings, Inc., Class A*		120,344
	6,978	Northfield Bancorp, Inc.		118,347
	10,868	Northwest Bancshares, Inc.		180,735
	4,848	Oceanfirst Financial Corp.		123,818
	198	Oconee Federal Financial Corp.		5,170
	16,927	Ocwen Financial Corp.*		23,190
	600	PCSB Financial Corp.		12,150
	4,022	PennyMac Financial Services, Inc.		136,909
	1,677	Provident Financial Holdings, Inc.		36,726
	2,873	Provident Financial Services, Inc.		70,819
	1,685	Prudential Bancorp, Inc.		31,223
	1,982	Riverview Bancorp, Inc.		16,272
	3,025	Security National Financial Corp., Class A*		17,696
	671	Severn Bancorp, Inc.		6,247
	707	Southern Missouri Bancorp, Inc.		27,121
	1,053	Sterling Bancorp, Inc.		8,529
	1,815	Territorial Bancorp, Inc.		56,156
	12,547	TrustCo Bank Corp NY		108,782
	7,757	United Community Financial Corp.		90,447
	8,174	Washington Federal, Inc.		299,578
	3,389	Waterstone Financial, Inc.		64,493
	4,268	Wawlker & Dunlop, Inc.		276,054
	3,601	Western New England BanCorp, Inc.		34,678
	5,569	WSFS Financial Corp.		244,980
	35	WVS Financial Corp.		576

				4,310,867

Tobacco (0.2%):
	1,419	Pyxus International, Inc.*^		12,686
	491	Turning Point Brands, Inc.^		14,043
	975	Universal Corp.		55,634
	19,769	Vector Group, Ltd.		264,706

				347,069

Trading Companies & Distributors (1.5%):
	311	AeroCentury Corp.*		1,400
	2,151	Air Lease Corp.		102,216
	3,318	Aircastle, Ltd.		106,209
	4,868	Applied Industrial Technologies, Inc.		324,646
	8,168	Beacon Roofing Supply, Inc.*		261,213
	2,473	BMC Stock Holdings, Inc.*		70,950
	1,906	CAI International, Inc.*		55,236
	2,504	DXP Enterprises, Inc.*		99,684
	1,463	EVI Industries, Inc.*^		39,560
	1,904	GATX Corp.		157,746
	120	GMS, Inc.*		3,250
	1,239	H&E Equipment Services, Inc.		41,420
	1,116	Herc Holdings, Inc.*		54,617
	4,781	Huttig Building Products, Inc.*		7,363
	3,562	Kaman Corp., Class A		234,807
	373	Lawson Products, Inc.*		19,433
	4,569	MRC Global, Inc.*		62,321
	4,852	NOW, Inc.*		54,536
	2,681	Rush Enterprises, Inc., Class A		124,667
	2,017	Systemax, Inc.		50,748

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
	7,847	Textainer Group Holdings, Ltd.*^	$	84,041
	2,765	Titan Machinery, Inc.*		40,867
	577	Transcat, Inc.*		18,383
	5,731	Triton International, Ltd.		230,386
	2,679	Univar Solutions, Inc.*		64,939
	2,676	Veritiv Corp.*		52,637
	3,460	WESCO International, Inc.*		205,489

				2,568,764

Transportation Infrastructure (0.1%):
	3,917	Macquarie Infrastructure Corp.		167,804

Water Utilities (0.8%):
	4,757	American States Water Co.		412,146
	1,695	AquaVenture Holdings, Ltd.*		45,968
	1,221	Artesian Resources Corp.		45,433
	6,345	California Water Service Group		327,148
	2,756	Consolidated Water Co., Ltd.		44,923
	2,508	Middlesex Water Co.		159,434
	669	Pure Cycle Corp.*		8,423
	2,763	SJW Group		196,339
	1,642	York Water Co. (The)		75,713

				1,315,527

Wireless Telecommunication Services (0.4%):
	6,783	Boingo Wireless, Inc.*		74,274
	6,918	Shenandoah Telecommunications Co.		287,858
	2,722	Spok Holdings, Inc.		33,290
	9,308	Telephone & Data Systems, Inc.		236,702
	1,352	United States Cellular Corp.*		48,983

				681,107

	Total Common Stocks (Cost $145,630,070)			169,908,185


Contracts, Shares, Notional Amount or Principal Amount Shares			Fair Value
Preferred Stocks (0.0%^†):
Air Freight & Logistics (0.0%^†):
	389	Air T Funding	$	961

Media (0.0%^†):
	430	GCI Liberty, Inc., Series A, 6.61%		11,386

	Total Preferred Stocks (Cost $4,038)			12,347

Rights (0.0%^†):
Chemicals (0.0%^†):
	4,314	Schulman, Inc. CVR, Expires on 12/31/49*(a)		—

Diversified Financial Services (0.0%^†):
	6,056	NewStar Financial, Inc. CVR, Expires on 12/31/49*		4,367

Media (0.0%^†):
	21,894	Media General, Inc. CVR, Expires on 12/31/49*		2,069

	Total Rights (Cost $10,055)			6,436

Short-Term Securities Held as Collateral for Securities on Loan (1.8%):
	3,077,235	BlackRock Liquidity FedFund, Institutional Class, 2.00%(b)(c)		3,077,235

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $3,077,235)			3,077,235

Unaffiliated Investment Companies (0.3%):
Money Markets (0.3%):
	512,537	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(c)		512,537

	Total Unaffiliated Investment Companies (Cost $512,537)			512,537

	Total Investment Securities (Cost $149,233,935) — 101.9%(d)			173,516,740
	Net other assets (liabilities) — (1.9)%			(3,180,805	)

	Net Assets — 100.0%		$	170,335,935

Percentages indicated are based on net assets as of December 31, 2019.

CVR—Contingency

Valued Rights

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $2,994,816.

†	Represents less than 0.05%.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(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 December 31, 2019.

(c)	The rate represents the effective yield at December 31, 2019.

(d)	See Federal Tax Information listed in the Notes to the Financial Statements.

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

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	149,233,935

Investment securities, at value^(a)	$	173,516,740
Interest and dividends receivable		125,449
Receivable for investments sold		48,741
Reclaims receivable		466
Prepaid expenses		545

Total Assets		173,691,941

Liabilities:
Cash overdraft		10,770
Payable for investments purchased		117,026
Payable for capital shares redeemed		1,417
Payable for collateral received on loaned securities		3,077,235
Manager fees payable		100,755
Administration fees payable		3,400
Distribution fees payable		35,984
Custodian fees payable		1,712
Administrative and compliance services fees payable		659
Transfer agent fees payable		979
Trustee fees payable		162
Other accrued liabilities		5,907

Total Liabilities		3,356,006

Net Assets	$	170,335,935

Net Assets Consist of:
Paid in capital	$	140,270,513
Total distributable earnings		30,065,422

Net Assets	$	170,335,935

Shares of beneficial interest (unlimited number of shares authorized, no par value)		15,034,204
Net Asset Value (offering and redemption price per share)	$	11.33

(a)	Includes securities on loan of $2,994,816.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	2,382,892
Income from securities lending		75,555
Foreign withholding tax		(770	)

Total Investment Income		2,457,677

Expenses:
Manager fees		1,409,816
Administration fees		71,502
Distribution fees		414,650
Custodian fees		10,117
Administrative and compliance services fees		2,960
Transfer agent fees		5,410
Trustee fees		9,185
Professional fees		8,368
Shareholder reports		2,264
Other expenses		7,146

Total expenses before reductions		1,941,418
Less expenses voluntarily waived/reimbursed by the Manager		(248,791	)

Net expenses		1,692,627

Net Investment Income/(Loss)		765,050

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		4,811,949
Change in net unrealized appreciation/depreciation on securities		25,654,285

Net realized and Change in net unrealized gains/losses on investments		30,466,234

Change in Net Assets Resulting From Operations	$	31,231,284

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	765,050			$	885,455
Net realized gains/(losses) on investments			4,811,949				12,151,134
Change in unrealized appreciation/depreciation on investments			25,654,285				(33,614,615	)

Change in net assets resulting from operations			31,231,284				(20,578,026	)

Distributions to Shareholders:
Distributions			(12,961,906	)			(10,343,723	)

Change in net assets resulting from distributions to shareholders			(12,961,906	)			(10,343,723	)

Capital Transactions:
Proceeds from shares issued			1,104,883				2,337,294
Proceeds from dividends reinvested			12,961,906				10,343,723
Value of shares redeemed			(11,873,146	)			(30,305,676	)

Change in net assets resulting from capital transactions			2,193,643				(17,624,659	)

Change in net assets			20,463,021				(48,546,408	)
Net Assets:
Beginning of period			149,872,914				198,419,322

End of period		$	170,335,935			$	149,872,914

Share Transactions:
Shares issued			99,170				186,349
Dividends reinvested			1,270,775				869,951
Shares redeemed			(1,040,928	)			(2,349,735	)

Change in shares			329,017				(1,293,435	)

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				April 27, 2015 to December 31, 2015(a)

Net Asset Value, Beginning of Period		$	10.19			$	12.40			$	11.42			$	9.20			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.05	(b)			0.07				0.07				0.07				0.03
Net Realized and Unrealized Gains/(Losses) on Investments			2.00				(1.53	)			1.16				2.21				(0.83	)

Total from Investment Activities			2.05				(1.46	)			1.23				2.28				(0.80	)

Distributions to Shareholders From:
Net Investment Income			(0.06	)			(0.07	)			(0.07	)			(0.04	)			—
Net Realized Gains			(0.85	)			(0.68	)			(0.18	)			(0.02	)			—

Total Dividends			(0.91	)			(0.75	)			(0.25	)			(0.06	)			—

Net Asset Value, End of Period		$	11.33			$	10.19			$	12.40			$	11.42			$	9.20

Total Return(c)			21.10	%			(12.64	)%			10.87	%			24.90	%			(8.00	)%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	170,336			$	149,873			$	198,419			$	208,012			$	208,531
Net Investment Income/(Loss)(e)			0.46	%			0.48	%			0.55	%			0.56	%			0.50	%
Expenses Before Reductions(e)(f)			1.17	%			1.16	%			1.16	%			1.14	%			1.18	%
Expenses Net of Reductions(e)			1.02	%			1.01	%			1.01	%			0.99	%			1.03	%
Portfolio Turnover Rate			10	%			9	%			9	%			9	%			10	%(d)

(a)	For the period April 27, 2015 (commencement of share class) to December 31, 2015.

(b)	Calculated using the average shares method.

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

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

(e)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services - Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Small Cap Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

December 31, 2019

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $7,420 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $3,077,235 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

3. Fees and Transactions with Affiliates and Other Parties

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL DFA U.S. Small Cap Fund		0.85	%		1.35	%

*	The Manager voluntarily reduced the management fee to 0.70% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

December 31, 2019

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $1,245 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	169,897,697		$	8,293		$	2,195			$	169,908,185
Preferred Stocks			12,347			—			—				12,347
Rights			—			6,436			—	#			6,436
Short-Term Securities Held as Collateral for Securities on Loan			3,077,235			—			—				3,077,235
Unaffiliated Investment Companies			512,537			—			—				512,537

Total Investments		$	173,499,816		$	14,729		$	2,195			$	173,516,740

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

#	Represents the interest in securities that were determined to have a value of zero at December 31, 2019.

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

December 31, 2019

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL DFA U.S. Small Cap Fund		$	16,112,418		$	25,366,049

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $149,074,208. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	47,750,730
Unrealized (depreciation)		(23,308,198	)

Net unrealized appreciation/(depreciation)	$	24,442,532

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA U.S. Small Cap Fund		$	1,347,790		$	11,614,116		$	12,961,906

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL DFA U.S. Small Cap Fund		$	1,260,088		$	9,083,635		$	10,343,723

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

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

December 31, 2019

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL DFA U.S. Small Cap Fund		$	1,086,122		$	4,536,785		$	—		$	24,442,515		$	30,065,422

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on washsales, mark-to-market of passive foreign investment companies and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 85% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL DFA U.S. Small Cap Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL DFA U.S. Small Cap Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $559,109.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $11,614,116.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with everyin-person quarterly Board meeting, as well as the summer and fall 2019 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previousone-, three- and five-year periods. (For Funds that have been in existence for less than five years, the Board receives performance information on shorter time periods to the extent available.) The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 18 and September 18, 2019, the Manager reported that for theone-year period ended December 31, 2018, seven Funds were in the top 40%, seven were in the middle 20%, and six were in the bottom 40%, and for the three-year period ended December 31, 2018, ten Funds were in the top 40%, three were in the middle 20% and five were in the bottom 40%. The Manager also reported that for the five-year period ended December 31, 2018, seven Funds were in the top 40%, three were in the middle 20%, and three were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, that such Funds deviate from their particular benchmark index (referred to as “index attribution”).

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Enhanced Bond Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 35

Page 35

Page 36

Page 37

Report of Independent Registered Public Accounting Firm

Page 38

Page 46

Approval of Investment Advisory and Subadvisory Agreements

Page 47

Page 48

Information about the Board of Trustees and Officers

Page 51

AZL^® Enhanced Bond Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Enhanced Bond Index Fund and BlackRock Financial Management, Inc. serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Enhanced Bond Index Fund (the “Fund”) had a total return of 8.38%. That compared to a 8.72% total return for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹.

As the 12-month period began, the Federal Reserve Board (the Fed) shifted to a more dovish stance than it demonstrated in 2018. The Fed ultimately cut interest rates three times in 2019 after raising rates four times in 2018. Other central banks took similar approaches, with the European Central Bank announcing a substantial new quantitative easing package and the Bank of Japan communicating a more dovish message as well. Geopolitical tensions—namely, the U.S.-China trade war and Brexit—triggered bouts of uncertainty throughout the year, although those tensions eased late in the period. Signs of slower global growth also raised concerns in the middle of 2019. However, central bank policies drove the markets, and interest rates declined even as spreads tightened. As the year came to a close, the U.S. and China agreed to phase one of a trade deal and the U.K. moved closer to an orderly Brexit, both of which helped reduce uncertainty in the market.

The Fund underperformed its benchmark due in large part to duration positioning. Interest rates fell due to geopolitical tensions, weaker global growth, and the Fed’s rate cuts. In this environment, the Fund’s underweight duration positioning (meaning it held bonds that were generally less sensitive to changes in interest rates) weighed on relative return, as lower interest rates lead to higher bond prices.*

The Fund’s relative performance benefited from its overweight position and security selection within investment-grade credit, particularly during the first quarter as credit spreads tightened by more than 30 basis points

(0.30%). Security selection within agency mortgage-backed securities also added to relative results, as did the Fund’s strategy of holding an underweight position in this asset class early in the year and moving to an overweight position later in the year. The Fund’s general above-benchmark exposure to the front of the yield curve, along with other strategic positioning and tactical trading, added to relative results.^*

The Fund held derivatives in the form of foreign currency forward contracts to hedge the portfolio’s currency exposure to non-dollar bonds. The portfolio also held Treasury futures to manage duration and yield curve exposures. The derivative positions benefited the portfolio by giving managers the ability to more precisely manage duration and yield curve risk during a period in which yields proved volatile.^*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® Enhanced Bond Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to exceed the total return of the Bloomberg Barclays U.S. Aggregate Bond Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			5 Year			10 Year
AZL^® Enhanced Bond Index Fund		8.38	%		3.54	%		2.62	%		3.29	%
Bloomberg Barclays U.S. Aggregate Bond Index		8.72	%		4.03	%		3.05	%		3.75	%


Expense Ratio	Gross
AZL^® Enhanced Bond Index Fund		0.65	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.70% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Bloomberg Barclays U.S. Aggregate Bond Index, which is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Enhanced Bond Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Enhanced Bond Index Fund		$	1,000.00		$	1,023.80		$	3.32		0.65	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Enhanced Bond Index Fund		$	1,000.00		$	1,021.93		$	3.31		0.65	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).


Portfolio Composition
(Unaudited)
Investments	Percent of Net Assets

U.S. Government Agency Mortgages		30.8	%

U.S. Treasury Obligations		29.5

Corporate Bonds		22.9

Yankee Dollars		6.3

Collateralized Mortgage Obligations		5.4

Commercial Paper		4.0

Asset Backed Securities		3.2

Short-Term Securities Held as Collateral for Securities on Loan		3.1

Foreign Bonds		2.2

Unaffiliated Investment Companies		1.6

Municipal Bonds		0.6


Total Investment Securities		109.6

Net other assets (liabilities)		(9.6	)


Net Assets		100.0	%

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Asset Backed Securities (3.2%):
$	2,399,996	American Homes 4 Rent LLC, Class A,Series 2014-SFR3, 3.68%, 12/17/36(a)	$	2,492,420
	2,220,000	Benchmark Mortgage Trust, Class A4,Series 2018-B7, 4.51%, 11/15/51		2,538,304
	5,159,207	Chesapeake Funding II LLC, Class A1,Series 2018-1A, 3.04%, 4/15/30(a)		5,213,855
	1,174,000	Citibank Credit Card Issuance Trust, Class A7, Series2018-A7, 3.96%, 10/15/30		1,304,893
	2,210,000	Citibank Credit Card Issuance Trust, Class A1, Series2014-A1, 2.88%, 1/23/23		2,232,273
	4,730,000	Credit Acceptance Auto Loan Trust, Class A,Series 2018-3A, 3.55%, 8/15/27, Callable 10/15/21 @ 100(a)		4,817,480
	3,760,000	Credit Acceptance Auto Loan Trust, Class A,Series 2019-3, 2.38%, 11/15/28(a)		3,754,848
	3,925,000	Ford Credit Auto Owner Trust, Class A3,Series 2019-B, 2.23%, 10/15/23, Callable 4/15/23 @ 100		3,939,943
	4,810,000	Ford Credit Floorplan Master Owner Trust, Class A, Series2019-4, 2.44%, 9/15/26		4,822,105
	4,830,000	Ford Credit Floorplan Master Owner Trust, Class A, Series2019-2, 3.06%, 4/15/26		4,990,843
	3,830,000	GM Financial Consumer Automobile Receivables Trust, Class A3, Series2019-1, 2.97%, 11/16/23, Callable 11/16/22 @ 100		3,881,749
	3,400,000	LoanCore Issuer, Ltd., Class A, Series 2018-CRE1, 2.87%(US0001M+113bps), 5/15/28, Callable 5/15/20 @ 100(a)		3,401,625
	940,096	Navient Student Loan Trust, Class A2A,Series 2016-AA, 3.91%, 12/15/45, Callable 10/15/30 @ 100(a)		975,089
	103,891	Navient Student Loan Trust, Class A,Series 2014-CTA, 2.44%(US0001M+70bps), 9/16/24, Callable 5/15/21 @ 100(a)		103,912
	2,550,000	Navient Student Loan Trust, Class A2B,Series 2019-D, 2.79%(US0001M+105bps), 12/15/59, Callable 4/15/30 @ 100(a)		2,558,916
	461,000	Navient Student Loan Trust, Class A2,Series 2018-EA, 4.00%, 12/15/59, Callable 9/15/26 @ 100(a)		478,893
	2,440,000	Nissan Master Owner Trust Receivables, Class A, Series2019-B, 2.17%(US0001M+43bps), 11/15/23		2,443,699
	3,770,000	Nissan Master Owner Trust Receivables, Class A, Series2019-A, 2.30%(US0001M+56bps), 2/15/24		3,784,274
	151,067	SMB Private Education Loan Trust, Class A2A, Series2016-A, 2.70%, 5/15/31(a)(b)		151,884
	273,530	SMB Private Education Loan Trust, Class A2A, Series2015-B, 2.98%, 7/15/27, Callable 7/15/27 @ 100(a)		275,062
	1,331,323	SMB Private Education Loan Trust, Class A2A, Series2017-B, 2.82%, 10/15/35(a)		1,345,711
	798,794	SMB Private Education Loan Trust, Class A2B, Series2017-B, 2.49%(US0001M+75bps), 10/15/35(a)		799,969
	3,710,000	SMB Private Education Loan Trust, Class A2A, Series2018-B, 3.60%, 1/15/37(a)		3,836,445


Principal Amount			Fair Value
Asset Backed Securities, continued
$	1,759,310	SMB Private Education Loan Trust, Class A2A, Series2017-A, 2.88%, 9/15/34(a)	$	1,777,592
	438,755	SoFi Professional Loan Program, Class A2,Series 2015-C, 2.51%, 8/25/33, Callable 7/25/22 @ 100(a)		438,307
	81,536	SoFi Professional Loan Program, Class A2B,Series 2016-D, 2.34%, 4/25/33, Callable 8/25/25 @ 100(a)		81,539
	1,360,915	SoFi Professional Loan Program, Class A2,Series 2015-d, 2.72%, 10/27/36, Callable 8/25/23 @ 100(a)		1,372,662
	5,850,000	SoFi Professional Loan Program, Class A2FX,Series 2017-F, 2.84%, 1/25/41, Callable 9/25/26 @ 100(a)		5,903,133
	1,170,000	SoFi Professional Loan Program, Class A2FX,Series 2019-B, 3.09%, 8/17/48, Callable 4/15/28 @ 100(a)		1,181,625

	Total Asset Backed Securities (Cost $69,711,687)			70,899,050

Collateralized Mortgage Obligations (5.4%):
	1,971,000	BANK, Class A3, Series 2019-BNK24, 2.96%, 11/15/62		2,020,038
	4,840,000	Barclays Commercial Mortgage Trust, Class A, Series 2018-TALL, 2.46%(US0001M+72bps), 3/15/37(a)		4,810,814
	2,697,000	Barclays Commercial Mortgage Trust, Class A4, Series2019-C5, 3.06%, 11/15/52		2,760,164
	668,000	Benchmark Mortgage Trust, Class C,Series 2019-B15, 3.84%, 12/15/72		673,277
	1,250,000	Benchmark Mortgage Trust, Class B,Series 2019-B15, 3.56%, 12/15/72		1,265,413
	1,954,000	Benchmark Mortgage Trust, Class A5,Series 2019-B14, 3.05%, 12/15/61		2,017,544
	551,000	BX Trust, Class D, Series 2019-OC11, 4.08%, 12/9/41(a)		560,375
	1,242,000	BX Trust, Class A, Series 2019-OC11, 3.20%, 12/9/41(a)		1,273,293
	2,611,000	BX Trust, Class A, Series2019-XL, 2.66%(US0001M+92bps), 10/15/36(a)		2,612,384
	603,000	Cantor Commercial Real Estate Lending, Class B, Series2019-CF3, 3.50%, 1/15/53(b)		615,834
	1,863,000	Cantor Commercial Real Estate Lending, Class A4, Series2019-CF3, 3.01%, 1/15/53		1,911,514
	1,463,771	Chase Home Lending Mortgage Trust, Class A11, Series 2019-ATR2, 2.69%(US0001M+90bps), 7/25/49, Callable 7/25/25 @ 100(a)		1,457,521
	3,928,638	CIM Trust, Class A11, Series 2019-INV3, 2.66%(US0001M+100bps), 8/25/49, Callable 1/25/32 @ 100(a)		3,920,310
	3,030,000	Citigroup Commercial Mortgage Trust, Class A5, Series 2014-GC21, 3.86%, 5/10/47		3,204,346
	2,001,000	Citigroup Commercial Mortgage Trust, Class A4, Series2019-C7, 3.10%, 12/15/72		2,069,430
	3,360,000	Cityline Commercial Mortgage Trust, Class A, Series 2016-CLNE, 2.78%, 11/10/31(a)(b)		3,422,160
	667,000	Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48		707,514

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	1,279,058	Commercial Mortgage Loan Trust, Class AM, Series2013-CR7, 3.31%, 3/10/46, Callable 4/6/23 @ 100(a)	$	1,306,711
	1,015,000	Commercial Mortgage Loan Trust, Class D,Series 2013-WWP, 3.90%, 3/10/31(a)		1,072,358
	3,075,000	Commercial Mortgage Loan Trust, Class A4, Series 2015-CCRE26, 3.63%, 10/10/48		3,253,012
	3,870,000	Cosmopolitan Hotel Trust, Class A,Series 2017-CSMO, 2.67%(US0001M+93bps), 11/15/36(a)		3,857,384
	2,152,000	CSAIL Commercial Mortgage Trust, Class A5, Series2019-C17, 3.02%, 9/15/52		2,204,939
	2,760,000	CSAIL Commercial Mortgage Trust, Class A5, Series 2018-CX11, 4.03%, 4/15/51(b)		3,028,327
	1,580,000	CSAIL Commercial Mortgage Trust, Class A4, Series2019-C15, 4.05%, 3/15/52		1,737,099
	2,700,977	Flagstar Mortgage Trust, Class A11, Series2019-1, 2.74%(US0001M+95bps), 10/25/49, Callable 4/25/29 @ 100(a)		2,700,819
	1,398,224	FRESB Multifamily Mortgage Pass Through, Class A10H, Series 2019-SB60, 3.50%(US0001M+350bps), 1/25/39, Callable 12/1/28 @ 100		1,460,683
	2,462,000	GS Mortgage Securities Trust, Class A4, Series 2019-GSA1, 3.05%, 11/10/52		2,519,685
	1,525,000	IMT Trust, Class BFX, Series 2017-APTS, 3.50%, 6/15/34(a)(b)		1,568,463
	3,081,981	JP Morgan Mortgage Trust, Class A11, Series 2019-INV2, 2.69%(US0001M+90bps), 2/25/50, Callable 3/25/29 @ 100(a)		3,075,572
	1,280,330	JP Morgan Mortgage Trust, Class A11,Series 2019-7, 2.69%(US0001M+90bps), 2/25/50(a)		1,276,436
	2,210,404	JP Morgan Mortgage Trust, Class A6,Series 2017-4, 3.00%, 11/25/48, Callable 2/25/25 @ 100(a)(b)		2,237,587
	3,221,883	JP Morgan Mortgage Trust, Class A11, Series 2019-LTV3, 2.56%(US0001M+85bps), 2/25/50, Callable 2/25/32 @ 100(a)		3,201,992
	1,120,000	JP Morgan Mortgage Trust, Class A5,Series 2019-LTV3, 3.50%, 2/25/50, Callable 2/25/32 @ 100(a)(b)		1,130,403
	2,040,000	JP Morgan Mortgage Trust, Class A11, Series 2019-INV3, 2.74%(US0001M+100bps), 5/25/50, Callable 4/25/32 @ 100(a)		2,037,183
	3,049,951	JP Morgan Mortgage Trust, Class A4,Series 2017-1, 3.50%, 1/25/47, Callable 1/25/28 @ 100(a)(b)		3,124,926
	2,245,127	JP Morgan Mortgage Trust, Class A6,Series 2017-2, 3.00%, 5/25/47, Callable 12/25/27 @ 100(a)(b)		2,281,231
	2,058,000	JPMDB Commercial Mortgage Securities Trust, Class A4, Series 2019-COR6, 3.06%, 11/13/52		2,121,406
	2,985,000	JPMDB Commercial Mortgage Securities Trust, Class A5, Series2017-C5, 3.69%, 3/15/50		3,200,607
	235,081	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2012-WLDN, 3.91%, 5/5/30(a)		241,087


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	4,884,415	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4FX, Series2012-CBX, 3.48%, 6/15/45(a)	$	4,979,172
	2,904,000	KNDL Mortgage Trust, Class A, Series 2019-KNSQ, 2.54%(US0001M+80bps), 5/15/36(a)		2,901,938
	149,299	Latitude Management Real Estate Capital, Class A, Series 2016-CRE2, 3.48%(US0001M+170bps), 11/24/31(a)		149,853
	1,300,000	Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series2015-C24, 3.48%, 5/15/48		1,362,621
	1,540,000	Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49		1,594,901
	1,170,000	Morgan Stanley Capital I Trust, Class A4,Series 2019-L3, 3.13%, 11/15/29		1,207,814
	864,757	Morgan Stanley Capital I Trust, Class A4,Series 2019-H6, 3.42%, 6/15/52		912,336
	1,740,000	Morgan Stanley Capital I Trust, Class A,Series 2014-MP, 3.47%, 8/11/33(a)		1,774,052
	1,563,000	Morgan Stanley Capital I Trust, Class A, Series 2019-NUGS, 2.70%(US0001M+95bps), 12/15/36(a)		1,563,000
	3,942,313	One Lincoln Street Commercial Mortgage, Class A1, Series2004-C3, 5.72%, 10/15/30(a)(b)		4,298,106
	1,458,859	Seasoned Credit Risk Transfer Trust, Class MA, Series2018-2, 3.50%, 11/25/57, Callable 9/25/41 @ 100		1,496,680
	2,835,509	Seasoned Credit Risk Transfer Trust, Class MA, Series2019-2, 3.50%, 8/25/58		2,935,086
	125,000	SG Commercial Mortgage Securities Trust, Class A4, Series2016-C5, 3.06%, 10/10/48		128,379
	208,981	SMB Private Education Loan Trust, Class A2A, Series2016-B, 2.43%, 2/17/32(a)(b)		208,884
	388,839	Tharaldson Hotel Portfolio Trust, Class A,Series 2018-THL, 2.46%(US0001M+75bps), 11/11/34(a)		388,457
	1,857,000	UBS Commercial Mortgage Trust, Class A4,Series 2019-C18, 3.04%, 12/15/52		1,904,694
	1,460,000	VNO Mortgage Trust, Class A, Series 2013-PENN, 3.81%, 12/13/29(a)		1,475,870
	1,853,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series2019-C53, 3.04%, 10/15/52		1,904,687
	1,147,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series2019-C54, 3.15%, 12/15/52		1,188,403
	940,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series2018-C46, 4.15%, 8/15/51		1,043,409
	1,635,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48		1,745,755
	975,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series2015-C28, 3.54%, 5/15/48		1,029,932
	10,253,647	Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 0.99%, 12/15/59(b)		474,129
	1,250,000	Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48		1,297,763

	Total Collateralized Mortgage Obligations (Cost $121,463,235)			121,905,762

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds (22.9%):
Aerospace & Defense (1.2%):
$	1,315,000	BAE Systems Holdings, Inc., 2.85%, 12/15/20, Callable 11/15/20 @ 100(a)	$	1,321,973
	1,135,000	BAE Systems Holdings, Inc., 3.80%, 10/7/24(a)		1,194,314
	245,000	BAE Systems Holdings, Inc., 3.85%, 12/15/25, Callable 9/15/25 @ 100(a)		259,471
	134,000	Boeing Co. (The), 3.25%, 2/1/35, Callable 11/1/34 @ 100		136,680
	135,000	General Dynamics Corp., 3.75%, 5/15/28, Callable 2/15/28 @ 100		148,788
	129,000	Harris Corp., 3.83%, 4/27/25, Callable 1/27/25 @ 100		137,295
	2,091,000	Harris Corp., 4.40%, 6/15/28, Callable 3/15/28 @ 100		2,329,046
	1,057,000	Huntington Ingalls Industries, Inc., 5.00%, 11/15/25, Callable 11/15/20 @ 102.5(a)		1,104,565
	1,247,000	Huntington Ingalls Industries, Inc., 3.48%, 12/1/27, Callable 9/1/27 @ 100		1,299,998
	2,050,000	L3Harris Technologies, Inc., 3.85%, 6/15/23, Callable 5/15/23 @ 100(a)		2,158,640
	267,000	L3Harris Technologies, Inc., 3.95%, 5/28/24, Callable 2/28/24 @ 100(a)		283,284
	1,715,000	L3Harris Technologies, Inc., 3.85%, 12/15/26, Callable 9/15/26 @ 100(a)		1,844,045
	90,000	L3Harris Technologies, Inc., 4.40%, 6/15/28, Callable 3/15/28 @ 100(a)		100,332
	1,347,000	Lockheed Martin Corp., 2.90%, 3/1/25, Callable 12/1/24 @ 100		1,400,196
	338,000	Lockheed Martin Corp., 3.60%, 3/1/35, Callable 9/1/34 @ 100		370,510
	628,000	Lockheed Martin Corp., 4.07%, 12/15/42		719,802
	398,000	Northrop Grumman Corp., 2.08%, 10/15/20		398,248
	30,000	Northrop Grumman Corp., 2.55%, 10/15/22, Callable 9/15/22 @ 100		30,453
	3,892,000	Northrop Grumman Corp., 2.93%, 1/15/25, Callable 11/15/24 @ 100		4,011,596
	704,000	Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		734,040
	280,000	Raytheon Co., 7.20%, 8/15/27		366,348
	115,000	Raytheon Co., 7.00%, 11/1/28		152,605
	10,000	Raytheon Co., 4.70%, 12/15/41		12,451
	415,000	Raytheon Co., 4.20%, 12/15/44, Callable 6/15/44 @ 100		487,336
	805,000	Rockwell Collins, Inc., 2.80%, 3/15/22, Callable 2/15/22 @ 100		818,941
	280,000	Rockwell Collins, Inc., 3.20%, 3/15/24, Callable 1/15/24 @ 100		291,516
	90,000	Textron, Inc., 3.65%, 3/15/27, Callable 12/15/26 @ 100		94,169
	882,000	Textron, Inc., 3.90%, 9/17/29, Callable 6/17/29 @ 100		941,592
	25,000	United Technolgies Group, 5.70%, 4/15/40		33,488
	620,000	United Technologies Corp., 1.13%, 12/15/21, Callable 9/15/21 @ 100		708,322
	685,000	United Technologies Corp., 1.25%, 5/22/23, Callable 2/22/23 @ 100		794,790
	168,000	United Technologies Corp., 6.13%, 7/15/38		232,644


Principal Amount			Fair Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	31,000	United Technologies Corp., 4.45%, 11/16/38, Callable 5/16/38 @ 100	$	36,444
	624,000	United Technologies Corp., 4.50%, 6/1/42		748,434
	4,000	United Technologies Corp., 4.15%, 5/15/45, Callable 11/16/44 @ 100		4,590
	110,000	United Technologies Corp., 4.05%, 5/4/47, Callable 11/4/46 @ 100		125,075

				25,832,021

Air Freight & Logistics (0.1%):
	296,000	FedEx Corp., 3.88%, 8/1/42		284,977
	463,000	FedEx Corp., 5.10%, 1/15/44		507,501
	85,000	FedEx Corp., 4.75%, 11/15/45, Callable 5/15/45 @ 100		89,621
	13,000	FedEx Corp., 4.55%, 4/1/46, Callable 10/1/45 @ 100		13,308
	5,000	FedEx Corp., 4.40%, 1/15/47, Callable 7/15/46 @ 100		5,034
	6,000	United Parcel Service, Inc., 2.35%, 5/16/22, Callable 4/16/22 @ 100		6,068
	87,000	United Parcel Service, Inc., 2.50%, 4/1/23, Callable 3/1/23 @ 100		88,409
	695,000	United Parcel Service, Inc., 0.38%, 11/15/23, Callable 8/15/23 @ 100		788,371
	57,000	United Parcel Service, Inc., 3.40%, 3/15/29, Callable 12/15/28 @ 100		61,073
	528,000	United Parcel Service, Inc., 2.50%, 9/1/29, Callable 6/1/29 @ 100		527,112
	40,000	United Parcel Service, Inc., 3.40%, 9/1/49, Callable 3/1/49 @ 100		40,605

				2,412,079

Airlines (0.5%):
	8,923	American Airlines Pass Through Trust, Class B, Series2014-1, 4.38%, 10/1/22		9,161
	1,053,766	American Airlines Pass Through Trust, Class B, Series2015-2, 4.40%, 3/22/25		1,089,840
	317,002	American Airlines Pass Through Trust, Class B, Series2016-1, 5.25%, 7/15/25		335,132
	96,801	American Airlines Pass Through Trust, Class B, Series2017-1, 4.95%, 8/15/26		101,844
	10,702	American Airlines Pass Through Trust, Class B, Series2016-3, 3.75%, 4/15/27		10,829
	212,085	American Airlines Pass Through Trust, Class B, Series2017-2, 3.70%, 4/15/27		212,502
	553,098	American Airlines Pass Through Trust, Class AA, Series2015-2, 3.60%, 3/22/29		580,691
	795,000	American Airlines Pass Through Trust, Class B, Series2019-1, 3.85%, 8/15/29		807,911
	231,570	American Airlines Pass Through Trust, Class AA, Series2016-2, 3.20%, 12/15/29		238,767
	464,702	American Airlines Pass Through Trust, Class AA, Series2016-3, 3.00%, 4/15/30		473,031
	190,146	American Airlines Pass Through Trust, Class AA, Series2017-1, 3.65%, 8/15/30		199,328
	332,612	American Airlines Pass Through Trust, Class AA, Series2017-2, 3.35%, 4/15/31		339,111

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Airlines, continued
$	735,000	American Airlines Pass Through Trust,Series 2019-1, 3.15%, 8/15/33	$	746,550
	1,934,000	British Airways Pass Through Trust, Class A,Series 2019-1, 3.35%, 12/15/30(a)		1,975,099
	1,074,865	British Airways Pass Through Trust, Class AA, Series2019-1, 3.30%, 6/15/34(a)		1,116,517
	71,000	Delta Airlines Pass Through Trust, 3.63%, 3/15/22, Callable 2/15/22 @ 100		72,739
	505,000	Delta Airlines Pass Through Trust, Class AA,Series 2019-1, 3.20%, 10/25/25		524,812
	396,000	Southwest Airlines Co., 2.75%, 11/16/22, Callable 10/16/22 @ 100		401,714
	11,795	United Airlines Pass Through Trust, Class B,Series 2014-1, 4.75%, 10/11/23		12,135
	63,289	United Airlines Pass Through Trust, Class B,Series 2014-2, 4.63%, 3/3/24		65,282
	8,287	United Airlines Pass Through Trust, Class B,Series 2016-2, 3.65%, 4/7/27		8,403
	61,007	United Airlines Pass Through Trust, Class B,Series 2016-1, 3.65%, 7/7/27		61,475
	339,968	United Airlines Pass Through Trust, Class B,Series 2018-1, 4.60%, 9/1/27		350,786
	12,461	United Airlines Pass Through Trust, Class AA, Series2015-1, 3.45%, 6/1/29		12,857
	462,000	United Airlines Pass Through Trust, Class B,Series 2019-2, 3.50%, 11/1/29		465,292
	51,879	United Airlines Pass Through Trust, Class AA, Series2016-2, 3.10%, 1/7/30		53,016
	201,212	United Airlines Pass Through Trust, Class AA, Series2019-2, 2.88%, 4/7/30		203,903
	239,452	United Airlines Pass Through Trust, Class AA, Series2018-1, 3.50%, 9/1/31		247,348
	381,290	United Airlines Pass Through Trust, Class AA, Series2016-1, 4.15%, 2/25/33		411,824
	505,000	United Airlines Pass Through Trust, Class AA, Series2019-2, 2.70%, 11/1/33		504,999
	20,226	US Airways Pass Through Trust, Class B,Series 2012-2, 6.75%, 12/3/22		21,187
	64,629	US Airways Pass Through Trust, Class B,Series 2013-1, 5.38%, 5/15/23		67,309

				11,721,394

Auto Components (0.0%^†):
	55,000	Aptiv plc, 5.40%, 3/15/49, Callable 9/15/48 @ 100		62,098
	45,000	Lear Corp., 5.25%, 5/15/49, Callable 11/15/48 @ 100		46,843

				108,941

Automobiles (0.3%):
	2,575,000	Daimler Finance North America LLC, 2.70%, 8/3/20(a)		2,584,970
	335,000	Daimler Finance North America LLC, 3.75%, 11/5/21(a)		344,284
	29,000	General Motors Co., 4.00%, 4/1/25		30,203
	1,400,000	Nissan Motor Acceptance Corp., 3.15%, 3/15/21(a)		1,412,789
	1,390,000	Volkswagen Group of America Finance LLC, 2.40%, 5/22/20(a)		1,391,575


Principal Amount			Fair Value
Corporate Bonds, continued
Automobiles, continued
$	520,000	Volkswagen Group of America Finance LLC, 2.50%, 9/24/21(a)	$	523,698
	650,000	Volkswagen Group of America Finance LLC, 2.70%, 9/26/22(a)		657,415

				6,944,934

Banks (3.6%):
	7,430,000	Bank of America Corp., Series G, 2.37%(US0003M+66bps), 7/21/21, Callable 7/21/20 @ 100		7,445,729
	140,000	Bank of America Corp., 3.50%(US0003M+63bps), 5/17/22, Callable 5/17/21 @ 100, MTN		142,617
	357,000	Bank of America Corp., 4.10%, 7/24/23		380,334
	2,000	Bank of America Corp., 3.00%(US0003M+79bps), 12/20/23, Callable 12/20/22 @ 100		2,045
	64,000	Bank of America Corp., 4.13%, 1/22/24, MTN		68,875
	4,108,000	Bank of America Corp., 3.55%(US0003M+78bps), 3/5/24, Callable 3/5/23 @ 100		4,251,357
	10,000	Bank of America Corp., 4.00%, 4/1/24		10,708
	1,371,000	Bank of America Corp., 3.86%(US0003M+94bps), 7/23/24, Callable 7/23/23 @ 100		1,443,163
	452,000	Bank of America Corp., 4.20%, 8/26/24, MTN		485,117
	304,000	Bank of America Corp., 4.00%, 1/22/25, MTN		323,307
	3,934,000	Bank of America Corp., 3.46%(US0003M+97bps), 3/15/25, Callable 3/15/24 @ 100, MTN		4,096,903
	382,000	Bank of America Corp., Series L, 3.95%, 4/21/25		406,864
	28,000	Bank of America Corp., 3.88%, 8/1/25, MTN		30,030
	71,000	Bank of America Corp., 3.09%(US0003M+109bps), 10/1/25, Callable 10/1/24 @ 100		73,175
	270,000	Bank of America Corp., 2.46%(US0003M+87bps), 10/22/25, Callable 10/22/24 @ 100, MTN		271,039
	1,156,000	Bank of America Corp., Series G, 4.45%, 3/3/26		1,267,124
	2,523,000	Bank of America Corp., 3.56%(US0003M+106bps), 4/23/27, Callable 4/23/26 @ 100, MTN		2,661,593
	3,034,000	Bank of America Corp., 3.82%(US0003M+158bps), 1/20/28, Callable 1/20/27 @ 100, MTN		3,254,793
	3,177,000	Bank of America Corp., 3.71%(US0003M+151bps), 4/24/28, Callable 4/24/27 @ 100		3,392,922
	918,000	Bank of America Corp., 3.42%(US0003M+104bps), 12/20/28, Callable 12/20/27 @ 100		962,172
	842,000	Bank of America Corp., 3.97%(US0003M+107bps), 3/5/29, Callable 3/5/28 @ 100, MTN		916,180
	203,000	Bank of America Corp., 4.27%(US0003M+131bps), 7/23/29, Callable 7/23/28 @ 100		224,979
	817,000	Bank of America Corp., 3.97%(US0003M+121bps), 2/7/30, Callable 2/7/29 @ 100, MTN		889,906
	20,000	Bank of America Corp., 4.24%(US0003M+181bps), 4/24/38, Callable 4/24/37 @ 100, MTN		22,975
	7,000	Bank of America Corp., 4.75%, 4/21/45		8,525
	685,000	Bank of America Corp., 5.88%(US0003M+293bps), 12/31/99, Callable 3/15/28 @ 100		761,206
	1,100,000	Citibank NA, Series B, 2.10%, 6/12/20, Callable 5/12/20 @ 100		1,101,357
	1,030,000	Citigroup, Inc., 2.65%, 10/26/20		1,035,164
	4,000	Citigroup, Inc., 2.75%, 4/25/22, Callable 3/25/22 @ 100		4,065

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	265,000	Citigroup, Inc., 2.88%(US0003M+95bps), 7/24/23, Callable 7/24/22 @ 100	$	269,619
	3,000	Citigroup, Inc., 4.04%(US0003M+102bps), 6/1/24, Callable 6/1/23 @ 100		3,177
	859,000	Citigroup, Inc., 4.40%, 6/10/25		933,523
	10,000	Citigroup, Inc., 5.50%, 9/13/25		11,423
	40,000	Citigroup, Inc., 4.45%, 9/29/27		44,017
	306,000	Citigroup, Inc., 3.89%(US0003M+156bps), 1/10/28, Callable 1/10/27 @ 100		328,183
	675,000	Citigroup, Inc., 3.67%(US0003M+139bps), 7/24/28, Callable 7/24/27 @ 100		717,330
	531,000	Citigroup, Inc., 3.52%(US0003M), 10/27/28, Callable 10/27/27 @ 100		557,991
	965,000	Citizens Bank NA, 2.20%, 5/26/20, Callable 4/26/20 @ 100		964,982	��
	250,000	Citizens Bank NA, 2.55%, 5/13/21, Callable 4/13/21 @ 100		251,580
	38,000	Citizens Financial Group, Inc., 2.38%, 7/28/21, Callable 6/28/21 @ 100		38,084
	435,000	HSBC USA, Inc., 5.00%, 9/27/20		443,658
	470,000	Huntington National Bank (The), 2.40%, 4/1/20, Callable 3/1/20 @ 100		470,032
	23,000	JPMorgan Chase & Co., 4.63%, 5/10/21		23,818
	3,000	JPMorgan Chase & Co., 2.40%, 6/7/21, Callable 5/7/21 @ 100		3,019
	861,000	JPMorgan Chase & Co., 2.30%, 8/15/21, Callable 8/15/20 @ 100		862,558
	360,000	JPMorgan Chase & Co., 3.51%(US0003M+61bps), 6/18/22, Callable 6/18/21 @ 100		367,724
	100,000	JPMorgan Chase & Co., 3.21%(US0003M+70bps), 4/1/23, Callable 4/1/22 @ 100		102,173
	2,769,000	JPMorgan Chase & Co., 2.78%(US0003M+94bps), 4/25/23, Callable 4/25/22 @ 100		2,803,097
	3,374,000	JPMorgan Chase & Co., 3.56%(US0003M+73bps), 4/23/24, Callable 4/23/23 @ 100		3,518,127
	101,000	JPMorgan Chase & Co., 4.02%(US0003M+100bps), 12/5/24, Callable 12/5/23 @ 100		107,657
	1,366,000	JPMorgan Chase & Co., 3.22%(US0003M+116bps), 3/1/25, Callable 3/1/24 @ 100		1,411,772
	5,000	JPMorgan Chase & Co., 2.30%(SOFR+116bps), 10/15/25, Callable 10/15/24 @ 100		4,994
	144,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100		150,003
	427,000	JPMorgan Chase & Co., 3.96%(US0003M+125bps), 1/29/27, Callable 1/29/26 @ 100		462,398
	4,673,000	JPMorgan Chase & Co., 3.78%(US0003M+134bps), 2/1/28, Callable 2/1/27 @ 100		5,022,452
	3,214,000	JPMorgan Chase & Co., 3.54%(US0003M+138bps), 5/1/28, Callable 5/1/27 @ 100		3,406,814
	1,480,000	JPMorgan Chase & Co., 3.51%(US0003M+95bps), 1/23/29, Callable 1/23/28 @ 100		1,569,756
	70,000	JPMorgan Chase & Co., 4.00%(US0003M+112bps), 4/23/29, Callable 4/23/28 @ 100		76,678
	404,000	JPMorgan Chase & Co., 4.20%(US0003M+126bps), 7/23/29, Callable 7/23/28 @ 100		450,140


Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	1,872,000	JPMorgan Chase & Co., 3.70%(US0003M+116bps), 5/6/30, Callable 5/6/29 @ 100	$	2,011,852
	1,014,000	JPMorgan Chase & Co., 2.74%(SOFR+151bps), 10/15/30, Callable 10/15/29 @ 100		1,012,733
	250,000	KeyBank NA, Series B, 3.35%, 6/15/21		255,182
	500,000	KeyBank NA, Series B, 2.40%, 6/9/22		505,552
	200,000	KeyCorp, 2.90%, 9/15/20		201,195
	6,000	SunTrust Bank, 3.53%(US0003M+50bps), 10/26/21, Callable 10/26/20 @ 100		6,067
	356,000	Synovus Financial Corp., 3.13%, 11/1/22, Callable 10/1/22 @ 100		360,587
	370,000	Truist Bank, 2.80%, 5/17/22, Callable 4/17/22 @ 100		376,618
	300,000	Truist Bank, 3.50%(US0003M+59bps), 8/2/22, Callable 8/2/21 @ 100		306,367
	10,000	Truist Bank, 3.20%, 4/1/24, Callable 3/1/24 @ 100		10,386
	10,000	Truist Bank, 3.69%(US0003M+74bps), 8/2/24, Callable 8/2/23 @ 100		10,475
	204,000	US Bancorp, 2.35%, 1/29/21, Callable 12/29/20 @ 100, MTN		204,877
	75,000	US BanCorp, 3.10%, 4/27/26, Callable 3/27/26 @ 100		78,118
	180,000	Wells Fargo & Co., 2.50%, 3/4/21		181,241
	900,000	Wells Fargo & Co., 1.13%, 10/29/21, MTN		1,032,126
	6,000	Wells Fargo & Co., 3.50%, 3/8/22		6,185
	566,000	Wells Fargo & Co., 2.63%, 7/22/22, MTN		573,779
	2,225,000	Wells Fargo & Co., 3.75%, 1/24/24, Callable 12/24/23 @ 100, MTN		2,344,683
	391,000	Wells Fargo & Co., 3.00%, 2/19/25		403,437
	222,000	Wells Fargo & Co., 3.55%, 9/29/25, MTN		234,671
	8,000	Wells Fargo & Co., 2.41%(US0003M+83bps), 10/30/25, Callable 10/30/24 @ 100, MTN		7,980
	2,619,000	Wells Fargo & Co., 3.00%, 4/22/26		2,695,514
	64,000	Wells Fargo & Co., 4.10%, 6/3/26		68,840
	704,000	Wells Fargo & Co., 3.00%, 10/23/26		720,079
	57,000	Wells Fargo & Co., Series G, 4.30%, 7/22/27, MTN		62,252
	2,315,000	Wells Fargo & Co., 3.58%(US0003M+131bps), 5/22/28, Callable 5/22/27 @ 100, MTN		2,456,389
	173,000	Wells Fargo & Co., 2.88%(US0003M+117bps), 10/30/30, Callable 10/30/29 @ 100, MTN		174,168
	14,000	Wells Fargo & Co., 5.61%, 1/15/44		18,543
	280,000	Wells Fargo Bank NA, 3.63%, 10/22/21, Callable 9/21/21 @ 100		288,084
	320,000	Wells Fargo Bank NA, 2.08%(US0003M+65bps), 9/9/22, Callable 9/9/21 @ 100		320,133
	330,000	Zions Bancorp NA, 3.50%, 8/27/21		336,255

				78,575,371

Beverages (0.5%):
	5,126,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		5,918,167
	884,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46, Callable 8/1/45 @ 100		1,048,617

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Beverages, continued
$	243,000	Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39, Callable 7/23/38 @ 100	$	305,918
	31,000	Coca-Cola Co. (The), 2.20%, 5/25/22		31,305
	1,710,000	Coca-Cola Co. (The), 1.13%, 9/22/22		1,982,118
	1,235,000	Coca-Cola Co. (The), 0.75%, 3/9/23, Callable 12/9/22 @ 100		1,416,473
	420,000	Coca-Cola Co. (The), 2.13%, 9/6/29		408,631
	20,000	Keurig Dr Pepper, Inc., 3.55%, 5/25/21		20,410
	780,000	Molson Coors Brewing Co., 2.10%, 7/15/21, Callable 6/15/21 @ 100		779,848
	10,000	PepsiCo, Inc., 2.63%, 7/29/29, Callable 4/29/29 @ 100		10,188

				11,921,675

Biotechnology (0.3%):
	36,000	Abbvie, Inc., 3.20%, 11/6/22, Callable 9/6/22 @ 100		37,025
	112,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 4/14/21 @ 100		112,330
	167,000	AbbVie, Inc., 3.38%, 11/14/21		171,159
	17,000	AbbVie, Inc., 3.75%, 11/14/23, Callable 10/14/23 @ 100		17,892
	300,000	AbbVie, Inc., 1.38%, 5/17/24, Callable 2/17/24 @ 100		354,130
	440,000	AbbVie, Inc., 3.60%, 5/14/25, Callable 2/14/25 @ 100		464,615
	110,000	AbbVie, Inc., 3.20%, 5/14/26, Callable 2/14/26 @ 100		113,845
	780,000	AbbVie, Inc., 2.95%, 11/21/26, Callable 9/21/26 @ 100(a)		791,439
	2,228,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		2,507,169
	8,000	AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100		8,627
	187,000	Amgen, Inc., 3.88%, 11/15/21, Callable 8/15/21 @ 100		192,916
	49,000	Amgen, Inc., 2.25%, 8/19/23, Callable 6/19/23 @ 100		49,441
	205,000	Amgen, Inc., 4.95%, 10/1/41		243,804
	196,000	Amgen, Inc., 5.15%, 11/15/41, Callable 5/15/41 @ 100		237,403
	94,000	Amgen, Inc., 5.65%, 6/15/42, Callable 12/15/41 @ 100		116,564
	666,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		747,812
	2,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100		2,312
	204,000	Gilead Sciences, Inc., 3.70%, 4/1/24, Callable 1/1/24 @ 100		216,666
	225,000	Gilead Sciences, Inc., 3.65%, 3/1/26, Callable 12/1/25 @ 100		242,015
	40,000	Gilead Sciences, Inc., 4.60%, 9/1/35, Callable 3/1/35 @ 100		47,879
	951,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100		1,139,157

				7,814,200


Principal Amount			Fair Value
Corporate Bonds, continued
Building Products (0.0%^†):
$	36,000	Owens Corning, 4.30%, 7/15/47, Callable 1/15/47 @ 100	$	34,211

Capital Markets (1.2%):
	1,710,000	Ares Capital Corp., 4.25%, 3/1/25, Callable 1/1/25 @ 100		1,785,498
	118,000	Bank of New York Mellon Corp. (The), 3.44%(US0003M+107bps), 2/7/28, Callable 2/7/27 @ 100, MTN		124,707
	805,000	Bank of New York Mellon Corp. (The), 4.62%(US0003M+313bps), 12/29/49, Callable 9/20/26 @ 100		845,451
	93,000	Charles Schwab Corp. (The), 3.20%, 1/25/28, Callable 10/25/27 @ 100		97,267
	1,435,000	Charles Schwab Corp. (The), Series E, 4.62%(US0003M+332bps), 12/29/49, Callable 3/1/22 @ 100		1,476,256
	60,000	E*TRADE Financial Corp., 3.80%, 8/24/27, Callable 5/24/27 @ 100		62,655
	109,000	Goldman Sachs Group, Inc., 5.25%, 7/27/21		114,273
	170,000	Goldman Sachs Group, Inc., 5.75%, 1/24/22		181,972
	1,700,000	Goldman Sachs Group, Inc., 3.00%, 4/26/22, Callable 4/26/21 @ 100		1,721,966
	355,000	Goldman Sachs Group, Inc., 2.71%(US0003M+78bps), 10/31/22, Callable 10/31/21 @ 100		357,229
	19,000	Goldman Sachs Group, Inc., 3.63%, 1/22/23		19,734
	13,000	Goldman Sachs Group, Inc., 2.91%(US0003M+105bps), 6/5/23, Callable 6/5/22 @ 100		13,209
	82,000	Goldman Sachs Group, Inc., 2.90%(US0003M+99bps), 7/24/23, Callable 7/24/22 @ 100		83,269
	170,000	Goldman Sachs Group, Inc., 3.63%, 2/20/24, Callable 1/20/24 @ 100		178,512
	319,000	Goldman Sachs Group, Inc., 4.00%, 3/3/24		338,890
	2,027,000	Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100		2,128,713
	69,000	Goldman Sachs Group, Inc., 3.75%, 5/22/25, Callable 2/22/25 @ 100		73,063
	130,000	Goldman Sachs Group, Inc., 3.27%(US0003M+120bps), 9/29/25, Callable 9/29/24 @ 100		134,162
	942,000	Goldman Sachs Group, Inc., 3.75%, 2/25/26, Callable 11/25/25 @ 100		998,468
	425,000	Goldman Sachs Group, Inc., 3.08%(US0003M+117bps), 5/15/26, Callable 5/15/25 @ 100		430,991
	2,585,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100		2,698,074
	169,000	Goldman Sachs Group, Inc., 3.85%, 1/26/27, Callable 1/26/26 @ 100		179,784
	694,000	Goldman Sachs Group, Inc., 3.69%(US0003M+151bps), 6/5/28, Callable 6/5/27 @ 100		736,678
	35,000	Intercontinental Exchange, Inc., 3.75%, 9/21/28, Callable 6/21/28 @ 100		38,218

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Capital Markets, continued
$	670,000	Intercontinental Exchange, Inc., 4.25%, 9/21/48, Callable 3/21/48 @ 100	$	793,011
	305,000	Moody’s Corp., 4.25%, 2/1/29, Callable 11/1/28 @ 100		344,752
	155,000	Morgan Stanley, 2.63%, 11/17/21		156,758
	431,000	Morgan Stanley, 3.75%, 2/25/23		450,348
	12,000	Morgan Stanley, 3.74%(US0003M+85bps), 4/24/24, Callable 4/24/23 @ 100		12,496
	1,142,000	Morgan Stanley, Series G, 3.70%, 10/23/24, MTN		1,210,256
	37,000	Morgan Stanley, 2.72%(SOFR+115bps), 7/22/25, Callable 7/22/24 @ 100, MTN		37,368
	140,000	Morgan Stanley, Series G, 3.88%, 1/27/26		150,255
	40,000	Morgan Stanley, 3.13%, 7/27/26, MTN		41,201
	3,903,000	Morgan Stanley, 3.63%, 1/20/27		4,147,247
	1,760,000	Morgan Stanley, 3.77%(US0003M+114bps), 1/24/29, Callable 1/24/28 @ 100		1,891,995
	666,000	State Street Corp., Series F, 5.25%(US0003M+360bps), 12/31/49, Callable 9/15/20 @ 100		682,650
	1,510,000	State Street Corp., Series H, 5.62%(US0003M+254bps), 12/31/99, Callable 12/15/23 @ 100		1,600,600

				26,337,976

Chemicals (0.4%):
	70,000	Dow Chemical Co. (The), 3.00%, 11/15/22, Callable 8/15/22 @ 100		71,663
	15,000	Dow Chemical Co. (The), 3.15%, 5/15/24, Callable 4/15/24 @ 100		15,483
	226,000	Dow Chemical Co. (The), 4.55%, 11/30/25, Callable 9/30/25 @ 100		248,889
	1,594,000	Dow Chemical Co. (The), 3.63%, 5/15/26, Callable 3/15/26 @ 100		1,676,412
	53,000	Dow Chemical Co. (The), 5.25%, 11/15/41, Callable 5/15/41 @ 100		61,496
	753,000	Dow Chemical Co. (The), 4.38%, 11/15/42, Callable 5/15/42 @ 100		804,410
	1,770,000	DowDuPont, Inc., 4.49%, 11/15/25, Callable 9/15/25 @ 100		1,946,645
	670,000	DowDuPont, Inc., 5.42%, 11/15/48, Callable 5/15/48 @ 100		826,468
	20,000	DuPont de Nemours, Inc., 5.32%, 11/15/38, Callable 5/15/38 @ 100		23,793
	265,000	Eastman Chemical Co., 3.50%, 12/1/21		271,891
	330,000	Eastman Chemical Co., 3.80%, 3/15/25, Callable 12/15/24 @ 100		348,144
	80,000	Ecolab, Inc., 4.35%, 12/8/21		83,706
	562,000	Ecolab, Inc., 4.35%, 12/8/21		588,032
	460,000	Ecolab, Inc., 2.38%, 8/10/22, Callable 7/10/22 @ 100		464,350
	2,000	Ecolab, Inc., 2.70%, 11/1/26, Callable 8/1/26 @ 100		2,055
	42,000	LYB International Finance BV, 4.88%, 3/15/44, Callable 9/15/43 @ 100		47,331
	190,000	LYB International Finance III LLC, 4.20%, 10/15/49, Callable 4/15/49 @ 100		197,680


Principal Amount			Fair Value
Corporate Bonds, continued
Chemicals, continued
$	220,000	RPM International, Inc., 3.75%, 3/15/27, Callable 12/15/26 @ 100	$	226,344
	145,000	Sherwin-Williams Co. (The), 4.00%, 12/15/42, Callable 6/15/42 @ 100		149,082
	153,000	Sherwin-Williams Co. (The), 4.50%, 6/1/47, Callable 12/1/46 @ 100		174,026
	10,000	Sherwin-Williams Co. (The), 3.80%, 8/15/49, Callable 2/15/49 @ 100		10,194

				8,238,094

Commercial Services & Supplies (0.2%):
	32,000	Republic Services, Inc., 3.55%, 6/1/22, Callable 3/1/22 @ 100		33,071
	90,000	Republic Services, Inc., 4.75%, 5/15/23, Callable 2/15/23 @ 100		96,953
	31,000	Republic Services, Inc., 2.50%, 8/15/24, Callable 7/15/24 @ 100		31,422
	205,000	Republic Services, Inc., 2.90%, 7/1/26, Callable 4/1/26 @ 100		208,996
	859,000	Republic Services, Inc., 3.38%, 11/15/27, Callable 8/15/27 @ 100		906,865
	820,000	Republic Services, Inc., 3.95%, 5/15/28, Callable 2/15/28 @ 100		901,810
	17,000	Waste Management, Inc., 2.95%, 6/15/24, Callable 5/15/24 @ 100		17,542
	295,000	Waste Management, Inc., 3.13%, 3/1/25, Callable 12/1/24 @ 100		308,393
	114,000	Waste Management, Inc., 3.20%, 6/15/26, Callable 4/15/26 @ 100		119,502
	198,000	Waste Management, Inc., 3.45%, 6/15/29, Callable 3/15/29 @ 100		211,627
	571,000	Waste Management, Inc., 4.00%, 7/15/39, Callable 1/15/39 @ 100		638,641
	865,000	Waste Management, Inc., 4.15%, 7/15/49, Callable 1/15/49 @ 100		987,169

				4,461,991

Communications Equipment (0.1%):
	93,000	Juniper Networks, Inc., 4.50%, 3/15/24		100,587
	48,000	Juniper Networks, Inc., 4.35%, 6/15/25, Callable 3/15/25 @ 100		51,102
	190,000	Motorola Solutions, Inc., 4.00%, 9/1/24		201,063
	447,000	Motorola Solutions, Inc., 4.60%, 2/23/28, Callable 11/23/27 @ 100		484,892
	1,458,000	Motorola Solutions, Inc., 4.60%, 5/23/29, Callable 2/23/29 @ 100		1,602,001
	122,000	Motorola Solutions, Inc., 5.50%, 9/1/44		134,098

				2,573,743

Consumer Finance (1.0%):
	160,000	American Express Co., 2.20%, 10/30/20, Callable 9/29/20 @ 100		160,228
	55,000	American Express Co., 3.00%, 2/22/21, Callable 1/22/21 @ 100		55,561
	69,000	American Express Co., 3.38%, 5/17/21, Callable 4/17/21 @ 100		70,260
	38,000	American Express Co., 3.70%, 11/5/21, Callable 10/5/21 @ 100		39,140

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Consumer Finance, continued
$	635,000	American Express Co., 2.75%, 5/20/22, Callable 4/20/22 @ 100	$	645,659
	170,000	American Express Co., 2.50%, 8/1/22, Callable 7/1/22 @ 100		171,944
	35,000	American Express Co., 3.40%, 2/27/23, Callable 1/27/23 @ 100		36,277
	400,000	American Express Co., 3.70%, 8/3/23, Callable 7/3/23 @ 100		421,171
	345,000	American Express Co., 3.40%, 2/22/24, Callable 1/22/24 @ 100		360,555
	2,101,000	American Express Co., 2.50%, 7/30/24, Callable 6/30/24 @ 100		2,123,827
	101,000	American Express Co., 3.00%, 10/30/24, Callable 9/29/24 @ 100		104,285
	7,000	American Express Co., 3.13%, 5/20/26, Callable 4/20/26 @ 100		7,267
	387,000	American Express Credit Corp., 2.25%, 5/5/21, Callable 4/4/21 @ 100		388,777
	740,000	American Honda Finance Corp., 1.38%, 11/10/22		861,269
	3,000	American Honda Finance Corp., 2.60%, 11/16/22, MTN		3,059
	110,000	American Honda Finance Corp., 0.55%, 3/17/23		125,269
	455,000	American Honda Finance Corp., 2.90%, 2/16/24, MTN		468,378
	75,000	American Honda Finance Corp., 2.40%, 6/27/24, MTN		75,911
	9,000	American Honda Finance Corp., 2.30%, 9/9/26		8,978
	500,000	Discover Bank, 3.20%, 8/9/21, Callable 7/9/21 @ 100		508,016
	205,000	Discover Financial Services, 3.75%, 3/4/25, Callable 12/4/24 @ 100		216,464
	270,000	Ford Motor Credit Co. LLC, 3.16%, 8/4/20		271,011
	323,000	Ford Motor Credit Co. LLC, Series G, 4.39%, 1/8/26		328,331
	160,000	General Motors Financial Co, Inc., 3.15%, 6/30/22, Callable 5/30/22 @ 100		162,989
	2,269,000	General Motors Financial Co., Inc., 3.20%, 7/13/20, Callable 6/13/20 @ 100		2,278,950
	2,060,000	General Motors Financial Co., Inc., 2.45%, 11/6/20		2,064,005
	468,000	General Motors Financial Co., Inc., 4.38%, 9/25/21		484,665
	635,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100		649,623
	199,000	General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		209,199
	3,000	General Motors Financial Co., Inc., 4.35%, 4/9/25, Callable 2/9/25 @ 100		3,211
	430,000	General Motors Financial Co., Inc., 5.25%, 3/1/26, Callable 12/1/25 @ 100		477,038
	1,176,000	General Motors Financial Co., Inc., 4.35%, 1/17/27, Callable 10/17/26 @ 100		1,238,955
	945,000	Hyundai Capital America, 2.55%, 4/3/20(a)		945,644
	588,000	Hyundai Capital America, 3.00%, 10/30/20(a)		591,055
	1,420,000	Hyundai Capital America, 3.95%, 2/1/22(a)		1,462,353
	2,250,000	Synchrony Financial, 2.70%, 2/3/20		2,250,167
	10,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		10,634
	7,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		7,472


Principal Amount			Fair Value
Corporate Bonds, continued
Consumer Finance, continued
$	940,000	Toyota Motor Credit Corp., 7/21/21	$	1,057,144
	663,000	Toyota Motor Credit Corp., 2.63%, 1/10/23, MTN		676,111
	30,000	Toyota Motor Credit Corp., 2.00%, 10/7/24, MTN		29,900
	521,000	Toyota Motor Credit Corp., 3.20%, 1/11/27		551,178

				22,601,930

Containers & Packaging (0.0%^†):
	10,000	International Paper Co., 6.00%, 11/15/41, Callable 5/15/41 @ 100		12,437
	28,000	International Paper Co., 4.40%, 8/15/47, Callable 2/15/47 @ 100		29,742
	516,000	International Paper Co., 4.35%, 8/15/48, Callable 2/15/48 @ 100		549,145

				591,324

Diversified Consumer Services (0.1%):
	145,000	California Institute of Technology, 4.32%, 8/1/45		173,325
	360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		465,673
	114,000	Pres & Fellows of Harvar, 3.15%, 7/15/46, Callable 1/15/46 @ 100		115,890
	575,000	Pres & Fellows of Harvar, 3.30%, 7/15/56, Callable 1/15/56 @ 100		592,730

				1,347,618

Diversified Financial Services (0.1%):
	666,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		697,753
	625,000	BP Capital Markets America, Inc., 3.41%, 2/11/26, Callable 12/11/25 @ 100		664,039
	10,000	BP Capital Markets America, Inc., 3.12%, 5/4/26, Callable 2/4/26 @ 100		10,427

				1,372,219

Diversified Telecommunication Services (1.0%):
	467,000	AT&T, Inc., 2.80%, 2/17/21, Callable 1/17/21 @ 100		470,750
	2,000,000	AT&T, Inc., 2.28%, 11/27/22(a)(c)		1,874,098
	1,719,000	AT&T, Inc., 3.80%, 2/15/27, Callable 11/15/26 @ 100		1,834,006
	1,104,000	AT&T, Inc., 4.25%, 3/1/27, Callable 12/1/26 @ 100		1,211,012
	4,000	AT&T, Inc., 4.10%, 2/15/28, Callable 11/15/27 @ 100		4,345
	1,826,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		2,030,709
	1,971,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		2,194,017
	50,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100		59,781
	23,000	AT&T, Inc., 4.90%, 8/15/37, Callable 2/14/37 @ 100		26,415
	143,000	AT&T, Inc., 6.00%, 8/15/40, Callable 5/15/40 @ 100		181,691
	1,146,000	AT&T, Inc., 5.15%, 3/15/42		1,337,313
	156,000	AT&T, Inc., 4.80%, 6/15/44, Callable 12/15/43 @ 100		177,538
	3,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		3,374

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	502,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100	$	598,629
	3,000	AT&T, Inc., 5.45%, 3/1/47, Callable 9/1/46 @ 100		3,708
	495,000	Verizon Communications, Inc., 0.50%, 6/2/22		562,156
	2,594,000	Verizon Communications, Inc., 4.13%, 3/16/27		2,870,136
	1,311,000	Verizon Communications, Inc., 4.50%, 8/10/33		1,523,294
	46,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100		53,265
	3,868,000	Verizon Communications, Inc., 4.27%, 1/15/36		4,363,410

				21,379,647

Electric Utilities (2.0%):
	430,000	AEP Texas, Inc., 2.40%, 10/1/22, Callable 9/1/22 @ 100		433,276
	824,000	AEP Texas, Inc., Class H, Series H, 3.45%, 1/15/50, Callable 7/15/49 @ 100		825,005
	640,000	AEP Transmission Co. LLC, 3.75%, 12/1/47, Callable 6/1/47 @ 100		687,210
	281,000	AEP Transmission Co. LLC, 4.25%, 9/15/48, Callable 3/15/48 @ 100		322,861
	20,000	AEP Transmission Co. LLC, 3.80%, 6/15/49, Callable 12/15/48 @ 100		21,452
	585,000	AEP Transmission Co. LLC, 3.15%, 9/15/49, Callable 3/15/49 @ 100		567,885
	21,000	Alabama Power Co., 6.00%, 3/1/39		29,161
	168,000	Alabama Power Co., Series2011-C, 5.20%, 6/1/41		206,248
	284,000	Alabama Power Co., 3.85%, 12/1/42		302,481
	450,000	Alabama Power Co., 4.15%, 8/15/44, Callable 2/15/44 @ 100		500,791
	285,000	Alabama Power Co., 3.75%, 3/1/45, Callable 9/1/44 @ 100		299,426
	151,000	Alabama Power Co., Series A, 4.30%, 7/15/48, Callable 1/15/48 @ 100		174,303
	561,000	Alabama Power Co., 3.45%, 10/1/49, Callable 4/1/49 @ 100		575,309
	430,000	Baltimore Gas & Electric Co., 2.80%, 8/15/22, Callable 5/15/22 @ 100		437,054
	35,000	Baltimore Gas & Electric Co., 2.40%, 8/15/26, Callable 5/15/26 @ 100		35,127
	505,000	Baltimore Gas & Electric Co., 3.50%, 8/15/46, Callable 2/15/46 @ 100		516,720
	900,000	Baltimore Gas & Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100		961,615
	90,000	Baltimore Gas & Electric Co., 4.25%, 9/15/48, Callable 3/15/48 @ 100		104,392
	216,000	Baltimore Gas & Electric Co., 3.20%, 9/15/49, Callable 3/15/49 @ 100		211,794
	85,000	Commonwealth Edison Co., 4.60%, 8/15/43, Callable 2/15/43 @ 100		101,137
	816,000	Dayton Power & Light Co. (The), 3.95%, 6/15/49, Callable 12/15/48 @ 100(a)		840,691
	250,000	DTE Electric Co., Series A, 4.05%, 5/15/48, Callable 11/15/47 @ 100		287,271
	869,000	DTE Electric Co., 3.95%, 3/1/49, Callable 9/1/48 @ 100		994,700
	118,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100		126,174


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	544,000	Duke Energy Carolinas LLC, 3.95%, 3/15/48, Callable 9/15/47 @ 100	$	602,357
	725,000	Duke Energy Carolinas LLC, 3.20%, 8/15/49, Callable 2/15/49 @ 100		716,579
	76,000	Duke Energy Florida LLC, 3.20%, 1/15/27, Callable 10/15/26 @ 100		79,107
	29,000	Duke Energy Florida LLC, 3.80%, 7/15/28, Callable 4/15/28 @ 100		31,577
	1,414,000	Duke Energy Florida LLC, 2.50%, 12/1/29, Callable 9/1/29 @ 100		1,410,580
	465,000	Duke Energy Florida LLC, 6.40%, 6/15/38		662,431
	754,000	Duke Energy Florida LLC, 3.40%, 10/1/46, Callable 4/1/46 @ 100		764,996
	555,000	Duke Energy Ohio, Inc., 3.65%, 2/1/29, Callable 11/1/28 @ 100		602,607
	645,000	Duke Energy Ohio, Inc., 3.70%, 6/15/46, Callable 12/15/45 @ 100		681,198
	49,000	Duke Energy Progress LLC, 3.25%, 8/15/25, Callable 5/15/25 @ 100		51,453
	215,000	Duke Energy Progress LLC, 3.45%, 3/15/29, Callable 12/15/28 @ 100		230,402
	606,000	Duke Energy Progress LLC, 4.20%, 8/15/45, Callable 2/15/45 @ 100		686,443
	170,000	Duke Energy Progress LLC, 3.70%, 10/15/46, Callable 4/15/46 @ 100		179,371
	255,000	Duke Energy Progress, Inc., 3.00%, 9/15/21, Callable 6/15/21 @ 100		259,705
	220,000	Duke Energy Progress, Inc., 5.70%, 4/1/35		273,028
	25,000	Duke Energy Progress, Inc., 4.10%, 5/15/42, Callable 11/15/41 @ 100		27,820
	635,000	Duke Energy Progress, Inc., 4.10%, 3/15/43, Callable 9/15/42 @ 100		708,397
	10,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		11,222
	127,000	Edison International, 2.40%, 9/15/22, Callable 8/15/22 @ 100		126,097
	8,000	Edison International, 3.13%, 11/15/22, Callable 10/15/22 @ 100		8,106
	161,000	Edison International, 3.55%, 11/15/24, Callable 10/15/24 @ 100		164,988
	60,000	Entergy Arkansas LLC, 3.70%, 6/1/24, Callable 3/1/24 @ 100		63,611
	7,000	Entergy Arkansas LLC, 3.50%, 4/1/26, Callable 1/1/26 @ 100		7,363
	41,000	Entergy Gulf States Louisiana LLC, 5.59%, 10/1/24		47,000
	220,000	Entergy Louisiana LLC, 5.40%, 11/1/24		251,345
	6,000	Entergy Louisiana LLC, 2.40%, 10/1/26, Callable 7/1/26 @ 100		5,959
	805,000	Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100		904,508
	437,000	Entergy Louisiana LLC, 4.20%, 4/1/50, Callable 10/1/49 @ 100		508,446
	165,000	Entergy Texas, Inc., 4.00%, 3/30/29, Callable 12/30/28 @ 100		179,731
	357,000	Eversource Energy, Series L, 2.90%, 10/1/24, Callable 8/1/24 @ 100		364,235

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	135,000	Exelon Corp., 2.85%, 6/15/20, Callable 5/15/20 @ 100	$	135,336
	15,000	Exelon Corp., 2.45%, 4/15/21, Callable 3/15/21 @ 100		15,081
	272,000	Exelon Corp., 4.95%, 6/15/35, Callable 12/15/34 @ 100		313,805
	138,000	Exelon Corp., 5.63%, 6/15/35		170,508
	329,000	FirstEnergy Transmission LLC, 4.35%, 1/15/25, Callable 10/15/24 @ 100(a)		352,230
	192,000	FirstEnergy Transmission LLC, 5.45%, 7/15/44, Callable 1/15/44 @ 100(a)		239,283
	990,000	FirstEnergy Transmission LLC, 4.55%, 4/1/49, Callable 10/1/48 @ 100(a)		1,129,395
	4,815,000	Florida Power & Light Co., 2.31%(US0003M+40bps), 5/6/22, Callable 1/21/20 @ 100		4,817,591
	390,000	Florida Power & Light Co., 3.13%, 12/1/25, Callable 6/1/25 @ 100		408,818
	129,000	Florida Power & Light Co., 4.13%, 2/1/42, Callable 8/1/41 @ 100		146,684
	310,000	Florida Power & Light Co., 4.05%, 6/1/42, Callable 12/1/41 @ 100		349,611
	120,000	Florida Power & Light Co., 3.80%, 12/15/42, Callable 6/15/42 @ 100		132,112
	97,000	Florida Power & Light Co., 3.70%, 12/1/47, Callable 6/1/47 @ 100		107,017
	590,000	Florida Power & Light Co., 3.95%, 3/1/48, Callable 9/1/47 @ 100		668,461
	655,000	Florida Power & Light Co., 3.15%, 10/1/49, Callable 4/1/49 @ 100		654,074
	568,000	Georgia Power Co., 2.00%, 3/30/20		568,094
	130,000	ITC Holdings Corp., 2.70%, 11/15/22, Callable 10/15/22 @ 100		131,641
	150,000	ITC Holdings Corp., 3.25%, 6/30/26, Callable 3/30/26 @ 100		154,629
	633,000	MidAmerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100		657,823
	1,535,000	MidAmerican Energy Co., 3.65%, 4/15/29, Callable 1/15/29 @ 100		1,674,688
	399,000	MidAmerican Energy Co., 3.15%, 4/15/50, Callable 10/15/49 @ 100		394,591
	295,000	Northern States Power Co., 3.60%, 9/15/47, Callable 3/15/47 @ 100		312,271
	685,000	Northern States Power Co., 2.90%, 3/1/50, Callable 9/1/49 @ 100		654,747
	330,000	NSTAR Electric Co., 3.20%, 5/15/27, Callable 2/15/27 @ 100		344,759
	275,000	Ohio Power Co., Series G, 6.60%, 2/15/33		375,199
	120,000	Ohio Power Co., 4.15%, 4/1/48, Callable 10/1/47 @ 100		137,030
	530,000	Ohio Power Co., 4.00%, 6/1/49, Callable 12/1/48 @ 100		596,632
	25,000	Oncor Electric Delivery Co. LLC, 7.00%, 9/1/22		28,194
	1,729,000	Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28, Callable 8/15/28 @ 100		1,887,106


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	220,000	Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29, Callable 12/15/28 @ 100	$	274,729
	271,000	Oncor Electric Delivery Co. LLC, 3.80%, 9/30/47, Callable 3/30/47 @ 100		298,756
	270,000	Oncor Electric Delivery Co. LLC, 3.10%, 9/15/49, Callable 3/15/49 @ 100		263,158
	64,000	PacifiCorp., 3.60%, 4/1/24, Callable 1/1/24 @ 100		67,439
	215,000	PECO Energy Co., 3.00%, 9/15/49, Callable 3/15/49 @ 100		205,071
	535,000	Public Service Electric & Gas Co., 3.65%, 9/1/28, Callable 6/1/28 @ 100		583,629
	29,000	Public Service Electric & Gas Co., 3.20%, 5/15/29, Callable 2/15/29 @ 100, MTN		30,627
	177,000	Public Service Electric & Gas Co., 3.85%, 5/1/49, Callable 11/1/48 @ 100, MTN		197,227
	560,000	Tampa Electric Co., 2.60%, 9/15/22, Callable 6/15/22 @ 100		566,507
	420,000	Tampa Electric Co., 4.35%, 5/15/44, Callable 11/15/43 @ 100		476,170
	295,000	Tampa Electric Co., 4.30%, 6/15/48, Callable 12/15/47 @ 100		342,327
	3,000	Tampa Electric Co., 4.45%, 6/15/49, Callable 12/15/48 @ 100		3,561
	510,000	Virginia Electric & Power Co., 3.45%, 9/1/22, Callable 6/1/22 @ 100		527,426
	632,000	Virginia Electric & Power Co., Series C, 2.75%, 3/15/23, Callable 12/15/22 @ 100		642,408
	194,000	Virginia Electric & Power Co., Series A, 3.15%, 1/15/26, Callable 10/15/25 @ 100		202,566
	379,000	Virginia Electric & Power Co., Series A, 3.80%, 4/1/28, Callable 1/1/28 @ 100		409,857
	575,000	Virginia Electric & Power Co., Series B, 6.00%, 1/15/36		752,137
	355,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		471,008
	25,000	Virginia Electric & Power Co., 6.35%, 11/30/37		34,636
	1,200,000	Virginia Electric & Power Co., 4.00%, 1/15/43, Callable 7/15/42 @ 100		1,306,760
	17,000	Virginia Electric & Power Co., 3.30%, 12/1/49, Callable 6/1/49 @ 100		17,168
	50,000	Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100(a)		50,750

				45,454,072

Electrical Equipment (0.0%^†):
	62,000	Eaton Corp., 2.75%, 11/2/22		63,272

Electronic Equipment, Instruments & Components (0.0%^†):
	97,000	Amphenol Corp., 2.80%, 2/15/30, Callable 11/15/29 @ 100		95,582
	38,000	Avnet, Inc., 4.63%, 4/15/26, Callable 1/15/26 @ 100		40,293
	125,000	Corning, Inc., 3.70%, 11/15/23, Callable 8/15/23 @ 100		130,162
	255,000	Corning, Inc., 4.38%, 11/15/57, Callable 5/15/57 @ 100		257,298

				523,335

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Entertainment (0.2%):
$	2,170,000	Activision Blizzard, Inc., 3.40%, 9/15/26, Callable 6/15/26 @ 100	$	2,275,577
	171,000	Activision Blizzard, Inc., 3.40%, 6/15/27, Callable 3/15/27 @ 100		178,243
	1,165,000	Electronic Arts, Inc., 4.80%, 3/1/26, Callable 12/1/25 @ 100		1,311,904
	170,000	Viacom, Inc., 6.88%, 4/30/36		227,796
	475,000	ViacomCBS, Inc., 4.38%, 3/15/43		503,624
	96,000	ViacomCBS, Inc., 5.85%, 9/1/43, Callable 3/1/43 @ 100		120,468
	10,000	Walt Disney Co. (The), 3.00%, 2/13/26		10,526
	125,000	Walt Disney Co. (The), 2.00%, 9/1/29, Callable 6/1/29 @ 100		121,243
	278,000	Walt Disney Co. (The), 6.20%, 12/15/34		388,106
	151,000	Walt Disney Co. (The), 6.40%, 12/15/35		216,118
	128,000	Walt Disney Co. (The), 6.65%, 11/15/37		190,398

				5,544,003

Equity Real Estate Investment Trusts (0.3%):
	26,000	American Tower Corp., 3.13%, 1/15/27, Callable 10/15/26 @ 100		26,524
	406,000	American Tower Corp., 3.95%, 3/15/29, Callable 12/15/28 @ 100		437,121
	24,000	Boston Properties LP, 3.20%, 1/15/25, Callable 10/15/24 @ 100		24,874
	61,000	Boston Properties LP, 3.65%, 2/1/26, Callable 11/3/25 @ 100		64,592
	10,000	Boston Properties LP, 4.50%, 12/1/28, Callable 9/1/28 @ 100		11,265
	200,000	Boston Properties LP, 2.90%, 3/15/30, Callable 12/15/29 @ 100		199,220
	33,000	Crown Castle International Corp., 3.40%, 2/15/21, Callable 1/15/21 @ 100		33,488
	120,000	Crown Castle International Corp., 2.25%, 9/1/21, Callable 8/1/21 @ 100		120,118
	105,000	Crown Castle International Corp., 4.88%, 4/15/22		111,068
	669,000	Crown Castle International Corp., 5.25%, 1/15/23		725,552
	10,000	Crown Castle International Corp., 3.20%, 9/1/24, Callable 7/1/24 @ 100		10,300
	545,000	Crown Castle International Corp., 4.45%, 2/15/26, Callable 11/15/25 @ 100		595,112
	623,000	Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100		658,923
	20,000	Crown Castle International Corp., 3.65%, 9/1/27, Callable 6/1/27 @ 100		21,088
	80,000	Crown Castle International Corp., 3.80%, 2/15/28, Callable 11/15/27 @ 100		85,066
	110,000	Crown Castle International Corp., 4.30%, 2/15/29, Callable 11/15/28 @ 100		121,488
	2,233,000	Crown Castle International Corp., 3.10%, 11/15/29, Callable 8/15/29 @ 100		2,248,018
	20,000	Crown Castle International Corp., 4.75%, 5/15/47, Callable 11/15/46 @ 100		23,076
	20,000	Crown Castle International Corp., 4.00%, 11/15/49, Callable 5/15/49 @ 100		20,757
	38,000	GLP Capital LP/GLP Financing II, Inc., 5.38%, 4/15/26, Callable 1/15/26 @ 100		41,561


Principal Amount			Fair Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	500,000	Prologis Euro Finance LLC, 1.50%, 9/10/49, Callable 3/10/49 @ 100	$	511,564
	277,000	Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100		285,511
	120,000	Realty Income Corp., 3.25%, 6/15/29, Callable 3/15/29 @ 100		127,222

				6,503,508

Food & Staples Retailing (0.1%):
	24,000	Walgreens Boots Alliance, Inc., 4.50%, 11/18/34, Callable 5/18/34 @ 100		24,729
	44,000	Wal-Mart Stores, Inc., 4.30%, 4/22/44, Callable 10/22/43 @ 100		52,669
	276,000	Walmart, Inc., 3.70%, 6/26/28, Callable 3/26/28 @ 100		304,079
	1,177,000	Walmart, Inc., 3.25%, 7/8/29, Callable 4/8/29 @ 100		1,262,900

				1,644,377

Food Products (0.0%^†):
	117,000	Conagra Brands, Inc., 3.80%, 10/22/21		120,566
	105,000	Tyson Foods, Inc., 3.90%, 9/28/23, Callable 8/28/23 @ 100		111,387
	69,000	Tyson Foods, Inc., 4.00%, 3/1/26, Callable 1/1/26 @ 100		74,755
	260,000	Tyson Foods, Inc., 5.15%, 8/15/44, Callable 2/15/44 @ 100		315,055
	106,000	Tyson Foods, Inc., 4.55%, 6/2/47, Callable 12/2/46 @ 100		120,386

				742,149

Gas Utilities (0.0%^†):
	300,000	Atmos Energy Corp., 3.38%, 9/15/49, Callable 3/15/49 @ 100		303,479
	90,000	ONE Gas, Inc., 4.50%, 11/1/48, Callable 5/1/48 @ 100		107,407
	97,000	Piedmont Natural Gas Co, Inc., 3.50%, 6/1/29, Callable 3/1/29 @ 100		103,354

				514,240

Health Care Equipment & Supplies (0.2%):
	719,000	Abbott Laboratories, 3.40%, 11/30/23, Callable 9/30/23 @ 100		755,477
	713,000	Baxter International, Inc., 1.70%, 8/15/21, Callable 7/15/21 @ 100		711,776
	24,000	Becton Dickinson & Co., 3.36%, 6/6/24, Callable 4/6/24 @ 100		24,957
	525,000	Becton Dickinson and Co., 1.40%, 5/24/23, Callable 4/24/23 @ 100		608,792
	500,000	DH Europe Finance II Sarl, 1.80%, 9/18/49, Callable 3/18/49 @ 100		541,516
	400,000	Medtronic Global Holdings SCA, 1.75%, 7/2/49, Callable 1/2/49 @ 100		437,847
	910,000	Stryker Corp., 0.25%, 12/3/24, Callable 11/3/24 @ 100		1,019,120

				4,099,485

Health Care Providers & Services (0.8%):
	6,000	Aetna, Inc., 6.75%, 12/15/37		8,066
	80,000	Aetna, Inc., 4.50%, 5/15/42, Callable 11/15/41 @ 100		85,516

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	153,000	Aetna, Inc., 4.13%, 11/15/42, Callable 5/15/42 @ 100	$	156,818
	46,000	Anthem, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100		48,195
	22,000	Anthem, Inc., 3.65%, 12/1/27, Callable 9/1/27 @ 100		23,218
	380,000	Cigna Corp., 3.25%, 4/15/25, Callable 1/15/25 @ 100(a)		391,074
	350,000	CVS Caremark Corp., 3.38%, 8/12/24, Callable 5/12/24 @ 100		364,517
	695,000	CVS Health Corp., 3.35%, 3/9/21		705,236
	780,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100		812,127
	656,000	CVS Health Corp., 2.63%, 8/15/24, Callable 7/15/24 @ 100		662,191
	1,319,000	CVS Health Corp., 4.10%, 3/25/25, Callable 1/25/25 @ 100		1,414,365
	3,228,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		3,520,682
	103,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100		116,598
	20,000	CVS Health Corp., 5.30%, 12/5/43, Callable 6/5/43 @ 100		23,743
	688,000	CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100		811,466
	375,000	HCA, Inc., 4.75%, 5/1/23		401,250
	390,000	HCA, Inc., 5.00%, 3/15/24		425,588
	717,000	HCA, Inc., 5.25%, 4/15/25		801,248
	1,245,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		1,394,400
	258,000	HCA, Inc., 4.50%, 2/15/27, Callable 8/15/26 @ 100		278,318
	924,000	HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		979,440
	937,000	The New York and Presbyterian Hospital, Series 2019, 3.95%, 8/1/19, Callable 2/1/19 @ 100		938,599
	59,000	UnitedHealth Group, Inc., 3.50%, 2/15/24		62,155
	79,000	UnitedHealth Group, Inc., 2.38%, 8/15/24		80,071
	650,000	UnitedHealth Group, Inc., 3.70%, 12/15/25		701,298
	352,000	UnitedHealth Group, Inc., 3.10%, 3/15/26		367,373
	7,000	UnitedHealth Group, Inc., 3.85%, 6/15/28		7,671
	21,000	UnitedHealth Group, Inc., 3.88%, 12/15/28		23,177
	8,000	UnitedHealth Group, Inc., 2.88%, 8/15/29		8,189
	40,000	UnitedHealth Group, Inc., 4.63%, 7/15/35		48,425
	504,000	UnitedHealth Group, Inc., 3.50%, 8/15/39, Callable 2/15/39 @ 100		527,545
	90,000	UnitedHealth Group, Inc., 4.63%, 11/15/41, Callable 5/15/41 @ 100		106,902
	1,367,000	UnitedHealth Group, Inc., 4.75%, 7/15/45		1,672,268
	120,000	UnitedHealth Group, Inc., 4.45%, 12/15/48, Callable 6/15/48 @ 100		142,976

				18,110,705

Hotels, Restaurants & Leisure (0.2%):
	10,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100		10,063
	1,100,000	McDonald’s Corp., Series G, 1.00%, 11/15/23, MTN		1,276,514


Principal Amount			Fair Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$	909,000	McDonald’s Corp., 3.70%, 1/30/26, Callable 10/30/25 @ 100, MTN	$	976,009
	74,000	McDonald’s Corp., 4.70%, 12/9/35, Callable 6/9/35 @ 100		88,045
	37,000	McDonald’s Corp., 6.30%, 3/1/38		50,406
	4,000	McDonald’s Corp., 3.70%, 2/15/42, MTN		4,085
	37,000	McDonald’s Corp., 3.63%, 5/1/43		37,118
	165,000	McDonald’s Corp., 4.88%, 12/9/45, Callable 6/9/45 @ 100, MTN		199,341
	893,000	McDonald’s Corp., 4.45%, 3/1/47, Callable 9/1/46 @ 100, MTN		1,025,167
	150,000	McDonald’s Corp., 4.45%, 9/1/48, Callable 3/1/48 @ 100, MTN		171,183
	1,061,000	McDonald’s Corp., 3.63%, 9/1/49, Callable 3/1/49 @ 100, MTN		1,079,136
	320,000	Starbucks Corp., 3.80%, 8/15/25, Callable 6/15/25 @ 100		344,819
	2,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100		2,052
	46,000	Starbucks Corp., 4.50%, 11/15/48, Callable 5/15/48 @ 100		52,914
	4,000	Starbucks Corp., 4.45%, 8/15/49, Callable 2/15/49 @ 100		4,621

				5,321,473

Household Products (0.0%^†):
	85,000	Clorox Co. (The), 3.10%, 10/1/27, Callable 7/1/27 @ 100^		88,309
	255,000	Procter & Gamble Co. (The), 0.63%, 10/30/24		294,718

				383,027

Independent Power and Renewable Electricity Producers (0.0%^†):
	80,000	NRG Energy, Inc., 3.75%, 6/15/24, Callable 5/15/24 @ 100(a)		82,649

Industrial Conglomerates (0.3%):
	785,000	3M Co., Series E, 0.95%, 5/15/23		911,099
	590,000	3M Co., 3.38%, 3/1/29, Callable 12/1/28 @ 100, MTN		625,999
	550,000	3M Co., 2.38%, 8/26/29, Callable 5/26/29 @ 100		540,376
	565,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		571,057
	150,000	General Electric Capital Corp., 5.88%, 1/14/38, MTN		181,015
	90,000	General Electric Co., Series G, 3.45%, 5/15/24, Callable 2/13/24 @ 100, MTN		93,400
	62,000	General Electric Co., 5.55%, 1/5/26, MTN		70,483
	112,000	General Electric Co., Series G, 6.15%, 8/7/37, MTN		138,432
	68,000	General Electric Co., Series G, 6.88%, 1/10/39, MTN		90,739
	304,000	Georgia-Pacific LLC, 5.40%, 11/1/20(a)		312,267
	674,000	Georgia-Pacific LLC, 3.73%, 7/15/23, Callable 4/15/23 @ 100(a)		705,685
	894,000	Georgia-Pacific LLC, 3.60%, 3/1/25, Callable 12/1/24 @ 100(a)		943,249
	1,580,000	Honeywell International, Inc., 1.30%, 2/22/23		1,838,714

				7,022,515

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Insurance (0.3%):
$	209,000	ACE INA Holdings, Inc., 3.35%, 5/15/24	$	219,761
	522,000	Aon Corp., 4.50%, 12/15/28, Callable 9/15/28 @ 100		585,454
	333,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		371,007
	145,000	Loews Corp., 3.75%, 4/1/26, Callable 1/1/26 @ 100		155,565
	2,153,000	Marsh & McLennan Cos., Inc., 3.50%, 6/3/24, Callable 3/3/24 @ 100		2,258,076
	105,000	Marsh & McLennan Cos., Inc., 4.38%, 3/15/29, Callable 12/15/28 @ 100		119,686
	301,000	Marsh & McLennan Cos., Inc., 4.35%, 1/30/47, Callable 7/30/46 @ 100		341,237
	426,000	Marsh & McLennan Cos., Inc., 4.20%, 3/1/48, Callable 9/1/47 @ 100		481,062
	640,000	Metropolitan Life Global Funding I, 1.25%, 9/17/21		734,121
	290,000	Metropolitan Life Global Funding I, 0.05%, 9/23/22		324,787
	30,000	Nuveen LLC, 4.00%, 11/1/28, Callable 8/1/28 @ 100(a)		33,330
	76,000	Principal Financial Group, Inc., 3.10%, 11/15/26, Callable 8/15/26 @ 100		78,702
	12,000	Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39(a)		17,658
	443,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		547,276
	44,000	Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47, Callable 11/15/46 @ 100(a)		50,112
	13,000	Travelers Cos., Inc. (The), 6.25%, 6/15/37		17,990
	42,000	Willis North America, Inc., 3.60%, 5/15/24, Callable 3/15/24 @ 100		43,863
	366,000	Willis North America, Inc., 4.50%, 9/15/28, Callable 6/15/28 @ 100		401,742
	15,000	Willis North America, Inc., 3.88%, 9/15/49, Callable 3/15/49 @ 100		14,983

				6,796,412

Internet & Direct Marketing Retail (0.1%):
	39,000	Amazon.com, Inc., 2.50%, 11/29/22, Callable 8/29/22 @ 100		39,764
	20,000	Amazon.com, Inc., 2.40%, 2/22/23, Callable 1/22/23 @ 100		20,301
	395,000	Amazon.com, Inc., 4.80%, 12/5/34, Callable 6/5/34 @ 100		498,133
	118,000	Amazon.com, Inc., 3.88%, 8/22/37, Callable 2/22/37 @ 100		134,234
	77,000	Amazon.com, Inc., 4.95%, 12/5/44, Callable 6/5/44 @ 100		100,906
	30,000	eBay, Inc., 4.00%, 7/15/42, Callable 1/15/42 @ 100		29,613
	594,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100		605,940
	1,485,000	Expedia Group, Inc., 3.25%, 2/15/30, Callable 11/15/29 @ 100(a)		1,428,740

				2,857,631


Principal Amount			Fair Value
Corporate Bonds, continued
IT Services (1.2%):
$	450,000	Fidelity National Information Services, Inc., 0.13%, 12/3/22, Callable 11/3/22 @ 100	$	505,464
	1,300,000	Fidelity National Information Services, Inc., 0.75%, 5/21/23, Callable 4/21/23 @ 100		1,486,737
	979,000	Fidelity National Information Services, Inc., 3.00%, 8/15/26, Callable 5/15/26 @ 100		1,011,563
	783,000	Fidelity National Information Services, Inc., 3.75%, 5/21/29, Callable 2/21/29 @ 100		855,425
	1,780,000	Fiserv, Inc., 2.75%, 7/1/24, Callable 6/1/24 @ 100		1,811,502
	7,000	Fiserv, Inc., 3.85%, 6/1/25, Callable 3/1/25 @ 100		7,451
	1,104,000	Fiserv, Inc., 3.20%, 7/1/26, Callable 5/1/26 @ 100		1,143,737
	615,000	Fiserv, Inc., 4.20%, 10/1/28, Callable 7/1/28 @ 100		678,450
	2,151,000	Fiserv, Inc., 3.50%, 7/1/29, Callable 4/1/29 @ 100		2,263,052
	305,000	Global Payments, Inc., 2.65%, 2/15/25, Callable 1/15/25 @ 100		306,674
	1,715,000	Global Payments, Inc., 3.20%, 8/15/29, Callable 5/15/29 @ 100		1,746,902
	409,000	IBM Corp., 2.25%, 2/19/21		410,735
	200,000	IBM Corp., 2.50%, 1/27/22		202,397
	1,810,000	International Business Machines Corp., 0.50%, 9/7/21		2,051,603
	200,000	International Business Machines Corp., 2.90%, 11/1/21		203,711
	770,000	International Business Machines Corp., 2.85%, 5/13/22		786,819
	420,000	International Business Machines Corp., 2.88%, 11/9/22		430,914
	3,533,000	International Business Machines Corp., 3.30%, 5/15/26		3,724,281
	1,725,000	Mastercard, Inc., 1.10%, 12/1/22, Callable 9/1/22 @ 100		1,994,881
	10,000	Mastercard, Inc., 2.95%, 11/21/26, Callable 8/21/26 @ 100		10,437
	1,424,000	Mastercard, Inc., 2.95%, 6/1/29, Callable 3/1/29 @ 100		1,485,488
	268,000	Mastercard, Inc., 3.65%, 6/1/49, Callable 12/1/48 @ 100		296,002
	20,000	PayPal Holdings, Inc., 2.20%, 9/26/22		20,120
	842,000	PayPal Holdings, Inc., 2.40%, 10/1/24, Callable 9/1/24 @ 100		850,588
	1,840,000	PayPal Holdings, Inc., 2.65%, 10/1/26, Callable 8/1/26 @ 100		1,865,618
	70,000	PayPal Holdings, Inc., 2.85%, 10/1/29, Callable 7/1/29 @ 100		70,195
	300,000	Total System Services, Inc., 3.80%, 4/1/21, Callable 3/1/21 @ 100		305,576
	65,000	Total System Services, Inc., 3.75%, 6/1/23, Callable 3/1/23 @ 100		67,874
	28,000	Total System Services, Inc., 4.00%, 6/1/23, Callable 5/1/23 @ 100		29,485
	10,000	Visa, Inc., 4.30%, 12/14/45, Callable 6/14/45 @ 100		12,337

				26,636,018

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Leisure Products (0.0%^†):
$	389,000	Hasbro, Inc., 2.60%, 11/19/22	$	391,361
	215,000	Hasbro, Inc., 3.90%, 11/19/29, Callable 8/19/29 @ 100		216,473

				607,834

Life Sciences Tools & Services (0.1%):
	95,000	Agilent Technologies, Inc., 3.05%, 9/22/26, Callable 6/22/26 @ 100		96,923
	1,000,000	Thermo Fisher Scientific, Inc., Series E, 1.88%, 10/1/49, Callable 4/1/49 @ 100, MTN		1,035,791

				1,132,714

Machinery (0.1%):
	1,435,000	Parker-Hannifin Corp., 2.70%, 6/14/24, Callable 5/14/24 @ 100		1,455,000
	40,000	Parker-Hannifin Corp., 3.25%, 6/14/29, Callable 3/14/29 @ 100		41,590

				1,496,590

Media (0.9%):
	177,000	Comcast Corp., 2.35%, 1/15/27, Callable 10/15/26 @ 100		176,609
	280,000	Comcast Corp., 3.15%, 2/15/28, Callable 11/15/27 @ 100		293,295
	1,012,000	Comcast Corp., 4.15%, 10/15/28, Callable 7/15/28 @ 100		1,139,777
	239,000	Comcast Corp., 2.65%, 2/1/30, Callable 11/1/29 @ 100		239,372
	530,000	Comcast Corp., 4.25%, 1/15/33		608,092
	7,000	Comcast Corp., 4.20%, 8/15/34, Callable 2/15/34 @ 100		7,993
	520,000	Comcast Corp., 6.50%, 11/15/35		733,346
	613,000	Comcast Corp., 3.20%, 7/15/36, Callable 1/15/36 @ 100		624,629
	373,000	Comcast Corp., 4.60%, 10/15/38, Callable 4/15/38 @ 100		443,158
	160,000	Comcast Corp., 4.65%, 7/15/42		190,490
	60,000	Comcast Corp., 4.60%, 8/15/45, Callable 2/15/45 @ 100		71,683
	1,464,000	Comcast Corp., 3.40%, 7/15/46, Callable 1/15/46 @ 100		1,472,834
	78,000	Comcast Corp., 3.97%, 11/1/47, Callable 5/1/47 @ 100		85,282
	338,000	COX Communications, Inc., 3.25%, 12/15/22(a)		347,473
	1,688,000	COX Communications, Inc., 3.15%, 8/15/24, Callable 6/15/24 @ 100(a)		1,734,829
	120,000	COX Communications, Inc., 3.35%, 9/15/26, Callable 6/15/26 @ 100(a)		123,910
	669,000	Discovery Communications, 5.00%, 9/20/37, Callable 3/20/37 @ 100		755,969
	430,000	Discovery Communications, 5.20%, 9/20/47, Callable 3/20/47 @ 100		498,841
	240,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100(a)		255,716
	295,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100(a)		359,130
	265,000	Interpublic Group of Cos., Inc., 3.50%, 10/1/20		267,630
	425,000	Interpublic Group of Cos., Inc., 3.75%, 10/1/21		435,968


Principal Amount			Fair Value
Corporate Bonds, continued
Media, continued
$	5,730,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(a)	$	5,913,598
	1,297,000	NBCUniversal Media LLC, 5.95%, 4/1/41		1,785,249
	590,000	Time Warner Cable, Inc., 5.00%, 2/1/20		591,249

				19,156,122

Metals & Mining (0.0%^†):
	50,000	Newmont Goldcorp Corp., 2.80%, 10/1/29, Callable 7/1/29 @ 100		49,523
	106,000	Newmont Mining Corp., 4.88%, 3/15/42, Callable 9/15/41 @ 100		123,744
	432,000	Nucor Corp., 3.95%, 5/1/28, Callable 2/1/28 @ 100		468,858

				642,125

Multiline Retail (0.0%^†):
	60,000	Dollar General Corp., 3.88%, 4/15/27, Callable 1/15/27 @ 100		64,345
	25,000	Dollar General Corp., 4.13%, 5/1/28, Callable 2/1/28 @ 100		27,376

				91,721

Multi-Utilities (0.2%):
	290,000	Ameren Illinois Co., 3.80%, 5/15/28, Callable 2/15/28 @ 100		316,227
	5,000	Ameren Illinois Co., 4.15%, 3/15/46, Callable 9/15/45 @ 100		5,697
	785,000	Ameren Illinois Co., 3.25%, 3/15/50, Callable 9/15/49 @ 100		794,532
	130,000	CenterPoint Energy Houston Electric LLC, 3.55%, 8/1/42, Callable 2/1/42 @ 100		134,297
	176,000	CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/48, Callable 9/1/47 @ 100		195,589
	62,000	CMS Energy Corp., 3.00%, 5/15/26, Callable 2/15/26 @ 100		63,043
	11,000	Consumers Energy Co., 3.38%, 8/15/23, Callable 5/15/23 @ 100		11,480
	301,000	Consumers Energy Co., 3.80%, 11/15/28, Callable 8/15/28 @ 100		332,181
	597,000	Consumers Energy Co., 3.75%, 2/15/50, Callable 8/15/49 @ 100		659,275
	930,000	Consumers Energy Co., 3.10%, 8/15/50, Callable 2/15/50 @ 100		934,183
	318,000	Dominion Energy Gas Holdings LLC, 4.80%, 11/1/43, Callable 5/1/43 @ 100		353,330
	255,000	Dominion Energy, Inc., 2.58%, 7/1/20		255,644

				4,055,478

Oil, Gas & Consumable Fuels (1.9%):
	90,000	Boardwalk Pipelines, LP, 4.80%, 5/3/29, Callable 2/3/29 @ 100		95,843
	810,000	Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a)		818,797
	890,000	Cameron LNG LLC, 3.40%, 1/15/38, Callable 7/15/37 @ 100(a)		893,910
	20,000	Chevron Corp., 2.50%, 3/3/22, Callable 2/3/22 @ 100		20,335
	170,000	Chevron Corp., 3.19%, 6/24/23, Callable 3/24/23 @ 100		176,891

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	223,000	Cimarex Energy Co., 4.38%, 6/1/24, Callable 3/1/24 @ 100	$	234,949
	22,000	Cimarex Energy Co., 4.38%, 3/15/29, Callable 12/15/28 @ 100		23,235
	166,000	Concho Resources, Inc., 3.75%, 10/1/27, Callable 7/1/27 @ 100		174,093
	160,000	Continental Resources, Inc., 3.80%, 6/1/24, Callable 3/1/24 @ 100		165,400
	710,000	Energy Transfer Operating LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		797,898
	290,000	Energy Transfer Partners LP, 3.60%, 2/1/23, Callable 11/1/22 @ 100		297,119
	730,000	Energy Transfer Partners LP, 4.75%, 1/15/26, Callable 10/15/25 @ 100		786,767
	6,000	Energy Transfer Partners LP, 4.20%, 4/15/27, Callable 1/15/27 @ 100		6,280
	409,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		462,094
	10,000	Energy Transfer Partners LP, 5.15%, 3/15/45, Callable 9/15/44 @ 100		10,526
	883,000	Energy Transfer Partners LP, 6.13%, 12/15/45, Callable 6/15/45 @ 100		1,022,842
	30,000	Energy Transfer Partners LP, 5.30%, 4/15/47, Callable 10/15/46 @ 100		32,091
	420,000	Enterprise Products Operating LLC, 4.45%, 2/15/43, Callable 8/15/42 @ 100		459,707
	24,000	Enterprise Products Operating LLC, 4.85%, 3/15/44, Callable 9/15/43 @ 100		27,727
	514,000	Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100		616,239
	9,000	Enterprise Products Operating LLC, 4.25%, 2/15/48, Callable 8/15/47 @ 100		9,724
	753,000	Enterprise Products Operating LLC, Series E, 5.25%(US0003M+303bps), 8/16/77, Callable 8/16/27 @ 100		752,267
	167,000	EOG Resources, Inc., 4.15%, 1/15/26, Callable 10/15/25 @ 100		183,777
	427,000	Exxon Mobil Corp., 3.04%, 3/1/26, Callable 12/1/25 @ 100		448,228
	1,813,000	Exxon Mobil Corp., 2.28%, 8/16/26, Callable 6/16/26 @ 100		1,818,744
	191,000	Exxon Mobil Corp., 3.00%, 8/16/39, Callable 2/16/39 @ 100		191,646
	107,000	Exxon Mobil Corp., 3.57%, 3/6/45, Callable 9/6/44 @ 100		114,700
	39,000	Exxon Mobil Corp., 4.11%, 3/1/46, Callable 9/1/45 @ 100		45,729
	366,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100		422,281
	391,000	Kinder Morgan Energy Partners LP, 5.40%, 9/1/44, Callable 3/1/44 @ 100		445,805
	28,000	Kinder Morgan, Inc., 5.30%, 12/1/34, Callable 6/1/34 @ 100		32,893
	727,000	Kinder Morgan, Inc., 5.55%, 6/1/45, Callable 12/1/44 @ 100		864,706


Principal Amount				Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	124,000		Marathon Petroleum Corp., 4.75%, 12/15/23, Callable 10/15/23 @ 100	$	134,643
	10,000		Marathon Petroleum Corp., 5.13%, 12/15/26, Callable 9/15/26 @ 100		11,303
	358,000		Marathon Petroleum Corp., 6.50%, 3/1/41, Callable 9/1/40 @ 100		464,092
	584,000		MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		633,619
	252,000		MPLX LP, 5.25%, 1/15/25, Callable 1/15/21 @ 102.63(a)		264,387
	850,000		MPLX LP, 4.00%, 2/15/25, Callable 11/15/24 @ 100		886,997
	1,682,000		MPLX LP, 4.13%, 3/1/27, Callable 12/1/26 @ 100		1,761,148
	45,000		MPLX LP, 4.25%, 12/1/27, Callable 9/1/27 @ 100(a)		47,245
	25,000		MPLX LP, 4.50%, 4/15/38, Callable 10/15/37 @ 100		25,456
	1,984,000	��	NGPL PipeCo LLC, 4.38%, 8/15/22, Callable 5/15/22 @ 100(a)		2,058,399
	370,000		NGPL PipeCo. LLC, 4.88%, 8/15/27, Callable 2/15/27 @ 100(a)		393,588
	1,060,000		Northern Natural Gas Co., 4.30%, 1/15/49, Callable 7/15/48 @ 100(a)		1,184,097
	1,710,000		Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100		1,796,456
	40,000		Occidental Petroleum Corp., 2.60%, 8/13/21		40,243
	1,424,000		Occidental Petroleum Corp., 2.70%, 8/15/22		1,439,980
	40,000		Occidental Petroleum Corp., 3.20%, 8/15/26, Callable 6/15/26 @ 100		40,461
	3,300,000		Occidental Petroleum Corp., 5.98%, 10/10/36(c)		1,635,140
	14,000		Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		14,214
	90,000		Occidental Petroleum Corp., 4.63%, 6/15/45, Callable 12/15/44 @ 100		92,188
	28,000		Plains All American Pipeline LP, 3.65%, 6/1/22, Callable 3/1/22 @ 100		28,739
	100,000		Sabine Pass Liquefaction LLC, 5.75%, 5/15/24, Callable 2/15/24 @ 100		111,550
	2,051,000		Sabine Pass Liquefaction LLC, 5.63%, 3/1/25, Callable 12/1/24 @ 100		2,304,810
	1,546,000		Sabine Pass Liquefaction LLC, 5.00%, 3/15/27, Callable 9/15/26 @ 100		1,702,533
	1,427,000		Sabine Pass Liquefaction LLC, 4.20%, 3/15/28, Callable 9/15/27 @ 100		1,510,908
	55,000		Spectra Energy Partners LP, 3.50%, 3/15/25, Callable 12/15/24 @ 100		57,476
	41,000		Sunoco Logistics Partners LP, 5.30%, 4/1/44, Callable 10/1/43 @ 100		43,273
	220,000		Texas Eastern Transmission LP, 2.80%, 10/15/22, Callable 7/15/22 @ 100(a)		222,251
	901,000		Texas Eastern Transmission LP, 3.50%, 1/15/28, Callable 10/15/27 @ 100(a)		922,549
	1,364,000		Texas Eastern Transmission LP, 4.15%, 1/15/48, Callable 7/15/47 @ 100(a)		1,449,708
	2,857,000		Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26, Callable 11/1/25 @ 100		3,641,534

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	1,820,000	Transcontinental Gas Pipe Line Co. LLC, 4.00%, 3/15/28, Callable 12/15/27 @ 100	$	1,936,320
	518,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, 3/15/48, Callable 9/15/47 @ 100		553,070
	442,000	Western Midstream Operating LP, 4.00%, 7/1/22, Callable 4/1/22 @ 100		451,454
	780,000	Williams Cos., Inc., 5.25%, 3/15/20		784,661
	47,000	Williams Cos., Inc., 7.88%, 9/1/21		51,195
	240,000	Williams Cos., Inc., Series A, 7.50%, 1/15/31		316,347
	30,000	Williams Cos., Inc., 5.75%, 6/24/44, Callable 12/24/43 @ 100		35,423
	204,000	Williams Partners LP, 4.13%, 11/15/20, Callable 8/15/20 @ 100		206,479
	10,000	Williams Partners LP, 4.00%, 11/15/21, Callable 8/15/21 @ 100		10,283
	33,000	Williams Partners LP, 3.90%, 1/15/25, Callable 10/15/24 @ 100		34,571
	97,000	Williams Partners, LP, 3.75%, 6/15/27, Callable 3/15/27 @ 100		100,858

				41,852,891

Pharmaceuticals (0.2%):
	90,000	Bristol-Myers Squibb Co., 3.95%, 10/15/20(a)		91,214
	25,000	Bristol-Myers Squibb Co., 3.55%, 8/15/22(a)		25,839
	420,000	Bristol-Myers Squibb Co. , 3.25%, 8/15/22(a)		433,072
	512,000	Bristol-Myers Squibb Co., 3.88%, 8/15/25, Callable 5/15/25 @ 100(a)		553,182
	1,309,000	Bristol-Myers Squibb Co., 3.20%, 6/15/26, Callable 4/15/26 @ 100(a)		1,372,253
	220,000	Bristol-Myers Squibb Co., 3.90%, 2/20/28, Callable 11/20/27 @ 100(a)		239,939
	490,000	Bristol-Myers Squibb Co., 4.13%, 6/15/39, Callable 12/15/38 @ 100(a)		565,823
	400,000	Eli Lilly & Co., 1.70%, 11/1/49, Callable 5/1/49 @ 100		445,183
	44,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)		45,976
	10,000	Johnson & Johnson, 3.40%, 1/15/38, Callable 7/15/37 @ 100		10,713
	95,000	Merck & Co., Inc., 3.60%, 9/15/42, Callable 3/15/42 @ 100		102,619
	17,000	Novartis Capital Corp., 3.40%, 5/6/24		17,998
	102,000	Pfizer, Inc., 3.00%, 9/15/21		103,960
	160,000	Pfizer, Inc., 7.20%, 3/15/39		250,985
	14,000	Pfizer, Inc., 4.40%, 5/15/44		16,740
	279,000	Pfizer, Inc., 4.13%, 12/15/46		322,431
	79,000	Pfizer, Inc., 4.20%, 9/15/48, Callable 3/15/48 @ 100		92,691
	150,000	Wyeth LLC, 5.95%, 4/1/37		204,491

				4,895,109

Professional Services (0.1%):
	120,000	Equifax, Inc., 2.30%, 6/1/21, Callable 5/1/21 @ 100		120,353
	235,000	RELX Capital, Inc., 3.13%, 10/15/22		243,071
	2,329,000	RELX Capital, Inc., 3.50%, 3/16/23, Callable 2/16/23 @ 100		2,421,024


Principal Amount			Fair Value
Corporate Bonds, continued
Professional Services, continued
$	323,000	RELX Capital, Inc., 4.00%, 3/18/29, Callable 12/18/28 @ 100	$	350,116

				3,134,564

Real Estate Management & Development (0.2%):
	3,985,000	CC Holdings GS V LLC, 3.85%, 4/15/23		4,173,291
	915,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		934,712

				5,108,003

Road & Rail (0.6%):
	74,000	Burlington Northern Santa Fe LLC, 5.05%, 3/1/41, Callable 9/1/40 @ 100		92,045
	85,000	Burlington Northern Santa Fe LLC, 4.95%, 9/15/41, Callable 3/15/41 @ 100		104,130
	686,000	Burlington Northern Santa Fe LLC, 4.55%, 9/1/44, Callable 3/1/44 @ 100		819,195
	1,532,000	CSX Corp., 2.60%, 11/1/26, Callable 8/1/26 @ 100		1,555,556
	631,000	CSX Corp., 3.25%, 6/1/27, Callable 3/1/27 @ 100		662,363
	454,000	CSX Corp., 3.80%, 3/1/28, Callable 12/1/27 @ 100		494,231
	617,000	CSX Corp., 4.25%, 3/15/29, Callable 12/15/28 @ 100		693,232
	349,000	CSX Corp., 4.30%, 3/1/48, Callable 9/1/47 @ 100		393,043
	363,000	CSX Corp., 4.75%, 11/15/48, Callable 5/15/48 @ 100		439,630
	135,000	CSX Corp., 4.50%, 3/15/49, Callable 9/15/48 @ 100		156,741
	162,000	CSX Corp., 3.95%, 5/1/50, Callable 11/1/49 @ 100		175,164
	217,000	Norfolk Southern Corp., 2.90%, 2/15/23, Callable 11/15/22 @ 100		221,800
	185,000	Norfolk Southern Corp., 3.65%, 8/1/25, Callable 6/1/25 @ 100		197,360
	832,000	Norfolk Southern Corp., 2.90%, 6/15/26, Callable 3/15/26 @ 100		855,858
	910,000	Norfolk Southern Corp., 2.55%, 11/1/29, Callable 8/1/29 @ 100		904,167
	135,000	Norfolk Southern Corp., 4.45%, 6/15/45, Callable 12/15/44 @ 100		154,998
	95,000	Norfolk Southern Corp., 3.94%, 11/1/47, Callable 5/1/47 @ 100		101,958
	355,000	Norfolk Southern Corp., 3.40%, 11/1/49, Callable 5/1/49 @ 100		351,686
	65,000	Norfolk Southern Corp., 4.05%, 8/15/52, Callable 2/15/52 @ 100		71,473
	1,090,000	Ryder System, Inc., 2.65%, 3/2/20, Callable 2/10/20 @ 100, MTN		1,090,509
	320,000	Ryder System, Inc., 2.80%, 3/1/22, Callable 2/1/22 @ 100		325,046
	7,000	Union Pacific Corp., 3.50%, 6/8/23, Callable 5/8/23 @ 100		7,328
	345,000	Union Pacific Corp., 2.75%, 3/1/26, Callable 12/1/25 @ 100		352,526
	330,000	Union Pacific Corp., 3.95%, 9/10/28, Callable 6/10/28 @ 100		363,943
	10,000	Union Pacific Corp., 4.05%, 11/15/45, Callable 5/15/45 @ 100		10,813
	1,445,000	Union Pacific Corp., 4.10%, 9/15/67, Callable 3/15/67 @ 100		1,492,218

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Road & Rail, continued
$	418,141	Union Pacific Railroad Co., Series2014-1, 3.23%, 5/14/26	$	432,914

				12,519,927

Semiconductors & Semiconductor Equipment (0.7%):
	50,000	Analog Devices, Inc., 4.50%, 12/5/36, Callable 6/5/36 @ 100		53,756
	7,000	Analog Devices, Inc., 5.30%, 12/15/45, Callable 6/15/45 @ 100		8,537
	253,000	Applied Materials, Inc., 3.90%, 10/1/25, Callable 7/1/25 @ 100		275,572
	1,306,000	Applied Materials, Inc., 3.30%, 4/1/27, Callable 1/1/27 @ 100		1,386,689
	45,000	Applied Materials, Inc., 5.85%, 6/15/41		61,464
	292,000	Applied Materials, Inc., 4.35%, 4/1/47, Callable 10/1/46 @ 100		352,982
	61,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.13%, 1/15/25, Callable 11/15/24 @ 100		61,749
	2,782,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, 1/15/27, Callable 10/15/26 @ 100		2,887,629
	1,945,000	Broadcom, Inc., 3.13%, 4/15/21(a)		1,967,983
	865,000	Broadcom, Inc., 3.13%, 10/15/22(a)		880,364
	150,000	Broadcom, Inc., 4.25%, 4/15/26, Callable 2/15/26 @ 100(a)		159,330
	331,000	Intel Corp., 4.10%, 5/19/46, Callable 11/19/45 @ 100		381,225
	19,000	KLA-Tencor Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100		20,834
	841,000	KLA-Tencor Corp., 4.10%, 3/15/29, Callable 12/15/28 @ 100		921,428
	279,000	KLA-Tencor Corp., 5.00%, 3/15/49, Callable 9/15/48 @ 100		341,945
	645,000	Lam Research Corp., 2.75%, 3/15/20, Callable 2/15/20 @ 100		645,655
	302,000	Lam Research Corp., 2.80%, 6/15/21, Callable 5/15/21 @ 100		305,319
	675,000	Lam Research Corp., 3.75%, 3/15/26, Callable 1/15/26 @ 100		723,411
	405,000	Lam Research Corp., 4.88%, 3/15/49, Callable 9/15/48 @ 100		506,186
	1,845,000	NVIDIA Corp., 3.20%, 9/16/26, Callable 6/16/26 @ 100		1,930,280
	14,000	QUALCOMM, Inc., 4.65%, 5/20/35, Callable 11/20/34 @ 100		16,583
	320,000	QUALCOMM, Inc., 4.80%, 5/20/45, Callable 11/20/44 @ 100		391,875
	45,000	QUALCOMM, Inc., 4.30%, 5/20/47, Callable 11/20/46 @ 100		51,722
	20,000	Texas Instruments, Inc., 2.90%, 11/3/27, Callable 8/3/27 @ 100		20,902
	665,000	Texas Instruments, Inc., 2.25%, 9/4/29, Callable 6/4/29 @ 100		655,326
	494,000	Texas Instruments, Inc., 3.88%, 3/15/39, Callable 9/15/38 @ 100		556,091
	80,000	Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100		94,727

				15,659,564


Principal Amount			Fair Value
Corporate Bonds, continued
Software (0.4%):
$	990,000	Autodesk, Inc., 3.13%, 6/15/20, Callable 5/15/20 @ 100	$	994,625
	48,000	Microsoft Corp., 2.00%, 8/8/23, Callable 6/8/23 @ 100		48,290
	5,000	Microsoft Corp., 3.13%, 11/3/25, Callable 8/3/25 @ 100		5,288
	688,000	Microsoft Corp., 3.30%, 2/6/27, Callable 11/6/26 @ 100		734,951
	385,000	Microsoft Corp., 3.50%, 2/12/35, Callable 8/12/34 @ 100		423,967
	1,232,000	Microsoft Corp., 4.20%, 11/3/35, Callable 5/3/35 @ 100		1,454,845
	678,000	Microsoft Corp., 3.45%, 8/8/36, Callable 2/8/36 @ 100		742,175
	180,000	Microsoft Corp., 4.45%, 11/3/45, Callable 5/3/45 @ 100		224,631
	619,000	Microsoft Corp., 3.70%, 8/8/46, Callable 2/8/46 @ 100		699,857
	247,000	Oracle Corp., 2.40%, 9/15/23, Callable 7/15/23 @ 100		251,087
	1,667,000	Oracle Corp., 3.90%, 5/15/35, Callable 11/15/34 @ 100		1,856,301
	17,000	Oracle Corp., 4.13%, 5/15/45, Callable 11/15/44 @ 100		19,139
	483,000	Oracle Corp., 4.00%, 7/15/46, Callable 1/15/46 @ 100		536,685

				7,991,841

Specialty Retail (0.1%):
	260,000	Home Depot, Inc. (The), 3.00%, 4/1/26, Callable 1/1/26 @ 100		271,624
	681,000	Home Depot, Inc. (The), 2.95%, 6/15/29, Callable 3/15/29 @ 100		707,759
	316,000	Home Depot, Inc. (The), 5.88%, 12/16/36		435,479
	113,000	Lowe’s Cos., Inc., 2.50%, 4/15/26, Callable 1/15/26 @ 100		113,855
	275,000	Lowe’s Cos., Inc., 3.70%, 4/15/46, Callable 10/15/45 @ 100		280,035
	325,000	Lowe’s Cos., Inc., 4.05%, 5/3/47, Callable 11/3/46 @ 100		351,123
	15,000	The Home Depot, Inc., 3.75%, 2/15/24, Callable 11/15/23 @ 100		16,037

				2,175,912

Technology Hardware, Storage & Peripherals (0.2%):
	1,255,000	Apple, Inc., 1.00%, 11/10/22		1,454,177
	2,396,000	Apple, Inc., 3.85%, 5/4/43		2,681,048
	870,000	Dell International LLC/EMC Corp., 8.10%, 7/15/36, Callable 1/15/36 @ 100(a)		1,142,112
	35,000	Dell International LLC/EMC Corp., 8.35%, 7/15/46, Callable 1/15/46 @ 100(a)		48,036
	40,000	Hewlett Packard Enterprise Co., 4.40%, 10/15/22, Callable 8/15/22 @ 100		42,234
	35,000	Hewlett Packard Enterprise Co., 6.35%, 10/15/45, Callable 4/15/45 @ 100		42,242
	5,000	HP Enterprise Co., 3.60%, 10/15/20, Callable 9/15/20 @ 100		5,054
	165,000	HP, Inc., 6.00%, 9/15/41		182,137

				5,597,040

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Tobacco (0.5%):
$	143,000	Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100	$	155,392
	2,011,000	Altria Group, Inc., 4.80%, 2/14/29, Callable 11/14/28 @ 100		2,234,690
	1,929,000	Altria Group, Inc., 5.80%, 2/14/39, Callable 8/14/38 @ 100		2,258,430
	40,000	Altria Group, Inc., 6.20%, 2/14/59, Callable 8/14/58 @ 100		47,366
	385,000	BAT Capital Corp., 2.76%, 8/15/22, Callable 7/15/22 @ 100		390,415
	190,000	BAT Capital Corp., 3.22%, 8/15/24, Callable 6/15/24 @ 100		194,179
	710,000	BAT Capital Corp., 3.22%, 9/6/26, Callable 7/6/26 @ 100		713,967
	1,529,000	BAT Capital Corp., 3.56%, 8/15/27, Callable 5/15/27 @ 100		1,557,834
	13,000	BAT Capital Corp., 4.39%, 8/15/37, Callable 2/15/37 @ 100		13,194
	185,000	BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100		185,293
	14,000	Philip Morris International, Inc., 2.50%, 8/22/22		14,136
	79,000	Philip Morris International, Inc., 2.88%, 5/1/24, Callable 4/1/24 @ 100		81,214
	92,000	Reynolds American, Inc., 3.25%, 6/12/20		92,491
	878,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		944,404
	76,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		87,738
	1,233,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		1,413,865
	955,000	RJ Reynolds Tobacco Co., 6.88%, 5/1/20		968,763

				11,353,371

Trading Companies & Distributors (0.0%^†):
	215,000	Air Lease Corp., 3.88%, 7/3/23, Callable 6/3/23 @ 100		225,962

Wireless Telecommunication Services (0.4%):
	9,043,125	Sprint Spectrum Co. LLC, 3.36%, 3/20/23(a)		9,115,303

	Total Corporate Bonds (Cost $493,916,514)			513,380,310

Foreign Bonds (2.2%):
Aerospace & Defense (0.0%^†):
	545,000	Rolls-Royce plc, Series E, 2.13%, 6/18/21+		629,478

Automobiles (0.1%):
	995,000	Daimler International Finance BV, Series E, 0.25%, 8/9/21+		1,121,610
	310,000	Daimler International Finance BV, Series E, 0.25%, 11/6/23+		347,280
	710,000	Volkswagen Financial Services AG, Series E, 0.75%, 10/14/21+		806,596

				2,275,486

Banks (0.4%):
	1,100,000	Banque Federative du Credit Mutuel SA, Series E, 0.13%, 8/30/21+		1,238,613
	600,000	Banque Federative du Credit Mutuel SA, Series E, 0.75%, 6/15/23+		688,158


Principal Amount			Fair Value
Foreign Bonds, continued
Banks, continued
$	1,400,000	Credit Agricole SA, Series E, 0.75%, 12/1/22+	$	1,606,676
	1,000,000	ING Bank NV, Series G, 4/8/22+		1,123,500
	400,000	KBC Group NV, Series E, 1.13%, 1/25/24+		464,263
	440,000	Mizuho Financial Group, Inc., Series E, 0.52%, 6/10/24+		497,414
	435,000	Simon International Finance SCA, 1.38%, 11/18/22, Callable 8/18/22 @ 100+		504,233
	1,000,000	Toronto-Dominion Bank (The), Series E, 0.38%, 4/25/24+		1,130,353

				7,253,210

Beverages (0.0%^†):
	600,000	Pernod Ricard SA, 0.04%, 10/24/23, Callable 9/24/23 @ 100+		671,899

Chemicals (0.0%^†):
	800,000	Air Liquide Finance SA, Series E, 0.38%, 4/18/22, Callable 1/18/22 @ 100+		907,827

Consumer Finance (0.0%^†):
	570,000	Toyota Motor Finance Netherlands BV, Series E, 0.25%, 1/10/22+		644,845

Diversified Financial Services (0.4%):
	305,000	BAT International Finance plc, Series E, 0.88%, 10/13/23, Callable 7/13/23 @ 100+		347,874
	1,035,000	BP Capital Markets plc, Series E, 1.37%, 3/3/22+		1,197,137
	640,000	BP Capital Markets plc, Series E, 1.11%, 2/16/23+		741,673
	330,000	Enel Finance International NV, Series E, 0.24%, 6/17/24, Callable 5/17/24 @ 100+		366,158
	400,000	Total Capital International SA, Series E, 2.13%, 11/19/21+		468,077
	400,000	Total Capital International SA, Series E, 2.13%, 3/15/23+		480,419
	1,200,000	Volvo Treasury AB, Series E, 0.26%(EUR003M+65bps), 9/13/21+		1,354,068
	1,500,000	Vonovia Finance BV, Series E, 0.13%, 4/6/23, Callable 3/6/23 @ 100+		1,676,400

				6,631,806

Diversified Telecommunication Services (0.3%):
	900,000	Orange SA, Series E, 0.50%, 1/15/22, Callable 12/15/21 @ 100+		1,020,709
	200,000	Orange SA, Series E, 0.75%, 9/11/23, Callable 6/11/23 @ 100+		229,211
	540,000	Telenor ASA, Series E, 0.06%, 9/25/23, Callable 6/25/23 @ 100+		604,273
	1,705,000	Telstra Corp., Ltd., Series E, 3.50%, 9/21/22+		2,097,641

				3,951,834

Electric Utilities (0.1%):
	500,000	Iberdrola International BV, Series E, 3.50%, 2/1/21+		582,887
	500,000	RTE Reseau de Transport d’Electricite, Series E, 1.63%, 10/8/24, Callable 7/8/24 @ 100+		598,926

				1,181,813

Electrical Equipment (0.1%):
	1,565,000	Eaton Capital Unlimited Co., 0.02%, 5/14/21, Callable 4/14/21 @ 100+		1,757,628

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Foreign Bonds, continued
Electrical Equipment, continued
$	400,000	Schneider Electric SE, Series E, 0.25%, 9/9/24, Callable 6/9/24 @ 100+	$	451,917

				2,209,545

Energy Equipment & Services (0.0%^†):
	440,000	Schlumberger Finance BV, 0.13%, 10/15/24, Callable 7/15/24 @ 100+		490,545

Health Care Equipment & Supplies (0.1%):
	730,000	DH Europe Finance II Sarl, 0.20%, 3/18/26, Callable 12/18/25 @ 100+		808,590
	1,970,000	Medtronic Global Holdings SCA, 12/2/22, Callable 11/2/22 @ 100+		2,211,659

				3,020,249

Industrial Conglomerates (0.2%):
	2,215,000	Siemens Financieringsmaatschappij NV, Series E, 9/5/21+		2,495,856
	1,100,000	Siemens Financieringsmaatschappij NV, Series E(EUR003M+70bps), 12/17/21+		1,245,979

				3,741,835

Media (0.0%^†):
	495,000	Sky, Ltd., Series E, 1.50%, 9/15/21+		570,479

Multi-Utilities (0.2%):
	1,300,000	E.ON SE, Series E, 0.03%, 10/24/22, Callable 9/24/22 @ 100+		1,457,036
	1,400,000	Engie SA, Series E, 0.38%, 2/28/23, Callable 11/28/22 @ 100+		1,587,550
	395,000	ESB Finance DAC, Series E, 3.49%, 1/12/24+		502,480
	280,000	Innogy Finance BV, Series E, 0.75%, 11/30/22, Callable 8/30/22 @ 100+		319,586
	1,300,000	Veolia Environnement SA, Series E, 0.67%, 3/30/22, Callable 12/30/21 @ 100+		1,477,726

				5,344,378

Oil, Gas & Consumable Fuels (0.0%^†):
	735,000	Shell International Finance BV, Series E, 1.25%, 3/15/22+		850,759

Pharmaceuticals (0.2%):
	475,000	Abbott Ireland Financing DAC, 0.88%, 9/27/23, Callable 8/27/23 @ 100+		549,667
	490,000	Abbott Ireland Financing DAC, 0.10%, 11/19/24, Callable 10/19/24 @ 100+		548,712
	2,200,000	Merck Financial Services GmbH, Series E, 12/15/23, Callable 9/15/23 @ 100+		2,454,821
	740,000	Novartis Finance SA, 0.50%, 8/14/23, Callable 5/14/23 @ 100+		845,865
	880,000	Novartis Finance SA, 0.13%, 9/20/23+		995,125

				5,394,190

Software (0.1%):
	2,200,000	Dassault Systemes SE, 9/16/22, Callable 8/16/22 @ 100+		2,470,417
	700,000	SAP SE, 0.25%, 3/10/22, Callable 2/10/22 @ 100+		791,907

				3,262,324

Textiles, Apparel & Luxury Goods (0.0%^†):
	200,000	LVMH Moet Hennessy Louis Vuitton SE, Series E, 2/28/21+		224,870


Principal Amount			Fair Value
Foreign Bonds, continued
Textiles, Apparel & Luxury Goods, continued
$	690,000	LVMH Moet Hennessy Louis Vuitton SE, Series E, 0.38%, 5/26/22, Callable 2/26/22 @ 100+	$	782,258

				1,007,128

	Total Foreign Bonds (Cost $49,752,990)			50,039,630

Yankee Dollars (6.3%):
Airlines (0.0%^†):
	235,666	Air Canada Pass Through Trust, Class B,Series 2015-2, 5.00%, 6/15/25(a)		245,687
	317,848	Air Canada Pass Through Trust, Class A,Series 2017-1, 3.30%, 7/15/31(a)		323,639

				569,326

Automobiles (0.1%):
	1,300,000	Volkswagen International Finance NV, 4.00%, 8/12/20(a)		1,313,153

Banks (2.0%):
	1,200,000	ABN AMRO Bank NV, 3.40%, 8/27/21(a)		1,225,559
	1,165,000	Australia & New Zealand Banking Group, Ltd., 2.25%, 11/9/20		1,168,459
	1,400,000	Banco Santander SA, 2.71%, 6/27/24		1,418,794
	1,000,000	Banco Santander SA, 3.31%, 6/27/29		1,030,022
	80,000	Bank of Nova Scotia, 2.35%, 10/21/20		80,234
	160,000	Bank of Nova Scotia, 2.50%, 1/8/21		160,811
	90,000	Bank of Nova Scotia, 2.45%, 3/22/21		90,507
	190,000	Bank of Nova Scotia, 3.13%, 4/20/21		192,751
	1,118,000	Banque Federative du Credit Mutuel SA, 2.75%, 10/15/20(a)		1,125,069
	1,608,000	Barclays plc, 5.14%, 10/14/20		1,643,087
	2,532,000	Barclays plc, 3.25%, 1/12/21		2,549,464
	1,712,000	Barclays plc, 4.34%(US0003M+136bps), 5/16/24, Callable 5/16/23 @ 100		1,796,420
	10,000	BNP Paribas SA, 5.00%, 1/15/21		10,292
	1,005,000	BNP Paribas SA, 3.38%, 1/9/25(a)		1,040,637
	1,100,000	BNP Paribas SA, 4.71%(US0003M+224bps), 1/10/25, Callable 1/10/24 @ 100(a)		1,191,612
	470,000	BPCE SA, 3.00%, 5/22/22(a)		478,095
	1,509,000	BPCE SA, 2.70%, 10/1/29(a)		1,496,464
	1,207,000	Danske Bank A/S, 5.00%, 1/12/22(a)		1,266,407
	250,000	Danske Bank A/S, 3.00%(US0003M+125bps), 9/20/22, Callable 9/20/21 @ 100(a)		252,220
	580,000	Danske Bank A/S, 3.88%, 9/12/23(a)		601,381
	1,100,000	Danske Bank A/S, 5.38%, 1/12/24(a)		1,207,202
	200,000	Danske Bank A/S, 3.24%(US0003M+159bps), 12/20/25, Callable 12/20/24 @ 100(a)		201,990
	400,000	HSBC Holdings plc, 3.40%, 3/8/21		405,926
	90,000	HSBC Holdings plc, 5.10%, 4/5/21		93,238
	732,000	HSBC Holdings plc, 2.95%, 5/25/21		740,841
	590,000	HSBC Holdings plc, 2.65%, 1/5/22		596,532
	2,053,000	HSBC Holdings plc, 3.26%(US0003M+106bps), 3/13/23, Callable 3/13/22 @ 100		2,098,642
	200,000	HSBC Holdings plc, 3.95%(US0003M+99bps), 5/18/24, Callable 5/18/23 @ 100		209,830
	210,000	HSBC Holdings plc, 4.58%(US0003M+153bps), 6/19/29, Callable 6/19/28 @ 100		234,451
	560,000	ING Bank NV, 5.00%, 6/9/21(a)		583,743
	205,000	ING Groep NV, 4.63%, 1/6/26(a)		226,210

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Yankee Dollars, continued
Banks, continued
$	370,000	ING Groep NV, 3.95%, 3/29/27	$	398,135
	274,000	Lloyds Banking Group plc, 2.70%, 8/17/20		275,164
	208,000	Lloyds Banking Group plc, 3.00%, 1/11/22		211,194
	435,000	Lloyds Banking Group plc, 4.05%, 8/16/23		459,229
	300,000	Lloyds Banking Group plc, 2.91%(US0003M+81bps), 11/7/23, Callable 11/7/22 @ 100		304,493
	280,000	Lloyds Banking Group plc, 3.90%, 3/12/24		295,177
	1,041,000	Mitsubishi UFJ Financial Group, Inc., 2.95%, 3/1/21		1,051,196
	3,125,000	Mitsubishi UFJ Financial Group, Inc., 3.20%, 7/18/29		3,233,374
	200,000	Mizuho Financial Group, Inc., 2.27%, 9/13/21		200,544
	210,000	Mizuho Financial Group, Inc., 2.95%, 2/28/22		213,631
	220,000	Mizuho Financial Group, Inc., 3.92%(US0003M+100bps), 9/11/24, Callable 9/11/23 @ 100		230,778
	2,395,000	Mizuho Financial Group, Inc., 2.84%(US0003M+98bps), 7/16/25, Callable 7/16/24 @ 100		2,415,378
	1,015,000	Mizuho Financial Group, Inc., 2.56%(US0003M+110bps), 9/13/25, Callable 9/13/24 @ 100		1,012,904
	364,000	Mizuho Financial Group, Inc., 2.87%(US0003M+131bps), 9/13/30, Callable 9/13/29 @ 100		366,618
	570,000	Rabobank Nederland NY, Series G, 2.50%, 1/19/21		572,616
	58,000	Royal Bank of Canada, Series G, 3.70%, 10/5/23, MTN		61,186
	180,000	Royal Bank of Canada, Series G, 2.55%, 7/16/24		182,769
	50,000	Santander UK Group Holdings plc, 3.13%, 1/8/21		50,409
	760,000	Santander UK plc, 5.00%, 11/7/23(a)		823,497
	755,000	Societe Generale SA, 2.63%, 9/16/20^(a)		757,951
	1,375,000	Standard Chartered plc, 2.25%, 4/17/20(a)		1,376,269
	210,000	Standard Chartered plc, 3.95%, 1/11/23(a)		216,425
	199,000	Sumitomo Mitsui Financial Group, Inc., 3.10%, 1/17/23		203,621
	200,000	Sumitomo Mitsui Financial Group, Inc., 2.45%, 9/27/24		200,399
	288,000	Sumitomo Mitsui Financial Group, Inc., 2.63%, 7/14/26		288,606
	325,000	Sumitomo Mitsui Financial Group, Inc., 3.45%, 1/11/27		340,309
	355,000	Sumitomo Mitsui Financial Group, Inc., 3.04%, 7/16/29		361,743
	360,000	Svenska Handelsbanken AB, 1.88%, 9/7/21		359,208

				41,879,713

Beverages (0.1%):
	3,050,000	Suntory Holdings, Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100(a)		3,031,965

Biotechnology (0.1%):
	962,000	Shire Acquisitions Investments, 2.40%, 9/23/21, Callable 8/23/21 @ 100		967,049
	1,734,000	Shire Acquisitions Investments, 3.20%, 9/23/26, Callable 6/23/26 @ 100		1,786,158

				2,753,207


Principal Amount			Fair Value
Yankee Dollars, continued
Building Products (0.0%^†):
$	19,000	Johnson Controls International plc, 3.90%, 2/14/26, Callable 11/14/25 @ 100	$	20,185

Capital Markets (0.7%):
	352,000	Credit Suisse Group AG, 3.87%(US0003M+141bps), 1/12/29, Callable 1/12/28 @ 100(a)		374,054
	1,775,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20		1,778,326
	250,000	Credit Suisse Group Fun, Ltd., 3.45%, 4/16/21		253,721
	180,000	Deutsche Bank AG, 2.95%, 8/20/20		180,329
	206,000	Deutsche Bank AG, 4.10%, 1/13/26		210,228
	2,000	Macquarie Group, Ltd., 4.65%(US0003M+173bps), 3/27/29, Callable 3/27/28 @ 100(a)		2,213
	7,000	Macquarie Group, Ltd., 5.03%(US0003M+175bps), 1/15/30, Callable 1/15/29 @ 100(a)		7,924
	1,980,000	UBS AG, 2.20%, 6/8/20, Callable 5/8/20 @ 100(a)		1,982,465
	1,135,000	UBS AG, 2.45%, 12/1/20, Callable 11/1/20 @ 100(a)		1,138,607
	400,000	UBS Group AG, 3.00%, 4/15/21(a)		404,809
	4,825,000	UBS Group AG, 2.86%(US0003M+95bps), 8/15/23, Callable 8/15/22 @ 100(a)		4,886,306
	395,000	UBS Group AG, 4.13%, 9/24/25(a)		427,593
	2,027,000	UBS Group Funding, 2.65%, 2/1/22(a)		2,048,962

				13,695,537

Chemicals (0.0%^†):
	250,000	Air Liquide Finance SA, 1.75%, 9/27/21, Callable 8/27/21 @ 100(a)		249,077
	220,000	LYB International Finance BV, 4.00%, 7/15/23		234,623
	240,000	Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100		247,931

				731,631

Communications Equipment (0.0%^†):
	125,000	Tyco Electronics Group SA, 3.45%, 8/1/24, Callable 5/1/24 @ 100		130,359
	6,000	Tyco Electronics Group SA, 3.13%, 8/15/27, Callable 5/15/27 @ 100		6,156

				136,515

Construction & Engineering (0.1%):
	1,695,000	Vinci SA, 3.75%, 4/10/29, Callable 1/30/29 @ 100(a)		1,843,162

Consumer Finance (0.1%):
	1,675,000	Hyundai Capital Services, Inc., 3.00%, 8/29/22(a)		1,695,720
	1,390,000	Hyundai Capital Services, Inc., 3.75%, 3/5/23(a)		1,434,452

				3,130,172

Diversified Financial Services (0.7%):
	159,000	BP Capital Markets plc, 3.81%, 2/10/24		169,751
	245,000	Corp. Financiera de Desarrollo SA, 4.75%, 7/15/25(a)		267,969
	1,789,000	GE Capital International Funding, 4.42%, 11/15/35		1,902,514
	1,425,000	Mitsubishi UFJ Trust & Banking Corp., 2.65%, 10/19/20(a)		1,431,458
	349,000	Nvent Finance Sarl, 4.55%, 4/15/28, Callable 1/15/28 @ 100		361,892
	1,500,000	NXP BV/NXP Funding LLC, 4.13%, 6/1/21(a)		1,537,500
	1,396,000	NXP BV/NXP Funding LLC, 4.63%, 6/1/23(a)		1,491,975
	267,000	NXP BV/NXP Funding LLC, 4.88%, 3/1/24, Callable 2/1/24 @ 100(a)		290,029

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Yankee Dollars, continued
Diversified Financial Services, continued
$	393,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 6/18/29, Callable 3/18/29 @ 100(a)	$	424,440
	2,676,000	ORIX Corp., 2.90%, 7/18/22		2,721,227
	79,000	ORIX Corp., 4.05%, 1/16/24		83,909
	90,000	ORIX Corp., 3.25%, 12/4/24		93,375
	2,740,000	Shell International Finance BV, 3.25%, 5/11/25		2,896,655
	160,000	Shell International Finance BV, 2.50%, 9/12/26		162,436
	22,000	Shell International Finance BV, 4.55%, 8/12/43		26,594
	20,000	Total Capital Canada, Ltd., 2.75%, 7/15/23		20,476
	140,000	Total Capital International SA, 2.75%, 6/19/21		141,826
	80,000	Total Capital International SA, 2.88%, 2/17/22		81,644
	112,000	Total Capital International SA, 3.70%, 1/15/24		118,912
	210,000	Total Capital International SA, 3.75%, 4/10/24		224,300
	495,000	Total Capital International SA, 2.43%, 1/10/25, Callable 10/10/24 @ 100		500,804

				14,949,686

Diversified Telecommunication Services (0.0%^†):
	305,000	Deutsche Telekom International Finance BV, 2.82%, 1/19/22, Callable 12/19/21 @ 100(a)		309,427

Food & Staples Retailing (0.0%^†):
	850,000	Seven & I Holdings Co., Ltd., 3.35%, 9/17/21(a)		866,385

Insurance (0.1%):
	19,000	Aon plc, 3.88%, 12/15/25, Callable 9/15/25 @ 100		20,391
	81,000	Aon plc, 4.45%, 5/24/43, Callable 2/24/43 @ 100		87,014
	839,000	Aon plc, 4.60%, 6/14/44, Callable 3/14/44 @ 100		953,837
	75,000	Aon plc, 4.75%, 5/15/45, Callable 11/15/44 @ 100		87,813
	175,000	Trinity Acquistion plc, 4.40%, 3/15/26, Callable 12/15/25 @ 100		189,374

				1,338,429

Interactive Media & Services (0.1%):
	490,000	Baidu, Inc., 4.38%, 5/14/24, Callable 4/14/24 @ 100		522,278
	475,000	Baidu, Inc., 4.38%, 3/29/28, Callable 12/29/27 @ 100^		515,105
	1,511,000	Tencent Holdings, Ltd., 2.99%, 1/19/23, Callable 12/19/22 @ 100(a)		1,530,739
	515,000	Tencent Holdings, Ltd., 3.60%, 1/19/28, Callable 10/19/27 @ 100(a)		538,829

				3,106,951

Internet & Direct Marketing Retail (0.0%^†):
	320,000	Alibaba Group Holding, Ltd., 2.80%, 6/6/23, Callable 5/6/23 @ 100		325,093
	460,000	Alibaba Group Holding, Ltd., 4.40%, 12/6/57, Callable 6/6/57 @ 100		526,675

				851,768

Machinery (0.0%^†):
	19,000	CNH Industrial NV, 4.50%, 8/15/23		20,253
	110,000	CNH Industrial NV, 3.85%, 11/15/27, Callable 8/15/27 @ 100		114,606
	560,000	Ingersoll-Rand Luxembourg Finance SA, 3.50%, 3/21/26, Callable 1/21/26 @ 100		585,917

				720,776

Media (0.0%^†):
	460,000	Sky, Ltd., 3.75%, 9/16/24(a)		492,288


Principal Amount			Fair Value
Yankee Dollars, continued
Metals & Mining (0.1%):
$	755,000	Anglo American Capital plc, 3.63%, 9/11/24(a)	$	784,256
	1,610,000	Anglo American Capital plc, 4.88%, 5/14/25(a)		1,764,963
	105,000	ArcelorMittal, 3.60%, 7/16/24		107,543
	35,000	ArcelorMittal, 6.13%, 6/1/25		40,284
	321,000	ArcelorMittal, 4.55%, 3/11/26		340,613
	226,000	Teck Resources, Ltd., 6.13%, 10/1/35		263,538
	5,000	Teck Resources, Ltd., 6.00%, 8/15/40, Callable 2/15/40 @ 100		5,578
	25,000	Teck Resources, Ltd., 6.25%, 7/15/41, Callable 1/15/41 @ 100		28,598

				3,335,373

Oil, Gas & Consumable Fuels (0.4%):
	555,000	Ecopetrol SA, 4.13%, 1/16/25		583,444
	4,155,000	Petroleos Mexicanos, 6.50%, 3/13/27		4,399,663
	883,000	Petroleos Mexicanos, 5.63%, 1/23/46		794,879
	37,000	Shell International Finance BV, 2.38%, 8/21/22		37,487
	788,000	Shell International Finance BV, 4.13%, 5/11/35		920,736
	68,000	Shell International Finance BV, 6.38%, 12/15/38		99,344
	289,000	Suncor Energy, Inc., 5.95%, 12/1/34		376,969
	60,000	Suncor Energy, Inc., 6.80%, 5/15/38		85,586
	208,000	Suncor Energy, Inc., 6.50%, 6/15/38		289,123
	24,000	TransCanada PipeLines, Ltd., 3.75%, 10/16/23, Callable 7/16/23 @ 100		25,161
	898,000	TransCanada PipeLines, Ltd., 4.88%, 1/15/26, Callable 10/15/25 @ 100		1,003,919
	416,000	TransCanada PipeLines, Ltd., 4.25%, 5/15/28, Callable 2/15/28 @ 100		460,529
	85,000	TransCanada PipeLines, Ltd., 4.63%, 3/1/34, Callable 12/1/33 @ 100		97,224
	136,000	TransCanada PipeLines, Ltd., 5.85%, 3/15/36		164,918
	245,000	TransCanada PipeLines, Ltd., 6.10%, 6/1/40		318,443

				9,657,425

Pharmaceuticals (0.3%):
	1,346,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,377,110
	137,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		143,591
	1,240,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100		1,318,429
	118,000	Allergan Funding SCS, 3.85%, 6/15/24, Callable 3/15/24 @ 100		123,683
	1,840,000	Takeda Pharmaceutical Co., Ltd., 5.00%, 11/26/28, Callable 8/26/28 @ 100		2,142,555

				5,105,368

Professional Services (0.0%^†):
	62,000	IHS Markit, Ltd., 4.00%, 3/1/26, Callable 12/1/25 @ 100(a)		65,255

Real Estate Management & Development (0.0%^†):
	250,000	Mitsui Fudosan Co., Ltd., 2.95%, 1/23/23, Callable 12/23/22 @ 100(a)		253,438

Sovereign Bond (1.3%):
	3,516,000	Colombia Government International Bond, 3.88%, 4/25/27, Callable 1/25/27 @ 100		3,716,348
	275,000	Colombia Government International Bond, 4.50%, 3/15/29, Callable 12/15/28 @ 100		304,432

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Yankee Dollars, continued
Sovereign Bond, continued
$	5,119,000	Mexico Government International Bond, 4.15%, 3/28/27	$	5,474,608
	910,000	Mexico Government International Bond, 3.75%, 1/11/28		943,922
	589,561	Oriental Republic of Uruguay, 4.50%, 8/14/24^		637,588
	2,175,000	Oriental Republic of Uruguay, 4.38%, 10/27/27		2,400,657
	420,000	Panama Government International Bond, 3.88%, 3/17/28, Callable 12/17/27 @ 100		456,750
	689,000	Province of Manitoba, 3.05%, 5/14/24		719,252
	704,000	Republic of Chile, 3.24%, 2/6/28, Callable 11/6/27 @ 100		738,402
	595,000	Republic of Colombia, 4.50%, 1/28/26, Callable 10/28/25 @ 100		647,461
	581,000	Republic of Indonesia, 4.10%, 4/24/28		631,144
	575,000	Republic of Panama, 4.00%, 9/22/24, Callable 6/22/24 @ 100		614,531
	540,000	Republic of Panama, 4.50%, 5/15/47		642,600
	980,000	Republic of Peru, 4.13%, 8/25/27		1,096,644
	281,000	Republic of Peru, 5.63%, 11/18/50		408,513
	3,200,000	Republic of Philippines, 3.00%, 2/1/28		3,325,750
	2,506,000	United Mexican States, 4.13%, 1/21/26		2,669,153
	3,263,000	United Mexican States, 4.50%, 4/22/29		3,578,287

				29,006,042

Wireless Telecommunication Services (0.1%):
	60,000	Vodafone Group plc, 3.75%, 1/16/24		63,308
	645,000	Vodafone Group plc, 4.13%, 5/30/25		697,248
	109,000	Vodafone Group plc, 4.38%, 5/30/28		120,604
	33,000	Vodafone Group plc, 5.00%, 5/30/38		38,497
	406,000	Vodafone Group plc, 4.38%, 2/19/43		437,965
	1,233,000	Vodafone Group plc, 5.25%, 5/30/48		1,492,439
	3,000	Vodafone Group plc, 5.13%, 6/19/59		3,529

				2,853,590

	Total Yankee Dollars (Cost $136,543,893)			142,016,767

Municipal Bonds (0.6%):
Ohio (0.0%^†):
	490,000	City of Cleveland Airport System Revenue, 2.88%, 1/1/31		483,351

Massachusetts (0.2%):
	1,265,000	Commonwealth of Massachusetts, GO, 2.90%, 9/1/49		1,197,512
	1,260,000	Massachusetts School Building Authority Revenue, 3.40%, 10/15/40, Continuously Callable @ 100		1,262,040
	450,000	Massachusetts School Building Authority Revenue, Series B, 5.00%, 10/15/41,Pre-refunded 10/15/21 @ 100		481,514
	1,780,000	Massachusetts Water Resources Authority Revenue, 3.10%, 8/1/39, Continuously Callable @ 100		1,716,471

				4,657,537

Florida (0.0%^†):
	140,000	County of Miami-Dade FL Aviation Revenue, 3.28%, 10/1/29		146,278


Principal Amount			Fair Value
Municipal Bonds, continued
Florida, continued
$	520,000	County of Miami-Dade FL Water & Sewer System Revenue, 3.49%, 10/1/42, Continuously Callable @ 100	$	521,560

				667,838

New Jersey (0.1%):
	575,000	New Jersey State Transportation Authority Revenue, 6.56%, 12/15/40		783,156
	800,000	New Jersey State Transportation Trust Fund Authority Revenue, Series AA, 5.00%, 6/15/36, Continuously Callable @ 100		859,640
	270,000	New Jersey Transportation Trust Fund Authority Revenue, 4.13%, 6/15/42		268,431
	350,000	Rutgers The State University of New Jersey Revenue, 3.27%, 5/1/43		346,434

				2,257,661

New York (0.1%):
	885,000	New York State Thruway Authority Revenue, 2.90%, 1/1/35		883,080

California (0.1%):
	1,055,000	San Diego Community College District, GO, 3.34%, 8/1/43, Continuously Callable @100		1,045,442
	160,000	State of California, GO, 7.63%, 3/1/40		256,141
	347,000	University of California Revenue, 4.77%, 5/15/15		418,978
	50,000	University of California Revenue, 4.86%, 5/15/12		61,196

				1,781,757

Oregon (0.0%^†):
	635,000	State of Oregon Department of Transportation Revenue, 3.17%, 11/15/38, Continuously Callable @100		634,625

Nebraska (0.1%):
	1,175,000	University of Nebraska Facilities Corp. Revenue, 3.04%, 10/1/49		1,119,058

	Total Municipal Bonds (Cost $12,453,978)			12,484,907

U.S. Government Agency Mortgages (30.8%):
Federal Home Loan Bank (0.2%)
	4,080,000	3.56%, 5/16/33		4,593,444

				4,593,444

Federal Home Loan Mortgage Corporation (5.6%)
	765,105	2.50%, 2/1/24, Pool #G14989		772,498
	3,650,000	Class A2, Series KC02, 3.37%, 7/25/25		3,805,527
	1,161,638	Class A1, 2.75%, 3/25/27		1,186,613
	246,623	3.00%, 9/1/27, Pool #U70060		253,860
	3,185,000	Class A2, Series K076, 3.90%, 4/25/28		3,519,871
	11,000	Class A2, Series K078, 3.85%, 6/25/28		12,106
	129,872	3.00%, 7/1/28, Pool #U79018		133,250
	1,800,000	Class A2, Series K083, 4.05%, 9/25/28		2,009,376
	591,000	2.63%, 9/15/29(c)		469,305
	44,640	3.00%, 1/1/30, Pool #V60696		45,979
	58,835	3.00%, 1/1/30, Pool #V60724		60,591
	90,436	2.50%, 3/1/30, Pool #V60770		91,763
	207,060	3.00%, 5/1/30, Pool #J31689		212,283
	148,247	2.50%, 5/1/30, Pool #V60796		150,508

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	222,513	2.50%, 5/1/30, Pool #J31728	$	226,667
	103,318	2.50%, 5/1/30, Pool #J31418		105,287
	393,150	3.00%, 6/1/30, Pool #V60840		404,922
	37,038	2.50%, 7/1/30, Pool #J32209		37,745
	9,953	2.50%, 7/1/30, Pool #V60905		10,102
	9,922	2.50%, 7/1/30, Pool #J32491		10,108
	188,352	3.00%, 7/1/30, Pool #G15520		193,638
	38,916	2.50%, 7/1/30, Pool #J32204		39,429
	21,649	3.00%, 7/1/30, Pool #J32181		22,197
	165,665	2.50%, 8/1/30, Pool #V60886		168,830
	39,571	3.00%, 8/1/30, Pool #V60909		40,752
	25,181	3.00%, 8/1/30, Pool #J32436		25,882
	131,733	2.50%, 8/1/30, Pool #V60902		134,253
	409,668	2.50%, 9/1/30, Pool #V60904		414,112
	127,397	2.50%, 9/1/30, Pool #V60903		129,080
	190,000	6.75%, 3/15/31		274,934
	197,000	2.88%, 3/15/31(c)		148,362
	652,025	2.50%, 4/1/31, Pool #G16186		661,783
	126,105	5.50%, 2/1/35, Pool #G04692		141,982
	189,878	6.00%, 4/1/39, Pool #G07613		218,712
	37,389	4.50%, 12/1/39, Pool #A90196		40,719
	32,740	4.50%, 7/1/40, Pool #A93010		35,542
	45,091	4.00%, 8/1/40, Pool #A93534		48,432
	254,301	4.00%, 9/1/40, Pool #A93851		275,830
	695,387	4.50%, 9/1/40, Pool #A93700		750,857
	44,000	4.00%, 10/1/40, Pool #A95923		46,721
	41,295	4.00%, 11/1/40, Pool #A95144		43,837
	36,268	4.00%, 11/1/40, Pool #A94977		38,500
	36,367	4.00%, 11/1/40, Pool #A94779		38,592
	2,586	4.00%, 4/1/41, Pool #Q00093		2,763
	104,879	4.50%, 5/1/41, Pool #Q00804		113,680
	118,221	4.50%, 5/1/41, Pool #Q00959		128,141
	469,826	Class FL, Series 4248, 2.19%(US0001M+45bps), 5/15/41		468,678
	525,357	5.50%, 6/1/41, Pool #G07553		585,640
	588,704	3.50%, 10/1/41, Pool #G08462		618,175
	36,399	4.00%, 10/1/41, Pool #Q03841		38,683
	116,423	5.00%, 10/1/41, Pool #G07642		129,704
	70,494	4.00%, 10/1/41, Pool #Q04022		74,913
	249,644	3.50%, 4/1/42, Pool #Q07417		264,665
	283,100	3.50%, 4/1/42, Pool #C03811		297,364
	15,306	3.50%, 5/1/42, Pool #Q07896		16,067
	8,169	3.50%, 5/1/42, Pool #Q08306		8,614
	26,611	3.50%, 5/1/42, Pool #Q08239		28,062
	400,639	3.50%, 8/1/42, Pool #Q10724		420,516
	236,911	3.50%, 8/1/42, Pool #G07106		251,163
	33,383	3.50%, 8/1/42, Pool #Q12162		35,380
	20,131	3.50%, 10/1/42, Pool #Q11909		21,340
	35,655	3.50%, 10/1/42, Pool #Q11750		37,022
	461,100	3.50%, 11/1/42, Pool #Q13134		484,797
	274,850	3.00%, 12/1/42, Pool #C04320		284,847
	324,187	3.00%, 1/1/43, Pool #Q14866		331,623
	395,707	3.00%, 3/1/43, Pool #Q16567		408,835
	201,943	3.00%, 3/1/43, Pool #Q16403		205,946
	297,002	3.00%, 3/1/43, Pool #Q16673		302,053
	101,439	3.00%, 4/1/43, Pool #Q17095		104,266


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	139,162	3.50%, 6/1/43, Pool #Q18718	$	148,430
	221,099	3.50%, 7/1/43, Pool #Q20206		236,286
	1,144,864	3.00%, 8/1/43, Pool #G07550		1,182,718
	122,936	3.50%, 8/1/43, Pool #Q21320		129,347
	3,333,485	3.00%, 9/1/43, Pool #G60675		3,438,756
	97,240	4.00%, 9/1/43, Pool #Q21579		105,385
	282,841	3.00%, 10/1/43, Pool #G60037		293,178
	256,812	4.50%, 12/1/43, Pool #G60018		272,731
	3,985,379	3.50%, 12/1/43, Pool #G60270		4,225,571
	308,421	4.50%, 12/1/43, Pool #Q23779		331,942
	11,640,407	3.50%, 1/1/44, Pool #G07922		12,388,964
	25,164	3.50%, 1/1/44, Pool #Q24368		26,893
	5,988,857	3.50%, 1/1/44, Pool #G60271		6,325,699
	899,805	Class XZ, Series 4316, 4.50%, 3/15/44		1,065,820
	16,438	3.50%, 4/1/44, Pool #Q25812		17,314
	138,712	4.00%, 4/1/44, Pool #Q25643		149,466
	991,990	3.50%, 4/1/44, Pool #G07848		1,059,817
	1,320,358	Class ZX, Series 4352, 4.00%, 4/15/44		1,474,298
	48,880	3.50%, 5/1/44, Pool #Q26362		51,478
	26,879	3.50%, 5/1/44, Pool #Q26218		28,645
	18,420	3.50%, 5/1/44, Pool #Q25988		19,403
	20,481	3.50%, 5/1/44, Pool #Q26452		21,574
	122,884	3.50%, 6/1/44, Pool #Q28764		130,281
	23,382	3.50%, 6/1/44, Pool #Q26707		24,621
	175,057	4.00%, 7/1/44, Pool #G60901		186,335
	24,711	3.50%, 7/1/44, Pool #Q27319		26,342
	516,233	4.00%, 8/1/44, Pool #G07786		559,891
	91,111	3.50%, 8/1/44, Pool #Q27843		95,948
	19,554	3.50%, 9/1/44, Pool #Q28763		20,521
	111,530	3.50%, 9/1/44, Pool #Q28605		117,484
	42,513	3.50%, 9/1/44, Pool #Q28604		45,325
	2,909	3.50%, 11/1/44, Pool #Q29911		3,051
	8,021	3.50%, 11/1/44, Pool #Q29697		8,413
	31,807	3.50%, 1/1/45, Pool #Q31122		33,510
	47,171	3.50%, 1/1/45, Pool #Q30876		49,490
	35,316	4.00%, 2/1/45, Pool #Q31338		38,125
	15,168	4.00%, 2/1/45, Pool #Q31128		16,377
	104,536	3.50%, 5/1/45, Pool #Q33606		110,114
	14,373	3.50%, 5/1/45, Pool #Q33131		15,146
	102,459	3.50%, 6/1/45, Pool #Q34176		107,915
	2,868	3.50%, 7/1/45, Pool #Q34960		3,021
	3,379,195	3.50%, 8/1/45, Pool #G60138		3,584,832
	28,652	3.50%, 9/1/45, Pool #Q36302		30,520
	266,108	4.00%, 10/1/45, Pool #Q36972		282,307
	11,274	3.50%, 10/1/45, Pool #V81932		11,830
	36,652	4.00%, 12/1/45, Pool #Q37955		39,577
	42,996	4.00%, 12/1/45, Pool #Q37957		46,177
	453,875	3.50%, 1/1/46, Pool #G60393		479,358
	33,993	3.50%, 2/1/46, Pool #V82209		35,679
	324,946	3.50%, 3/1/46, Pool #Q39250		342,628
	382,283	3.50%, 5/1/46, Pool #G60561		402,728
	1,427,873	3.00%, 6/1/46, Pool #Q41070		1,464,042
	3,784,962	3.50%, 7/1/46, Pool #G60658		4,009,664
	605,942	4.00%, 7/1/46, Pool #V82528		641,400
	314,880	4.00%, 8/1/46, Pool #V82553		333,149
	8,833,818	3.00%, 8/1/46, Pool #G60717		9,077,767

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	702,081	Class FB, Series 4606, 2.24%(US0001M+50bps), 8/15/46	$	704,132
	518,072	3.00%, 9/1/46, Pool #G60718		529,980
	47,086	4.00%, 9/1/46, Pool #G60729		49,835
	1,430,180	3.00%, 9/1/46, Pool #Q42979		1,462,784
	3,177,334	3.00%, 9/1/46, Pool #Q43104		3,264,901
	99,773	4.00%, 10/1/46, Pool #V82661		105,618
	1,711,348	3.00%, 12/1/46, Pool #V82781		1,740,064
	551,794	3.00%, 12/1/46, Pool #Q44853		567,051
	522,684	3.00%, 12/1/46, Pool #Q45064		534,675
	128,128	3.00%, 12/1/46, Pool #Q45083		132,617
	259,380	3.00%, 12/1/46, Pool #Q45080		264,275
	212,291	3.00%, 12/1/46, Pool #Q45079		218,243
	2,138,045	4.00%, 2/1/47, Pool #V82929		2,281,199
	953,998	3.50%, 3/1/47, Pool #G60968		988,516
	2,343,681	4.50%, 7/1/47, Pool #G61047		2,541,897
	170,035	3.50%, 7/1/47, Pool #Q53113		180,158
	631,619	3.50%, 10/1/47, Pool #G61178		670,782
	815,518	3.50%, 12/1/47, Pool #G61208		866,100
	11,787,335	3.50%, 12/1/47, Pool #G67706		12,395,932
	189,221	3.50%, 1/1/48, Pool #Q53648		197,106
	1,991,343	3.50%, 1/1/48, Pool #Q53747		2,067,206
	94,170	3.50%, 1/1/48, Pool #Q53630		100,013
	2,781,895	4.50%, 8/1/48, Pool #G67715		3,026,908
	31,999	2.50%, 11/1/49, Pool #SD8023		31,734
	11,999,998	2.50%, 12/1/49, Pool #SD8029		11,869,706

				125,272,989

Federal National Mortgage Association (18.1%)
	5,630,000	4.50%, 2/25/25, TBA		5,933,492
	118,199	2.50%, 9/1/27, Pool #AP5205		119,783
	181,161	2.50%, 9/1/27, Pool #AB6194		183,631
	41,936	2.50%, 2/1/28, Pool #AB8446		42,461
	61,122	3.00%, 4/1/28, Pool #AT3121		63,327
	90,495	2.50%, 4/1/28, Pool #AB8870		91,686
	64,341	3.00%, 5/1/28, Pool #AT6033		66,637
	248,474	2.50%, 8/1/28, Pool #AS0190		251,734
	1,289,000	Class A2, Series2018-M14, 3.58%, 8/25/28, Pool #A2		1,395,252
	1,122,572	3.50%, 9/1/28, Pool #AL4245		1,170,179
	137,560	3.00%, 10/1/28, Pool #AU8774		142,513
	300,943	3.50%, 10/1/28, Pool #AV0198		313,697
	15,235	3.00%, 10/1/28, Pool #AQ4132		15,576
	474,226	3.50%, 11/1/28, Pool #AV1360		494,387
	16,482	3.00%, 11/1/28, Pool #AV0298		16,851
	383,198	3.00%, 4/1/29, Pool #AW0937		395,135
	257,077	3.00%, 5/1/29, Pool #AW2544		266,925
	532,523	3.00%, 6/1/29, Pool #AS2676		549,099
	135,692	3.00%, 7/1/29, Pool #AW1281		140,018
	622,399	3.00%, 7/1/29, Pool #AW4229		646,254
	1,069,863	3.00%, 9/1/29, Pool #AL6897		1,110,907
	359,629	3.50%, 9/1/29, Pool #AL5806		374,057
	337,159	3.00%, 9/1/29, Pool #AS3220		347,641
	160,517	3.50%, 9/1/29, Pool #AX0105		166,949
	192,561	3.00%, 10/1/29, Pool #AS3594		199,941
	45,341	3.50%, 10/1/29, Pool #AX2741		47,157
	257,434	3.50%, 12/1/29, Pool #AS3988		267,756


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	732,945	3.00%, 1/1/30, Pool #AL6144	$	755,796
	2,605,000	2.68%, 1/15/30(c)		2,046,178
	27,737	2.50%, 2/1/30, Pool #AS4485		28,211
	31,469	2.50%, 2/1/30, Pool #AS4488		31,876
	104,260	2.50%, 2/1/30, Pool #BM3403		105,696
	400,000	3.50%, 2/25/30, TBA		411,344
	144,981	3.00%, 3/1/30, Pool #AL6583		150,536
	206,517	2.50%, 3/1/30, Pool #AS4688		210,159
	96,233	2.50%, 4/1/30, Pool #AY3416		97,935
	117,339	3.00%, 4/1/30, Pool #AL6584		121,065
	71,854	3.00%, 5/1/30, Pool #AL6761		74,620
	45,098	2.50%, 5/1/30, Pool #AY0828		45,890
	3,901,000	2.71%, 5/15/30(c)		3,036,574
	391,529	3.00%, 6/1/30, Pool #AL9381		406,570
	159,206	2.50%, 7/1/30, Pool #AS5403		161,217
	95,732	3.00%, 7/1/30, Pool #AL7139		98,772
	27,326	2.50%, 7/1/30, Pool #AS5405		27,709
	28,270	3.00%, 7/1/30, Pool #AX9700		29,119
	115,883	3.00%, 7/1/30, Pool #AX9701		119,568
	16,169	3.00%, 7/1/30, Pool #AZ2297		16,662
	43,630	2.50%, 7/1/30, Pool #AZ2170		44,402
	22,156	3.50%, 8/1/30, Pool #AS5707		23,265
	13,885	3.00%, 8/1/30, Pool #AZ8597		14,308
	103,856	3.50%, 8/1/30, Pool #AS5708		108,088
	26,219	3.00%, 8/1/30, Pool #AZ7833		27,014
	102,246	2.50%, 8/1/30, Pool #AS5614		104,056
	143,503	3.00%, 8/1/30, Pool #AS5623		148,472
	126,220	3.00%, 8/1/30, Pool #AS5622		130,230
	24,144	3.00%, 8/1/30, Pool #AX3298		24,878
	77,119	2.50%, 8/1/30, Pool #AS5548		78,094
	160,019	3.00%, 8/1/30, Pool #AL7227		165,542
	313,395	2.50%, 8/1/30, Pool #BM3552		317,423
	182,085	3.00%, 8/1/30, Pool #AL7225		187,876
	192,341	2.50%, 8/1/30, Pool #AS5616		195,645
	786,759	3.50%, 8/1/30, Pool #AL7430		818,256
	51,142	3.00%, 9/1/30, Pool #AZ5719		52,689
	34,223	3.00%, 9/1/30, Pool #AL7320		35,536
	99,377	3.00%, 9/1/30, Pool #AS5714		102,542
	115,061	2.50%, 9/1/30, Pool #AS5872		117,096
	89,835	2.50%, 9/1/30, Pool #AS5786		90,969
	130,495	3.00%, 9/1/30, Pool #AS5728		134,463
	101,196	2.50%, 11/1/30, Pool #AS6115		102,929
	109,978	2.50%, 11/1/30, Pool #AS6141		111,916
	101,958	2.50%, 11/1/30, Pool #AS6142		103,249
	15,300	2.50%, 11/1/30, Pool #AL7800		15,562
	106,997	2.50%, 11/1/30, Pool #AS6116		108,491
	2,108,027	3.00%, 1/1/31, Pool #BM3537		2,169,468
	177,563	2.50%, 3/1/31, Pool #BM1595		180,009
	172,665	2.50%, 6/1/31, Pool #AS7320		174,725
	308,079	2.50%, 7/1/31, Pool #AS7617		311,750
	270,895	2.50%, 7/1/31, Pool #AS7605		274,125
	61,765	4.00%, 8/1/31, Pool #AY4707		64,779
	13,274	2.50%, 8/1/31, Pool #BC2777		13,432
	44,163	4.00%, 8/1/31, Pool #AY4688		46,058
	2,204,199	3.00%, 8/1/31, Pool #AL9376		2,288,863
	190,629	3.00%, 9/1/31, Pool #AL9378		196,172

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	1,239,795	2.50%, 10/1/31, Pool #AS8195	$	1,258,933
	675,124	2.50%, 10/1/31, Pool #AS8208		683,182
	521,828	2.50%, 10/1/31, Pool #AS8193		528,566
	113,455	2.00%, 10/1/31, Pool #MA2774		113,526
	383,503	2.50%, 10/1/31, Pool #AS8009		388,451
	2,510,706	2.50%, 10/1/31, Pool #BC4773		2,549,463
	360,877	2.50%, 11/1/31, Pool #BC2631		367,074
	670,148	2.00%, 11/1/31, Pool #BM3054		670,568
	535,986	2.00%, 11/1/31, Pool #AS8251		536,324
	178,474	2.00%, 11/1/31, Pool #BC9040		178,585
	34,660	2.00%, 11/1/31, Pool #AS8291		34,681
	419,085	2.50%, 11/1/31, Pool #AS8240		424,086
	274,480	2.50%, 11/1/31, Pool #AS8241		278,007
	179,893	2.50%, 11/1/31, Pool #BC2629		182,045
	195,005	2.50%, 11/1/31, Pool #BC2628		198,020
	200,199	2.50%, 11/1/31, Pool #AS8245		203,295
	152,084	2.00%, 12/1/31, Pool #MA2845		152,180
	37,077	2.50%, 2/1/32, Pool #BM1036		37,703
	20,796	3.00%, 2/1/32, Pool #BE5670		21,507
	1,176,101	3.50%, 2/1/32, Pool #AS8885		1,226,153
	644,310	3.00%, 3/1/32, Pool #AS9327		666,350
	585,461	2.50%, 3/1/32, Pool #AS9321		590,925
	625,342	2.50%, 3/1/32, Pool #AS9318		632,618
	672,768	2.50%, 3/1/32, Pool #AS9319		682,109
	341,779	2.50%, 3/1/32, Pool #AS9317		345,756
	404,502	2.50%, 3/1/32, Pool #AS9316		409,048
	905,848	2.00%, 3/1/32, Pool #BM3061		906,417
	2,722,099	3.50%, 4/1/32, Pool #BM3503		2,873,616
	1,954,908	3.50%, 5/1/32, Pool #BM1602		2,036,612
	2,914,620	3.00%, 6/1/32, Pool #BM1791		3,012,432
	908,705	2.50%, 8/1/32, Pool #BM3578		921,797
	356,220	3.00%, 9/1/32, Pool #BM3240		369,140
	97,678	3.50%, 11/1/32, Pool #BJ2054		103,123
	119,720	5.50%, 1/1/33, Pool #676661		134,686
	65,484	3.50%, 1/1/33, Pool #BJ2096		69,011
	1,787,956	2.50%, 2/1/33, Pool #BM3793		1,806,597
	81,814	5.50%, 5/1/33, Pool #555424		91,439
	135,031	4.00%, 9/1/33, Pool #BK7642		143,241
	533,600	4.00%, 10/1/33, Pool #CA2406		562,021
	384,663	4.00%, 10/1/33, Pool #CA2528		407,093
	387,507	4.00%, 10/1/33, Pool #CA2527		405,483
	742,123	4.00%, 10/1/33, Pool #CA2404		786,262
	405,038	4.00%, 11/1/33, Pool #CA2555		428,785
	2,356,652	4.00%, 11/1/33, Pool #CA2557		2,483,860
	1,900,000	5.00%, 1/25/35, TBA		1,991,141
	200,000	4.50%, 1/25/35, TBA		205,563
	642,766	5.00%, 2/1/35, Pool #735226		716,555
	195,523	5.50%, 2/1/35, Pool #735989		221,275
	48,879	5.00%, 3/1/35, Pool #735288		54,379
	17,736	6.00%, 4/1/35, Pool #735504		20,261
	91,462	5.00%, 9/1/35, Pool #889974		102,048
	194,190	4.00%, 1/1/36, Pool #AB0686		208,239
	453,476	5.50%, 9/1/36, Pool #995113		512,257
	50,331	3.00%, 10/1/36, Pool #AL9227		51,350
	374,607	3.00%, 11/1/36, Pool #AS8348		387,103
	151,028	3.00%, 11/1/36, Pool #AS8349		155,636


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	439,473	3.00%, 12/1/36, Pool #AS8553	$	453,408
	338,441	3.00%, 12/1/36, Pool #BE1896		350,120
	21,482	5.50%, 2/1/38, Pool #961545		23,900
	14,275	6.00%, 3/1/38, Pool #889529		16,481
	79,315	5.50%, 5/1/38, Pool #889441		88,403
	105,913	5.50%, 5/1/38, Pool #889692		119,244
	46,402	6.00%, 5/1/38, Pool #889466		53,573
	70,824	5.50%, 6/1/38, Pool #995018		79,631
	20,612	5.50%, 9/1/38, Pool #889995		23,117
	48,293	6.00%, 10/1/38, Pool #889983		55,145
	253,467	5.50%, 1/1/39, Pool #AB0200		291,260
	111,825	4.50%, 4/1/39, Pool #930922		121,781
	118,726	4.50%, 5/1/39, Pool #AL1472		129,261
	1,124,529	5.00%, 6/1/39, Pool #AL7521		1,254,574
	725,236	6.00%, 7/1/39, Pool #BF0056		825,088
	54,659	5.50%, 10/1/39, Pool #AD0362		61,340
	1,807,398	3.00%, 11/1/39, Pool # MA3831		1,850,740
	50,724	5.50%, 12/1/39, Pool #AD0571		56,620
	334,752	5.50%, 12/1/39, Pool #AC6680		383,774
	6,941,977	4.50%, 1/1/40, Pool #AC8568		7,553,295
	44,222	5.50%, 3/1/40, Pool #AL5304		49,176
	41,302	4.50%, 4/1/40, Pool #AD4038		44,816
	324,977	6.00%, 4/1/40, Pool #AL4141		371,223
	60,810	6.50%, 5/1/40, Pool #AL1704		70,230
	97,997	4.50%, 7/1/40, Pool #AD7127		103,460
	168,265	4.00%, 7/1/40, Pool #AE0113		179,646
	89,579	4.50%, 7/1/40, Pool #AB1226		97,236
	4,144	4.00%, 8/1/40, Pool #AD9136		4,444
	300,273	4.00%, 8/1/40, Pool #AE0216		322,059
	36,861	6.00%, 9/1/40, Pool #AE0823		41,525
	328,295	4.00%, 10/1/40, Pool #AE7535		352,052
	817,001	4.00%, 10/1/40, Pool #AB1614		876,281
	54,362	4.00%, 11/1/40, Pool #AE8407		58,316
	36,472	4.00%, 12/1/40, Pool #AH0006		39,114
	244,705	4.00%, 12/1/40, Pool #AH0946		262,459
	2,680,000	Class CY, Series2010-136, 4.00%, 12/25/40		2,971,830
	68,644	4.00%, 1/1/41, Pool #AL7167		71,493
	9,238,683	Class ZA, Series2011-8, 4.00%, 2/25/41, Callable 10/25/28 @ 100		9,830,003
	548,017	4.00%, 4/1/41, Pool #AI1186		587,579
	79,082	6.00%, 6/1/41, Pool #AL4142		90,091
	775,478	5.00%, 7/1/41, Pool #AL7524		859,153
	49,408	4.50%, 7/1/41, Pool #AB3314		53,533
	634,783	4.00%, 9/1/41, Pool #AJ1541		680,577
	945,506	5.50%, 9/1/41, Pool #AL8430		1,062,015
	57,748	4.00%, 9/1/41, Pool #AI5228		61,937
	48,320	4.50%, 9/1/41, Pool #AI8961		52,379
	44,520	4.00%, 10/1/41, Pool #AC9312		47,742
	2,863,421	4.00%, 11/1/41, Pool #AJ4701		3,070,616
	47,500	4.00%, 12/1/41, Pool #AJ7684		50,929
	145,370	4.00%, 12/1/41, Pool #AB4054		155,849
	1,257,369	4.00%, 1/1/42, Pool #AB4307		1,347,939
	302,738	3.50%, 1/1/42, Pool #AW8154		318,755
	43,682	3.50%, 1/1/42, Pool #AK2073		45,981
	148,055	4.00%, 2/1/42, Pool #AB4530		158,851
	138,760	3.50%, 4/1/42, Pool #AO0777		142,744

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	49,198	3.50%, 4/1/42, Pool #AK7510	$	51,720
	258,916	4.00%, 5/1/42, Pool #AO2961		277,679
	22,471	3.50%, 5/1/42, Pool #AO2881		23,639
	93,809	4.00%, 5/1/42, Pool #A02114		100,640
	82,770	4.00%, 5/1/42, Pool #AT6144		88,744
	83,815	4.00%, 6/1/42, Pool #AL2003		89,938
	38,459	3.50%, 6/1/42, Pool #AL2168		40,446
	44,428	3.50%, 6/1/42, Pool #AO3107		46,728
	23,122	3.50%, 6/1/42, Pool #AO3048		24,319
	36,242	3.50%, 6/1/42, Pool #AK9225		38,116
	56,969	4.00%, 7/1/42, Pool #AL2607		61,091
	3,081,181	4.00%, 7/1/42, Pool #AL2160		3,307,234
	53,272	3.50%, 7/1/42, Pool #AO9707		56,034
	184,162	4.00%, 7/1/42, Pool #AL4244		197,558
	1,042,003	4.00%, 8/1/42, Pool #AL2242		1,118,220
	85,851	3.50%, 8/1/42, Pool #AO7152		90,295
	45,279	4.00%, 9/1/42, Pool #AX3706		48,548
	283,293	4.50%, 9/1/42, Pool #AL2482		308,502
	91,001	4.00%, 9/1/42, Pool #AL2901		97,671
	407,113	3.50%, 10/1/42, Pool #AB6512		419,218
	125,160	3.00%, 10/1/42, Pool #AP9726		129,155
	212,396	3.00%, 12/1/42, Pool #AB7271		219,171
	100,045	3.50%, 12/1/42, Pool #AQ7127		104,760
	216,910	4.00%, 12/1/42, Pool #AL6055		232,744
	407,806	3.50%, 12/1/42, Pool #AL8045		431,223
	780,576	3.00%, 12/1/42, Pool #AB7269		805,466
	174,710	3.00%, 12/1/42, Pool #AB7425		177,464
	535,066	3.00%, 1/1/43, Pool #AB7458		552,146
	523,210	3.00%, 1/1/43, Pool #AB7497		539,932
	556,441	3.00%, 1/1/43, Pool #AB7567		574,154
	1,870,935	4.50%, 1/1/43, Pool #AL8206		2,036,297
	360,481	3.00%, 1/1/43, Pool #AB7755		370,565
	288,349	3.00%, 1/1/43, Pool #AB7565		297,542
	141,156	4.00%, 1/1/43, Pool #AL7369		151,662
	217,141	3.50%, 2/1/43, Pool #AL2935		228,343
	195,885	3.00%, 2/1/43, Pool #AB7762		201,349
	198,839	3.00%, 2/1/43, Pool #AB8558		204,409
	127,417	3.00%, 3/1/43, Pool #AR9218		129,237
	31,306	3.50%, 3/1/43, Pool #AR8128		32,437
	577,223	3.50%, 3/1/43, Pool #AL3409		597,871
	99,920	3.00%, 3/1/43, Pool #AR7576		101,350
	87,749	3.00%, 3/1/43, Pool #AR7568		89,002
	384,370	3.00%, 3/1/43, Pool #AR9194		395,118
	370,976	3.00%, 3/1/43, Pool #AB8701		381,348
	48,670	3.00%, 3/1/43, Pool #AB8712		50,032
	125,702	3.00%, 3/1/43, Pool #AB8830		129,209
	43,201	3.50%, 3/1/43, Pool #AR9203		45,289
	223,766	4.00%, 3/1/43, Pool #AL3300		240,150
	17,662	3.50%, 3/1/43, Pool #AT0310		18,300
	15,103	3.50%, 3/1/43, Pool #AR6909		15,651
	179,099	3.00%, 4/1/43, Pool #AT2040		181,655
	105,688	3.00%, 4/1/43, Pool #AT2043		107,203
	48,438	3.00%, 4/1/43, Pool #AB9033		49,789
	138,950	3.00%, 4/1/43, Pool #AR8630		140,920
	21,397	3.50%, 4/1/43, Pool #AT3019		22,174
	356,337	3.00%, 4/1/43, Pool #AB9016		366,287


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	110,139	3.00%, 4/1/43, Pool #AB8923	$	111,718
	95,186	3.00%, 4/1/43, Pool #AB8924		96,545
	55,292	3.00%, 4/1/43, Pool #AT2037		56,080
	91,406	3.50%, 5/1/43, Pool #AB9255		95,818
	32,975	3.50%, 5/1/43, Pool #MA1440		34,568
	186,017	3.00%, 5/1/43, Pool #AB9462		191,221
	141,624	3.00%, 5/1/43, Pool #AL3759		145,582
	375,810	3.00%, 5/1/43, Pool #AT2719		386,321
	141,305	3.00%, 5/1/43, Pool #AT6654		145,261
	258,174	3.00%, 5/1/43, Pool #AB9173		265,399
	22,641	3.50%, 6/1/43, Pool #AB9567		23,737
	205,613	3.00%, 6/1/43, Pool #AB9662		211,360
	78,491	3.00%, 6/1/43, Pool #AT7676		80,689
	14,272	3.00%, 6/1/43, Pool #AB9564		14,672
	392,537	3.50%, 7/1/43, Pool #AT9667		411,532
	589,887	3.00%, 7/1/43, Pool #AL5778		606,390
	147,659	3.50%, 7/1/43, Pool #AR7145		154,721
	2,624,481	3.00%, 7/1/43, Pool #AB9940		2,697,957
	581,104	3.50%, 7/1/43, Pool #AU0918		609,249
	63,740	3.50%, 7/1/43, Pool #AT3906		66,806
	194,710	3.50%, 7/1/43, Pool #AT8464		203,452
	413,275	3.50%, 7/1/43, Pool #AL4010		433,259
	465,978	3.50%, 8/1/43, Pool #AS0209		488,491
	114,904	3.50%, 8/1/43, Pool #AU0570		120,472
	97,669	3.50%, 8/1/43, Pool #AU0613		102,400
	47,985	3.50%, 8/1/43, Pool #AU3270		50,310
	12,536	3.50%, 8/1/43, Pool #AT7333		13,140
	477,538	3.00%, 8/1/43, Pool #AS0331		490,903
	14,270	3.50%, 8/1/43, Pool #AU3032		14,964
	16,166	3.50%, 9/1/43, Pool #AT7267		16,950
	1,541,984	4.00%, 10/1/43, Pool #BM1502		1,651,056
	104,316	4.00%, 10/1/43, Pool #AL7577		112,126
	1,022,007	3.50%, 11/1/43, Pool #AL9745		1,079,082
	1,210,379	5.00%, 12/1/43, Pool #AL7777		1,335,247
	89,743	3.50%, 1/1/44, Pool #AS1703		95,522
	94,868	3.50%, 1/1/44, Pool #AS1539		100,984
	116,436	4.00%, 3/1/44, Pool #AV6577		124,578
	3,298,647	3.50%, 5/1/44, Pool #BM5002		3,458,529
	9,876	3.50%, 6/1/44, Pool #AS2591		10,389
	22,294	3.50%, 6/1/44, Pool #AW6405		23,462
	23,133	4.00%, 7/1/44, Pool #AW7055		24,779
	1,461,988	4.00%, 8/1/44, Pool #AL5601		1,581,720
	861,371	4.00%, 8/1/44, Pool #890629		931,818
	658,985	5.00%, 11/1/44, Pool #AL8878		724,365
	16,054	4.00%, 12/1/44, Pool #AY0299		17,295
	193,958	4.00%, 12/1/44, Pool #AX9372		207,694
	15,708	4.00%, 12/1/44, Pool #AX6255		16,922
	610,636	4.00%, 1/1/45, Pool #AS4083		653,875
	170,058	4.00%, 1/1/45, Pool #AY0367		182,092
	64,561	4.00%, 1/1/45, Pool #AX8713		69,177
	450,343	3.50%, 2/1/45, Pool #BM1100		472,125
	27,239	4.00%, 2/1/45, Pool #AY1866		29,994
	99,847	4.00%, 2/1/45, Pool #AY2693		109,860
	157,112	4.00%, 2/1/45, Pool #AS4308		169,442
	22,748	4.00%, 5/1/45, Pool #AY8218		24,361
	686,753	4.00%, 5/1/45, Pool #AS5017		755,917

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	61,283	4.00%, 5/1/45, Pool #AY9770	$	67,482
	353,837	5.00%, 6/1/45, Pool #BM3784		388,731
	413,928	3.50%, 7/1/45, Pool #AS5459		440,917
	1,064,604	3.50%, 7/1/45, Pool #AS5453		1,122,067
	55,451	3.50%, 8/1/45, Pool #AS5640		58,448
	211,730	4.50%, 9/1/45, Pool #AL7936		232,467
	39,601	4.00%, 10/1/45, Pool #AZ9244		42,405
	501,214	3.50%, 10/1/45, Pool #MA2414		525,347
	37,304	4.00%, 10/1/45, Pool #BA2878		39,942
	41,908	4.00%, 10/1/45, Pool #BA2879		45,211
	38,368	4.00%, 10/1/45, Pool #AZ9243		42,242
	92,230	4.00%, 10/1/45, Pool #AL7442		101,528
	41,305	4.00%, 10/1/45, Pool #BA2877		45,436
	125,208	4.00%, 10/1/45, Pool #AL7443		134,105
	10,460	4.50%, 11/1/45, Pool #AS6233		11,077
	187,623	4.00%, 11/1/45, Pool #BA2905		200,968
	1,509,980	3.50%, 11/1/45, Pool #BM1124		1,605,393
	93,139	3.50%, 11/1/45, Pool #AS6195		99,220
	130,094	4.00%, 11/1/45, Pool #BA2904		143,193
	109,922	4.50%, 11/1/45, Pool #AL9501		120,347
	417,635	4.00%, 12/1/45, Pool #AS6347		450,443
	57,549	4.00%, 12/1/45, Pool #BA2924		62,073
	110,414	4.00%, 12/1/45, Pool #BA4736		121,545
	336,465	4.50%, 12/1/45, Pool #BM1756		359,862
	122,377	4.00%, 12/1/45, Pool #BA4737		131,065
	387,485	3.50%, 12/1/45, Pool #AL9635		408,098
	147,503	4.00%, 1/1/46, Pool #BA4781		159,047
	258,383	4.00%, 2/1/46, Pool #AS6662		275,200
	482,087	3.50%, 3/1/46, Pool #AS6823		507,424
	408,392	3.50%, 4/1/46, Pool #AS7015		426,303
	192,919	3.50%, 4/1/46, Pool #AL8521		201,867
	5,126,920	3.50%, 4/1/46, Pool #BC5981		5,363,493
	299,173	3.50%, 5/1/46, Pool #AL8570		315,343
	125,456	3.00%, 6/1/46, Pool #AS7370		130,163
	63,156	3.50%, 6/1/46, Pool #BC1154		67,130
	1,595,386	3.50%, 6/1/46, Pool #AS7383		1,679,289
	1,694,430	4.00%, 6/1/46, Pool #AL9093		1,805,739
	1,316,133	3.50%, 6/1/46, Pool #AS7353		1,385,479
	28,005	3.00%, 6/1/46, Pool #AS7365		28,517
	224,002	3.00%, 6/1/46, Pool #AS7362		229,204
	3,111,023	3.00%, 7/1/46, Pool #BC1450		3,180,522
	4,284,014	4.00%, 7/1/46, Pool #AL8857		4,590,189
	861,470	4.50%, 7/1/46, Pool #BM1920		944,226
	3,468,147	3.50%, 7/1/46, Pool #BA7748		3,586,531
	599,466	4.50%, 7/1/46, Pool #BM3053		662,417
	50,267	4.00%, 8/1/46, Pool #BD4900		54,206
	34,976	4.00%, 8/1/46, Pool #BD3933		37,715
	705,924	3.50%, 8/1/46, Pool #AL8952		743,038
	33,187	3.00%, 8/1/46, Pool #AL9031		34,420
	3,291,660	3.00%, 8/1/46, Pool #BC1486		3,365,154
	1,143,785	Class UF, Series2016-48, 2.19%(US0001M+40bps), 8/25/46		1,139,571
	27,018	4.00%, 9/1/46, Pool #BD7826		29,122
	2,079,830	3.00%, 9/1/46, Pool #BD1469		2,124,342
	741,512	3.00%, 9/1/46, Pool #AL9214		758,060
	20,061	3.50%, 9/1/46, Pool #BE0547		21,124


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	2,734,163	3.00%, 9/1/46, Pool #AS7847	$	2,795,203
	181,898	3.00%, 9/1/46, Pool #AS7889		188,711
	648,254	3.50%, 9/1/46, Pool #AL9511		679,631
	339,059	3.00%, 9/1/46, Pool #AS7878		346,927
	261,402	3.00%, 9/1/46, Pool #AL9045		266,196
	105,151	4.00%, 9/1/46, Pool #BD1481		113,427
	749,047	3.00%, 10/1/46, Pool #AL9215		769,421
	556,001	3.00%, 10/1/46, Pool #AL9266		568,407
	902,055	3.00%, 10/1/46, Pool #BD8925		922,961
	4,430,713	3.00%, 10/1/46, Pool #BD3309		4,533,467
	256,488	3.00%, 11/1/46, Pool #AL9481		262,451
	40,045	3.50%, 11/1/46, Pool #BE1932		42,138
	5,805,518	4.00%, 11/1/46, Pool #AS8374		6,183,095
	1,531,926	4.00%, 11/1/46, Pool #AS8379		1,652,036
	502,162	3.50%, 11/1/46, Pool #BM1938		525,498
	265,594	3.00%, 11/1/46, Pool #BD9643		272,825
	695,200	3.00%, 11/1/46, Pool #BD9644		714,160
	642,830	3.00%, 11/1/46, Pool #BD8962		657,684
	389,244	3.00%, 11/1/46, Pool #BD9645		397,982
	295,112	4.00%, 11/1/46, Pool #BC9012		318,244
	33,083	3.50%, 11/1/46, Pool #BC7299		34,836
	94,459	3.50%, 11/1/46, Pool #BD8477		99,463
	297,140	3.00%, 11/1/46, Pool #BD9641		304,054
	949,708	3.50%, 11/1/46, Pool #BD8970		995,557
	823,149	3.00%, 11/1/46, Pool #AL9325		845,522
	4,393,942	3.50%, 11/1/46, Pool #AL9424		4,625,818
	648,168	3.50%, 11/1/46, Pool #AS8371		688,943
	1,275,633	3.50%, 12/1/46, Pool #AS8493		1,346,622
	1,654,894	3.00%, 12/1/46, Pool #AS8486		1,690,368
	113,984	3.50%, 12/1/46, Pool #AL9593		119,524
	638,410	3.50%, 12/1/46, Pool #BC9084		667,978
	184,458	3.00%, 1/1/47, Pool #AS8589		188,024
	433,891	4.00%, 1/1/47, Pool #BD2439		472,638
	229,573	3.50%, 1/1/47, Pool #BD8531		242,473
	742,246	3.50%, 1/1/47, Pool #AS8653		778,726
	288,777	3.50%, 1/1/47, Pool #AL9774		307,622
	112,642	3.50%, 1/1/47, Pool #BE4913		117,440
	1,907,267	3.50%, 1/1/47, Pool #AL9725		2,031,755
	94,642	3.00%, 2/1/47, Pool #BD5056		96,966
	372,972	3.00%, 2/1/47, Pool #BD5049		381,998
	931,804	3.50%, 2/1/47, Pool #BM3792		982,350
	306,907	3.50%, 2/1/47, Pool #BE3188		324,650
	2,015,017	4.00%, 3/1/47, Pool #890824		2,180,572
	2,846,736	4.00%, 3/1/47, Pool #BM1155		3,033,849
	810,381	3.00%, 3/1/47, Pool #AS8925		836,350
	658,689	3.00%, 3/1/47, Pool #AS8936		668,239
	184,865	3.50%, 5/1/47, Pool #BM1937		196,944
	726,732	3.50%, 5/1/47, Pool #BM1174		767,243
	770,214	4.00%, 5/1/47, Pool #BH0398		822,304
	594,968	3.50%, 6/1/47, Pool #BM1902		628,056
	633,202	4.00%, 7/1/47, Pool #BH3401		675,674
	410,600	3.50%, 7/1/47, Pool #BM1571		433,793
	854,890	4.00%, 8/1/47, Pool #BM1619		912,893
	95,150	3.50%, 9/1/47, Pool #BH8295		100,457
	252,251	3.50%, 9/1/47, Pool #BM1822		263,133
	399,025	4.50%, 10/1/47, Pool #BM3052		439,240

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	543,234	3.50%, 10/1/47, Pool #BM1952	$	571,433
	102,525	3.50%, 11/1/47, Pool #CA0681		107,848
	636,927	3.50%, 11/1/47, Pool #CA0689		668,282
	773,178	3.50%, 12/1/47, Pool #BM3282		820,721
	486,203	4.50%, 12/1/47, Pool #BH7067		523,273
	49,374	3.50%, 12/1/47, Pool #BM3327		52,227
	509,951	4.00%, 12/1/47, Pool #BM3261		555,519
	3,421,861	3.50%, 12/1/47, Pool #BH7060		3,615,655
	683,004	3.50%, 12/1/47, Pool #BM3326		706,518
	1,266,174	3.50%, 1/1/48, Pool #CA0993		1,336,994
	1,401,749	3.50%, 1/1/48, Pool #CA1058		1,449,936
	261,431	3.50%, 1/1/48, Pool #BJ5879		272,921
	49,928	3.50%, 1/1/48, Pool #BJ8650		52,132
	132,181	3.50%, 1/1/48, Pool #BJ8120		140,303
	79,808	3.50%, 1/1/48, Pool #BJ8126		84,298
	213,807	4.00%, 2/1/48, Pool #BJ9057		228,212
	1,068,195	4.00%, 2/1/48, Pool #CA1199		1,129,686
	224,040	4.00%, 2/1/48, Pool #BJ9058		238,542
	1,577,886	4.00%, 2/1/48, Pool #CA1255		1,668,823
	1,687,497	4.00%, 3/1/48, Pool #CA1372		1,801,828
	181,691	4.00%, 4/1/48, Pool #BM3762		197,971
	3,578,504	4.00%, 4/1/48, Pool #CA1541		3,831,856
	683,684	4.00%, 4/1/48, Pool #CA1549		741,257
	193,521	4.00%, 4/1/48, Pool #BM3763		208,605
	5,250,440	4.00%, 4/1/48, Pool #CA1545		5,552,723
	296,303	4.50%, 4/1/48, Pool #BM3846		327,534
	6,371,150	4.50%, 5/1/48, Pool #CA1704		6,911,441
	650,570	5.00%, 6/1/48, Pool #CA2317		697,403
	165,929	4.50%, 7/1/48, Pool #BK6113		182,922
	31,371	4.50%, 7/1/48, Pool #BK4471		34,029
	3,500,456	5.00%, 9/1/48, Pool #MA3472		3,741,467
	343,361	5.00%, 10/1/48, Pool #MA3501		367,002
	572,402	5.00%, 10/1/48, Pool #BK7881		613,610
	514,865	5.00%, 11/1/48, Pool #MA3527		549,851
	179,529	5.00%, 12/1/48, Pool #BN4404		190,982
	420,684	5.00%, 1/1/49, Pool #BN4430		447,522
	511,445	5.00%, 1/1/49, Pool #BN3949		546,521
	14,984,000	4.50%, 1/25/49, TBA		15,773,000
	66,449,000	4.00%, 1/25/49, TBA		69,106,959
	7,186,095	4.00%, 8/1/49, Pool #CA3944		7,611,925
	251,950	4.00%, 8/1/49, Pool #CA3972		271,785
	64,000	5.00%, 1/25/50, TBA		68,420
	4,823,000	6.00%, 1/25/50, TBA		5,371,805
	500,055	3.50%, 1/25/50, TBA		514,353
	1,700,000	5.50%, 1/25/50, TBA		1,829,625
	24,670,000	4.00%, 2/25/50, TBA		25,668,363

				404,599,468

Government National Mortgage Association (6.9%)
	19,419	4.50%, 9/15/33, Pool #615516		20,916
	67,189	5.00%, 12/15/33, Pool #783571		71,134
	19,758	6.50%, 8/20/38, Pool #4223		23,255
	15,927	6.50%, 10/15/38, Pool #673213		17,412
	10,760	6.50%, 11/20/38, Pool #4292		12,664
	20,077	6.50%, 12/15/38, Pool #782510		22,068
	225,424	5.00%, 1/15/39, Pool #782557		240,558
	150,984	5.00%, 4/15/39, Pool #782619		168,425


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	103,303	5.00%, 4/15/39, Pool #711939	$	114,608
	17,414	4.00%, 4/20/39, Pool #4422		18,202
	14,458	5.00%, 6/15/39, Pool #782696		16,127
	59,111	4.00%, 7/20/39, Pool #4494		62,733
	95,503	5.00%, 10/20/39, Pool #4559		105,102
	11,097	4.50%, 12/20/39, Pool #G24598		12,177
	30,382	4.50%, 1/15/40, Pool #728627		32,810
	13,912	4.50%, 1/20/40, Pool #4617		15,267
	10,996	4.50%, 2/20/40, Pool #G24636		12,068
	76,409	5.00%, 5/15/40, Pool #782958		83,357
	749	4.50%, 5/20/40, Pool #G24696		820
	66,717	5.00%, 6/15/40, Pool #697862		74,089
	71,409	4.50%, 7/15/40, Pool #745793		76,608
	650,595	4.50%, 7/15/40, Pool #733795		702,208
	28,371	4.50%, 7/20/40, Pool #4746		31,078
	53,645	4.50%, 8/20/40, Pool #4771		58,759
	16,391	4.00%, 9/20/40, Pool #G24800		17,398
	26,119	4.50%, 9/20/40, Pool #748948		27,525
	132,281	4.50%, 10/15/40, Pool #783609		144,450
	418,417	4.00%, 10/20/40, Pool #G24833		444,111
	48,548	4.50%, 10/20/40, Pool #4834		53,181
	772,733	4.00%, 11/20/40, Pool #4853		820,149
	378,521	4.00%, 12/20/40, Pool #G24882		401,765
	162,860	4.00%, 1/15/41, Pool #759138		172,830
	334,687	4.00%, 1/20/41, Pool #4922		355,244
	40,405	4.50%, 2/15/41, Pool #738019		44,040
	1,299,936	4.00%, 2/20/41, Pool #742887		1,400,351
	5,664	4.00%, 2/20/41, Pool #4945		6,029
	108,742	4.00%, 3/15/41, Pool #762838		115,368
	7,709	5.00%, 4/20/41, Pool #5018		8,524
	16,762	5.00%, 6/20/41, Pool #5083		18,536
	127,052	4.50%, 6/20/41, Pool #783590		134,514
	53,572	4.50%, 7/20/41, Pool #754367		55,927
	294,385	4.50%, 7/20/41, Pool #5115		322,516
	8,472	5.00%, 7/20/41, Pool #5116		9,180
	411,096	4.00%, 7/20/41, Pool #742895		440,235
	87,349	4.50%, 7/20/41, Pool #783584		92,482
	96,221	4.50%, 11/15/41, Pool #783610		105,084
	258,082	3.50%, 1/15/42, Pool #553461		271,388
	350,982	4.00%, 4/20/42, Pool #MA0023		373,633
	138,346	5.00%, 7/20/42, Pool #MA0223		148,203
	436,490	3.50%, 4/15/43, Pool #AD2334		454,063
	663,723	3.50%, 4/20/43, Pool #MA0934		697,890
	370,966	3.50%, 5/20/43, Pool #MA1012		390,073
	31,238	4.00%, 7/20/43, Pool #MA1158		33,254
	1,321,724	4.50%, 6/20/44, Pool #MA1997		1,424,063
	25,650	4.00%, 8/20/44, Pool #AJ2723		27,493
	19,348	4.00%, 8/20/44, Pool #AJ4687		20,765
	12,295	4.00%, 8/20/44, Pool #AI4166		12,749
	27,770	4.00%, 8/20/44, Pool #AI4167		29,798
	1,164,409	4.00%, 8/20/44, Pool #MA2149		1,213,375
	577,000	5.00%, 12/20/44, Pool #MA2448		625,181
	71,205	3.00%, 12/20/44, Pool #MA2444		73,623
	1,588,107	Class ZD, Series2015-3, 4.00%, 1/20/45		1,815,846
	579,699	3.00%, 2/15/45, Pool #784439		602,206
	1,351,666	3.00%, 4/20/45, Pool #MA2753		1,395,985
	3,110,781	3.50%, 4/20/45, Pool #MA2754		3,241,374

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	3,760,933	3.50%, 5/20/45, Pool #MA2826	$	3,918,867
	72,653	3.00%, 6/20/45, Pool #MA2891		75,212
	218,862	3.00%, 7/20/45, Pool #MA2960		226,573
	72,269	3.00%, 8/20/45, Pool #MA3033		74,444
	442,935	3.00%, 10/20/45, Pool #MA3172		458,537
	337,803	5.00%, 12/20/45, Pool #MA3313		375,540
	19,150,257	3.50%, 3/20/46, Pool #MA3521		19,921,088
	11,845,133	3.50%, 4/20/46, Pool #MA3597		12,281,945
	8,076,831	3.00%, 4/20/46, Pool #MA3596		8,331,637
	3,754,019	3.50%, 5/20/46, Pool #MA3663		3,910,990
	57,381	3.00%, 5/20/46, Pool #MA3662		59,263
	7,883,497	3.50%, 6/20/46, Pool #MA3736		8,242,279
	1,301,357	3.00%, 6/20/46, Pool #MA3735		1,344,030
	2,563,441	3.00%, 7/20/46, Pool #MA3802		2,647,512
	1,301,144	3.50%, 7/20/46, Pool #MA3803		1,353,985
	11,989,724	3.00%, 8/20/46, Pool #MA3873		12,382,922
	5,025,668	3.50%, 9/20/46, Pool #MA3937		5,224,397
	5,323,264	3.00%, 9/20/46, Pool #MA3936		5,497,930
	149,532	3.50%, 10/20/46, Pool #AX4342		154,347
	26,201	4.00%, 10/20/46, Pool #AQ0542		27,424
	138,849	3.50%, 10/20/46, Pool #AX4341		146,794
	118,111	3.50%, 10/20/46, Pool #AX4343		121,657
	325,239	3.50%, 10/20/46, Pool #AX4344		341,166
	250,436	3.50%, 10/20/46, Pool #AX4345		260,134
	139,489	3.00%, 11/20/46, Pool #MA4068		144,065
	403,498	3.00%, 12/20/46, Pool #MA4126		416,526
	154,257	4.50%, 3/15/47, Pool #AZ8560		165,643
	159,991	4.50%, 4/15/47, Pool #AZ8597		171,796
	234,164	4.50%, 4/15/47, Pool #AZ8596		255,201
	126,836	4.50%, 5/15/47, Pool #BA7888		138,124
	5,958,538	4.00%, 6/20/47, Pool #MA4511		6,231,338
	23,986	4.00%, 9/15/47, Pool #BC5919		25,116
	33,246	4.00%, 10/15/47, Pool #BD3187		34,761
	30,834	4.00%, 10/15/47, Pool #BE1031		32,287
	24,082	4.00%, 11/15/47, Pool #BE1030		25,239
	4,720,974	4.00%, 11/20/47, Pool #MA4838		4,942,692
	34,548	4.00%, 12/15/47, Pool #BE4664		36,171
	2,350,814	4.00%, 12/20/47, Pool #MA4901		2,461,220
	26,170	4.00%, 1/15/48, Pool #BE0204		27,431
	37,220	4.00%, 1/15/48, Pool #BE0143		38,957
	742,194	4.50%, 9/20/48, Pool #BD0560		779,315
	3,168,958	4.50%, 3/20/49, Pool #MA5818		3,311,959
	355,000	5.00%, 1/15/50, TBA		379,018
	13,140,000	4.00%, 1/20/50, TBA		13,597,847
	645,000	5.00%, 1/20/50, TBA		678,258
	2,247,000	4.50%, 1/20/50, TBA		2,348,466
	4,780,000	4.00%, 2/20/50, TBA		4,951,034
	6,507,797	3.50%, 2/20/50, TBA		6,709,386

				155,313,369

	Total U.S. Government Agency Mortgages (Cost $677,111,272)			689,779,270

U.S. Treasury Obligations (29.5%):
U.S. Treasury Bonds (8.1%):
	2,480,000	5.38%, 2/15/31		3,330,175
	20,525,000	4.75%, 2/15/37		28,273,188
	31,340,000	3.13%, 11/15/41		35,614,972
	11,080,000	3.63%, 8/15/43		13,616,281
	1,205,000	3.13%, 8/15/44		1,373,700


Principal Amount			Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds, continued
$	15,000	2.50%, 2/15/45	$	15,342
	955,000	3.00%, 5/15/45		1,068,555
	1,770,000	2.88%, 8/15/45		1,938,980
	1,543,000	3.00%, 2/15/47		1,738,045
	5,645,000	3.00%, 2/15/48		6,360,327
	34,590,000	3.13%, 5/15/48(d)		39,924,427
	4,420,000	3.38%, 11/15/48		5,346,128
	8,700,000	3.00%, 2/15/49		9,837,797
	33,500,000	2.38%, 11/15/49		33,484,297

				181,922,214

U.S. Treasury Inflation Index Bonds (0.5%):
	8,728,961	1.00%, 2/15/48		9,668,066
	1,886,734	1.00%, 2/15/49		2,097,366

				11,765,432

U.S. Treasury Inflation Index Notes (1.1%):
	20,174,480	0.63%, 4/15/23		20,481,831
	4,004,638	0.50%, 4/15/24		4,068,156

				24,549,987

U.S. Treasury Notes (19.8%):
	1,735,000	2.25%, 4/30/21		1,749,639
	2,949,000	1.38%, 5/31/21		2,939,784
	30,000	2.75%, 8/15/21		30,548
	13,940,000	2.75%, 9/15/21		14,205,731
	7,865,000	1.50%, 9/30/21		7,852,711
	2,370,000	1.50%, 10/31/21		2,366,667
	6,035,000	2.88%, 11/15/21		6,176,445
	28,340,000	1.50%, 11/30/21^		28,300,147
	7,950,000	1.63%, 12/31/21		7,974,844
	5,570,000	2.00%, 5/31/24		5,646,588
	30,095,000	1.75%, 7/31/24		30,189,047
	14,345,000	1.25%, 8/31/24		14,069,307
	32,537,000	2.13%, 9/30/24		33,182,656
	24,480,000	1.50%, 9/30/24		24,273,450
	32,190,000	1.50%, 10/31/24^		31,918,397
	6,230,000	1.50%, 11/30/24^		6,178,408
	5,615,000	1.75%, 12/31/24		5,632,547
	890,000	3.00%, 10/31/25		951,048
	1,550,000	2.88%, 11/30/25		1,646,391
	14,555,000	2.25%, 3/31/26		14,955,263
	2,435,000	2.38%, 4/30/26		2,520,225
	1,520,000	2.13%, 5/31/26		1,550,400
	2,407,000	1.88%, 6/30/26		2,418,283
	2,430,000	1.88%, 7/31/26		2,440,631
	30,225,000	1.38%, 8/31/26		29,403,258
	10,190,000	1.63%, 9/30/26		10,067,402
	50,196,000	1.63%, 10/31/26		49,568,549
	47,745,000	1.63%, 11/30/26		47,140,726
	9,260,000	1.75%, 12/31/26		9,215,147
	12,505,000	2.88%, 8/15/28		13,485,861
	1,445,000	3.13%, 11/15/28		1,589,952
	2,690,000	2.38%, 5/15/29		2,797,600
	6,650,000	1.63%, 8/15/29		6,483,750
	24,630,000	1.75%, 11/15/29^		24,275,944

				443,197,346

	Total U.S. Treasury Obligations (Cost $644,659,169)			661,434,979

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Commercial Paper (4.0%):
$	12,250,000	Boeing Co., 2.12%(c)	$	12,204,026
	9,000,000	CNH Industrial Capital LLC, 2.33%(c)		8,927,712
	13,500,000	ETP Legacy LP, 2.32%(c)		13,494,789
	17,250,000	Ford Motor Credit Co., 2.74%(c)		17,015,382
	10,750,000	Ford Motor Credit Co., 2.92%(c)		10,539,870
	16,250,000	General Electric Co., 2.31%(c)		16,138,216
	6,500,000	Jabil, Inc., 2.37%(c)		6,476,529
	5,500,000	Southern California Edison Co., 2.12%(c)		5,499,351

	Total Commercial Paper (Cost $90,252,189)			90,295,875

Short-Term Securities Held as Collateral for Securities on Loan (3.1%):
	69,465,625	BlackRock Liquidity FedFund, Institutional Class, 2.00%(c)(e)		69,465,625


Principal Amount			Fair Value
Short-Term Securities Held as Collateral for Securities on Loan, continued
	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $69,465,625)		$	69,465,625

Unaffiliated Investment Companies (1.6%):
Money Markets (1.6%):
$	35,385,974	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(c)	$	35,385,974

	Total Unaffiliated Investment Companies (Cost $35,385,974)			35,385,974
				��
	Total Investment Securities (Cost $2,400,716,526) — 109.6%(f)			2,457,088,149
	Net other assets (liabilities) — (9.6)%			(217,531,125	)

	Net Assets — 100.0%		$	2,239,557,024

Percentages indicated are based on net assets as of December 31, 2019.

EUR003M—3 Month EUR LIBOR

GO—General Obligation

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced Security

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $67,844,093.

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

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. Thesub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(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 December 31, 2019.

(c)	The rate represents the effective yield at December 31, 2019.

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

(e)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2019.

(f)	See Federal Tax Information listed in the Notes to the Financial Statements.

Securities Sold Short(-11.4%):

At December 31, 2019, the Fund’s securities sold short were as follows:


Security Description	Coupon Rate		Maturity Date		Par Amount			Proceeds Received			Fair Value

U.S. Government Agency Mortgages

Federal National Mortgage Association
Federal National Mortgage Association, TBA		4.00%		1/25/34	$	(3,926,000	)	$	(4,087,948	)	$	(4,091,628	)
Federal National Mortgage Association, TBA		2.50%		2/25/35		(8,261,000	)		(8,313,387	)		(8,331,993	)
Federal National Mortgage Association, TBA		3.00%		2/25/35		(628,000	)		(642,055	)		(643,234	)
Federal National Mortgage Association, TBA		3.50%		2/25/35		(8,704,766	)		(9,014,572	)		(9,022,354	)
Federal National Mortgage Association, TBA		3.00%		1/25/49		(6,752,168	)		(6,861,099	)		(6,847,120	)
Federal National Mortgage Association, TBA		2.50%		1/25/50		(7,161,000	)		(7,056,662	)		(7,081,558	)

Government National Mortgage Association
Government National Mortgage Association, TBA		3.00%		1/20/49		(11,791,500	)		(12,099,184	)		(12,110,239	)

								$	(48,074,907	)	$	(48,128,126	)

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

December 31, 2019

Futures Contracts

At December 31, 2019, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

Euro Buxl30-Year Bond March Future (Euro)	3/6/20	15	$	(3,337,558	)	$	93,630
Euro Schatz Index March Future (Euro)	3/6/20	195		(24,475,061	)		17,220
Euro-Bobl March Futures (Euro)	3/6/20	203		(30,425,638	)		156,195
Euro-Bund March Futures (Euro)	3/6/20	118		(22,564,234	)		296,096
U.S. Treasury10-Year Note March Futures (U.S. Dollar)	3/20/20	172		(24,200,938	)		313,695
U.S. Treasury10-Year Note March Futures (U.S. Dollar)	3/20/20	605		(77,695,234	)		755,984
U.S. Treasury5-Year Note March Futures (U.S. Dollar)	3/31/20	956		(113,390,563	)		412,105

						$	2,044,925

Long Futures


Description	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury2-Year Note March Futures (U.S. Dollar)	3/31/20	1,070	$	230,585,000	$	(72,277	)
U.S. Treasury30-Year Bond March Futures (U.S. Dollar)	3/20/20	62		9,666,188		(216,588	)
Ultra Long Term U.S. Treasury Bond March Future (U.S. Dollar)	3/20/20	68		12,352,625		(424,828	)

					$	(713,693	)

Total Net Futures Contracts					$	1,331,232

Forward Currency Contracts

At December 31, 2019, the Fund’s open forward currency contracts were as follows:


Currency Purchased	Currency Sold		Counterparty			Settlement Date		Net Unrealized Appreciation/ (Depreciation)

U.S. Dollar	1,019,171	Euro		910,000	Bank National Paribas		2/5/20	$	(3,780	)
U.S. Dollar	153,664	Euro		139,000	CIBC		2/5/20		(2,589	)
U.S. Dollar	3,273,848	Euro		2,945,000	CIBC		2/5/20		(36,690	)
U.S. Dollar	233,829	Euro		210,000	CIBC		2/5/20		(2,236	)
U.S. Dollar	57,820,196	Euro		52,329,000	Citigroup		2/5/20		(1,003,957	)
U.S. Dollar	540,361	Euro		488,000	HSBC		2/5/20		(8,211	)
U.S. Dollar	28,766	Euro		26,000	Toronto Dominion Bank		2/5/20		(461	)
U.S. Dollar	9,282,497	Euro		8,318,000	Toronto Dominion Bank		2/5/20		(67,946	)
U.S. Dollar	464,190	Euro		419,000	Standard Charter Bank		2/5/20		(6,817	)
U.S. Dollar	787,011	Euro		712,000	UBS Warburg		2/5/20		(13,364	)
U.S. Dollar	207,992	Euro		188,000	Westpac Banking Corp.		2/5/20		(3,343	)
U.S. Dollar	973,493	Euro		870,000	Westpac Banking Corp.		2/5/20		(4,493	)

Total Net Forward Currency Contracts								$	(1,153,887	)

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


		Unrealized Depreciation

Forward Currency Contracts		$(1,153,887)

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	2,400,716,526

Investment securities, at value(a)	$	2,457,088,149
Segregated cash for collateral for TBA commitments		10,000
Interest and dividends receivable		11,561,950
Foreign currency, at value (cost $1,794,445)		1,811,926
Receivable for capital shares issued		15,639
Receivable for investments sold		21,744,883
Receivable for TBA investments sold		152,579,395
Receivable for variation margin on futures contracts		68,354
Prepaid expenses		7,692

Total Assets		2,644,887,988

Liabilities:
Cash overdraft		266
Unrealized depreciation on forward currency contracts		1,153,887
Payable for investments purchased		25,127,777
Payable for TBA investments purchased		260,124,521
Payable for capital shares redeemed		88,894
Payable for collateral received on loaned securities		69,465,625
Securities sold short (Proceeds received $48,074,907)		48,128,126
Manager fees payable		653,509
Administration fees payable		23,412
Distribution fees payable		466,793
Custodian fees payable		15,965
Administrative and compliance services fees payable		7,814
Transfer agent fees payable		1,265
Trustee fees payable		1,922
Other accrued liabilities		71,188

Total Liabilities		405,330,964

Net Assets	$	2,239,557,024

Net Assets Consist of:
Paid in capital	$	2,161,596,254
Total distributable earnings		77,960,770

Net Assets	$	2,239,557,024

Shares of beneficial interest (unlimited number of shares authorized, no par value)		199,817,469
Net Asset Value (offering and redemption price per share)	$	11.21

(a)	Includes securities on loan of $67,844,093.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Interest	$	59,743,473
Dividends		410,942
Income from securities lending		180,750

Total Investment Income		60,335,165

Expenses:
Manager fees		7,193,474
Administration fees		668,922
Distribution fees		5,138,207
Custodian fees		79,591
Administrative and compliance services fees		35,120
Transfer agent fees		7,373
Trustee fees		110,642
Professional fees		102,781
Shareholder reports		29,532
Other expenses		57,335

Total expenses		13,422,977

Net Investment Income/(Loss)		46,912,188

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		29,115,852
Net realized gains/(losses) on forward currency contracts		1,097,152
Net realized gains/(losses) on futures contracts		(3,128,216	)
Net realized gains/(losses) on securities held short		7,113,130
Change in net unrealized appreciation/depreciation on securities and foreign currencies		82,789,123
Change in net unrealized appreciation/depreciation on forward currency contracts		(1,164,040	)
Change in net unrealized appreciation/depreciation on futures contracts		715,895
Change in net unrealized appreciation/depreciation on securities held short		1,671,244

Net realized and Change in net unrealized gains/losses on investments		118,210,140

Change in Net Assets Resulting From Operations	$	165,122,328

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	46,912,188			$	48,297,697
Net realized gains/(losses) on investments			34,197,918				(35,356,910	)
Change in unrealized appreciation/depreciation on investments			84,012,222				(26,304,630	)

Change in net assets resulting from operations			165,122,328				(13,363,843	)

Distributions to Shareholders:
Distributions			(48,427,627	)			(43,264,943	)

Change in net assets resulting from distributions to shareholders			(48,427,627	)			(43,264,943	)

Capital Transactions:
Proceeds from shares issued			365,053,905				93,845,414
Proceeds from dividends reinvested			48,427,627				43,264,943
Value of shares redeemed			(226,936,952	)			(192,843,088	)

Change in net assets resulting from capital transactions			186,544,580				(55,732,731	)

Change in net assets			303,239,281				(112,361,517	)
Net Assets:
Beginning of period			1,936,317,743				2,048,679,260

End of period		$	2,239,557,024			$	1,936,317,743

Share Transactions:
Shares issued			33,064,820				8,778,364
Dividends reinvested			4,323,895				4,180,188
Shares redeemed			(20,402,903	)			(18,255,752	)

Change in shares			16,985,812				(5,297,200	)

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Net Asset Value, Beginning of Period		$	10.59			$	10.89			$	10.67			$	10.78			$	11.13

Investment Activities:
Net Investment Income/(Loss)			0.25	(a)			0.28				0.20				0.09				0.27
Net Realized and Unrealized Gains/(Losses) on Investments			0.64				(0.35	)			0.12				0.16				(0.24	)

Total from Investment Activities			0.89				(0.07	)			0.32				0.25				0.03

Distributions to Shareholders From:
Net Investment Income			(0.27	)			(0.23	)			(0.10	)			(0.22	)			(0.24	)
Net Realized Gains			—				—				—				(0.14	)			(0.14	)

Total Dividends			(0.27	)			(0.23	)			(0.10	)			(0.36	)			(0.38	)

Net Asset Value, End of Period		$	11.21			$	10.59			$	10.89			$	10.67			$	10.78

Total Return(b)			8.38	%			(0.58	)%			3.01	%			2.28	%			0.23	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,239,557			$	1,936,318			$	2,048,679			$	2,009,721			$	682,269
Net Investment Income/(Loss)			2.28	%			2.41	%			1.87	%			1.93	%			1.65	%
Expenses Before Reductions(c)			0.65	%			0.65	%			0.65	%			0.67	%			0.66	%
Expenses Net of Reductions			0.65	%			0.65	%			0.65	%			0.67	%			0.66	%
Portfolio Turnover Rate			119	%			144	%			214	%			288	%			342	%

(a)	Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Enhanced Bond Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation

Securities Purchased on a When-Issued Basis

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

Short Sales

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

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

Distributions to Shareholders

Expense Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $18,100 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $69,465,625 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

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

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of December 31, 2019, collateral of $10,000 had been posted by the Fund to counterparties for TBAs.

Affiliated Securities Transactions

Pursuant to Rule17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2019, the Fund participated in the following cross-trade transactions:


	Purchases			Sales			Realized Gain/(Loss)

AZL Enhanced Bond Index Fund		$	—		$	685,805		$	27,276

Recent Accounting Pronouncements

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

to be amortized to the earliest call date. ASU2017-08 does not require an accounting change for securities held at a discount, which continues to accrete to maturity. The Fund has adopted ASU2017-08 on a modified retrospective basis as of January 1, 2019. The adoption of ASU2017-08 did not have a significant impact on the amortized cost of investments as of January 1, 2019, and had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

Derivative Instruments

Forward Currency Contracts

During the year ended December 31, 2019, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2019, the monthly average notional amount for long contracts was $0.4 million, the monthly average notional amount for short contracts was $35.4 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $312.8 million and the monthly average notional amount for short contracts was $219.10 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

2,044,925

Payable for variation margin on futures contracts*

713,693

Foreign Exchange Risk

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

—

Unrealized depreciation on forward currency contracts

1,153,887

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

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(3,128,216	)	$	715,895

Foreign Exchange Risk

Forward Currency Contracts	Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on futures contracts		1,097,152			(1,164,040	)

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at December 31, 2019. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019.

As of December 31, 2019, the Fund’s derivative assets and liabilities by type were as follows:


	Assets				Liabilities

Derivative Financial Instruments:
Forward currency contracts		$	—			$	1,153,887
Futures contracts			68,354				—

Total derivative assets and liabilities in the Statement of Assets and Liabilities			68,354				1,153,887
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(68,354	)			—

Total assets and liabilities subject to a MNA		$	—			$	1,153,887

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of December 31, 2019:


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty			Derivatives Available for Offset			Non-cash Collateral Pledged*			Cash Collateral Pledged*			Net Amount of Derivative Liabilities

Bank National Paribas		$	3,780		$	—		$	—		$	—		$	3,780
CIBC			41,515			—			—			—			41,515
Citigroup			1,003,957			—			—			—			1,003,957
HSBC			8,211			—			—			—			8,211
Standard Charter Bank			6,817			—			—			—			6,817
Toronto Dominion Bank			68,407			—			—			—			68,407
UBS Warburg			13,364			—			—			—			13,364
Westpac Banking Corp.			7,836			—			—			—			7,836

Total		$	1,153,887		$	—		$	—		$	—		$	1,153,887

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

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Financial Management, Inc. (“BlackRock Financial”), BlackRock Financial provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Enhanced Bond Index Fund		0.35	%		0.70	%

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $15,148 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2				Level 3			Total

Asset Backed Securities		$	—		$	70,899,050			$	—		$	70,899,050
Collateralized Mortgage Obligations			—			121,905,762				—			121,905,762
Corporate Bonds+			—			513,380,310				—			513,380,310
Foreign Bonds+			—			50,039,630				—			50,039,630
Yankee Dollars+			—			142,016,767				—			142,016,767
Municipal Bonds			—			12,484,907				—			12,484,907
U.S. Government Agency Mortgages			—			689,779,270				—			689,779,270
U.S. Treasury Obligations			—			661,434,979				—			661,434,979
Commercial Paper			—			90,295,875				—			90,295,875
Short-Term Securities Held as Collateral for Securities on Loan			69,465,625			—				—			69,465,625
Unaffiliated Investment Companies			35,385,974			—				—			35,385,974

Total Investment Securities			104,851,599			2,352,236,550				—			2,457,088,149

Securities Sold Short			—			(48,128,126	)			—			(48,128,126	)
Other Financial Instruments:*
Futures Contracts			1,331,232			—				—			1,331,232
Forward Currency Contracts			—			(1,153,887	)			—			(1,153,887	)

Total Investments		$	106,182,831		$	2,302,954,537			$	—		$	2,409,137,368

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

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Enhanced Bond Index Fund		$	2,470,132,557		$	2,338,036,479

For the year ended December 31, 2019, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL Enhanced Bond Index Fund		$	1,660,980,871		$	1,570,236,135

6. Investment Risks

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

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk ofnon-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. A Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

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

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $2,354,193,838. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	58,949,952
Unrealized (depreciation)		(4,183,767	)

Net unrealized appreciation/(depreciation)	$	54,766,185

During the year ended December 31, 2019, the Fund utilized $35,210,515 in CLCFs to offset capital gains.

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL Enhanced Bond Index Fund		$	7,187,227		$	12,605,150		$	19,792,377

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Enhanced Bond Index Fund		$	48,427,627		$	—		$	48,427,627

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Enhanced Bond Index Fund		$	43,264,943		$	—		$	43,264,943

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Enhanced Bond Index Fund		$	46,897,343		$	—		$	(19,792,376	)		$	54,786,182		$	81,891,149

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, mark-to-market of futures contracts and straddles.

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

December 31, 2019

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 25% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of

AZL Enhanced Bond Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Enhanced Bond Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval/continuance of the Agreements with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approvals/continuances. The independent Trustees also discussed the proposed approvals/continuances in a private session with Independent Trustee Counsel at which no representatives of the Manager were present. In reaching its determinations relating to the approval and/or continuance of the Agreements, in respect of each Fund, the Board considered all factors it believed relevant. The Board based its decision to approve the Agreements on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certainfall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to each Fund.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Fidelity Institutional Asset Management^®

Multi-Strategy Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 22

Page 22

Page 23

Page 24

Report of Independent Registered Public Accounting Firm

Page 25

Page 32

Page 33

Approval of Investment Advisory and Subadvisory Agreements

Page 34

Page 35

Information about the Board of Trustees and Officers

Page 38

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund. FIAM LLC and Geode Capital Management, LLC serve as the Subadviser andSub-Subadviser, respectively, to the Fidelity Institutional Asset Management Fixed-Income Strategy and Geode Equity Strategy, respectively.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund (Class 2 Shares) (the “Fund”) returned 17.27%. That compared to a 31.49%, 8.72% and 17.55% total return for its benchmarks, the S&P 500 Index¹, the Bloomberg Barclays U.S. Aggregate Bond Index¹, and the Income & Growth Composite Index¹, respectively.

Approximately 60% of the Fund’s underlying assets are managed by its subadviser, FIAM, LLC, investing primarily in investment-grade fixed-income securities, and approximately 40% of the Fund’s underlying assets are managed by another subadviser, Geode Capital Management, LLC, investing primarily inlarge-cap common stocks.*

U.S. equity markets made a strong recovery in early 2019 following a challenging fourth quarter of 2018. The first quarter of 2019 saw U.S. equities return 13.65% (S&P 500), boosted by relatively strong corporate earnings and the Federal Reserve Board’s (the Fed) shift to a more dovish stance. Despite international trade tensions and sluggish global growth, equity gains persisted for the remaining three quarters for the12-month period under review, as the Fed cut interest rates three times and the domestic economy continued to grow. The S&P 500 Index oflarge-cap stocks returned 31.49% for the year, while the S&P 400 Index² returned 26.20% and the S&P 600³ Index returned 22.78%.

The U.S. bond market also benefitted from the Fed’s dovish shift, bouncing back from the heightened volatility it experienced in late 2018. Falling yields boosted fixed-income returns. In particular, September saw10-year Treasury yields fall to levels last seen in July 2016. Although the Treasury yield curve was partially inverted at the beginning of the year, generating fears of an imminent recession, the curve flattened during the period and steepened in the fourth quarter. Meanwhile, a reduction in credit spreads led corporate bonds and other credit-sensitive bonds to outperform U.S. Government bonds, as investors aimed for higher returns from relatively riskier securities.

The Fund underperformed its composite benchmark during the12-month period under review, and the Fund’s equity component underperformed the equity benchmark, the S&P 500 Index. Both risk- and growth-oriented stocks performed well during the period compared to stocks displaying attractive valuation. This environment hurt relative results, as the Fund favors value-oriented stocks and generally avoids large overweight positions in more expensive and riskier companies. As such, stock selection was a leading detractor from relative returns, particularly in the healthcare, consumer discretionary and industrials sectors. In contrast, stock selection in materials contributed to relative returns, as did sector allocation, particularly an underweight position in the underperforming energy sector and an overweight to the outperforming communication sector.*

Benefiting from the recovery in risk assets, the Fund’s fixed-income component outperformed its fixed income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Overweight positions in high-yield bonds and investment-grade corporate bonds helped boost the Fund’s relative returns. Both categories saw meaningful reductions in spread as fear of an imminent recession subsided. Within investment-grade corporate bonds, the Fund’s relative results benefited from an overweight position in financials and strong selection among U.S. and European banks, real estate investment trusts⁴ (REITs) and industrials.*

The Fund held futures to equitize its cash positions during the period. The exposure to this form of derivatives did not materially impact the Fund’s performance.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmarks please refer to page 2 of this report.

²	The Standard & Poor’s MidCap 400 Index (“S&P 400”) is the most widely used index formid-sized companies. The S&P 400 covers 7% of the U.S. equities market, and is part of a series of S&P U.S. indexes that can be used as building blocks for portfolio composition.

The Standard & Poor’s SmallCap 600 Index (“S&P 600”) covers approximately 3% of the domestic equities market. Measuring thesmall-cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable.

⁴

The indexes defined above are unmanaged. Investors cannot invest directly in an index.

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek a high level of current income while maintaining prospects for capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in a combination of subportfolios or strategies.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			5 Year			10 Year
AZL^®Fidelity Institutional Asset Management^®Multi-Strategy Fund (Class 2 Shares)		17.27	%		8.48	%		5.15	%		6.76	%
S&P 500 Index		31.49	%		15.27	%		11.70	%		13.56	%
Bloomberg Barclays U.S. Aggregate Bond Index		8.72	%		4.03	%		3.05	%		3.75	%
Income & Growth Composite Index		17.55	%		8.64	%		6.62	%		7.84	%


Expense Ratio	Gross
AZL^®Fidelity Institutional Asset Management^®Multi-Strategy Fund (Class 2 Shares)		1.01	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.45% on all assets. The Manager and the Funds have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.71% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Standard and Poor’s 500 Index (“S&P 500”) and the Bloomberg Barclays U.S. Aggregate Bond Index. The S&P 500 is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The Income & Growth Composite Index is a blended index comprised of (40%) of the S&P 500 and (60%) of the Bloomberg Barclays U.S. Aggregate Bond Index. These indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	1,000.00		$	1,059.50		$	3.69		0.71	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	1,000.00		$	1,021.63		$	3.62		0.71	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Common Stocks		40.4	%

Corporate Bonds		18.1

U.S. Treasury Obligations		15.0

U.S. Government Agency Mortgages		13.8

Yankee Dollars		7.6

Short-Term Securities Held as Collateral for Securities on Loan		2.8

Collateralized Mortgage Obligations		2.3

Unaffiliated Investment Companies		1.4

Asset Backed Securities		1.1

Municipal Bonds		0.8

Rights		—	^†

Foreign Bonds		—	^†

Warrants		—	^†


Total Investment Securities		103.3

Net other assets (liabilities)		(3.3	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (40.4%):
Aerospace & Defense (1.0%):
	1,078	Boeing Co. (The)	$	351,169
	7,459	L3harris Technologies, Inc.		1,475,912
	1,181	Lockheed Martin Corp.		459,858
	12,128	Moog, Inc., Class A		1,034,882
	4,374	Northrop Grumman Corp.		1,504,525
	10,594	Parson Corp.*		437,320
	1,144	Raytheon Co.		251,383
	1,467	United Technologies Corp.		219,698

				5,734,747

Airlines (0.0%^†):
	1,454	Southwest Airlines Co.		78,487

Auto Components (0.0%^†):
	4,276	BorgWarner, Inc.		185,493

Automobiles (0.2%):
	139,152	Ford Motor Co.		1,294,114

Banks (2.3%):
	64,986	Bank of America Corp.		2,288,807
	33,251	Citigroup, Inc.		2,656,422
	34,721	JPMorgan Chase & Co.		4,840,107
	54,087	Wells Fargo & Co.		2,909,881

				12,695,217

Beverages (0.4%):
	11,504	Coca-Cola Co. (The)		636,746
	2,755	Coca-Cola Consolidated, Inc.		782,558
	4,221	PepsiCo, Inc.		576,884

				1,996,188

Biotechnology (1.2%):
	25,793	AbbVie, Inc.		2,283,713
	8,385	Amgen, Inc.		2,021,372
	5,377	Biogen, Inc.*		1,595,517
	5,881	Gilead Sciences, Inc.		382,147
	1,542	Regeneron Pharmaceuticals, Inc.*		578,990

				6,861,739

Building Products (0.0%^†):
	2,142	Simpson Manufacturing Co., Inc.		171,853

Capital Markets (1.1%):
	2,198	Affiliated Managers Group, Inc.		186,259
	1,174	Bank of New York Mellon Corp. (The)		59,087
	11,022	Invesco, Ltd.		198,176
	3,083	MarketAxess Holdings, Inc.		1,168,796
	298	Moody’s Corp.		70,748
	34,118	Morgan Stanley		1,744,112
	2,292	MSCI, Inc.		591,749
	2,507	S&P Global, Inc.		684,536
	10,127	State Street Corp.		801,046
	4,297	T. Rowe Price Group, Inc.		523,546

				6,028,055

Chemicals (0.5%):
	8,872	CF Industries Holdings, Inc.		423,549
	15,174	Eastman Chemical Co.		1,202,691
	34,580	Huntsman Corp.		835,453
	301	Sherwin Williams Co.		175,646

				2,637,339


Shares			Fair Value
Common Stocks, continued
Commercial Services & Supplies (0.5%):
	4,587	Cintas Corp.	$	1,234,270
	11,531	Herman Miller, Inc.		480,266
	5,783	KAR Auction Services, Inc.		126,012
	7,925	Republic Services, Inc., Class A		710,318
	1,734	UniFirst Corp.		350,233
	431	Waste Management, Inc.		49,117

				2,950,216

Communications Equipment (0.7%):
	26,979	Ciena Corp.*		1,151,734
	60,316	Cisco Systems, Inc.		2,892,755

				4,044,489

Construction & Engineering (0.2%):
	12,560	EMCOR Group, Inc.		1,083,928

Consumer Finance (0.4%):
	15,427	Discover Financial Services		1,308,518
	18,955	Synchrony Financial		682,570

				1,991,088

Diversified Consumer Services (0.1%):
	19,817	Frontdoor, Inc.*		939,722

Diversified Financial Services (0.3%):
	11,080	Berkshire Hathaway, Inc., Class B*		2,509,620
	2,943	Cannae Holdings, Inc.*		109,450
	18,390	Jefferies Financial Group, Inc.		392,994

				3,012,064

Diversified Telecommunication Services (1.2%):
	90,304	AT&T, Inc.		3,529,080
	53,092	Verizon Communications, Inc.		3,259,849

				6,788,929

Electric Utilities (0.5%):
	29,273	Exelon Corp.		1,334,555
	1,082	IDA Corp., Inc.		115,558
	17,983	Portland General Electric Co.		1,003,272
	5,777	PPL Corp.		207,279

				2,660,664

Electrical Equipment (0.0%^†):
	241	AMETEK, Inc.		24,037

Electronic Equipment, Instruments & Components (0.1%):
	2,979	Itron, Inc.*		250,087
	3,365	Keysight Technologies, Inc.*		345,350
	2,556	National Instruments Corp.		108,221

				703,658

Energy Equipment & Services (0.0%^†):
	2,305	Schlumberger, Ltd.		92,661
	4,950	Weatherford International plc*		138,353

				231,014

Entertainment (0.4%):
	8,960	Electronic Arts, Inc.*		963,290
	81	Netflix, Inc.*		26,209
	7,152	Walt Disney Co. (The)		1,034,394

				2,023,893

Equity Real Estate Investment Trusts (1.0%):
	7,326	American Tower Corp.		1,683,662
	688	Corecivic, Inc.		11,957

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	11,451	Crown Castle International Corp.	$	1,627,760
	8,216	Douglas Emmett, Inc.		360,682
	1,044	Essex Property Trust, Inc.		314,098
	2,888	Gaming and Leisure Properties, Inc.		124,328
	16,684	Realty Income Corp.		1,228,443
	1,407	VICI Properties, Inc.		35,949

				5,386,879

Food & Staples Retailing (0.7%):
	1,956	Costco Wholesale Corp.		574,908
	31,327	Kroger Co. (The)		908,170
	1,352	US Foods Holding Corp.*		56,635
	21,053	Walmart, Inc.		2,501,938

				4,041,651

Food Products (0.3%):
	8,648	General Mills, Inc.		463,187
	1,303	Hershey Co. (The)		191,515
	3,690	Kraft Heinz Co. (The)		118,560
	7,284	Tyson Foods, Inc., Class A		663,135

				1,436,397

Gas Utilities (0.0%^†):
	1,276	UGI Corp.		57,624

Health Care Equipment & Supplies (1.6%):
	27,561	Abbott Laboratories		2,393,949
	6,200	Boston Scientific Corp.*		280,364
	12,011	Danaher Corp.		1,843,448
	5,241	Edwards Lifesciences Corp.*		1,222,673
	1,209	Envista Holdings Corp.*		35,835
	23,469	Hologic, Inc.*		1,225,316
	16,224	Medtronic plc		1,840,613

				8,842,198

Health Care Providers & Services (1.1%):
	5,510	Anthem, Inc.		1,664,185
	14,613	CVS Health Corp.		1,085,600
	524	HCA Healthcare, Inc.		77,452
	11,835	UnitedHealth Group, Inc.		3,479,254

				6,306,491

Health Care Technology (0.3%):
	4,025	Cerner Corp.		295,395
	7,933	Veeva Systems, Inc., Class A*		1,115,856

				1,411,251

Hotels, Restaurants & Leisure (0.8%):
	1,360	Chipotle Mexican Grill, Inc.*		1,138,470
	61,727	Extended Stay America, Inc.		917,263
	3,098	McDonald’s Corp.		612,196
	38,662	MGM Resorts International		1,286,285
	980	Norwegian Cruise Line Holdings, Ltd.*		57,242
	22,957	Scientific Games Corp., Class A*		614,788

				4,626,244

Household Durables (0.6%):
	22,792	D.R. Horton, Inc.		1,202,278
	4,902	Garmin, Ltd.		478,239
	4,879	Leggett & Platt, Inc.		248,000
	8,639	Lennar Corp., Class A		481,970
	315	NVR, Inc.*		1,199,649

				3,610,136


Shares			Fair Value
Common Stocks, continued
Household Products (0.8%):
	7,379	Kimberly-Clark Corp.	$	1,014,981
	29,862	Procter & Gamble Co. (The)		3,729,764

				4,744,745

Independent Power and Renewable Electricity Producers (0.2%):
	68,066	AES Corp. (The)		1,354,513

Industrial Conglomerates (0.0%^†):
	106	Honeywell International, Inc.		18,762

Insurance (1.0%):
	5,489	Allstate Corp. (The)		617,238
	4,442	CNA Financial Corp.		199,046
	18,098	First American Financial Corp.		1,055,475
	2,252	FNF Group		102,128
	12,377	Hartford Financial Services Group, Inc. (The)		752,150
	6,924	Primerica, Inc.		903,997
	17,010	Progressive Corp. (The)		1,231,355
	766	Selective Insurance Group, Inc.		49,936
	4,606	Unum Group		134,311
	5,139	WR Berkley Corp.		355,105

				5,400,741

Interactive Media & Services (2.4%):
	2,514	Alphabet, Inc., Class A*		3,367,226
	3,384	Alphabet, Inc., Class C*		4,524,476
	25,731	Facebook, Inc., Class A*		5,281,287

				13,172,989

Internet & Direct Marketing Retail (1.5%):
	3,986	Amazon.com, Inc.*		7,365,490
	31,436	eBay, Inc.		1,135,154

				8,500,644

IT Services (2.0%):
	15,897	Amdocs, Ltd.		1,147,604
	1,879	Automatic Data Processing, Inc.		320,370
	3,714	Fiserv, Inc.*		429,450
	15,742	International Business Machines Corp.		2,110,058
	11,238	MasterCard, Inc., Class A		3,355,554
	1,984	VeriSign, Inc.*		382,277
	17,528	Visa, Inc., Class A		3,293,511

				11,038,824

Machinery (0.7%):
	10,932	AGCO Corp.		844,497
	3,029	Caterpillar, Inc.		447,323
	7,561	Cummins, Inc.		1,353,116
	11,096	Dover Corp.		1,278,925
	4,503	Rexnord Corp.*		146,888

				4,070,749

Media (0.6%):
	42,827	Comcast Corp., Class A		1,925,930
	33,494	DISH Network Corp., Class A*		1,188,032

				3,113,962

Metals & Mining (0.2%):
	9,556	Reliance Steel & Aluminum Co.		1,144,427

Multiline Retail (0.3%):
	11,919	Target Corp.		1,528,135

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


+Shares			Fair Value
Common Stocks, continued
Multi-Utilities (0.0%^†):
	2,673	Dominion Energy, Inc.	$	221,378

Oil, Gas & Consumable Fuels (1.3%):
	25,347	Chevron Corp.		3,054,567
	28,037	ConocoPhillips Co.		1,823,246
	33,082	Exxon Mobil Corp.		2,308,462

				7,186,275

Pharmaceuticals (2.3%):
	947	Allergan plc		181,038
	37,045	Bristol-Myers Squibb Co.		2,377,919
	14,880	Eli Lilly & Co.		1,955,678
	27,898	Johnson & Johnson Co.		4,069,480
	34,162	Merck & Co., Inc.		3,107,034
	22,138	Mylan NV*		444,974
	16,758	Pfizer, Inc.		656,578

				12,792,701

Professional Services (0.2%):
	19,037	Robert Half International, Inc.		1,202,187

Real Estate Management & Development (0.0%^†):
	2,823	Newmark Group, Inc.		37,983

Road & Rail (0.6%):
	21,111	CSX Corp.		1,527,592
	9,554	Union Pacific Corp.		1,727,268

				3,254,860

Semiconductors & Semiconductor Equipment (2.1%):
	2,810	Advanced Micro Devices, Inc.*		128,867
	21,056	Amkor Technology, Inc.*		273,728
	27,233	Applied Materials, Inc.		1,662,302
	3,512	Cirrus Logic, Inc.*		289,424
	56,542	Intel Corp.		3,384,039
	343	KLA Corp.		61,112
	5,270	Lam Research Corp.		1,540,948
	3,992	NVIDIA Corp.		939,318
	3,467	ON Semiconductor Corp.*		84,525
	9,091	Qorvo, Inc.*		1,056,647
	22,960	Qualcomm, Inc.		2,025,761

				11,446,671

Software (3.3%):
	572	Adobe, Inc.*		188,651
	18,887	Cadence Design Systems, Inc.*		1,310,002
	980	DocuSign, Inc.*		72,628
	688	Fair Isaac Corp.*		257,780
	2,240	Intuit, Inc.		586,723
	71,100	Microsoft Corp.		11,212,471
	27,557	Nuance Communications, Inc.*		491,341
	22,577	Oracle Corp.		1,196,129
	10,008	Salesforce.com, Inc.*		1,627,701
	9,501	Synopsys, Inc.*		1,322,539
	2,373	Verint Systems, Inc.*		131,369

				18,397,334

Specialty Retail (0.6%):
	319	AutoNation, Inc.*		15,513
	515	AutoZone, Inc.*		613,525
	7,160	Best Buy Co, Inc.		628,648
	9,637	Home Depot, Inc. (The)		2,104,528

				3,362,214


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (1.9%):
	31,572	Apple, Inc.	$	9,271,118
	1,602	HP, Inc.		32,921
	27,705	Xerox Holdings Corp.		1,021,483

				10,325,522

Textiles, Apparel & Luxury Goods (0.4%):
	10,914	Nike, Inc., Class B		1,105,698
	8,506	Ralph Lauren Corp.		997,073

				2,102,771

Thrifts & Mortgage Finance (0.0%^†):
	2,139	Essent Group, Ltd.		111,207

Tobacco (0.2%):
	14,058	Philip Morris International, Inc.		1,196,195

	Total Common Stocks (Cost $177,663,089)			225,581,594

Warrant (0.0%^†):
Wireless Telecommunication Services (0.0%^†):
	400,000	T Mobile Escrow Shares, 4/15/25		—

	Total Warrant (Cost $—)			—

Right (0.0%^†):
Pharmaceuticals (0.0%^†):
	3,820	Bristol-Myers Squibb Co. CVR, Expires on 12/31/21*		11,498

	Total Right (Cost $8,786)			11,498

Asset Backed Securities (1.1%):
$	1,064,856	Aaset Trust, Class A, Series2017-1A, 3.97%, 5/16/42(b)		1,073,579
	208,340	Aaset Trust, Class A, Series2019-1, 3.84%, 5/15/39(b)		209,747
	308,649	Aaset Trust, Class A, Series2019-2, 3.38%, 10/16/39(b)		305,888
	210,399	Aaset Trust, Class A, Series2018-1A, 3.84%, 1/16/38(b)		210,971
	158,854	Blackbird Capital Aircraft, Class AA, Series2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		158,321
	634,542	Blackbird Capital Aircraft, Class A, Series2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		647,970
	235,079	Castlelake Aircraft Structured Trust, Class B, Series2019-1, 5.10%, 4/15/39(b)		236,967
	316,886	Castlelake Aircraft Structured Trust, Class A, Series2019-1, 3.97%, 4/15/39(b)		321,151
	342,005	Castlelake Aircraft Structured Trust, Class A, Series2018-1A, 4.13%, 6/15/43(b)		347,659
	215,600	DB Master Finance LLC, Class A2I, Series2017-1A, 3.63%, 11/20/47, Callable 11/20/21 @ 100(b)		218,381
	360,640	DB Master Finance LLC, Class A2II, Series2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b)		370,806
	227,527	Horizon Aircraft Finance, Ltd., Class A, Series2018-1, 4.46%, 12/15/38(b)		233,581
	241,987	Horizon Aircraft Finance, Ltd., Class A, Series2019-1, 3.72%, 7/15/39(b)		241,689
	220,000	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b)		217,956

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Asset Backed Securities, continued
$	260,378	Project Silver, Class A, Series2019-1, 3.97%, 7/15/44(b)	$	262,903
	290,191	Thunderbolt Aircraft Lease, Ltd., Class A, Series2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c)		296,021
	366,107	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(b)(c)		371,243
	365,810	Thunderbolt Aircraft Lease, Ltd., Class A, Series2019-1, 3.67%, 11/15/39(b)		363,797

	Total Asset Backed Securities (Cost $6,026,851)			6,088,630

Collateralized Mortgage Obligations (2.3%):
	324,000	AIMCO CLO, Ltd., Class A, Series2019-10A, 3.62%(US0003M+132bps), 7/22/32, Callable 7/22/21 @ 100(b)		323,451
	250,000	Allegany Park CLO, Ltd., Class A, Series2019-1A(US0003M+133bps), 1/20/33(b)		250,000
	256,000	Ares CLO, Ltd., Class A, Series2019-54A, 3.17%(US0003M+132bps), 10/15/32, Callable 10/15/21 @ 100(b)		256,035
	344,000	Ares CLO, Ltd., Class AR, Series2016-41A, 3.20%(US0003M+120bps), 1/15/29, Callable 7/15/20 @ 100(b)		343,878
	177,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series2019-BPR, 3.11%, 11/5/32(b)		180,821
	250,000	Beechwood Park CLO, Ltd., Class A1, Series2019-1A, 3.23%(US0003M+133bps), 1/17/33, Callable 1/17/22 @ 100(b)		250,000
	308,000	Benchmark Mortgage Trust, Class A5, Series2018-B8, 4.23%, 1/15/52		346,152
	364,000	BX Commercial Mortgage Trust, Class E, Series2019-XL, 3.54%(US0001M+180bps), 10/15/36(b)		364,317
	183,000	BX Commercial Mortgage Trust, Class C, Series2019-XL, 2.99%(US0001M+125bps), 10/15/36(b)		183,225
	146,000	BX Commercial Mortgage Trust, Class B, Series2019-XL, 2.82%(US0001M+108bps), 10/15/36(b)		146,180
	94,500	BX Commercial Mortgage Trust, Class F, Series2018-IND, 3.54%(US0001M+180bps), 11/15/35(b)		94,534
	259,000	BX Commercial Mortgage Trust, Class D, Series2019-XL, 3.19%(US0001M+145bps), 10/15/36(b)		259,319
	119,000	BX Commercial Mortgage Trust, Class D, Series2019-IMC, 3.64%(US0001M+190bps), 4/15/34(b)		118,952
	113,000	BX Commercial Mortgage Trust, Class C, Series2019-IMC, 3.34%(US0001M+160bps), 4/15/34(b)		113,000
	298,000	BX Commercial Mortgage Trust, Class A, Series2019-IMC, 2.74%(US0001M+100bps), 4/15/34(b)		298,183
	172,000	BX Commercial Mortgage Trust, Class B, Series2019-IMC, 3.04%(US0001M+130bps), 4/15/34(b)		171,846
	98,905	BX Trust, Class D, Series 2018-EXCL, 4.36%(US0001M+263bps), 9/15/20(b)		98,779
	250,000	Cedar Funding CLO, Ltd., Class A, Series2019-10A, 3.47%(US0003M+134bps), 10/20/32, Callable 10/20/21 @ 100(b)		250,247


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	250,000	Cedar Funding CLO, Ltd., Class A1A, Series2019-11A, 3.26%(US0003M+135bps), 5/29/32, Callable 5/29/21 @ 100(b)	$	249,981
	100,000	CHC Commercial Mortgage Trust, Class B, Series2019-CHC, 3.24%(US0001M+150bps), 6/15/34(b)		99,749
	100,000	CHC Commercial Mortgage Trust, Class C, Series2019-CHC, 3.49%(US0001M+175bps), 6/15/34(b)		99,750
	406,000	CHC Commercial Mortgage Trust, Class A, Series2019-CHC, 2.86%(US0001M+112bps), 6/15/34(b)		405,511
	58,000	Citigroup Commercial Mortgage Trust, Class A4, Series2018-C6, 4.41%, 11/10/51		65,351
	153,000	CSAIL Commercial Mortgage Trust, Class A4, Series2018-C14, 4.42%, 11/15/51		171,868
	860,000	CSMC Trust, Class D, Series 2017-PFHP, 3.99%(US0001M+225bps), 12/15/30(b)		859,801
	100,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b)		103,129
	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b)		104,720
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b)		105,009
	205,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b)		215,395
	392,000	Dryden CLO, Ltd., Class AR2, Series2014-36A, 3.28%(US0003M+128bps), 4/15/29, Callable 4/15/20 @ 100(b)		392,042
	275,000	Dryden CLO, Ltd., Class A, Series2019-72A, 3.24%(US0003M+133bps), 5/15/32, Callable 5/15/21 @ 100(b)		275,395
	286,000	Flatiron CLO, Ltd., Class A, Series2019-1A, 3.21%(US0003M+132bps), 11/16/32, Callable 11/16/21 @ 100(b)		285,989
	87,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series2018-WPT, 5.54%, 7/5/23(b)		91,961
	64,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series2018-WPT, 5.35%, 7/5/23(b)		68,156
	41,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series2018-WPT, 4.95%, 7/5/23(b)		43,661
	250,000	Madison Park Funding, Ltd., Class A, Series2019-33A, 3.17%(US0003M+133bps), 10/15/32, Callable 1/15/22 @ 100(b)		250,091
	324,000	Madison Park Funding, Ltd., Class A1, Series2019-37A, 3.60%(US0003M+130bps), 7/15/32, Callable 7/15/21 @ 100(b)		324,963
	250,000	Madison Park Funding, Ltd., Class AR2, Series2012-101, 3.19%(US0003M+122bps), 1/20/29, Callable 7/20/20 @ 100(b)		250,233
	302,000	Magnetite, Ltd., Class A, Series2019-21A, 3.25%(US0003M+128bps), 4/20/30, Callable 4/20/20 @ 100(b)		302,154

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	250,000	Magnetite, Ltd., Class A, Series 24, 3.24%(US0003M+133bps), 1/15/33, Callable 1/15/22 @ 100(b)	$	249,996
	56,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36(b)		56,578
	53,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36(b)		52,814
	589,000	Morgan Stanley Capital I Trust, Class C, Series2018-BOP, 3.24%(US0001M+150bps), 6/15/35(b)		589,000
	245,000	Morgan Stanley Capital I Trust, Class B, Series2018-BOP, 2.99%(US0001M+125bps), 6/15/35(b)		245,000
	385,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36(b)		397,497
	515,000	Morgan Stanley Capital I Trust, Class A4, Series2018-H4, 4.31%, 12/15/51		575,975
	124,100	MSCG Trust, Class B, Series2016-SNR, 4.18%, 11/15/34(b)		125,340
	87,550	MSCG Trust, Class C, Series2016-SNR, 5.21%, 11/15/34(b)		89,290
	35,239	MSCG Trust, Class A, Series2016-SNR, 3.35%, 11/15/34(b)(c)		35,235
	324,000	Niagara Park CLO, Ltd., Class A, Series2019-1A, 3.30%(US0003M+130bps), 7/17/32, Callable 7/17/21 @ 100(b)		323,645
	261,000	RETL, Class C, Series2019-RVP, 3.84%(US0001M+210bps), 3/15/36(b)		260,345
	332,000	VERDE CLO, Ltd., Class A, Series2019-1A, 3.35%(US0003M+135bps), 4/15/32, Callable 4/15/21 @ 100(b)		331,647
	335,000	Voya CLO, Ltd., Class A, Series2019-2, 3.52%(US0003M+127bps), 7/20/32, Callable 7/20/21 @ 100(b)		335,145
	367,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series2018-C48, 4.30%, 1/15/52		412,749

	Total Collateralized Mortgage Obligations (Cost $12,736,839)			12,894,084

Corporate Bonds (18.1%):
Aerospace & Defense (0.2%):
	235,000	BBA US Holdings, Inc., 5.38%, 5/1/26, Callable 5/1/21 @ 102.69(b)		247,338
	210,000	BWX Technologies, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69(b)		222,600
	15,000	Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(b)		15,263
	255,000	TransDigm, Inc., 6.50%, 7/15/24, Callable 2/10/20 @ 103.25		263,287
	230,000	TransDigm, Inc., 6.25%, 3/15/26, Callable 3/15/22 @ 103.13(b)		248,975

				997,463

Banks (1.3%):
	346,000	Bank of America Corp., 3.00% (US0003M+79 bps), 12/20/23, Callable 12/20/22 @ 100		353,729
	640,000	Bank of America Corp., 4.20%, 8/26/24, MTN		686,892


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	410,000	Bank of America Corp., Series L, 3.95%, 4/21/25	$	436,686
	151,000	Bank of America Corp., Series G, 4.45%, 3/3/26		165,515
	170,000	Bank of America Corp., Series AA, 6.10% (US0003M+390 bps), Callable 3/17/25 @ 100		188,488
	50,000	Bank of America Corp., Series X, 6.25% (US0003M+371 bps), 12/31/49, Callable 9/5/24 @ 100		55,625
	165,000	CIT Group, Inc., 6.13%, 3/9/28		194,700
	730,000	Citigroup, Inc., 4.05%, 7/30/22		762,870
	255,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		265,338
	1,098,000	Citigroup, Inc., 4.30%, 11/20/26		1,194,008
	250,000	Citizens Bank NA, 2.55%, 5/13/21, Callable 4/13/21 @ 100		251,580
	2,005,000	JPMorgan Chase & Co., 3.88%, 9/10/24		2,145,343
	305,000	Wells Fargo & Co., Series S, 5.90% (US0003M+311 bps), Callable 6/15/24 @ 100		330,925

				7,031,699

Beverages (0.2%):
	333,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		389,598
	345,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		471,230

				860,828

Building Products (0.0%^†):
	205,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 9/30/22 @ 102.5(b)		211,150

Capital Markets (1.2%):
	457,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		480,169
	399,000	Goldman Sachs Group, Inc. (The), 2.88% (US0003M+82 bps), 10/31/22, Callable 10/31/21 @ 100		403,977
	128,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		178,570
	154,000	Intercontinental Exchange, Inc., 2.75%, 12/1/20, Callable 11/1/20 @ 100		154,961
	148,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100		162,866
	4,600,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		4,790,100
	145,000	MSCI, Inc., 4.75%, 8/1/26, Callable 8/1/21 @ 102.38(b)		151,888
	296,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b)		317,233
	300,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b)		333,911

				6,973,675

Chemicals (0.1%):
	65,000	Chemours Co., 7.00%, 5/15/25, Callable 5/15/20 @ 103.5^		65,163
	120,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100		106,050

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Chemicals, continued
$	245,000	Platform Specialty Products Corp., 5.88%, 12/1/25, Callable 12/1/20 @ 102.94(b)	$	255,412
	130,000	Valvoline, Inc., 4.38%, 8/15/25, Callable 8/15/20 @ 103.28		133,575
	200,000	W R Grace & Co., 5.63%, 10/1/24(b)		221,000

				781,200

Commercial Services & Supplies (0.1%):
	200,000	ADT Corp., 4.88%, 7/15/32(b)		183,500
	200,000	Aramark Services, Inc., 5.00%, 4/1/25, Callable 4/1/20 @ 103.75(b)		208,500
	200,000	Tempo Finance, Corp., 6.75%, 6/1/25, Callable 6/1/20 @ 103.38(b)		206,750

				598,750

Construction & Engineering (0.2%):
	250,000	AECOM, 5.88%, 10/15/24, Callable 7/15/24 @ 100		276,250
	270,000	AECOM, 5.13%, 3/15/27, Callable 12/15/26 @ 100		289,913
	150,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 7/15/20 @ 106.34(b)		153,375
	15,000	Summit Midstream Holdings LLC, 5.50%, 8/15/22, Callable 2/10/20 @ 101.38		13,275
	240,000	Summit Midstream Holdings LLC, 5.75%, 4/15/25, Callable 4/15/20 @ 104.31		183,000

				915,813

Consumer Finance (1.9%):
	75,000	Ally Financial, Inc., 3.88%, 5/21/24, Callable 4/21/24 @ 100		78,375
	417,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100		466,519
	343,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		368,716
	534,000	Capital One NA, Series B, 2.95%, 7/23/21, Callable 6/23/21 @ 100		541,471
	250,000	Capital One NA, 2.15%, 9/6/22, Callable 8/6/22 @ 100		250,299
	1,000,000	Discover Bank, 3.20%, 8/9/21, Callable 7/9/21 @ 100		1,016,030
	250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		260,852
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,065,923
	253,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		276,871
	200,000	Ford Motor Credit Co. LLC, 5.09%, 1/7/21		204,357
	313,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		329,422
	329,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		354,993
	968,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		987,617
	70,000	General Motors Acceptance Corp., 8.00%, 11/1/31		96,688
	500,000	General Motors Financial Co., Inc., 4.20%, 3/1/21, Callable 2/1/21 @ 100		510,479
	20,000	Navient Corp., 7.25%, 1/25/22, MTN		21,750


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Consumer Finance, continued
$	170,000	Navient Corp., 6.50%, 6/15/22	$	184,450
	30,000	Navient Corp., 5.50%, 1/25/23		31,950
	420,000	Navient Corp., 7.25%, 9/25/23		475,650
	45,000	Navient Corp., 6.13%, 3/25/24, MTN^		48,825
	15,000	Navient Corp., 5.88%, 10/25/24		16,088
	110,000	Navient Corp., 6.75%, 6/15/26		121,000
	180,000	Springleaf Finance Corp., 6.88%, 3/15/25		204,525
	70,000	Springleaf Finance Corp., 7.13%, 3/15/26		80,938
	271,000	Synchrony Bank, Series B, 3.65%, 5/24/21, Callable 4/24/21 @ 100		276,333
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		521,417
	76,000	Synchrony Financial, 2.85%, 7/25/22, Callable 6/25/22 @ 100		77,023
	120,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		127,606
	610,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		651,110
	405,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		425,447
	345,000	Synchrony Financial, 5.15%, 3/19/29, Callable 12/19/28 @ 100		392,073

				10,464,797

Containers & Packaging (0.1%):
	100,000	Berry Global Escrow Corp., 4.88%, 7/15/26, Callable 7/15/22 @ 102.44(b)		106,139
	80,000	Crown Americas LLC, 4.75%, 2/1/26, Callable 2/1/21 @ 103.56		84,400
	65,000	Crown Americas LLC, 4.25%, 9/30/26, Callable 3/31/26 @ 100		67,763
	50,000	Crown Cork & Seal Co., Inc., 7.38%, 12/15/26		59,563
	200,000	Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 2/10/20 @ 102.56(b)		204,750
	35,000	Reynolds Group Issuer, Inc., 7.00%, 7/15/24, Callable 2/10/20 @ 103.5(b)		36,225
	115,000	Silgan Holdings, Inc., 4.75%, 3/15/25, Callable 3/15/20 @ 102.38		117,731

				676,571

Diversified Consumer Services (0.2%):
	105,000	APX Group, Inc., 7.88%, 12/1/22, Callable 2/10/20 @ 101.97		105,919
	215,000	APX Group, Inc., 7.63%, 9/1/23, Callable 2/10/20 @ 105.72^		203,175
	130,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(b)		136,500
	125,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(b)		131,250
	80,000	Frontdoor, Inc., 6.75%, 8/15/26, Callable 8/15/21 @ 105.06(b)		87,400
	460,000	Laureate Education, Inc., 8.25%, 5/1/25, Callable 5/1/20 @ 106.19(b)		496,224

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Diversified Consumer Services, continued
$	70,000	Service Corp International, 5.13%, 6/1/29, Callable 6/1/24 @ 102.56	$	74,113

				1,234,581

Diversified Financial Services (0.4%):
	60,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		62,861
	210,000	Banff Merger Sub, Inc., 9.75%, 9/1/26, Callable 9/1/21 @ 104.88(b)		213,150
	145,000	Camelot Finance SA, 4.50%, 11/1/26, Callable 11/1/22 @ 102.25(b)		148,806
	85,000	EP Energy LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26, Callable 5/15/21 @ 105.81(b)(d)		59,500
	210,000	Flex Acquisition Co., Inc., 6.88%, 1/15/25, Callable 2/10/20 @ 103.44(b)		211,313
	76,000	Flex Acquisition Co., Inc., 7.88%, 7/15/26, Callable 7/15/21 @ 103.94(b)		76,570
	555,000	Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 2/10/20 @ 101.34		563,324
	200,000	Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 5/1/20 @ 102.69		206,750
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		527,554
	185,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100		190,096

				2,259,924

Diversified Telecommunication Services (0.5%):
	322,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		322,890
	580,000	AT&T, Inc., 3.60%, 2/17/23, Callable 12/17/22 @ 100		605,415
	28,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		30,329
	138,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		153,471
	400,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		476,995
	200,000	AT&T, Inc., 4.50%, 3/9/48, Callable 9/9/47 @ 100		220,115
	120,000	CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(b)		121,800
	345,000	Frontier Communications Corp., 7.05%, 10/1/46		157,838
	130,000	Qwest Corp., 7.25%, 9/15/25		149,161
	500,000	Zayo Group LLC/Zayo Capital, Inc., 6.38%, 5/15/25, Callable 5/15/20 @ 103.19		515,000

				2,753,014

Electric Utilities (0.6%):
	200,000	Alliant Holdings Intermediate LLC/Alliant HoldingsCo-Issuer, 6.75%, 10/15/27, Callable 10/15/22 @ 103.38(b)		214,000
	165,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/11/29 @ 100(b)		163,706
	790,000	Edison International, 5.75%, 6/15/27, Callable 4/15/27 @ 100		885,434
	109,000	Emera US Finance LP, 2.70%, 6/15/21, Callable 5/15/21 @ 100		109,833


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	174,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100	$	180,524
	500,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100		501,250
	136,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		140,420
	115,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b)		119,600
	152,022	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		167,985
	117,000	NV Energy, Inc., 6.25%, 11/15/20		121,192
	390,000	Vistra Operations Co. LLC, 5.50%, 9/1/26, Callable 9/1/21 @ 102.75(b)		412,425
	90,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.5(b)		93,825

				3,110,194

Electronic Equipment, Instruments & Components (0.0%^†):
	255,000	TTM Technologies, Inc., 5.63%, 10/1/25, Callable 10/1/20 @ 102.81(b)		263,606

Energy Equipment & Services (0.1%):
	70,000	Archrock Partners LP/Finance Corp., 6.88%, 4/1/27, Callable 4/1/22 @ 105.16(b)		73,850
	110,000	Nabors Industries, Inc., 5.50%, 1/15/23, Callable 11/15/22 @ 100^		106,150
	99,000	Weatherford International, Ltd., 11.00%, 12/1/24, Callable 12/1/21 @ 105.5(b)		107,044

				287,044

Equity Real Estate Investment Trusts (2.0%):
	1,039,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		1,095,058
	265,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		277,769
	62,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		67,491
	355,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		372,275
	528,000	Brixmor Operating Partnership LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100		544,051
	252,000	Brixmor Operating Partnership LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100		270,067
	45,000	Corecivic, Inc., 4.13%, 4/1/20		45,000
	717,000	Corporate Office Properties LP, 5.25%, 2/15/24, Callable 11/15/23 @ 100		770,823
	130,000	Corrections Corp. of America, 5.00%, 10/15/22, Callable 7/15/22 @ 100		130,488
	10,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100		9,900
	244,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100^		254,740
	183,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100		190,124

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	30,000	Geo Group, Inc. (The), 5.88%, 10/15/24, Callable 2/10/20 @ 102.94	$	27,300
	160,000	GLP Capital LP, 5.25%, 6/1/25, Callable 3/1/25 @ 100		174,515
	29,000	HCP, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100		30,022
	34,000	HCP, Inc., 3.50%, 7/15/29, Callable 4/15/29 @ 100		35,399
	66,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		68,872
	63,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		62,554
	400,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		439,334
	735,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		764,303
	430,000	MGM Growth Properties LLC, 4.50%, 9/1/26, Callable 6/1/26 @ 100		452,575
	45,000	MGM Growth Properties LLC, 5.75%, 2/1/27, Callable 11/1/26 @ 100(b)		50,231
	200,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 8/1/21 @ 102.63		211,500
	549,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		583,497
	101,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		107,930
	1,278,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		1,380,528
	282,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		283,329
	297,000	SBA Tower Trust, 2.84%, 1/15/25(b)		298,778
	96,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		106,015
	700,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		718,406
	302,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		308,873
	75,000	The Geo Group, Inc., 6.00%, 4/15/26, Callable 4/15/21 @ 103		66,563
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100		120,798
	131,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		140,118
	367,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100		363,877
	85,000	Vici Properties, 4.25%, 12/1/26, Callable 12/1/22 @ 102.13(b)		87,444
	400,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		428,535
	66,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		69,910

				11,408,992


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Food & Staples Retailing (0.1%):
$	65,000	US Foods, Inc., 5.88%, 6/15/24, Callable 2/10/20 @ 102.94(b)	$	66,950
	271,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		276,092

				343,042

Food Products (0.3%):
	58,000	Conagra Brands, Inc., 3.80%, 10/22/21		59,768
	321,000	JBS USA Finance, Inc., 5.88%, 7/15/24, Callable 2/10/20 @ 102.94(b)		330,630
	675,000	JBS USA Finance, Inc., 5.75%, 6/15/25, Callable 6/15/20 @ 102.88(b)		698,625
	50,000	JBS USA Finance, Inc., 6.75%, 2/15/28, Callable 2/15/23 @ 103.38(b)		55,125
	275,000	JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(b)		305,250
	180,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b)		192,600
	200,000	Post Holding, Inc., 5.00%, 8/15/26, Callable 8/15/21 @ 102.5(b)		211,000

				1,852,998

Health Care Equipment & Supplies (0.1%):
	162,000	Becton Dickinson & Co., 2.40%, 6/5/20		162,147
	125,000	Teleflex, Inc., 4.88%, 6/1/26, Callable 6/1/21 @ 102.44		130,781

				292,928

Health Care Providers & Services (1.3%):
	210,000	Centene Corp., 4.75%, 1/15/25, Callable 2/10/20 @ 103.56(b)		218,138
	310,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(b)		319,300
	410,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31(b)		431,525
	273,000	Cigna Corp., 3.75%, 7/15/23, Callable 6/15/23 @ 100		284,961
	193,000	Cigna Corp., 4.13%, 11/15/25, Callable 9/15/25 @ 100		208,961
	341,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		377,707
	440,000	Community Health Systems, Inc., 6.25%, 3/31/23, Callable 3/31/20 @ 103.13		445,500
	120,000	Community Health Systems, Inc., 8.63%, 1/15/24, Callable 1/15/21 @ 104.31(b)		126,900
	340,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104(b)		352,750
	300,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100		312,356
	38,000	CVS Health Corp., 2.63%, 8/15/24, Callable 7/15/24 @ 100		38,359
	670,000	CVS Health Corp., 4.10%, 3/25/25, Callable 1/25/25 @ 100		718,442
	779,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		849,632

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	347,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100	$	392,810
	20,000	HCA, Inc., 4.75%, 5/1/23		21,400
	300,000	HCA, Inc., 5.38%, 2/1/25		331,500
	180,000	MPH Acquisition Holdings, 7.13%, 6/1/24, Callable 2/10/20 @ 105.34(b)		174,600
	665,000	Tenet Healthcare Corp., 8.13%, 4/1/22		735,656
	230,000	Tenet Healthcare Corp., 6.75%, 6/15/23		253,000
	150,000	Tenet Healthcare Corp., 7.00%, 8/1/25, Callable 8/1/20 @ 103.5^		158,250
	85,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/1/22 @ 103.13(b)		91,588
	117,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		125,665
	216,000	Toledo Hospital (The), 6.02%, 11/15/48		244,122
	15,000	Vizient, Inc., 6.25%, 5/15/27, Callable 5/15/22 @ 103.13(b)		16,125

				7,229,247

Hotels, Restaurants & Leisure (0.3%):
	325,000	Caesars Resort Collection LLC, 5.25%, 10/15/25, Callable 10/15/20 @ 102.63(b)		335,562
	95,000	Eldorado Resorts, Inc., 7.00%, 8/1/23, Callable 2/10/20 @ 103.5		99,038
	20,000	Eldorado Resorts, Inc., 6.00%, 9/15/26, Callable 9/15/21 @ 104.5		22,025
	235,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 4/15/22 @ 103.81(b)		249,394
	200,000	Golden Nugget, Inc., 6.75%, 10/15/24, Callable 2/10/20 @ 103.38(b)		206,750
	100,000	Penn National Gaming, Inc., 5.63%, 1/15/27, Callable 1/15/22 @ 102.81(b)		105,875
	115,000	Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(b)		120,175
	95,000	Station Casinos LLC, 5.00%, 10/1/25, Callable 10/1/20 @ 102.5(b)		96,781
	105,000	Twin River Worldwide Holdings, Inc., 6.75%, 6/1/27, Callable 6/1/22 @ 105.06(b)		110,644
	115,000	Wyndham Hotels & Resorts, Inc., 5.38%, 4/15/26, Callable 4/15/21 @ 102.69(b)		121,325
	100,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100(b)		107,125

				1,574,694

Independent Power and Renewable Electricity Producers (0.1%):
	75,000	Clearway Energy Operating LLC, 5.75%, 10/15/25, Callable 10/15/21 @ 102.88		79,125
	30,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b)		30,450
	90,000	NRG Energy, Inc., 5.25%, 6/15/29, Callable 6/15/24 @ 102.63^(b)		97,425
	155,000	Talen Energy Supply LLC, 10.50%, 1/15/26, Callable 1/15/22 @ 105.25(b)		147,250


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Independent Power and Renewable Electricity Producers, continued
$	20,000	TerraForm Power Operating LLC, 4.25%, 1/31/23, Callable 10/31/22 @ 100(b)	$	20,550
	15,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b)		15,806

				390,606

Industrial Conglomerates (0.1%):
	260,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75%, 2/1/24, Callable 2/10/20 @ 103.38		269,425
	110,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 5/15/22 @ 103.13		117,150

				386,575

Insurance (0.8%):
	809,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100		865,697
	190,000	AmWINS Group, Inc., 7.75%, 7/1/26, Callable 7/1/21 @ 105.81(b)		209,950
	1,415,000	Metropolitan Life Global Funding I, 2.03% (SOFR+50 bps), 5/28/21(b)		1,417,348
	436,000	Pacific Lifecorp, 5.13%, 1/30/43(b)		507,373
	227,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		239,507
	1,042,000	Unum Group, 5.75%, 8/15/42		1,150,515
	130,000	USIS Merger Sub, Inc., 6.88%, 5/1/25, Callable 5/1/20 @ 103.44(b)		132,275

				4,522,665

Interactive Media & Services (0.0%^†):
	195,000	Rackspace Hosting, Inc., 8.63%, 11/15/24, Callable 2/10/20 @ 106.47^(b)		190,613

Leisure Products (0.1%):
	89,000	Hasbro, Inc., 2.60%, 11/19/22		89,540
	202,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		202,906
	130,000	Mattel, Inc., 6.75%, 12/31/25, Callable 12/31/20 @ 105.06(b)		139,588

				432,034

Life Sciences Tools & Services (0.1%):
	90,000	Charles River Laboratories International, Inc., 5.50%, 4/1/26, Callable 4/1/21 @ 104.13(b)		96,863
	15,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b)		15,300
	200,000	IMS Health, Inc., 5.00%, 10/15/26, Callable 10/15/21 @ 102.5(b)		211,000
	215,000	IQVIA, Inc., 5.00%, 5/15/27, Callable 5/15/22 @ 102.5(b)		227,362

				550,525

Media (1.5%):
	320,000	CCO Holdings LLC, 5.88%, 4/1/24, Callable 2/10/20 @ 104.41(b)		330,800
	430,000	CCO Holdings LLC, 5.75%, 2/15/26, Callable 2/15/21 @ 102.88(b)		452,038

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Media, continued
$	270,000	CCO Holdings LLC, 5.50%, 5/1/26, Callable 5/1/21 @ 102.75(b)	$	284,175
	400,000	CCO Holdings LLC, 5.88%, 5/1/27, Callable 5/1/21 @ 102.94(b)		422,000
	300,000	CSC Holdings LLC, 5.38%, 7/15/23, Callable 1/21/20 @ 102.69(b)		307,500
	265,000	CSC Holdings LLC, 7.75%, 7/15/25, Callable 7/15/20 @ 103.88(b)		281,894
	105,000	CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75(b)		118,519
	200,000	DISH DBS Corp., 5.88%, 11/15/24		203,750
	290,000	DISH Network Corp., 3.38%, 8/15/26		280,432
	37,000	Fox Corp., 3.67%, 1/25/22(b)		38,217
	65,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100(b)		69,256
	94,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100(b)		106,924
	93,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100(b)		113,217
	62,000	Fox Corp., 5.58%, 1/25/49, Callable 7/25/48 @ 100(b)		78,170
	700,000	Neptune Finco Corp., 6.63%, 10/15/25, Callable 10/15/20 @ 103.31(b)		742,874
	470,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25, Callable 2/15/20 @ 103.31(b)		474,700
	200,000	Sirius XM Radio, Inc., 4.63%, 5/15/23, Callable 2/10/20 @ 101.54(b)		203,250
	65,000	Sirius XM Radio, Inc., 4.63%, 7/15/24, Callable 7/15/21 @ 102.31(b)		67,925
	495,000	Sirius XM Radio, Inc., 5.38%, 4/15/25, Callable 4/15/20 @ 102.69(b)		511,087
	130,000	Sirius XM Radio, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69(b)		137,963
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		637,821
	239,000	Time Warner Cable, Inc., 6.55%, 5/1/37		293,201
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		366,744
	1,500,000	Time Warner Cable, Inc., 6.75%, 6/15/39		1,895,383
	69,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		77,092

				8,494,932

Metals & Mining (0.0%^†):
	198,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100		200,475

Mortgage Real Estate Investment Trusts (0.0%^†):
	45,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		47,475

Multi-Utilities (0.1%):
	339,000	Sempra Energy, 6.00%, 10/15/39		440,817

Oil, Gas & Consumable Fuels (2.8%):
	440,000	California Resources Corp., 8.00%, 12/15/22, Callable 2/10/20 @ 102^(b)		193,600


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	415,000	Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24, Callable 1/1/24 @ 100	$	478,288
	690,000	Cheniere Energy Partners LP, 5.25%, 10/1/25, Callable 10/1/20 @ 102.63		718,462
	300,000	Cheniere Energy Partners LP, 5.63%, 10/1/26, Callable 10/1/21 @ 102.81		317,250
	75,000	Chesapeake Energy Corp., 7.00%, 10/1/24, Callable 4/1/21 @ 103.5		45,188
	300,000	Chesapeake Energy Corp., 8.00%, 1/15/25, Callable 2/10/20 @ 106		177,000
	226,000	Chesapeake Energy Corp., 8.00%, 6/15/27, Callable 6/15/22 @ 104^		133,340
	50,000	Citgo Holding, Inc., 9.25%, 8/1/24, Callable 8/1/21 @ 104.63(b)		53,625
	205,000	Citgo Petroleum Corp., 6.25%, 8/15/22, Callable 2/10/20 @ 101.56(b)		207,819
	132,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100		144,206
	190,000	Comstock Resources, Inc., 9.75%, 8/15/26, Callable 8/15/21 @ 107.31		171,950
	195,000	Crestwood Midstream Partners LP, 6.25%, 4/1/23, Callable 1/24/20 @ 103.13		198,900
	100,000	Crestwood Midstream Partners LP, 5.75%, 4/1/25, Callable 4/1/20 @ 104.31		102,000
	100,000	CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22, Callable 2/10/20 @ 101.08		101,625
	125,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		135,938
	700,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(b)		649,249
	377,000	Denbury Resources, Inc., 9.25%, 3/31/22, Callable 2/10/20 @ 109.25(b)		354,380
	150,000	Denbury Resources, Inc., 7.75%, 2/15/24, Callable 8/15/20 @ 103.88(b)		130,125
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		126,167
	52,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 12/15/22 @ 100		54,330
	65,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		69,022
	106,000	Energy Transfer Operating LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		118,910
	73,000	Energy Transfer Operating LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		88,005
	67,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		70,280
	229,000	Energy Transfer Partners LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		250,583
	128,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		144,616
	83,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		96,462

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	250,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100^	$	232,557
	200,000	Global Partners LP/GLP Finance Corp., 7.00%, 8/1/27, Callable 8/1/22 @ 103.5^(b)		212,500
	40,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		42,635
	71,000	Hess Corp., 7.30%, 8/15/31		89,854
	50,000	Hess Corp., 7.13%, 3/15/33		63,365
	69,000	Hess Corp., 5.60%, 2/15/41		80,697
	166,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		202,399
	275,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/15/21 @ 104.22(b)		286,000
	55,000	Hess Midstream Operations LP, 5.13%, 6/15/28, Callable 6/15/23 @ 102.56(b)		55,688
	105,000	Hilcorp Energy LP, 5.00%, 12/1/24, Callable 2/10/20 @ 102.5(b)		101,588
	195,000	Jonah Energy LLC/Jonah Energy Finance Corp., 7.25%, 10/15/25, Callable 10/15/20 @ 105.44(b)		57,525
	97,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 11/15/22 @ 100		99,922
	42,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		53,359
	479,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100		552,656
	125,000	Kinder Morgan, Inc., 5.55%, 6/1/45, Callable 12/1/44 @ 100		148,677
	112,000	Kinder Morgan, Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100		125,485
	77,000	MPLX LP, 2.79% (US0003M+90 bps), 9/9/21, Callable 9/9/20 @ 100		77,189
	115,000	MPLX LP, 2.99% (US0003M+110 bps), 9/9/22, Callable 9/9/20 @ 100		115,325
	113,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		119,987
	159,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		172,509
	63,000	MPLX LP, 4.80%, 2/15/29, Callable 11/15/28 @ 100		69,004
	188,000	MPLX LP, 5.50%, 2/15/49, Callable 8/15/48 @ 100		213,353
	149,000	Occidental Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100		153,321
	77,000	Occidental Petroleum Corp., 2.60%, 8/13/21		77,467
	68,000	Occidental Petroleum Corp., 2.70%, 8/15/22		68,763
	224,000	Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100		227,631
	406,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		460,280
	30,000	Occidental Petroleum Corp., 3.20%, 8/15/26, Callable 6/15/26 @ 100		30,346
	96,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		97,959
	779,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,011,775
	78,000	Occidental Petroleum Corp., 6.45%, 9/15/36		95,098
	14,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		14,214
	410,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		532,461
	14,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		14,439


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	45,000	Parsley Energy LLC, 5.38%, 1/15/25, Callable 2/10/20 @ 104.03(b)	$	46,238
	190,000	Parsley Energy LLC, 5.25%, 8/15/25, Callable 8/15/20 @ 103.94(b)		195,225
	72,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		73,894
	62,000	Plains All Amer Pipeline, 3.55%, 12/15/29, Callable 9/15/29 @ 100		60,971
	40,000	Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100^		36,800
	95,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100^		81,938
	100,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.88%, 3/1/22, Callable 12/1/21 @ 100		106,200
	136,374	Sanchez Energy Corp., 0.00%, 5/11/20		136,544
	310,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 2/15/20 @ 103.63^(b)(d)		201,500
	233,000	Southwestern Energy Co., 6.20%, 1/23/25, Callable 10/23/24 @ 100		215,525
	621,000	Sunoco Logistics Partners Operations LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100		671,783
	120,000	Sunoco LP/Sunoco Finance Corp., 5.50%, 2/15/26, Callable 2/15/21 @ 102.75		124,800
	30,000	Targa Resources Partners LP, 5.25%, 5/1/23, Callable 2/10/20 @ 100.88		30,300
	110,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 2/10/20 @ 101.42		111,100
	130,000	Targa Resources Partners LP, 5.13%, 2/1/25, Callable 2/10/20 @ 103.84		134,550
	125,000	Targa Resources Partners LP, 5.88%, 4/15/26, Callable 4/15/21 @ 104.41		132,813
	130,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/1/22 @ 102.69		134,875
	100,000	Viper Energy Partners, LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(b)		104,250
	40,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		40,029
	127,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		130,394
	1,000,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		959,699
	66,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		65,488
	239,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100		245,634
	162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		172,981
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		302,890

				15,803,769

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Pharmaceuticals (0.1%):
$	110,000	Bausch Health Americas, Inc., 9.25%, 4/1/26, Callable 4/1/22 @ 104.63(b)	$	126,500
	115,000	Catalent Pharma Solutions, Inc., 4.88%, 1/15/26, Callable 10/15/20 @ 102.44(b)		119,025
	57,000	Elanco Animal Health, Inc., 3.91%, 8/27/21		58,416
	180,000	Elanco Animal Health, Inc., 4.27%, 8/28/23, Callable 7/28/23 @ 100		190,213
	76,000	Elanco Animal Health, Inc., 4.90%, 8/28/28, Callable 5/28/28 @ 100		82,691

				576,845

Real Estate Management & Development (0.0%^†):
	200,000	Howard Hughes Corp. (The), 5.38%, 3/15/25, Callable 3/15/20 @ 104.03(b)		208,500

Semiconductors & Semiconductor Equipment (0.0%^†):
	90,000	Qorvo, Inc., 5.50%, 7/15/26, Callable 7/15/21 @ 102.75		95,625

Software (0.3%):
	155,000	CDK Global, Inc., 5.88%, 6/15/26, Callable 6/15/21 @ 102.94		165,463
	20,000	CDK Global, Inc., 5.25%, 5/15/29, Callable 5/15/24 @ 102.63(b)		21,350
	135,000	Fair Isaac Corp., 5.25%, 5/15/26, Callable 2/15/26 @ 100(b)		147,488
	90,000	Nuance Communications, Inc., 5.63%, 12/15/26, Callable 12/15/21 @ 102.81		95,850
	340,000	Solera LLC, 10.50%, 3/1/24, Callable 2/10/20 @ 107.88(b)		360,399
	250,000	Sophia LP/Finance, Inc., 9.00%, 9/30/23, Callable 2/10/20 @ 102.25(b)		256,875
	205,000	SS&C Technologies, Inc., 5.50%, 9/30/27, Callable 3/30/22 @ 104.13(b)		218,838
	270,000	Symantec Corp., 5.00%, 4/15/25, Callable 4/15/20 @ 102.5(b)		274,725

				1,540,988

Technology Hardware, Storage & Peripherals (0.1%):
	200,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100(b)		216,771
	83,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100(b)		95,586

				312,357

Textiles, Apparel & Luxury Goods (0.0%^†):
	125,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 4/1/26, Callable 4/1/21 @ 105.16		131,250
	40,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 9/1/27, Callable 9/1/22 @ 105.16		41,650
	80,000	William Carter Co., 5.63%, 3/15/27, Callable 3/15/22 @ 102.81(b)		86,000

				258,900


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Thrifts & Mortgage Finance (0.0%^†):
$	235,000	Quicken Loans, Inc., 5.25%, 1/15/28, Callable 1/15/23 @ 102.63(b)	$	243,441

Tobacco (0.5%):
	212,000	Altria Group, Inc., 4.00%, 1/31/24		224,667
	266,000	Altria Group, Inc., 4.80%, 2/14/29, Callable 11/14/28 @ 100		295,588
	294,000	Altria Group, Inc., 4.25%, 8/9/42		292,819
	191,000	Altria Group, Inc., 4.50%, 5/2/43		194,186
	347,000	Altria Group, Inc., 5.38%, 1/31/44		391,352
	240,000	Altria Group, Inc., 3.88%, 9/16/46, Callable 3/16/46 @ 100		222,003
	200,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		242,235
	94,000	Reynolds American, Inc., 3.25%, 6/12/20		94,501
	320,000	Reynolds American, Inc., 4.00%, 6/12/22		332,975
	232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		249,546
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		138,534
	185,000	Vector Group, Ltd., 6.13%, 2/1/25, Callable 2/10/20 @ 103.06(b)		181,994

				2,860,400

Trading Companies & Distributors (0.1%):
	255,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50% (US0003M+430 bps), 6/15/45, Callable 6/15/25 @ 100(b)		281,138
	63,000	Air Lease Corp., 2.25%, 1/15/23		63,011
	295,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		316,085

				660,234

Wireless Telecommunication Services (0.2%):
	65,000	Sprint Communications, Inc., 6.00%, 11/15/22		68,088
	545,000	Sprint Corp., 7.88%, 9/15/23		601,543
	280,000	Sprint Corp., 7.13%, 6/15/24		301,700

				971,331

	Total Corporate Bonds (Cost $97,667,447)			101,311,317

Foreign Bond (0.0%^†):
Sovereign Bond (0.0%^†):
	50,000	Korea Treasury Bond, Series 2103, 2.00%, 3/10/21+		44

	Total Foreign Bond (Cost $43)			44

Yankee Dollars (7.6%):
Aerospace & Defense (0.3%):
	81,000	Avolon Holdings Funding, Ltd., 3.63%, 5/1/22, Callable 4/1/22 @ 100(b)		83,079
	125,000	Avolon Holdings Funding, Ltd., 5.50%, 1/15/23, Callable 12/15/22 @ 100(b)		134,688
	270,000	Avolon Holdings Funding, Ltd., 5.13%, 10/1/23, Callable 9/1/23 @ 100(b)		290,587
	199,000	Avolon Holdings Funding, Ltd., 5.25%, 5/15/24, Callable 4/15/24 @ 100(b)		217,159

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Aerospace & Defense, continued
$	108,000	Avolon Holdings Funding, Ltd., 3.95%, 7/1/24, Callable 6/1/24 @ 100(b)	$	112,540
	132,000	Avolon Holdings Funding, Ltd., 4.38%, 5/1/26, Callable 3/1/26 @ 100(b)		139,772
	140,000	Bombardier, Inc., 6.00%, 10/15/22, Callable 2/10/20 @ 101(b)		140,350
	210,000	Bombardier, Inc., 6.13%, 1/15/23(b)		214,724
	180,000	Bombardier, Inc., 7.50%, 12/1/24, Callable 12/1/20 @ 105.63(b)		189,000
	150,000	Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94(b)		154,313

				1,676,212

Banks (1.5%):
	430,000	Barclays plc, 3.25%, 1/12/21		432,966
	585,000	Barclays plc, 4.38%, 1/12/26		633,747
	377,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		416,952
	135,000	Barclays plc, 7.88% (USSW5+677 bps), Callable 3/15/22 @ 100(b)		146,813
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b)		200,500
	530,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		573,569
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		217,660
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(b)		208,750
	656,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)		708,480
	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		2,790,606
	547,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		601,313
	125,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		139,005
	95,000	Royal Bank of Scotland Group plc, 7.50% (USSW5+580 bps), 12/29/49, Callable 8/10/20 @ 100		97,494
	350,000	UniCredit SpA, 6.57%, 1/14/22(b)		375,217
	186,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		193,816

				7,736,888

Beverages (0.0%^†):
	80,000	Cott Corp., 5.50%, 4/1/25, Callable 4/1/20 @ 104.13(b)		83,400

Capital Markets (1.0%):
	509,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(b)		510,049
	670,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		696,610
	787,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		823,703
	470,000	Credit Suisse Group Fun, Ltd., 3.75%, 3/26/25		496,945
	487,000	Deutsche Bank AG, 5.00%, 2/14/22		508,471
	860,000	Deutsche Bank AG, 3.30%, 11/16/22		868,757
	979,000	Deutsche Bank AG, 4.50%, 4/1/25		974,964
	491,000	UBS Group AG, 4.13%, 9/24/25(b)		531,514

				5,411,013

Chemicals (0.1%^†):
	170,000	Nufarm Australia, Ltd., 5.75%, 4/30/26, Callable 4/30/21 @ 102.88(b)		166,812


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Chemicals, continued
$	150,000	OCI NV, 6.63%, 4/15/23, Callable 4/15/20 @ 103.31(b)	$	155,813

				322,625

Containers & Packaging (0.1%):
	270,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.00%, 2/15/25, Callable 2/15/20 @ 104.5(b)		283,163
	190,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/15/22 @ 102.75(b)		201,162
	25,000	Trivium Packaging Finance BV, 8.50%, 8/15/27, Callable 8/15/22 @ 104.25(b)		27,813

				512,138

Diversified Consumer Services (0.1%):
	315,000	GEMS MENASA Cayman, Ltd., 7.13%, 7/31/26, Callable 7/31/22 @ 103.56(b)		331,931

Diversified Financial Services (0.7%):
	470,000	Altice Financing SA, 7.50%, 5/15/26, Callable 5/15/21 @ 103.75(b)		505,249
	200,000	Altice Finco SA, 8.13%, 1/15/24, Callable 2/10/20 @ 102.71(b)		205,000
	395,000	C&W Senior Financing Dac, 7.50%, 10/15/26, Callable 10/15/21 @ 103.75(b)		426,600
	280,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 9/15/22 @ 103.44(b)		298,550
	155,000	Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 10/15/20 @ 106.38(b)		141,438
	315,000	Nielsen Co. Luxembourg SARL (The), 5.00%, 2/1/25, Callable 2/10/20 @ 103.75^(b)		324,056
	75,000	Park Aerospace Holdings, 4.50%, 3/15/23, Callable 2/15/23 @ 100(b)		78,656
	1,355,000	Park Aerospace Holdings, 5.50%, 2/15/24(b)		1,488,278
	200,000	Telenet Finance Lux Note, 5.50%, 3/1/28, Callable 12/1/22 @ 102.75(b)		213,750

				3,681,577

Diversified Telecommunication Services (0.2%):
	265,000	Altice France SA, 7.38%, 5/1/26, Callable 5/1/21 @ 103.69(b)		283,881
	310,000	Altice France SA, 8.13%, 2/1/27, Callable 2/1/22 @ 106.09(b)		351,075
	30,000	Telecom Italia Capital, 6.38%, 11/15/33		33,225
	255,000	Telecom Italia SpA, 5.30%, 5/30/24(b)		274,871
	55,000	Telecom Italia SpA, 6.00%, 9/30/34		58,713

				1,001,765

Energy Equipment & Services (0.0%^†):
	130,000	Noble Holding International, Ltd., 7.88%, 2/1/26, Callable 2/1/21 @ 105.91(b)		94,413

Hotels, Restaurants & Leisure (0.1%):
	115,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13(b)		117,875
	345,000	Stars Group Holdings BV, 7.00%, 7/15/26, Callable 7/15/21 @ 103.5(b)		372,169

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Hotels, Restaurants & Leisure, continued
$	190,000	Wynn Macau, Ltd., 4.88%, 10/1/24, Callable 10/1/20 @ 102.44(b)	$	193,325
	125,000	Wynn Macau, Ltd., 5.50%, 10/1/27, Callable 10/1/22 @ 102.75(b)		130,000

				813,369

Insurance (0.0%^†):
	200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(b)		223,500

Media (0.1%):
	90,000	MDC Partners, Inc., 6.50%, 5/1/24, Callable 2/10/20 @ 104.88(b)		81,450
	415,000	Ziggo Bond Finance BV, 5.88%, 1/15/25, Callable 1/20/20 @ 102.94(b)		424,856
	120,000	Ziggo BV, 5.50%, 1/15/27, Callable 1/15/22 @ 102.75(b)		126,750

				633,056

Metals & Mining (0.2%):
	456,000	BHP Billiton Finance USA, Ltd., 6.75% (USSW5+509 bps), 10/19/75, Callable 10/20/25 @ 100(b)		534,660
	200,000	BHP Billiton Finance USA, Ltd., 6.25% (USSW5+497 bps), 10/19/75, Callable 10/19/20 @ 100(b)		205,750
	200,000	First Quantum Minerals, Ltd., 7.25%, 5/15/22, Callable 2/10/20 @ 101.81(b)		201,500

				941,910

Multi-Utilities (0.0%^†):
	243,000	InterGen NV, 7.00%, 6/30/23, Callable 2/10/20 @ 102.33(b)		235,710

Oil, Gas & Consumable Fuels (1.8%):
	28,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35		34,461
	402,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100		424,231
	145,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		153,101
	135,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100		148,393
	230,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 2/10/20 @ 102.29(b)		232,300
	100,000	Meg Energy Corp., 7.00%, 3/31/24, Callable 2/10/20 @ 102.33^(b)		100,750
	108,000	Petrobras Global Finance BV, 5.09%, 1/15/30(b)		116,100
	1,793,000	Petrobras Global Finance BV, 7.25%, 3/17/44		2,174,012
	694,000	Petroleos Mexicanos, 4.50%, 1/23/26		689,390
	566,000	Petroleos Mexicanos, 6.50%, 3/13/27		599,328
	1,196,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100(b)		1,281,467
	363,000	Petroleos Mexicanos, 5.63%, 1/23/46		326,774
	2,228,000	Petroleos Mexicanos, 6.75%, 9/21/47		2,232,684
	1,386,000	Petroleos Mexicanos, 7.69%, 1/23/50, Callable 7/23/49 @ 100(b)		1,515,153

				10,028,144


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Pharmaceuticals (0.4%):
$	1,050,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100	$	1,074,268
	24,000	Bausch Health Cos., Inc., 5.50%, 3/1/23, Callable 2/10/20 @ 101.38(b)		24,090
	265,000	Bausch Health Cos., Inc., 7.00%, 3/15/24, Callable 3/15/20 @ 103.5(b)		275,600
	459,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100		463,777
	226,000	Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		234,596
	84,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		81,375
	127,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23		117,793
	195,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06(b)		201,338

				2,472,837

Software (0.0%^†):
	225,000	Open Text Corp., 5.88%, 6/1/26, Callable 6/1/21 @ 102.94(b)		240,188

Sovereign Bond (0.3%):
	900,000	Dominican Republic, 5.50%, 1/27/25(b)		967,500
	150,000	Dominican Republic, 6.00%, 7/19/28(b)		166,688
	1,000,000	Republic of Argentina, 5.88%, 1/11/28		470,000

				1,604,188

Thrifts & Mortgage Finance (0.1%^†):
	200,000	Corp. Nacional del Cobre de Chile, 3.63%, 8/1/27, Callable 5/1/27 @ 100(b)		208,407
	200,000	Corp. Nacional del Cobre de Chile, 4.50%, 8/1/47, Callable 2/1/47 @ 100(b)		217,766

				426,173

Tobacco (0.2%):
	462,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100(b)		475,688
	700,000	Imperial Tobacco Finance, 4.25%, 7/21/25, Callable 4/21/25 @ 100(b)		735,839

				1,211,527

Trading Companies & Distributors (0.3%):
	195,000	Aercap Holdings NV, 5.87% (H15T5Y+454 bps), 10/10/79, Callable 10/10/24 @ 100		208,650
	152,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 12/16/21, Callable 11/16/21 @ 100		158,080
	320,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		346,799
	297,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, 8/14/24, Callable 7/14/24 @ 100		299,599
	163,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		174,614
	100,000	Fly Leasing, Ltd., 6.38%, 10/15/21, Callable 2/10/20 @ 101.59		102,000
	270,000	Fly Leasing, Ltd., 5.25%, 10/15/24, Callable 10/15/20 @ 102.63		281,475

				1,571,217

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars, continued
Wireless Telecommunication Services (0.2%):
$	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(b)	$	348,150
	270,000	Millicom International Cellular SA, 6.63%, 10/15/26, Callable 10/15/21 @ 104.97(b)		295,313
	500,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b)		549,375

				1,192,838

	Total Yankee Dollars (Cost $40,787,194)			42,446,619

Municipal Bonds (0.8%):
Illinois (0.7%):
	105,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.43%, 1/1/42		106,200
	3,235,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		3,488,980
	109,091	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		114,425

			3,709,605

California (0.1%):
	400,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		602,296
	140,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		224,144
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		15,235

				841,675

	Total Municipal Bonds (Cost $4,082,253)			4,551,280

U.S. Government Agency Mortgages (13.8%):
Government National Mortgage Association (4.5%)
	44,583	4.00%, 10/20/40, Pool #G24833		47,321
	130,093	4.00%, 1/20/41, Pool #4922		138,083
	119,803	4.00%, 8/15/41, Pool #430354		130,360
	1,402,636	4.00%, 1/20/42, Pool #5280		1,492,840
	177,373	4.00%, 11/20/42, Pool #MA0535		188,804
	24,412	4.00%, 11/20/42, Pool #AB9233		26,127
	345,427	3.00%, 12/20/42, Pool #AA5872		356,577
	3,024,064	3.50%, 1/20/43, Pool #MA0699		3,185,766
	226,671	3.00%, 3/20/43, Pool #AA6146		234,148
	52,099	3.50%, 3/20/43, Pool #AD8884		54,242
	93,446	3.00%, 3/20/43, Pool #AD8812		95,996
	55,780	3.50%, 4/20/43, Pool #AD9075		57,749
	19,403	3.50%, 4/20/43, Pool #AB9891		20,197
	207,905	3.50%, 5/20/46, Pool #MA3663		216,598
	160,875	4.00%, 5/20/46, Pool #MA3664		169,441
	280,695	3.50%, 6/20/46, Pool #MA3736		293,469
	72,136	3.50%, 7/20/46, Pool #MA3803		75,066
	861,287	3.00%, 12/20/46, Pool #MA4126		889,094
	240,804	4.00%, 1/15/47, Pool #AX5831		251,658
	228,514	4.00%, 1/15/47, Pool #AX5857		238,814
	1,763,906	3.00%, 1/20/47, Pool #MA4195		1,820,565
	211,209	3.00%, 2/20/47, Pool #MA4261		217,531
	633,259	4.00%, 3/20/47, Pool #MA4322		663,035
	171,621	4.00%, 4/20/47, Pool #784303		178,133
	841,797	4.50%, 4/20/47, Pool #MA4384		884,184
	110,894	4.00%, 4/20/47, Pool #MA4383		115,909


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	185,675	4.00%, 4/20/47, Pool #784304	$	192,690
	120,022	4.00%, 5/20/47, Pool #MA4452		125,661
	1,133,103	4.50%, 6/20/47, Pool #MA4512		1,190,140
	38,904	3.50%, 7/20/47, Pool #MA4586		40,466
	3,663,768	3.50%, 9/20/47, Pool #MA4719		3,795,775
	197,412	3.50%, 1/20/48, Pool #MA4962		205,324
	56,793	4.00%, 4/20/48, Pool #BG7744		59,453
	80,734	4.00%, 4/20/48, Pool #BG3507		84,510
	415,923	4.00%, 4/20/48, Pool #MA5137		432,187
	2,615,338	4.00%, 5/20/48, Pool #MA5192		2,705,407
	874,877	4.00%, 6/20/48, Pool #MA5264		904,982
	2,500,000	3.00%, 1/20/49, TBA		2,567,579
	350,000	3.50%, 1/20/50, TBA		360,664
	250,000	3.50%, 2/20/50, TBA		257,744

				24,964,289

Federal National Mortgage Association (6.1%)
	69,515	2.50%, 5/1/31, Pool #BC0919		70,549
	93,585	2.50%, 8/1/31, Pool #BC2778		94,977
	68,007	2.50%, 10/1/31, Pool #AS8010		69,174
	528,855	2.50%, 1/1/32, Pool #BE3032		536,023
	302,461	3.00%, 9/1/32, Pool #BM5110		311,669
	108,083	2.50%, 9/1/32, Pool #MA3124		109,454
	173,139	3.00%, 12/1/32, Pool #BM5109		178,729
	1,143,653	3.00%, 2/1/33, Pool #BM5108		1,179,478
	718,375	3.00%, 2/1/33, Pool #MA3283		741,093
	40,653	3.00%, 3/1/33, Pool #BM4614		41,968
	36,013	3.00%, 5/1/33, Pool #AT3000		37,164
	39,667	3.00%, 6/1/33, Pool #AT6090		40,938
	196,279	3.00%, 7/1/33, Pool #MA1490		202,557
	188,902	2.50%, 5/1/34, Pool #BN6321		190,789
	93,869	3.00%, 6/1/34, Pool #CA3585		97,324
	719,044	3.50%, 9/1/34, Pool #FM1577		753,733
	1,600,000	2.50%, 1/25/35, TBA		1,614,500
	660,388	6.00%, 5/1/36, Pool #745512		752,597
	37,476	3.50%, 12/1/40, Pool #AH1556		39,629
	17,070	3.50%, 6/1/42, Pool #AO6387		17,945
	415,505	3.00%, 10/1/42, Pool #AB6509		428,788
	620,330	3.00%, 10/1/42, Pool #AB6504		637,667
	35,284	3.50%, 11/1/42, Pool #MA1236		37,107
	712,450	3.00%, 11/1/42, Pool #AB6976		735,234
	1,585,100	3.50%, 11/1/42, Pool #AL2866		1,665,579
	277,948	3.00%, 12/1/42, Pool #AB7282		286,829
	1,258,280	3.00%, 1/1/43, Pool #AB7586		1,298,555
	315,789	3.00%, 2/1/43, Pool #AT0223		324,615
	17,704	3.50%, 3/1/43, Pool #AB8733		18,589
	17,726	3.50%, 3/1/43, Pool #AR4461		18,368
	50,361	3.50%, 7/1/43, Pool #AT8975		52,808
	75,911	4.00%, 10/1/43, Pool #BM1167		81,476
	68,306	3.50%, 11/1/43, Pool #AL9612		72,083
	655,897	4.50%, 3/1/44, Pool #AV0957		702,304
	955,179	4.50%, 7/1/44, Pool #AS3062		1,022,024
	279,543	4.50%, 10/1/44, Pool #AV8856		298,789

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	322,841	4.50%, 12/1/44, Pool #AS4176	$	347,238
	104,199	3.50%, 2/1/45, Pool #BM1014		109,221
	131,130	4.00%, 5/1/45, Pool #AZ1207		138,777
	163,173	4.00%, 6/1/45, Pool #AY8126		172,547
	387,043	4.00%, 6/1/45, Pool #AY8096		409,277
	617,991	3.50%, 7/1/45, Pool #AZ0814		645,086
	410,796	3.50%, 8/1/45, Pool #AY8424		428,821
	537,214	4.50%, 12/1/45, Pool #BA6997		569,866
	72,975	4.00%, 12/1/45, Pool #AS6352		77,088
	22,465	4.50%, 1/1/46, Pool #AY3890		23,717
	237,862	4.00%, 2/1/46, Pool #BC1578		250,927
	269,882	3.50%, 3/1/46, Pool #BM4621		284,796
	9,712	4.50%, 3/1/46, Pool #BC0287		10,480
	62,039	4.00%, 4/1/46, Pool #AS7024		65,361
	530,952	4.00%, 4/1/46, Pool #AL8468		566,427
	497,404	4.00%, 6/1/46, Pool #AL9282		524,843
	127,692	4.50%, 6/1/46, Pool #BD1238		136,248
	547,303	3.50%, 7/1/46, Pool #AL9515		566,113
	197,594	4.00%, 7/1/46, Pool #BC1443		210,590
	27,056	3.50%, 8/1/46, Pool #BD5247		28,489
	208,992	4.00%, 9/1/46, Pool #BC2843		222,715
	82,365	4.00%, 9/1/46, Pool #BD1489		86,895
	16,983	3.50%, 9/1/46, Pool #BD0711		17,883
	38,443	3.50%, 9/1/46, Pool #BD7792		40,464
	185,459	4.00%, 10/1/46, Pool #BC4754		197,677
	1,552,643	3.50%, 10/1/46, Pool #BC4760		1,634,764
	248,087	3.50%, 10/1/46, Pool #AL9285		255,199
	66,154	4.50%, 10/1/46, Pool #BE1671		70,608
	28,537	4.00%, 10/1/46, Pool #BD7599		30,098
	237,890	3.00%, 11/1/46, Pool #BM3627		244,811
	72,664	4.50%, 11/1/46, Pool #BE2386		78,415
	564,864	3.50%, 12/1/46, Pool #BC9077		589,494
	38,546	3.50%, 12/1/46, Pool #BE5877		40,420
	966,835	3.50%, 12/1/46, Pool #BD8504		1,017,733
	12,199	4.50%, 12/1/46, Pool #BC9079		13,153
	141,499	4.50%, 12/1/46, Pool #BE4488		152,699
	25,995	3.50%, 1/1/47, Pool #BE7834		27,259
	423,874	3.50%, 1/1/47, Pool #BE1526		442,190
	90,090	4.50%, 1/1/47, Pool #BE6506		96,682
	337,728	3.50%, 1/1/47, Pool #AL9776		349,321
	90,559	4.50%, 1/1/47, Pool #BE7087		97,038
	81,602	4.50%, 2/1/47, Pool #BE8498		87,757
	770,119	4.00%, 2/1/47, Pool #AL9779		814,745
	122,963	4.00%, 5/1/47, Pool #BM1277		130,975
	16,094	4.00%, 6/1/47, Pool #BH4269		17,143
	39,428	4.50%, 6/1/47, Pool #BH0561		42,092
	20,777	4.50%, 6/1/47, Pool #BE9387		22,286
	120,607	4.50%, 6/1/47, Pool #BE3663		129,216
	105,916	4.50%, 7/1/47, Pool #BE3749		113,478
	78,068	4.00%, 7/1/47, Pool #AS9968		82,516
	21,219	4.00%, 12/1/47, Pool #BJ4279		22,606
	21,393	4.00%, 12/1/47, Pool #BJ2132		22,788
	360,955	3.50%, 12/1/47, Pool #CA0854		378,722


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	19,233	4.00%, 4/1/48, Pool #BJ8805	$	20,343
	21,982	4.00%, 4/1/48, Pool #BK2485		23,256
	19,206	4.00%, 4/1/48, Pool #BK4838		20,309
	580,180	4.00%, 4/1/48, Pool #BJ9939		610,835
	95,165	4.50%, 4/1/48, Pool #BJ5454		101,535
	27,620	4.00%, 4/1/48, Pool #CA1545		29,210
	141,544	4.00%, 4/1/48, Pool #BM3700		150,747
	22,415	4.00%, 5/1/48, Pool #BK2527		23,689
	31,211	4.50%, 5/1/48, Pool #BJ5507		33,331
	73,005	4.00%, 5/1/48, Pool #BM3877		77,202
	165,772	4.50%, 10/25/48, Pool #BM4548		180,268
	45,416	4.00%, 12/1/48, Pool #MA3536		47,276
	571,149	4.50%, 9/1/49, Pool #FM1534		613,484
	431,607	3.00%, 9/1/49, Pool #CA4142		440,752
	363,377	3.00%, 9/1/49, Pool #FM1459		368,662
	432,433	3.00%, 10/1/49, Pool #CA4406		443,756
	432,562	3.00%, 10/1/49, Pool #CA4421		441,476
	99,600	3.50%, 11/1/49, Pool #CA4557		103,873
	654,545	4.00%, 11/1/49, Pool #CA4628		689,531
	1,000,000	2.50%, 12/1/49, Pool #BO6208		991,731
	600,000	3.50%, 1/25/50, TBA		617,156

				33,925,281

Federal Home Loan Mortgage Corporation (3.2%)
	51,949	2.50%, 6/1/31, Pool #J34501		52,750
	53,590	2.50%, 6/1/31, Pool #G18604		54,193
	79,686	2.50%, 7/1/31, Pool #V61246		80,915
	138,163	2.50%, 8/1/31, Pool #V61273		140,539
	399,314	3.50%, 3/1/32, Pool #C91403		416,920
	1,059,692	3.50%, 7/1/32, Pool #C91467		1,106,416
	360,881	2.50%, 12/1/32, Pool #G18669		367,167
	90,158	2.50%, 3/1/33, Pool #G18680		91,036
	425,139	3.00%, 4/1/33, Pool #G18684		436,710
	42,046	3.00%, 4/1/33, Pool #K90336		43,370
	129,179	3.00%, 5/1/33, Pool #G16550		133,254
	44,257	3.00%, 6/1/33, Pool #C91709		45,651
	105,199	3.00%, 6/1/33, Pool #K90632		108,516
	87,853	3.00%, 6/1/33, Pool #K90806		90,619
	58,521	3.00%, 6/1/33, Pool #K90684		60,359
	201,505	3.00%, 7/1/33, Pool #C91714		207,852
	274,172	2.50%, 7/1/33, Pool #G16661		278,700
	294,236	3.50%, 11/1/33, Pool #G16677		307,180
	250,066	3.50%, 2/1/34, Pool #G16752		260,547
	86,877	3.00%, 4/1/34, Pool #G16829		89,354
	354,236	3.50%, 10/1/34, Pool #C91793		369,280
	975,867	4.00%, 5/1/37, Pool #C91938		1,026,974
	319,843	5.00%, 2/1/38, Pool #G60365		356,572
	417,549	4.00%, 11/1/40, Pool #A95150		438,646
	883,779	3.50%, 1/1/44, Pool #G07922		940,612
	439,275	3.50%, 1/1/44, Pool #G60271		463,982
	146,130	4.00%, 2/1/45, Pool #G07949		155,612
	134,959	3.50%, 11/1/45, Pool #Q37467		142,164
	40,441	4.00%, 4/1/46, Pool #V82292		42,805

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	13,018	4.00%, 4/1/46, Pool #Q39975	$	13,912
	266,321	3.50%, 9/1/46, Pool #Q43257		280,837
	15,780	4.50%, 12/1/46, Pool #Q45028		17,003
	392,143	3.00%, 12/1/46, Pool #G60989		401,117
	17,507	4.50%, 1/1/47, Pool #Q45635		18,881
	35,968	4.50%, 2/1/47, Pool #Q46222		38,622
	77,421	4.50%, 5/1/47, Pool #Q48095		83,163
	82,418	4.50%, 5/1/47, Pool #Q47935		88,480
	32,858	4.50%, 5/1/47, Pool #Q47942		35,286
	689,281	4.00%, 6/1/47, Pool #Q48877		738,084
	90,907	4.50%, 6/1/47, Pool #Q48759		97,614
	545,204	4.00%, 6/1/47, Pool #G08767		572,784
	731,202	4.00%, 7/1/47, Pool #G08771		771,314
	68,831	4.50%, 7/1/47, Pool #Q49393		73,911
	408,107	3.50%, 11/1/47, Pool #Q52086		421,824
	171,886	4.50%, 12/1/47, Pool #Q53017		183,581
	271,269	4.00%, 12/1/47, Pool #G61305		284,602
	15,472	4.50%, 1/1/48, Pool #Q53730		16,529
	60,587	4.00%, 1/1/48, Pool #V83906		63,537
	16,450	4.00%, 2/1/48, Pool #Q54499		17,413
	56,643	4.00%, 2/1/48, Pool #V83994		59,271
	71,835	4.00%, 2/1/48, Pool #G61343		75,525
	115,772	4.50%, 4/1/48, Pool #Q55500		123,859
	136,995	4.50%, 4/1/48, Pool #Q55660		146,459
	171,029	4.50%, 4/1/48, Pool #Q55724		182,904
	413,649	4.00%, 5/1/48, Pool #ZA5379		437,527
	226,913	4.50%, 5/1/48, Pool #Q55839		242,590
	368,800	4.00%, 5/1/48, Pool #Q55992		390,906
	442,395	4.00%, 6/1/48, Pool #G67713		473,296
	140,894	4.00%, 7/1/48, Pool #Q59935		149,149
	382,113	4.00%, 8/1/48, Pool #ZS4785		398,518
	72,361	4.50%, 10/1/48, Pool #G67716		77,844
	50,280	4.00%, 10/1/48, Pool #ZT0712		52,339
	762,672	3.50%, 5/1/49, Pool #Q63646		795,255
	1,000,001	3.00%, 6/1/49, Pool #ZT2090		1,011,190
	950,000	3.00%, 12/1/49, Pool #RA1865		963,812

				18,107,633

	Total U.S. Government Agency Mortgages (Cost $75,895,729)			76,997,203

U.S. Treasury Obligations (15.0%):
U.S. Treasury Inflation Index Notes (1.9%):
	1,825,219	0.25%, 1/15/25		1,841,040
	5,157,103	0.63%, 1/15/26		5,314,626


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Inflation Index Notes, continued
$	2,179,266	0.13%, 7/15/26	$	2,186,239
	1,335,034	0.88%, 1/15/29		1,417,529

				10,759,434

U.S. Treasury Inflation Index Bonds (0.5%):
	2,215,045	0.75%, 2/15/45		2,300,008
	83,515	1.00%, 2/15/46		91,925
	480,631	1.00%, 2/15/49		534,288

				2,926,221

U.S. Treasury Notes (9.6%):
	1,906,000	1.88%, 7/31/22		1,919,699
	3,900,000	2.50%, 1/31/24		4,028,578
	2,961,000	2.13%, 3/31/24		3,015,593
	3,490,000	1.75%, 6/30/24		3,500,906
	3,555,000	2.13%, 7/31/24		3,623,878
	5,588,000	2.50%, 2/28/26		5,821,998
	4,682,000	1.63%, 9/30/26		4,625,670
	1,600,000	1.63%, 11/30/26		1,579,750
	6,146,000	3.13%, 11/15/28		6,762,521
	5,603,000	1.63%, 8/15/29		5,462,925
	13,738,000	1.75%, 11/15/29^		13,540,516

				53,882,034

U.S. Treasury Bonds (3.0%):
	277,000	2.75%, 11/15/47		297,732
	11,629,000	3.00%, 2/15/49		13,149,855
	3,127,000	2.88%, 5/15/49		3,455,335

				16,902,922

	Total U.S. Treasury Obligations (Cost $82,156,790)			84,470,611

Short-Term Securities Held as Collateral for Securities on Loan (2.8%):
	15,614,616	BlackRock Liquidity FedFund, Institutional Class, 2.00%(e)(f)		15,614,616

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $15,614,616)			15,614,616

Unaffiliated Investment Companies (1.4%):
Money Markets (1.4%):
	7,905,819	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(e)		7,905,819

	Total Unaffiliated Investment Companies (Cost $7,905,819)			7,905,819

	Total Investment Securities (Cost $520,545,456) — 103.3%(g)			577,873,315
	Net other assets (liabilities) — (3.3)%			(18,846,494	)

	Net Assets — 100.0%		$	559,026,821

Percentages indicated are based on net assets as of December 31, 2019.

CVR—Contingency Valued Rights

GO—General Obligation

H15T5Y—5 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced Security

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

December 31, 2019

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

USSW5—USD 5 Year Swap Rate

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $15,188,935.

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

†	Represents less than 0.05%.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. Thesub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(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 December 31, 2019.

(d)	Defaulted bond.

(e)	The rate represents the effective yield at December 31, 2019.

(f)	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 December 31, 2019.

(g)	See Federal Tax Information listed in the Notes to the Financial Statements.

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

Futures Contracts

Cash of $88,200 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

S&P 500 IndexE-Mini March Futures (U.S. Dollar)		3/20/20		13	$	2,100,215	$	31,929

							$	31,929

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	520,545,456

Investment securities, at value^(a)	$	577,873,315
Segregated cash for collateral for futures contracts		88,200
Interest and dividends receivable		2,892,933
Foreign currency, at value (cost $1,686)		1,686
Receivable for TBA investments sold		26,162,779
Receivable for variation margin on futures contracts		4,658
Reclaims receivable		154,722
Prepaid expenses		1,965

Total Assets		607,180,258

Liabilities:
Cash overdraft		1,682
Payable for investments purchased		347,428
Payable for TBA investments purchased		31,635,517
Payable for capital shares redeemed		202,013
Payable for collateral received on loaned securities		15,614,616
Manager fees payable		192,178
Administration fees payable		10,070
Distribution fees payable		118,389
Custodian fees payable		5,497
Administrative and compliance services fees payable		2,012
Transfer agent fees payable		994
Trustee fees payable		495
Other accrued liabilities		22,546

Total Liabilities		48,153,437

Net Assets	$	559,026,821

Net Assets Consist of:
Paid in capital	$	474,829,871
Total distributable earnings		84,196,950

Net Assets	$	559,026,821

Shares of beneficial interest (unlimited number of shares authorized, no par value)		41,548,495
Net Asset Value (offering and redemption price per share)	$	13.45

(a)	Includes securities on loan of $15,188,935.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Interest	$	11,871,983
Dividends		5,019,140
Income from securities lending		138,526
Foreign tax reclaims received		37,748

Total Investment Income		17,067,397

Expenses:
Manager fees		3,901,045
Administration fees		224,867
Distribution fees		1,393,226
Custodian fees		34,292
Administrative and compliance services fees		10,470
Transfer agent fees		6,209
Trustee fees		33,064
Professional fees		29,171
Shareholder reports		19,123
Other expenses		18,515

Total expenses before reductions		5,669,982
Less expenses voluntarily waived/reimbursed by the Manager		(1,393,226	)
Less expense contractually waived/reimbursed by the Manager		(328,039	)

Net expenses		3,948,717

Net Investment Income/(Loss)		13,118,680

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		14,282,449
Net realized gains/(losses) on futures contracts		818,127
Net realized gains/(losses) on securities held short		(79,141	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		60,252,802
Change in net unrealized appreciation/depreciation on futures contracts		145,087
Change in net unrealized appreciation/depreciation on securities held short		27,072

Net realized and Change in net unrealized gains/losses on investments		75,446,396

Change in Net Assets Resulting From Operations	$	88,565,076

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	13,118,680			$	13,219,288
Net realized gains/(losses) on investments			15,021,435				21,563,531
Change in unrealized appreciation/depreciation on investments			60,424,961				(45,165,722	)

Change in net assets resulting from operations			88,565,076				(10,382,903	)

Distributions to Shareholders:
Distributions			(35,430,519	)			(35,700,076	)

Change in net assets resulting from distributions to shareholders			(35,430,519	)			(35,700,076	)

Capital Transactions:
Proceeds from shares issued			9,032,090				12,053,647
Proceeds from dividends reinvested			35,430,518				35,700,076
Value of shares redeemed			(77,925,529	)			(89,690,641	)

Change in net assets resulting from capital transactions			(33,462,921	)			(41,936,918	)

Change in net assets			19,671,636				(88,019,897	)
Net Assets:
Beginning of period			539,355,185				627,375,082

End of period		$	559,026,821			$	539,355,185

Share Transactions:
Shares issued			678,904				913,011
Dividends reinvested			2,759,386				2,826,609
Shares redeemed			(5,869,044	)			(6,745,825	)

Change in shares			(2,430,754	)			(3,006,205	)

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Net Asset Value, Beginning of Period		$	12.26			$	13.35			$	12.43			$	12.06			$	13.72

Investment Activities:
Net Investment Income/(Loss)			0.31	(a)			0.34				0.28				0.34				0.32
Net Realized and Unrealized Gains/(Losses) on Investments			1.76				(0.58	)			1.09				0.44				(1.07	)

Total from Investment Activities			2.07				(0.24	)			1.37				0.78				(0.75	)

Distributions to Shareholders From:
Net Investment Income			(0.33	)			(0.32	)			—				(0.18	)			(0.56	)
Net Realized Gains			(0.55	)			(0.53	)			(0.45	)			(0.23	)			(0.35	)

Total Dividends			(0.88	)			(0.85	)			(0.45	)			(0.41	)			(0.91	)

Net Asset Value, End of Period		$	13.45			$	12.26			$	13.35			$	12.43			$	12.06

Total Return(b)			17.27	%			(2.02	)%			11.12	%			6.52	%			(5.46	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	559,027			$	539,355			$	627,375			$	657,727			$	735,431
Net Investment Income/(Loss)			2.35	%			2.24	%			2.06	%			2.48	%			2.31	%
Expenses Before Reductions(c)			1.02	%			1.01	%			1.00	%			1.04	%			1.04	%
Expenses Net of Reductions			0.71	%			0.71	%			0.71	%			0.97	%			1.04	%
Portfolio Turnover Rate			77	%			66	%			82	%			148	%(d)			35	%

(a)	Calculated using the average shares method.

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

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

(d)

Effective October 14, 2016, the investment strategy of the Fund changed. Costs of purchases and proceeds from sales of portfolio securities associated with the changes in investment strategy contributed to higher portfolio turnover rate for the period ended December 31, 2016 as compared to prior years.

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Multi-Strategy Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Structured Notes

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

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

December 31, 2019

Securities Purchased on a When-Issued Basis

Short Sales

Distributions to Shareholders

Expense Allocation

Bank Loans

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. These base rates are primarily the London-Interbank Offered Rate and, secondarily, the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Schedule of Portfolio of Investments. All or a portion of any bank loans may be unfunded. The portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the portfolio must have funds sufficient to cover its contractual obligation.

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $13,695 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $15,614,616 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

December 31, 2019

TBA Purchase and Sale Commitments

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of December 31, 2019, no collateral had been posted by the Fund to counterparties for TBAs.

Affiliated Securities Transactions

Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards UpdateNo. 2017-08 (“ASU2017-08”), “Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities”. ASU2017-08 changed the amortization period fornon-contingently callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. ASU2017-08 does not require an accounting change for securities held at a discount, which continues to accrete to maturity. The Fund has adopted ASU2017-08 on a modified retrospective basis as of January 1, 2019. The adoption of ASU2017-08 did not have a significant impact on the amortized cost of investments as of January 1, 2019, and had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to manage its exposure to the securities markets or to movements in market conditions or foreign exchange rates. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $2.9 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

31,929

Payable for variation margin on futures contracts*

—

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	818,127	$	145,087

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained two independent money management organizations (the “Subadviser”), FIAM LLC (“FIAM”) and Geode Capital Management, LLC (“Geode”) to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and FIAM, and the Manager and Geode provide investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		0.70	%		0.71	%

*	The Manager voluntarily reduced the management fee to 0.45% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

At December 31, 2019, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2020			Expires 12/31/2021			Expires 12/31/2022			Total

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	268,430		$	287,302		$	328,039		$	883,771

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $4,180 was paid from the Fund relating to these fees and expenses.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

December 31, 2019

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $182,500 annual Board retainer, the Lead Director receives an additional $45,625 annually, the Chair of the Nominating and Corporate Governance Committee receives an additional $10,000 annually and the Chair of the Audit Committee receives an additional $10,000 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the year ended December 31, 2019, actual Trustee compensation was $1,343,125 in total for both trusts.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	225,581,594		$	—		$	—			$	225,581,594
Warrants			—			—			—	#			—
Rights			11,498			—			—				11,498
Asset Backed Securities			—			6,088,630			—				6,088,630
Collateralized Mortgage Obligations			—			12,894,084			—				12,894,084
Corporate Bonds+			—			101,311,317			—				101,311,317
Foreign Bonds+			—			44			—				44
Yankee Dollars+			—			42,446,619			—				42,446,619
Municipal Bonds			—			4,551,280			—				4,551,280
U.S. Government Agency Mortgages			—			76,997,203			—				76,997,203
U.S. Treasury Obligations			—			84,470,611			—				84,470,611
Short-Term Securities Held as Collateral for Securities on Loan			15,614,616			—			—				15,614,616
Unaffiliated Investment Companies			7,905,819			—			—				7,905,819

Total Investment Securities			249,113,527			328,759,788			—				577,873,315

Other Financial Instruments:*
Futures Contracts			31,929			—			—				31,929

Total Investments		$	249,145,456		$	328,759,788		$	—			$	577,905,244

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

#	Represents the interest in securities that were determined to have a value of zero at December 31, 2019.

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

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

December 31, 2019

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	421,581,220		$	478,370,122

For the year ended December 31, 2019, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	186,898,016		$	198,607,934

6. Investment Risks

7. Federal Tax Information

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

December 31, 2019

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $522,510,796. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	58,548,018
Unrealized (depreciation)		(3,185,499	)

Net unrealized appreciation/(depreciation)	$	55,362,519

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	15,313,364		$	20,117,155		$	35,430,519

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	24,240,658		$	11,459,418		$	35,700,076

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	15,184,809		$	13,637,221		$	—		$	55,374,920		$	84,196,950

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales and mark-to-market of futures contracts.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 95% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Fidelity Institutional Asset Management Multi-Strategy Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 29.03% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $2,021,810.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $20,117,155.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

(3)The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

Based upon the information provided, the management fee ranking in 2018 for the 20 Funds was as follows: (1) 17 of the Funds had management fee rankings at or below the 65th percentile (with 10 Funds at or below the 50th percentile); and (2) for the AZL Enhanced Bond Index Fund, the AZL MSCI Emerging Markets Equity Index Fund, and the AZL MSCI Global Equity Index Fund, it was determined that there was poor (or no) peer group comparability. For the AZL Russell 1000 Value Index Fund and the AZL Russell 1000 Growth Index Fund, following discussions with the Board, and although the Funds’ management fee ranked below the 65th percentile, the Manager recommended increasing a temporary management fee waiver by one basis point, which the Board approved. Increasing the temporary management fee waivers by one basis point effectively decreases the management fee paid by a fund by one basis point.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Fidelity Institutional Asset Management^®

Total Bond Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 21

Page 21

Page 22

Page 23

Report of Independent Registered Public Accounting Firm

Page 24

Page 30

Approval of Investment Advisory and Subadvisory Agreements

Page 31

Page 32

Information about the Board of Trustees and Officers

Page 35

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^®Fidelity Institutional Asset Management^®Total Bond Fund and FIAM LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Fidelity Institutional Asset Management^® Total Bond Fund (Class 2 Shares) (the “Fund”) returned 10.28%. That compared to a 8.72% total return for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹.

The U.S. bond market benefitted from the Federal Reserve Board’s dovish shift during the period, recovering from the heightened volatility it experienced in late 2018. Falling yields boosted fixed-income returns. In particular, September saw10-year Treasury yields fall to levels last seen in July 2016. The Treasury yield curve was partially inverted at the beginning of the year, generating fears of an imminent recession, but the curve flattened during the period and steepened in the fourth quarter. Meanwhile, a reduction in credit spreads led corporate bonds and other credit-sensitive bonds to outperform U.S. Government bonds, as investors aimed for higher returns from relatively riskier securities.

The two largest contributors to the Fund’s absolute returns were its positions in investment-grade corporate bonds and high-yield bonds. Both experienced meaningful spread reductions as fear of an imminent recession subsided. Within investment-grade corporate bonds, real estate investment trusts2 (REITs) and the banking, communications, consumernon-cyclicals and energy sectors were the biggest contributors to absolute returns. The Fund’s banking exposure benefitted from generally benign economic conditions. Meanwhile, mortgage-backed securities and Treasuries were also positive contributors on an absolute basis.*

The Fund outperformed its benchmark, benefiting from strong security selection and strong sector allocation. Overweight positions in high-yield bonds and investment-grade corporate bonds boosted relative returns. Within investment-grade corporate bonds, an overweight position in financials contributed to relative performance, as did strong selection among U.S. and European banks, REITs and industrials.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund Review (Unaudited)


Fund Objective
The Fund’s investment objective is to seek a high level of current income. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.
Investment Concerns
Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.
Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.
International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.
Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because of the sensitivity of mortgage-related securities to changes in interest rates, the Fund’s performance may be more volatile than if it did not hold these securities.
The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), real estate operating companies (REOCs), and foreign real estate companies, and property management, all of which can be affected by a variety of factors, including national and regional economic conditions.
High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.
Debt securities held by the Fund may decline in value due to rising interest rates.
For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception		1			��	3			5			Since
	Date		Year				Year			Year			Inception
AZL^®Fidelity Institutional Asset Management^®Total Bond Fund (Class 1 Shares)		10/28/16		10.57	%			4.60	%		—			3.58	%
AZL^®Fidelity Institutional Asset Management^®Total Bond Fund (Class 2 Shares)		9/5/12		10.28	%			4.33	%		3.49	%		2.88	%
Bloomberg Barclays U.S. Aggregate Bond Index		9/5/12		8.72	%			4.03	%		3.05	%		2.65	%


Expense Ratios	Gross
AZL^®Fidelity Institutional Asset Management^®Total Bond Fund (Class 1 Shares)		0.56	%
AZL^®Fidelity Institutional Asset Management^®Total Bond Fund (Class 2 Shares)		0.81	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses such as interest expense to 0.70% for Class 1 Shares and 0.95% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

AZL Fidelity Institutional Asset Management Total Bond Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1		$	1,000.00		$	1,031.10		$	2.87		0.56	%

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		$	1,000.00		$	1,029.40		$	4.14		0.81	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1		$	1,000.00		$	1,022.38		$	2.85		0.56	%

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		$	1,000.00		$	1,021.12		$	4.13		0.81	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Corporate Bonds		32.9	%

U.S. Government Agency Mortgages		23.7

U.S. Treasury Obligations		22.9

Yankee Dollars		13.0

Collateralized Mortgage Obligations		3.9

Unaffiliated Investment Companies		1.7

Asset Backed Securities		1.7

Municipal Bonds		1.2

Short-Term Securities Held as Collateral for Securities on Loan		0.6

Common Stocks		—	^†

Warrants		—	^†


Total Investment Securities		101.6

Net other assets (liabilities)		(1.6	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Shares or Principal Amount			Fair Value
Common Stocks (0.0%^†):
Energy Equipment & Services (0.0%^†):
	7,612	Weatherford International plc*	$	212,756

Oil, Gas & Consumable Fuels (0.0%^†):
	22	Amplify Energy Corp., 6.05%		145

	Total Common Stocks (Cost $178,882)			212,901

Warrants (0.0%^†):
Oil, Gas & Consumable Fuels (0.0%^†):
	3,930	Amplify Energy Corp., 4/21/20		—

Wireless Telecommunication Services (0.0%^†):
	600,000	T Mobile Escrow Shares, 4/15/25(a)		—

	Total Warrants (Cost $8,435)			—

Asset Backed Securities (1.7%):
$	327,952	Aaset Trust, Class A,Series 2018-1A, 3.84%, 1/16/38(b)		328,844
	1,583,152	Aaset Trust, Class A,Series 2017-1A, 3.97%, 5/16/42(b)		1,596,122
	474,314	Aaset Trust, Class A,Series 2019-2, 3.38%, 10/16/39(b)		470,070
	321,033	Aaset Trust, Class A,Series 2019-1, 3.84%, 5/15/39(b)		323,201
	158,854	Blackbird Capital Aircraft, Class AA,Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		158,321
	663,161	Blackbird Capital Aircraft, Class A,Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		677,195
	521,431	Castlelake Aircraft Structured Trust, Class A,Series 2018-1A, 4.13%, 6/15/43(b)		530,051
	488,964	Castlelake Aircraft Structured Trust, Class A,Series 2019-1, 3.97%, 4/15/39(b)		495,544
	235,079	Castlelake Aircraft Structured Trust, Class B,Series 2019-1, 5.10%, 4/15/39(b)		236,967
	334,180	DB Master Finance LLC, Class A2I,Series 2017-1A, 3.63%, 11/20/47, Callable 11/20/21 @ 100(b)		338,491
	561,540	DB Master Finance LLC, Class A2II,Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(b)		577,369
	232,987	Horizon Aircraft Finance, Ltd., Class A,Series 2018-1, 4.46%, 12/15/38(b)		239,187
	241,987	Horizon Aircraft Finance, Ltd., Class A,Series 2019-1, 3.72%, 7/15/39(b)		241,689
	337,000	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(b)		333,869
	402,667	Project Silver, Class A,Series 2019-1, 3.97%, 7/15/44(b)		406,572
	558,268	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(b)(c)		566,100
	439,493	Thunderbolt Aircraft Lease, Ltd., Class A,Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c)		448,322
	562,631	Thunderbolt Aircraft Lease, Ltd., Class A,Series 2019-1, 3.67%, 11/15/39(b)		559,536

	Total Asset Backed Securities (Cost $8,443,735)			8,527,450

Collateralized Mortgage Obligations (3.9%):
	500,000	AIMCO CLO, Ltd., Class A,Series 2019-10A, 3.62%(US0003M+132bps), 7/22/32, Callable 7/22/21 @ 100(b)		499,154


Principal Amount			Fair Value
Asset Backed Securities, continued
Collateralized Mortgage Obligations, continued
$	250,000	Allegany Park CLO, Ltd., Class A,Series 2019-1A(US0003M+133bps), 1/20/33(b)	$	250,000
	534,000	Ares CLO, Ltd., Class AR,Series 2016-41A, 3.20%(US0003M+120bps), 1/15/29, Callable 7/15/20 @ 100(b)		533,810
	393,000	Ares CLO, Ltd., Class A,Series 2019-54A, 3.17%(US0003M+132bps), 10/15/32, Callable 10/15/21 @ 100(b)		393,054
	273,000	BAMLL Commercial Mortgage Securities Trust, Class ANM,Series 2019-BPR, 3.11%, 11/5/32(b)		278,893
	100,000	BAMLL Commercial Mortgage Securities Trust, Class BNM,Series 2019-BPR, 3.47%, 11/5/32(b)		102,233
	250,000	Beechwood Park CLO, Ltd., Class A1,Series 2019-1A, 3.23%(US0003M+133bps), 1/17/33, Callable 1/17/22 @ 100(b)		250,000
	467,000	Benchmark Mortgage Trust, Class A5,Series 2018-B8, 4.23%, 1/15/52		524,847
	146,300	BX Commercial Mortgage Trust, Class F,Series 2018-IND, 3.54%(US0001M+180bps), 11/15/35(b)		146,353
	560,000	BX Commercial Mortgage Trust, Class E,Series 2019-XL, 3.54%(US0001M+180bps), 10/15/36(b)		560,487
	400,000	BX Commercial Mortgage Trust, Class A,Series 2019-IMC, 2.74%(US0001M+100bps), 4/15/34(b)		400,246
	266,000	BX Commercial Mortgage Trust, Class B,Series 2019-IMC, 3.04%(US0001M+130bps), 4/15/34(b)		265,761
	176,000	BX Commercial Mortgage Trust, Class C,Series 2019-IMC, 3.34%(US0001M+160bps), 4/15/34(b)		176,000
	185,000	BX Commercial Mortgage Trust, Class D,Series 2019-IMC, 3.64%(US0001M+190bps), 4/15/34(b)		184,926
	224,000	BX Commercial Mortgage Trust, Class B,Series 2019-XL, 2.82%(US0001M+108bps), 10/15/36(b)		224,276
	281,000	BX Commercial Mortgage Trust, Class C,Series 2019-XL, 2.99%(US0001M+125bps), 10/15/36(b)		281,346
	399,000	BX Commercial Mortgage Trust, Class D,Series 2019-XL, 3.19%(US0001M+145bps), 10/15/36(b)		399,491
	154,256	BX Trust, Class D, Series 2018-EXCL, 4.36%(US0001M+263bps), 9/15/20(b)		154,058
	261,000	Cedar Funding CLO, Ltd., Class A1A,Series 2019-11A, 3.26%(US0003M+135bps), 5/29/32, Callable 5/29/21 @ 100(b)		260,980
	346,000	Cedar Funding CLO, Ltd., Class A,Series 2019-10A, 3.47%(US0003M+134bps), 10/20/32, Callable 10/20/21 @ 100(b)		346,341
	627,000	CHC Commercial Mortgage Trust, Class A,Series 2019-CHC, 2.86%(US0001M+112bps), 6/15/34(b)		626,246

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Asset Backed Securities, continued
Collateralized Mortgage Obligations, continued
$	123,000	CHC Commercial Mortgage Trust, Class B,Series 2019-CHC, 3.24%(US0001M+150bps), 6/15/34(b)	$	122,691
	139,000	CHC Commercial Mortgage Trust, Class C,Series 2019-CHC, 3.49%(US0001M+175bps), 6/15/34(b)		138,652
	89,000	Citigroup Commercial Mortgage Trust, Class A4,Series 2018-C6, 4.41%, 11/10/51		100,280
	232,000	CSAIL Commercial Mortgage Trust, Class A4,Series 2018-C14, 4.42%, 11/15/51		260,610
	1,384,000	CSMC Trust, Class D, Series 2017-PFHP, 3.99%(US0001M+225bps), 12/15/30(b)		1,383,681
	309,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(b)		324,669
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(b)		105,009
	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(b)		104,720
	128,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(b)		132,005
	427,000	Dryden CLO, Ltd., Class A,Series 2019-72A, 3.24%(US0003M+133bps), 5/15/32, Callable 5/15/21 @ 100(b)		427,614
	250,000	Dryden CLO, Ltd., Class A1,Series 2019-76A, 3.26%(US0003M+133bps), 10/20/32, Callable 10/20/21 @ 100(b)		250,251
	604,000	Dryden CLO, Ltd., Class AR2,Series 2014-36A, 3.28%(US0003M+128bps), 4/15/29, Callable 4/15/20 @ 100(b)		604,065
	438,000	Flatiron CLO, Ltd., Class A,Series 2019-1A, 3.21%(US0003M+132bps), 11/16/32, Callable 11/16/21 @ 100(b)		437,982
	63,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX,Series 2018-WPT, 4.95%, 7/5/23(b)		67,089
	97,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX,Series 2018-WPT, 5.35%, 7/5/23(b)		103,298
	133,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX,Series 2018-WPT, 5.54%, 7/5/23(b)		140,584
	500,000	Madison Park Funding, Ltd., Class A1,Series 2019-37A, 3.60%(US0003M+130bps), 7/15/32, Callable 7/15/21 @ 100(b)		501,486
	250,000	Madison Park Funding, Ltd., Class AR2,Series 2012-101, 3.19%(US0003M+122bps), 1/20/29, Callable 7/20/20 @ 100(b)		250,233
	250,000	Madison Park Funding, Ltd., Class A,Series 2019-33A, 3.17%(US0003M+133bps), 10/15/32, Callable 1/15/22 @ 100(b)		250,091
	284,000	Magnetite, Ltd., Class A, Series 24, 3.24%(US0003M+133bps), 1/15/33, Callable 1/15/22 @ 100(b)		283,995
	461,000	Magnetite, Ltd., Class A,Series 2019-21A, 3.25%(US0003M+128bps), 4/20/30, Callable 4/20/20 @ 100(b)		461,234
	904,000	Morgan Stanley Capital I Trust, Class C,Series 2018-BOP, 3.24%(US0001M+150bps), 6/15/35(b)		904,000
	375,000	Morgan Stanley Capital I Trust, Class B,Series 2018-BOP, 2.99%(US0001M+125bps), 6/15/35(b)		375,000


Principal Amount			Fair Value
Asset Backed Securities, continued
Collateralized Mortgage Obligations, continued
$	777,000	Morgan Stanley Capital I Trust, Class A4,Series 2018-H4, 4.31%, 12/15/51	$	868,996
	82,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.18%, 11/10/36(b)		81,712
	86,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36(b)		86,887
	593,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36(b)		612,250
	56,775	MSCG Trust, Class A,Series 2016-SNR, 3.35%, 11/15/34(b)(c)		56,767
	199,750	MSCG Trust, Class B,Series 2016-SNR, 4.18%, 11/15/34(b)		201,746
	140,250	MSCG Trust, Class C,Series 2016-SNR, 5.21%, 11/15/34(b)		143,038
	500,000	Niagara Park CLO, Ltd., Class A,Series 2019-1A, 3.30%(US0003M+130bps), 7/17/32, Callable 7/17/21 @ 100(b)		499,453
	401,000	RETL, Class C,Series 2019-RVP, 3.84%(US0001M+210bps), 3/15/36(b)		399,993
	509,000	VERDE CLO, Ltd., Class A,Series 2019-1A, 3.35%(US0003M+135bps), 4/15/32, Callable 4/15/21 @ 100(b)		508,459
	516,000	Voya CLO, Ltd., Class A,Series 2019-2, 3.52%(US0003M+127bps), 7/20/32, Callable 7/20/21 @ 100(b)		516,223
	555,000	Wells Fargo Commercial Mortgage Trust, Class A5,Series 2018-C48, 4.30%, 1/15/52		624,186

	Total Collateralized Mortgage Obligations (Cost $18,954,265)			19,187,451

Corporate Bonds (32.9%):
Aerospace & Defense (0.4%):
	365,000	BBA US Holdings, Inc., 5.38%, 5/1/26, Callable 5/1/21 @ 102.69(b)		384,163
	315,000	BWX Technologies, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69(b)		333,900
	20,000	Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(b)		20,350
	585,000	TransDigm, Inc., 6.50%, 7/15/24, Callable 2/10/20 @ 103.25		604,012
	365,000	TransDigm, Inc., 6.25%, 3/15/26, Callable 3/15/22 @ 103.13(b)		395,113

				1,737,538

Banks (2.2%):
	534,000	Bank of America Corp., 3.00%(US0003M+79bps), 12/20/23, Callable 12/20/22 @ 100		545,929
	656,000	Bank of America Corp., 4.20%, 8/26/24, MTN		704,064
	612,000	Bank of America Corp., Series L, 3.95%, 4/21/25		651,834
	128,000	Bank of America Corp., Series G, 4.45%, 3/3/26		140,304
	250,000	Bank of America Corp., Series AA, 6.10%(US0003M+390bps), 12/29/49, Callable 3/17/25 @ 100		277,188
	75,000	Bank of America Corp., Series X, 6.25%(US0003M+371bps), 12/31/49, Callable 9/5/24 @ 100		83,438
	245,000	CIT Group, Inc., 6.13%, 3/9/28		289,100
	1,090,000	Citigroup, Inc., 4.05%, 7/30/22		1,139,079

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	393,000	Citigroup, Inc., 3.35%(US0003M+90bps), 4/24/25, Callable 4/24/24 @ 100	$	408,932
	1,642,000	Citigroup, Inc., 4.30%, 11/20/26		1,785,575
	250,000	Citizens Bank NA, 2.55%, 5/13/21, Callable 4/13/21 @ 100		251,580
	2,994,000	JPMorgan Chase & Co., 3.88%, 9/10/24		3,203,571
	500,000	Regions Bank, 6.45%, 6/26/37		642,821
	470,000	Wells Fargo & Co., Series S, 5.90%(US0003M+311bps), 12/31/49, Callable 6/15/24 @ 100		509,950

				10,633,365

Beverages (0.3%):
	509,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		595,512
	523,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		714,357

				1,309,869

Building Products (0.1%):
	255,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 9/30/22 @ 102.5(b)		262,650

Capital Markets (2.3%):
	282,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		300,401
	572,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		597,586
	706,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		741,793
	596,000	Goldman Sachs Group, Inc. (The), 2.88%(US0003M+82bps), 10/31/22, Callable 10/31/21 @ 100		603,435
	194,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		270,645
	230,000	Intercontinental Exchange, Inc., 2.75%, 12/1/20, Callable 11/1/20 @ 100		231,435
	227,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100		249,801
	7,000,000	Morgan Stanley, 3.74%(US0003M+85bps), 4/24/24, Callable 4/24/23 @ 100		7,289,282
	220,000	MSCI, Inc., 4.75%, 8/1/26, Callable 8/1/21 @ 102.38(b)		230,450
	457,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(b)		489,782
	500,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(b)		556,519

				11,561,129

Chemicals (0.2%):
	110,000	Chemours Co., 7.00%, 5/15/25, Callable 5/15/20 @ 103.5		110,275
	200,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100		176,750
	370,000	Platform Specialty Products Corp., 5.88%, 12/1/25, Callable 12/1/20 @ 102.94(b)		385,725
	200,000	Valvoline, Inc., 4.38%, 8/15/25, Callable 8/15/20 @ 103.28		205,500
	300,000	W R Grace & Co., 5.63%, 10/1/24(b)		331,500

				1,209,750


Principal Amount			Fair Value
Corporate Bonds, continued
Commercial Services & Supplies (0.2%):
$	280,000	ADT Corp., 4.88%, 7/15/32(b)	$	256,900
	300,000	Aramark Services, Inc., 5.00%, 4/1/25, Callable 4/1/20 @ 103.75(b)		312,750
	300,000	Tempo Finance, Corp., 6.75%, 6/1/25, Callable 6/1/20 @ 103.38(b)		310,125

				879,775

Construction & Engineering (0.3%):
	375,000	AECOM, 5.88%, 10/15/24, Callable 7/15/24 @ 100		414,375
	405,000	AECOM, 5.13%, 3/15/27, Callable 12/15/26 @ 100		434,868
	220,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 7/15/20 @ 106.34(b)		224,950
	20,000	Summit Midstream Holdings LLC, 5.50%, 8/15/22, Callable 2/10/20 @ 101.38		17,700
	465,000	Summit Midstream Holdings LLC, 5.75%, 4/15/25, Callable 4/15/20 @ 104.31		354,563

				1,446,456

Consumer Finance (2.9%):
	115,000	Ally Financial, Inc., 3.88%, 5/21/24, Callable 4/21/24 @ 100		120,175
	645,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100		721,594
	534,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		574,036
	797,000	Capital One NA, Series B, 2.95%, 7/23/21, Callable 6/23/21 @ 100		808,150
	292,000	Capital One NA, 2.15%, 9/6/22, Callable 8/6/22 @ 100		292,350
	250,000	Discover Bank, 7.00%, 4/15/20		253,460
	644,000	Discover Bank, 3.20%, 8/9/21, Callable 7/9/21 @ 100		654,324
	250,000	Discover Bank, Series B, 4.68%(USSW5+173bps), 8/9/28, Callable 8/9/23 @ 100		260,852
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,065,923
	383,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		419,136
	457,000	Discover Financial Services, 4.10%, 2/9/27, Callable 11/9/26 @ 100		490,214
	240,000	Ford Motor Credit Co. LLC, 5.09%, 1/7/21		245,229
	496,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		522,023
	504,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		543,819
	1,490,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		1,520,197
	105,000	General Motors Acceptance Corp., 8.00%, 11/1/31		145,031
	747,000	General Motors Financial Co., Inc., 4.20%, 3/1/21, Callable 2/1/21 @ 100		762,655
	210,000	Navient Corp., 6.63%, 7/26/21		221,813
	30,000	Navient Corp., 7.25%, 1/25/22, MTN		32,625
	275,000	Navient Corp., 6.50%, 6/15/22		298,375
	50,000	Navient Corp., 5.50%, 1/25/23		53,250
	575,000	Navient Corp., 7.25%, 9/25/23		651,188
	65,000	Navient Corp., 6.13%, 3/25/24, MTN		70,525
	25,000	Navient Corp., 5.88%, 10/25/24		26,813
	175,000	Navient Corp., 6.75%, 6/15/26		192,500
	290,000	Springleaf Finance Corp., 6.88%, 3/15/25		329,513

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Consumer Finance, continued
$	100,000	Springleaf Finance Corp., 7.13%, 3/15/26	$	115,625
	415,000	Synchrony Bank, Series B, 3.65%, 5/24/21, Callable 4/24/21 @ 100		423,167
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		521,417
	119,000	Synchrony Financial, 2.85%, 7/25/22, Callable 6/25/22 @ 100		120,601
	184,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		195,662
	314,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		335,161
	663,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		696,473
	529,000	Synchrony Financial, 5.15%, 3/19/29, Callable 12/19/28 @ 100		601,179

				14,285,055

Containers & Packaging (0.2%):
	150,000	Berry Global Escrow Corp., 4.88%, 7/15/26, Callable 7/15/22 @ 102.44(b)		159,209
	125,000	Crown Americas LLC, 4.75%, 2/1/26, Callable 2/1/21 @ 103.56		131,875
	100,000	Crown Americas LLC, 4.25%, 9/30/26, Callable 3/31/26 @ 100		104,250
	80,000	Crown Cork & Seal Co., Inc., 7.38%, 12/15/26		95,300
	300,000	Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 2/10/20 @ 102.56(b)		307,125
	160,000	Reynolds Group Issuer, Inc., 7.00%, 7/15/24, Callable 2/10/20 @ 103.5(b)		165,600
	170,000	Silgan Holdings, Inc., 4.75%, 3/15/25, Callable 3/15/20 @ 102.38		174,038

				1,137,397

Diversified Consumer Services (0.4%):
	170,000	APX Group, Inc., 7.88%, 12/1/22, Callable 2/10/20 @ 101.97		171,488
	340,000	APX Group, Inc., 7.63%, 9/1/23, Callable 2/10/20 @ 105.72^		321,300
	200,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(b)		210,000
	200,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(b)		210,000
	120,000	Frontdoor, Inc., 6.75%, 8/15/26, Callable 8/15/21 @ 105.06(b)		131,100
	690,000	Laureate Education, Inc., 8.25%, 5/1/25, Callable 5/1/20 @ 106.19(b)		744,337
	100,000	Service Corp International, 5.13%, 6/1/29, Callable 6/1/24 @ 102.56		105,875

				1,894,100

Diversified Financial Services (0.6%):
	91,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		95,339
	270,000	Banff Merger Sub, Inc., 9.75%, 9/1/26, Callable 9/1/21 @ 104.88(b)		274,050
	165,000	Camelot Finance SA, 4.50%, 11/1/26, Callable 11/1/22 @ 102.25(b)		169,331


Principal Amount			Fair Value
Corporate Bonds, continued
Diversified Financial Services, continued
$	140,000	EP Energy LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26, Callable 5/15/21 @ 105.81(b)(d)	$	98,000
	290,000	Flex Acquisition Co., Inc., 6.88%, 1/15/25, Callable 2/10/20 @ 103.44(b)		291,813
	125,000	Flex Acquisition Co., Inc., 7.88%, 7/15/26, Callable 7/15/21 @ 103.94(b)		125,938
	830,000	Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 2/10/20 @ 101.34		842,449
	300,000	Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 5/1/20 @ 102.69		310,125
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		527,553
	285,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100		292,851

				3,027,449

Diversified Telecommunication Services (0.8%):
	481,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		482,329
	867,000	AT&T, Inc., 3.60%, 2/17/23, Callable 12/17/22 @ 100		904,992
	42,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		45,493
	215,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		239,103
	500,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		596,244
	300,000	AT&T, Inc., 4.50%, 3/9/48, Callable 9/9/47 @ 100		330,172
	185,000	CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(b)		187,775
	530,000	Frontier Communications Corp., 7.05%, 10/1/46		242,475
	200,000	Qwest Corp., 7.25%, 9/15/25		229,479
	747,000	Zayo Group LLC/Zayo Capital, Inc., 6.38%, 5/15/25, Callable 5/15/20 @ 103.19		769,410

				4,027,472

Electric Utilities (1.4%):
	270,000	Alliant Holdings Intermediate LLC/Alliant HoldingsCo-Issuer, 6.75%, 10/15/27, Callable 10/15/22 @ 103.38(b)		288,900
	255,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/11/29 @ 100(b)		253,001
	1,217,000	Edison International, 5.75%, 6/15/27, Callable 4/15/27 @ 100		1,364,017
	163,000	Emera US Finance LP, 2.70%, 6/15/21, Callable 5/15/21 @ 100		164,245
	260,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100		269,748
	2,306,000	FirstEnergy, Inc., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100		2,431,878
	763,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100		764,908
	211,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		217,858
	175,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(b)		182,000
	226,344	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		250,110
	175,000	NV Energy, Inc., 6.25%, 11/15/20		181,270

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	600,000	Vistra Operations Co. LLC, 5.50%, 9/1/26, Callable 9/1/21 @ 102.75(b)	$	634,500
	140,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.5(b)		145,950

				7,148,385

Electronic Equipment, Instruments & Components (0.1%):
	380,000	TTM Technologies, Inc., 5.63%, 10/1/25, Callable 10/1/20 @ 102.81(b)		392,825

Energy Equipment & Services (0.1%):
	115,000	Archrock Partners LP/Finance Corp., 6.88%, 4/1/27, Callable 4/1/22 @ 105.16(b)		121,325
	170,000	Nabors Industries, Inc., 5.50%, 1/15/23, Callable 11/15/22 @ 100^		164,050
	154,000	Weatherford International, Ltd., 11.00%, 12/1/24, Callable 12/1/21 @ 105.5(b)		166,513

				451,888

Equity Real Estate Investment Trusts (3.6%):
	152,000	American Campus Communities, Inc., 3.75%, 4/15/23, Callable 1/15/23 @ 100		158,269
	161,000	AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 7/1/20 @ 100		162,310
	454,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		478,496
	421,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		441,286
	522,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		568,230
	489,000	Brandywine Realty Trust, 3.95%, 2/15/23, Callable 11/15/22 @ 100		507,967
	514,000	Brixmor Operating Partnership LP, 3.88%, 8/15/22, Callable 6/15/22 @ 100		535,336
	788,000	Brixmor Operating Partnership LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100		811,954
	393,000	Brixmor Operating Partnership LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100		421,177
	134,000	Camden Property Trust, 2.95%, 12/15/22, Callable 9/15/22 @ 100		136,653
	70,000	Corecivic, Inc., 4.13%, 4/1/20		70,000
	381,000	Corporate Office Properties Trust, 3.70%, 6/15/21, Callable 4/15/21 @ 100		385,341
	414,000	Corporate Office Properties Trust, 5.00%, 7/1/25, Callable 4/1/25 @ 100		446,201
	205,000	Corrections Corp. of America, 5.00%, 10/15/22, Callable 7/15/22 @ 100		205,769
	35,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100		34,650
	350,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100		365,406
	256,000	Duke Realty LP, 3.88%, 10/15/22, Callable 7/15/22 @ 100		266,647
	273,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100		283,627
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		154,560
	500,000	Equity One, Inc., 3.75%, 11/15/22, Callable 8/15/22 @ 100		518,831


Principal Amount			Fair Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	40,000	Geo Group, Inc. (The), 5.88%, 10/15/24, Callable 2/10/20 @ 102.94	$	36,400
	240,000	GLP Capital LP, 5.25%, 6/1/25, Callable 3/1/25 @ 100		261,772
	45,000	HCP, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100		46,585
	52,000	HCP, Inc., 3.50%, 7/15/29, Callable 4/15/29 @ 100		54,139
	102,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		106,439
	98,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		97,306
	615,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		675,475
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		140,382
	500,000	Mack-Cali Realty LP, 4.50%, 4/18/22, Callable 1/18/22 @ 100		506,792
	401,000	Mack-Cali Realty LP, 3.15%, 5/15/23, Callable 2/15/23 @ 100		393,481
	595,000	MGM Growth Properties LLC, 4.50%, 9/1/26, Callable 6/1/26 @ 100		626,238
	75,000	MGM Growth Properties LLC, 5.75%, 2/1/27, Callable 11/1/26 @ 100(b)		83,719
	300,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 8/1/21 @ 102.63		317,250
	820,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		871,526
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100		137,887
	281,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		300,279
	1,931,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		2,085,917
	435,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		437,050
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		72,124
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		70,706
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		105,743
	458,000	SBA Tower Trust, 2.84%, 1/15/25(b)		460,741
	147,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		162,336
	161,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		165,233
	452,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		462,286
	387,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		384,332
	85,000	The Geo Group, Inc., 6.00%, 4/15/26, Callable 4/15/21 @ 103		75,438
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100		120,798
	199,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		212,851

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	569,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100	$	564,158
	130,000	Vici Properties, 4.25%, 12/1/26, Callable 12/1/22 @ 102.13(b)		133,738
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		68,526
	814,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100		854,625
	101,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		106,983

				18,151,965

Food & Staples Retailing (0.1%):
	100,000	US Foods, Inc., 5.88%, 6/15/24, Callable 2/10/20 @ 102.94(b)		103,000
	405,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		412,609

				515,609

Food Products (0.6%):
	88,000	Conagra Brands, Inc., 3.80%, 10/22/21		90,682
	550,000	JBS USA Finance, Inc., 5.88%, 7/15/24, Callable 2/10/20 @ 102.94(b)		566,500
	1,030,000	JBS USA Finance, Inc., 5.75%, 6/15/25, Callable 6/15/20 @ 102.88(b)		1,066,050
	83,000	JBS USA Finance, Inc., 6.75%, 2/15/28, Callable 2/15/23 @ 103.38(b)		91,508
	400,000	JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(b)		444,000
	225,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(b)		240,750
	300,000	Post Holding, Inc., 5.00%, 8/15/26, Callable 8/15/21 @ 102.5(b)		316,500

				2,815,990

Health Care Equipment & Supplies (0.1%):
	249,000	Becton Dickinson & Co., 2.40%, 6/5/20		249,225
	190,000	Teleflex, Inc., 4.88%, 6/1/26, Callable 6/1/21 @ 102.44		198,788

				448,013

Health Care Providers & Services (2.3%):
	325,000	Centene Corp., 4.75%, 1/15/25, Callable 2/10/20 @ 103.56(b)		337,594
	475,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(b)		489,250
	630,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31(b)		663,075
	421,000	Cigna Corp., 3.75%, 7/15/23, Callable 6/15/23 @ 100		439,446
	299,000	Cigna Corp., 4.13%, 11/15/25, Callable 9/15/25 @ 100		323,726
	526,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		582,622
	620,000	Community Health Systems, Inc., 6.25%, 3/31/23, Callable 3/31/20 @ 103.13		627,750
	185,000	Community Health Systems, Inc., 8.63%, 1/15/24, Callable 1/15/21 @ 104.31(b)		195,638


Principal Amount			Fair Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	600,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104(b)	$	622,500
	400,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100		416,475
	59,000	CVS Health Corp., 2.63%, 8/15/24, Callable 7/15/24 @ 100		59,557
	1,017,000	CVS Health Corp., 4.10%, 3/25/25, Callable 1/25/25 @ 100		1,090,531
	1,181,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		1,288,081
	526,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100		595,441
	30,000	HCA, Inc., 4.75%, 5/1/23		32,100
	500,000	HCA, Inc., 5.38%, 2/1/25		552,500
	280,000	MPH Acquisition Holdings, 7.13%, 6/1/24, Callable 2/10/20 @ 105.34(b)		271,600
	1,042,000	Tenet Healthcare Corp., 8.13%, 4/1/22		1,152,713
	355,000	Tenet Healthcare Corp., 6.75%, 6/15/23		390,500
	235,000	Tenet Healthcare Corp., 7.00%, 8/1/25, Callable 8/1/20 @ 103.5^		247,925
	130,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/1/22 @ 103.13(b)		140,075
	181,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		194,405
	407,000	Toledo Hospital (The), 6.02%, 11/15/48		459,989
	20,000	Vizient, Inc., 6.25%, 5/15/27, Callable 5/15/22 @ 103.13(b)		21,500

				11,194,993

Hotels, Restaurants & Leisure (0.5%):
	495,000	Caesars Resort Collection LLC, 5.25%, 10/15/25, Callable 10/15/20 @ 102.63(b)		511,087
	145,000	Eldorado Resorts, Inc., 7.00%, 8/1/23, Callable 2/10/20 @ 103.5		151,163
	30,000	Eldorado Resorts, Inc., 6.00%, 9/15/26, Callable 9/15/21 @ 104.5		33,038
	360,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 4/15/22 @ 103.81(b)		382,049
	300,000	Golden Nugget, Inc., 6.75%, 10/15/24, Callable 2/10/20 @ 103.38(b)		310,125
	150,000	Penn National Gaming, Inc., 5.63%, 1/15/27, Callable 1/15/22 @ 102.81(b)		158,813
	180,000	Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(b)		188,100
	145,000	Station Casinos LLC, 5.00%, 10/1/25, Callable 10/1/20 @ 102.5(b)		147,719
	160,000	Twin River Worldwide Holdings, Inc., 6.75%, 6/1/27, Callable 6/1/22 @ 105.06(b)		168,600
	170,000	Wyndham Hotels & Resorts, Inc., 5.38%, 4/15/26, Callable 4/15/21 @ 102.69(b)		179,350
	155,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100(b)		166,044

				2,396,088

Independent Power and Renewable Electricity Producers (0.1%):
	115,000	Clearway Energy Operating LLC, 5.75%, 10/15/25, Callable 10/15/21 @ 102.88		121,325

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Independent Power and Renewable Electricity Producers, continued
$	45,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(b)	$	45,675
	150,000	NRG Energy, Inc., 5.25%, 6/15/29, Callable 6/15/24 @ 102.63(b)		162,375
	260,000	Talen Energy Supply LLC, 10.50%, 1/15/26, Callable 1/15/22 @ 105.25(b)		247,000
	35,000	TerraForm Power Operating LLC, 4.25%, 1/31/23, Callable 10/31/22 @ 100(b)		35,963
	40,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(b)		42,150

				654,488

Industrial Conglomerates (0.1%):
	395,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75%, 2/1/24, Callable 2/10/20 @ 103.38		409,319
	165,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 5/15/22 @ 103.13		175,725

				585,044

Insurance (1.6%):
	1,208,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100		1,292,660
	290,000	AmWINS Group, Inc., 7.75%, 7/1/26, Callable 7/1/21 @ 105.81(b)		320,450
	40,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(b)		42,502
	140,000	Liberty Mutual Group, Inc., 4.57%, 2/1/29(b)		156,682
	2,184,000	Metropolitan Life Global Funding I, 2.03%(SOFR+50bps), 5/28/21(b)		2,187,622
	651,000	Pacific Lifecorp, 5.13%, 1/30/43(b)		757,568
	165,000	Tiaa Asset Management Finance LLC, 4.13%, 11/1/24(b)		178,430
	463,000	Unum Group, 3.88%, 11/5/25		485,362
	349,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		368,230
	1,556,000	Unum Group, 5.75%, 8/15/42		1,718,043
	195,000	USIS Merger Sub, Inc., 6.88%, 5/1/25, Callable 5/1/20 @ 103.44(b)		198,413

				7,705,962

Interactive Media & Services (0.1%):
	290,000	Rackspace Hosting, Inc., 8.63%, 11/15/24, Callable 2/10/20 @ 106.47^(b)		283,475

Leisure Products (0.1%):
	137,000	Hasbro, Inc., 2.60%, 11/19/22		137,831
	311,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		312,396
	195,000	Mattel, Inc., 6.75%, 12/31/25, Callable 12/31/20 @ 105.06(b)		209,381

				659,608

Life Sciences Tools & Services (0.1%):
	145,000	Charles River Laboratories International, Inc., 5.50%, 4/1/26, Callable 4/1/21 @ 104.13(b)		156,056
	20,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(b)		20,400
	300,000	IMS Health, Inc., 5.00%, 10/15/26, Callable 10/15/21 @ 102.5(b)		316,500


Principal Amount			Fair Value
Corporate Bonds, continued
Life Sciences Tools & Services, continued
$	225,000	IQVIA, Inc., 5.00%, 5/15/27, Callable 5/15/22 @ 102.5(b)	$	237,938

				730,894

Media (2.6%):
	1,237,000	CCO Holdings LLC, 5.88%, 4/1/24, Callable 2/10/20 @ 104.41(b)		1,278,749
	300,000	CCO Holdings LLC, 5.50%, 5/1/26, Callable 5/1/21 @ 102.75(b)		315,750
	700,000	CCO Holdings LLC, 5.88%, 5/1/27, Callable 5/1/21 @ 102.94(b)		738,500
	347,000	CSC Holdings LLC, 5.38%, 7/15/23, Callable 1/21/20 @ 102.69(b)		355,675
	420,000	CSC Holdings LLC, 7.75%, 7/15/25, Callable 7/15/20 @ 103.88(b)		446,775
	160,000	CSC Holdings LLC, 7.50%, 4/1/28, Callable 4/1/23 @ 103.75(b)		180,600
	300,000	DISH DBS Corp., 5.88%, 11/15/24		305,625
	410,000	DISH Network Corp., 3.38%, 8/15/26		396,473
	59,000	Fox Corp., 3.67%, 1/25/22(b)		60,940
	103,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100(b)		109,745
	149,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100(b)		169,485
	147,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100(b)		178,956
	98,000	Fox Corp., 5.58%, 1/25/49, Callable 7/25/48 @ 100(b)		123,558
	1,000,000	Neptune Finco Corp., 6.63%, 10/15/25, Callable 10/15/20 @ 103.31(b)		1,061,250
	710,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25, Callable 2/15/20 @ 103.31(b)		717,100
	300,000	Sirius XM Radio, Inc., 4.63%, 5/15/23, Callable 2/10/20 @ 101.54(b)		304,875
	105,000	Sirius XM Radio, Inc., 4.63%, 7/15/24, Callable 7/15/21 @ 102.31(b)		109,725
	792,000	Sirius XM Radio, Inc., 5.38%, 4/15/25, Callable 4/15/20 @ 102.69(b)		817,740
	195,000	Sirius XM Radio, Inc., 5.38%, 7/15/26, Callable 7/15/21 @ 102.69(b)		206,944
	930,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		952,126
	359,000	Time Warner Cable, Inc., 6.55%, 5/1/37		440,415
	418,000	Time Warner Cable, Inc., 7.30%, 7/1/38		547,497
	2,240,000	Time Warner Cable, Inc., 6.75%, 6/15/39		2,830,440
	103,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		115,079

				12,764,022

Metals & Mining (0.1%):
	297,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100		300,713

Mortgage Real Estate Investment Trusts (0.0%^†):
	65,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		68,575

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Multi-Utilities (0.4%):
$	1,371,000	Dominion Resources, Inc.,Series 06-B, 4.26%(US0003M+230bps), 9/30/66, Callable 1/29/20 @ 100	$	1,271,602
	49,000	Puget Energy, Inc., 6.00%, 9/1/21		51,944
	506,000	Sempra Energy, 6.00%, 10/15/39		657,974

				1,981,520

Oil, Gas & Consumable Fuels (5.0%):
	695,000	California Resources Corp., 8.00%, 12/15/22, Callable 2/10/20 @ 102^(b)		305,800
	640,000	Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24, Callable 1/1/24 @ 100		737,599
	1,075,000	Cheniere Energy Partners LP, 5.25%, 10/1/25, Callable 10/1/20 @ 102.63		1,119,343
	475,000	Cheniere Energy Partners LP, 5.63%, 10/1/26, Callable 10/1/21 @ 102.81		502,313
	120,000	Chesapeake Energy Corp., 7.00%, 10/1/24, Callable 4/1/21 @ 103.5		72,300
	450,000	Chesapeake Energy Corp., 8.00%, 1/15/25, Callable 2/10/20 @ 106		265,500
	340,000	Chesapeake Energy Corp., 8.00%, 6/15/27, Callable 6/15/22 @ 104^		200,600
	75,000	Citgo Holding, Inc., 9.25%, 8/1/24, Callable 8/1/21 @ 104.63(b)		80,438
	320,000	Citgo Petroleum Corp., 6.25%, 8/15/22, Callable 2/10/20 @ 101.56(b)		324,400
	434,000	Columbia Pipeline Group, 3.30%, 6/1/20, Callable 5/1/20 @ 100		435,624
	197,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100		215,217
	290,000	Comstock Resources, Inc., 9.75%, 8/15/26, Callable 8/15/21 @ 107.31		262,450
	290,000	Crestwood Midstream Partners LP, 6.25%, 4/1/23, Callable 1/24/20 @ 103.13		295,800
	150,000	Crestwood Midstream Partners LP, 5.75%, 4/1/25, Callable 4/1/20 @ 104.31		153,000
	150,000	CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22, Callable 2/10/20 @ 101.08		152,438
	163,000	DCP Midstream Operating LLC, 3.88%, 3/15/23, Callable 12/15/22 @ 100		166,668
	185,000	DCP Midstream Operating LLC, 5.60%, 4/1/44, Callable 10/1/43 @ 100		178,988
	200,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		217,500
	750,000	DCP Midstream Operating LP, 5.85%(US0003M+385bps), 5/21/43, Callable 5/21/23 @ 100(b)		695,624
	565,000	Denbury Resources, Inc., 9.25%, 3/31/22, Callable 2/10/20 @ 109.25(b)		531,100
	245,000	Denbury Resources, Inc., 7.75%, 2/15/24, Callable 8/15/20 @ 103.88(b)		212,538
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		126,167
	81,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 12/15/22 @ 100		84,630
	103,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		109,374


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	167,000	Energy Transfer Operating LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100	$	187,340
	115,000	Energy Transfer Operating LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		138,638
	103,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		108,042
	350,000	Energy Transfer Partners LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		382,986
	195,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		220,314
	127,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		147,598
	300,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100^		279,068
	200,000	Global Partners LP/GLP Finance Corp., 7.00%, 8/1/27, Callable 8/1/22 @ 103.5^(b)		212,500
	61,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		65,019
	109,000	Hess Corp., 7.30%, 8/15/31		137,945
	78,000	Hess Corp., 7.13%, 3/15/33		98,849
	107,000	Hess Corp., 5.60%, 2/15/41		125,138
	302,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		368,220
	430,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 2/15/21 @ 104.22(b)		447,200
	85,000	Hess Midstream Operations LP, 5.13%, 6/15/28, Callable 6/15/23 @ 102.56(b)		86,063
	165,000	Hilcorp Energy LP, 5.00%, 12/1/24, Callable 2/10/20 @ 102.5(b)		159,638
	295,000	Jonah Energy LLC/Jonah Energy Finance Corp., 7.25%, 10/15/25, Callable 10/15/20 @ 105.44(b)		87,025
	150,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 11/15/22 @ 100		154,519
	63,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		80,039
	712,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100		821,485
	198,000	Kinder Morgan, Inc., 5.55%, 6/1/45, Callable 12/1/44 @ 100		235,505
	167,000	Kinder Morgan, Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100		187,107
	119,000	MPLX LP, 2.79%(US0003M+90bps), 9/9/21, Callable 9/9/20 @ 100		119,293
	179,000	MPLX LP, 2.99%(US0003M+110bps), 9/9/22, Callable 9/9/20 @ 100		179,507
	172,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		182,635
	242,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		262,561
	95,000	MPLX LP, 4.80%, 2/15/29, Callable 11/15/28 @ 100		104,054
	285,000	MPLX LP, 5.50%, 2/15/49, Callable 8/15/48 @ 100		323,434
	222,000	Occidental Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100		228,438
	119,000	Occidental Petroleum Corp., 2.60%, 8/13/21		119,722
	106,000	Occidental Petroleum Corp., 2.70%, 8/15/22		107,190
	349,000	Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100		354,657
	609,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		690,419
	47,000	Occidental Petroleum Corp., 3.20%, 8/15/26, Callable 6/15/26 @ 100		47,542
	147,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		150,000

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	787,000	Occidental Petroleum Corp., 7.50%, 5/1/31	$	1,022,166
	422,000	Occidental Petroleum Corp., 6.45%, 9/15/36		514,503
	22,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		22,336
	712,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		924,663
	22,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		22,690
	70,000	Parsley Energy LLC, 5.38%, 1/15/25, Callable 2/10/20 @ 104.03(b)		71,925
	290,000	Parsley Energy LLC, 5.25%, 8/15/25, Callable 8/15/20 @ 103.94(b)		297,975
	110,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		112,893
	95,000	Plains All Amer Pipeline, 3.55%, 12/15/29, Callable 9/15/29 @ 100		93,423
	70,000	Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100^		64,400
	150,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100^		129,375
	162,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.88%, 3/1/22, Callable 12/1/21 @ 100		172,044
	200,162	Sanchez Energy Corp., 5/11/20		200,412
	455,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 2/15/20 @ 103.63^(b)(d)		295,750
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(b)		351,036
	348,000	Southwestern Energy Co., 6.20%, 1/23/25, Callable 10/23/24 @ 100		321,900
	958,000	Sunoco Logistics Partners Operations LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100		1,036,341
	180,000	Sunoco LP/Sunoco Finance Corp., 5.50%, 2/15/26, Callable 2/15/21 @ 102.75		187,200
	45,000	Targa Resources Partners LP, 5.25%, 5/1/23, Callable 2/10/20 @ 100.88		45,450
	170,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 2/10/20 @ 101.42		171,700
	195,000	Targa Resources Partners LP, 5.13%, 2/1/25, Callable 2/10/20 @ 103.84		201,825
	195,000	Targa Resources Partners LP, 5.88%, 4/15/26, Callable 4/15/21 @ 104.41		207,188
	195,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/1/22 @ 102.69		202,313
	200,000	Viper Energy Partners, LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(b)		208,500
	574,000	Western Gas Partners LP, 5.38%, 6/1/21, Callable 3/1/21 @ 100		589,516
	62,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		62,045
	192,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		197,131
	900,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		863,729
	101,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		100,217
	271,000	Williams Partners LP, 4.00%, 11/15/21, Callable 8/15/21 @ 100		278,657


Principal Amount			Fair Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	357,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100	$	366,909
	242,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		258,403
	426,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		452,741

				25,092,457

Pharmaceuticals (0.2%):
	165,000	Bausch Health Americas, Inc., 9.25%, 4/1/26, Callable 4/1/22 @ 104.63(b)		189,750
	200,000	Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(b)		215,447
	175,000	Catalent Pharma Solutions, Inc., 4.88%, 1/15/26, Callable 10/15/20 @ 102.44(b)		181,125
	87,000	Elanco Animal Health, Inc., 3.91%, 8/27/21		89,162
	275,000	Elanco Animal Health, Inc., 4.27%, 8/28/23, Callable 7/28/23 @ 100		290,602
	116,000	Elanco Animal Health, Inc., 4.90%, 8/28/28, Callable 5/28/28 @ 100		126,213

				1,092,299

Real Estate Management & Development (0.1%):
	300,000	Howard Hughes Corp. (The), 5.38%, 3/15/25, Callable 3/15/20 @ 104.03(b)		312,750

Semiconductors & Semiconductor Equipment (0.0%^†):
	140,000	Qorvo, Inc., 5.50%, 7/15/26, Callable 7/15/21 @ 102.75		148,750

Software (0.5%):
	245,000	CDK Global, Inc., 5.88%, 6/15/26, Callable 6/15/21 @ 102.94		261,538
	35,000	CDK Global, Inc., 5.25%, 5/15/29, Callable 5/15/24 @ 102.63(b)		37,363
	195,000	Fair Isaac Corp., 5.25%, 5/15/26, Callable 2/15/26 @ 100(b)		213,038
	140,000	Nuance Communications, Inc., 5.63%, 12/15/26, Callable 12/15/21 @ 102.81		149,100
	565,000	Solera LLC, 10.50%, 3/1/24, Callable 2/10/20 @ 107.88(b)		598,899
	437,000	Sophia LP/Finance, Inc., 9.00%, 9/30/23, Callable 2/10/20 @ 102.25(b)		449,017
	270,000	SS&C Technologies, Inc., 5.50%, 9/30/27, Callable 3/30/22 @ 104.13(b)		288,225
	440,000	Symantec Corp., 5.00%, 4/15/25, Callable 4/15/20 @ 102.5(b)		447,700

				2,444,880

Technology Hardware, Storage & Peripherals (0.1%):
	400,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100(b)		433,542
	129,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100(b)		148,561

				582,103

Textiles, Apparel & Luxury Goods (0.1%):
	190,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 4/1/26, Callable 4/1/21 @ 105.16		199,500

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Textiles, Apparel & Luxury Goods, continued
$	65,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 9/1/27, Callable 9/1/22 @ 105.16	$	67,681
	130,000	William Carter Co., 5.63%, 3/15/27, Callable 3/15/22 @ 102.81(b)		139,750

				406,931

Thrifts & Mortgage Finance (0.1%):
	355,000	Quicken Loans, Inc., 5.25%, 1/15/28, Callable 1/15/23 @ 102.63(b)		367,751

Tobacco (1.1%):
	317,000	Altria Group, Inc., 4.00%, 1/31/24		335,941
	453,000	Altria Group, Inc., 4.80%, 2/14/29, Callable 11/14/28 @ 100		503,389
	452,000	Altria Group, Inc., 4.25%, 8/9/42		450,184
	302,000	Altria Group, Inc., 4.50%, 5/2/43		307,038
	520,000	Altria Group, Inc., 5.38%, 1/31/44		586,464
	470,000	Altria Group, Inc., 3.88%, 9/16/46, Callable 3/16/46 @ 100		434,756
	300,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		363,353
	140,000	Reynolds American, Inc., 3.25%, 6/12/20		140,746
	478,000	Reynolds American, Inc., 4.00%, 6/12/22		497,381
	346,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		372,168
	179,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		206,647
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		770,515
	285,000	Vector Group, Ltd., 6.13%, 2/1/25, Callable 2/10/20 @ 103.06(b)		280,369

				5,248,951

Trading Companies & Distributors (0.5%):
	385,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%(US0003M+430bps), 6/15/45, Callable 6/15/25 @ 100(b)		424,463
	499,000	Air Lease Corp., 4.75%, 3/1/20		501,144
	297,000	Air Lease Corp., 3.88%, 4/1/21, Callable 3/1/21 @ 100		302,836
	348,000	Air Lease Corp., 3.38%, 6/1/21, Callable 5/1/21 @ 100		353,167
	98,000	Air Lease Corp., 2.25%, 1/15/23		98,016
	82,000	Air Lease Corp., 3.00%, 9/15/23, Callable 7/15/23 @ 100		83,953
	467,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		500,380

				2,263,959

Wireless Telecommunication Services (0.3%):
	100,000	Sprint Communications, Inc., 6.00%, 11/15/22		104,750
	835,000	Sprint Corp., 7.88%, 9/15/23		921,631
	420,000	Sprint Corp., 7.13%, 6/15/24		452,550

				1,478,931

	Total Corporate Bonds (Cost $155,010,268)			162,101,824


Principal Amount			Fair Value
Yankee Dollars (13.0%):
Aerospace & Defense (0.4%):
$	126,000	Avolon Holdings Funding, Ltd., 3.63%, 5/1/22, Callable 4/1/22 @ 100(b)	$	129,235
	115,000	Avolon Holdings Funding, Ltd., 5.50%, 1/15/23, Callable 12/15/22 @ 100(b)		123,913
	430,000	Avolon Holdings Funding, Ltd., 5.13%, 10/1/23, Callable 9/1/23 @ 100(b)		462,787
	305,000	Avolon Holdings Funding, Ltd., 5.25%, 5/15/24, Callable 4/15/24 @ 100(b)		332,830
	167,000	Avolon Holdings Funding, Ltd., 3.95%, 7/1/24, Callable 6/1/24 @ 100(b)		174,021
	204,000	Avolon Holdings Funding, Ltd., 4.38%, 5/1/26, Callable 3/1/26 @ 100(b)		216,011
	215,000	Bombardier, Inc., 6.00%, 10/15/22, Callable 2/10/20 @ 101(b)		215,538
	320,000	Bombardier, Inc., 6.13%, 1/15/23(b)		327,199
	290,000	Bombardier, Inc., 7.50%, 12/1/24, Callable 12/1/20 @ 105.63(b)		304,500
	240,000	Bombardier, Inc., 7.88%, 4/15/27, Callable 4/15/22 @ 103.94(b)		246,900

				2,532,934

Banks (2.4%):
	642,000	Barclays plc, 3.25%, 1/12/21		646,428
	874,000	Barclays plc, 4.38%, 1/12/26		946,830
	580,000	Barclays plc, 5.09%(US0003M+305bps), 6/20/30, Callable 6/20/29 @ 100		641,464
	210,000	Barclays plc, 7.88%(USSW5+677bps), 12/31/99, Callable 3/15/22 @ 100(b)		228,375
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(b)		200,500
	791,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		856,024
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		217,660
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(b)		208,750
	1,180,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)		1,274,400
	200,000	RBS Citizens Financial Group, Inc., 4.15%, 9/28/22(b)		206,575
	3,808,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		4,167,304
	826,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		908,016
	347,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		385,878
	145,000	Royal Bank of Scotland Group plc, 7.50%(USSW5+580bps), 12/29/49, Callable 8/10/20 @ 100		148,806
	454,000	UniCredit SpA, 6.57%, 1/14/22(b)		486,710
	289,000	Westpac Banking Corp., 4.11%(H15T5Y+200bps), 7/24/34, Callable 7/24/29 @ 100		301,145

				11,824,865

Beverages (0.0%^†):
	125,000	Cott Corp., 5.50%, 4/1/25, Callable 4/1/20 @ 104.13(b)		130,313

Capital Markets (1.9%):
	788,000	Credit Suisse Group AG, 2.59%(SOFR+156bps), 9/11/25, Callable 9/11/24 @ 100(b)		789,624
	720,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20		721,349
	1,000,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		1,039,716
	1,175,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		1,229,798
	720,000	Credit Suisse Group Fun, Ltd., 3.75%, 3/26/25		761,278

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Yankee Dollars, continued
Capital Markets, continued
$	742,000	Deutsche Bank AG, 5.00%, 2/14/22	$	774,713
	1,284,000	Deutsche Bank AG, 3.30%, 11/16/22		1,297,074
	1,462,000	Deutsche Bank AG, 4.50%, 4/1/25		1,455,974
	733,000	UBS Group AG, 4.13%, 9/24/25(b)		793,482

				8,863,008

Chemicals (0.1%):
	265,000	Nufarm Australia, Ltd., 5.75%, 4/30/26, Callable 4/30/21 @ 102.88(b)		260,031
	210,000	OCI NV, 6.63%, 4/15/23, Callable 4/15/20 @ 103.31(b)		218,138

				478,169

Containers & Packaging (0.2%):
	405,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.00%, 2/15/25, Callable 2/15/20 @ 104.5(b)		424,744
	255,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/15/22 @ 102.75(b)		269,981
	45,000	Trivium Packaging Finance BV, 8.50%, 8/15/27, Callable 8/15/22 @ 104.25(b)		50,063

				744,788

Diversified Consumer Services (0.1%):
	320,000	GEMS MENASA Cayman, Ltd., 7.13%, 7/31/26, Callable 7/31/22 @ 103.56(b)		337,200

Diversified Financial Services (1.1%):
	705,000	Altice Financing SA, 7.50%, 5/15/26, Callable 5/15/21 @ 103.75(b)		757,874
	300,000	Altice Finco SA, 8.13%, 1/15/24, Callable 2/10/20 @ 102.71(b)		307,500
	531,000	C&W Senior Financing Dac, 7.50%, 10/15/26, Callable 10/15/21 @ 103.75(b)		573,480
	495,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 9/15/22 @ 103.44(b)		527,794
	240,000	Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 10/15/20 @ 106.38(b)		219,000
	435,000	Nielsen Co. Luxembourg SARL (The), 5.00%, 2/1/25, Callable 2/10/20 @ 103.75^(b)		447,506
	85,000	Park Aerospace Holdings, 4.50%, 3/15/23, Callable 2/15/23 @ 100(b)		89,144
	2,052,000	Park Aerospace Holdings, 5.50%, 2/15/24(b)		2,253,835
	200,000	Telenet Finance Lux Note, 5.50%, 3/1/28, Callable 12/1/22 @ 102.75(b)		213,750

				5,389,883

Diversified Telecommunication Services (0.3%):
	505,000	Altice France SA, 7.38%, 5/1/26, Callable 5/1/21 @ 103.69(b)		540,981
	370,000	Altice France SA, 8.13%, 2/1/27, Callable 2/1/22 @ 106.09(b)		419,025
	45,000	Telecom Italia Capital, 6.38%, 11/15/33		49,838
	400,000	Telecom Italia SpA, 5.30%, 5/30/24(b)		431,170
	80,000	Telecom Italia SpA, 6.00%, 9/30/34		85,400

				1,526,414

Energy Equipment & Services (0.0%^†):
	195,000	Noble Holding International, Ltd., 7.88%, 2/1/26, Callable 2/1/21 @ 105.91(b)		141,619


Principal Amount			Fair Value
Yankee Dollars, continued
Hotels, Restaurants & Leisure (0.3%):
$	175,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13(b)	$	179,375
	550,000	Stars Group Holdings BV, 7.00%, 7/15/26, Callable 7/15/21 @ 103.5(b)		593,313
	330,000	Wynn Macau, Ltd., 4.88%, 10/1/24, Callable 10/1/20 @ 102.44(b)		335,775
	205,000	Wynn Macau, Ltd., 5.50%, 10/1/27, Callable 10/1/22 @ 102.75(b)		213,200

				1,321,663

Insurance (0.0%^†):
	200,000	Swiss Re Finance Luxembourg SA, 5.00%(H15T5Y+358bps), 4/2/49, Callable 4/2/29 @ 100(b)		223,500

Machinery (0.0%^†):
	107,000	Ingersoll-Rand Lux Financial Holding, 2.63%, 5/1/20, Callable 4/1/20 @ 100		107,142

Media (0.2%):
	215,000	MDC Partners, Inc., 6.50%, 5/1/24, Callable 2/10/20 @ 104.88(b)		194,575
	640,000	Ziggo Bond Finance BV, 5.88%, 1/15/25, Callable 1/20/20 @ 102.94(b)		655,200
	180,000	Ziggo BV, 5.50%, 1/15/27, Callable 1/15/22 @ 102.75(b)		190,125

				1,039,900

Metals & Mining (0.3%):
	400,000	BHP Billiton Finance USA, Ltd., 6.25%(USSW5+497bps), 10/19/75, Callable 10/19/20 @ 100(b)		411,500
	681,000	BHP Billiton Finance USA, Ltd., 6.75%(USSW5+509bps), 10/19/75, Callable 10/20/25 @ 100(b)		798,472
	300,000	First Quantum Minerals, Ltd., 7.25%, 5/15/22, Callable 2/10/20 @ 101.81(b)		302,250

				1,512,222

Multi-Utilities (0.1%):
	355,000	InterGen NV, 7.00%, 6/30/23, Callable 2/10/20 @ 102.33(b)		344,350

Oil, Gas & Consumable Fuels (3.1%):
	309,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35		380,301
	619,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100		653,232
	223,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		235,459
	218,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100		239,627
	340,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 2/10/20 @ 102.29(b)		343,400
	155,000	Meg Energy Corp., 7.00%, 3/31/24, Callable 2/10/20 @ 102.33^(b)		156,163
	163,000	Petrobras Global Finance BV, 5.09%, 1/15/30(b)		175,225
	2,677,000	Petrobras Global Finance BV, 7.25%, 3/17/44		3,245,862
	1,036,000	Petroleos Mexicanos, 4.50%, 1/23/26		1,029,119
	1,700,000	Petroleos Mexicanos, 6.50%, 3/13/27		1,800,103
	1,505,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100(b)		1,612,549

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Yankee Dollars, continued
Oil, Gas & Consumable Fuels, continued
$	542,000	Petroleos Mexicanos, 5.63%, 1/23/46	$	487,910
	2,762,000	Petroleos Mexicanos, 6.75%, 9/21/47		2,767,805
	2,070,000	Petroleos Mexicanos, 7.69%, 1/23/50, Callable 7/23/49 @ 100(b)		2,262,890

				15,389,645

Pharmaceuticals (0.7%):
	1,489,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,523,415
	37,000	Bausch Health Cos., Inc., 5.50%, 3/1/23, Callable 2/10/20 @ 101.38(b)		37,139
	405,000	Bausch Health Cos., Inc., 7.00%, 3/15/24, Callable 3/15/20 @ 103.5(b)		421,200
	685,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100		692,130
	337,000	Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		349,817
	126,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		122,063
	191,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23		177,153
	202,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06(b)		208,565

				3,531,482

Software (0.1%):
	355,000	Open Text Corp., 5.88%, 6/1/26, Callable 6/1/21 @ 102.94(b)		378,963

Sovereign Bond (0.5%):
	1,344,000	Dominican Republic, 5.50%, 1/27/25(b)		1,444,800
	250,000	Dominican Republic, 6.00%, 7/19/28(b)		277,813
	1,500,000	Republic of Argentina, 5.88%, 1/11/28		705,000

				2,427,613

Thrifts & Mortgage Finance (0.1%):
	200,000	Corp. Nacional del Cobre de Chile, 3.63%, 8/1/27, Callable 5/1/27 @ 100(b)		208,407
	200,000	Corp. Nacional del Cobre de Chile, 4.50%, 8/1/47, Callable 2/1/47 @ 100(b)		217,766

				426,173

Tobacco (0.3%):
	690,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100(b)		710,443
	690,000	Imperial Tobacco Finance, 4.25%, 7/21/25, Callable 4/21/25 @ 100(b)		725,328

				1,435,771

Trading Companies & Distributors (0.5%):
	400,000	Aercap Holdings NV, 5.87%(H15T5Y+454bps), 10/10/79, Callable 10/10/24 @ 100^		428,000
	240,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 12/16/21, Callable 11/16/21 @ 100		249,600
	412,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		446,505
	463,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, 8/14/24, Callable 7/14/24 @ 100		467,051
	251,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		268,884


Principal Amount			Fair Value
Yankee Dollars, continued
Trading Companies & Distributors, continued
$	147,000	Fly Leasing, Ltd., 6.38%, 10/15/21, Callable 2/10/20 @ 101.59	$	149,940
	405,000	Fly Leasing, Ltd., 5.25%, 10/15/24, Callable 10/15/20 @ 102.63		422,213

				2,432,193

Wireless Telecommunication Services (0.3%):
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(b)		348,150
	30,000	Millicom International Cellular SA, 6.00%, 3/15/25, Callable 3/15/20 @ 103(b)		30,788
	335,000	Millicom International Cellular SA, 6.63%, 10/15/26, Callable 10/15/21 @ 104.97(b)		366,406
	700,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(b)		769,125

				1,514,469

	Total Yankee Dollars (Cost $61,503,590)			64,054,279

Municipal Bonds (1.2%):
California (0.3%):
	400,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		602,296
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		15,235
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		702,452

				1,319,983

Illinois (0.9%):
	105,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.43%, 1/1/42		106,200
	310,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series C1, 7.78%, 1/1/35		379,524
	55,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.63%, 1/1/22		56,387
	295,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		318,160
	420,000	Illinois State, Build America Bonds, GO, 4.00%, 12/1/20		422,772
	109,091	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		114,425
	88,000	Illinois State, Build America Bonds, GO, 6.20%, 7/1/21		90,422
	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		369,309
	425,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		497,577
	1,935,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,352,264

				4,707,040

	Total Municipal Bonds (Cost $5,527,049)			6,027,023

U.S. Government Agency Mortgages (23.7%):
Federal Home Loan Mortgage Corporation (5.3%):
	53,590	2.50%, 6/1/31, Pool #G18604		54,193
	79,686	2.50%, 7/1/31, Pool #V61246		80,915
	138,163	2.50%, 8/1/31, Pool #V61273		140,539
	544,519	3.50%, 3/1/32, Pool #C91403		568,528

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	1,445,034	3.50%, 7/1/32, Pool #C91467	$	1,508,749
	17,884	2.50%, 8/1/32, Pool #G18654		18,196
	18,553	2.50%, 11/1/32, Pool # G18665		18,876
	541,322	2.50%, 12/1/32, Pool #G18669		550,750
	90,158	2.50%, 3/1/33, Pool #G18680		91,036
	251,295	3.00%, 4/1/33, Pool #G18684		258,135
	32,944	2.50%, 4/1/33, Pool # G18683		33,265
	60,733	3.00%, 4/1/33, Pool #K90336		62,646
	20,283	2.50%, 5/1/33, Pool # G18687		20,480
	126,898	3.00%, 6/1/33, Pool #K90806		130,894
	151,955	3.00%, 6/1/33, Pool #K90632		156,745
	84,531	3.00%, 6/1/33, Pool #K90684		87,185
	243,015	4.00%, 6/1/33, Pool #G30718		258,114
	63,926	3.00%, 6/1/33, Pool #C91709		65,940
	365,565	2.50%, 7/1/33, Pool #G16661		371,601
	291,062	3.00%, 7/1/33, Pool #C91714		300,230
	546,438	3.50%, 11/1/33, Pool #G16677		570,478
	541,810	3.50%, 2/1/34, Pool #G16752		564,517
	86,877	3.00%, 4/1/34, Pool #G16829		89,354
	619,912	3.50%, 10/1/34, Pool #C91793		646,239
	1,219,835	4.00%, 5/1/37, Pool #C91938		1,283,718
	1,652,514	5.00%, 2/1/38, Pool #G60365		1,842,280
	85,851	3.50%, 4/1/40, Pool #V81744		89,473
	104,490	3.50%, 5/1/40, Pool #V81750		108,882
	183,004	3.50%, 6/1/40, Pool #V81792		190,700
	77,678	3.50%, 8/1/40, Pool #V81886		80,925
	70,251	3.50%, 9/1/40, Pool #V81958		73,201
	68,133	4.50%, 1/1/41, Pool #A96051		72,546
	700,874	4.00%, 1/1/41, Pool #A96413		748,997
	571,661	4.00%, 2/1/41, Pool #A96807		610,906
	66,056	4.50%, 3/1/41, Pool #A97673		71,600
	112,019	4.50%, 4/1/41, Pool #A97942		121,445
	312,096	5.00%, 6/1/41, Pool #G06596		350,233
	1,446,379	4.50%, 1/1/42, Pool #G60517		1,537,163
	49,862	3.50%, 8/1/42, Pool #Q10164		52,330
	55,584	3.50%, 8/1/42, Pool #Q10434		58,336
	61,561	3.50%, 8/1/42, Pool #Q10047		64,619
	45,760	3.50%, 8/1/42, Pool #Q10392		48,031
	68,267	3.50%, 9/1/42, Pool #Q11244		71,667
	38,814	3.50%, 11/1/42, Pool #G07231		40,671
	51,873	4.00%, 11/1/42, Pool #Q13121		54,636
	137,898	3.00%, 12/1/42, Pool #C04320		142,914
	538,868	3.50%, 4/1/43, Pool #G07921		568,219
	455,289	3.50%, 4/1/43, Pool #Q17209		475,894
	86,300	4.00%, 5/1/43, Pool #Q18481		91,027
	44,714	4.00%, 7/1/43, Pool #Q19597		47,159
	51,153	4.00%, 10/1/43, Pool #Q22499		53,935
	596,740	3.00%, 10/1/43, Pool #G08553		616,484
	164,726	3.50%, 1/1/44, Pool #G60271		173,991
	331,419	3.50%, 1/1/44, Pool #G07922		352,732
	103,129	4.00%, 1/1/44, Pool #V80950		107,950
	312,982	4.00%, 1/1/45, Pool #Q30720		331,580
	219,195	4.00%, 2/1/45, Pool #G07949		233,418
	50,325	3.50%, 3/1/45, Pool #Q32328		53,003
	110,256	3.50%, 3/1/45, Pool #Q32008		116,117
	58,484	3.50%, 3/1/45, Pool #Q31974		61,626


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	36,390	3.00%, 5/1/45, Pool #Q33468	$	36,945
	299,122	3.50%, 5/1/45, Pool #Q33547		309,353
	360,866	3.50%, 6/1/45, Pool #Q34164		373,204
	244,093	3.00%, 6/1/45, Pool #Q34156		247,808
	361,191	3.50%, 6/1/45, Pool #Q34311		380,487
	58,192	3.50%, 6/1/45, Pool #Q33791		60,191
	60,998	3.00%, 7/1/45, Pool #Q34759		62,583
	19,239	3.00%, 7/1/45, Pool #Q34979		19,618
	112,924	4.00%, 8/1/45, Pool #Q35845		117,695
	22,560	4.00%, 9/1/45, Pool #Q37853		23,880
	404,849	3.50%, 11/1/45, Pool #Q37467		426,462
	14,924	4.00%, 11/1/45, Pool #Q38812		15,659
	9,473	4.00%, 2/1/46, Pool #Q38879		10,125
	21,243	4.00%, 2/1/46, Pool #Q38782		22,703
	27,315	4.00%, 2/1/46, Pool #Q38783		28,955
	75,720	4.00%, 4/1/46, Pool #V82292		80,147
	13,017	4.00%, 4/1/46, Pool #Q39975		13,912
	136,704	3.50%, 5/1/46, Pool #G60603		144,135
	144,676	3.50%, 5/1/46, Pool #Q40647		149,212
	440,588	3.50%, 5/1/46, Pool #G60553		463,767
	399,480	3.50%, 9/1/46, Pool #Q43257		421,255
	21,927	4.00%, 9/1/47, Pool #Q50433		23,381
	22,264	4.00%, 10/1/47, Pool #Q51189		23,606
	244,864	3.50%, 11/1/47, Pool #Q52086		253,094
	21,138	4.00%, 2/1/48, Pool #Q54192		22,386
	667,867	3.50%, 2/1/48, Pool #Q54334		693,959
	50,343	3.50%, 2/1/48, Pool #G61896		52,227
	307,660	3.50%, 3/1/48, Pool #G67710		318,877
	597,492	4.00%, 5/1/48, Pool #ZA5379		631,983
	454,170	4.00%, 5/1/48, Pool #Q55992		481,394
	1,150,228	4.00%, 6/1/48, Pool #G67713		1,230,570
	140,894	4.00%, 7/1/48, Pool #Q59935		149,149
	305,067	3.50%, 5/1/49, Pool #Q63646		318,101
	887,153	3.00%, 5/1/49, Pool #ZT1955		897,015
	100,000	3.00%, 9/1/49, Pool #RA1355		102,460

				26,252,311

Federal National Mortgage Association (10.6%):
	302,048	2.50%, 6/1/29, Pool #MA3734		306,280
	120,913	2.50%, 9/1/31, Pool #AS8012		122,453
	448,983	3.00%, 4/1/32, Pool #BD9809		463,728
	259,252	3.00%, 9/1/32, Pool #BM5110		267,145
	259,708	3.00%, 12/1/32, Pool #BM5109		268,093
	762,552	3.00%, 12/1/32, Pool #BM5345		787,898
	821,699	2.50%, 12/1/32, Pool #CA3748		832,098
	1,992,094	3.00%, 2/1/33, Pool #BM5108		2,054,497
	40,653	3.00%, 3/1/33, Pool #BM4614		41,968
	52,019	3.00%, 5/1/33, Pool #AT3000		53,682
	57,297	3.00%, 6/1/33, Pool #AT6090		59,133
	6,325	4.50%, 7/1/33, Pool #729327		6,915
	283,514	3.00%, 7/1/33, Pool #MA1490		292,583
	2,962	4.50%, 7/1/33, Pool #720240		3,240
	6,381	4.50%, 8/1/33, Pool #723124		6,980
	14,887	4.50%, 8/1/33, Pool #726928		16,270
	5,684	4.50%, 8/1/33, Pool #727029		6,217
	34,877	4.50%, 8/1/33, Pool #729380		38,107
	6,480	4.50%, 8/1/33, Pool #729713		7,074

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	7,328	4.50%, 8/1/33, Pool #727160	$	8,011
	12,155	4.50%, 8/1/33, Pool #726956		13,295
	27,595	4.50%, 9/1/33, Pool #727147		30,162
	11,160	4.50%, 9/1/33, Pool #734922		12,198
	1,617,557	3.00%, 11/1/33, Pool #BM5111		1,672,826
	42,151	4.50%, 12/1/33, Pool #AL5321		46,107
	42,661	3.50%, 1/1/34, Pool #AS1406		44,244
	127,289	3.50%, 1/1/34, Pool #AS1611		131,991
	85,264	3.50%, 1/1/34, Pool #AS1612		88,418
	17,216	3.50%, 1/1/34, Pool #AS1614		17,855
	765,901	2.50%, 6/1/34, Pool #BN7572		774,798
	93,869	3.00%, 6/1/34, Pool #CA3585		97,324
	821,904	3.50%, 9/1/34, Pool #FM1577		861,554
	32,554	6.00%, 10/1/34, Pool #AL2130		37,414
	1,850,000	2.50%, 1/25/35, TBA		1,866,766
	69,897	4.50%, 9/1/35, Pool #AB8198		76,598
	660,388	6.00%, 5/1/36, Pool #745512		752,597
	332,575	6.00%, 1/1/37, Pool #932030		381,665
	59,704	6.00%, 3/1/37, Pool #889506		68,366
	83,068	6.00%, 1/1/38, Pool #889371		96,877
	248,980	5.00%, 2/1/38, Pool #310165		277,110
	28,347	6.00%, 3/1/38, Pool #889219		32,970
	17,158	6.00%, 7/1/38, Pool #889733		20,010
	99,520	4.50%, 3/1/39, Pool #AB0051		108,829
	466,483	4.50%, 4/1/39, Pool #AB0043		511,222
	436,545	5.00%, 6/1/39, Pool #AL7521		487,028
	164,077	5.00%, 6/1/39, Pool #AL7550		183,065
	48,279	4.50%, 11/1/39, Pool #AC5442		52,562
	113,187	6.00%, 5/1/40, Pool #AL2129		131,967
	68,197	4.00%, 12/1/40, Pool #AA4757		73,122
	62,237	4.50%, 2/1/41, Pool #AH5580		67,451
	8,819	6.00%, 1/1/42, Pool #AL2128		9,962
	88,791	3.50%, 9/1/42, Pool #AP4100		92,978
	2,553,772	3.50%, 11/1/42, Pool #AL2866		2,683,432
	17,779	3.50%, 12/1/42, Pool #AQ9054		18,621
	681,754	3.00%, 1/1/43, Pool #AL3181		703,461
	112,719	3.50%, 1/1/43, Pool #AQ9328		118,536
	304,894	2.50%, 2/1/43, Pool #AB8465		304,466
	227,148	3.00%, 2/1/43, Pool #AB7846		233,501
	22,564	3.50%, 2/1/43, Pool #AR1797		23,570
	684,210	3.00%, 2/1/43, Pool #AT0223		703,334
	75,912	3.50%, 3/1/43, Pool #AL3409		78,628
	29,196	3.50%, 3/1/43, Pool #AR7567		30,498
	29,501	3.50%, 3/1/43, Pool #AR6751		30,827
	139,506	3.50%, 8/1/43, Pool #AL7261		146,717
	321,132	3.00%, 9/1/43, Pool #AL5059		331,364
	75,911	4.00%, 10/1/43, Pool #BM1167		81,476
	363,509	4.50%, 3/1/44, Pool #AL5082		389,491
	397,032	3.00%, 6/1/44, Pool #AL7195		410,163
	350,870	5.00%, 11/1/44, Pool #AL7307		391,473
	160,768	4.00%, 12/1/44, Pool #AX8459		171,509
	31,959	4.00%, 12/1/44, Pool #AW9502		33,955
	20,212	4.00%, 12/1/44, Pool #AY0045		21,489
	256,879	4.00%, 3/1/45, Pool #AL6541		274,066
	77,514	3.50%, 3/1/45, Pool #AY5352		81,671
	93,795	3.00%, 5/1/45, Pool #AS4972		95,502


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	55,562	4.00%, 5/1/45, Pool #AZ1876	$	58,757
	93,491	3.50%, 5/1/45, Pool #AY9074		98,544
	107,526	4.00%, 5/1/45, Pool #AZ1207		113,797
	43,225	4.00%, 6/1/45, Pool #AZ2719		45,672
	989,874	3.50%, 6/1/45, Pool #AY5622		1,043,427
	317,375	4.00%, 6/1/45, Pool #AY8096		335,607
	133,802	4.00%, 6/1/45, Pool #AY8126		141,489
	36,846	5.00%, 6/1/45, Pool #AZ3448		40,106
	58,413	4.00%, 6/1/45, Pool #AZ3341		61,753
	265,769	4.00%, 7/1/45, Pool #AZ0833		280,942
	232,417	4.00%, 7/1/45, Pool #AZ1783		245,879
	644,622	3.50%, 7/1/45, Pool #AZ0814		672,884
	223,408	3.00%, 8/1/45, Pool #AS5634		227,471
	34,066	3.00%, 8/1/45, Pool #AZ3728		34,678
	87,553	3.00%, 8/1/45, Pool #AZ8288		89,141
	127,159	4.00%, 10/1/45, Pool #AL7413		135,248
	632,365	4.00%, 10/1/45, Pool #AL7593		672,594
	43,424	4.00%, 11/1/45, Pool #AZ0560		45,919
	50,654	4.00%, 12/1/45, Pool #AS6350		53,882
	82,857	4.00%, 12/1/45, Pool #BA6404		87,645
	25,811	4.00%, 12/1/45, Pool #BC0997		27,317
	1,127,633	4.00%, 2/1/46, Pool #BC1578		1,189,574
	70,070	4.50%, 2/1/46, Pool #BM5199		76,213
	45,060	4.00%, 4/1/46, Pool # BC3920		47,546
	39,289	4.00%, 4/1/46, Pool #BC7809		41,423
	18,368	4.00%, 5/1/46, Pool #BC2276		19,442
	597,680	3.50%, 5/1/46, Pool #BC0880		618,123
	380,094	4.00%, 6/1/46, Pool #BC0960		401,042
	559,579	4.00%, 6/1/46, Pool #AL9282		590,448
	82,542	4.00%, 7/1/46, Pool #BC6148		87,142
	211,848	4.00%, 7/1/46, Pool #BC1443		225,782
	615,715	3.50%, 7/1/46, Pool #AL9515		636,877
	80,641	4.00%, 8/1/46, Pool #BD1451		85,051
	40,583	3.50%, 8/1/46, Pool #BD5247		42,733
	207,299	3.50%, 8/1/46, Pool #AL8990		218,214
	91,056	4.50%, 8/1/46, Pool #AL9111		97,865
	111,380	3.50%, 8/1/46, Pool #AL8970		117,232
	57,665	3.50%, 9/1/46, Pool #BD7792		60,696
	102,957	4.00%, 9/1/46, Pool #BD1489		108,618
	224,043	4.00%, 9/1/46, Pool #BC2843		238,754
	23,128	3.50%, 9/1/46, Pool #BD0711		24,353
	248,087	3.50%, 10/1/46, Pool #AL9285		255,199
	35,479	4.00%, 10/1/46, Pool #BD7599		37,419
	352,874	3.50%, 10/1/46, Pool #BC4760		371,538
	198,707	4.00%, 10/1/46, Pool #BC4754		211,797
	142,759	3.50%, 11/1/46, Pool #BC9014		150,275
	1,487,439	3.50%, 12/1/46, Pool #BD8504		1,565,743
	706,078	3.50%, 12/1/46, Pool #BC9077		736,865
	57,819	3.50%, 12/1/46, Pool #BE5877		60,630
	38,993	3.50%, 1/1/47, Pool #BE7834		40,889
	607,911	3.50%, 1/1/47, Pool #AL9776		628,778
	1,204,226	4.50%, 2/1/47, Pool #AL9846		1,302,106
	2,374,532	4.00%, 2/1/47, Pool #AL9779		2,512,130
	145,495	3.50%, 2/1/47, Pool #BE5696		152,849
	182,011	4.00%, 5/1/47, Pool #BM1277		193,872
	16,094	4.00%, 6/1/47, Pool #BH4269		17,143

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	110,684	4.00%, 7/1/47, Pool #BE3774	$	116,002
	127,087	4.00%, 7/1/47, Pool #AS9968		134,329
	21,470	4.00%, 12/1/47, Pool #BJ4279		22,873
	36,391	4.00%, 12/1/47, Pool #BJ2132		38,765
	20,339	4.00%, 2/1/48, Pool #CA1199		21,510
	893,441	3.50%, 2/1/48, Pool #BJ3436		919,188
	19,970	4.00%, 3/1/48, Pool #BK1867		21,120
	24,276	4.00%, 3/1/48, Pool #BK3214		25,686
	21,982	4.00%, 4/1/48, Pool #BK2485		23,256
	184,927	4.00%, 4/1/48, Pool #BM3700		196,950
	19,206	4.00%, 4/1/48, Pool #BK4838		20,309
	92,404	4.00%, 4/1/48, Pool #CA1545		97,724
	50,132	4.00%, 4/1/48, Pool #BK3836		53,079
	19,233	4.00%, 4/1/48, Pool #BJ8805		20,343
	782,654	4.00%, 5/1/48, Pool #BJ2731		827,667
	119,629	4.00%, 5/1/48, Pool #BM3877		126,507
	22,415	4.00%, 5/1/48, Pool #BK2527		23,689
	73,914	3.00%, 8/1/49, Pool #CA4017		75,097
	237,077	3.00%, 9/1/49, Pool #BN7756		241,284
	975,808	3.00%, 9/1/49, Pool #CA4142		996,482
	1,014,959	4.50%, 9/1/49, Pool #FM1534		1,090,191
	1,895,052	3.00%, 9/1/49, Pool #FM1459		1,922,614
	38,933	3.00%, 9/1/49, Pool #MA3774		39,500
	288,142	3.50%, 9/1/49, Pool# FM1449		296,659
	977,967	3.00%, 10/1/49, Pool #CA4421		998,119
	887,787	3.00%, 10/1/49, Pool# FM1675		900,695
	977,674	3.00%, 10/1/49, Pool #CA4406		1,003,275
	199,200	3.50%, 11/1/49, Pool #CA4557		207,746
	1,011,570	4.00%, 11/1/49, Pool #CA4628		1,065,639
	850,000	2.50%, 12/1/49, Pool #BO6208		842,971

				52,165,835

Government National Mortgage Association (7.8%):
	13,102	5.00%, 6/15/34, Pool #629493		14,445
	7,469	5.00%, 3/15/38, Pool #676766		8,337
	3,015	5.00%, 4/15/38, Pool #672672		3,364
	12,281	5.00%, 8/15/38, Pool #687818		13,700
	92,975	5.00%, 1/15/39, Pool #705997		103,130
	211,455	5.00%, 3/15/39, Pool #646746		234,724
	1,284	5.00%, 3/15/39, Pool #697946		1,423
	224,498	4.00%, 10/15/40, Pool #783143		236,006
	66,875	4.00%, 10/20/40, Pool #G24833		70,981
	195,140	4.00%, 1/20/41, Pool #4922		207,125
	522,478	4.50%, 3/20/41, Pool #4978		572,384
	378,945	4.00%, 5/20/41, Pool #5054		403,306
	184,369	4.50%, 5/20/41, Pool #005055		201,972
	159,560	4.50%, 6/15/41, Pool #366975		175,097
	119,563	4.50%, 6/20/41, Pool #005082		130,982
	430,442	4.00%, 10/20/41, Pool #5203		458,121
	476,615	3.50%, 12/20/41, Pool #5258		499,864
	828,834	4.00%, 1/20/42, Pool #5280		882,137
	569,937	3.50%, 10/20/42, Pool #MA0462		600,401
	53,707	4.00%, 11/20/42, Pool #AB9233		57,481
	286,107	3.00%, 12/20/42, Pool # MA0624		296,233
	345,427	3.00%, 12/20/42, Pool #AA5872		356,577
	2,761,102	3.50%, 1/20/43, Pool #MA0699		2,908,741
	50,918	3.00%, 1/20/43, Pool #MA0698		52,719


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	618,064	3.50%, 2/20/43, Pool #MA0783	$	649,912
	78,149	3.50%, 3/20/43, Pool #AD8884		81,363
	226,671	3.00%, 3/20/43, Pool #AA6146		234,148
	93,446	3.00%, 3/20/43, Pool #AD8812		95,996
	514,692	3.50%, 4/20/43, Pool #783976		537,712
	83,670	3.50%, 4/20/43, Pool #AD9075		86,623
	29,104	3.50%, 4/20/43, Pool #AB9891		30,295
	599,102	4.00%, 10/20/43, Pool# MA1376		633,158
	8,329	4.00%, 7/20/44, Pool #MA2074		8,786
	123,152	4.00%, 5/20/45, Pool #MA2893		129,955
	206,783	4.00%, 8/20/45, Pool #MA3035		218,187
	7,990	4.00%, 9/20/45, Pool #MA3106		8,431
	8,225	4.00%, 10/20/45, Pool #MA3174		8,678
	9,132	4.00%, 12/20/45, Pool #MA3311		9,636
	9,040	4.00%, 1/20/46, Pool # MA3377		9,538
	338,586	4.00%, 4/15/46, Pool #784232		360,836
	563,065	4.00%, 5/20/46, Pool #MA3664		593,046
	415,810	3.50%, 5/20/46, Pool #MA3663		433,196
	31,800	3.50%, 5/20/46, Pool #AR9028		33,357
	24,626	3.50%, 5/20/46, Pool #AR9166		25,832
	32,203	3.50%, 5/20/46, Pool #AS4272		33,783
	124,070	3.50%, 6/20/46, Pool #AT4139		130,147
	29,482	3.50%, 6/20/46, Pool #AT4134		30,927
	36,770	3.50%, 6/20/46, Pool #AS4285		38,563
	390,181	3.50%, 6/20/46, Pool #MA3736		407,938
	42,883	3.50%, 7/20/46, Pool #784391		44,972
	216,409	3.50%, 7/20/46, Pool #MA3803		225,198
	45,396	3.50%, 9/20/46, Pool #MA3937		47,191
	39,454	3.00%, 10/20/46, Pool #MA4003		40,748
	2,564,293	3.00%, 12/20/46, Pool #MA4126		2,647,081
	331,106	4.00%, 1/15/47, Pool #AX5831		346,029
	314,207	4.00%, 1/15/47, Pool #AX5857		328,369
	629,136	3.00%, 1/20/47, Pool #MA4195		649,345
	352,014	3.00%, 2/20/47, Pool #MA4261		362,551
	90,466	4.00%, 3/20/47, Pool #MA4322		94,719
	92,975	4.00%, 4/20/47, Pool #MA4383		97,179
	1,319,203	4.50%, 4/20/47, Pool #MA4384		1,385,629
	408,484	4.00%, 4/20/47, Pool #784304		423,918
	377,569	4.00%, 4/20/47, Pool #784303		391,895
	60,011	4.00%, 5/20/47, Pool #MA4452		62,831
	830,940	4.50%, 6/20/47, Pool #MA4512		872,767
	251,597	4.00%, 6/20/47, Pool #MA4511		263,116
	3,889,535	3.50%, 9/20/47, Pool #MA4719		4,029,674
	1,534,275	3.50%, 1/20/48, Pool #MA4962		1,595,764
	373,264	4.00%, 4/20/48, Pool #MA5137		387,860
	227,172	4.00%, 4/20/48, Pool #BG7744		237,812
	322,936	4.00%, 4/20/48, Pool #BG3507		338,042
	2,347,099	4.00%, 5/20/48, Pool #MA5192		2,427,929
	785,147	4.00%, 6/20/48, Pool #MA5264		812,164
	5,715,000	3.00%, 1/20/49, TBA		5,869,483
	1,199,900	3.50%, 4/20/49, Pool #MA5875		1,236,477
	87,262	Class JA,Series 2015-H21, 2.50%, 6/20/65, Callable 5/20/21 @ 100		87,196

				38,625,232

	Total U.S. Government Agency Mortgages (Cost $115,485,734)			117,043,378

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Treasury Obligations (22.9%):
U.S. Treasury Bonds (5.3%):
$	2,785,000	2.50%, 2/15/46	$	2,849,838
	15,337,000	3.00%, 2/15/49		17,342,792
	5,382,000	2.88%, 5/15/49		5,947,110

				26,139,740

U.S. Treasury Inflation Index Bonds (0.9%):
	3,422,556	0.75%, 2/15/45		3,553,836
	86,121	1.00%, 2/15/46		94,794
	736,286	1.00%, 2/15/49		818,484

				4,467,114

U.S. Treasury Inflation Index Notes (3.4%):
	2,042,507	0.25%, 1/15/25		2,060,212
	8,012,895	0.63%, 1/15/26		8,257,648
	4,264,061	0.13%, 7/15/26		4,277,705
	2,058,602	0.88%, 1/15/29		2,185,807

				16,781,372

U.S. Treasury Notes (13.3%):
	8,034,000	2.13%, 7/31/24		8,189,659
	6,658,000	2.25%, 12/31/24		6,834,853
	7,087,000	2.50%, 2/28/26		7,383,768
	9,926,000	1.63%, 9/30/26		9,806,578


Principal Amount			Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued
$	9,035,000	3.13%, 11/15/28	$	9,941,323
	11,402,000	1.63%, 8/15/29		11,116,950
	12,361,000	1.75%, 11/15/29		12,183,311

				65,456,442

	Total U.S. Treasury Obligations (Cost $109,362,601)			112,844,668

Short-Term Securities Held as Collateral for Securities on Loan (0.6%):
	3,088,784	BlackRock Liquidity FedFund, Institutional Class, 2.00%(e)(f)		3,088,784

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $3,088,784)			3,088,784

Unaffiliated Investment Companies (1.7%):
Money Markets (1.7%):
	8,559,485	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(f)		8,559,485

	Total Unaffiliated Investment Companies (Cost $8,559,485)			8,559,485

	Total Investment Securities (Cost $486,122,828) — 101.6%(g)			501,647,243
	Net other assets (liabilities) — (1.6)%			(7,960,532	)

	Net Assets — 100.0%		$	493,686,711

Percentages indicated are based on net assets as of December 31, 2019.

GO—General Obligation

H15T5Y—5 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced Security

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

USSW5—USD 5 Year Swap Rate

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $2,957,573.

†	Represents less than 0.05%.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. Thesub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(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 December 31, 2019.

(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 December 31, 2019.

(f)	The rate represents the effective yield at December 31, 2019.

(g)	See Federal Tax Information listed in the Notes to the Financial Statements.

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

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

December 31, 2019

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of December 31, 2019:

(Unaudited)


Country	Percentage

Argentina		0.1	%

Australia		0.4	%

Bermuda		0.1	%

Brazil		—	%^†

Canada		0.9	%

Cayman Islands		0.9	%

Chile		0.2	%

Dominican Republic		0.3	%

France		0.2	%

Germany		0.7	%

Guernsey		0.7	%


Country	Percentage

Ireland		0.7	%

Italy		0.5	%

Jersey		0.2	%

Luxembourg		1.0	%

Mexico		2.1	%

Netherlands		1.6	%

Switzerland		0.2	%

United Arab Emirates		0.1	%

United Kingdom		2.0	%

United States		87.1	%


		100.0	%

†	Represents less than 0.05%.

Securities Sold Short(-0.1%):

At December 31, 2019, the Fund’s securities sold short were as follows:


Security Description	Coupon Rate			Maturity Date		Par Amount			Proceeds Received			Fair Value
U.S. Government Agency Mortgages
Federal National Mortgage Association
Federal National Mortgage Association, TBA		3.50	%		1/25/50	$	(300,000	)	$	(307,793	)	$	(308,578	)

									$	(307,793	)	$	(308,578	)

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	486,122,828

Investment securities, at value^(a)	$	501,647,243
Interest and dividends receivable		4,141,625
Receivable for capital shares issued		406
Receivable for TBA investments sold		25,747,046
Prepaid expenses		1,775

Total Assets		531,538,095

Liabilities:
Cash overdraft		2,011
Payable for investments purchased		392,973
Payable for TBA investments purchased		33,229,368
Payable for capital shares redeemed		481,653
Payable for collateral received on loaned securities		3,088,784
Securities sold short (Proceeds received $307,793)		308,578
Interest payable on securities sold short		379
Manager fees payable		210,311
Administration fees payable		9,248
Distribution fees payable		100,301
Custodian fees payable		3,125
Administrative and compliance services fees payable		1,752
Transfer agent fees payable		1,836
Trustee fees payable		431
Other accrued liabilities		20,634

Total Liabilities		37,851,384

Net Assets	$	493,686,711

Net Assets Consist of:
Paid in capital	$	471,615,856
Total distributable earnings		22,070,855

Net Assets	$	493,686,711

Class 1
Net Assets	$	22,823,106
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,238,174
Net Asset Value (offering and redemption price per share)	$	10.20

Class 2
Net Assets	$	470,863,605
Shares of beneficial interest (unlimited number of shares authorized, no par value)		44,841,976
Net Asset Value (offering and redemption price per share)	$	10.50

(a)	Includes securities on loan of $2,957,573.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Interest	$	18,536,880
Dividends		203,623
Income from securities lending		122,231

Total Investment Income		18,862,734

Expenses:
Manager fees		2,521,423
Administration fees		221,185
Distribution fees — Class 2		1,203,924
Custodian fees		18,328
Administrative and compliance services fees		9,443
Transfer agent fees		11,634
Trustee fees		30,193
Professional fees		26,058
Shareholder reports		19,311
Other expenses		16,208

Total expenses		4,077,707

Net Investment Income/(Loss)		14,785,027

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		4,717,925
Net realized gains/(losses) on securities held short		88,778
Change in net unrealized appreciation/depreciation on securities		29,992,104
Change in net unrealized appreciation/depreciation on securities held short		46,191

Net realized and Change in net unrealized gains/losses on investments		34,844,998

Change in Net Assets Resulting From Operations	$	49,630,025

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	14,785,027			$	14,770,014
Net realized gains/(losses) on investments			4,806,703				(4,619,768	)
Change in unrealized appreciation/depreciation on investments			30,038,295				(18,013,951	)

Change in net assets resulting from operations			49,630,025				(7,863,705	)

Distributions to Shareholders:
Class 1			(762,762	)			(707,681	)
Class 2			(14,007,289	)			(14,621,912	)

Change in net assets resulting from distributions to shareholders			(14,770,051	)			(15,329,593	)

Capital Transactions:
Class 1
Proceeds from shares issued			2,473,032				907,880
Proceeds from dividends reinvested			762,762				707,681
Value of shares redeemed			(3,389,231	)			(3,245,300	)

Total Class 1 Shares			(153,437	)			(1,629,739	)

Class 2
Proceeds from shares issued			14,141,674				10,368,064
Proceeds from dividends reinvested			14,007,289				14,621,912
Value of shares redeemed			(69,635,789	)			(76,454,314	)

Total Class 2 Shares			(41,486,826	)			(51,464,338	)

Change in net assets resulting from capital transactions			(41,640,263	)			(53,094,077	)

Change in net assets			(6,780,289	)			(76,287,375	)
Net Assets:
Beginning of period			500,467,000				576,754,375

End of period		$	493,686,711			$	500,467,000

Share Transactions:
Class 1
Shares issued			246,124				93,143
Dividends reinvested			75,446				75,046
Shares redeemed			(335,189	)			(333,055	)

Total Class 1 Shares			(13,619	)			(164,866	)

Class 2
Shares issued			1,364,347				1,034,907
Dividends reinvested			1,345,561				1,505,861
Shares redeemed			(6,698,382	)			(7,711,888	)

Total Class 2 Shares			(3,988,474	)			(5,171,120	)

Change in shares			(4,002,093	)			(5,335,986	)

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016^				2015

Class 1

Net Asset Value, Beginning of Period		$	9.54			$	9.96			$	9.77			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.32	(a)			0.32				0.23				0.24
Net Realized and Unrealized Gains/(Losses) on Investments			0.69				(0.42	)			0.21				(0.47	)

Total from Investment Activities			1.01				(0.10	)			0.44				(0.23	)

Distributions to Shareholders From:
Net Investment Income			(0.35	)			(0.32	)			(0.25	)			—

Total Dividends			(0.35	)			(0.32	)			(0.25	)			—

Net Asset Value, End of Period		$	10.20			$	9.54			$	9.96			$	9.77

Total Return(b)			10.57	%			(1.00	)%			4.55	%			(2.30	)%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	22,823			$	21,476			$	24,077			$	25,981
Net Investment Income/(Loss)(d)			3.17	%			2.96	%			2.23	%			3.03	%
Expenses Before Reductions(d)(e)			0.57	%			0.56	%			0.56	%			0.59	%
Expenses Net of Reductions(d)			0.57	%			0.56	%			0.56	%			0.59	%
Portfolio Turnover Rate(f)			68	%			38	%			81	%			119	%

Class 2

Net Asset Value, Beginning of Period		$	9.81			$	10.23			$	10.05			$	9.85			$	10.14

Investment Activities:
Net Investment Income/(Loss)			0.30	(a)			0.31				0.22				0.26				0.31
Net Realized and Unrealized Gains/(Losses) on Investments			0.71				(0.44	)			0.21				0.29				(0.40	)

Total from Investment Activities			1.01				(0.13	)			0.43				0.55				(0.09	)

Distributions to Shareholders From:
Net Investment Income			(0.32	)			(0.29	)			(0.25	)			(0.34	)			(0.20	)
Net Realized Gains			—				—				—				(0.01	)			—

Total Dividends			(0.32	)			(0.29	)			(0.25	)			(0.35	)			(0.20	)

Net Asset Value, End of Period		$	10.50			$	9.81			$	10.23			$	10.05			$	9.85

Total Return(b)			10.28	%			(1.25	)%			4.28	%			5.51	%			(0.89	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	470,864			$	478,991			$	552,678			$	568,216			$	433,205
Net Investment Income/(Loss)			2.92	%			2.71	%			1.98	%			3.06	%			2.93	%
Expenses Before Reductions(e)			0.82	%			0.81	%			0.81	%			0.83	%			0.82	%
Expenses Net of Reductions			0.82	%			0.81	%			0.81	%			0.83	%			0.82	%
Portfolio Turnover Rate(f)			68	%			38	%			81	%			119	%			123	%

^	Class 1 activity is for the period October 17, 2016 (commencement of operations) to December 31, 2016.

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Fidelity Institutional Asset Management Total Bond Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation

Securities Purchased on a When-Issued Basis

Short Sales

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

December 31, 2019

Distributions to Shareholders

Expense Allocation

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

Class Allocation

The investment income, expenses (other than class specific expenses charged to a class), realized and unrealized gains and losses on investments of the Fund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

Bank Loans

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $12,040 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $3,088,784 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of December 31, 2019, no collateral had been posted by the Fund to counterparties for TBAs.

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

December 31, 2019

Affiliated Securities Transactions

Recent Accounting Pronouncements

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with FIAM LLC (“FIAM”), FIAM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Fidelity Institutional Asset Management Total Bond Fund Class 1		0.50	%		0.70	%

AZL Fidelity Institutional Asset Management Total Bond Fund Class 2		0.50	%		0.95	%

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $3,788 was paid from the Fund relating to these fees and expenses.

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

December 31, 2019

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2				Level 3			Total

Common Stocks+		$	212,901		$	—			$	—		$	212,901
Warrants+			—			—	#			—			—
Asset Backed Securities			—			8,527,450				—			8,527,450
Collateralized Mortgage Obligations			—			19,187,451				—			19,187,451
Corporate Bonds+			—			162,101,824				—			162,101,824
Yankee Dollars+			—			64,054,279				—			64,054,279
Municipal Bonds			—			6,027,023				—			6,027,023
U.S. Government Agency Mortgages			—			117,043,378				—			117,043,378
U.S. Treasury Obligations			—			112,844,668				—			112,844,668
Short-Term Securities Held as Collateral for Securities on Loan			3,088,784			—				—			3,088,784
Unaffiliated Investment Companies			8,559,485			—				—			8,559,485

Total Investment Securities			11,861,170			489,786,073				—			501,647,243

Securities Sold Short			—			(308,578	)			—			(308,578	)

Total Investments		$	11,861,170		$	489,477,495			$	—		$	501,338,665

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

#	Represents the interest in securities that were determined to have a value of zero at December 31, 2019.

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

December 31, 2019

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Fidelity Institutional Asset Management Total Bond Fund		$	334,140,446		$	383,719,574

For the year ended December 31, 2019, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL Fidelity Institutional Asset Management Total Bond Fund		$	248,019,145		$	297,948,169

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $485,871,006. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	18,766,710
Unrealized (depreciation)		(3,299,051	)

Net unrealized appreciation/(depreciation)	$	15,467,659

During the year ended December 31, 2019, the Fund utilized $4,675,284 in CLCFs to offset capital gains.

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

December 31, 2019

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL Fidelity Institutional Asset Management Total Bond Fund		$	4,247,444		$	3,934,341		$	8,181,785

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Fidelity Institutional Asset Management Total Bond Fund		$	14,770,051		$	—		$	14,770,051

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Fidelity Institutional Asset Management Total Bond Fund		$	15,329,593		$	—		$	15,329,593

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Fidelity Institutional Asset Management Total Bond Fund		$	14,784,981		$	—		$	(8,181,785	)		$	15,467,659		$	22,070,855

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 70% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Fidelity Institutional Asset Management Total Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Fidelity Institutional Asset Management Total Bond Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Gateway Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 10

Page 10

Page 11

Page 12

Report of Independent Registered Public Accounting Firm

Page 13

Page 18

Page 19

Approval of Investment Advisory and Subadvisory Agreements

Page 20

Page 21

Information about the Board of Trustees and Officers

Page 24

AZL^® Gateway Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Gateway Fund and Gateway Investment Advisers, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Gateway Fund (the “Fund”) returned 10.82%. That compared to a 31.49% total return for its benchmark, the S&P 500 Index¹. The Fund’s performance reflects itslow-volatility equity strategy, which seeks to reduce fluctuations in the portfolio’s value that may be caused by equity market volatility. In achieving itslow-volatility objective, the Fund’s annualized standard deviation of daily returns for the year was 5.45% compared to 12.47% for the S&P 500 Index. The Fund exhibited a beta² to the S&P 500 Index of 0.41 for the year.

The Fund seeks to capture the majority of the long-term returns expected with equity market investments while also providing less risk. To accomplish this, the Fund invests in a diversified portfolio of common stocks. In addition, the Fund sells index call options in order to lower volatility and generate cash flow; the Fund then uses a portion of this cash flow to purchase index put options, which helps mitigate any sharp, sudden price declines in the equity portfolio.*

Early in the year, the Federal Reserve Board (the Fed) announced a shift to a more dovish monetary policy with fewer interest rate increases. The news provided a boost to equities, and ultimately the Fed cut rates three times in 2019, starting in July. The policy shift came amid signs of weaker global growth, geopolitical tensions, and positive domestic economic indicators, such as a low unemployment rate and better-than-expected, albeit stagnant, growth in corporate earnings. In particular, unease over trade tensions between the U.S. and China and the U.S. and Mexico contributed to a decline in equities throughout May, with additional volatility and a second drawdown at the end of July and intomid-August. A phaseone-trade agreement between the U.S. and China was announced in the fourth quarter, which helped provide a boost to equities to close out the12-month period.

The Fund underperformed its primary benchmark for the year, as expected when the benchmark posts a strong above-average advance combined with below-average volatility levels. As measured by the Chicago Board Options Exchange Volatility Index³ (the VIX), implied volatility averaged 15.39 for 2019, falling below its historical average of 19.15. The highest close of the VIX in 2019 was on January 3, as equity markets recovered from near-bear market territory at the end of 2018.

The Fund’stwo-part option strategy helped it participate in equity gains during market advances while also mitigating losses during market declines. However, this strategy prevented it from fully participating in the well-above-average gains of the first and fourth quarters of 2019. The Fund returned 5.02% and 3.48% during these quarters, lagging the benchmark’s gains of 13.65% and 9.07%, respectively.

The market advance was choppy and more moderate in the second and third quarters. The Fund ultimately lagged its benchmark during these quarters but not to the same extent, posting returns of 0.84% and 1.13%, respectively, compared to the benchmark’s returns of 4.30% and 1.70%. However, thelow-volatility strategy provided significant downside protection during the brief, sharp market declines in May and July. During these two downturns, the Fund returned-3.60% and-2.75%, respectively, outperforming the benchmark’s returns of-6.62% and-5.99%.

The Fund employs equity index options as part of itslow-volatility strategy, and those derivatives, along with the overall strategy, worked as designed, however they had an overall negative impact on the Fund’s performance during the period.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole, beta is used in the capital asset pricing model, which calculates the expected return of an asset based on its beta and expected market returns.

³	Chicago Board Options Exchange Market Volatility Index^® (VIX^®) is a key measure of market expectations of near-term volatility conveyed by the S&P 500 Index options.

AZL^® Gateway Fund Review (Unaudited)


Fund Objective
The Fund’s investment objective is to seek to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in a broadly diversified portfolio of common stocks, while also selling index call options.
Investment Concerns
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.
The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), real estate operating companies (REOCs), and foreign real estate companies, and property management, all of which can be affected by a variety of factors, including national and regional economic conditions. Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.
For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


										Since
	1			3			5			Inception
	Year			Year			Year			(4/30/10)
AZL^®Gateway Fund		10.82	%		4.97	%		4.34	%		4.38	%
S&P 500 Index		31.49	%		15.27	%		11.70	%		13.25	%


Expense Ratio	Gross
AZL^®Gateway Fund		1.10	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.25% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

The Fund’s performance is measured against the Standard & Poor’s 500 Index, an unmanaged index that is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, which is a measure of the U.S. Stock market as a whole. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Gateway Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Gateway Fund, Class 2		$	1,000.00		$	1,046.50		$	5.73		1.11	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Gateway Fund, Class 2		$	1,000.00		$	1,019.61		$	5.65		1.11	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		22.9	%

Health Care		14.1

Financials		13.0

Communication Services		10.8

Consumer Discretionary		9.9

Industrials		9.4

Consumer Staples		6.8

Energy		4.3

Utilities		3.3

Real Estate		2.9

Materials		2.5


Total Common Stocks		99.9

Unaffiliated Investment Companies		2.4

Purchased Put Options		0.4


Total Investment Securities		102.7

Net other assets (liabilities)		(2.7	)


Net Assets		100.0	%

AZL Gateway Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks+ (100%):
Aerospace & Defense (2.2%):
	3,482	Boeing Co. (The)	$	1,134,296
	107	HEICO Corp.		12,214
	766	Huntington Ingalls Industries, Inc.		192,174
	2,659	Raytheon Co.		584,289
	643	TransDigm Group, Inc.		360,080
	7,107	United Technologies Corp.		1,064,344

				3,347,397

Air Freight & Logistics (0.4%):
	5,249	United Parcel Service, Inc., Class B		614,448
	671	XPO Logistics, Inc.*		53,479

				667,927

Airlines (0.3%):
	1,780	Alaska Air Group, Inc.		120,595
	3,552	JetBlue Airways Corp.*		66,493
	3,618	United Airlines Holdings, Inc.*		318,710

				505,798

Auto Components (0.2%):
	2,289	Autoliv, Inc.		193,214
	2,113	Cooper Tire & Rubber Co.		60,749
	2,253	Veoneer, Inc.*		35,192

				289,155

Automobiles (0.1%):
	281	Tesla, Inc.*		117,551

Banks (6.1%):
	2,673	Associated Banc-Corp.		58,913
	62,793	Bank of America Corp.		2,211,569
	17,829	Citigroup, Inc.		1,424,359
	2,308	First Republic Bank		271,075
	18,930	Huntington Bancshares, Inc.		285,464
	22,505	JPMorgan Chase & Co.		3,137,197
	1,566	Old National Bancorp		28,642
	615	Signature Bank		84,015
	802	SVB Financial Group*		201,334
	27,662	Wells Fargo & Co.		1,488,216

				9,190,784

Beverages (2.0%):
	26,465	Coca-Cola Co. (The)		1,464,837
	3,214	Monster Beverage Corp.*		204,250
	9,740	PepsiCo, Inc.		1,331,166

				3,000,253

Biotechnology (2.5%):
	9,311	AbbVie, Inc.		824,396
	4,437	Amgen, Inc.		1,069,628
	1,654	Biogen, Inc.*		490,791
	151	Exact Sciences Corp.*		13,964
	10,329	Gilead Sciences, Inc.		671,178
	681	Ionis Pharmaceuticals, Inc.*		41,139
	614	Seattle Genetics, Inc.*		70,156
	2,546	Vertex Pharmaceuticals, Inc.*		557,447

				3,738,699

Building Products (0.3%):
	7,737	Johnson Controls International plc		314,973
	332	Lennox International, Inc.		80,998

				395,971


Shares			Fair Value
Common Stocks+, continued
Capital Markets (2.5%):
	8,735	Bank of New York Mellon Corp. (The)	$	439,633
	9,283	Charles Schwab Corp. (The)		441,499
	2,951	Eaton Vance Corp.		137,782
	724	FactSet Research Systems, Inc.		194,249
	2,988	Goldman Sachs Group, Inc.		687,030
	5,941	Intercontinental Exchange, Inc.		549,840
	2,002	Legg Mason, Inc.		71,892
	244	MarketAxess Holdings, Inc.		92,503
	13,248	Morgan Stanley		677,238
	1,280	MSCI, Inc.		330,470
	3,305	TD Ameritrade Holding Corp.		164,259

				3,786,395

Chemicals (1.7%):
	1,562	Ashland Global Holdings, Inc.		119,540
	2,266	Celanese Corp., Series A		278,990
	7,851	Corteva, Inc.		232,076
	6,722	Dow, Inc.		367,895
	6,301	DuPont de Nemours, Inc.		404,524
	3,821	Eastman Chemical Co.		302,852
	571	Ingevity Corp.*		49,894
	5,525	LyondellBasell Industries NV, Class A		522,002
	4,251	Olin Corp.		73,330
	1,811	RPM International, Inc.		139,012
	5,919	Valvoline, Inc.		126,726

				2,616,841

Commercial Services & Supplies (0.5%):
	1,769	Copart, Inc.*		160,873
	981	Waste Connections, Inc.		89,065
	4,539	Waste Management, Inc.		517,264

				767,202

Communications Equipment (1.1%):
	455	Arista Networks, Inc.*		92,547
	28,946	Cisco Systems, Inc.		1,388,250
	1,575	Motorola Solutions, Inc.		253,796

				1,734,593

Construction Materials (0.2%):
	946	Martin Marietta Materials, Inc.		264,539

Consumer Finance (0.3%):
	2,419	Ally Financial, Inc.		73,925
	4,234	Discover Financial Services		359,128

				433,053

Containers & Packaging (0.3%):
	1,349	Avery Dennison Corp.		176,477
	1,386	Crown Holdings, Inc.*		100,540
	1,010	Sonoco Products Co.		62,337
	2,591	WestRock Co.		111,180

				450,534

Distributors (0.2%):
	2,428	Genuine Parts Co.		257,926

Diversified Consumer Services (0.0%^†):
	1,240	Service Corp. International		57,077

Diversified Financial Services (2.1%):
	13,116	Berkshire Hathaway, Inc., Class B*		2,970,774
	2,486	Voya Financial, Inc.		151,596

				3,122,370

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks+, continued
Diversified Telecommunication Services (2.2%):
	45,122	AT&T, Inc.	$	1,763,368
	24,802	Verizon Communications, Inc.		1,522,843

				3,286,211

Electric Utilities (1.6%):
	7,496	Alliant Energy Corp.		410,181
	8,029	American Electric Power Co., Inc.		758,820
	7,767	Duke Energy Corp.		708,428
	2,914	Edison International		219,745
	3,608	Evergy, Inc.		234,845
	476	Hawaiian Electric Industries, Inc.		22,305
	2,999	OGE Energy Corp.		133,366

				2,487,690

Electrical Equipment (0.7%):
	5,097	Eaton Corp. plc		482,788
	6,724	Emerson Electric Co.		512,772
	457	Hubbell, Inc.		67,554

				1,063,114

Electronic Equipment, Instruments & Components (0.5%):
	2,393	CDW Corp.		341,816
	8,240	Corning, Inc.		239,866
	2,369	Trimble, Inc.*		98,764
	412	Zebra Technologies Corp., Class A*		105,241

				785,687

Energy Equipment & Services (0.3%):
	21,107	Halliburton Co.		516,488

Entertainment (2.2%):
	5,431	Activision Blizzard, Inc.		322,710
	2,173	Electronic Arts, Inc.*		233,619
	1,116	Live Nation Entertainment, Inc.*		79,761
	2,804	Netflix, Inc.*		907,290
	886	Take-Two Interactive Software, Inc.*		108,473
	11,717	Walt Disney Co. (The)		1,694,630

				3,346,483

Equity Real Estate Investment Trusts (2.9%):
	6,887	American Homes 4 Rent, Class A		180,508
	2,672	Camden Property Trust		283,500
	3,807	CubeSmart		119,844
	2,279	Digital Realty Trust, Inc.		272,887
	11,008	Duke Realty Corp.		381,648
	2,501	Extra Space Storage, Inc.		264,156
	4,885	Healthcare Realty Trust, Inc.		163,012
	7,904	Invitation Homes, Inc.		236,883
	2,737	Kilroy Realty Corp.		229,634
	4,589	Liberty Property Trust		275,569
	979	Mack-Cali Realty Corp.		22,644
	7,721	Medical Properties Trust, Inc.		162,990
	4,833	National Retail Properties, Inc.		259,145
	214	Parks Hotels & Resorts, Inc.		5,536
	3,907	Regency Centers Corp.		246,493
	2,739	Sabra Health Care REIT, Inc.		58,450
	2,059	Sun Communities, Inc.		309,057
	10,580	UDR, Inc.		494,087
	4,353	Ventas, Inc.		251,342
	1,451	WP Carey, Inc.		116,138

				4,333,523


Shares			Fair Value
Common Stocks+, continued
Food & Staples Retailing (1.1%):
	492	Casey’s General Stores, Inc.	$	78,223
	3,570	US Foods Holding Corp.*		149,547
	11,859	Walmart, Inc.		1,409,324

				1,637,094

Food Products (0.8%):
	1,071	Bunge, Ltd.		61,636
	758	Ingredion, Inc.		70,456
	1,829	Lamb Weston Holdings, Inc.		157,349
	15,580	Mondelez International, Inc., Class A		858,147
	773	Post Holdings, Inc.*		84,334

				1,231,922

Gas Utilities (0.1%):
	193	Atmos Energy Corp.		21,589
	1,421	National Fuel Gas Co.		66,134
	15	UGI Corp.		677

				88,400

Health Care Equipment & Supplies (3.4%):
	14,085	Abbott Laboratories		1,223,422
	600	Align Technology, Inc.*		167,424
	4,716	Baxter International, Inc.		394,352
	12,530	Boston Scientific Corp.*		566,607
	195	DexCom, Inc.*		42,654
	1,569	Edwards Lifesciences Corp.*		366,032
	4,843	Hologic, Inc.*		252,853
	967	Intuitive Surgical, Inc.*		571,642
	7,970	Medtronic plc		904,197
	1,933	ResMed, Inc.		299,557
	998	Steris plc		152,115
	502	Teleflex, Inc.		188,973

				5,129,828

Health Care Providers & Services (3.0%):
	2,165	Anthem, Inc.		653,895
	2,484	Cigna Corp.		507,953
	9,081	CVS Health Corp.		674,627
	2,265	HCA Healthcare, Inc.		334,790
	114	Molina Healthcare, Inc.*		15,469
	1,601	Quest Diagnostics, Inc.		170,971
	6,632	UnitedHealth Group, Inc.		1,949,675
	1,221	Universal Health Services, Inc., Class B		175,165

				4,482,545

Health Care Technology (0.1%):
	640	Veeva Systems, Inc., Class A*		90,022

Hotels, Restaurants & Leisure (1.8%):
	1,782	Aramark		77,339
	334	Domino’s Pizza, Inc.		98,123
	2,112	Dunkin’ Brands Group, Inc.		159,540
	960	Hilton Grand Vacations, Inc.*		33,014
	3,538	Hilton Worldwide Holdings, Inc.		392,400
	4,129	Las Vegas Sands Corp.		285,066
	6,402	McDonald’s Corp.		1,265,100
	1,249	Melco Resorts & Entertainment, Ltd., ADR		30,188
	6,653	MGM Resorts International		221,345
	1,451	Restaurant Brands International, Inc.		92,509
	77	Vail Resorts, Inc.		18,467

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks+, continued
Hotels, Restaurants & Leisure, continued
	3,839	Wendy’s Co. (The)	$	85,264

				2,758,355

Household Durables (0.2%):
	58	NVR, Inc.*		220,887
	203	Roku, Inc.*		27,182
	3,235	Toll Brothers, Inc.		127,815

				375,884

Household Products (1.8%):
	7,854	Colgate-Palmolive Co.		540,669
	17,030	Procter & Gamble Co. (The)		2,127,047

				2,667,716

Industrial Conglomerates (1.6%):
	3,853	3M Co.		679,746
	57,842	General Electric Co.		645,517
	6,225	Honeywell International, Inc.		1,101,825

				2,427,088

Insurance (2.0%):
	8,326	Aflac, Inc.		440,445
	211	Alleghany Corp.*		168,709
	3,970	Allstate Corp. (The)		446,427
	449	American Financial Group, Inc.		49,233
	7,894	American International Group, Inc.		405,199
	2,779	Aon plc		578,838
	2,472	Arch Capital Group, Ltd.*		106,025
	4,628	Arthur J. Gallagher & Co.		440,724
	1,014	FNF Group		45,985
	3,769	Lincoln National Corp.		222,409
	422	RenaissanceRe Holdings, Ltd.		82,720

				2,986,714

Interactive Media & Services (5.1%):
	1,393	Alphabet, Inc., Class A*		1,865,770
	2,057	Alphabet, Inc., Class C*		2,750,250
	438	Baidu, Inc., ADR*		55,363
	14,534	Facebook, Inc., Class A*		2,983,103
	441	Zillow Group, Inc., Class C*		20,260

				7,674,746

Internet & Direct Marketing Retail (3.6%):
	2,465	Amazon.com, Inc.*		4,554,925
	294	Booking Holdings, Inc.*		603,797
	5,983	eBay, Inc.		216,046
	73	MercadoLibre, Inc.*		41,752

				5,416,520

IT Services (5.0%):
	3,404	Automatic Data Processing, Inc.		580,382
	693	Black Knight, Inc.*		44,685
	1,293	Broadridge Financial Solutions, Inc.		159,737
	4,665	Cognizant Technology Solutions Corp., Class A		289,323
	5,613	Fidelity National Information Services, Inc.		780,712
	933	FleetCor Technologies, Inc.*		268,443
	4,935	International Business Machines Corp.		661,487
	1,097	Jack Henry & Associates, Inc.		159,800
	1,670	Leidos Holdings, Inc.		163,476
	3,979	Paychex, Inc.		338,454


Shares			Fair Value
Common Stocks+, continued
IT Services, continued
	8,612	PayPal Holdings, Inc.*	$	931,560
	343	Twilio, Inc., Series A*		33,710
	1,941	VeriSign, Inc.*		373,992
	13,593	Visa, Inc., Class A		2,554,125
	6,434	Western Union Co.		172,303

				7,512,189

Leisure Products (0.0%^†):
	547	Polaris, Inc.		55,630

Life Sciences Tools & Services (0.3%):
	1,269	Illumina, Inc.*		420,978
	546	PRA Health Sciences, Inc.*		60,688

				481,666

Machinery (1.7%):
	4,367	Caterpillar, Inc.		644,920
	1,981	Cummins, Inc.		354,520
	2,489	Deere & Co.		431,244
	1,486	IDEX Corp.		255,592
	1,637	Parker Hannifin Corp.		336,927
	3,855	Pentair plc		176,829
	756	Snap-On, Inc.		128,066
	1,171	Timken Co.		65,939
	935	Woodward, Inc.		110,741

				2,504,778

Media (1.2%):
	29,799	Comcast Corp., Class A		1,340,062
	491	Liberty Broadband Corp., Class C*		61,743
	2,081	Liberty Global plc, Series C*		45,355
	1,209	Liberty Latin America, Ltd., Class C*		23,527
	4,197	News Corp., Class B		60,898
	2,067	Omnicom Group, Inc.		167,468
	10,940	Sirius XM Holdings, Inc.		78,221

				1,777,274

Metals & Mining (0.3%):
	4,306	Southern Copper Corp.		182,918
	4,467	Steel Dynamics, Inc.		152,057
	1,505	Worthington Industries, Inc.		63,481

				398,456

Mortgage Real Estate Investment Trusts (0.1%):
	4,060	AGNC Investment Corp.		71,781
	6,440	Annaly Capital Management, Inc.		60,665

				132,446

Multiline Retail (0.4%):
	2,357	Nordstrom, Inc.		96,472
	4,322	Target Corp.		554,124

				650,596

Multi-Utilities (1.5%):
	4,802	Ameren Corp.		368,794
	5,652	CenterPoint Energy, Inc.		154,130
	4,541	Consolidated Edison, Inc.		410,824
	5,960	Public Service Enterprise Group, Inc.		351,938
	2,659	Sempra Energy		402,785

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks+, continued
Multi-Utilities, continued
	6,901	WEC Energy Group, Inc.	$	636,479

				2,324,950

Oil, Gas & Consumable Fuels (3.9%):
	1,571	Cheniere Energy, Inc.*		95,941
	13,273	Chevron Corp.		1,599,529
	13,206	ConocoPhillips Co.		858,786
	7,809	Continental Resources, Inc.		267,849
	27,941	Exxon Mobil Corp.		1,949,724
	1,606	HollyFrontier Corp.		81,440
	3,917	ONEOK, Inc.		296,399
	3,793	Phillips 66		422,578
	1,603	Targa Resources Corp.		65,450
	3,423	Valero Energy Corp.		320,564

				5,958,260

Personal Products (0.3%):
	1,832	Estee Lauder Co., Inc. (The), Class A		378,381
	555	Herbalife Nutrition, Ltd.*		26,457

				404,838

Pharmaceuticals (4.9%):
	14,925	Bristol-Myers Squibb Co.		958,036
	6,532	Eli Lilly & Co.		858,501
	460	Jazz Pharmaceuticals plc*		68,669
	16,369	Johnson & Johnson Co.		2,387,745
	18,270	Merck & Co., Inc.		1,661,657
	35,715	Pfizer, Inc.		1,399,314

				7,333,922

Professional Services (0.5%):
	290	CoStar Group, Inc.*		173,507
	605	ManpowerGroup, Inc.		58,746
	993	TransUnion		85,011
	3,243	Verisk Analytics, Inc.		484,309

				801,573

Road & Rail (1.1%):
	327	Canadian Pacific Railway, Ltd.		83,369
	5,774	CSX Corp.		417,807
	85	Lyft, Inc., Class A*		3,657
	472	Old Dominion Freight Line, Inc.		89,576
	1,517	Uber Technologies, Inc.*		45,116
	5,319	Union Pacific Corp.		961,621

				1,601,146

Semiconductors & Semiconductor Equipment (4.4%):
	7,591	Advanced Micro Devices, Inc.*		348,123
	3,890	Analog Devices, Inc.		462,288
	2,241	Broadcom, Inc.		708,201
	27,851	Intel Corp.		1,666,882
	4,097	Marvell Technology Group, Ltd.		108,816
	2,367	Microchip Technology, Inc.		247,872
	4,049	NVIDIA Corp.		952,730
	7,834	Qualcomm, Inc.		691,194
	1,729	Skyworks Solutions, Inc.		209,002
	4,297	Teradyne, Inc.		293,012
	7,432	Texas Instruments, Inc.		953,451

				6,641,571


Shares			Fair Value
Common Stocks+, continued
Software (7.1%):
	3,815	Adobe, Inc.*	$	1,258,225
	1,092	ANSYS, Inc.*		281,092
	3,450	Cadence Design Systems, Inc.*		239,292
	658	Check Point Software Technologies, Ltd.*		73,012
	1,503	Fortinet, Inc.*		160,460
	46,019	Microsoft Corp.		7,257,196
	4,876	NortonLifeLock, Inc.		124,436
	2,002	Nuance Communications, Inc.*		35,696
	16,820	Oracle Corp.		891,124
	292	Palo Alto Networks, Inc.*		67,525
	8	Paycom Software, Inc.*		2,118
	737	PTC, Inc.*		55,194
	588	ServiceNow, Inc.*		166,004
	669	SS&C Technologies Holdings, Inc.		41,077
	357	VMware, Inc., Class A*		54,189
	655	Workday, Inc., Class A*		107,715
	425	Zoom Video Communications, Inc.*		28,917

				10,843,272

Specialty Retail (2.5%):
	1,764	American Eagle Outfitters, Inc.		25,931
	236	AutoZone, Inc.*		281,149
	332	Burlington Stores, Inc.*		75,706
	288	Five Below, Inc.*		36,824
	707	Foot Locker, Inc.		27,566
	8,117	Home Depot, Inc. (The)		1,772,590
	5,567	Lowe’s Cos., Inc.		666,704
	1,459	Tiffany & Co.		194,995
	10,831	TJX Cos., Inc. (The)		661,341

				3,742,806

Technology Hardware, Storage & Peripherals (4.9%):
	24,843	Apple, Inc.		7,295,147
	696	Dell Technologies, Inc., Class C*		35,767

				7,330,914

Textiles, Apparel & Luxury Goods (0.8%):
	640	Lululemon Athletica, Inc.*		148,269
	9,078	Nike, Inc., Class B		919,692
	1,179	PVH Corp.		123,972

				1,191,933

Tobacco (0.8%):
	10,039	Altria Group, Inc.		501,046
	8,692	Philip Morris International, Inc.		739,603

				1,240,649

Trading Companies & Distributors (0.1%):
	564	GATX Corp.		46,727
	2,772	HD Supply Holdings, Inc.*		111,490

				158,217

Wireless Telecommunication Services (0.1%):
	3,950	Sprint Corp.*		20,580
	2,336	T-Mobile US, Inc.*		183,189

				203,769

	Total Common Stocks (Cost $76,812,857)			150,820,950

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Purchased Options (0.4%):
	Total Purchased Options (Cost $1,056,148)		$	564,330

Unaffiliated Investment Companies (2.4%):
Money Markets (2.4%):
	3,693,098	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(a)		3,693,098

	Total Unaffiliated Investment Companies (Cost $3,693,098)			3,693,098

	Total Investment Securities (Cost $81,562,103) — 102.7%(b)			155,078,378
	Net other assets (liabilities) — (2.7)%			(4,117,525	)

	Net Assets — 100.0%		$	150,960,853

Percentages indicated are based on net assets as of December 31, 2019.

ADR—American Depository Receipt

*	Non-income producing security.

+	All or a portion of each common stock has been pledged as collateral for outstanding call options written.

†	Represents less than 0.05%.

(a)	The rate represents the effective yield at December 31, 2019.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

At December 31, 2019, the Fund’s exchange traded options purchased were as follows:


Description	Put/ Call	Strike Price	Expiration Date		Contracts		Notional Amount(a)		Fair Value

S&P 500 Index	Put	2800.00 USD		1/17/20		58	$	162,400	$	5,945

S&P 500 Index	Put	2850.00 USD		2/21/20		57		162,450		37,335

S&P 500 Index	Put	2875.00 USD		2/21/20		59		169,625		44,250

S&P 500 Index	Put	2900.00 USD		2/21/20		58		168,200		49,590

S&P 500 Index	Put	2950.00 USD		2/21/20		58		171,100		64,380

S&P 500 Index	Put	2900.00 USD		3/20/20		58		168,200		100,630

S&P 500 Index	Put	2950.00 USD		3/20/20		57		168,150		123,975

S&P 500 Index	Put	2975.00 USD		3/20/20		57		169,575		138,225

Total (Cost $1,056,148)									$	564,330

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

December 31, 2019

At December 31, 2019, the Fund’s exchange traded options written were as follows:


Description	Put/ Call	Strike Price	Expiration Date		Contracts		Notional Amount(a)		Fair Value

S&P 500 Index	Call	3150.00 USD		1/17/20		52	$	163,800	$	(496,340	)

S&P 500 Index	Call	3125.00 USD		2/21/20		51		159,375		(707,880	)

S&P 500 Index	Call	3150.00 USD		2/21/20		51		160,650		(603,840	)

S&P 500 Index	Call	3200.00 USD		2/21/20		52		166,400		(415,740	)

S&P 500 Index	Call	3225.00 USD		2/21/20		52		167,700		(324,480	)

S&P 500 Index	Call	3275.00 USD		2/21/20		51		167,025		(168,300	)

S&P 500 Index	Call	3175.00 USD		3/20/20		52		165,100		(613,860	)

S&P 500 Index	Call	3225.00 USD		3/20/20		51		164,475		(423,810	)

S&P 500 Index	Call	3275.00 USD		3/20/20		50		163,750		(266,000	)

Total (Premiums $2,559,737)									$	(4,020,250	)

(a)	Notional amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

Balances Reported in the Statement of Assets and Liabilities for Options Written


		Value

Options Written		$(4,020,250)

See accompanying notes to the financial statements.

AZL Gateway Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	81,562,103

Investment securities, at value	$	155,078,378
Cash		37,763
Interest and dividends receivable		144,609
Receivable for capital shares issued		22,854
Receivable for investments sold		387,447
Reclaims receivable		2,159
Prepaid expenses		512

Total Assets		155,673,722

Liabilities:
Payable for investments purchased		544,961
Payable for capital shares redeemed		297
Written Options (Premiums received $2,559,737)		4,020,250
Manager fees payable		102,898
Administration fees payable		2,521
Distribution fees payable		32,156
Custodian fees payable		1,213
Administrative and compliance services fees payable		574
Transfer agent fees payable		960
Trustee fees payable		141
Other accrued liabilities		6,898

Total Liabilities		4,712,869

Net Assets	$	150,960,853

Net Assets Consist of:
Paid in capital	$	103,164,683
Total distributable earnings		47,796,170

Net Assets	$	150,960,853

Shares of beneficial interest (unlimited number of shares authorized, no par value)		10,972,472
Net Asset Value (offering and redemption price per share)	$	13.76

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	3,234,635
Foreign withholding tax		(792	)

Total Investment Income		3,233,843
Expenses:
Manager fees		1,217,802
Administration fees		56,791
Distribution fees		380,563
Custodian fees		7,170
Administrative and compliance services fees		2,750
Transfer agent fees		5,485
Trustee fees		8,730
Professional fees		7,645
Shareholder reports		4,891
Other expenses		5,681

Total expenses		1,697,508

Net Investment Income/(Loss)		1,536,335

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		(2,077,891	)
Net realized gains/(losses) on written options contracts		(14,118,593	)
Change in net unrealized appreciation/depreciation on securities		32,042,623
Change in net unrealized appreciation/depreciation on written options contracts		(1,869,110	)

Net realized and Change in net unrealized gains/losses on investments		13,977,029

Change in Net Assets Resulting From Operations	$	15,513,364

See accompanying notes to the financial statements.

AZL Gateway Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,536,335			$	1,567,484
Net realized gains/(losses) on investments			(16,196,484	)			24,072,901
Change in unrealized appreciation/depreciation on investments			30,173,513				(32,459,533	)

Change in net assets resulting from operations			15,513,364				(6,819,148	)

Distributions to Shareholders:
Distributions			(1,477,781	)			(2,023,443	)

Change in net assets resulting from distributions to shareholders			(1,477,781	)			(2,023,443	)

Capital Transactions:
Proceeds from shares issued			4,817,499				6,489,248
Proceeds from dividends reinvested			1,477,781				2,023,443
Value of shares redeemed			(17,161,872	)			(65,173,439	)

Change in net assets resulting from capital transactions			(10,866,592	)			(56,660,748	)

Change in net assets			3,168,991				(65,503,339	)
Net Assets:
Beginning of period			147,791,862				213,295,201

End of period		$	150,960,853			$	147,791,862

Share Transactions:
Shares issued			366,473				488,214
Dividends reinvested			111,784				152,713
Shares redeemed			(1,289,868	)			(4,871,885	)

Change in shares			(811,611	)			(4,230,958	)

See accompanying notes to the financial statements.

AZL Gateway Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Net Asset Value, Beginning of Period		$	12.54			$	13.32			$	12.29			$	11.96			$	11.87

Investment Activities:
Net Investment Income/(Loss)			0.13	(a)			0.18				0.12				0.17				0.15
Net Realized and Unrealized Gains/(Losses) on Investments			1.22				(0.79	)			1.04				0.40				0.08

Total from Investment Activities			1.35				(0.61	)			1.16				0.57				0.23

Distributions to Shareholders From:
Net Investment Income			(0.13	)			(0.17	)			(0.13	)			(0.24	)			(0.14	)

Total Dividends			(0.13	)			(0.17	)			(0.13	)			(0.24	)			(0.14	)

Net Asset Value, End of Period		$	13.76			$	12.54			$	13.32			$	12.29			$	11.96

Total Return(b)			10.82	%			(4.65	)%			9.46	%			4.84	%			1.98	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	150,961			$	147,792			$	213,295			$	178,951			$	200,708
Net Investment Income/(Loss)			1.01	%			0.93	%			1.06	%			1.19	%			1.11	%
Expenses Before Reductions(c)			1.11	%			1.10	%			1.10	%			1.10	%			1.10	%
Expenses Net of Reductions			1.11	%			1.10	%			1.10	%			1.10	%			1.10	%
Portfolio Turnover Rate			19	%			9	%			24	%			20	%			5	%

(a)	Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

AZL Gateway Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Gateway Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL Gateway Fund

Notes to the Financial Statements

December 31, 2019

Affiliated Securities Transactions

Derivative Instruments

Options Contracts

The Fund may purchase or write put and call options on a security or an index of securities. During the year ended December 31, 2019, the Fund purchased and wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

For the year ended December 31, 2019, the monthly average notional amount for written options contracts was $1.5 million. Realized gains and losses are reported as “Net realized gains/(losses) on written options contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets

and Liabilities Location

Total Fair
Value

Statement of Assets

and Liabilities Location

Total Fair
Value

Equity Risk

Options Contracts

Written Options Contracts

4,020,250

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Options Contracts	Net realized gains/(losses) on written options contracts/Change in net unrealized appreciation/depreciation on written options contracts	$	(14,118,593	)	$	(1,869,110	)

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Gateway Investment Advisers, LLC (“Gateway”), Gateway provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Gateway Fund		0.80	%		1.25	%

AZL Gateway Fund

Notes to the Financial Statements

December 31, 2019

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $1,141 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

AZL Gateway Fund

Notes to the Financial Statements

December 31, 2019

monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Level 3			Total
Common Stocks+		$	150,820,950			$	—		$	—		$	150,820,950
Purchased Options			564,330				—			—			564,330
Unaffiliated Investment Companies			3,693,098				—			—			3,693,098

Total Investment Securities			155,078,378				—			—			155,078,378

Other Financial Instruments:*
Written Options			(4,020,250	)			—			—			(4,020,250	)

Total Investments		$	151,058,128			$	—		$	—		$	151,058,128

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

*	Other Financial Instruments would include any derivative instruments, such as written options.

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Gateway Fund		$	28,714,956		$	55,610,936

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $79,910,604. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	73,732,494
Unrealized (depreciation)		(2,584,970	)

Net unrealized appreciation/(depreciation)	$	71,147,524

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL Gateway Fund		$	17,537,382		$	9,257,421		$	26,794,803

AZL Gateway Fund

Notes to the Financial Statements

December 31, 2019

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Gateway Fund		$	1,477,781		$	—		$	1,477,781

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Gateway Fund		$	2,023,443		$	—		$	2,023,443

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Gateway Fund		$	1,491,118		$	—		$	(26,794,804	)		$	73,099,856		$	47,796,170

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, mark-to-market of options contracts and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 80% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Gateway Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Gateway Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with everyin-person quarterly Board meeting, as well as the summer and fall 2019 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previousone-, three- and five-year periods. (For Funds that have been in existence for less than five years, the Board receives performance information on shorter time periods to the extent available.) The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 18 and September 18, 2019, the Manager reported that for theone-year period ended December 31, 2018, seven Funds were in the top 40%, seven were in the middle 20%, and six were in the bottom 40%, and for the three-year period ended December 31, 2018, ten Funds were in the top 40%, three were in the middle 20% and five were in the bottom 40%. The Manager also reported that for the five-year period ended December 31, 2018, seven Funds were in the top 40%, three were in the middle 20%, and three were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, that such Funds deviate from their particular benchmark index (referred to as “index attribution”).

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Government Money Market Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 6

Page 6

Page 7

Page 8

Report of Independent Registered Public Accounting Firm

Page 9

Page 13

Page 14

Approval of Investment Advisory and Subadvisory Agreements

Page 15

Page 16

Information about the Board of Trustees and Officers

Page 19

AZL^® Government Money Market Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Government Money Market Fund and BlackRock Advisors, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Government Money Market Fund (the “Fund”) returned 1.39%. That compared to a 2.06% total return for its benchmark, the Three-Month U.S. Treasury Bill Index¹.

One of the main drivers of fixed-income markets in 2019 was the shift in the Federal Reserve Board’s (the Fed) monetary policy from hawkish to dovish at the start of the year. Rather than continuing its cycle of interest rate increases, the Fed cut interest rates three times during the year, in July, September, and October. This policy shift stemmed from concerns over slowing global growth, the ongoing U.S.-China trade war, and muted inflation. A temporary bout of volatility in the repurchase agreement, or “repo,” market inmid-September led the Fed to inject additional liquidity into the financial system later in the year.

In the context of these and other factors, the slope of the U.S. Treasury yield curve between three months and 10 years inverted periodically throughout the year, leading to concerns about the possibility of a recession. However, a strong labor market and rising consumer spending—along with the Fed’s more accommodative policy—helped keep the economic expansion intact.

Investors maintained a strong interest in money market mutual funds and short-duration bond funds as indicated by positive cash flows throughout the year, while primary market investment-grade bonds experienced a decline in demand. These technical factors helped maintain spreads in credit instruments during the12-month period.

In this environment, the Fund maintained a competitive yield throughout the12-month period. The Fund benefited from an overweight exposure to U.S. government agency securities and an opportunistic allocation to floating rate notes. The Fund’s exposure to the repo market, particularly totri-party repos, also added to relative results. These holdings were diversified across the largest, most systematically important banking organizations in their respective regions, and the Fund’s relatively large allocation benefited performance due to the liquidity benefits and competitive rates available in this asset class. Meanwhile, the Fund’s duration exposure lengthened during the first quarter as the markets responded to the change in the Fed’s tone. This longer duration position benefited the Fund as interest rates declined.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® Government Money Market Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek current income consistent with stability of principal. The Fund seeks to achieve its objective by investing in a broad range of short-term, high-quality U.S. dollar-denominated money market instruments, including government, U.S. and foreign bank, commercial and other obligations.

Investment Concerns

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Past performance is not predictive of future performance as yields on money market funds fluctuate daily.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			5 Year			10 Years
AZL^®Government Money Market Fund		1.39	%		0.82	%		0.49	%		0.25	%
Three-Month U.S. Treasury Bill Index		2.06	%		1.64	%		1.06	%		0.56	%


Expense Ratio	Gross
AZL^®Government Money Market Fund		0.88	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.34% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.87% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

Yield as of December 31, 2019


	7 Day Average			7 Day Effective			30 Day Average
AZL^®Government Money Market Fund		0.83	%		0.83	%		0.84	%

Prior to the year ended December 31, 2016, the Manager voluntarily agreed to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily net investment income for the Fund of 0.00% during such periods.The Distributor was also permitted to waive its Rule12b-1 fees during such periods. Amounts waived, reimbursed or paid by the Manager and/or the Distributor are subject to repayment to the Manager and/or the Distributor, subject to certain limitations as further described in Note 3 of the Notes to Financial Statements. The repayment of amounts previously waived, reimbursed or paid during 2018 served to reduce the Fund’s yield during the period.

The7-day yield quotation is as of December 31, 2019 and more closely reflects the current earnings of the Fund than the total return quotation.

The Fund’s performance is measured against the Three-Month U.S. Treasury Bill Index, which is an unmanaged index and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Government Money Market Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Government Money Market Fund		$	1,000.00		$	1,005.90		$	4.40		0.87	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Government Money Market Fund		$	1,000.00		$	1,020.82		$	4.43		0.87	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net assets

U.S. Government Agency Mortgages		51.5	%

Repurchase Agreements		33.9

U.S. Treasury Obligations		14.4


Total Investment Securities		99.8

Net other assets (liabilities)		0.2


Net Assets		100.0	%

AZL Government Money Market Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages (51.5%):
Federal Farm Credit Bank (12.0%):
$	3,125,000	2.28%, 1/17/20(a)	$	3,121,639
	960,000	1.99%, 1/23/20(a)		958,780
	5,515,000	1.82%(US0003M-12bps), 1/27/20		5,515,134
	670,000	2.01%, 1/29/20(a)		668,916
	1,925,000	2.31%, 2/4/20(a)		1,920,691
	5,305,000	1.66%(US0001M-5bps), 2/7/20		5,304,994
	1,960,000	2.31%, 2/21/20(a)		1,953,475
	1,675,000	1.99%, 3/3/20(a)		1,669,173
	3,480,000	2.27%, 3/10/20(a)		3,464,726
	2,825,000	2.29%, 3/24/20(a)		2,809,955
	865,000	1.58%(USBMMY3M+5bps), 4/30/20		864,995
	85,000	1.79%, 5/14/20(a)		84,434
	120,000	1.78%, 6/12/20(a)		119,033
	525,000	1.74%(US0001M-1bps), 6/18/20		524,995
	4,000,000	1.76%(US0001M), 6/19/20		4,000,868
	4,370,000	1.85%, 6/26/20(a)		4,330,466
	1,555,000	1.82%, 6/30/20(a)		1,540,849
	85,000	1.77%, 7/7/20(a)		84,219
	1,850,000	1.61%, 8/14/20(a)		1,831,418
	1,555,000	1.69%(US0001M-5bps), 8/17/20		1,555,000
	2,180,000	1.80%(US0001M-4bps), 9/11/20		2,179,955
	1,060,000	1.61%, 9/28/20(a)		1,047,233
	2,325,000	1.76%(US0001M+3bps), 12/14/20		2,324,910
	2,000,000	1.64%(SOFR+11bps), 1/15/21		2,000,000
	1,270,000	1.76%(US0001M), 3/17/21		1,269,903
	1,785,000	1.79%(USBMMY3M+26bps), 6/17/21		1,784,742
	1,500,000	1.87%(US0001M+16bps), 7/1/21		1,500,000
	990,000	1.91%(USBMMY3M+23bps), 7/8/21		990,000
	480,000	1.82%(US0001M+11bps), 7/9/21		480,000
	370,000	1.84%(US0001M+13bps), 10/8/21		370,000
	535,000	1.85%(US0001M+11bps), 11/12/21		535,000
	880,000	1.73%(SOFR+19bps), 11/18/21		880,000

				57,685,503

Federal Home Loan Bank (36.9%):
	3,555,000	1.13%, 1/3/20(a)		3,554,666
	5,885,000	1.66%, 1/8/20(a)		5,882,833
	2,095,000	1.51%, 1/10/20(a)		2,094,120
	1,200,000	1.71%(US0001M-4bps), 1/14/20		1,200,000
	4,010,000	1.57%, 1/15/20(a)		4,007,380
	225,000	1.59%(SOFR+5bps), 1/17/20		225,000
	1,715,000	1.55%(SOFR+1bps), 1/17/20		1,715,000
	1,830,000	1.59%(SOFR+5bps), 1/17/20		1,830,000
	360,000	1.48%, 1/17/20(a)		359,749
	8,750,000	1.68%, 1/22/20(a)		8,741,012
	3,345,000	1.56%, 1/22/20(a)		3,341,806
	1,710,000	1.55%(SOFR+1bps), 1/24/20		1,710,000
	1,070,000	1.58%, 1/24/20(a)		1,068,873
	2,695,000	1.52%, 1/31/20(a)		2,691,485
	3,255,000	1.50%, 2/5/20(a)		3,250,118
	2,490,000	1.54%, 2/6/20(a)		2,486,066
	5,985,000	1.62%, 2/7/20(a)		5,974,798
	870,000	1.79%, 2/13/20(a)		868,104
	1,505,000	1.54%, 2/19/20(a)		1,501,786
	1,020,000	1.55%(SOFR+1bps), 2/21/20		1,020,000
	555,000	1.54%, 2/21/20(a)		553,765
	4,045,000	1.72%(US0001M-6bps), 2/24/20		4,045,000


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Bank, continued
$	1,930,000	1.75%(US0001M-4bps), 2/25/20	$	1,930,000
	2,615,000	1.57%, 3/4/20(a)		2,607,742
	8,665,000	1.56%, 3/11/20(a)		8,638,370
	2,550,000	1.84%, 3/13/20(a)		2,540,534
	3,820,000	1.62%, 3/18/20(a)		3,806,666
	5,455,000	1.87%, 3/20/20(a)		5,432,375
	2,255,000	1.86%, 3/25/20(a)		2,245,119
	560,000	1.56%, 4/3/20(a)		557,722
	1,455,000	1.58%, 4/6/20(a)		1,448,831
	3,210,000	1.68%, 4/8/20(a)		3,195,276
	2,835,000	1.63%, 4/15/20(a)		2,821,456
	9,400,000	1.70%(US0001M-4bps), 4/17/20		9,399,547
	2,765,000	1.83%(US0003M-14bps), 4/20/20		2,765,000
	1,465,000	1.61%, 4/24/20(a)		1,457,494
	2,870,000	1.61%, 5/1/20		2,869,495
	8,605,000	1.57%, 5/6/20(a)		8,557,745
	530,000	1.76%(US0001M+5bps), 5/8/20		530,000
	1,430,000	1.81%(US0001M+5bps), 5/8/20		1,430,000
	4,270,000	1.56%, 5/13/20(a)		4,245,343
	1,800,000	1.61%, 5/13/20		1,799,950
	1,260,000	1.61%, 5/14/20		1,259,895
	990,000	1.56%(SOFR+2bps), 5/22/20		990,000
	2,340,000	1.58%, 6/3/20(a)		2,324,144
	2,615,000	1.56%, 6/5/20(a)		2,597,334
	895,000	1.58%(SOFR+4bps), 6/19/20		895,000
	1,845,000	1.57%, 6/25/20(a)		1,830,839
	340,000	1.60%, 6/26/20(a)		337,334
	730,000	1.59%, 7/6/20(a)		723,990
	3,620,000	1.72%(US0001M+1bps), 7/10/20	��	3,620,000
	600,000	1.62%(SOFR+8bps), 7/24/20		600,000
	1,290,000	1.66%(US0001M-3bps), 8/4/20		1,290,000
	2,860,000	1.60%, 8/14/20(a)		2,831,452
	530,000	1.57%(SOFR+3bps), 8/21/20		530,000
	1,170,000	1.65%, 10/1/20		1,178,437
	2,100,000	1.64%(SOFR+11bps), 10/1/20		2,100,000
	1,295,000	1.66%, 10/7/20		1,295,000
	10,100,000	1.67%(SOFR+13bps), 10/16/20		10,100,000
	2,935,000	1.80%(US0003M-13bps), 12/21/20		2,935,000
	3,000,000	1.64%(SOFR+10bps), 12/23/20		3,000,000
	670,000	1.92%(SOFR+5bps), 1/22/21		670,000
	665,000	1.58%(SOFR+4bps), 2/9/21		665,000
	1,915,000	1.65%(SOFR+12bps), 3/12/21		1,915,000
	2,090,000	1.71%(SOFR+17bps), 4/9/21		2,090,000
	1,420,000	1.62%(SOFR+8bps), 7/8/21		1,420,000
	945,000	1.62%(SOFR+8bps), 7/23/21		945,000
	3,230,000	1.63%(SOFR+9bps), 9/10/21		3,230,000

				177,773,651

Federal Home Loan Mortgage Corporation (2.4%):
	735,000	1.76%, 1/17/20(a)		734,389
	1,500,000	1.53%, 3/10/20(a)		1,495,544
	6,830,000	1.62%, 3/18/20(a)		6,806,042
	1,050,000	1.58%(SOFR+4bps), 4/3/20		1,050,000
	1,535,000	1.54%, 5/19/20(a)		1,525,873

				11,611,848

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association (0.3%):
$	1,630,000	1.47%, 1/24/20(a)	$	1,628,407

	Total U.S. Government Agency Mortgages (Cost $248,699,409)			248,699,409

U.S. Treasury Obligations (14.4%):
U.S. Treasury Notes (4.5%):
	850,000	2.05%, 3/31/20		850,410
	1,805,000	2.38%, 4/30/20		1,808,036
	2,845,000	3.50%, 5/15/20		2,862,434
	895,000	2.02%, 5/15/20		893,271
	855,000	1.50%, 5/31/20		853,773
	105,000	1.86%, 6/30/20		104,879
	1,090,000	1.57%(USBMMY3M+4bps), 7/31/20		1,089,337
	5,000,000	1.57%(USBMMY3M+5bps), 10/31/20		4,995,611
	1,280,000	2.63%, 11/15/20		1,290,799
	305,000	1.66%, 11/30/20		305,933
	515,000	1.67%, 11/30/20		514,811
	370,000	1.66%(USBMMY3M+14bps), 4/30/21		369,597
	4,000,000	1.75%(USBMMY3M+22bps), 7/31/21		4,000,000
	1,410,000	1.83%, 10/31/21		1,411,535

				21,350,426

U.S. Treasury Bills (9.9%):
	5,000,000	1.02%, 1/2/20(a)		4,999,717
	8,610,000	1.92%, 1/23/20(a)		8,599,468
	11,390,000	1.70%, 2/13/20(a)		11,366,378
	250,000	1.82%, 2/20/20(a)		249,358
	4,830,000	1.98%, 2/27/20(a)		4,814,612
	3,270,000	1.67%, 4/9/20(a)		3,254,857
	7,085,000	2.36%, 4/23/20(a)		7,032,516
	3,780,000	1.53%, 5/7/20(a)		3,759,531
	2,685,000	1.57%, 5/28/20(a)		2,667,637
	1,020,000	1.75%, 9/10/20(a)		1,007,527

				47,751,601

	Total U.S. Treasury Obligations (Cost $69,102,027)			69,102,027

Repurchase Agreements (33.9%):
	29,000,000	Bank of Nova Scotia, 1.55%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $29,002,497, Collateralized by U.S. Treasury Obligations, 0.13% – 6.88%, 4/15/22 – 8/15/47, fair value of $29,582,566)		29,000,000
	7,000,000	BNP Paribas, 1.58%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $7,000,614, Collateralized by U.S. Government Agency Obligations, 0.00% – 3.88%, 2/27/20 – 12/20/45, fair value of $7,140,001)		7,000,000


Principal Amount			Fair Value
Repurchase Agreements, continued
$	5,000,000	Citigroup Global Markets, 1.57%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $5,000,436, Collateralized by U.S. Government Agency Obligations, 0.00% – 7.00%, 1/30/20 – 9/15/60, fair value of $5,100,051)	$	5,000,000
	20,000,000	HSBC Securities (USA), Inc., 1.57%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $20,001,744, Collateralized by U.S. Treasury Obligations, 1.63% – 3.00%, 11/30/26 – 2/15/47, fair value of $20,400,051)		20,000,000
	30,000,000	Mitsubishi UFJ Securities USA, Inc., 1.55%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $30,002,583, Collateralized by U.S. Treasury Obligations, 0.00% – 3.75%, 11/30/20 – 2/15/48, fair value of $30,600,001)		30,000,000
	20,000,000	Natixis S.A., 1.57%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $20,001,744, Collateralized by U.S. Government Agency Obligations, 0.00% – 6.63%, 5/15/20 – 11/20/49, fair value of $20,400,000)		20,000,000
	25,000,000	Natixis S.A., 1.55%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $25,002,153, Collateralized by U.S. Treasury Obligations, 1.75% – 3.13%, 5/15/21 – 11/15/41, fair value of $25,500,034)		25,000,000
	17,000,000	Toronto Dominion Bank NY, 1.55%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $17,001,464, Collateralized by U.S. Treasury Note, 2.38%, 3/15/22, fair value of $17,340,087)		17,000,000
	10,000,000	Toronto Dominion Bank NY, 1.57%, 1/2/20, (Purchased on 12/31/19, proceeds at maturity $10,000,872, Collateralized by U.S. Government Agency Obligation, 3.00%, 11/1/49, fair value of $10,300,001)		10,000,000

	Total Repurchase Agreements (Cost $163,000,000)			163,000,000

	Total Investment Securities (Cost $480,801,436) — 99.8%			480,801,436
	Net other assets (liabilities) — 0.2%			722,543

	Net Assets — 100.0%		$	481,523,979

Percentages indicated are based on net assets as of December 31, 2019.

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

USBMMY3M—3 Month Treasury Bill Rate

(a)	The rate represents the effective yield at December 31, 2019.

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost		$	317,801,436

Investment securities, at value		$	317,801,436
Repurchase agreements, at value/cost			163,000,000
Cash			791,308
Interest and dividends receivable			286,099
Receivable for capital shares issued			333,719
Prepaid expenses			1,446

Total Assets			482,214,008

Liabilities:
Distributions payable			333,717
Manager fees payable			231,004
Administration fees payable			2,738
Distribution fees payable			99,136
Custodian fees payable			757
Administrative and compliance services fees payable			1,634
Transfer agent fees payable			956
Trustee fees payable			402
Other accrued liabilities			19,685

Total Liabilities			690,029

Net Assets		$	481,523,979
	��
Net Assets Consist of:
Paid in capital		$	481,522,107
Total distributable earnings			1,872

Net Assets		$	481,523,979

Shares of beneficial interest (unlimited number of shares authorized, no par value)			481,522,231
Net Asset Value (offering and redemption price per share)		$	1.00

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Interest	$	10,027,221

Total Investment Income		10,027,221

Expenses:
Manager fees		1,564,615
Administration fees		118,017
Distribution fees		1,117,585
Custodian fees		3,436
Administrative and compliance services fees		8,222
Transfer agent fees		5,993
Trustee fees		26,519
Professional fees		23,484
Shareholder reports		17,402
Recoupment of prior expenses reimbursed by the manager		1,034,304
Other expenses		14,347

Total expenses before reductions		3,933,924
Less expenses voluntarily waived/reimbursed by the Manager		(44,709	)

Net expenses		3,889,215

Net Investment Income/(Loss)		6,138,006

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		1,873

Net realized and Change in net unrealized gains/losses on investments		1,873

Change in Net Assets Resulting From Operations	$	6,139,879

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	6,138,006			$	4,582,293
Net realized gains/(losses) on investments			1,873				909

Change in net assets resulting from operations			6,139,879				4,583,202

Distributions to Shareholders:
Distributions			(6,138,916	)			(4,583,703	)

Change in net assets resulting from distributions to shareholders			(6,138,916	)			(4,583,703	)

Capital Transactions:
Proceeds from shares issued			514,742,474				339,952,364
Proceeds from dividends reinvested			6,138,917				4,583,703
Value of shares redeemed			(492,533,087	)			(381,992,986	)

Change in net assets resulting from capital transactions			28,348,304				(37,456,919	)

Change in net assets			28,349,267				(37,457,420	)
Net Assets:
Beginning of period			453,174,712				490,632,132

End of period		$	481,523,979			$	453,174,712

Share Transactions:
Shares issued			514,742,475				339,952,364
Dividends reinvested			6,138,917				4,583,703
Shares redeemed			(492,533,087	)			(381,992,986	)

Change in shares			28,348,305				(37,456,919	)

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Net Asset Value, Beginning of Period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00

Investment Activities:
Net Investment Income/(Loss)			0.01	(a)			0.01				—	(b)			—	(b)			—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)

Total from Investment Activities			0.01				0.01				—				—				—

Distributions to Shareholders From:
Net Investment Income			(0.01	)			(0.01	)			—	(b)			—				—
Net Realized Gains			—				—				—	(b)			—	(b)			—	(b)

Total Dividends			(0.01	)			(0.01	)			—	(b)			—	(b)			—	(b)

Net Asset Value, End of Period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00

Total Return(c)			1.39	%			1.01	%			0.05	%			0.01	%			0.01	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	481,524			$	453,175			$	490,632			$	663,004			$	687,635
Net Investment Income/(Loss)			1.37	%			1.00	%			0.04	%			—				—
Expenses Before Reductions(d)			0.88	%			0.87	%			0.87	%			0.65	%			0.65	%
Expenses Net of Reductions			0.87	%			0.87	%			0.87	%			0.44	%(e)			0.26	%(e)

(a)	Calculated using the average shares method.

(b)	Represents less than $0.005.

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

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

(e)	The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum yield.

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Government Money Market Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below. Investments of the Fund are valued, in accordance with Rule2a-7 of the 1940 Act, at amortized cost, which approximates fair value. Under the amortized cost method, discounts or premiums are amortized on a constant basis to the maturity of the security.

Repurchase Agreements

The Fund may invest in repurchase agreements with financial institutions such as member banks of the Federal Reserve System or from registered broker/dealers that the adviser deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by the Fund’s custodian, another qualifiedsub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts.

Distributions to Shareholders

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

Expense Allocation

AZL Government Money Market Fund

Notes to the Financial Statements

December 31, 2019

Affiliated Securities Transactions

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Advisors, LLC (“BlackRock Advisors”), BlackRock Advisors provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Government Money Market Fund		0.35	%		0.87	%

*	The Manager voluntarily reduced the management fee to 0.34% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

The Manager has voluntarily agreed to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily yield for the Fund of 0.00%. The Distributor may waive its Rule12b-1 fees. The amount waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

1.	The repayments will not cause the Fund’s net investment income to fall below 0.00%.

2.	The repayments must be made no later than three years after the end of the fiscal year in which the waiver, reimbursement, or payment took place.

3.	Any expense recovery paid by the Fund will not cause its expense ratio to exceed 0.87%.

The ability of the Manager and/or Distributor to receive such payments could negatively affect the Fund’s future yield. Amounts waived under this agreement during the year ended December 31, 2019 are reflected on the Statement of Operations as “Expenses voluntarily waived/reimbursed by the Manager.”

Any amounts waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At December 31, 2019, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

AZL Government Money Market Fund

Notes to the Financial Statements

December 31, 2019

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $3,305 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The Fund, which operates as a government money market fund, is eligible and has elected to use the amortized cost method of valuation pursuant to Rule2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the investment.

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

U.S. Government Agency Mortgages		$	—		$	248,699,409		$	—		$	248,699,409
U.S. Treasury Obligations			—			69,102,027			—			69,102,027
Repurchase Agreements			—			163,000,000			—			163,000,000

Total Investments		$	—		$	480,801,436		$	—		$	480,801,436

5. Investment Risks

Repurchase Agreement Risk: The Fund may invest in repurchase agreements as a principal strategy. There is a potential for loss to the Fund if the seller defaults and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. It is possible the fair value of the collateral securities could decline in value during the period in which the Fund seeks to assert its rights.

6. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $480,801,436. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	—
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	—

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Government Money Market Fund		$	6,138,916		$	—		$	6,138,916

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

AZL Government Money Market Fund

Notes to the Financial Statements

December 31, 2019

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Government Money Market Fund		$	4,583,703		$	—		$	4,583,703

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Accumulated Earnings/ (Deficit)

AZL Government Money Market Fund		$	1,872		$	—		$	—		$	—		$	1,872

7. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

8. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Government Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Government Money Market Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $910.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® International Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 15

Page 15

Page 16

Page 17

Report of Independent Registered Public Accounting Firm

Page 18

Page 24

Page 25

Approval of Investment Advisory and Subadvisory Agreements

Page 26

Page 27

Information about the Board of Trustees and Officers

Page 30

AZL^® International Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® International Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® International Index Fund (Class 2 Shares) (the “Fund”) returned 21.44%^†. That compared to a 22.66% total return for its benchmark, the MSCI EAFE Index¹.

The Fund seeks investment results, before fees, expenses, and fair value adjustments to its portfolio at the close of the New York Stock Exchange, that correspond to the performance of the MSCI EAFE Index. The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of international equity markets. It is an unmanaged, market capitalization-weighted index comprising stocks of large- andmid-cap stocks across developed markets in Europe, Australasia, and the Far East.*

In the first quarter, while every eurozone equity market advanced, they did so to varying degrees as they rebounded from low investor sentiment in 2018. The European Central Bank’s accommodative policies also helped offset slowing economic activity across the region. For instance, Germany underperformed amid continued weakness in the manufacturing and export sectors and a negative yield on the10-year German bund. Meanwhile, Italy outperformed on positive trends in its macroeconomic outlook, despite contraction in gross domestic product² (GDP) growth and ongoing political uncertainty. Uncertainty around U.S. trade protectionism, an upcoming sales tax hike, and slower growth weighed on Japanese equities.

In the third quarter, Japanese equities outperformed othernon-U.S. developed markets due to a limited trade agreement with the U.S., which helped markets despite Japan’s deteriorating economic conditions. Meanwhile, Hong Kong markets underperformed amid mounting political unrest. Eurozone economic activity showed signs of slowing, notably in manufacturing, and the European Central Bank responded with an aggressive stimulus package. U.K. markets declined over a volatile quarter due to continued Brexit uncertainty and the release of second-quarter data showing the first quarterly contraction in GDP in seven years.

By the fourth quarter, developed markets largely regained momentum. In the U.K., the election of Prime Minister Boris Johnson provided greater clarity to the Brexit process and helped the value of the sterling rebound, while economic activity in Europe improved on the perception of improving U.S.-China trade relations.

All sectors of the MSCI EAFE generated positive returns for the year, even as international equities generally underperformed the S&P 500 Index³. The information technology, healthcare, and industrial sectors were the top contributing sectors for the year, while energy, communication services, and real estate added the least.

The Fund underperformed its benchmark primarily due to the impacts of fair value pricing and expenses incurred by the Fund.*

The Fund uses derivatives for the purpose of efficient portfolio management. Derivatives did not have a significant impact on the Fund’s return in 2019. Futures are not used for speculative or leveraged positions in the portfolio and we keep cash to cover all outstanding futures positions fully. The Fund uses futures contracts to access immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.*

Past performance does not guarantee future results.

^†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	Gross domestic product (GDP) is the measure of the market value of the goods and services produced in a period of time.

³	The Standard & Poor’s 500 Index is unmanaged and is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. Investors cannot invest directly in an index.

AZL^® International Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Index (“MSCI EAFE^® Index”) as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index, primarily futures contracts.

Investment Concerns

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception Date		1 Year			3 Year			5 Year			10 Year			Since Inception
AZL^®International Index Fund (Class 1 Shares)		10/14/16		21.67	%^†		9.48	%		—			—			9.06	%
AZL^®International Index Fund (Class 2 Shares)		5/1/09		21.44	%^†		9.21	%		5.21	%		4.93	%		7.46	%
MSCI EAFE Index (gross of withholding taxes)		5/1/09		22.66	%		10.11	%		6.18	%		6.00	%		8.70	%
MSCI EAFE Index (net of withholding taxes)		5/1/09		22.01	%		9.56	%		5.67	%		5.50	%		8.20	%


Expense Ratios	Gross
AZL^®International Index Fund (Class 1 Shares)		0.45	%
AZL^®International Index Fund (Class 2 Shares)		0.70	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.52% for Class 1 Shares and 0.77% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Morgan Stanley Capital International, Europe, Australasia and Far East (MSCI EAFE) Index, which is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The Index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Index noted as “gross of withholding taxes” reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as “net of withholding taxes” reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable tonon-resident institutional investors who do not benefit from double taxation treaties. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL International Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL International Index Fund, Class 1		$	1,000.00		$	1,066.50		$	2.24		0.43	%

AZL International Index Fund, Class 2		$	1,000.00		$	1,065.60		$	3.54		0.68	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL International Index Fund, Class 1		$	1,000.00		$	1,023.04		$	2.19		0.43	%

AZL International Index Fund, Class 2		$	1,000.00		$	1,021.78		$	3.47		0.68	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscalhalf-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Japan		23.9	%

United Kingdom		15.7

France		10.4

Switzerland		9.4

Germany		8.5

Australia		6.9

Netherlands		4.1

Hong Kong		3.3

Spain		2.8

Sweden		2.4

All other countries		10.5


Total Common and Preferred Stocks		97.9

Rights		—	^†

Short-Term Securities Held as Collateral for Securities on Loan		0.4


Total Investment Securities		98.3

Net other assets (liabilities)		1.7


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (97.4%):
Aerospace & Defense (1.5%):
	65,305	Airbus SE	$	9,580,583
	357,262	BAE Systems plc		2,676,411
	260	Dassault Aviation SA		342,421
	2,648	Elbit Systems, Ltd.		412,490
	46,044	Leonardo SpA		539,551
	83,817	Meggitt plc		730,266
	5,978	MTU Aero Engines AG		1,706,911
	192,963	Rolls-Royce Holdings plc		1,747,046
	36,626	Safran SA		5,677,072
	180,000	Singapore Technologies Engineering, Ltd.		527,974
	11,599	Thales SA		1,206,655

				25,147,380

Air Freight & Logistics (0.3%):
	102,392	Bollore, Inc.		446,888
	110,697	Deutsche Post AG		4,226,004
	17,200	SG Holdings Co., Ltd.		388,298
	33,000	Yamato Holdings Co., Ltd.		564,415

				5,625,605

Airlines (0.1%):
	13,800	ANA Holdings, Inc.		461,776
	24,510	Deutsche Lufthansa AG, Registered Shares		451,015
	19,944	easyJet plc		379,316
	11,770	Japan Airlines Co., Ltd.		367,339
	83,673	Qantas Airways, Ltd.		417,951
	62,300	Singapore Airlines, Ltd.		419,259

				2,496,656

Auto Components (0.9%):
	17,400	Aisin Sieki Co., Ltd.		643,628
	62,800	Bridgestone Corp.		2,332,891
	19,351	Compagnie Generale des Establissements Michelin SCA, Class B		2,373,470
	12,286	Continental AG		1,595,305
	48,900	Denso Corp.		2,206,148
	8,952	Faurecia SA		485,337
	12,000	Koito Manufacturing Co., Ltd.		555,476
	19,700	NGK Spark Plug Co., Ltd.		382,205
	14,129	Nokian Renkaat OYJ		407,213
	49,051	Pirelli & C SpA		282,710
	15,200	Stanley Electric Co., Ltd.		439,517
	82,300	Sumitomo Electric Industries, Ltd.		1,235,000
	19,400	Sumitomo Rubber Industries, Ltd.		236,044
	7,200	Toyoda Gosei Co., Ltd.		179,713
	16,200	Toyota Industries Corp.		933,673
	27,737	Valeo SA		982,009
	14,700	Yokohama Rubber Co., Ltd. (The)		284,498

				15,554,837

Automobiles (2.7%):
	37,239	Bayerische Motoren Werke AG (BMW)		3,065,308
	101,593	Daimler AG, Registered Shares		5,632,158
	13,296	Ferrari NV		2,205,176
	122,317	Fiat Chrysler Automobiles NV		1,811,389
	182,400	Honda Motor Co., Ltd.		5,145,701
	58,400	Isuzu Motors, Ltd.		688,096
	65,600	Mazda Motor Corp.		558,402
	79,200	Mitsubishi Motors Corp.		329,725
	256,300	Nissan Motor Co., Ltd.		1,489,766


Shares			Fair Value
Common Stocks, continued
Automobiles, continued
	67,218	PSA Peugeot Citroen SA	$	1,609,690
	20,695	Renault SA		981,682
	69,400	Subaru Corp.		1,716,183
	42,200	Suzuki Motor Corp.		1,767,861
	255,566	Toyota Motor Corp.		17,996,830
	3,517	Volkswagen AG		683,429
	33,300	Yamaha Motor Co., Ltd.		665,733

				46,347,129

Banks (9.5%):
	45,500	ABN AMRO Group NV		830,993
	97,448	AIB Group plc		341,264
	13,500	Aozora Bank, Ltd.		356,626
	317,205	Australia & New Zealand Banking Group, Ltd.		5,494,278
	750,348	Banco Bilbao Vizcaya Argentaria SA		4,228,197
	609,210	Banco de Sabadell SA		713,536
	1,859,656	Banco Santander SA		7,851,581
	131,342	Bank Hapoalim BM		1,091,459
	162,413	Bank LeumiLe-Israel Corp.		1,184,078
	153,800	Bank of East Asia, Ltd. (The)		343,681
	103,156	Bank of Ireland Group plc		568,793
	6,800	Bank of Kyoto, Ltd. (The)		289,937
	115,532	Bankia SA		247,284
	80,402	Bankinter SA		591,091
	1,921,265	Barclays plc		4,587,385
	60,506	Bendigo & Adelaide Bank, Ltd.		416,003
	125,873	BNP Paribas SA		7,492,229
	416,000	BOC Hong Kong Holdings, Ltd.		1,448,751
	401,681	CaixaBank SA		1,266,638
	62,300	Chiba Bank, Ltd. (The)		358,263
	106,365	Commerzbank AG		658,595
	198,099	Commonwealth Bank of Australia		11,134,537
	113,100	Concordia Financial Group, Ltd.		463,997
	130,024	Credit Agricole SA		1,894,158
	70,823	Danske Bank A/S		1,145,541
	203,700	DBS Group Holdings, Ltd.		3,927,392
	104,877	DNB ASA		1,966,064
	33,865	Erste Group Bank AG		1,273,623
	70,938	Finecobank Banca Fineco SpA		851,411
	20,600	Fukuoka Financial Group, Inc.		393,273
	86,900	Hang Seng Bank, Ltd.		1,798,405
	2,259,335	HSBC Holdings plc		17,740,191
	436,037	ING Groep NV		5,239,864
	1,664,402	Intesa Sanpaolo SpA		4,387,210
	139,296	Isreal Discount Bank		646,725
	46,700	Japan Post Bank Co., Ltd.		447,635
	27,559	KBC Group NV		2,077,924
	7,846,223	Lloyds Banking Group plc		6,547,672
	101,160	Mebuki Financial Group, Inc.		258,138
	70,527	Mediobanca SpA		776,786
	1,376,500	Mitsubishi UFJ Financial Group, Inc.		7,440,463
	15,515	Mizrahi Tefahot Bank, Ltd.		413,905
	2,697,239	Mizuho Financial Group, Inc.		4,148,824
	320,985	National Australia Bank, Ltd.		5,560,644
	361,068	Nordea Bank AB		2,921,682
	364,499	Oversea-Chinese Banking Corp., Ltd.		2,981,180
	17,372	Raiffeisen International Bank-Holding AG		435,737
	230,187	Resona Holdings, Inc.		1,003,841

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	538,641	Royal Bank of Scotland Group plc	$	1,726,165
	57,800	Seven Bank, Ltd.		189,981
	20,000	Shinsei Bank, Ltd.		305,348
	51,800	Shizuoka Bank, Ltd. (The)		385,682
	183,239	Skandinaviska Enskilda Banken AB, Class A		1,724,289
	90,536	Societe Generale		3,163,123
	300,748	Standard Chartered plc		2,840,018
	148,769	Sumitomo Mitsui Financial Group, Inc.		5,477,269
	37,303	Sumitomo Mitsui Trust Holdings, Inc.		1,472,255
	171,890	Svenska Handelsbanken AB, Class A		1,851,377
	102,078	Swedbank AB, Class A		1,522,827
	224,226	Unicredit SpA		3,277,970
	141,073	United Overseas Bank, Ltd.		2,775,617
	390,542	Westpac Banking Corp.		6,653,872

				161,603,277

Beverages (2.3%):
	85,267	Anheuser-Busch InBev NV		6,991,427
	40,500	Asahi Breweries, Ltd.		1,850,283
	139,500	Budweiser Brewing Co. APAC, Ltd.*		471,034
	12,141	Carlsberg A/S, Class B		1,811,402
	60,261	Coca-Cola Amatil, Ltd.		468,463
	14,800	Coca-Cola Bottlers Japan Holdings, Inc.		380,087
	25,860	Coca-Cola European Partners plc		1,297,950
	21,268	Coca-Cola HBC AG		725,270
	66,376	Davide Campari — Milano SpA		606,136
	264,710	Diageo plc		11,153,092
	12,778	Heineken Holding NV		1,240,598
	29,006	Heineken NV		3,093,850
	93,500	Kirin Holdings Co., Ltd.		2,039,583
	23,513	Pernod Ricard SA		4,208,597
	2,726	Remy Cointreau SA		335,243
	16,100	Suntory Beverage & Food, Ltd.		673,371
	80,195	Treasury Wine Estates, Ltd.		916,251

				38,262,637

Biotechnology (0.9%):
	3,935	BeiGene, Ltd., ADR*		652,265
	50,722	CSL, Ltd.		9,841,596
	4,974	Galapagos NV*^		1,035,212
	7,312	Genmab A/S*		1,627,757
	33,227	Grifols SA^		1,173,085
	11,100	Peptidream, Inc.*		568,437

				14,898,352

Building Products (0.8%):
	21,000	AGC, Inc.		749,447
	112,041	ASSA Abloy AB, Class B		2,618,982
	55,455	Compagnie de Saint-Gobain SA		2,278,430
	27,900	Daikin Industries, Ltd.		3,924,135
	4,232	Geberit AG, Registered Shares		2,376,281
	16,916	Kingspan Group plc		1,041,744
	28,100	Lixil Group Corp.		484,364
	15,400	TOTO, Ltd.		649,090

				14,122,473

Capital Markets (2.4%):
	107,219	3i Group plc		1,562,491
	6,908	Amundi SA		542,987
	21,533	ASX, Ltd.		1,187,283


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	285,301	Credit Suisse Group AG	$	3,872,609
	162,500	Daiwa Securities Group, Inc.		824,476
	222,057	Deutsche Bank AG, Registered Shares		1,722,540
	21,528	Deutsche Boerse AG		3,385,381
	32,983	Hargreaves Lansdown plc		849,140
	133,793	Hong Kong Exchanges & Clearing, Ltd.		4,336,717
	56,300	Japan Exchange Group, Inc.		991,181
	24,523	Julius Baer Group, Ltd.		1,266,736
	34,914	London Stock Exchange Group plc		3,605,792
	36,186	Macquarie Group, Ltd.		3,509,033
	14,655	Magellan Financial Group, Ltd.		587,939
	114,848	Natixis		511,822
	378,800	Nomura Holdings, Inc.		1,946,063
	2,130	Partners Group Holding AG		1,952,481
	28,290	SBI Holdings, Inc.		596,002
	14,781	Schroders plc		657,210
	94,500	Singapore Exchange, Ltd.		623,538
	56,837	St. James Place plc		879,334
	430,857	UBS Group AG		5,438,906

				40,849,661

Chemicals (3.3%):
	52,786	Air Liquide SA		7,501,656
	16,500	Air Water, Inc.		243,310
	25,421	Akzo Nobel NV		2,591,659
	7,589	Arkema SA		809,416
	140,600	Asahi Kasei Corp.		1,577,832
	102,783	BASF SE		7,794,056
	11,558	Christian Hansen Holding A/S		918,300
	24,423	Clariant AG		546,624
	19,222	Covestro AG		893,477
	14,754	Croda International plc		1,001,922
	30,000	Daicel Corp.		286,216
	870	EMS-Chemie Holding AG		572,656
	19,549	Evonik Industries AG		599,163
	8,204	Fuchs Petrolub AG		408,126
	1,025	Givaudan SA, Registered Shares		3,208,631
	11,300	Hitachi Chemical Co., Ltd.		473,016
	168,575	Incitec Pivot, Ltd.		377,086
	71,434	Israel Chemicals, Ltd.		337,155
	22,625	Johnson Matthey plc		900,078
	22,300	JSR Corp.		407,641
	18,300	Kansai Paint Co., Ltd.		447,324
	20,506	Koninklijke DSM NV		2,676,552
	39,200	Kuraray Co., Ltd.		480,780
	9,160	Lanxess AG		615,477
	139,500	Mitsubishi Chemical Holdings Corp.		1,039,456
	17,500	Mitsubishi Gas Chemical Co., Inc.		265,972
	19,500	Mitsui Chemicals, Inc.		474,013
	17,100	Nippon Paint Holdings Co., Ltd.		884,814
	13,400	Nissan Chemical Corp.		560,268
	17,200	Nitto Denko Corp.		965,140
	24,032	Novozymes A/S, Class B		1,176,775
	40,711	Orica, Ltd.		629,066
	40,400	Shin-Etsu Chemical Co., Ltd.		4,429,895
	16,500	Showa Denko K.K.		434,685
	14,205	Sika AG		2,675,625
	7,988	Solvay SA		928,830

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	171,600	Sumitomo Chemical Co., Ltd.	$	777,818
	14,811	Symrise AG		1,558,040
	12,400	Taiyo Nippon Sanso Corp.		274,740
	20,600	Teijin, Ltd.		384,431
	160,800	Toray Industries, Inc.		1,098,756
	27,300	Tosoh Corp.		420,195
	22,549	Umicore SA^		1,099,223
	18,907	Yara International ASA		788,099

				56,533,994

Commercial Services & Supplies (0.6%):
	179,653	Brambles, Ltd.		1,480,487
	26,700	Dai Nippon Printing Co., Ltd.		724,734
	26,202	Edenred		1,355,706
	189,889	G4S plc		552,144
	18,886	ISS A/S		453,581
	13,800	Park24 Co., Ltd.		338,094
	207,274	Rentokil Initial plc		1,247,596
	23,000	SECOM Co., Ltd.		2,052,828
	37,221	Securitas AB, Class B		642,410
	7,800	Sohgo Security Services Co., Ltd.		422,484
	30,500	Toppan Printing Co., Ltd.		628,855

				9,898,919

Communications Equipment (0.3%):
	627,819	Nokia OYJ		2,328,913
	341,324	Telefonaktiebolaget LM Ericsson, Class B		2,991,730

				5,320,643

Construction & Engineering (1.0%):
	30,329	ACS Actividades de Construccion y Servicios SA		1,215,676
	24,946	Bouygues SA		1,061,877
	11,842	Cimic Group, Ltd.		276,232
	8,408	Eiffage SA		963,380
	55,919	Ferrovial SA		1,696,266
	2,965	Hochtief AG		379,459
	23,600	JGC Holdings Corp.		379,820
	49,100	Kajima Corp.		656,267
	74,200	Obayashi Corp.		822,834
	67,700	Shimizu Corp.		688,878
	36,530	Skanska AB, Class B		826,280
	22,200	Taisei Corp.		919,259
	57,042	Vinci SA		6,336,563

				16,222,791

Construction Materials (0.6%):
	138,414	Boral, Ltd.		436,437
	89,195	CRH plc		3,577,488
	96,309	Fletcher Building, Ltd.		330,352
	16,756	HeidelbergCement AG		1,221,244
	48,835	James Hardie Industries SE		957,223
	55,211	LafargeHolcim, Ltd., Registered Shares		3,062,180
	14,000	Taiheiyo Cement Corp.		409,676

				9,994,600

Consumer Finance (0.0%^†):
	53,700	ACOM Co., Ltd.		243,780
	13,000	AEON Financial Service Co., Ltd.		204,504
	18,100	Credit Saison Co., Ltd.		313,766

				762,050


Shares			Fair Value
Common Stocks, continued
Containers & Packaging (0.1%):
	26,095	Smurfit Kappa Group plc	$	1,005,088
	13,700	Toyo Seikan Group Holdings, Ltd.		237,519

				1,242,607

Distributors (0.0%^†):
	10,588	Jardine Cycle & Carriage, Ltd.		237,028

Diversified Consumer Services (0.0%^†):
	9,400	Benesse Holdings, Inc.		247,201

Diversified Financial Services (0.8%):
	339,548	AMP, Ltd.		456,456
	69,162	Challenger, Ltd.		393,831
	4,807	Eurazeo Se		329,486
	11,831	EXOR NV		917,445
	8,823	Groupe Bruxelles Lambert SA		930,751
	18,686	Industrivarden AB, Class C		451,394
	50,971	Investor AB, Class B		2,785,757
	28,149	Kinnevik AB, Class B		689,045
	7,951	L E Lundbergforetagen AB		349,395
	296,385	M&G plc*		932,399
	39,200	Mitsubishi UFJ Lease & Finance Co., Ltd.		252,328
	147,000	ORIX Corp.		2,447,206
	4,432	Pargesa Holding SA		368,270
	264,559	Standard Life Aberdeen plc		1,152,588
	5,200	Tokyo Century Corp.		279,245
	3,280	Wendel		436,510

				13,172,106

Diversified Telecommunication Services (2.0%):
	937,015	BT Group plc		2,401,028
	28,078	Cellnex Telecom SAU		1,210,041
	371,007	Deutsche Telekom AG, Registered Shares		6,062,319
	16,628	Elisa OYJ		918,745
	442,525	HKT Trust & HKT, Ltd.		623,900
	2,695	Iliad SA		349,666
	409,316	Koninklijke KPN NV		1,209,290
	142,304	Nippon Telegraph & Telephone Corp.		3,605,032
	223,256	Orange SA		3,280,315
	471,000	PCCW, Ltd.		278,118
	17,673	Proximus SADP		506,056
	916,900	Singapore Telecommunications, Ltd.		2,299,921
	218,334	Spark New Zealand, Ltd.		636,672
	2,929	Swisscom AG, Registered Shares^		1,551,466
	956,612	Telecom Italia SpA*		596,862
	724,011	Telecom Italia SpA		443,149
	84,244	Telefonica Deutschland Holding AG		244,151
	522,925	Telefonica SA		3,654,544
	78,775	Telenor ASA		1,413,354
	314,124	Telia Co AB		1,349,768
	456,643	Telstra Corp., Ltd.		1,137,395
	45,014	TPG Telecom, Ltd.		212,328
	14,595	United Internet AG, Registered Shares		479,601

				34,463,721

Electric Utilities (2.0%):
	193,004	AusNet Services		230,098
	74,000	Chubu Electric Power Co., Inc.		1,043,933
	32,100	Chugoku Electric Power Co., Inc. (The)		423,366
	78,570	CK Infrastructure Holdings, Ltd.		560,379
	184,500	CLP Holdings, Ltd.		1,942,847

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Electric Utilities, continued
	297,895	EDP — Energias de Portugal SA	$	1,291,295
	69,785	Electricite de France		778,410
	34,357	Endesa SA^		917,188
	910,165	Enel SpA		7,240,114
	48,796	Fortum OYJ		1,203,674
	283,500	HK Electric Investments, Ltd.		279,421
	676,352	Iberdrola SA		6,965,182
	76,300	Kansai Electric Power Co., Inc. (The)		882,413
	44,400	Kyushu Electric Power Co., Inc.		383,601
	59,258	Mercury NZ, Ltd.		201,498
	21,377	Orsted A/S		2,215,089
	151,500	Power Assets Holdings, Ltd.		1,107,800
	48,684	Red Electrica Corp SA		979,206
	113,918	Scottish & Southern Energy plc		2,182,328
	152,252	Terna SpA		1,018,627
	45,200	Tohoku Electric Power Co., Inc.		447,118
	172,000	Tokyo Electric Power Co. Holdings, Inc.*		734,570
	8,213	Verbund AG, Class A		412,384

				33,440,541

Electrical Equipment (1.5%):
	206,233	ABB, Ltd.		4,979,677
	13,400	Fuji Electric Co., Ltd.		409,547
	30,241	Legrand SA		2,467,253
	536,267	Melrose Industries plc		1,713,844
	202,000	Mitsubishi Electric Corp.		2,747,009
	25,000	Nidec Corp.		3,415,575
	27,397	Prysmian SpA		660,141
	61,871	Schneider Electric SA		6,364,010
	28,762	Siemens Gamesa Renewable Energy		505,373
	20,955	Vestas Wind Systems A/S		2,118,774

				25,381,203

Electronic Equipment, Instruments & Components (1.7%):
	20,600	Alps Alpine Co., Ltd.		465,399
	43,405	Halma plc		1,218,350
	15,300	Hamamatsu Photonics KK		627,007
	29,470	Hexagon AB, Class B		1,651,682
	3,914	Hirose Electric Co., Ltd.		500,443
	7,800	Hitachi High-Technologies Corp.		551,261
	108,220	Hitachi, Ltd.		4,559,076
	6,865	Ingenico Group		746,275
	20,380	Keyence Corp.		7,214,562
	35,600	Kyocera Corp.		2,426,351
	64,300	Murata Manufacturing Co., Ltd.		3,975,895
	21,700	Omron Corp.		1,264,345
	24,400	Shimadzu Corp.		763,225
	14,500	TDK Corp.		1,629,936
	33,500	Venture Corp., Ltd.		404,320
	28,000	Yaskawa Electric Corp.		1,056,711
	26,600	Yokogawa Electric Corp.		471,194

				29,526,032

Energy Equipment & Services (0.1%):
	50,094	Tenaris SA		566,473
	38,726	Worley, Ltd.		417,703

				984,176


Shares			Fair Value
Common Stocks, continued
Entertainment (0.6%):
	9,600	Konami Holdings Corp.	$	395,898
	54,700	Nexon Co., Ltd.*		723,614
	12,500	Nintendo Co., Ltd.		5,046,275
	10,500	Square Enix Holdings Co., Ltd.		524,689
	12,800	Toho Co., Ltd.		533,074
	9,595	UbiSoft Entertainment SA*		663,693
	95,003	Vivendi Universal SA		2,753,436

				10,640,679

Equity Real Estate Investment Trusts (1.6%):
	345,427	Ascendas Real Estate Investment Trust		763,348
	97,460	British Land Co. plc		829,685
	269,218	CapitaLand Commercial Trust		398,703
	299,900	CapitaLand Mall Trust		548,789
	5,451	Covivio		619,111
	223	Daiwahouse Residential Investment Corp.		582,655
	123,857	Dexus		1,018,959
	5,326	Gecina SA		954,588
	185,740	Goodman Group		1,745,622
	222,060	GPT Group		873,951
	3,568	Icade		388,944
	87	Japan Prime Realty Investment Corp.		382,157
	152	Japan Real Estate Investment Corp.		1,008,542
	311	Japan Retail Fund Investment Corp.		668,721
	22,974	Klepierre		873,229
	77,715	Land Securities Group plc		1,021,045
	239,500	Link REIT (The)		2,542,797
	230,900	Mapletree Commercial Trust		410,467
	426,093	Mirvac Group		952,788
	145	Nippon Building Fund, Inc.		1,062,656
	208	Nippon Prologis REIT, Inc.		529,965
	433	Nomura Real Estate Master Fund, Inc.		740,075
	301	Orix JREIT, Inc.		652,751
	582,055	Scentre Group		1,566,688
	119,881	SERGO plc		1,430,779
	254,807	Stockland		827,502
	224,500	Suntec Real Estate Investment Trust		307,335
	15,343	Unibail-Rodamco-Westfield		2,423,890
	347	United Urban Investment Corp.		651,216
	337,565	Vicinity Centres		590,816

				27,367,774

Food & Staples Retailing (1.6%):
	74,200	AEON Co., Ltd.		1,528,825
	69,391	Carrefour SA		1,165,539
	6,499	Casino Guichard-Perrachon SA^		304,635
	125,305	Coles Group, Ltd.		1,308,442
	6,698	Colruyt SA		349,591
	41,500	Dairy Farm International Holdings, Ltd.		236,716
	26,800	FamilyMart Co., Ltd.		641,985
	10,375	ICA Gruppen AB		484,682
	201,493	J Sainsbury plc		617,586
	29,931	Jeronimo Martins SGPS SA		492,922
	132,465	Koninklijke Ahold Delhaize NV		3,319,537
	5,100	LAWSON, Inc.		288,866
	22,671	METRO AG		365,407
	84,100	Seven & I Holdings Co., Ltd.		3,077,539

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	8,500	Sundrug Co., Ltd.	$	307,231
	1,091,935	Tesco plc		3,698,386
	4,200	Tsuruha Holdings, Inc.		538,924
	5,700	Welcia Holdings Co., Ltd.		363,129
	126,883	Wesfarmers, Ltd.		3,695,814
	272,382	William Morrison Supermarkets plc		725,015
	139,772	Woolworths Group, Ltd.		3,555,692

				27,066,463

Food Products (3.4%):
	84,391	A2 Milk Co., Ltd.*		853,955
	50,700	Ajinomoto Co., Inc.		843,052
	39,506	Associated British Foods plc		1,368,396
	347	Barry Callebaut AG, Registered Shares		767,272
	8,800	Calbee, Inc.		286,242
	11	Chocoladefabriken Lindt & Spruengli AG		972,044
	69,101	Danone SA		5,735,145
	17,944	Kerry Group plc, Class A		2,233,857
	16,800	Kikkoman Corp.		821,987
	117	Lindt & Spruengli AG		908,450
	12,452	Meiji Holdings Co., Ltd.		841,112
	50,692	Mowi ASA		1,318,883
	333,030	Nestle SA, Registered Shares		36,086,776
	8,300	NH Foods, Ltd.		343,845
	23,345	Nisshin Seifun Group, Inc.		406,938
	6,500	Nissin Foods Holdings Co., Ltd.		482,552
	82,673	Orkla ASA, Class A		838,171
	10,100	Toyo Suisan Kaisha, Ltd.		429,635
	88,000	Vitasoy International Holdings, Ltd.		319,193
	1,058,388	WH Group, Ltd.		1,096,715
	213,000	Wilmar International, Ltd.		653,435
	12,900	Yakult Honsha Co., Ltd.		710,180
	13,600	Yamazaki Baking Co., Ltd.		243,036

				58,560,871

Gas Utilities (0.4%):
	138,653	APA Group		1,082,632
	32,681	Gas Natural SDG SA		822,644
	1,150,477	Hong Kong & China Gas Co., Ltd.		2,248,034
	41,600	Osaka Gas Co., Ltd.		794,962
	8,300	Toho Gas Co., Ltd.		337,995
	41,400	Tokyo Gas Co., Ltd.		1,004,559

				6,290,826

Health Care Equipment & Supplies (2.0%):
	46,271	Alcon, Inc.*		2,621,781
	20,600	Asahi Intecc Co., Ltd.		606,621
	4,660	BioMerieux		415,082
	4,816	Carl Zeiss Meditec AG		614,179
	6,716	Cochlear, Ltd.		1,061,417
	13,204	Coloplast A/S, Class B		1,641,793
	12,129	Demant A/S*^		382,264
	31,719	EssilorLuxottica SA		4,844,906
	65,199	Fisher & Paykel Healthcare Corp., Ltd.		978,092
	42,700	HOYA Corp.		4,077,565
	101,305	Koninklijke Philips NV		4,952,295
	131,500	Olympus Corp.		2,025,269
	3,930	Sartorius AG		841,295
	17,297	Siemens Healthineers AG		830,516


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	97,004	Smith & Nephew plc	$	2,342,926
	6,131	Sonova Holding AG, Registered Shares		1,402,976
	1,141	Straumann Holding AG, Registered Shares		1,120,176
	18,400	Sysmex Corp.		1,250,846
	73,000	Terumo Corp.		2,579,414

				34,589,413

Health Care Providers & Services (0.5%):
	21,700	Alfresa Holdings Corp.		443,103
	24,312	Fresenius Medical Care AG & Co., KGaA		1,803,017
	45,974	Fresenius SE & Co. KGaA		2,594,834
	20,100	Medipal Holdings Corp.		443,447
	11,212	NMC Health plc		263,166
	17,336	Ramsay Health Care, Ltd.		884,331
	44,167	Ryman Healthcare, Ltd.		486,228
	52,054	Sonic Healthcare, Ltd.		1,052,194
	8,570	Suzuken Co., Ltd.		348,790

				8,319,110

Health Care Technology (0.1%):
	49,800	M3, Inc.		1,504,055

Hotels, Restaurants & Leisure (1.4%):
	19,564	Accor SA		918,324
	65,400	Aristocrat Leisure, Ltd.		1,550,735
	17,779	Carnival plc		848,859
	177,526	Compass Group plc		4,446,501
	42,677	Crown Resorts, Ltd.		360,175
	6,425	Flight Centre Travel Group, Ltd.		198,700
	8,595	Flutter Entertainment plc		1,049,532
	246,000	Galaxy Entertainment Group, Ltd.		1,813,336
	635,657	Genting Singapore, Ltd.		435,291
	62,988	GVC Holdings plc		738,585
	19,118	InterContinental Hotels Group plc		1,316,726
	7,129	McDonald’s Holdings Co., Ltd.^		343,603
	24,767	Melco Resorts & Entertainment, Ltd., ADR		598,618
	22,400	Oriental Land Co., Ltd.		3,057,607
	273,132	Sands China, Ltd.		1,464,787
	220,987	SJM Holdings, Ltd.		252,272
	9,852	Sodexo SA		1,168,393
	226,584	Tabcorp Holdings, Ltd.		721,230
	50,001	TUI AG		632,069
	14,662	Whitbread plc		943,397
	156,400	Wynn Macau, Ltd.		386,902

				23,245,642

Household Durables (1.3%):
	111,766	Barratt Developments plc		1,107,667
	12,890	Berkeley Group Holdings plc (The)		835,733
	19,600	Casio Computer Co., Ltd.		393,913
	23,949	Electrolux AB, Series B, Class B		587,953
	49,568	Husqvarna AB, Class B		397,037
	16,200	Iida Group Holdings Co., Ltd.		283,605
	36,700	Nikon Corp.		448,651
	250,400	Panasonic Corp.		2,348,907
	35,262	Persimmon plc		1,270,088
	3,700	Rinnai Corp.		288,988
	2,674	SEB SA		397,674
	42,100	Sekisui Chemical Co., Ltd.		728,842
	70,200	Sekisui House, Ltd.		1,499,405

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	25,700	Sharp Corp.	$	392,772
	142,300	Sony Corp.		9,687,241
	358,199	Taylor Wimpey plc		926,873
	151,500	Techtronic Industries Co., Ltd.		1,239,774

				22,835,123

Household Products (0.7%):
	67,925	Essity AB, Class B		2,190,463
	11,363	Henkel AG & Co. KGaA		1,069,869
	25,400	Lion Corp.		495,833
	11,700	Pigeon Corp.		431,458
	79,377	Reckitt Benckiser Group plc		6,444,906
	46,000	Unicharm Corp.		1,553,982

				12,186,511

Independent Power and Renewable Electricity Producers (0.1%):
	16,500	Electric Power Development Co., Ltd.		401,023
	146,817	Meridian Energy, Ltd.		494,265
	23,752	Uniper SE		786,073

				1,681,361

Industrial Conglomerates (1.3%):
	306,244	CK Hutchison Holdings, Ltd.		2,926,454
	11,295	DCC plc		983,028
	24,500	Jardine Matheson Holdings, Ltd.		1,362,333
	23,200	Jardine Strategic Holdings, Ltd.		711,327
	10,900	Keihan Holdings Co., Ltd.		530,641
	154,500	Keppel Corp., Ltd.		778,621
	173,834	NWS Holdings, Ltd.		244,012
	24,600	Seibu Holdings, Inc.		405,875
	89,100	SembCorp Industries, Ltd.		151,987
	85,608	Siemens AG, Registered Shares		11,189,715
	43,341	Smiths Group plc		968,840
	56,200	Toshiba Corp.		1,904,227

				22,157,060

Insurance (5.5%):
	21,768	Admiral Group plc		666,532
	191,375	AEGON NV		875,919
	19,592	Ageas NV		1,158,945
	1,352,800	AIA Group, Ltd.		14,234,608
	47,499	Allianz SE, Registered Shares+		11,646,273
	124,525	Assicurazioni Generali SpA		2,570,371
	433,421	Aviva plc		2,417,502
	216,218	AXA SA		6,099,536
	5,562	Baloise Holding AG, Registered Shares		1,005,458
	20,161	CNP Assurances SA		401,651
	123,000	Dai-ichi Life Holdings, Inc.		2,025,961
	142,533	Direct Line Insurance Group plc		593,794
	22,933	Gjensidige Forsikring ASA		482,052
	6,727	Hannover Rueck SE		1,300,482
	254,535	Insurance Australia Group, Ltd.		1,370,976
	178,400	Japan Post Holdings Co., Ltd.		1,675,757
	25,800	Japan Post Insurance Co., Ltd.		441,681
	671,923	Legal & General Group plc		2,706,610
	124,272	Mapfre SA		330,549
	298,241	Medibank Private, Ltd.		661,627
	53,111	MS&AD Insurance Group Holdings, Inc.		1,748,982
	16,092	Muenchener Rueckversicherungs-Gesellschaft AG		4,746,968
	33,248	NN Group NV		1,264,150


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	57,201	Poste Italiane SpA	$	649,155
	290,932	Prudential plc		5,597,097
	145,004	QBE Insurance Group, Ltd.		1,313,933
	122,220	RSA Insurance Group plc		922,432
	48,756	Sampo Oyj, Class A		2,127,072
	17,331	SCOR SA		728,059
	38,525	Sompo Holdings, Inc.		1,509,783
	17,300	Sony Financial Holdings, Inc.		414,159
	142,401	Suncorp Group, Ltd.		1,297,180
	3,824	Swiss Life Holding AG, Registered Shares		1,918,902
	32,975	Swiss Re AG		3,706,961
	58,236	T&D Holdings, Inc.		735,133
	71,500	Tokio Marine Holdings, Inc.		3,992,813
	14,463	Tryg A/S		428,794
	16,742	Zurich Insurance Group AG		6,867,985

				92,635,842

Interactive Media & Services (0.2%):
	106,399	Auto Trader Group plc		840,749
	16,000	Kakaku.com, Inc.		411,369
	7,200	Line Corp.*		354,176
	6,156	REA Group, Ltd.		448,708
	297,900	Z Holdings Corp.		1,248,284

				3,303,286

Internet & Direct Marketing Retail (0.5%):
	12,315	Delivery Hero AG*		974,633
	8,900	Mercari, Inc.*		182,772
	49,298	Ocado Group plc*		836,914
	55,163	Prosus NV*		4,127,346
	100,700	Rakuten, Inc.		863,827
	15,859	Zalando SE*		803,510
	10,400	ZOZO, Inc.		198,995

				7,987,997

IT Services (1.0%):
	1,131	Adyen NV*		930,567
	47,834	Amadeus IT Group SA		3,919,032
	10,532	Atos SE		880,524
	17,886	Capgemini SA		2,190,801
	54,245	Computershare, Ltd.		639,272
	22,300	Fujitsu, Ltd.		2,104,583
	4,900	GMO Payment Gateway, Inc.		337,149
	11,500	Itochu Techno-Solutions Corp.		324,707
	37,638	Nomura Research Institute, Ltd.		809,922
	73,200	NTT Data Corp.		978,680
	6,900	OBIC Co., Ltd.		932,198
	12,400	Otsuka Corp.		495,319
	13,353	Wirecard AG^		1,613,223
	5,248	Wix.com, Ltd.*		642,250
	11,507	Worldline SA*		816,612

				17,614,839

Leisure Products (0.2%):
	22,000	Bandai Namco Holdings, Inc.		1,335,151
	6,300	Sankyo Co., Ltd.		208,843
	18,400	Sega Sammy Holdings, Inc.		268,036
	8,400	Shimano, Inc.		1,364,013
	16,500	Yamaha Corp.		909,668

				4,085,711

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Life Sciences Tools & Services (0.3%):
	1,232	Eurofins Scientific SE^	$	684,119
	8,238	Lonza Group AG, Registered Shares		3,005,143
	24,572	Qiagen NV*		839,934
	3,335	Sartorius Stedim Biotech		552,922

				5,082,118

Machinery (2.7%):
	34,262	Alfa Laval AB		863,434
	20,709	Alstom SA		980,966
	40,500	Amada Holdings Co., Ltd.		460,015
	7,942	Andritz AG		341,898
	43,280	Atlas Copco AB		1,502,086
	74,583	Atlas Copco AB, Class A		2,974,007
	112,687	CNH Industrial NV		1,236,903
	10,800	Daifuku Co., Ltd.		653,172
	41,260	Epiroc AB		489,874
	77,275	Epiroc AB, Class A		944,682
	21,400	FANUC Corp.		3,952,872
	18,423	GEA Group AG		609,079
	29,600	Hino Motors, Ltd.		312,803
	12,300	Hitachi Construction Machinery Co., Ltd.		365,995
	6,200	Hoshizaki Corp.		552,127
	18,100	IHI Corp.		424,267
	23,100	JTEKT Corp.		272,500
	17,100	Kawasaki Heavy Industries, Ltd.		373,908
	7,772	Kion Group AG		536,596
	5,787	Knorr-Bremse AG		588,991
	102,400	Komatsu, Ltd.		2,455,417
	37,639	Kone OYJ, Class B		2,460,489
	120,000	Kubota Corp.		1,880,159
	9,900	Kurita Water Industries, Ltd.		293,352
	26,100	Makita Corp.		903,682
	11,910	Metso Oyj		470,164
	39,400	MINEBEA MITSUMI, Inc.		813,192
	32,900	Misumi Group, Inc.		813,686
	36,600	Mitsubishi Heavy Industries, Ltd.		1,415,708
	10,900	Nabtesco Corp.		321,679
	30,200	NGK Insulators, Ltd.		523,955
	42,400	NSK, Ltd.		399,944
	125,375	Sandvik AB		2,451,183
	4,418	Schindler Holding AG		1,124,322
	2,413	Schindler Holding AG, Registered Shares		591,308
	41,858	SKF AB, Class B		848,309
	6,400	SMC Corp.		2,925,897
	7,969	Spirax-Sarco Engineering plc		943,502
	13,500	Sumitomo Heavy Industries, Ltd.		382,737
	12,100	THK Co., Ltd.		324,815
	165,543	Volvo AB, Class B		2,778,934
	53,665	Wartsila OYJ Abp, Class B		592,544
	27,770	Weir Group plc (The)		555,593
	306,850	Yangzijiang Shipbuilding Holdings, Ltd.		256,437

				44,963,183

Marine (0.2%):
	381	A.P. Moeller — Maersk A/S, Class A		516,650
	726	A.P. Moeller — Maersk A/S, Class B		1,047,731
	5,987	Kuehne & Nagel International AG, Registered Shares		1,009,420


Shares			Fair Value
Common Stocks, continued
Marine, continued
	13,700	Mitsui O.S.K. Lines, Ltd.	$	376,273
	17,000	Nippon Yusen KK		306,327

				3,256,401

Media (0.6%):
	77,350	Altice Europe NV, Class A*		499,816
	10,000	Cyberagent, Inc.		348,196
	23,477	Dentsu Group, Inc.		808,502
	19,566	Eutelsat Communications SA		318,233
	23,800	Hakuhodo DY Holdings, Inc.		382,843
	138,611	Informa plc		1,575,399
	390,353	ITV plc		783,386
	8,903	JCDecaux SA		274,737
	91,786	Pearson plc		776,304
	24,874	Publicis Groupe SA		1,126,165
	11,652	Schibsted ASA, Class B		334,454
	40,089	SES Global, Class A		563,609
	126,768	Singapore Press Holdings, Ltd.		205,597
	5,630	Telenet Group Holding NV		253,576
	141,236	WPP plc		1,987,376

				10,238,193

Metals & Mining (2.7%):
	293,204	Alumina, Ltd.		473,446
	117,134	Anglo American plc		3,380,188
	44,246	Antofagasta plc		539,022
	73,727	ArcelorMittal		1,302,227
	236,137	BHP Group plc		5,576,691
	329,657	BHP Group, Ltd.		9,027,534
	61,180	BlueScope Steel, Ltd.		648,112
	31,794	Boliden AB		845,944
	60,439	EVRAZ plc		324,341
	157,884	Fortescue Metals Group, Ltd.		1,189,733
	1,223,317	Glencore plc		3,824,639
	23,000	Hitachi Metals, Ltd.		337,946
	53,100	JFE Holdings, Inc.		680,333
	7,500	Maruichi Steel Tube, Ltd.		210,399
	12,800	Mitsubishi Materials Corp.		347,118
	86,736	Newcrest Mining, Ltd.		1,835,685
	90,948	Nippon Steel Corp.		1,368,509
	139,087	Norsk Hydro ASA		519,427
	126,453	Rio Tinto plc		7,512,310
	40,932	Rio Tinto, Ltd.		2,894,179
	556,728	South32, Ltd.		1,059,692
	25,900	Sumitomo Metal & Mining Co., Ltd.		835,478
	42,248	ThyssenKrupp AG		570,428
	14,170	Voestalpine AG		394,816

				45,698,197

Multiline Retail (0.3%):
	63,114	Harvey Norman Holdings, Ltd.		180,562
	37,900	Isetan Mitsukoshi Holdings, Ltd.^		340,836
	27,000	J. Front Retailing Co., Ltd.		376,653
	223,612	Marks & Spencer Group plc		634,043
	20,200	Marui Group Co., Ltd.		491,772
	14,906	Next plc		1,387,695
	51,700	Pan Pacific International Holdings Corp.		858,230
	25,400	Ryohin Keikaku Co., Ltd.		592,517

				4,862,308

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Multi-Utilities (1.0%):
	72,811	AGL Energy, Ltd.	$	1,050,766
	681,724	Centrica plc		812,368
	250,903	E.ON SE		2,683,151
	203,978	Engie Group		3,296,002
	389,482	National Grid plc		4,893,850
	64,133	RWE AG		1,970,271
	35,451	Suez		536,486
	60,656	Veolia Environnement SA		1,615,559

				16,858,453

Oil, Gas & Consumable Fuels (4.8%):
	13,248	Aker BP ASA		434,789
	2,279,688	BP plc		14,308,213
	29,171	Caltex Australia, Ltd.		696,662
	22,895	Enagas SA		584,831
	284,679	ENI SpA		4,423,199
	114,178	Equinor ASA		2,284,168
	55,758	Galp Energia SGPS SA		932,493
	22,887	Idemitsu Kosan Co., Ltd.		636,822
	112,800	INPEX Corp.		1,176,830
	346,520	JXTG Holdings, Inc.		1,584,713
	8,360	Koninklijke Vopak NV		453,817
	20,139	Lundin Petroleum AB		684,642
	46,397	Neste Oyj		1,614,294
	160,365	Oil Search, Ltd.		817,905
	15,669	OMV AG		880,167
	191,223	Origin Energy, Ltd.		1,136,426
	161,728	Repsol SA		2,536,869
	478,799	Royal Dutch Shell plc, Class A		14,229,892
	418,054	Royal Dutch Shell plc, Class B		12,455,099
	191,220	Santos, Ltd.		1,100,327
	222,790	Snam SpA		1,173,795
	268,579	Total SA		14,841,015
	12,993	Washington H. Soul Pattinson & Co., Ltd.		196,540
	104,136	Woodside Petroleum, Ltd.		2,517,832

				81,701,340

Paper & Forest Products (0.3%):
	54,128	Mondi plc		1,277,581
	87,300	Oji Holdings Corp.		471,229
	67,076	Stora Enso OYJ, Registered Shares, Class R		974,662
	60,225	UPM-Kymmene OYJ		2,087,067

				4,810,539

Personal Products (2.1%):
	11,047	Beiersdorf AG		1,321,752
	53,600	Kao Corp.		4,421,429
	6,000	Kobayashi Pharmaceutical Co., Ltd.		508,153
	3,600	Kose Corp.		526,233
	28,278	L’Oreal SA		8,397,113
	10,700	Pola Orbis Holdings, Inc.		255,652
	44,300	Shiseido Co., Ltd.		3,168,081
	164,220	Unilever NV		9,447,776
	124,197	Unilever plc		7,109,103

				35,155,292

Pharmaceuticals (8.4%):
	211,400	Astellas Pharma, Inc.		3,611,614
	146,807	AstraZeneca plc		14,685,599
	104,358	Bayer AG, Registered Shares		8,529,495


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	25,100	Chugai Pharmaceutical Co., Ltd.	$	2,312,131
	64,000	Daiichi Sankyo Co., Ltd.		4,226,687
	27,700	Eisai Co., Ltd.		2,063,431
	558,245	GlaxoSmithKline plc		13,131,158
	7,816	H. Lundbeck A/S		299,648
	6,300	Hisamitsu Pharmaceutical Co., Inc.		306,515
	4,528	Ipsen SA		401,170
	25,300	Kyowa Kirin Co., Ltd.		594,532
	14,371	Merck KGaA		1,700,469
	22,400	Mitsubishi Tanabe Pharma Corp.		413,170
	5,200	Nippon Shinyaku Co., Ltd.		452,260
	240,403	Novartis AG, Registered Shares		22,781,057
	198,009	Novo Nordisk A/S, Class B		11,486,097
	40,900	Ono Pharmaceutical Co., Ltd.		934,121
	12,002	Orion OYJ, Class B		555,441
	44,300	Otsuka Holdings Co., Ltd.		1,970,391
	11,679	Recordati SpA		492,381
	78,621	Roche Holding AG		25,498,761
	126,102	Sanofi		12,664,250
	41,500	Santen Pharmaceutical Co., Ltd.		791,387
	30,700	Shionogi & Co., Ltd.		1,897,006
	17,800	Sumitomo Dainippon Pharma Co., Ltd.		347,323
	3,300	Taisho Pharmaceutical Holdings Co., Ltd.		243,867
	167,573	Takeda Pharmacuetical Co., Ltd.		6,639,800
	120,195	Teva Pharmaceutical Industries, Ltd., ADR*		1,177,911
	13,991	UCB SA		1,113,188
	5,368	Vifor Pharma AG		980,775

				142,301,635

Professional Services (1.5%):
	17,109	Adecco SA, Registered Shares		1,081,857
	31,529	Bureau Veritas SA		823,808
	101,762	Experian plc		3,441,333
	17,966	Intertek Group plc		1,394,178
	21,200	Persol Holdings Co., Ltd.		398,534
	13,659	Randstad NV		836,375
	151,800	Recruit Holdings Co., Ltd.		5,713,073
	217,542	RELX plc		5,487,134
	39,701	Seek, Ltd.		629,827
	591	SGS SA, Registered Shares		1,618,168
	6,586	Teleperformance		1,609,049
	31,007	Wolters Kluwer NV		2,266,206

				25,299,542

Real Estate Management & Development (1.8%):
	10,760	AEON Mall Co., Ltd.		190,775
	95,627	Aroundtown SA		856,285
	5,609	Azrieli Group		410,471
	74,028	BGP Holdings plc*(a)		108
	296,300	CapitaLand, Ltd.		826,633
	47,400	City Developments, Ltd.		386,649
	290,744	CK Asset Holdings, Ltd.		2,107,257
	7,700	Daito Trust Construction Co., Ltd.		953,783
	64,500	Daiwa House Industry Co., Ltd.		1,998,584
	40,463	Deutsche Wohnen SE		1,653,440
	235,000	Hang Lung Properties, Ltd.		513,776
	152,956	Henderson Land Development Co., Ltd.		751,180
	126,900	Hongkong Land Holdings, Ltd.		730,281
	32,500	Hulic Co., Ltd.		391,265

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	75,775	Kerry Properties, Ltd.	$	241,493
	60,898	Lend Lease Group		753,528
	131,700	Mitsubishi Estate Co., Ltd.		2,518,085
	99,500	Mitsui Fudosan Co., Ltd.		2,430,517
	670,623	New World Development Co., Ltd.		919,799
	12,600	Nomura Real Estate Holdings, Inc.		303,251
	364,601	Sino Land Co., Ltd.		531,256
	37,600	Sumitomo Realty & Development Co., Ltd.		1,311,634
	180,500	Sun Hung Kai Properties, Ltd.		2,768,909
	57,964	Swire Pacific, Ltd., Class A		540,247
	120,400	Swire Properties, Ltd.		400,115
	8,817	Swiss Prime Site AG		1,022,316
	73,400	Tokyu Fudosan Holdings Corp.		506,879
	51,296	UOL Group, Ltd.		317,778
	57,426	Vonovia SE		3,091,328
	130,300	Wharf Real Estate Investment Co., Ltd.		799,036
	95,897	Wheelock & Co., Ltd.		639,541

				30,866,199

Road & Rail (1.2%):
	214,136	Aurizon Holdings, Ltd.		787,602
	16,000	Central Japan Railway Co.		3,215,683
	243,600	ComfortDelGro Corp., Ltd.		431,582
	24,057	DSV PANALPINA A/S		2,785,201
	34,213	East Japan Railway Co.		3,088,625
	25,700	Hankyu Hanshin Holdings, Inc.		1,099,159
	22,500	Keikyu Corp.		433,725
	11,100	Keio Corp.		670,725
	13,700	Keisei Electric Railway Co., Ltd.		531,372
	19,800	Kintetsu Group Holdings Co., Ltd.		1,073,164
	18,800	Kyushu Railway Co.		630,376
	163,494	MTR Corp., Ltd.		969,213
	21,400	Nagoya Railroad Co., Ltd.		664,261
	9,500	Nippon Express Co., Ltd.		555,917
	34,200	Odakyu Electric Railway Co., Ltd.		797,759
	22,000	Tobu Railway Co., Ltd.		799,628
	54,800	Tokyu Corp.		1,012,682
	18,200	West Japan Railway Co.		1,571,805

				21,118,479

Semiconductors & Semiconductor Equipment (1.9%):
	22,200	Advantest Corp.		1,256,211
	35,900	ASM Pacific Technology, Ltd.		499,123
	47,634	ASML Holding NV		14,184,681
	3,100	Disco Corp.		738,001
	139,377	Infineon Technologies AG		3,195,904
	31,194	NXP Semiconductors NV		3,969,748
	81,500	Renesas Electronics Corp.*		561,278
	10,200	ROHM Co., Ltd.		822,253
	76,903	STMicroelectronics NV		2,075,385
	27,200	SUMCO Corp.		455,644
	17,500	Tokyo Electron, Ltd.		3,846,206

				31,604,434

Software (1.5%):
	7,404	AVEVA Group plc		457,644
	13,580	Check Point Software Technologies, Ltd.*		1,506,837
	4,451	CyberArk Software, Ltd.*		518,898
	14,552	Dassault Systemes SA		2,400,080


Shares			Fair Value
Common Stocks, continued
Software, continued
	41,003	Micro Focus International plc	$	578,851
	6,869	NICE Systems, Ltd.*		1,065,245
	4,600	Oracle Corp.		418,266
	118,344	Sage Group plc		1,175,735
	109,981	SAP SE		14,820,854
	7,241	Temenos AG		1,145,052
	14,300	Trend Micro, Inc.		731,877
	16,409	WiseTech Global, Ltd.		269,332

				25,088,671

Specialty Retail (0.9%):
	3,700	ABC-Mart, Inc.		252,250
	4,318	Dufry AG, Registered Shares		428,144
	6,400	Fast Retailing Co., Ltd.		3,794,048
	92,277	Hennes & Mauritz AB, Class B		1,876,376
	2,400	Hikari Tsushin, Inc.		602,559
	122,979	Industria de Diseno Textil SA		4,355,907
	50,176	JD Sports Fashion plc		560,339
	225,729	Kingfisher plc		654,529
	9,200	Nitori Co., Ltd.		1,453,911
	2,400	Shimamura Co., Ltd.		183,168
	24,400	USS Co., Ltd.		460,832
	69,100	Yamada Denki Co., Ltd.		365,794

				14,987,857

Technology Hardware, Storage & Peripherals (0.5%):
	26,700	Brother Industries, Ltd.		549,844
	110,300	Canon, Inc.		3,008,410
	39,400	FUJIFILM Holdings Corp.		1,878,931
	54,700	Konica Minolta, Inc.		358,062
	26,900	NEC Corp.		1,117,887
	77,200	Ricoh Co., Ltd.		836,659
	33,400	Seiko Epson Corp.		504,335

				8,254,128

Textiles, Apparel & Luxury Goods (2.3%):
	20,185	Adidas AG		6,559,705
	45,682	Burberry Group plc		1,336,712
	58,072	Cie Financiere Richemont SA		4,559,448
	3,521	Hermes International SA		2,634,693
	8,476	Kering		5,583,271
	31,108	LVMH Moet Hennessy Louis Vuitton SA		14,486,728
	20,784	Moncler SpA		934,745
	11,747	Pandora A/S		511,065
	9,070	Puma SE		695,375
	3,207	Swatch Group AG (The), Class B		894,121
	6,517	Swatch Group AG (The), Registered Shares		344,181
	74,486	Yue Yuen Industrial Holdings, Ltd.		220,217

				38,760,261

Tobacco (1.0%):
	256,690	British American Tobacco plc		10,934,671
	108,887	Imperial Brands plc, Class A		2,697,641
	133,700	Japan Tobacco, Inc.		2,980,999
	18,890	Swedish Match AB, Class B		974,158

				17,587,469

Trading Companies & Distributors (1.3%):
	13,353	AerCap Holdings NV*		820,809
	52,000	Ashtead Group plc		1,663,779

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Trading Companies & Distributors, continued
	17,044	Brenntag AG	$	926,673
	38,813	Bunzl plc		1,061,782
	26,085	Ferguson plc		2,369,632
	149,200	Itochu Corp.		3,455,708
	174,100	Marubeni Corp.		1,286,677
	151,200	Mitsubishi Corp.		4,011,862
	187,300	Mitsui & Co., Ltd.		3,331,026
	15,100	MonotaRo Co., Ltd.		404,810
	133,600	Sumitomo Corp.		1,992,117
	23,400	Toyota Tsushu Corp.		820,299

				22,145,174

Transportation Infrastructure (0.6%):
	7,610	Aena SME SA		1,460,082
	3,180	Aeroports de Paris		629,378
	56,368	Atlantia SpA		1,314,789
	107,595	Auckland International Airport, Ltd.		633,715
	4,779	Fraport AG		406,157
	47,764	Getlink SE		831,160
	5,100	Japan Airport Terminal Co., Ltd.		282,286
	12,000	Kamigumi Co., Ltd.		262,949
	74,000	SATS, Ltd.		278,797
	131,398	Sydney Airport		800,412
	303,036	Transurban Group		3,176,795

				10,076,520

Water Utilities (0.1%):
	27,491	Severn Trent plc		917,333
	74,252	United Utilities Group plc		932,513

				1,849,846

Wireless Telecommunication Services (1.6%):
	197,700	KDDI Corp.		5,882,346
	11,503	Millicom International Cellular SA, SDR		551,508
	150,500	NTT DoCoMo, Inc.		4,206,356
	184,400	Softbank Corp.		2,471,496
	175,400	SoftBank Group Corp.		7,637,360
	53,082	Tele2 AB		770,240


Contracts, Shares, Notional Amount or Principal Amount				Fair Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	2,995,512		Vodafone Group plc	$	5,814,517

					27,333,823

	Total Common Stocks (Cost $1,258,924,414)				1,654,308,244

Preferred Stocks (0.5%):
Automobiles (0.4%):
	6,667		Bayerische Motoren Werke AG (BMW), 6.39%, 5/15/20		411,635
	17,033		Porsche Automobil Holding SE, 3.31%, 5/20/20		1,274,047
	20,768		Volkswagen AG, 2.76%, 5/8/20		4,105,106

					5,790,788

Household Products (0.1%):
	20,150		Henkel AG & Co. KGaA, 2.01%, 4/21/20		2,083,586

	Total Preferred Stocks (Cost $5,842,484)				7,874,374

Rights (0.0%^†):
Aerospace & Defense (0.0%^†):
	9,287,952		Rolls-Royce Holdings plc, Expires on 1/6/20*		12,301

Oil, Gas & Consumable Fuels (0.0%^†):
	161,728		Repsol SA, Expires on 1/8/20*		76,730

	Total Rights (Cost $88,453)				89,031

Short-Term Securities Held as Collateral for Securities on Loan (0.4%):
	7,283,334		BlackRock Liquidity FedFund, Institutional Class, 2.00%(b)(c)		7,283,334
		��
	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $7,283,334)				7,283,334

	Total Investment Securities
	(Cost $1,272,138,685) — 98.3%(d)				1,669,554,983
	Net other assets (liabilities) — 1.7%				28,334,938

	Net Assets — 100.0%			$	1,697,889,921

Percentages indicated are based on net assets as of December 31, 2019.

ADR—American Depository Receipt

SDR—Swedish Depository Receipt

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $6,906,243.

+	Affiliated Securities

†	Represents less than 0.05%.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(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 December 31, 2019.

(c)	The rate represents the effective yield at December 31, 2019.

(d)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

December 31, 2019

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of December 31, 2019:

(Unaudited)


Country	Percentage

Australia		7.1	%

Austria		0.2	%

Belgium		1.0	%

Bermuda		0.1	%

China		0.1	%

Denmark		1.8	%

Finland		1.1	%

France		10.6	%

Germany		8.6	%

Hong Kong		3.3	%

Ireland		1.0	%

Isle of Man		—	%^†

Israel		0.6	%

Italy		2.2	%

Japan		24.2	%

Luxembourg		0.2	%

Netherlands		4.2	%

New Zealand		0.3	%

Norway		0.6	%

Portugal		0.2	%

Singapore		1.3	%

Spain		2.8	%

Sweden		2.5	%

Switzerland		9.6	%

United Arab Emirates		—	%^†

United Kingdom		16.0	%

United States		0.4	%

		100.0	%

†	Represents less than 0.05%.

Futures Contracts

Cash of $1,787,364 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

ASX SPI 200 Index March Futures (Australian Dollar)		3/19/20		31	$	3,590,324	$	(87,383	)
DJ EURO STOXX 50 March Futures (Euro)		3/20/20		336		14,053,074		(17,730	)
FTSE 100 Index March Futures (British Pounds)		3/20/20		83		8,243,279		(13,999	)
SGX Nikkei 225 Index March Futures (Japanese Yen)		3/12/20		55		5,916,904		(73,708	)

							$	(192,820	)

See accompanying notes to the financial statements.

AZL International Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investments innon-affiliates, at cost	$	1,265,581,271
Investments in affiliates, at cost		6,557,414

Investments innon-affiliates, at value(a)	$	1,657,908,710
Investments in affiliates, at value		11,646,273
Segregated cash for collateral for futures contracts		1,787,364
Interest and dividends receivable		1,594,612
Foreign currency, at value (cost $28,457,142)		28,834,249
Receivable for investments sold		849,200
Reclaims receivable		5,926,605
Prepaid expenses		6,036

Total Assets		1,708,553,049

Liabilities:
Cash overdraft		688,442
Payable for investments purchased		849,481
Payable for capital shares redeemed		527,461
Payable for collateral received on loaned securities		7,283,334
Payable for variation margin on futures contracts		227,326
Manager fees payable		501,541
Administration fees payable		7,913
Distribution fees payable		335,817
Custodian fees payable		37,590
Administrative and compliance services fees payable		5,833
Transfer agent fees payable		2,001
Trustee fees payable		1,435
Other accrued liabilities		194,954

Total Liabilities		10,663,128

Net Assets	$	1,697,889,921

Net Assets Consist of:
Paid in capital	$	1,288,610,352
Total distributable earnings		409,279,569

Net Assets	$	1,697,889,921

Class 1
Net Assets	$	106,657,180
Shares of beneficial interest (unlimited number of shares authorized, no par value)		9,248,335
Net Asset Value (offering and redemption price per share)	$	11.53

Class 2
Net Assets	$	1,591,232,741
Shares of beneficial interest (unlimited number of shares authorized, no par value)		94,769,421
Net Asset Value (offering and redemption price per share)	$	16.79

(a)	Includes securities on loan of $6,906,243.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	58,863,848
Dividends from affiliates		513,853
Income from securities lending		429,879
Foreign withholding tax		(4,942,091	)

Total Investment Income		54,865,489

Expenses:
Manager fees		5,769,442
Administration fees		451,320
Distribution fees — Class 2		3,861,094
Custodian fees		231,592
Administrative and compliance services fees		27,612
Transfer agent fees		11,642
Trustee fees		86,005
Professional fees		77,843
Licensing fees		513,611
Shareholder reports		46,720
Other expenses		62,906

Total expenses		11,139,787

Net Investment Income/(Loss)		43,725,702

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		3,789,332
Net realized gains/(losses) on affiliated transactions		391,652
Net realized gains/(losses) on futures contracts		2,836,424
Change in net unrealized appreciation/depreciation on securities and foreign currencies		263,540,738
Change in net unrealized appreciation/depreciation on affiliated transactions		1,854,039
Change in net unrealized appreciation/depreciation on futures contracts		21,937

Net realized and Change in net unrealized gains/losses on investments		272,434,122

Change in Net Assets Resulting From Operations	$	316,159,824

See accompanying notes to the financial statements.

AZL International Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	43,725,702			$	43,172,322
Net realized gains/(losses) on investments			7,017,408				14,028,068
Change in unrealized appreciation/depreciation on investments			265,416,714				(308,519,079	)

Change in net assets resulting from operations			316,159,824				(251,318,689	)

Distributions to Shareholders:
Class 1			(4,671,747	)			(6,939,175	)
Class 2			(45,310,584	)			(66,270,138	)

Change in net assets resulting from distributions to shareholders			(49,982,331	)			(73,209,313	)

Capital Transactions:
Class 1
Proceeds from shares issued			277,487				126,848
Proceeds from dividends reinvested			4,671,747				6,939,175
Value of shares redeemed			(12,887,802	)			(17,191,782	)

Total Class 1 Shares			(7,938,568	)			(10,125,759	)

Class 2
Proceeds from shares issued			45,976,347				39,282,271
Proceeds from dividends reinvested			45,310,584				66,270,138
Value of shares redeemed			(173,248,705	)			(244,059,352	)

Total Class 2 Shares			(81,961,774	)			(138,506,943	)

Change in net assets resulting from capital transactions			(89,900,342	)			(148,632,702	)

Change in net assets			176,277,151				(473,160,704	)
Net Assets:
Beginning of period			1,521,612,770				1,994,773,474

End of period		$	1,697,889,921			$	1,521,612,770

Share Transactions:
Class 1
Shares issued			24,903				10,697
Dividends reinvested			441,564				643,708
Shares redeemed			(1,169,990	)			(1,460,097	)

Total Class 1 Shares			(703,523	)			(805,692	)

Class 2
Shares issued			2,878,245				2,427,714
Dividends reinvested			2,940,336				4,283,784
Shares redeemed			(10,864,598	)			(14,584,666	)

Total Class 2 Shares			(5,046,017	)			(7,873,168	)

Change in shares			(5,749,540	)			(8,678,860	)

See accompanying notes to the financial statements.

AZL International Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016^				2015

Class 1

Net Asset Value, Beginning of Period		$	9.94			$	12.30			$	10.07			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.32	(a)			0.36				0.37				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			1.79				(2.00	)			2.15				(0.05	)

Total from Investment Activities			2.11				(1.64	)			2.52				0.07

Distributions to Shareholders From:
Net Investment Income			(0.42	)			(0.50	)			(0.16	)			—
Net Realized Gains			(0.10	)			(0.22	)			(0.13	)			—

Total Dividends			(0.52	)			(0.72	)			(0.29	)			—

Net Asset Value, End of Period		$	11.53			$	9.94			$	12.30			$	10.07

Total Return(b)			21.67	%			(13.80	)%			25.12	%			0.70	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	106,657			$	98,902			$	132,265			$	123,158
Net Investment Income/(Loss)(d)			2.89	%			2.62	%			2.48	%			1.19	%
Expenses Before Reductions(d)(e)			0.44	%			0.45	%			0.48	%			0.40	%
Expenses Net of Reductions(d)			0.44	%			0.45	%			0.48	%			0.40	%
Portfolio Turnover Rate(f)			4	%			2	%			8	%			55	%(g)

Class 2

Net Asset Value, Beginning of Period		$	14.25			$	17.30			$	14.10			$	14.42			$	15.28

Investment Activities:
Net Investment Income/(Loss)			0.42	(a)			0.43				0.36				0.15				0.58
Net Realized and Unrealized Gains/(Losses) on Investments			2.60				(2.81	)			3.12				(0.10	)			(0.79	)

Total from Investment Activities			3.02				(2.38	)			3.48				0.05				(0.21	)

Distributions to Shareholders From:
Net Investment Income			(0.38	)			(0.45	)			(0.15	)			(0.37	)			(0.65	)
Net Realized Gains			(0.10	)			(0.22	)			(0.13	)			—				—

Total Dividends			(0.48	)			(0.67	)			(0.28	)			(0.37	)			(0.65	)

Net Asset Value, End of Period		$	16.79			$	14.25			$	17.30			$	14.10			$	14.42

Total Return(b)			21.44	%			(14.04	)%			24.77	%			0.37	%			(1.39	)%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,591,233			$	1,422,711			$	1,862,508			$	1,605,552			$	576,330
Net Investment Income/(Loss)			2.64	%			2.36	%			2.21	%			2.11	%			2.16	%
Expenses Before Reductions(e)			0.69	%			0.70	%			0.73	%			0.71	%			0.75	%
Expenses Net of Reductions			0.69	%			0.70	%			0.73	%			0.71	%			0.74	%
Portfolio Turnover Rate(f)			4	%			2	%			8	%			55	%(g)			13	%

^	Class 1 activity is for the period October 17, 2016 (commencement of operations) to December 31, 2016.

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

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

(g)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after the fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 55%.

See accompanying notes to the financial statements.

AZL International Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL International Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

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

AZL International Index Fund

Notes to the Financial Statements

December 31, 2019

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $42,119 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $7,283,334 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $20.6 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

192,820

AZL International Index Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	2,836,424	$	21,937

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL International Index Fund Class 1		0.35	%		0.52	%

AZL International Index Fund Class 2		0.35	%		0.77	%

At December 31, 2019, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Fair Value 12/31/2018			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)			Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/2019			Shares as of 12/31/2019		Dividend Income

Allianz SE, Registered Shares		$	10,402,532		$	186,844		$	(1,188,795	)		$	391,652		$	1,854,040		$	11,646,273		47,499		$	513,853

		$	10,402,532		$	186,844		$	(1,188,795	)		$	391,652		$	1,854,040		$	11,646,273		47,499		$	513,853

AZL International Index Fund

Notes to the Financial Statements

December 31, 2019

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $12,298 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Level 3			Total

Common Stocks+		$	9,887,336			$	1,644,420,800		$	108		$	1,654,308,244
Preferred Stocks			—				7,874,374			—			7,874,374
Rights			—				89,031			—			89,031
Short-Term Securities Held as Collateral for Securities on Loan			7,283,334				—			—			7,283,334

Total Investment Securities			17,170,670				1,652,384,205			108			1,669,554,983

Other Financial Instruments:*
Futures Contracts			(192,820	)			—			—			(192,820	)

Total Investments		$	16,977,850			$	1,652,384,205		$	108		$	1,669,362,163

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

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL International Index Fund		$	61,631,835		$	169,216,884

AZL International Index Fund

Notes to the Financial Statements

December 31, 2019

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $1,311,386,440. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	413,829,267
Unrealized (depreciation)		(55,660,724	)

Net unrealized appreciation/(depreciation)	$	358,168,543

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL International Index Fund		$	39,883,140		$	10,099,191		$	49,982,331

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL International Index Fund		$	53,411,357		$	19,797,956		$	73,209,313

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL International Index Fund		$	49,683,624		$	1,147,318		$	—		$	358,448,627		$	409,279,569

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on washsales, mark-to-market of passive foreign investment companies and mark-to-market of futures contracts and other miscellaneous differences.

AZL International Index Fund

Notes to the Financial Statements

December 31, 2019

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 60% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL International Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL International Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $10,099,191.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® MetWest Total Return Bond Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 12

Page 12

Page 13

Page 14

Report of Independent Registered Public Accounting Firm

Page 15

Page 23

Approval of Investment Advisory and Subadvisory Agreements

Page 24

Page 25

Information about the Board of Trustees and Officers

Page 28

AZL^® MetWest Total Return Bond Fund (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® MetWest Total Return Bond Fund and Metropolitan West Asset Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® MetWest Total Return Bond Fund (the “Fund”) returned 8.49%. That compared to a 8.72% total return for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹ (“Index”).

Interest rate cuts by the U.S. Federal Reserve drove strong gains among fixed income securities in 2019. Falling rates on U.S. Treasury securities generated rising demand for investment-grade and high-yield corporate bonds, as investors sought greater returns from relatively riskier securities. Securitized debt products, such as non-agency mortgage-backed securities (MBS), collateralized mortgage-backed securities and asset-backed securities, also performed well in the period’s risk-on environment.

The Fund held underweight positions in investment-grade credit securities and securities from non-U.S. markets, both of which detracted from returns relative to the Index. An overweight position in student loans also detracted slightly from relative returns, as the sector’s performance trailed that of broader fixed income markets.*

In contrast, security selection in corporate credit drove significant returns during the period, particularly among the Fund’s higher-conviction allocations among consumer non-cyclicals, communications, capital goods and autos. In addition, an overweight position in non-agency MBS also benefited relative performance during the period.*

The Fund held derivatives in the form of futures and currency swaps during the 12-month period. Neither of these holdings materially affected performance.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® MetWest Total Return Bond Fund (Unaudited)

Fund Objective

The Fund’s investment objective is to maximize long-term total return. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in investment-grade fixed income securities or unrated securities that are determined by the Subadvisor to be of similar quality.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

Debt securities held by the Fund may decline in value due to rising interest rates.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			5 Year			Since Inception (11/17/14)
AZL^® MetWest Total Return Bond Fund		8.49	%		3.74	%		2.65	%		2.73	%
Bloomberg Barclays U.S. Aggregate Bond Index		8.72	%		4.03	%		3.05	%		3.13	%


Expense Ratio	Gross
AZL^® MetWest Total Return Bond Fund		0.91	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.50% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.91% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

AZL MetWest Total Return Bond Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL MetWest Total Return Bond Fund		$	1,000.00		$	1,024.30		$	4.08		0.80	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL MetWest Total Return Bond Fund		$	1,000.00		$	1,021.17		$	4.08		0.80	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

U.S. Government Agency Mortgages		32.9	%

U.S. Treasury Obligations		29.4

Corporate Bonds		17.2

Collateralized Mortgage Obligations		9.2

Asset Backed Securities		5.3

Yankee Dollars		4.2

Foreign Bonds		1.5

Unaffiliated Investment Companies		1.2

Municipal Bonds		0.5

Commercial Paper		0.3

Short-Term Securities Held as Collateral for Securities on Loan		0.1


Total Investment Securities		101.8

Net other assets (liabilities)		(1.8	)


Net Assets		100.0	%

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Asset Backed Securities (5.3%):
$	1,487,057	Ajax Mortgage Loan Trust, Class A1, Series2019-F, 2.86%, 7/25/59, Callable 11/25/22 @ 100(a)(b)	$	1,482,998
	551,951	Navient Student Loan Trust, Class A, Series2014-2, 2.43%(US0001M+64bps), 3/25/83, Callable 8/25/33 @ 100		537,137
	950,000	Navient Student Loan Trust, Class A3,Series 2017-3A, 2.84%(US0001M+105bps), 7/26/66, Callable 6/25/34 @ 100(a)		947,951
	965,000	Navient Student Loan Trust, Class A3,Series 2016-2, 3.29%(US0001M+150bps), 6/25/65, Callable 8/25/31 @ 100(a)		987,612
	796,146	Nelnet Student Loan Trust, Class A,Series 2019-4A, 2.66%(US0001M+87bps), 9/26/67, Callable 7/25/32 @ 100(a)		794,948
	996,479	SLC Student Loan Trust, Class 2A3, Series2008-1, 3.49%(US0003M+160bps), 12/15/32, Callable 12/15/27 @ 100		1,016,661
	2,615,000	SLC Student Loan Trust, Class 2A3, Series2006-1, 2.05%(US0003M+16bps), 3/15/55, Callable 9/15/30 @ 100		2,449,205
	399,480	SLM Student Loan Trust, Class A, Series2008-9, 3.44%(US0003M+150bps), 4/25/23, Callable 4/25/22 @ 100		400,393
	618,357	SLM Student Loan Trust, Class 2A3, Series2003-7, 2.46%(US0003M+57bps), 9/15/39, Callable 12/15/28 @ 100		585,621
	940,000	SLM Student Loan Trust, Class A6A,Series 2004-3A, 2.49%(US0003M+55bps), 10/25/64, Callable 4/25/29 @ 100(a)		927,814
	691,448	SLM Student Loan Trust, Class A3, Series2012-1, 2.74%(US0001M+95bps), 9/25/28, Callable 5/25/27 @ 100		683,565
	1,220,000	SLM Student Loan Trust, Class 2A3, Series2008-5, 3.79%(US0003M+185bps), 7/25/73, Callable 4/25/22 @ 100		1,197,012
	240,000	SLM Student Loan Trust, Class 2A3, Series2008-9, 4.19%(US0003M+225bps), 10/25/83, Callable 4/25/22 @ 100		241,855
	1,233,162	SLM Student Loan Trust, Class A, Series2009-3, 2.54%(US0001M+75bps), 1/25/45, Callable 2/25/34 @ 100(a)		1,210,730
	1,045,046	SLM Student Loan Trust, Class A4, Series2008-6, 3.04%(US0003M+110bps), 7/25/23, Callable 1/25/24 @ 100		1,040,439
	684,400	SLM Student Loan Trust, Class A4, Series2007-7, 2.27%(US0003M+33bps), 1/25/22, Callable 1/25/23 @ 100		664,821
	1,831,722	Wachovia Student Loan Trust, Class 2A3,Series 2006-1, 2.11%(US0003M+17bps), 4/25/40, Callable 1/25/26 @ 100(a)		1,757,156

	Total Asset Backed Securities (Cost $16,916,037)			16,925,918

Collateralized Mortgage Obligations (9.2%):
	850,000	AIMCO CLO, Class AR, Series2015-AA, 2.85%(US0003M+85bps), 1/15/28, Callable 1/15/20 @ 100(a)		849,993
	1,457,686	Alternative Loan Trust, Class 4A1, Series2005-56, 2.10%(US0001M+31bps), 11/25/35, Callable 1/25/20 @ 100		1,363,285


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	936,416	America Home Mortgage Investment Trust, Class 6A, Series2005-1, 3.89%(US0006M+200bps), 6/25/45, Callable 1/25/20 @ 100	$	954,091
	23,958	Ameriquest Mortgage Securities, Inc., Class M2, Series2005-R5, 2.48%(US0001M+46bps), 7/25/35, Callable 1/25/20 @ 100		23,961
	515,000	Bank of America Merrill Lynch Large Loan, Inc., Class A, Series 2018-PARK, 4.09%, 8/10/38(a)(b)		566,830
	381,012	Bank of America Mortgage Securities, Inc., Class 2A3, Series2005-F, 4.34%, 7/25/35, Callable 1/25/20 @ 100(b)		379,805
	340,000	Barclays Commercial Mortgages Securities, Class A2, Series 2013-TYSNC, 3.76%, 9/5/32(a)		342,370
	155,000	BX Trust, Class A, Series 2019-OC11, 3.20%, 12/9/41(a)		158,905
	355,000	CALI Mortgage Trust, Class A, Series 2019-101C, 3.96%, 3/10/39(a)		387,085
	938,008	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series2007-AR5, 4.44%, 4/25/37, Callable 11/25/24 @ 100(b)		960,343
	500,000	Cityline Commercial Mortgage Trust, Class A, Series 2016-CLNE, 2.78%, 11/10/31(a)(b)		509,250
	390,000	Commercial Mortgage Trust, Class A,Series 2014-277P, 3.61%, 8/10/49(a)(b)		411,618
	360,000	Commercial Mortgage Trust, Class A1,Series 2013-300P, 4.35%, 8/10/30(a)		384,397
	365,000	Commercial Mortgage Trust, Class A,Series 2016-787S, 3.55%, 2/10/36(a)(b)		384,400
	300,000	CPT Mortgage Trust, Class A, Series2019-CPT, 2.87%, 11/13/39(a)		301,113
	958,810	Credit Suisse Mortgage Capital Certificates, Class A2E, Series2007-CB2, 3.96%, 2/25/37, Callable 2/25/23 @ 100(b)		744,007
	325,000	DC Office Trust, Class A, Series2019-MTC, 2.97%, 9/15/45(a)		329,348
	353,327	First Franklin Mortgage Loan Trust, Class M1,Series 2005-FF8, 2.53%(US0001M+49bps), 9/25/35, Callable 1/25/20 @ 100		350,332
	897,552	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series2006-AA1, 4.13%, 3/25/36, Callable 1/25/20 @ 100(b)		792,749
	763,233	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series2006-AA1, 3.91%, 4/25/36, Callable 1/25/20 @ 100(b)		712,396
	689,986	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AA12, 3.88%, 2/25/36, Callable 1/25/20 @ 100(b)		602,410
	389,769	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series2005-AR3, 4.66%, 8/25/35, Callable 1/25/20 @ 100(b)		325,308
	761,772	GMAC Mortgage Corp. Loan Trust, Class 1A1,Series 2006-AR1, 4.16%, 4/19/36, Callable 1/19/20 @ 100(b)		707,335
	611,777	GMAC Mortgage Corp. Loan Trust, Class 3A1,Series 2005-AR5, 3.98%, 9/19/35, Callable 1/19/20 @ 100(b)		577,832

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	850,000	GoldenTree Loan Opportunities IX, Ltd., Class AR2, Series2014-9A, 3.04%(US0003M+111bps), 10/29/29, Callable 10/29/20 @ 100(a)	$	847,776
	1,438,986	GreenPoint Mortgage Funding Trust, Class A1A, Series2006-AR1, 2.37%(US0001M+58bps), 2/25/36, Callable 1/25/20 @ 100		1,391,399
	147,500	GS Mortgage Securities Trust, Class A, Series 2012-ALOH, 3.55%, 4/10/34(a)		151,817
	1,531,580	HarborView Mortgage Loan Trust, Class 1A1A, Series2006-10, 1.96%(US0001M+20bps), 11/19/36, Callable 11/19/22 @ 100		1,330,333
	325,000	Hudson Yards Mortgage Trust, Class A, Series 2019-55HY, 3.04%, 12/10/41(a)		330,161
	330,000	Hudson Yards Mortgage Trust, Class A, Series 2019-30HY, 3.23%, 6/10/37(a)		339,943
	325,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series2019-OSB, 3.40%, 6/5/39(a)		340,009
	820,000	LCM LP, Class ARR, Series 13A, 3.11%(US0003M+114bps), 7/19/27, Callable 7/19/20 @ 100(a)		818,094
	860,363	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series2007-4, 1.91%(US0001M+12bps), 7/25/37, Callable 6/25/22 @ 100		558,794
	529,925	Morgan Stanley Resecuritization Trust, Class 3A, Series2014-R8, 2.74%(12MTA+75bps), 6/26/47(a)		522,389
	475,698	MortgageIT Trust, Class 2A3, Series2005-2, 3.36%(US0001M+165bps), 5/25/35, Callable 1/25/20 @ 100		464,680
	470,465	Nomura Asset Acceptance Corp., Class 3A1,Series 2005-AR3, 5.69%, 7/25/35, Callable 1/25/20 @ 100(b)		464,804
	768,278	Nomura Resecuritization Trust, Class 2A3,Series 2014-7R, 1.91%(US0001M+20bps), 12/26/35(a)		765,163
	210,000	Octagon Investment Partners 25, Class AR,Series 2015-1A, 2.77%(US0003M+80bps), 10/20/26, Callable 1/20/20 @ 100(a)		209,751
	415,000	One Bryant Park Trust, Class A, Series2019-OBP, 2.52%, 9/13/49(a)		402,861
	385,000	RBSCF Trust, Class A, Series2013-GSP, 3.83%, 1/13/32(a)(b)		404,158
	696,672	Recette Clo, Ltd., Class AR, Series2015-1A, 2.89%(US0003M+92bps), 10/20/27, Callable 1/20/20 @ 100(a)		696,460
	1,346,678	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 1.97%(US0001M+18bps), 12/25/36, Callable 3/25/26 @ 100		1,210,865
	1,499,095	Structured Asset Mortgage Investments II Trust, Class 3A1, Series2006-AR1, 2.02%(US0001M+23bps), 2/25/36, Callable 1/25/20 @ 100		1,321,202
	550,000	TCI-Flatiron CLO, Ltd., Class AR, Series2016-1, 3.22%(US0003M+122bps), 7/17/28, Callable 4/17/20 @ 100(a)		549,012
	821,778	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series2005-AR8, 2.37%(US0001M+29bps), 7/25/45, Callable 1/25/20 @ 100		822,665


Principal Amount			Fair Value
Collateralized Mortgage Obligations, continued
$	631,373	WaMu Mortgage Pass-Through Certificates, Class A2, Series2005-AR3, 4.42%, 3/25/35, Callable 1/25/20 @ 100(b)	$	622,872
	296,476	WaMu Mortgage Pass-Through Certificates, Class A1A, Series 2004-AR10, 2.23%(US0001M+44bps), 7/25/44, Callable 1/25/20 @ 100		294,030
	687,410	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series2005-AR6, 2.25%(US0001M+23bps), 4/25/45, Callable 1/25/20 @ 100		680,597
	526,303	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 4.72%, 9/25/36, Callable 1/25/20 @ 100(b)		519,942

	Total Collateralized Mortgage Obligations (Cost $28,718,622)			29,178,940

Corporate Bonds (17.2%):
Airlines (0.3%):
	110,980	U.S. Airways Group, Inc., Series2001-1G PTT, 7.08%, 9/20/22		115,468
	631,746	U.S. Airways Group, Inc., Series2010-1A, 6.25%, 10/22/24		687,483

				802,951

Banks (0.9%):
	910,000	Bank of America Corp., 2.74%(US0003M+37bps), 1/23/22, Callable 1/23/21 @ 100		916,679
	165,000	Bank of America Corp., 3.00%(US0003M+79bps), 12/20/23, Callable 12/20/22 @ 100		168,686
	730,000	JPMorgan Chase & Co., 4.02%(US0003M+100bps), 12/5/24, Callable 12/5/23 @ 100		778,116
	265,000	Wells Fargo & Co., 2.41%(US0003M+83bps), 10/30/25, Callable 10/30/24 @ 100, MTN		264,338
	410,000	Wells Fargo & Co., 3.00%, 4/22/26		421,978
	165,000	Wells Fargo Bank NA, 2.08%(US0003M+65bps), 9/9/22, Callable 9/9/21 @ 100		165,069

				2,714,866

Beverages (0.1%):
	320,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46, Callable 8/1/45 @ 100		379,590

Biotechnology (0.4%):
	300,000	AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100		323,528
	150,000	AbbVie, Inc., 4.88%, 11/14/48, Callable 5/14/48 @ 100		172,547
	665,000	AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100(a)		701,458

				1,197,533

Capital Markets (0.5%):
	950,000	Goldman Sachs Group, Inc., 3.27%(US0003M+120bps), 9/29/25, Callable 9/29/24 @ 100		980,417
	255,000	Raymond James Financial, 4.95%, 7/15/46		302,771
	250,000	SL Green Operating Partnership LP, 3.25%, 10/15/22, Callable 9/15/22 @ 100		255,667

				1,538,855

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Chemicals (0.2%):
$	475,000	International Flavors & Fragrances, Inc., 5.00%, 9/26/48, Callable 3/26/48 @ 100	$	532,756

Commercial Services & Supplies (0.1%):
	267,000	Clean Harbors, Inc., 5.13%, 7/15/29, Callable 7/15/24 @ 102.56(a)		286,024
	100,000	Matthews International Corp., 5.25%, 12/1/25, Callable 12/1/20 @ 103.94(a)		100,000

				386,024

Consumer Finance (1.3%):
	200,000	Ford Motor Credit Co. LLC, 8.13%, 1/15/20		200,379
	310,000	Ford Motor Credit Co. LLC, 2.43%, 6/12/20		309,617
	650,000	Ford Motor Credit Co. LLC, 3.20%, 1/15/21		652,228
	295,000	Ford Motor Credit Co. LLC, 5.88%, 8/2/21		308,466
	255,000	Ford Motor Credit Co. LLC, 3.81%, 10/12/21		259,269
	150,000	Ford Motor Credit Co. LLC, 2.88%(US0003M+88bps), 10/12/21		148,516
	1,246,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		1,311,372
	455,000	Ford Motor Credit Co. LLC, 3.34%, 3/28/22, Callable 2/28/22 @ 100		458,711
	465,000	General Motors Financial Co, Inc., 4.20%, 11/6/21		480,843

				4,129,401

Containers & Packaging (0.3%):
	200,000	Ball Corp., 4.00%, 11/15/23		210,250
	70,000	Berry Global Escrow Corp., 4.88%, 7/15/26, Callable 7/15/22 @ 102.44(a)		74,298
	110,000	Graphic Packaging International LLC, 4.75%, 7/15/27, Callable 4/15/27 @ 100(a)		118,250
	494,245	Reynolds Group Issuer, Inc., 5.75%, 10/15/20, Callable 2/10/20 @ 100		494,245

				897,043

Diversified Financial Services (0.2%):
	600,000	Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100(a)		618,526
	35,000	Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 2/10/20 @ 101.34		35,525
	66,000	Level 3 Financing, Inc., 4.63%, 9/15/27, Callable 9/15/22 @ 102.31(a)		67,568

				721,619

Diversified Telecommunication Services (0.8%):
	375,000	AT&T, Inc., 3.07%(US0003M+118bps), 6/12/24		381,129
	700,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		778,476
	255,000	AT&T, Inc., 4.30%, 12/15/42, Callable 6/15/42 @ 100		272,996
	390,000	AT&T, Inc., 4.80%, 6/15/44, Callable 12/15/43 @ 100		443,846
	500,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		596,244
	175,000	Qwest Corp., 7.25%, 9/15/25		200,794

				2,673,485

Electric Utilities (1.9%):
	280,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(a)		349,541
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		631,674


Principal Amount			Fair Value
Corporate Bonds, continued
Electric Utilities, continued
$	400,000	Cleco Power LLC, 6.00%, 12/1/40	$	504,896
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		1,122,227
	936,000	Duquesne Light Holdings, Inc., 6.40%, 9/15/20(a)		961,703
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		961,758
	1,250,000	NextEra Energy Capital Holdings, Inc., 2.46%(US0003M+55bps), 8/28/21, Callable 2/10/20 @ 100		1,247,733
	700,000	Public Service Oklahoma, 4.40%, 2/1/21		716,211

				6,495,743

Equity Real Estate Investment Trusts (1.4%):
	590,000	American Campus Communities Operating Partnership LP, 3.63%, 11/15/27, Callable 8/15/27 @ 100		613,954
	205,000	GLP Capital LP, 5.25%, 6/1/25, Callable 3/1/25 @ 100		223,597
	105,000	GLP Capital LP, 5.75%, 6/1/28, Callable 3/3/28 @ 100		118,726
	290,000	GLP Capital LP, 5.30%, 1/15/29, Callable 10/15/28 @ 100		323,313
	245,000	GLP Capital LP, 4.00%, 1/15/30, Callable 10/15/29 @ 100		249,602
	440,000	GLP Capital LP/GLP Financing II, Inc., 5.38%, 4/15/26, Callable 1/15/26 @ 100		481,229
	411,000	HCP, Inc., 4.25%, 11/15/23, Callable 8/15/23 @ 100		438,680
	265,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/17/24 @ 100		281,653
	100,000	MGM Growth/MGM Finance, 5.63%, 5/1/24, Callable 2/1/24 @ 100		109,125
	112,000	SBA Communications Corp., 4.88%, 9/1/24, Callable 2/10/20 @ 103.66		116,480
	1,440,000	Welltower, Inc., 3.75%, 3/15/23, Callable 12/15/22 @ 100		1,499,294

				4,455,653

Food & Staples Retailing (0.5%):
	322,000	Rite Aid Corp., 6.13%, 4/1/23, Callable 2/10/20 @ 103.06(a)		295,435
	190,000	The Kroger Co., 5.40%, 1/15/49, Callable 7/15/48 @ 100		231,083
	790,000	Walgreens Boots Alliance, Inc., 3.80%, 11/18/24, Callable 8/18/24 @ 100		822,339
	300,000	Walgreens Boots Alliance, Inc., 4.80%, 11/18/44, Callable 5/18/44 @ 100		305,748

				1,654,605

Food Products (0.6%):
	415,000	Kraft Heinz Foods Co., 5.20%, 7/15/45, Callable 1/15/45 @ 100		448,827
	375,000	Kraft Heinz Foods Co., 4.38%, 6/1/46, Callable 12/1/45 @ 100		369,813
	820,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100(a)		855,433
	199,000	Post Holdings, Inc., 5.50%, 12/15/29, Callable 12/15/24 @ 102.75(a)		212,184

				1,886,257

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Health Care Equipment & Supplies (0.3%):
$	360,000	Becton Dickinson & Co., 2.40%, 6/5/20	$	360,325
	375,000	Becton Dickinson & Co., 2.84%(US0003M+88bps), 12/29/20, Callable 2/10/20 @ 100		375,434
	92,000	Teleflex, Inc., 4.63%, 11/15/27, Callable 11/15/22 @ 102.31		97,520

				833,279

Health Care Providers & Services (1.9%):
	200,000	Aetna, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100		208,951
	500,000	Anthem, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100		523,858
	1,300,000	Cigna Corp., 4.13%, 11/15/25, Callable 9/15/25 @ 100		1,407,505
	500,000	Cigna Corp., 3.05%, 10/15/27, Callable 7/15/27 @ 100(a)		502,478
	50,000	Community Health Systems, Inc., 8.63%, 1/15/24, Callable 1/15/21 @ 104.31(a)		52,875
	69,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104(a)		71,588
	1,250,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100		1,480,994
	164,000	Encompass Health Corp., 4.75%, 2/1/30, Callable 2/1/25 @ 102.38		170,150
	93,000	HCA, Inc., 5.25%, 4/15/25		103,928
	160,000	HCA, Inc., 5.88%, 2/1/29, Callable 8/1/28 @ 100		184,800
	320,000	HCA, Inc., 5.13%, 6/15/39, Callable 12/15/38 @ 100		354,400
	145,000	HCA, Inc., 5.25%, 6/15/49, Callable 12/15/48 @ 100		163,125
	75,000	Humana, Inc., 4.95%, 10/1/44, Callable 4/1/44 @ 100		88,782
	300,000	Humana, Inc., 3.95%, 8/15/49, Callable 2/15/49 @ 100		315,567
	170,000	Molina Healthcare, Inc., 5.38%, 11/15/22, Callable 8/15/22 @ 100		181,050
	156,000	Tenet Healthcare Corp., 4.63%, 7/15/24, Callable 7/15/20 @ 102.31		160,290
	30,000	Tenet Healthcare Corp., 5.13%, 11/1/27, Callable 11/1/22 @ 102.56(a)		31,575

				6,001,916

Hotels, Restaurants & Leisure (0.1%):
	137,000	Churchill Downs, Inc., 5.50%, 4/1/27, Callable 4/1/22 @ 102.75(a)		144,878
	100,000	Churchill Downs, Inc., 4.75%, 1/15/28, Callable 1/15/23 @ 102.38(a)		103,250

				248,128

Household Products (0.1%):
	200,000	Spectrum Brands, Inc., 5.75%, 7/15/25, Callable 7/15/20 @ 102.88		209,000

Industrial Conglomerates (0.6%):
	735,000	General Electric Capital Corp., 5.50%, 1/8/20, MTN		735,348
	150,000	General Electric Capital Corp., 4.65%, 10/17/21		156,284
	190,000	General Electric Capital Corp., Series A, 6.75%, 3/15/32, MTN		243,595
	273,000	General Electric Capital Corp., 5.88%, 1/14/38, MTN		329,447
	300,000	General Electric Co., 4.63%, 1/7/21, MTN		306,859
	150,000	General Electric Co., 4.13%, 10/9/42		155,483

				1,927,016


Principal Amount			Fair Value
Corporate Bonds, continued
Insurance (0.5%):
$	900,000	Farmers Exchange Capital III, 5.45%(US0003M+345bps), 10/15/54, Callable 10/15/34 @ 100(a)	$	1,016,540
	670,000	Farmers Insurance Exchange, 4.75%(US0003M+323bps), 11/1/57, Callable 11/1/37 @ 100(a)		679,647

				1,696,187

Life Sciences Tools & Services (0.1%):
	200,000	IQVIA, Inc., 5.00%, 5/15/27, Callable 5/15/22 @ 102.5(a)		211,500

Media (0.3%):
	125,000	CCO Holdings LLC, 5.38%, 6/1/29, Callable 6/1/24 @ 102.69(a)		133,438
	250,000	Charter Communications Operating LLC, 6.48%, 10/23/45, Callable 4/23/45 @ 100		312,054
	200,000	CSC Holdings LLC, 5.50%, 5/15/26, Callable 5/15/21 @ 102.75(a)		211,500
	290,000	Time Warner Cable, Inc., 5.88%, 11/15/40, Callable 5/15/40 @ 100		332,662

				989,654

Oil, Gas & Consumable Fuels (1.4%):
	146,000	Antero Resources Corp., 5.13%, 12/1/22, Callable 2/10/20 @ 101.28		130,670
	40,000	Antero Resources Corp., 5.63%, 6/1/23, Callable 2/10/20 @ 102.81		32,100
	304,000	Antero Resources Corp., 5.00%, 3/1/25, Callable 3/1/20 @ 103.75		229,520
	35,000	Endeavor Energy Resources LP, 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(a)		36,750
	500,000	Energy Transfer Operating LP, 5.88%, 1/15/24, Callable 10/15/23 @ 100		553,534
	210,000	Energy Transfer Operating LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		235,998
	700,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 4/1/43 @ 100		776,751
	160,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100^		148,836
	400,000	Kinder Morgan Energy Partners LP, 5.80%, 3/15/35		474,082
	60,000	Matador Resources Co., 5.88%, 9/15/26, Callable 9/15/21 @ 104.41		60,300
	200,000	Occidental Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100		200,214
	70,000	Parsley Energy LLC, 5.38%, 1/15/25, Callable 2/10/20 @ 104.03(a)		71,925
	150,000	Plains All American Pipeline LP, 4.65%, 10/15/25, Callable 7/15/25 @ 100		160,522
	154,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100^		132,825
	200,000	Rockies Express Pipeline LLC, 5.63%, 4/15/20(a)		201,500
	250,000	Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(a)		249,375
	60,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 1/15/29, Callable 1/15/24 @ 103.44(a)		66,450
	600,000	TC PipeLines LP, 3.90%, 5/25/27, Callable 2/25/27 @ 100		626,557
	350,000	Williams Partners LP, 6.30%, 4/15/40		434,425

				4,822,334

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Corporate Bonds, continued
Pharmaceuticals (0.8%):
$	64,000	Bausch Health Cos., Inc., 5.75%, 8/15/27, Callable 8/15/22 @ 102.88(a)	$	69,520
	830,000	Bayer US Finance II LLC, 4.38%, 12/15/28, Callable 9/15/28 @ 100(a)		905,377
	410,000	Bayer US Finance II LLC, 4.63%, 6/25/38, Callable 12/25/37 @ 100(a)		449,031
	680,000	Bayer US Finance II LLC, 4.88%, 6/25/48, Callable 12/25/47 @ 100(a)		777,092
	200,000	Catalent Pharma Solutions, Inc., 4.88%, 1/15/26, Callable 10/15/20 @ 102.44(a)		207,000

				2,408,020

Semiconductors & Semiconductor Equipment (0.3%):
	880,000	Broadcom Cayman Finance, Ltd., 3.00%, 1/15/22, Callable 12/15/21 @ 100		893,997

Software (0.0%^†):
	91,000	SS&C Technologies, Inc., 5.50%, 9/30/27, Callable 3/30/22 @ 104.13(a)		97,143

Textiles, Apparel & Luxury Goods (0.0%^†):
	81,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 9/1/27, Callable 9/1/22 @ 105.16		84,341

Tobacco (0.4%):
	615,000	BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100		615,974
	580,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		665,079

				1,281,053

Trading Companies & Distributors (0.4%):
	545,000	Air Lease Corp., 4.75%, 3/1/20		547,342
	655,000	Air Lease Corp., 3.50%, 1/15/22		671,527

				1,218,869

Wireless Telecommunication Services (0.5%):
	220,000	Sprint Nextel Corp., 7.00%, 3/1/20(a)		221,100
	453,250	Sprint Spectrum Co. LLC, 3.36%, 3/20/23(a)		456,868
	715,000	Sprint Spectrum Co. LLC, 4.74%, 3/20/25(a)		756,104

				1,434,072

	Total Corporate Bonds (Cost $51,889,490)			54,822,890

Foreign Bonds (1.5%):
Sovereign Bond (1.5%):
	170,000,000	Japan Treasury Discount Bill, 1/14/20+(c)		1,564,856
	175,000,000	Japan Treasury Discount Bill, 1/20/20+(c)		1,610,923
	175,000,000	Japan Treasury Discount Bill, 1/27/20+(c)		1,610,973

				4,786,752

	Total Foreign Bonds (Cost $4,819,257)			4,786,752

Yankee Dollars (4.2%):
Banks (0.4%):
	485,000	Lloyds Banking Group plc, 2.86%(US0003M+125bps), 3/17/23, Callable 3/17/22 @ 100		489,851
	425,000	Lloyds Banking Group plc, 2.91%(US0003M+81bps), 11/7/23, Callable 11/7/22 @ 100		431,365
	500,000	Santander UK Group Holdings plc, 2.88%, 8/5/21		504,850

				1,426,066


Principal Amount			Fair Value
Yankee Dollars, continued
Beverages (0.1%):
$	165,000	Bacardi, Ltd., 4.70%, 5/15/28, Callable 2/15/28 @ 100(a)	$	179,616
	175,000	Bacardi, Ltd., 5.30%, 5/15/48, Callable 11/15/47 @ 100(a)		201,396

				381,012

Containers & Packaging (0.1%):
	200,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/15/22 @ 102.75(a)		211,750

Diversified Financial Services (1.3%):
	625,000	GE Capital International Funding, 2.34%, 11/15/20		625,776
	1,631,000	GE Capital International Funding, 4.42%, 11/15/35		1,734,488
	111,000	Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 10/15/20 @ 106.38(a)		101,288
	540,000	Intelsat Jackson Holdings SA, 9.75%, 7/15/25, Callable 7/15/21 @ 104.88(a)		499,499
	200,000	NXP BV/NXP Funding LLC, 4.13%, 6/1/21(a)		205,000
	29,000	OI European Group BV, 4.00%, 3/15/23, Callable 12/15/22 @ 100(a)		29,218
	325,000	Park Aerospace Holdings, 5.25%, 8/15/22, Callable 7/15/22 @ 100(a)		346,034
	150,000	Park Aerospace Holdings, 4.50%, 3/15/23, Callable 2/15/23 @ 100(a)		157,313
	150,000	Park Aerospace Holdings, 5.50%, 2/15/24(a)		164,754
	175,000	Virgin Media Secured Finance plc, 5.50%, 5/15/29, Callable 5/15/24 @ 102.75(a)		185,281

				4,048,651

Energy Equipment & Services (0.1%):
	67,900	Transocean Phoenix 2, Ltd., 7.75%, 10/15/24, Callable 10/15/20 @ 103.88(a)		71,974
	134,390	Transocean Pontus, Ltd., 6.13%, 8/1/25, Callable 8/1/21 @ 104.59(a)		138,086
	121,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/1/22 @ 105.16(a)		127,958
	48,300	Transocean Proteus, Ltd., 6.25%, 12/1/24, Callable 12/1/20 @ 103.13(a)		49,809

				387,827

Food & Staples Retailing (0.2%):
	475,000	Alimentation Couche-Tard, Inc., 3.55%, 7/26/27, Callable 4/26/27 @ 100(a)		487,034

Industrial Conglomerates (0.1%):
	465,000	Siemens Financieringsmat, 1.70%, 9/15/21(a)		464,134

Metals & Mining (0.1%):
	200,000	Indonesia Asahan Aluminium Persero PT, 6.53%, 11/15/28(a)		245,750

Oil, Gas & Consumable Fuels (0.5%):
	151,000	Petrobras Global Finance BV, 5.09%, 1/15/30(a)		162,325
	135,000	Petroleos Mexicanos, 6.50%, 1/23/29		141,656
	365,000	Petroleos Mexicanos, 6.63%, 6/15/35		371,290
	710,000	Petroleos Mexicanos, 6.75%, 9/21/47		711,493
	255,000	Petroleos Mexicanos, 7.69%, 1/23/50, Callable 7/23/49 @ 100(a)		278,762

				1,665,526

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
Yankee Dollars, continued
Pharmaceuticals (0.2%):
$	428,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100	$	455,071
	215,000	Bausch Health Cos., Inc., 7.00%, 3/15/24, Callable 3/15/20 @ 103.5(a)		223,600

				678,671

Professional Services (0.2%):
	121,000	IHS Markit, Ltd., 5.00%, 11/1/22, Callable 8/1/22 @ 100(a)		128,411
	125,000	IHS Markit, Ltd., 4.75%, 2/15/25, Callable 11/15/24 @ 100(a)		135,938
	104,000	IHS Markit, Ltd., 4.00%, 3/1/26, Callable 12/1/25 @ 100(a)		109,460
	295,000	IHS Markit, Ltd., 4.75%, 8/1/28, Callable 5/1/28 @ 100		328,188

				701,997

Sovereign Bond (0.1%):
	200,000	Oman Government International Bond, 5.63%, 1/17/28(a)		206,990
	200,000	Russian Federation, 4.75%, 5/27/26		223,290

				430,280

Thrifts & Mortgage Finance (0.1%):
	230,000	Nationwide Building Society, 3.62%(US0003M+118bps), 4/26/23, Callable 4/26/22 @ 100(a)		236,325

Trading Companies & Distributors (0.4%):
	530,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 5/15/21		546,563
	555,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.95%, 2/1/22, Callable 1/1/22 @ 100		573,037

				1,119,600

Wireless Telecommunication Services (0.3%):
	868,000	Vodafone Group plc, 4.88%, 6/19/49		1,000,762

	Total Yankee Dollars (Cost $12,823,286)			13,485,385

Municipal Bonds (0.5%):
California (0.5%):
	800,000	California State, Build America Bonds, GO, 7.95%, 3/1/36, Continuously Callable @100		807,584
	700,000	Los Angeles Unified School District, Build America Bonds, GO, 5.76%, 7/1/29		847,357

				1,654,941

	Total Municipal Bonds (Cost $1,646,924)			1,654,941

U.S. Government Agency Mortgages (32.9%):
Federal Home Loan Mortgage Corporation (14.8%):
	860,000	Class A3, Series K151, 3.51%, 4/25/30		916,554
	458,026	3.00%, 3/1/31, Pool #G18592		471,563
	1,019,460	2.50%, 12/1/31, Pool #G16598		1,035,191
	531,808	2.50%, 7/1/32, Pool #G16660		540,756
	665,000	Class A3, Series K158, 3.90%, 10/25/33		745,152
	1,402,566	3.50%, 1/1/34, Pool #G16756		1,465,641
	1,580,441	3.50%, 4/1/44, Pool #G07848		1,688,502
	2,253,571	3.50%, 4/1/45, Pool #G60023		2,387,425
	1,990,065	4.00%, 12/1/45, Pool #G60344		2,133,837
	1,903,655	3.50%, 6/1/46, Pool #G08711		1,995,652


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	2,159,673	3.00%, 6/1/46, Pool #G08710	$	2,211,728
	1,065,288	3.00%, 8/1/46, Pool #G08715		1,090,957
	1,293,886	3.50%, 8/1/46, Pool #G08716		1,356,464
	508,093	3.50%, 9/1/46, Pool #G08722		532,651
	284,292	3.00%, 9/1/46, Pool #G08721		291,141
	1,415,222	3.00%, 10/1/46, Pool #G08726		1,449,318
	1,540,518	3.00%, 11/1/46, Pool #G08732		1,577,652
	1,789,843	3.00%, 1/1/47, Pool #G08741		1,834,451
	1,277,412	3.50%, 4/1/47, Pool #G67703		1,348,785
	693,781	Class PA, Series 4846, 4.00%, 6/15/47		748,555
	548,515	3.00%, 12/1/47, Pool #G08791		563,801
	1,038,031	3.50%, 12/1/47, Pool #G08792		1,076,717
	1,778,976	3.50%, 12/1/47, Pool #G67706		1,870,827
	2,889,645	3.50%, 1/1/48, Pool #G67707		3,077,589
	1,276,213	3.50%, 2/1/48, Pool #G08800		1,325,914
	1,807,574	4.00%, 3/1/48, Pool #G67711		1,934,103
	1,000,365	3.50%, 3/1/48, Pool #G67710		1,036,838
	3,346,832	3.50%, 3/1/48, Pool #G67708		3,507,666
	345,621	Class CA, Series 4818, 3.00%, 4/15/48		351,772
	1,588,695	3.50%, 6/1/48, Pool #G08816		1,650,342
	642,201	4.00%, 6/1/48, Pool #G67713		687,059
	330,625	5.00%, 7/1/48, Pool #G08833		353,638
	957,001	4.50%, 10/1/48, Pool #G08843		1,012,619
	1,371,867	4.00%, 1/1/49, Pool #G67718		1,456,029
	1,260,106	Class HZ, Series 4639, 3.25%, 4/15/53		1,327,600

				47,054,489

Federal National Mortgage Association (10.9%):
	1,245,000	3.06%, 5/1/22, Pool #471258		1,273,700
	1,820,000	Class A2, Series2018-M1, 2.99%, 12/25/27		1,899,752
	1,000,000	Class A2, Series2018-M14, 3.58%, 8/25/28, Pool #A2		1,082,430
	1,050,000	3.85%, 7/1/30, Pool #AN9776		1,161,418
	850,000	3.82%, 11/1/30, Pool #BL0242		939,982
	682,304	3.53%, 12/1/30, Pool #AN0475		737,166
	722,194	3.17%, 5/1/31, Pool #AN6553		760,539
	796,536	3.50%, 1/1/32, Pool #AB4262		831,279
	149,998	3.00%, 7/1/32, Pool #MA3060		154,638
	534,910	3.00%, 10/1/33, Pool #MA1676		552,036
	3,235,000	2.50%, 12/1/34, Pool #MA3896		3,264,882
	3,044,860	2.50%, 12/1/34, Pool #MA3864		3,072,986
	847,822	3.21%, 11/1/37, Pool #AN7345		899,076
	66,565	4.00%, 8/1/42, Pool #MA1146		70,455
	1,110,312	3.50%, 4/1/43, Pool #MA1404		1,167,604
	673,383	4.50%, 2/1/46, Pool #AL9106		725,556
	510,677	Class QA, Series2018-57, 3.50%, 5/25/46		535,238
	1,344,617	Class PA, Series2018-55, 3.50%, 1/25/47		1,414,632
	786,417	4.00%, 6/1/47, Pool #AS9830		825,532
	676,283	4.00%, 7/1/47, Pool #AS9972		709,920
	37,950	4.00%, 8/1/47, Pool #MA3088		39,768
	1,717,860	3.50%, 1/1/48, Pool #CA0996		1,791,589
	133,126	3.50%, 1/1/48, Pool # MA3238		138,169
	1,585,846	4.50%, 5/1/48, Pool #CA1710		1,683,965
	144,283	4.50%, 5/1/48, Pool #CA1711		153,210
	1,473,110	Class CT, Series2018-43, 3.00%, 6/25/48		1,487,823
	1,083,413	4.50%, 8/1/48, Pool #CA2208		1,144,286
	2,025,000	3.00%, 1/25/49, TBA		2,053,477

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	1,587,971	3.00%, 10/1/49, Pool# MA3811	$	1,598,507
	470,000	3.00%, 1/1/50, Pool #MA3905		476,781
	700,000	2.50%, 1/25/50, TBA		692,234
	1,275,000	5.00%, 1/25/50, TBA		1,363,055

				34,701,685

Government National Mortgage Association (7.2%):
	776,300	3.50%, 3/20/46, Pool #MA3521		807,547
	807,880	3.50%, 4/20/46, Pool #MA3597		837,672
	156,417	3.50%, 5/20/46, Pool #MA3663		162,958
	331,209	3.50%, 9/20/46, Pool #MA3937		344,306
	1,815,260	3.00%, 12/20/46, Pool #MA4126		1,873,866
	1,383,465	3.50%, 1/20/47, Pool #MA4196		1,438,525
	220,989	5.00%, 3/20/47, Pool #MA4324		239,492
	314,903	3.50%, 6/20/47, Pool #MA4510		327,542
	568,474	5.00%, 6/20/47, Pool #MA4513		602,054
	882,332	4.00%, 9/20/47, Pool #MA4720		923,770
	419,077	5.00%, 9/20/47, Pool #MA4722		450,932
	609,732	4.00%, 11/20/47, Pool #MA4838		638,368
	374,332	3.50%, 11/20/47, Pool #MA4837		389,345
	1,530,411	3.00%, 11/20/47, Pool #MA4836		1,573,575
	293,934	4.00%, 12/20/47, Pool #MA4901		307,739
	3,135,069	3.50%, 12/20/47, Pool #MA4900		3,260,785
	1,115,984	4.00%, 3/20/48, Pool #MA5078		1,159,623
	2,317,768	4.50%, 8/20/48, Pool #MA5399		2,439,681
	623,887	4.00%, 9/20/48, Pool #MA5466		646,961
	615,176	Class NW, Series2018-124, 3.50%, 9/20/48		654,419
	2,100,000	3.00%, 1/20/49, TBA		2,156,766
	1,578,143	3.00%, 10/20/49, Pool# MA6209		1,597,051

				22,832,977

	Total U.S. Government Agency Mortgages (Cost $102,208,576)			104,589,151

U.S. Treasury Obligations (29.4%):
U.S. Treasury Bills (0.1%):
	405,000	1.45%, 3/19/20(c)(d)		403,718


Principal Amount			Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds (5.5%):
$	17,430,000	2.38%, 11/15/49	$	17,421,830

U.S. Treasury Inflation Index Bonds (1.2%):
	3,456,456	1.00%, 2/15/49		3,842,329

U.S. Treasury Inflation Index Notes (2.1%):
	466,004	0.13%, 7/15/24		468,805
	2,768,197	0.13%, 10/15/24		2,783,097
	3,540,079	0.25%, 7/15/29		3,573,551

				6,825,453

U.S. Treasury Notes (20.5%):
	6,586,000	1.50%, 10/31/21		6,576,738
	6,435,000	1.50%, 11/30/21		6,425,951
	14,252,000	1.50%, 10/31/24		14,131,750
	30,370,000	1.50%, 11/30/24		30,118,499
	7,970,000	1.75%, 11/15/29		7,855,431

				65,108,369

	Total U.S. Treasury Obligations (Cost $93,901,835)			93,601,699

Commercial Paper (0.3%):
	1,035,000	Ford Motor Credit Co., 3.02%(a)(c)(d)		1,011,110

	Total Commercial Paper (Cost $1,009,956)			1,011,110

Short-Term Securities Held as Collateral for Securities on Loan (0.1%):
	289,338	BlackRock Liquidity FedFund, Institutional Class, 2.00%(d)(e)		289,338

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $289,338)			289,338

Unaffiliated Investment Companies (1.2%):
Money Markets (1.2%):
	3,861,731	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(d)		3,861,731

	Total Unaffiliated Investment Companies (Cost $3,861,731)			3,861,731

	Total Investment Securities (Cost $318,085,052) — 101.8%(f)			324,207,855
	Net other assets (liabilities) — (1.8)%			(5,800,856	)

	Net Assets — 100.0%		$	318,406,999

Percentages indicated are based on net assets as of December 31, 2019.

12MTA—12 Month Treasury Average

GO—General Obligation

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

TBA—To Be Announced Security

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

US0006M—6 Month US Dollar LIBOR

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $278,845.

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

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. Thesub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(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 December 31, 2019.

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

(d)	The rate represents the effective yield at December 31, 2019.

(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 December 31, 2019.

(f)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

December 31, 2019

Futures Contracts

At December 31, 2019, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

Euro-Bobl March Futures (Euro)		3/6/20		44	$	(6,594,719	)	$	26,099

								$	26,099

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury2-Year Note March Futures (U.S. Dollar)		3/31/20		101		21,765,500	$	(10,890	)
U.S. Treasury5-Year Note March Futures (U.S. Dollar)		3/31/20		320		37,955,000		(23,093	)

							$	(33,983	)

Total Net Futures Contracts							$	(7,884	)

Forward Currency Contracts

At December 31, 2019, the Fund’s open forward currency contracts were as follows:


Currency Purchased		Currency Sold		Counterparty		Settlement Date		Net Unrealized Appreciation/ (Depreciation)

U.S. Dollar	1,593,917	Japanese Yen	170,000,000		Goldman Sachs		1/14/20	$	27,806
U.S. Dollar	1,637,105	Japanese Yen	175,000,000		Goldman Sachs		1/21/20		24,258
U.S. Dollar	1,623,776	Japanese Yen	175,000,000		Bank of America		1/27/20		10,351

								$	62,415

Total Net Forward Currency Contracts								$	62,415

Swap Agreements

Cash of $75,099 has been segregated to cover margin requirements for the following open centrally cleared interest rate swap agreements as of December 31, 2019:


Paid by the Fund		Received by the Fund
Rate	Frequency	Rate		Frequency		Expiration Date		Notional Amount		Upfront Premiums Paid/ (Received)				Value			Unrealized Appreciation/ (Depreciation)
3-Month U.S. Dollar LIBOR	Quarterly		2.26%		Semi-annually		4/11/22		17,660,000		USD	$	—	$	214,679		$	214,679
3-Month U.S. Dollar LIBOR	Quarterly		2.28%		Semi-annually		5/8/22		8,555,000		USD		—		107,774			107,774
2.34%	Semi-annually		3-Month U.S. Dollar LIBOR		Quarterly		4/11/25		7,260,000		USD		—		(213,917	)		(213,917	)
2.37%	Semi-annually		3-Month U.S. Dollar LIBOR		Quarterly		5/8/25		3,505,000		USD		—		(108,266	)		(108,266	)

														$	270		$	270

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


	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

Forward currency contracts	$	—	$	—	$	62,415	$	—

Centrally cleared swap agreements(a)	$	—	$	—	$	322,453	$	(322,183	)

(a)

Includes cumulative unrealized appreciation (depreciation) on these swap agreements as reported in the Schedule of Portfolio Investments. Only current day’s variation margin for centrally cleared swap agreements is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	318,085,052

Investment securities, at value(a)	$	324,207,855
Cash		28,291
Segregated cash for collateral on centrally cleared swap agreements		75,099
Interest and dividends receivable		1,374,032
Unrealized appreciation on forward currency contracts		62,415
Receivable for capital shares issued		291
Receivable for investments sold		80,157
Receivable for TBA investments sold		4,469,232
Receivable for variation margin on centrally cleared swap agreements		3,353
Prepaid expenses		1,132

Total Assets		330,301,857

Liabilities:
Payable for investments purchased		516,223
Payable for TBA investments purchased		10,768,911
Payable for capital shares redeemed		93,364
Payable for collateral received on loaned securities		289,338
Payable for variation margin on futures contracts		2,776
Manager fees payable		135,587
Administration fees payable		4,668
Distribution fees payable		67,793
Custodian fees payable		2,819
Administrative and compliance services fees payable		1,181
Transfer agent fees payable		974
Trustee fees payable		291
Other accrued liabilities		10,933

Total Liabilities		11,894,858

Net Assets	$	318,406,999

Net Assets Consist of:
Paid in capital	$	299,700,559
Total distributable earnings		18,706,440

Net Assets	$	318,406,999

Shares of beneficial interest (unlimited number of shares authorized, no par value)		30,170,818
Net Asset Value (offering and redemption price per share)	$	10.55

(a)	Includes securities on loan of $278,845.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Interest	$	10,135,820
Dividends		153,822
Income from securities lending		7,565

Total Investment Income		10,297,207

Expenses:
Manager fees		1,941,573
Administration fees		127,644
Distribution fees		808,985
Custodian fees		15,945
Administrative and compliance services fees		6,077
Transfer agent fees		5,922
Trustee fees		19,399
Professional fees		16,810
Shareholder reports		5,489
Other expenses		10,203

Total expenses before reductions		2,958,047
Less expenses voluntarily waived/reimbursed by the Manager		(323,592	)

Net expenses		2,634,455

Net Investment Income/(Loss)		7,662,752

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		10,060,090
Net realized gains/(losses) on forward currency contracts		(91,373	)
Net realized gains/(losses) on futures contracts		1,784,636
Net realized gains/(losses) on swap agreements		1,219
Change in net unrealized appreciation/depreciation on securities and foreign currencies		8,046,697
Change in net unrealized appreciation/depreciation on forward currency contracts		160,237
Change in net unrealized appreciation/depreciation on futures contracts		(798,293	)
Change in net unrealized appreciation/depreciation on swap agreements		(10,453	)

Net realized and Change in net unrealized gains/losses on investments		19,152,760

Change in Net Assets Resulting From Operations	$	26,815,512

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	7,662,752			$	7,801,955
Net realized gains/(losses) on investments			11,754,572				(6,061,067	)
Change in unrealized appreciation/depreciation on investments			7,398,188				(3,320,936	)

Change in net assets resulting from operations			26,815,512				(1,580,048	)

Distributions to Shareholders:
Distributions			(7,861,474	)			(6,944,494	)

Change in net assets resulting from distributions to shareholders			(7,861,474	)			(6,944,494	)

Capital Transactions:
Proceeds from shares issued			8,208,805				12,184,164
Proceeds from dividends reinvested			7,861,474				6,944,494
Value of shares redeemed			(37,961,471	)			(55,834,436	)

Change in net assets resulting from capital transactions			(21,891,192	)			(36,705,778	)

Change in net assets			(2,937,154	)			(45,230,320	)
Net Assets:
Beginning of period			321,344,153				366,574,473

End of period		$	318,406,999			$	321,344,153

Share Transactions:
Shares issued			787,407				1,225,472
Dividends reinvested			745,871				713,720
Shares redeemed			(3,603,464	)			(5,639,247	)

Change in shares			(2,070,186	)			(3,700,055	)

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Net Asset Value, Beginning of Period		$	9.97			$	10.20			$	10.07			$	10.01			$	10.07

Investment Activities:
Net Investment Income/(Loss)			0.25	(a)			0.26				0.17				0.16				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			0.60				(0.29	)			0.15				0.07				(0.13	)

Total from Investment Activities			0.85				(0.03	)			0.32				0.23				(0.02	)

Distributions to Shareholders From:
Net Investment Income			(0.27	)			(0.20	)			(0.16	)			(0.11	)			(0.01	)
Net Realized Gains			—				—				(0.03	)			(0.06	)			(0.03	)

Total Dividends			(0.27	)			(0.20	)			(0.19	)			(0.17	)			(0.04	)

Net Asset Value, End of Period		$	10.55			$	9.97			$	10.20			$	10.07			$	10.01

Total Return(b)			8.49	%			(0.21	)%			3.14	%			2.30	%			(0.20	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	318,407			$	321,344			$	366,574			$	359,253			$	392,669
Net Investment Income/(Loss)			2.37	%			2.25	%			1.63	%			1.45	%			1.02	%
Expenses Before Reductions(c)			0.91	%			0.91	%			0.91	%			0.91	%			0.89	%
Expenses Net of Reductions			0.81	%			0.85	%			0.86	%			0.86	%			0.84	%
Portfolio Turnover Rate			203	%			184	%			198	%			185	%			256	%

(a)	Calculated using the average shares method.

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

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

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MetWest Total Return Bond Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation

Distributions to Shareholders

Expense Allocation

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $748 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $289,338 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of December 31, 2019, no collateral had been posted by the Fund to counterparties for TBAs.

Affiliated Securities Transactions

Pursuant to Rule17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the year ended December 31, 2019, the Fund participated in the following cross-trade transactions:


	Purchases			Sales			Realized Gain/(Loss)

AZL MetWest Total Return Bond Fund		$	1,276,800		$	—		$	—

Recent Accounting Pronouncements

Derivative Instruments

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

Forward Currency Contracts

During the year ended December 31, 2019, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the year ended December 31, 2019, the monthly average notional amount for short contracts was $1.4 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $57.0 million and the monthly average notional amount for short contracts was $7.6 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Swap Agreements

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in theover-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate, foreign currencies and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

Swaps are marked to market daily using pricing sources approved by the Trustees and the change in value, if any, is recorded as unrealized gain or loss. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are reported as “Payable/Receivable for variation margin on centrally cleared swap agreements” on the Statement of Operations.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties or clearing house to perform. The counterparty risk for centrally cleared swap agreements is generally lower than for OTC swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members will satisfy its obligations to the Fund.

The notional amounts reflect the extent of the total investment exposure the Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Schedule of Portfolio Investments. The Fund is a party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of December 31, 2019, the Fund entered into OTC and centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The monthly average gross notional amount for interest rate swaps was $33 million for the year ended December 31, 2019.

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

26,099

Payable for variation margin on futures contracts*

33,983

Centrally Cleared Interest Rate Swap Agreements

Receivable for variation margin on centrally cleared swap agreements*

322,453

Payable for variation margin on centrally cleared swap agreements*

322,183

Foreign Exchange Rate Risk

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

62,415

Unrealized depreciation on forward currency contracts

—

Includes cumulative appreciation/depreciation of futures contracts and cumulative unrealized gain (loss) on these swap agreements as reported in the Schedule of Portfolio Investments. Only current day’s variation margin for both futures contracts and these centrally cleared swap agreements are reported within the Statement of Assets and Liabilities.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	1,784,636		$	(798,293	)

Centrally Cleared Interest Rate Swap Agreements	Net realized gains/(losses) on swap agreements/ Change in net unrealized appreciation/depreciation on swap agreements		1,219			(10,453	)

Foreign Exchange Risk

Forward Currency Contracts	Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on forward currency contracts		(91,373	)		160,237

As of December 31, 2019, the Fund’s derivative assets and liabilities by type were as follows:


	Assets				Liabilities

Derivative Financial Instruments:
Forward currency contracts		$	62,415			$	—
Futures contracts			—				2,776
Swap agreements			3,353				—

Total derivative assets and liabilities in the Statement of Assets and Liabilities			65,768				2,776
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(3,353	)			(2,776	)

Total assets and liabilities subject to a MNA		$	62,415			$	—


Counterparty	Derivative Assets Subject to a MNA by Counterparty			Derivatives Available for Offset			Non-cash Collateral Received*			Cash Collateral Received*			Net Amount of Derivative Assets

Bank of America		$	10,351		$	—		$	—		$	—		$	10,351
Goldman Sachs			52,064			—			—			—			52,064

Total		$	62,415		$	—		$	—		$	—		$	62,415

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

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Metropolitan West Asset Management, LLC (“MetWest”), MetWest provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MetWest Total Return Bond Fund		0.60	%		0.91	%

*	The Manager voluntarily reduced the management fee to 0.50% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $2,429 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Level 3			Total

Asset Backed Securities		$	—			$	16,925,918		$	—		$	16,925,918
Collateralized Mortgage Obligations			—				29,178,940			—			29,178,940
Corporate Bonds+			—				54,822,890			—			54,822,890
Foreign Bonds+			—				4,786,752			—			4,786,752
Yankee Dollars+			—				13,485,385			—			13,485,385
Municipal Bonds			—				1,654,941			—			1,654,941
U.S. Government Agency Mortgages			—				104,589,151			—			104,589,151
U.S. Treasury Obligations			—				93,601,699			—			93,601,699
Commercial Paper			—				1,011,110			—			1,011,110
Short-Term Securities Held as Collateral for Securities on Loan			289,338				—			—			289,338
Unaffiliated Investment Companies			3,861,731				—			—			3,861,731

Total Investment Securities			4,151,069				320,056,786			—			324,207,855

Other Financial Instruments:*
Futures Contracts			(7,884	)			—			—			(7,884	)
Forward Currency Contracts			—				62,415			—			62,415
Interest Rate Swaps			—				270			—			270

Total Investments		$	4,143,185			$	320,119,471		$	—		$	324,262,656

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

Other Financial Instruments would include any derivative instruments, such as futures contracts, forward currency contracts, and swaps. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment, except futures contracts and centrally cleared interest rate swaps, which are presented at variation margin.

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MetWest Total Return Bond Fund		$	637,653,831		$	658,163,734

For the year ended December 31, 2019, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL MetWest Total Return Bond Fund		$	592,760,344		$	563,596,201

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $318,146,666. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	7,603,202
Unrealized (depreciation)		(1,541,743	)

Net unrealized appreciation/(depreciation)	$	6,061,459

As of the end of its tax year ended December 31, 2019, the Fund did not have capital loss carry forwards (“CLCFs”).

During the year ended December 31, 2019, the Fund utilized $6,088,635 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MetWest Total Return Bond Fund		$	7,861,474		$	—		$	7,861,474

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MetWest Total Return Bond Fund		$	6,944,494		$	—		$	6,944,494

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

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

December 31, 2019

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL MetWest Total Return Bond Fund		$	11,386,474		$	1,258,505		$	—		$	6,061,461		$	18,706,440

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales and mark-to-market of futures contracts.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 80% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL MetWest Total Return Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL MetWest Total Return Bond Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the control of the Board, administers each Fund’s business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for other to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handleday-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handleday-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with everyin-person quarterly Board meeting, as well as the summer and fall 2019 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previousone-, three- and five-year periods. (For Funds that have been in existence for less than five years, the Board receives performance information on shorter time periods to the extent available.) The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 18 and September 18, 2019, the Manager reported that for theone-year period ended December 31, 2018, seven Funds were in the top 40%, seven were in the middle 20%, and six were in the bottom 40%, and for the three-year period ended December 31, 2018, ten Funds were in the top 40%, three were in the middle 20% and five were in the bottom 40%. The Manager also reported that for the five-year period ended December 31, 2018, seven Funds were in the top 40%, three were in the middle 20%, and three were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, that such Funds deviate from their particular benchmark index (referred to as “index attribution”).

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65^th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Board noted that the advisory fee schedules for the Funds do not contain breakpoints that reduce the fee rate on assets above specified levels, although certain Subadvisory Agreements have such “breakpoints.” The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. The Board found that there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Board also noted that the total assets in all of the Funds, as of December 31, 2018, were approximately $14.7 billion, and that no single Fund had assets in excess of $2.9 billion.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Mid Cap Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 10

Page 10

Page 11

Page 12

Report of Independent Registered Public Accounting Firm

Page 13

Page 19

Page 20

Approval of Investment Advisory and Subadvisory Agreements

Page 21

Page 22

Information about the Board of Trustees and Officers

Page 25

AZL^® Mid Cap Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Mid Cap Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Mid Cap Index Fund (Class 2 Shares) (the “Fund”) returned 25.28%^†. That compared to a 26.20% total return for its benchmark, the S&P MidCap 400 Index¹.

The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure ofmid-cap stock performance.*

Equities rebounded in the first quarter as U.S. trade negotiations with China and relatively strong corporate earnings growth helped investor sentiment recover from steep losses at the end of 2018. Stocks and bonds both received a boost from the Federal Reserve Board’s (the Fed) shift to a more dovish tone in January, as it announced it would refrain from interest rate hikes for the near future. Despite a35-day government shutdown and global economic weakness, the U.S. economy continued to exhibit a tight labor market, low inflation and slowing but stable economic growth.

In the second quarter, the prospect of lower interest rates generally provided a boost to equities. Renewed trade concerns contributed to volatility during the quarter, however, with the S&P 500 Index² dropping-6.4% after President Trump threatened to increase tariffs against China and Mexico. The10-year U.S. Treasury yield declined 50 basis points (0.50%) to 2%—the lowest level since 2016—and the resulting negative spread between three-month and10-year yields added to uncertainty.

Trade tensions were a key focus for domestic and global investors in the third quarter. The Fed lowered interest rates again in July and September to offset that potential risk as well as weak global growth. U.S. manufacturing and consumer sectors showed signs of weakness. The closely monitoredtwo-year,10-year Treasury yield spread inverted for the first time since the global financial crisis, but ended the quarter in positive territory.

In the fourth quarter, expectations of a U.S.-China trade deal, strong economic growth and easy monetary policy boosted investors’ appetite for risk, although there were still signs of weakness, including in manufacturing. Despite the strength of the U.S. economy, the Fed cut federal fund rates by 25 basis points (0.25%) to 1.75%, marking the third rate cut of the year.

From a sector perspective, the largest positive contributors in the S&P MidCap 400 Index came from the information technology, industrials, and consumer discretionary sectors. The only negative contributor was the energy sector.

The Fund uses derivatives for the purpose of efficient portfolio management, and derivatives did not have a significant impact on the Fund’s return in 2019. Futures are not used for speculative or leveraged positions in the portfolio and we keep cash to fully cover all outstanding futures positions. The Fund’s use of futures contracts provide immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.*

Past performance does not guarantee future results.

^†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	The Standard & Poor’s 500 Index is unmanaged and is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. Investors cannot invest directly in an index.

AZL^® Mid Cap Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to match the performance of the Standard & Poor’s MidCap 400 Index (“S&P 400”) as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 and in derivative instruments linked to the S&P 400, primarily futures contracts.

Investment Concerns

Small- tomid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception Date		1 Year			3 Year			5 Year			10 Year			Since Inception
AZL^®Mid Cap Index Fund (Class 1 Shares)		10/14/16		25.47	%^†		9.03	%		—			—			11.35	%
AZL^®Mid Cap Index Fund (Class 2 Shares)		5/1/09		25.28	%		8.76	%		8.40	%		11.97	%		14.02	%
S&P MidCap 400 Index		5/1/09		26.20	%		9.26	%		9.03	%		12.72	%		14.79	%


Expense Ratios	Gross
AZL^®Mid Cap Index Fund (Class 1 Shares)		0.31	%
AZL^®Mid Cap Index Fund (Class 2 Shares)		0.56	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Standard & Poor’s MidCap 400 Index (“S&P 400”), which is the most widely used index formid-sized companies. The S&P 400 covers 7% of the U.S. equities market, and is part of a series of S&P U.S. indexes that can be used as building blocks for portfolio composition. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Mid Cap Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Mid Cap Index Fund, Class 1		$	1,000.00		$	1,065.40		$	1.61		0.31	%

AZL Mid Cap Index Fund, Class 2		$	1,000.00		$	1,064.50		$	2.91		0.56	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Mid Cap Index Fund, Class 1		$	1,000.00		$	1,023.64		$	1.58		0.31	%

AZL Mid Cap Index Fund, Class 2		$	1,000.00		$	1,022.38		$	2.85		0.56	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		16.1	%

Information Technology		15.3

Industrials		15.2

Consumer Discretionary		13.9

Real Estate		10.9

Health Care		9.4

Materials		5.9

Utilities		4.4

Consumer Staples		2.8

Energy		2.0

Communication Services		1.9

Total Common Stocks and Private Placements		97.8

Unaffiliated Investment Companies		2.0

Short-Term Securities Held as Collateral for Securities on Loan		1.5


Total Investment Securities		101.3

Net other assets (liabilities)		(1.3	)


Net Assets		100.0	%

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (96.9%):
Aerospace & Defense (1.4%):
	37,793	Axon Enterprise, Inc.*	$	2,769,471
	27,188	Curtiss-Wright Corp.		3,830,517
	35,371	Mercury Systems, Inc.*		2,444,490
	23,227	Teledyne Technologies, Inc.*		8,049,085

				17,093,563

Air Freight & Logistics (0.4%):
	58,785	XPO Logistics, Inc.*		4,685,165

Airlines (0.3%):
	183,865	JetBlue Airways Corp.*		3,441,953

Auto Components (1.4%):
	55,440	Adient plc*		1,178,100
	91,665	Dana, Inc.		1,668,303
	55,549	Delphi Technologies plc*		712,694
	161,114	Gentex Corp.		4,669,084
	148,117	Goodyear Tire & Rubber Co.		2,303,960
	35,046	Lear Corp.		4,808,311
	17,810	Visteon Corp.*		1,542,168

				16,882,620

Automobiles (0.2%):
	35,155	Thor Industries, Inc.		2,611,665

Banks (7.0%):
	101,483	Associated Banc-Corp.		2,236,685
	60,428	BancorpSouth Bank		1,898,043
	25,650	Bank of Hawaii Corp.		2,440,854
	76,990	Bank OZK		2,348,580
	48,226	Cathay General Bancorp		1,834,999
	66,051	Commerce Bancshares, Inc.^		4,487,505
	36,261	Cullen/Frost Bankers, Inc.		3,545,601
	92,746	East West Bancorp, Inc.		4,516,730
	206,940	F.N.B. Corp.		2,628,138
	86,518	First Financial Bankshares, Inc.		3,036,782
	198,186	First Horizon National Corp.		3,281,960
	104,527	Fulton Financial Corp.		1,821,906
	55,545	Hancock Whitney Corp.		2,437,315
	98,818	Home Bancshares, Inc.		1,942,762
	36,539	International Bancshares Corp.		1,573,735
	76,305	PacWest Bancorp		2,920,192
	45,837	Pinnacle Financial Partners, Inc.		2,933,568
	60,125	Prosperity Bancshares, Inc.		4,322,386
	34,385	Signature Bank		4,697,335
	128,680	Sterling Bancorp		2,712,574
	93,332	Synovus Financial Corp.		3,658,614
	97,703	TCF Financial Corp.		4,572,500
	32,049	Texas Capital Bancshares, Inc.*		1,819,422
	40,927	Trustmark Corp.		1,412,391
	27,514	UMB Financial Corp.		1,888,561
	140,253	Umpqua Holdings Corp.		2,482,478
	64,664	United Bankshares, Inc.		2,499,910
	249,460	Valley National Bancorp		2,856,317
	58,614	Webster Financial Corp.		3,127,643
	36,575	Wintrust Financial Corp.		2,593,168

				84,528,654


Shares			Fair Value
Common Stocks, continued
Beverages (0.2%):
	5,870	Boston Beer Co., Inc. (The), Class A*	$	2,217,980

Biotechnology (1.2%):
	63,756	Arrowhead Pharmaceuticals, Inc.*		4,044,043
	193,515	Exelixis, Inc.*		3,409,734
	11,186	Ligand Pharmaceuticals, Inc., Class B*		1,166,588
	29,925	Repligen Corp.*		2,768,063
	27,947	United Therapeutics Corp.*		2,461,572

				13,850,000

Building Products (1.2%):
	22,332	Lennox International, Inc.		5,448,337
	69,285	Owens Corning, Inc.		4,511,839
	78,221	Resideo Technologies, Inc.*		933,177
	37,154	Trex Co., Inc.*		3,339,402

				14,232,755

Capital Markets (2.6%):
	29,455	Affiliated Managers Group, Inc.		2,496,017
	72,060	Eaton Vance Corp.		3,364,481
	24,893	Evercore, Inc., Class A		1,861,001
	24,167	FactSet Research Systems, Inc.		6,484,005
	61,188	Federated Investors, Inc., Class B		1,994,117
	48,880	Interactive Brokers Group, Inc., Class A		2,278,786
	99,108	Janus Henderson Group plc		2,423,191
	51,967	Legg Mason, Inc.		1,866,135
	80,385	SEI Investments Co.		5,263,610
	43,546	Stifel Financial Corp.		2,641,065

				30,672,408

Chemicals (2.5%):
	38,358	Ashland Global Holdings, Inc.		2,935,538
	36,288	Cabot Corp.		1,724,406
	104,131	Chemours Co. (The)		1,883,730
	26,637	Ingevity Corp.*		2,327,541
	22,199	Minerals Technologies, Inc.		1,279,328
	4,703	NewMarket Corp.		2,288,104
	101,692	Olin Corp.		1,754,187
	48,986	PolyOne Corp.		1,802,195
	82,591	RPM International, Inc.		6,339,684
	25,234	ScottsMiracle-Gro Co. (The)		2,679,346
	26,952	Sensient Technologies Corp.		1,781,258
	119,987	Valvoline, Inc.		2,568,922

				29,364,239

Commercial Services & Supplies (1.8%):
	31,860	Brink’s Co. (The)		2,889,065
	32,700	Clean Harbors, Inc.*		2,804,025
	26,814	Deluxe Corp.		1,338,555
	47,205	Healthcare Services Group, Inc.		1,148,026
	37,613	Herman Miller, Inc.		1,566,581
	27,274	HNI Corp.		1,021,684
	82,014	KAR Auction Services, Inc.		1,787,085
	22,698	MSA Safety, Inc.		2,868,119
	58,038	Stericycle, Inc.*		3,703,404
	34,766	Tetra Tech, Inc.		2,995,439

				22,121,983

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Communications Equipment (1.1%):
	98,524	Ciena Corp.*	$	4,205,990
	19,828	InterDigital, Inc.		1,080,428
	49,168	Lumentum Holdings, Inc.*		3,899,022
	41,944	NetScout Systems, Inc.*		1,009,592
	36,730	ViaSat, Inc.*		2,688,452

				12,883,484

Construction & Engineering (1.2%):
	100,046	AECOM*		4,314,983
	20,239	Dycom Industries, Inc.*		954,269
	35,763	EMCOR Group, Inc.		3,086,347
	89,275	Fluor Corp.		1,685,512
	38,406	MasTec, Inc.*		2,464,129
	13,710	Valmont Industries, Inc.		2,053,484

				14,558,724

Construction Materials (0.2%):
	26,514	Eagle Materials, Inc., Class A		2,403,759

Consumer Finance (0.6%):
	27,182	Firstcash, Inc.		2,191,685
	30,467	Green Dot Corp., Class A*		709,881
	123,882	Navient Corp.		1,694,706
	268,873	SLM Corp.		2,395,658

				6,991,930

Containers & Packaging (1.0%):
	40,714	AptarGroup, Inc.		4,707,352
	16,675	Greif, Inc., Class A		737,035
	99,917	O-I Glass, Inc.		1,192,010
	49,383	Silgan Holdings, Inc.		1,534,824
	63,751	Sonoco Products Co.		3,934,712

				12,105,933

Distributors (0.5%):
	25,500	Pool Corp.		5,415,690

Diversified Consumer Services (1.0%):
	34,389	Adtalem Global Education, Inc.*		1,202,583
	2,770	Graham Holdings Co., Class B		1,770,002
	30,714	Grand Canyon Education, Inc.*		2,942,094
	116,412	Service Corp. International		5,358,445
	29,585	WW International, Inc.*		1,130,443

				12,403,567

Diversified Financial Services (0.3%):
	160,427	Jefferies Financial Group, Inc.		3,428,325

Electric Utilities (1.5%):
	32,907	ALLETE, Inc.		2,671,061
	69,403	Hawaiian Electric Industries, Inc.		3,252,225
	32,097	IDA Corp., Inc.		3,427,960
	127,489	OGE Energy Corp.		5,669,436
	50,730	PNM Resources, Inc.		2,572,518

				17,593,200

Electrical Equipment (1.3%):
	25,235	Acuity Brands, Inc.		3,482,430
	26,931	EnerSys		2,015,247


Shares			Fair Value
Common Stocks, continued
Electrical Equipment, continued
	34,638	Hubbell, Inc.	$	5,120,189
	99,111	nVent Electric plc		2,535,258
	26,075	Regal-Beloit Corp.		2,232,281

				15,385,405

Electronic Equipment, Instruments & Components (3.7%):
	51,874	Arrow Electronics, Inc.*		4,395,803
	64,301	Avnet, Inc.		2,728,934
	24,609	Belden, Inc.		1,353,495
	108,842	Cognex Corp.		6,099,506
	15,382	Coherent, Inc.*		2,558,796
	55,546	II-VI, Inc.*		1,870,234
	88,474	Jabil, Inc.		3,656,630
	15,513	Littlelfuse, Inc.		2,967,637
	75,123	National Instruments Corp.		3,180,708
	26,023	SYNNEX Corp.		3,351,762
	22,560	Tech Data Corp.*		3,239,616
	158,670	Trimble, Inc.*		6,614,952
	84,290	Vishay Intertechnology, Inc.		1,794,534

				43,812,607

Energy Equipment & Services (0.5%):
	49,333	Apergy Corp.*		1,666,468
	28,262	Core Laboratories NV		1,064,630
	123,901	Patterson-UTI Energy, Inc.		1,300,961
	366,305	Transocean, Ltd.*		2,520,178

				6,552,237

Entertainment (0.4%):
	67,896	Cinemark Holdings, Inc.		2,298,279
	30,225	World Wrestling Entertainment, Inc., Class A^		1,960,696

				4,258,975

Equity Real Estate Investment Trusts (10.4%):
	43,259	Alexander & Baldwin, Inc.		906,709
	87,511	American Campus Communities, Inc.		4,115,642
	189,694	Brixmor Property Group, Inc.		4,099,287
	61,671	Camden Property Trust		6,543,293
	75,850	Corecivic, Inc.		1,318,273
	23,802	Coresite Realty Corp.		2,668,680
	71,369	Corporate Office Properties Trust		2,096,821
	93,471	Cousins Properties, Inc.		3,851,005
	72,095	Cyrusone, Inc.		4,717,176
	104,977	Douglas Emmett, Inc.		4,608,490
	24,215	EastGroup Properties, Inc.		3,212,604
	50,042	EPR Properties		3,534,967
	81,584	First Industrial Realty Trust, Inc.		3,386,552
	78,320	Geo Group, Inc. (The)		1,300,895
	83,401	Healthcare Realty Trust, Inc.		2,783,091
	66,073	Highwoods Properties, Inc.		3,231,630
	75,173	JBG SMITH Properties		2,998,651
	62,116	Kilroy Realty Corp.		5,211,532
	54,779	Lamar Advertising Co., Class A		4,889,574
	100,483	Liberty Property Trust		6,034,004
	29,711	Life Storage, Inc.		3,217,107

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	57,673	Mack-Cali Realty Corp.	$	1,333,976
	329,550	Medical Properties Trust, Inc.		6,956,802
	109,314	National Retail Properties, Inc.		5,861,417
	139,730	Omega Healthcare Investors, Inc.		5,917,566
	152,462	Parks Hotels & Resorts, Inc.		3,944,192
	83,199	Pebblebrook Hotel Trust		2,230,565
	42,812	PotlatchDeltic Corp.		1,852,475
	12,756	PS Business Parks, Inc.		2,103,082
	82,358	Rayonier, Inc.		2,698,048
	122,321	Sabra Health Care REIT, Inc.		2,610,330
	153,500	Senior Housing Properties Trust		1,295,540
	104,809	Service Properties Trust		2,550,003
	63,517	Spirit Realty Capital, Inc.		3,123,766
	59,163	Tanger Factory Outlet Centers, Inc.^		871,471
	38,990	Taubman Centers, Inc.		1,212,199
	70,176	The Macerich Co.		1,889,138
	73,345	Urban Edge Properties		1,406,757
	77,033	Weingarten Realty Investors		2,406,511

				124,989,821

Food & Staples Retailing (0.6%):
	77,806	BJ’s Wholesale Club Holdings, Inc.*		1,769,308
	23,427	Casey’s General Stores, Inc.		3,724,660
	75,241	Sprouts Farmers Market, Inc.*		1,455,913

				6,949,881

Food Products (1.7%):
	122,586	Flowers Foods, Inc.		2,665,020
	51,166	Hain Celestial Group, Inc.*		1,328,014
	42,521	Ingredion, Inc.		3,952,326
	12,603	Lancaster Colony Corp.		2,017,740
	33,379	Pilgrim’s Pride Corp.*		1,091,994
	42,330	Post Holdings, Inc.*		4,618,202
	12,557	Sanderson Farms, Inc.		2,212,795
	10,686	Tootsie Roll Industries, Inc.		364,820
	35,801	TreeHouse Foods, Inc.*		1,736,349

				19,987,260

Gas Utilities (1.6%):
	54,979	National Fuel Gas Co.		2,558,723
	60,824	New Jersey Resources Corp.		2,710,926
	33,587	ONE Gas, Inc.		3,142,736
	34,790	Southwest Gas Holdings, Inc.		2,642,996
	32,467	Spire, Inc.		2,704,826
	133,116	UGI Corp.		6,011,518

				19,771,725

Health Care Equipment & Supplies (3.3%):
	30,807	Avanos Medical, Inc.*		1,038,196
	23,719	Cantel Medical Corp.		1,681,677
	49,023	Globus Medical, Inc., Class A*		2,886,474
	32,279	Haemonetics Corp.*		3,708,857
	42,520	Hill-Rom Holdings, Inc.		4,827,296
	12,245	ICU Medical, Inc.*		2,291,284
	45,390	Integra LifeSciences Holdings Corp.*		2,645,329


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	30,825	LivaNova plc*	$	2,325,130
	31,246	Masimo Corp.*		4,938,743
	33,165	NuVasive, Inc.*		2,564,981
	20,457	Penumbra, Inc.*		3,360,471
	47,124	West Pharmaceutical Services, Inc.		7,084,152

				39,352,590

Health Care Providers & Services (2.3%):
	56,409	Acadia Healthcare Co., Inc.*		1,873,907
	20,543	Amedisys, Inc.*		3,429,038
	10,196	Chemed Corp.		4,478,695
	62,797	Encompass Health Corp.		4,349,948
	45,142	HealthEquity, Inc.*		3,343,668
	53,688	MEDNAX, Inc.*		1,491,990
	39,933	Molina Healthcare, Inc.*		5,418,508
	55,275	Patterson Cos., Inc.		1,132,032
	66,169	Tenet Healthcare Corp.*		2,516,407

				28,034,193

Health Care Technology (0.1%):
	103,409	Allscripts Healthcare Solutions, Inc.*		1,014,959

Hotels, Restaurants & Leisure (4.3%):
	50,976	Boyd Gaming Corp.		1,526,221
	23,801	Brinker International, Inc.		999,642
	355,469	Caesars Entertainment Corp.*		4,834,378
	26,153	Cheesecake Factory, Inc. (The)		1,016,306
	20,219	Choice Hotels International, Inc.		2,091,251
	22,578	Churchill Downs, Inc.		3,097,702
	15,323	Cracker Barrel Old Country Store, Inc.^		2,355,758
	26,049	Domino’s Pizza, Inc.		7,652,674
	52,761	Dunkin’ Brands Group, Inc.		3,985,566
	41,606	Eldorado Resorts, Inc.*		2,481,382
	15,064	Jack in the Box, Inc.		1,175,444
	23,831	Marriott Vacations Worldwide Corp.		3,068,480
	14,031	Papa John’s International, Inc.		886,058
	69,394	Penn National Gaming, Inc.*		1,773,711
	34,473	Scientific Games Corp., Class A*		923,187
	50,064	Six Flags Entertainment Corp.		2,258,387
	41,553	Texas Roadhouse, Inc., Class A		2,340,265
	117,211	Wendy’s Co. (The)		2,603,256
	57,768	Wyndham Destinations, Inc.		2,986,028
	60,610	Wyndham Hotels & Resorts, Inc.		3,806,914

				51,862,610

Household Durables (1.0%):
	16,027	Helen of Troy, Ltd.*		2,881,494
	54,562	KB Home		1,869,840
	28,937	Tempur Sealy International, Inc.*		2,519,255
	82,282	Toll Brothers, Inc.		3,250,962
	88,679	TRI Pointe Group, Inc.*		1,381,619

				11,903,170

Household Products (0.2%):
	40,974	Energizer Holdings, Inc.		2,057,714

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Industrial Conglomerates (0.5%):
	36,094	Carlisle Cos., Inc.	$	5,841,453

Insurance (5.0%):
	9,167	Alleghany Corp.*		7,329,658
	47,702	American Financial Group, Inc.		5,230,524
	69,589	Brighthouse Financial, Inc.*		2,729,976
	148,935	Brown & Brown, Inc.		5,879,954
	96,259	CNO Financial Group, Inc.		1,745,176
	71,545	First American Financial Corp.		4,172,504
	320,553	Genworth Financial, Inc., Class A*		1,410,433
	25,088	Hanover Insurance Group, Inc. (The)		3,428,777
	39,900	Kemper Corp.		3,092,250
	17,438	Mercury General Corp.		849,754
	181,739	Old Republic International Corp.		4,065,501
	26,342	Primerica, Inc.		3,439,212
	39,876	Reinsurance Group of America, Inc.		6,502,181
	28,126	RenaissanceRe Holdings, Ltd.		5,513,259
	25,414	RLI Corp.		2,287,768
	37,832	Selective Insurance Group, Inc.		2,466,268

				60,143,195

Interactive Media & Services (0.3%):
	66,918	TripAdvisor, Inc.		2,032,969
	40,687	Yelp, Inc.*		1,417,128

				3,450,097

Internet & Direct Marketing Retail (0.5%):
	75,464	Etsy, Inc.*		3,343,055
	58,243	Grubhub, Inc.*^		2,832,940

				6,175,995

IT Services (2.6%):
	15,949	CACI International, Inc., Class A*		3,987,091
	50,644	CoreLogic, Inc.*		2,213,649
	90,256	KBR, Inc.		2,752,808
	43,115	LiveRamp Holdings, Inc.*		2,072,538
	40,747	Maximus, Inc.		3,031,169
	87,577	Perspecta, Inc.		2,315,536
	174,434	Sabre Corp.		3,914,299
	31,249	Science Applications International Corp.		2,719,288
	71,650	Teradata Corp.*		1,918,071
	27,571	WEX, Inc.*		5,775,021

				30,699,470

Leisure Products (0.8%):
	51,953	Brunswick Corp.		3,116,141
	220,818	Mattel, Inc.*^		2,992,084
	36,623	Polaris, Inc.		3,724,559

				9,832,784

Life Sciences Tools & Services (1.8%):
	13,761	Bio-Rad Laboratories, Inc., Class A*		5,091,983
	24,273	Bio-Techne Corp.		5,328,167
	31,105	Charles River Laboratories International, Inc.*		4,751,600
	40,282	PRA Health Sciences, Inc.*		4,477,344
	39,664	Syneos Health, Inc.*		2,359,016

				22,008,110


Shares			Fair Value
Common Stocks, continued
Machinery (4.3%):
	39,922	AGCO Corp.	$	3,083,975
	53,248	Colfax Corp.*^		1,937,162
	32,470	Crane Co.		2,804,759
	80,605	Donaldson Co., Inc.		4,644,460
	106,220	Graco, Inc.		5,523,441
	55,855	ITT, Inc.		4,128,243
	52,770	Kennametal, Inc.		1,946,685
	38,945	Lincoln Electric Holdings, Inc.		3,767,150
	32,587	Nordson Corp.		5,306,467
	43,345	Oshkosh Corp.		4,102,604
	41,777	Terex Corp.		1,244,119
	43,175	Timken Co.		2,431,184
	67,893	Toro Co.		5,409,035
	62,509	Trinity Industries, Inc.		1,384,574
	35,913	Woodward, Inc.		4,253,536

				51,967,394

Marine (0.3%):
	38,179	Kirby Corp.*		3,418,166

Media (1.1%):
	28,070	AMC Networks, Inc., Class A*		1,108,765
	3,201	Cable One, Inc.		4,764,592
	27,863	John Wiley & Sons, Inc., Class A		1,351,913
	25,733	Meredith Corp.		835,551
	91,555	New York Times Co. (The), Class A		2,945,324
	138,143	Tegna, Inc.		2,305,607

				13,311,752

Metals & Mining (1.9%):
	80,302	Allegheny Technologies, Inc.*		1,659,039
	30,392	Carpenter Technology Corp.		1,512,914
	75,566	Commercial Metals Co.		1,682,855
	21,580	Compass Minerals International, Inc.		1,315,517
	42,453	Reliance Steel & Aluminum Co.		5,084,171
	41,775	Royal Gold, Inc.		5,106,994
	137,218	Steel Dynamics, Inc.		4,670,901
	108,295	United States Steel Corp.^		1,235,646
	23,507	Worthington Industries, Inc.		991,525

				23,259,562

Multiline Retail (0.2%):
	6,278	Dillard’s, Inc., Class A^		461,307
	34,829	Ollie’s Bargain Outlet Holdings, Inc.*^		2,274,682

				2,735,989

Multi-Utilities (0.8%):
	39,139	Black Hills Corp.		3,073,977
	127,622	MDU Resources Group, Inc.		3,791,650
	32,129	NorthWestern Corp.		2,302,685

				9,168,312

Oil, Gas & Consumable Fuels (1.5%):
	189,166	Antero Midstream Corp.^		1,435,770
	725,951	Chesapeake Energy Corp.*		599,345
	120,705	CNX Resources Corp.*		1,068,239
	162,815	EQT Corp.		1,774,684

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	129,794	Equitrans Midstream Corp.	$	1,734,048
	69,830	Matador Resources Co.*		1,254,845
	95,131	Murphy Oil Corp.		2,549,511
	64,878	PBF Energy, Inc., Class A		2,035,223
	41,647	World Fuel Services Corp.		1,808,313
	265,416	WPX Energy, Inc.*		3,646,815

				17,906,793

Paper & Forest Products (0.3%):
	36,476	Domtar Corp.		1,394,842
	74,804	Louisiana-Pacific Corp.		2,219,435

				3,614,277

Personal Products (0.2%):
	34,524	Edgewell Personal Care Co.*		1,068,863
	35,377	Nu Skin Enterprises, Inc., Class A		1,449,750

				2,518,613

Pharmaceuticals (0.7%):
	93,182	Catalent, Inc.*		5,246,146
	112,042	Nektar Therapeutics*		2,418,427
	31,993	Prestige Consumer Healthcare, Inc.*		1,295,717

				8,960,290

Professional Services (0.9%):
	33,628	ASGN, Inc.*		2,386,579
	23,967	FTI Consulting, Inc.*		2,652,188
	23,946	Insperity, Inc.		2,060,314
	37,552	ManpowerGroup, Inc.		3,646,299

				10,745,380

Real Estate Management & Development (0.5%):
	32,822	Jones Lang LaSalle, Inc.		5,713,982

Road & Rail (0.8%):
	36,204	Avis Budget Group, Inc.*		1,167,217
	78,251	Knight-Swift Transportation Holdings, Inc.		2,804,516
	25,133	Landstar System, Inc.		2,861,894
	33,941	Ryder System, Inc.		1,843,336
	28,364	Werner Enterprises, Inc.		1,032,166

				9,709,129

Semiconductors & Semiconductor Equipment (4.0%):
	18,536	Cabot Microelectronics Corp.		2,675,116
	36,811	Cirrus Logic, Inc.*		3,033,595
	68,599	Cree, Inc.*		3,165,844
	235,211	Cypress Semiconductor Corp.		5,487,473
	48,335	First Solar, Inc.*		2,704,827
	34,717	MKS Instruments, Inc.		3,819,217
	25,729	Monolithic Power Systems, Inc.		4,580,277
	42,191	Semtech Corp.*		2,231,904
	27,624	Silicon Laboratories, Inc.*		3,203,832
	30,900	SolarEdge Technologies, Inc.*		2,938,281
	21,157	Synaptics, Inc.*		1,391,496
	106,728	Teradyne, Inc.		7,277,781
	27,004	Universal Display Corp.		5,564,713

				48,074,356


Shares			Fair Value
Common Stocks, continued
Software (3.6%):
	73,623	ACI Worldwide, Inc.*	$	2,789,207
	31,326	Blackbaud, Inc.		2,493,550
	77,317	CDK Global, Inc.		4,227,694
	63,872	Ceridian HCM Holding, Inc.*		4,335,631
	26,836	CommVault Systems, Inc.*		1,197,959
	18,445	Fair Isaac Corp.*		6,910,972
	29,484	J2 Global, Inc.		2,762,946
	31,090	LogMeIn, Inc.		2,665,657
	40,698	Manhattan Associates, Inc.*		3,245,666
	66,200	PTC, Inc.*		4,957,718
	24,891	Tyler Technologies, Inc.*		7,467,797

				43,054,797

Specialty Retail (2.2%):
	42,768	Aaron’s, Inc.		2,442,480
	101,153	American Eagle Outfitters, Inc.		1,486,949
	37,500	AutoNation, Inc.*		1,823,625
	80,608	Bed Bath & Beyond, Inc.		1,394,518
	40,503	Dick’s Sporting Goods, Inc.		2,004,493
	35,457	Five Below, Inc.*		4,533,533
	68,172	Foot Locker, Inc.		2,658,026
	18,415	Murphy U.S.A., Inc.*		2,154,555
	10,420	RH*		2,224,670
	74,086	Sally Beauty Holdings, Inc.*		1,352,070
	44,927	Urban Outfitters, Inc.*		1,247,623
	49,430	Williams-Sonoma, Inc.		3,630,139

				26,952,681

Technology Hardware, Storage & Peripherals (0.2%):
	81,267	NCR Corp.*		2,857,348

Textiles, Apparel & Luxury Goods (1.0%):
	28,117	Carter’s, Inc.		3,074,313
	18,465	Columbia Sportswear Co.		1,850,008
	17,818	Deckers Outdoor Corp.*		3,008,747
	85,288	Skechers U.S.A., Inc., Class A*		3,683,589

				11,616,657

Thrifts & Mortgage Finance (0.6%):
	4,885	LendingTree, Inc.*		1,482,304
	297,649	New York Community Bancorp, Inc.		3,577,741
	49,897	Washington Federal, Inc.		1,828,725

				6,888,770

Trading Companies & Distributors (0.7%):
	22,355	GATX Corp.		1,852,112
	28,688	MSC Industrial Direct Co., Inc., Class A		2,251,147
	69,405	NOW, Inc.*		780,112
	20,793	Watsco, Inc.		3,745,859

				8,629,230

Water Utilities (0.5%):
	137,466	Aqua America, Inc.		6,452,654

Wireless Telecommunication Services (0.1%):
	62,289	Telephone & Data Systems, Inc.		1,584,009

	Total Common Stocks (Cost $911,671,123)			1,162,711,989

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Private Placements (0.9%):
Internet & Direct Marketing Retail (0.7%):
	76,914	Airbnb, Inc., Series D, 0.00%(a)(b)	$	8,952,020

Software (0.2%):
	229,712	Palantir Technologies, Inc., Series G, 0.00%*(a)(b)		1,359,896
	67,672	Palantir Technologies, Inc., Series H, 0.00%(a)(b)		400,618
	67,672	Palantir Technologies, Inc., Series H1, 0.00%(a)(b)		400,618

				2,161,132

	Total Private Placements (Cost $4,309,378)			11,113,152

Short-Term Securities Held as Collateral for Securities on Loan (1.5%):
	18,299,777	BlackRock Liquidity FedFund, Institutional Class, 2.00%(c)(d)		18,299,777

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $18,299,777)			18,299,777

Unaffiliated Investment Companies (2.0%):
Money Markets (2.0%):
	24,067,117	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(d)		24,067,117

	Total Unaffiliated Investment Companies (Cost $24,067,117)			24,067,117

	Total Investment Securities (Cost $958,347,395) — 101.3%(e)			1,216,192,035
	Net other assets (liabilities) — (1.3)%			(16,037,743	)

	Net Assets — 100.0%		$	1,200,154,292

Percentages indicated are based on net assets as of December 31, 2019.

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $17,958,965.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.93% of the net assets of the fund.

(b)

Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. Thesub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of December 31, 2019, these securities represent 0.93% of the net assets of the fund.

(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 December 31, 2019.

(d)	The rate represents the effective yield at December 31, 2019.

(e)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $924,000 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

S&P MidCap 400E-Mini March Futures (U.S Dollar)		3/20/20		134	$	27,668,320	$	45,067

							$	45,067

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	958,347,395

Investment securities, at value(a)	$	1,216,192,035
Cash		4,068,624
Segregated cash for collateral for futures contracts		924,000
Interest and dividends receivable		1,346,563
Receivable for variation margin on futures contracts		24,008
Reclaims receivable		7,922
Prepaid expenses		4,178

Total Assets		1,222,567,330

Liabilities:
Payable for investments purchased		2,224,753
Payable for capital shares redeemed		1,265,581
Payable for collateral received on loaned securities		18,299,777
Manager fees payable		252,905
Administration fees payable		7,411
Distribution fees payable		242,372
Custodian fees payable		6,640
Administrative and compliance services fees payable		4,237
Transfer agent fees payable		1,958
Trustee fees payable		1,042
Other accrued liabilities		106,362

Total Liabilities		22,413,038

Net Assets	$	1,200,154,292

Net Assets Consist of:
Paid in capital	$	899,850,272
Total distributable earnings		300,304,020

Net Assets	$	1,200,154,292

Class 1
Net Assets	$	50,096,550
Shares of beneficial interest (unlimited number of shares authorized, no par value)		6,049,874
Net Asset Value (offering and redemption price per share)	$	8.28

Class 2
Net Assets	$	1,150,057,742
Shares of beneficial interest (unlimited number of shares authorized, no par value)		52,494,258
Net Asset Value (offering and redemption price per share)	$	21.91

(a)	Includes securities on loan of $17,958,965.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	18,847,776
Interest		13,254
Income from securities lending		298,893
Foreign withholding tax		(5,972	)

Total Investment Income		19,153,951

Expenses:
Manager fees		2,946,101
Administration fees		317,654
Distribution fees — Class 2		2,823,400
Custodian fees		35,742
Administrative and compliance services fees		20,397
Transfer agent fees		11,473
Trustee fees		63,489
Professional fees		57,193
Shareholder reports		34,548
Other expenses		267,840

Total expenses		6,577,837

Net Investment Income/(Loss)		12,576,114

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		29,384,338
Net realized gains/(losses) on futures contracts		3,499,155
Change in net unrealized appreciation/depreciation on securities		215,670,335
Change in net unrealized appreciation/depreciation on futures contracts		125,322

Net realized and Change in net unrealized gains/losses on investments		248,679,150

Change in Net Assets Resulting From Operations	$	261,255,264

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	12,576,114			$	13,575,806
Net realized gains/(losses) on investments			32,883,493				84,980,232
Change in unrealized appreciation/depreciation on investments			215,795,657				(233,799,508	)

Change in net assets resulting from operations			261,255,264				(135,243,470	)

Distributions to Shareholders:
Class 1			(8,975,429	)			(9,683,057	)
Class 2			(86,015,224	)			(101,907,745	)

Change in net assets resulting from distributions to shareholders			(94,990,653	)			(111,590,802	)

Capital Transactions:
Class 1
Proceeds from shares issued			92,252				21,928
Proceeds from dividends reinvested			8,975,429				9,683,057
Value of shares redeemed			(5,774,892	)			(5,556,511	)

Total Class 1 Shares			3,292,789				4,148,474

Class 2
Proceeds from shares issued			11,787,126				107,730,060
Proceeds from dividends reinvested			86,015,225				101,907,744
Value of shares redeemed			(132,133,299	)			(166,722,565	)

Total Class 2 Shares			(34,330,948	)			42,915,239

Change in net assets resulting from capital transactions			(31,038,159	)			47,063,713

Change in net assets			135,226,452				(199,770,559	)
Net Assets:
Beginning of period			1,064,927,840				1,264,698,399

End of period		$	1,200,154,292			$	1,064,927,840

Share Transactions:
Class 1
Shares issued			10,059				2,559
Dividends reinvested			1,188,799				1,040,071
Shares redeemed			(640,518	)			(507,788	)

Total Class 1 Shares			558,340				534,842

Class 2
Shares issued			564,844				4,469,475
Dividends reinvested			4,305,066				4,694,046
Shares redeemed			(6,051,749	)			(7,047,273	)

Total Class 2 Shares			(1,181,839	)			2,116,248

Change in shares			(623,499	)			2,651,090

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016^				2015

Class 1

Net Asset Value, Beginning of Period		$	8.16			$	11.25			$	10.90			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.12	(a)			0.15				0.25				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			1.79				(1.13	)			1.41				0.78

Total from Investment Activities			1.91				(0.98	)			1.66				0.90


Distributions to Shareholders From:
Net Investment Income			(0.30	)			(0.28	)			(0.12	)			—
Net Realized Gains			(1.49	)			(1.83	)			(1.19	)			—

Total Dividends			(1.79	)			(2.11	)			(1.31	)			—

Net Asset Value, End of Period		$	8.28			$	8.16			$	11.25			$	10.90

Total Return(b)			25.47	%			(11.01	)%			16.08	%			9.00	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	50,096			$	44,788			$	55,764			$	54,300
Net Investment Income/(Loss)(d)			1.31	%			1.32	%			1.27	%			1.26	%
Expenses Before Reductions(d)(e)			0.32	%			0.31	%			0.31	%			0.31	%
Expenses Net of Reductions(d)			0.32	%			0.31	%			0.31	%			0.31	%
Portfolio Turnover Rate(f)			14	%			18	%			21	%			86	%(g)

Class 2

Net Asset Value, Beginning of Period		$	19.00			$	23.45			$	21.45			$	21.10			$	23.49

Investment Activities:
Net Investment Income/(Loss)			0.23	(a)			0.25				0.24				0.13				0.30
Net Realized and Unrealized Gains/(Losses) on Investments			4.41				(2.65	)			3.06				3.67				(0.91	)

Total from Investment Activities			4.64				(2.40	)			3.30				3.80				(0.61	)

Distributions to Shareholders From:
Net Investment Income			(0.24	)			(0.22	)			(0.11	)			(0.24	)			(0.27	)
Net Realized Gains			(1.49	)			(1.83	)			(1.19	)			(3.21	)			(1.51	)

Total Dividends			(1.73	)			(2.05	)			(1.30	)			(3.45	)			(1.78	)

Net Asset Value, End of Period		$	21.91			$	19.00			$	23.45			$	21.45			$	21.10

Total Return(b)			25.28	%			(11.35	)%			15.80	%			19.52	%			(2.67	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,150,058			$	1,020,140			$	1,208,935			$	1,222,550			$	406,092
Net Investment Income/(Loss)			1.06	%			1.08	%			1.02	%			1.14	%			0.95	%
Expenses Before Reductions(e)			0.57	%			0.56	%			0.56	%			0.57	%			0.57	%
Expenses Net of Reductions			0.57	%			0.56	%			0.56	%			0.57	%			0.57	%
Portfolio Turnover Rate(f)			14	%			18	%			21	%			86	%(g)			26	%

^	Class 1 activity is for the period October 17, 2016 (commencement of operations) to December 31, 2016.

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

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

(g)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after the fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 86%.

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Mid Cap Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Private Placements

The Fund may invest in private placement securities which are securities issued by corporations without registration under the Securities Act of 1933, as amended (the “1933 Act”), in reliance on a “private placement” exemption. These unregistered securities may be restricted and generally are sold to institutional investors, such as the Fund, who agree that they are purchasing the securities for investment and not with a view to public distribution. Unregistered securities are normally resold to other institutional investors through or with the assistance of the issuer or investment dealers who make a market in such securities.

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

AZL Mid Cap Index Fund

Notes to the Financial Statements

December 31, 2019

Expense Allocation

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

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $29,383 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $18,299,777 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $17.6 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

AZL Mid Cap Index Fund

Notes to the Financial Statements

December 31, 2019

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

45,067

Payable for variation margin on futures contracts*

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	3,499,155		$125,322

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Mid Cap Index Fund Class 1		0.25	%		0.46	%

AZL Mid Cap Index Fund Class 2		0.25	%		0.71	%

AZL Mid Cap Index Fund

Notes to the Financial Statements

December 31, 2019

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $8,854 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total
Common Stocks+		$	1,162,711,989		$	—		$	—		$	1,162,711,989
Private Placements+			—			—			11,113,152			11,113,152
Short-Term Securities Held as Collateral for Securities on Loan			18,299,777			—			—			18,299,777
Unaffiliated Investment Companies			24,067,117			—			—			24,067,117

Total Investment Securities			1,205,078,883			—			11,113,152			1,216,192,035

Other Financial Instruments:*
Futures Contracts			45,067			—			—			45,067

Total Investments		$	1,205,123,950		$	—		$	11,113,152		$	1,216,237,102

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

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

AZL Mid Cap Index Fund

Notes to the Financial Statements

December 31, 2019

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Mid Cap Index Fund		$	163,081,393		$	288,147,235

6. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of December 31, 2019 are identified below.


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets

Airbnb, Inc., Series D, 0.00%		4/16/14		$	3,131,402		$	76,914		$	8,952,020		0.76	%

Palantir Technologies, Inc., Series H1, 0.00%		10/25/13			237,529			67,672			400,618		0.03	%

Palantir Technologies, Inc., Series G, 0.00%		7/19/12			702,919			229,712			1,359,896		0.11	%

Palantir Technologies, Inc., Series H, 0.00%		10/25/13			237,529			67,672			400,618		0.03	%

(a)	Acquisition date represents the initial purchase date of the security.

7. Investment Risks

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $961,329,223. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	314,976,203
Unrealized (depreciation)		(60,113,391	)

Net unrealized appreciation/(depreciation)	$	254,862,812

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Mid Cap Index Fund		$	20,013,506		$	74,977,147		$	94,990,653

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Mid Cap Index Fund		$	34,030,891		$	77,559,911		$	111,590,802

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

AZL Mid Cap Index Fund

Notes to the Financial Statements

December 31, 2019

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Mid Cap Index Fund		$	13,125,873		$	32,315,337		$	—		$	254,862,810		$	300,304,020

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales,mark-to-market of futures contracts and other miscellaneous differences.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 40% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Mid Cap Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Mid Cap Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 43.43% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $6,691,892.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $74,977,147.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Moderate Index Strategy Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 5

Page 5

Page 6

Page 7

Report of Independent Registered Public Accounting Firm

Page 8

Page 12

Page 13

Approval of Investment Advisory Agreement

Page 14

Page 15

Information about the Board of Trustees and Officers

Page 17

AZL^® Moderate Index Strategy Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Moderate Index Strategy Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Moderate Index Strategy Fund (the “Fund”) returned 19.33%. That compared to a 31.49%, 8.72% and 22.11% total return for its benchmarks, the S&P 500 Index¹, the Bloomberg Barclays U.S. Aggregate Bond Index¹ and the Moderate Composite Index¹, respectively.

The Fund is a fund of funds that pursues broad diversification across four underlying equity portfolios and one fixed income portfolio. The four equity portfolios pursue passive strategies that aim to achieve, before fees, returns similar to the S&P 500 Index (S&P 500), the S&P MidCap 400 Index², the S&P SmallCap 600 Index³ and the MSCI EAFE⁴ Index. The fixed-incomesub-portfolio is an enhanced bond index strategy that seeks to achieve a return that exceeds that of the Bloomberg Barclays U.S. Aggregate Bond Index. Generally, the Fund allocates 50% to 70% of its assets to the underlying equity portfolios and between 30% and 50% to the underlying fixed income portfolio.*

U.S. equities rebounded strongly in the first quarter of 2019, gaining 13.65% (S&P 500) while reacting positively to the dovish stance taken by the Federal Reserve Board (the Fed). U.S. equities continued to rise throughout the year, gaining in each of the four quarters. U.S. equities reacted favorably to the Fed’s dovish stance and a generally encouraging earnings environment, while mostly shrugging off international trade tensions and stagnating global growth. The S&P 500 Index returned 31.49% for the year, while the S&P 400 Index returned 26.20% and the S&P 600 Index returned 22.78%. Growth stocks continued a longer-term trend, outperforming value stocks for the year.

International developed market equities, as measured by the MSCI EAFE, returned 22.01% for the year. International equities failed to keep pace with U.S. equities, grappling with trade tensions and slowing global growth. U.S. bonds gained during the year, as the Bloomberg Barclays U.S. Aggregate Bond Index returned 8.72%. Yields mostly fell throughout the year. In particular, September saw10-year Treasury yield fall to levels last seen in July 2016. The Fed cut interest rates three times. Although the Treasury yield curve was partially inverted at the beginning of the year, the curve continued to flatten during the first three quarters, with the2-year Treasury brieflyout-yielding the

10-year Treasury in August. The curve steepened in the fourth quarter. Meanwhile, credit spreads tightened during the year, leading corporate bonds and other credit-sensitive bonds to outperform U.S. Government bonds.

The Fund, which invests in both U.S. and international markets, underperformed its blended benchmark during the12-month period. The Fund’s strategic allocation to developed international equities was the primary detractor from relative results, as U.S. equities outperformed

during the year. In addition, a strategic allocation tomid- andsmall-cap U.S. equities detracted, as these stocks underperformedlarge-cap equities.*

Within the Fund’s fixed income holdings, an underweight to duration kept the Fund from fully benefiting from the decline in interest rates during the year, which caused the Fund’s fixed income allocation to modestly lag its fixed income benchmark.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmarks please refer to page 2 of this report.

²	The Standard & Poor’s MidCap 400 Index (S&P 400) is the most widely used index formid-sized companies. The S&P 400 covers 7% of the U.S. equities market, and is part of a series of S&P U.S. indexes that can be used as building blocks for portfolio composition.

The Standard & Poor’s SmallCap 600 Index (S&P 600) covers approximately 3% of the domestic equities market. Measuring thesmall-cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable.

⁴	MSCI EAFE Index (MSCI EAFE) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

The indexes defined above are unmanaged. Investors cannot invest directly in an index.

AZL^® Moderate Index Strategy Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek long-term capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing primarily in a combination of five underlying index funds (the ”Index Strategy Underlying Funds”), allocating 50%–70% of its assets in the underlying equity index funds and 30%–50% of its assets in the underlying bond index fund.

Investment Concerns

The Fund invests in underlying funds, so its investment performance is directly related to the performance of those underlying funds. Before investing, investors should assess the risks associated with and types of investments made by each of the underlying funds in which the Fund invests.

Stocks are more volatile and carry more risk and return potential than other forms of investments.

Small- tomid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

The performance of the Fund is expected to be lower than that of the Indexes because of Fund fees and expenses. Securities in which the Fund will invest may involve substantial risk and may be subject to sudden severe price declines.

Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the portfolio.

Debt securities held by the Fund may decline in value due to rising interest rates.

Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			5 Year			10 Year
AZL^®Moderate Index Strategy Fund		19.33	%		8.63	%		6.37	%		8.46	%
S&P 500 Index		31.49	%		15.27	%		11.70	%		13.56	%
Bloomberg Barclays U.S. Aggregate Bond Index		8.72	%		4.03	%		3.05	%		3.75	%
Moderate Composite Index		22.11	%		10.89	%		8.35	%		9.81	%


Expense Ratio	Gross
AZL^®Moderate Index Strategy Fund		1.01	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.05% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and acquired fund fees and expenses), to 0.20% through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

Acquired fund fees and expenses are incurred indirectly by the Fund through the valuation of the Fund’s investments in the Permitted Underlying Funds. Accordingly, acquired fund fees and expenses affect the Fund’s total returns. Because these fees and expenses are not included in the Fund’s financial highlights, the Fund’s total annual fund operating expenses, as shown in the prospectus, do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights. Without acquired fund fees and expenses the Fund’s gross expense ratio would be 0.42%.

The Fund’s performance is measured against the Standard and Poor’s 500 Index (“S&P 500”), the Bloomberg Barclays U.S. Aggregate Bond Index and the Moderate Composite Index (“Composite”). The S&P 500 is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The Composite is a blended index comprised of (60%) of the S&P 500 and (40%) of the Bloomberg Barclays U.S. Aggregate Bond Index. These indexes are unmanaged and do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Moderate Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Moderate Index Strategy Fund		$	1,000.00		$	1,062.80		$	0.42		0.08	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Moderate Index Strategy Fund		$	1,000.00		$	1,024.80		$	0.41		0.08	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		45.5	%

Fixed Income Funds		39.3

International Equity Funds		15.2


Total Investment Securities		100.0

Net other assets (liabilities)		—	†


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Moderate Index Strategy Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Affiliated Investment Companies (100.0%):
Domestic Equity Funds (45.5%):
	10,644,430	AZL S&P 500 Index Fund, Class 2	$	194,154,397
	2,558,963	AZL Mid Cap Index Fund, Class 2		56,066,872
	2,141,433	AZL Small Cap Stock Index Fund, Class 2		28,331,154

				278,552,423

Fixed Income Funds (39.3%):
	21,462,737	AZL Enhanced Bond Index Fund		240,597,281

				240,597,281

International Equity Funds (15.2%):
	5,535,451	AZL International Index Fund, Class 2		92,940,215

				92,940,215

	Total Affiliated Investment Companies (Cost $531,924,028)			612,089,919

	Total Investment Securities (Cost $531,924,028) — 100.0%(a)			612,089,919
	Net other assets (liabilities) — 0.0%†			(105,722	)

	Net Assets — 100.0%		$	611,984,197

Percentages indicated are based on net assets as of December 31, 2019.

†	Represents less than 0.05%.

(a)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL Moderate Index Strategy Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investments in affiliates, at cost	$	531,924,028

Investments in affiliates, at value	$	612,089,919
Interest and dividends receivable		180
Foreign currency, at value (cost $109,648)		108,895
Receivable for affiliated investments sold		395,125
Reclaims receivable		54,363
Prepaid expenses		2,088

Total Assets		612,650,570

Liabilities:
Cash overdraft		395,125
Payable for capital shares redeemed		209,539
Manager fees payable		25,855
Administration fees payable		5,360
Custodian fees payable		1,486
Administrative and compliance services fees payable		2,212
Transfer agent fees payable		1,010
Trustee fees payable		544
Other accrued liabilities		25,242

Total Liabilities		666,373

Net Assets	$	611,984,197

Net Assets Consist of:
Paid in capital	$	500,115,308
Total distributable earnings		111,868,889

Net Assets	$	611,984,197

Shares of beneficial interest (unlimited number of shares authorized, no par value)		45,953,816
Net Asset Value (offering and redemption price per share)	$	13.32

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends from affiliates	$	11,417,845
Dividends fromnon-affiliates		153

Total Investment Income		11,417,998

Expenses:
Manager fees		2,447,307
Administration fees		67,089
Custodian fees		9,605
Administrative and compliance services fees		11,368
Transfer agent fees		6,211
Trustee fees		35,909
Professional fees		31,604
Shareholder reports		19,417
Other expenses		20,039

Total expenses before reductions		2,648,549
Less expenses voluntarily waived/reimbursed by the Manager		(2,141,386	)

Net expenses		507,163

Net Investment Income/(Loss)		10,910,835

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		180,195
Net realized gains/(losses) on affiliated underlying funds		8,354,770
Net realized gains distributions from affiliated underlying funds		12,608,034
Change in net unrealized appreciation/depreciation on securities and foreign currencies		195
Change in net unrealized appreciation/depreciation on affiliated transactions		75,300,193

Net realized and Change in net unrealized gains/losses on investments		96,443,387

Change in Net Assets Resulting From Operations	$	107,354,222

See accompanying notes to the financial statements.

AZL Moderate Index Strategy Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	10,910,835			$	11,980,523
Net realized gains/(losses) on investments			21,142,999				28,325,365
Change in unrealized appreciation/depreciation on investments			75,300,388				(72,403,125	)

Change in net assets resulting from operations			107,354,222				(32,097,237	)

Distributions to Shareholders:
Distributions			(40,584,497	)			(32,709,295	)

Change in net assets resulting from distributions to shareholders			(40,584,497	)			(32,709,295	)

Capital Transactions:
Proceeds from shares issued			9,874,464				4,831,098
Proceeds from dividends reinvested			40,584,497				32,709,295
Value of shares redeemed			(95,336,967	)			(123,600,657	)

Change in net assets resulting from capital transactions			(44,878,006	)			(86,060,264	)

Change in net assets			21,891,719				(150,866,796	)
Net Assets:
Beginning of period			590,092,478				740,959,274

End of period		$	611,984,197			$	590,092,478

Share Transactions:
Shares issued			756,832				361,486
Dividends reinvested			3,228,679				2,589,810
Shares redeemed			(7,273,028	)			(9,401,786	)

Change in shares			(3,287,517	)			(6,450,490	)

See accompanying notes to the financial statements.

AZL Moderate Index Strategy Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Net Asset Value, Beginning of Period		$	11.98			$	13.30			$	15.54			$	15.03			$	16.50

Investment Activities:
Net Investment Income/(Loss)			0.23	(a)			0.26				0.12				0.32				0.19
Net Realized and Unrealized Gains/(Losses) on Investments			2.03				(0.92	)			1.78				1.00				(0.61	)

Total from Investment Activities			2.26				(0.66	)			1.90				1.32				(0.42	)

Distributions to Shareholders From:
Net Investment Income			(0.32	)			(0.13	)			(0.35	)			(0.30	)			(0.36	)
Net Realized Gains			(0.60	)			(0.53	)			(3.79	)			(0.51	)			(0.69	)

Total Dividends			(0.92	)			(0.66	)			(4.14	)			(0.81	)			(1.05	)

Net Asset Value, End of Period		$	13.32			$	11.98			$	13.30			$	15.54			$	15.03

Total Return(b)			19.33	%			(5.17	)%			13.30	%			8.91	%			(2.47	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	611,984			$	590,092			$	740,959			$	720,934			$	1,282,506
Net Investment Income/(Loss)			1.78	%			1.75	%			0.77	%			1.25	%			1.22	%
Expenses Before Reductions*(c)			0.43	%			0.42	%			0.43	%			0.96	%			1.05	%
Expenses Net of Reductions*			0.08	%			0.07	%			0.08	%			0.83	%			0.96	%
Portfolio Turnover Rate			5	%			4	%			7	%(d)			190	%			117	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

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

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

(d)	The Fund’s purchase and sales of securities and, accordingly, portfolio turnover ratio decreased during 2017 as a result of a change in the Fund’s investment strategy which became effective October 14, 2016.

See accompanying notes to the financial statements.

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Moderate Index Strategy Fund (the “Fund”), and 20 are presented in separate reports.

The Fund is a “fund of funds,” which means that the Fund invests primarily in other mutual funds (the “Underlying Funds”). Underlying Funds invest in stock, bonds, and other securities and reflect varying amounts of potential investment risk and reward. The Underlying Funds record their investments at fair value. Periodically, the Fund will adjust its asset allocation as it seeks to achieve its investment objective.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Foreign Currency Translation

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

December 31, 2019

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2020. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Moderate Index Strategy Fund		0.40	%		0.20	%

*	The Manager voluntarily reduced the management fee to 0.05% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At December 31, 2019, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. Additional information, including financial statements, about these Funds is available at www.allianzlife.com. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the year ended December 31, 2019 is as follows:


	Fair Value 12/31/2018			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation			Fair Value 12/31/2019			Shares as of 12/31/2019		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	244,879,958		$	12,151,010		$	(30,738,693	)		$	718,746			$	13,586,260		$	240,597,281		21,462,737		$	5,549,418		$	—

AZL International Index Fund, Class 2			88,598,148			2,828,978			(13,774,134	)			851,811				14,435,412			92,940,215		5,535,451			2,127,053			544,060

AZL Mid Cap Index Fund, Class 2			50,637,521			4,256,098			(6,969,885	)			307,578				7,835,560			56,066,872		2,558,963			579,745			3,636,350

AZL Small Cap Stock Index Fund, Class 2			24,401,994			3,123,407			(1,639,224	)			(129,173	)			2,574,150			28,331,154		2,141,433			261,473			2,661,919

AZL S&P 500 Index Fund, Class 2			181,690,174			10,409,865			(41,420,261	)			6,605,808				36,868,811			194,154,397		10,644,430			2,900,156			5,765,705

		$	590,207,795		$	32,769,358		$	(94,542,197	)		$	8,354,770			$	75,300,193		$	612,089,919		42,343,014		$	11,417,845		$	12,608,034

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $4,599 was paid from the Fund relating to these fees and expenses.

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

December 31, 2019

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

Investments in other investment companies are valued at their published net asset value (“NAV”). Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). The investments utilizing Level 1 valuations represent investments inopen-end investment companies.

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies+		$	612,089,919		$	—		$	—		$	612,089,919

Total Investments		$	612,089,919			$—		$	—		$	612,089,919

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Moderate Index Strategy Fund		$	32,769,358		$	94,542,196

6. Investment Risks

Fund of Funds Risk: The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds.

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $ 532,300,814. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	79,789,105
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	79,789,105

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

December 31, 2019

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Moderate Index Strategy Fund		$	14,322,026		$	26,262,471		$	40,584,497

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Moderate Index Strategy Fund		$	14,303,056		$	18,406,239		$	32,709,295

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Moderate Index Strategy Fund		$	11,245,078		$	20,833,793		$	—		$	79,790,018		$	111,868,889

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 90% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Moderate Index Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Moderate Index Strategy Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 26.91% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $793.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $26,262,471.

Other Information (Unaudited)

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30th is available (i) without charge, upon request, by calling800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on FormN-PORT. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling800-SEC-0330.

Approval of Investment Advisory Agreement (Unaudited)

Subject to the general supervision of the Board of Trustees (the “Board”) and in accordance with the investment objectives and restrictions of the Fund, which is a series of the Allianz Variable Insurance Products Trust (the “Trust”), investment advisory services are provided to the Fund by Allianz Investment Management LLC (the “Manager”). The Manager manages the Fund pursuant to an investment management agreement (the “Management Agreement”) with the Trust. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board, is responsible for the management of the Fund. For management services, the Fund pays the Manager an investment advisory fee based upon the Fund’s average daily net assets. The Manager has contractually agreed to limit the expenses of the Fund by reimbursing the Fund if and when total Fund operating expenses exceed certain amounts until at least April 30, 2021 (the “Expense Limitation Agreement”).

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager’s experience and expertise in the variable insurance marketplace. Currently, the Fund is offered only through variable annuities and variable life insurance policies, and not in the retail fund market. In addition, the Board receives information regarding the Manager’s expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America (“Allianz Life”) and its subsidiary, Allianz Life Insurance Company of New York (“Allianz of New York”). Currently, the Fund is offered only through Allianz Life and Allianz of New York variable products.

As required by the Investment Company Act of 1940 (the “1940 Act”), the Board has reviewed and approved the Management Agreement with the Manager. The Board’s decision to approve this contract reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of the contract, the Board considered many factors, among the most material of which are: the Fund’s investment objectives and long-term performance; the Manager’s management philosophy, personnel, processes and investment performance, including its compliance history and the adequacy of its compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considered the compensation and benefits received by the Manager. This includes fees received for services provided to the Fund by employees of the Manager or of affiliates of the Manager and research services received by the Manager from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Services Agreement and a Compliance Services Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and received (along with its affiliated persons) payments made by the underlying funds pursuant toRule 12b-1.

The Board considered and weighed these circumstances in light of its experience in governing the Trust, and is assisted in its deliberations by the advice of independent legal counsel to the independent Trustees (“Independent Trustee Counsel”). In this regard, the Board requests and receives a significant amount of information about the Fund and the Manager. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meetings at which the Board’s formal review of an advisory contract occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board’s evaluation of the Management Agreement is informed by reports covering such matters as: the Manager’s investment philosophy, personnel and processes, and the Fund’s investment performance (in absolute terms as well as in relationship to its benchmark). In connection with comparing the performance of the Fund versus its benchmark, the Board receives reports on the extent to which the Fund’s performance may be attributed to various applicable factors, such as asset class allocation decisions and volatility management strategies, the performance of the underlying funds, rebalancing decisions, and the impact of cash positions and Fund fees and expenses. The Board also receives reports on the Fund’s expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for the Expense Limitation Agreement and additional voluntary expense limitations); the use and allocation of any brokerage commissions derived from trading the Fund’s portfolio securities; the nature and extent of the advisory and other services provided to the Fund by the Manager and its affiliates; compliance and audit reports concerning the Fund and the companies that service them; and relevant developments in the mutual fund industry and how the Fund and/or the Manager are responding to them.

The Board also receives financial information about the Manager, including reports on the compensation and benefits the Manager derives from its relationships with the Fund. These reports cover not only the fees under the Management Agreement, but also fees, if any, received for providing other services to the Fund. The reports also discuss any indirect or “fall out” benefits the Manager or its affiliates may derive from its relationship with the Fund.

The Management Agreement was most recently considered at Board meetings held in the summer and fall of 2019. Information relevant to the approval of the Management Agreement was considered atin-person Board meetings held June 18, 2019, and September 18, 2019, as well as at various telephonic Board meetings preceding the twoin-person meetings. The Management Agreement was approved at the Board meeting on September 18, 2019. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2021. In connection with such meetings, the Trustees requested and evaluated extensive materials from the Manager, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval/continuance of the Agreement with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approvals/continuances. The independent Trustees also discussed the proposed approvals/continuances in a private session with Independent Trustee Counsel at which no representatives of the Manager were present. In reaching its determinations relating to the approval and/or continuance of the Agreement, in respect of the Fund, the Board considered all factors it believed relevant. The Board based its decision to approve the Management Agreement on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to the Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

An SEC rule requires that shareholder reports include a discussion of certain factors relating to the selection of the investment adviser and the approval of the advisory fee. The “factors” enumerated by the SEC are set forth below in italics, as well as the Board’s conclusions regarding such factors:

(1)The nature, extent and quality of services provided by the Manager. The Trustees noted that the Manager, subject to the control of the Board, administers the Fund’s business and other affairs. The Trustees noted that the Manager also provides the Trust and the Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any others retained by the Trust on behalf of the Fund) and executive and other personnel as are necessary for the operation of the Trust and the Fund. Except for the Trust’s Chief Compliance Officer and certain compliance staff, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Board considered the scope and quality of services provided by the Manager and noted that the scope of such services provided has continued to expand as a result of regulatory and other developments. The Board noted that, for example, the Manager is responsible for maintaining and monitoring its own compliance program, and this compliance program has been continuously refined and enhanced in light of new regulatory requirements. The Board considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and the Fund. The quality of administrative and other services, including the Manager’s role in coordinating the activities of the Trust’s other service providers, also were considered. The Board concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to the Fund under the Management Agreement.

(2)The investment performance of the Fund and the Manager. In connection with everyin-person quarterly Board meeting and the summer and fall 2019 contract review process, Trustees received extensive information on the performance results of the Fund. However, the Board also considered the fact that prior to October 14, 2016, the Fund was subadvised by Invesco Advisers, Inc., and managed pursuant to a different strategy. Accordingly, the investment performance of the Fund during the period prior to October 14, 2016, was not deemed relevant to the Board’s assessment of the continuance of the Management Agreement in 2019. The performance information considered included performance information on absolute total return, performance versus the appropriate benchmark(s), the contribution to performance of the Manager’s asset class allocation decisions and volatility management strategies, the performance of the underlying funds, and the impact on performance of rebalancing decisions, cash and Fund fees. This included Lipper performance information on the Fund for theone-year period ended December 31, 2018, for which period the Fund ranked in the top 40% against peers.

At the Board meeting held September 18, 2019, the Trustees determined that the investment performance of the Fund was acceptable.

(3)The costs of services to be provided and profits to be realized by the Manager and its affiliates from the relationship with the Fund.The Board considered that the Manager receives an advisory fee from the Fund. The Manager reported that the advisory fee paid by the Fund put it in the 7^th percentile of its customized peer group. (A lower percentile reflects lower fund fees and is better for fund shareholders.) Trustees were provided with information on the total expense ratios of the Fund and other funds in the customized peer groups, and the Manager reported upon the challenges in making peer group comparisons for the Fund.

The Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2016 through December 31, 2018. The Board recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Board considered the possible effect of certainfall-out benefits to the Manager and its affiliates. The Board focused on profitability of the Manager’s relationships with the Fund before taxes and distribution expenses. The Board recognized that the Manager should earn a reasonable level of profits for the services it provides to the Fund.

(4) and (5) The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflect these economies of scale. The Board noted that the advisory fee schedule for the Fund does not contain breakpoints that reduce the fee rate on assets above specified levels. The Board recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with funds that have substantial assets. The Board found there was no uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Board noted that in the fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Board also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the Fund. The Board also noted that the total assets in the Fund, as of December 31, 2018, were approximately $590 million.

The Board noted that the Manager has agreed to temporarily limit Fund expenses under the Expense Limitation Agreement, which has the effect of reducing expenses similar to implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of expense limits and/or advisory fee breakpoints as the Fund grows larger. The Board receives quarterly reports on the level of Fund assets. The Board expects to continue to consider: (a) the extent to which economies of scale have been realized, and (b) whether the advisory fee should be modified, either in connection with the next renewal of the Agreements or by modifying the Expense Limitation Agreement, to reflect such economies of scale, if any.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Fund’s advisory fee rate schedules was acceptable under the Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Morgan Stanley Global Real Estate Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 7

Page 7

Page 8

Page 9

Report of Independent Registered Public Accounting Firm

Page 10

Page 15

Page 16

Approval of Investment Advisory and Subadvisory Agreements

Page 17

Page 18

Information about the Board of Trustees and Officers

Page 21

AZL^® Morgan Stanley Global Real Estate Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Morgan Stanley Global Real Estate Fund and Morgan Stanley Investment Management Inc. serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Morgan Stanley Global Real Estate Fund (Class 2 Shares) (the “Fund”) returned 18.10%. That compared to a 23.06% total return for its benchmark, the FTSE EPRA/NAREIT Developed Real Estate Index¹.

Despite strong overall returns for global real estate equities, performance varied widely from sector to sector. Growing concern about a potential economic slowdown or recession, coupled with declining bond yields, increased investor demand for equities in market segments that feature predictable cash flows, such as U.S. net lease and health care real estate investment trusts² (REITs). As a result, investors were willing to pay a premium for securities in these sectors, in some cases pushing their prices more than 50% higher than the actual current value of these equities’ underlying assets. Meanwhile, share prices declined for securities in segments investors see as vulnerable in a slowing economy, such as real estate stocks in the office, retail and hotel segments.

Property stocks in Europe saw the largest gains, led by positive performance in the U.K. due to the strength of the pound and a further extension of the agreed-upon date for the country’s exit from the European Union. U.S. property stocks also rose as strength in data centers and net lease agreements offset weakness in New York City office space and large malls. Property stocks in Asia gained at a moderately slower clip, with strength in Japanese REITs partially offset by investor concerns related to political protests in Hong Kong and the ongoing U.S.-China trade war.

The Fund’s Asian portfolio detracted from relative performance during the period. Strength in Chinese real estate operating companies (REOCs) was more than offset by adverse stock selection in Japan and Hong Kong. An overweight position in Hong Kong and an underweight position in

Singapore also detracted from relative results.*

The Fund’s North American portfolio also weighed on relative performance. Primary detractors included stock selection and an overweight position in the U.S. mall sector, stock selection in the U.S. primary central business district (CBD) office sector, and underweight positions in the U.S. net lease and U.S. industrial sectors. These negative impacts more than offset the benefits from an overweight position in the U.S. primary CBD office sector.*

The European portfolio boosted the Fund’s relative performance, helped by stock selection in Continental retail, an underweight position in the German residential sector, and overweight positions in the London office specialist and U.K. Majors sectors. These gains helped the portfolio overcome the negative impact of an overweight position in Continental retail and underweight positions in Switzerland and the Nordic markets.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® Morgan Stanley Global Real Estate Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to provide income and capital appreciation. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 80% of the Fund’s assets, plus any borrowings for investment purposes, in equity securities of companies in the real estate industry, including real estate investments trusts (REITs), real estate operating companies (REOCs), and foreign real estate companies.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Small- tomid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception		1			3			5			10			Since
	Date		Year			Year			Year			Year			Inception
AZL^®Morgan Stanley Global Real Estate Fund (Class 1 Shares)		10/14/16		18.53	%		6.28	%		—			—			6.02	%
AZL^®Morgan Stanley Global Real Estate Fund (Class 2 Shares)		5/1/06		18.10	%		6.01	%		3.92	%		7.22	%		3.93	%
FTSE EPRA/NAREIT Developed Real Estate Index (gross of withholding taxes)		5/1/06		23.06	%		9.31	%		6.53	%		9.25	%		5.40	%
FTSE EPRA/NAREIT Developed Real Estate Index (net of withholding taxes)		5/1/06		21.91	%		8.28	%		5.56	%		8.37	%		4.59	%


Expense Ratios	Gross
AZL^®Morgan Stanley Global Real Estate Fund (Class 1 Shares)		1.02	%
AZL^®Morgan Stanley Global Real Estate Fund (Class 2 Shares)		1.27	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.85% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.10% for Class 1 Shares and 1.35% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

The Fund’s performance is measured against the Financial Times London Stock Exchange (“FTSE”) European Public Real Estate Association (“EPRA”)/NAREIT Developed Real Estate Index series, which is designed to represent general trends in eligible real estate stocks worldwide. Relevant real estate activities are defined as the ownership, disposal and development of income-producing real estate. The Indexes do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Index noted as “gross of withholding taxes” reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as “net of withholding taxes” reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable tonon-resident institutional investors who do not benefit from double taxation treaties. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Morgan Stanley Global Real Estate Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Morgan Stanley Global Real Estate Fund, Class 1		$	1,000.00		$	1,051.40		$	5.07		0.98	%

AZL Morgan Stanley Global Real Estate Fund, Class 2		$	1,000.00		$	1,050.80		$	6.36		1.23	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Morgan Stanley Global Real Estate Fund, Class 1		$	1,000.00		$	1,020.27		$	4.99		0.98	%

AZL Morgan Stanley Global Real Estate Fund, Class 2		$	1,000.00		$	1,019.00		$	6.26		1.23	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

United States		54.3	%

Japan		10.1

Hong Kong		7.9

France		5.4

United Kingdom		5.2

Germany		3.2

Australia		2.8

Canada		1.9

Singapore		1.7

Bermuda		1.3

All other countries		4.6


Total Common Stocks		98.4

Short-Term Securities Held as Collateral for Securities on Loan		1.4

Unaffiliated Investment Companies		0.4


Total Investment Securities		100.2

Net other assets (liabilities)		(0.2	)


Net Assets		100.0	%

AZL Morgan Stanley Global Real Estate Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (98.4%):
Diversified Banks (0.1%):
	180,630	China Merchants Commercial Real Estate Investment Trust*	$	77,196

Diversified Real Estate Activities (7.1%):
	20,800	CapitaLand, Ltd.		58,029
	131,000	Hang Lung Properties, Ltd.		286,403
	90,811	Mitsubishi Estate Co., Ltd.		1,736,293
	68,498	Mitsui Fudosan Co., Ltd.		1,673,221
	283,801	New World Development Co., Ltd.		389,250
	33,631	Sumitomo Realty & Development Co., Ltd.		1,173,179
	131,971	Sun Hung Kai Properties, Ltd.		2,024,464
	2,400	Tokyo Tatemono Co., Ltd.		37,449
	36,315	UOL Group, Ltd.		224,971

				7,603,259

Diversified REITs (6.6%):
	43	Activia Properties, Inc.		215,667
	2,783	Covivio		316,086
	6,213	Gecina SA		1,113,566
	95,214	GPT Group		374,729
	9,149	H&R Real Estate Investment Trust		148,678
	83	Hulic REIT, Inc.		150,650
	2,117	Icade		230,772
	18	Kenedix Office Investment Corp.		139,086
	98,450	Land Securities Group plc		1,293,468
	21,340	Lexington Realty Trust		226,631
	7,931	Liberty Property Trust		476,257
	54,711	Merlin Properties Socimi SA		786,182
	191,276	Mirvac Group		427,713
	311	Nomura Real Estate Master Fund, Inc.		531,555
	62	Premier Investment Corp.		87,738
	3,938	Stockland		12,789
	280	United Urban Investment Corp.		525,477

				7,057,044

Health Care REITs (3.2%):
	44,178	Healthcare Realty Trust, Inc.		1,474,220
	16,034	Healthcare Trust of America, Inc., Class A		485,510
	11,288	Healthpeak Properties, Inc.		389,097
	14,780	Senior Housing Properties Trust		124,743
	4,290	Ventas, Inc.		247,705
	8,265	Welltower, Inc.		675,912

				3,397,187

Hotel & Resort REITs (5.6%):
	137,876	DiamondRock Hospitality Co.		1,527,666
	153,496	Host Hotels & Resorts, Inc.		2,847,351
	180	Invincible Investment Corp.		102,553
	458	Japan Hotel REIT Investment Corp.		342,284
	80,687	Sunstone Hotel Investors, Inc.		1,123,163

				5,943,017

Industrial REITs (5.2%):
	204,538	Ascendas Real Estate Investment Trust		452,001
	10,370	Duke Realty Corp.		359,528
	181,600	Frasers Logistics & Industrial Trust		167,490
	277	GLPJ-REIT		344,703
	10	Industrial & Infrastructure Fund Investment Corp.		15,260
	96,000	Mapletree Logistics Trust		124,313
	64	Nippon Prologis REIT, Inc.		163,066


Shares			Fair Value
Common Stocks, continued
Industrial REITs, continued
	40,853	ProLogis, Inc.	$	3,641,636
	20,171	SERGO plc		240,741

				5,508,738

Office REITs (21.9%):
	4,951	Alexandria Real Estate Equities, Inc.		799,983
	17,951	Alstria OfficeREIT-AG		337,331
	28,389	Boston Properties, Inc.		3,913,707
	205,344	CapitaLand Commercial Trust		304,107
	20,335	Cousins Properties, Inc.		837,802
	20	Daiwa Office Investment Corp.		153,657
	12,134	Derwent Valley Holdings plc		648,002
	98,901	Dexus		813,648
	49,576	Great Portland Estates plc		565,352
	319,810	Hibernia REIT plc		506,691
	4,650	Highwoods Properties, Inc.		227,432
	35,547	Hudson Pacific Properties, Inc.		1,338,345
	33,267	Inmobiliaria Colonial Socimi SA		424,455
	47	Japan Excellent, Inc.		76,126
	137	Japan Real Estate Investment Corp.		909,014
	16,382	JBG SMITH Properties		653,478
	6,305	Kilroy Realty Corp.		528,990
	22,101	Mack-Cali Realty Corp.		511,196
	91	Mori Trust Sogo REIT, Inc.		163,412
	164	Nippon Building Fund, Inc.		1,201,899
	4,646	NSI NV		226,408
	42	Orix JREIT, Inc.		91,082
	63,456	Paramount Group, Inc.		883,308
	59,626	SL Green Realty Corp.		5,478,436
	28,599	Vornado Realty Trust		1,901,834

				23,495,695

Real Estate Development (2.6%):
	121,925	China Overseas Land & Investment, Ltd.		476,214
	92,000	China Resources Land, Ltd.		458,435
	82,540	CK Asset Holdings, Ltd.		598,234
	87,500	Longfor Group Holdings, Ltd.		410,973
	23,800	Midea Real Estate Holding, Ltd.		73,079
	1,600	Poly Property Development Co., Ltd., Class H*		9,600
	77,073	Sino Land Co., Ltd.		112,302
	33,598	St. Modwen Properties plc		221,885
	85,746	Urban & Civic plc		392,025

				2,752,747

Real Estate Operating Companies (9.1%):
	3,578	ADO Properties SA		128,966
	19,751	Atrium European Real Estate, Ltd.		76,402
	7,427	Atrium Ljungberg AB, Class B		178,892
	2,485,087	BGP Holdings plc*(a)		3,623
	58,834	Capital & Counties Properties plc		204,912
	7,446	Carmila		167,580
	6,104	Castellum AB		143,473
	26,107	Deutsche Wohnen SE		1,066,810
	23,236	Entra ASA		384,157
	5,787	Fabege AB		96,276
	43,872	First Capital Real Estate Investment Trust		698,424
	27,311	Grainger plc		113,368
	235,052	Hongkong Land Holdings, Ltd.		1,352,672
	19,174	Hufvudstaden AB		379,189

See accompanying notes to the financial statements.

AZL Morgan Stanley Global Real Estate Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Real Estate Operating Companies, continued
	15,256	Hulic Co., Ltd.	$	183,666
	27,669	Hysan Development Co., Ltd.		108,873
	16,110	Kojamo Oyj		293,827
	8,463	Kungsleden AB		88,955
	3,294	LEG Immobilien AG		390,101
	33,959	Norwegian Property ASA		54,147
	1,878	PSP Swiss Property AG		259,409
	350,729	Swire Properties, Ltd.		1,165,547
	27,528	Vonovia SE		1,481,874
	120,710	Wharf Real Estate Investment Co., Ltd.		740,228

				9,761,371

Residential REITs (11.8%):
	117	Advance Residence Investment		370,938
	11,530	American Campus Communities, Inc.		542,256
	24,291	American Homes 4 Rent, Class A		636,667
	10,101	Apartment Investment & Management Co.		521,717
	19,220	AvalonBay Communities, Inc.		4,030,433
	3,608	Boardwalk REIT		127,631
	12,875	Camden Property Trust		1,366,038
	26,062	Equity Residential		2,108,937
	2,775	Essex Property Trust, Inc.		834,887
	29,077	Invitation Homes, Inc.		871,438
	4,916	Mid-America Apartment Communities, Inc.		648,224
	10,982	UDR, Inc.		512,859

				12,572,025

Retail REITs (20.5%):
	143,180	British Land Co. plc		1,218,903
	128,152	CapitaLand Mall Trust		234,506
	13,870	Crombie REIT		170,277
	15,050	Eurocommercial Properties NV		421,930
	12	Frontier Real Estate Investment Corp.		50,464
	130,574	Hammerson plc		538,197
	58,020	Intu Properties plc*		26,190
	148	Japan Retail Fund Investment Corp.		318,234
	50,484	Klepierre		1,918,868
	189,884	Link REIT (The)		2,016,019
	115,499	Mapletree Commercial Trust		205,321
	29,534	Mercialys SA		409,388
	17,989	Regency Centers Corp.		1,134,926
	37,399	RioCan REIT		770,793


Shares or Principal Amount			Fair Value
Common Stocks, continued
Retail REITs, continued
	415,005	Scentre Group	$	1,117,048
	8,327	Shaftesbury plc		104,749
	42,288	Simon Property Group, Inc.		6,299,219
	4,065	Smart Real Estate Investment Trust		97,712
	79,301	The Macerich Co.^		2,134,783
	9,962	Unibail-Rodamco-Westfield		1,573,799
	157,918	Vicinity Centres		276,393
	25,630	Weingarten Realty Investors		800,681
	3,192	Wereldhave NV^		72,115

				21,910,515

Specialized REITs (4.7%):
	31,112	CubeSmart		979,406
	11,235	Digital Realty Trust, Inc.		1,345,279
	5,420	Extra Space Storage, Inc.		572,460
	13,517	Gaming and Leisure Properties, Inc.		581,907
	2,200	Life Storage, Inc.		238,216
	5,846	Public Storage, Inc.		1,244,964
	11	QTS Realty Trust, Inc., Class A		597

				4,962,829

	Total Common Stocks (Cost $91,410,485)			105,041,623

Short-Term Securities Held as Collateral for Securities on Loan (1.4%):
	1,469,742	BlackRock Liquidity FedFund, Institutional Class, 2.00%(b)(c)		1,469,742

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $1,469,742)			1,469,742

Unaffiliated Investment Companies (0.4%):
Money Markets (0.4%):
	435,974	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(c)		435,974

	Total Unaffiliated Investment Companies (Cost $435,974)			435,974

	Total Investment Securities (Cost $93,316,201) — 100.2%(d)			106,947,339
	Net other assets (liabilities) — (0.2)%			(238,276	)

	Net Assets — 100.0%		$	106,709,063

Percentages indicated are based on net assets as of December 31, 2019.

REIT—Real Estate Investment Trust

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $1,468,067.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(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 December 31, 2019.

(c)	The rate represents the effective yield at December 31, 2019.

(d)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL Morgan Stanley Global Real Estate Fund

Schedule of Portfolio Investments

December 31, 2019

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of December 31, 2019:

(Unaudited)


Country	Percentage

Australia		2.8	%
Bermuda		1.3	%
Canada		1.9	%
China		0.5	%
Finland		0.3	%
France		5.4	%
Germany		3.2	%
Hong Kong		7.9	%
Ireland		0.5	%
Japan		10.0	%
Jersey		0.1	%
Netherlands		0.7	%
Norway		0.4	%
Singapore		1.7	%
Spain		1.1	%
Sweden		0.8	%
Switzerland		0.2	%
United Kingdom		5.2	%
United States		56.0	%

		100.0	%

See accompanying notes to the financial statements.

AZL Morgan Stanley Global Real Estate Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	93,316,201

Investment securities, at value(a)	$	106,947,339
Interest and dividends receivable		484,616
Foreign currency, at value (cost $789,504)		801,390
Receivable for investments sold		460
Reclaims receivable		146,715
Prepaid expenses		347

Total Assets		108,380,867

Liabilities:
Payable for capital shares redeemed		84,506
Payable for collateral received on loaned securities		1,469,742
Manager fees payable		75,881
Administration fees payable		2,501
Distribution fees payable		17,841
Custodian fees payable		9,293
Administrative and compliance services fees payable		366
Transfer agent fees payable		1,732
Trustee fees payable		90
Other accrued liabilities		9,852

Total Liabilities		1,671,804

Net Assets	$	106,709,063

Net Assets Consist of:
Paid in capital	$	93,009,063
Total distributable earnings		13,700,000

Net Assets	$	106,709,063

Class 1
Net Assets	$	21,342,052
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,323,208
Net Asset Value (offering and redemption price per share)	$	9.19

Class 2
Net Assets	$	85,367,011
Shares of beneficial interest (unlimited number of shares authorized, no par value)		8,598,932
Net Asset Value (offering and redemption price per share)	$	9.93

(a)	Includes securities on loan of $1,468,067.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	3,794,596
Income from securities lending		16,331
Foreign withholding tax		(188,441	)

Total Investment Income		3,622,486

Expenses:
Manager fees		979,217
Administration fees		51,945
Distribution fees — Class 2		217,354
Custodian fees		57,205
Administrative and compliance services fees		2,041
Transfer agent fees		11,095
Trustee fees		6,443
Professional fees		5,548
Shareholder reports		12,497
Other expenses		6,030

Total expenses before reductions		1,349,375
Less expenses voluntarily waived/reimbursed by the Manager		(54,402	)

Net expenses		1,294,973

Net Investment Income/(Loss)		2,327,513

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		2,041,825
Change in net unrealized appreciation/depreciation on securities and foreign currencies		13,722,205

Net realized and Change in net unrealized gains/losses on investments		15,764,030

Change in Net Assets Resulting From Operations	$	18,091,543

See accompanying notes to the financial statements.

AZL Morgan Stanley Global Real Estate Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,327,513			$	3,010,670
Net realized gains/(losses) on investments			2,041,825				936,538
Change in unrealized appreciation/depreciation on investments			13,722,205				(13,639,310	)

Change in net assets resulting from operations			18,091,543				(9,692,102	)

Distributions to Shareholders:
Class 1			(682,097	)			(2,324,054	)
Class 2			(2,244,874	)			(8,873,299	)

Change in net assets resulting from distributions to shareholders			(2,926,971	)			(11,197,353	)

Capital Transactions:
Class 1
Proceeds from shares issued			44,075				34,084
Proceeds from dividends reinvested			682,097				2,324,054
Value of shares redeemed			(2,827,294	)			(3,513,877	)

Total Class 1 Shares			(2,101,122	)			(1,155,739	)

Class 2
Proceeds from shares issued			1,121,131				416,028
Proceeds from dividends reinvested			2,244,874				8,873,299
Value of shares redeemed			(12,924,267	)			(19,760,081	)

Total Class 2 Shares			(9,558,262	)			(10,470,754	)

Change in net assets resulting from capital transactions			(11,659,384	)			(11,626,493	)

Change in net assets			3,505,188				(32,515,948	)
Net Assets:
Beginning of period			103,203,875				135,719,823

End of period		$	106,709,063			$	103,203,875
							��
Share Transactions:
Class 1
Shares issued			4,859				3,531
Dividends reinvested			77,687				277,997
Shares redeemed			(315,353	)			(379,772	)

Total Class 1 Shares			(232,807	)			(98,244	)

Class 2
Shares issued			117,495				42,675
Dividends reinvested			236,551				983,736
Shares redeemed			(1,333,969	)			(2,031,552	)

Total Class 2 Shares			(979,923	)			(1,005,141	)

Change in shares			(1,212,730	)			(1,103,385	)

See accompanying notes to the financial statements.

AZL Morgan Stanley Global Real Estate Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016^				2015

Class 1

Net Asset Value, Beginning of Period		$	8.01			$	9.72			$	10.05			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.21	(a)			0.29				0.28				—	(a)(b)
Net Realized and Unrealized Gains/(Losses) on Investments			1.26				(1.02	)			0.67				0.05

Total from Investment Activities			1.47				(0.73	)			0.95				0.05


Distributions to Shareholders From:
Net Investment Income			(0.29	)			(0.42	)			(0.43	)			—
Net Realized Gains			—				(0.56	)			(0.85	)			—

Total Dividends			(0.29	)			(0.98	)			(1.28	)			—

Net Asset Value, End of Period		$	9.19			$	8.01			$	9.72			$	10.05

Total Return(c)			18.53	%			(7.91	)%			10.00	%			0.50	%(d)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	21,342			$	20,484			$	25,794			$	27,302
Net Investment Income/(Loss)(e)			2.34	%			2.67	%			2.38	%			0.13	%
Expenses Before Reductions(e)(f)			1.04	%			1.02	%			1.03	%			1.04	%
Expenses Net of Reductions(e)			0.99	%			0.97	%			0.98	%			1.03	%
Portfolio Turnover Rate(g)			24	%			34	%			33	%			52	%

Class 2

Net Asset Value, Beginning of Period		$	8.64			$	10.39			$	10.68			$	10.51			$	11.11

Investment Activities:
Net Investment Income/(Loss)			0.20	(a)			0.29				0.27				0.20				0.22
Net Realized and Unrealized Gains/(Losses) on Investments			1.35				(1.09	)			0.71				0.13				(0.39	)

Total from Investment Activities			1.55				(0.80	)			0.98				0.33				(0.17	)

Distributions to Shareholders From:
Net Investment Income			(0.26	)			(0.39	)			(0.42	)			(0.16	)			(0.43	)
Net Realized Gains			—				(0.56	)			(0.85	)			—				—

Total Dividends			(0.26	)			(0.95	)			(1.27	)			(0.16	)			(0.43	)

Net Asset Value, End of Period		$	9.93			$	8.64			$	10.39			$	10.68			$	10.51

Total Return(c)			18.10	%			(8.07	)%			9.72	%			3.14	%			(1.34	)%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	85,367			$	82,720			$	109,926			$	115,339			$	159,821
Net Investment Income/(Loss)			2.09	%			2.41	%			2.17	%			1.84	%			1.70	%
Expenses Before Reductions(f)			1.29	%			1.27	%			1.28	%			1.29	%			1.29	%
Expenses Net of Reductions			1.24	%			1.22	%			1.23	%			1.29	%			1.29	%
Portfolio Turnover Rate(g)			24	%			34	%			33	%			52	%			25	%

^	Class 1 activity is for the period October 17, 2016 (commencement of operations) to December 31, 2016.

(a)	Calculated using the average shares method.

(b)	Represents less than $0.005.

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

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

(e)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL Morgan Stanley Global Real Estate Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Morgan Stanley Global Real Estate Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on theex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL Morgan Stanley Global Real Estate Fund

Notes to the Financial Statements

December 31, 2019

expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,610 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,469,742 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Morgan Stanley Investment Management Inc. (“MSIM”), MSIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Morgan Stanley Global Real Estate Fund Class 1		0.90	%		1.10	%

AZL Morgan Stanley Global Real Estate Fund Class 2		0.90	%		1.35	%

*	The Manager voluntarily reduced the management fee to 0.85% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

AZL Morgan Stanley Global Real Estate Fund

Notes to the Financial Statements

December 31, 2019

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $826 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL Morgan Stanley Global Real Estate Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total
Common Stocks+			60,180,135			44,857,865			3,623			105,041,623
Short-Term Securities Held as Collateral for Securities on Loan			1,469,742			—			—			1,469,742
Unaffiliated Investment Companies			435,974			—			—			435,974

Total Investments		$	62,085,851		$	44,857,865		$	3,623		$	106,947,339

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Morgan Stanley Global Real Estate Fund		$	25,763,242		$	38,050,871

6. Investment Risks

Real Estate Investments Risk: The performance of REITs depends on the strength of real estate markets, REIT management and property management which can be affected by many factors, including national and regional economic conditions.

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $96,718,739. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	13,531,808
Unrealized (depreciation)		(3,303,208	)

Net unrealized appreciation/(depreciation)	$	10,228,600

During the year ended December 31, 2019, the Fund utilized $572,504 in CLCFs to offset capital gains.

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL Morgan Stanley Global Real Estate Fund		$	—		$	250,198		$	250,198

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Morgan Stanley Global Real Estate Fund		$	2,926,971		$	—		$	2,926,971

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

AZL Morgan Stanley Global Real Estate Fund

Notes to the Financial Statements

December 31, 2019

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Morgan Stanley Global Real Estate Fund		$	4,691,715		$	6,505,638		$	11,197,353

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Morgan Stanley Global Real Estate Fund		$	3,709,438		$	—		$	(250,198	)		$	10,240,760		$	13,700,000

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on washsales, mark-to-market of passive foreign investment companies and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 95% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Morgan Stanley Global Real Estate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Morgan Stanley Global Real Estate Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 0.02% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the control of the Board, administers each Fund’s business and other affairs. Under the Management Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for other to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As each Fund is a manager of managers fund, the Manager is authorized, under the Management Agreement, to retain one or more Subadvisers for each Fund to handleday-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board for selection as a Subadviser. The Board was aware that, notwithstanding the retention of the Subadvisers to handleday-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Board regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with everyin-person quarterly Board meeting, as well as the summer and fall 2019 contract review process, the Board receives extensive information on the performance results of each of the Funds. This includes performance information on the Funds for the previous quarter, and previousone-, three- and five-year periods. (For Funds that have been in existence for less than five years, the Board receives performance information on shorter time periods to the extent available.) The performance information considered includes information on absolute total return, performance versus the appropriate benchmark(s), and performance versus peer groups as reported by Lipper. For example, in connection with the Board meetings held June 18 and September 18, 2019, the Manager reported that for theone-year period ended December 31, 2018, seven Funds were in the top 40%, seven were in the middle 20%, and six were in the bottom 40%, and for the three-year period ended December 31, 2018, ten Funds were in the top 40%, three were in the middle 20% and five were in the bottom 40%. The Manager also reported that for the five-year period ended December 31, 2018, seven Funds were in the top 40%, three were in the middle 20%, and three were in the bottom 40%. For Funds which are index funds, the Board each quarter also receives information on the extent, if any, that such Funds deviate from their particular benchmark index (referred to as “index attribution”).

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

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The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® MSCI Emerging Markets Equity Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 18

Page 18

Page 19

Page 20

Report of Independent Registered Public Accounting Firm

Page 21

Page 26

Page 27

Approval of Investment Advisory and Subadvisory Agreements

Page 28

Page 29

Information about the Board of Trustees and Officers

Page 32

AZL^® MSCI Emerging Markets Equity Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® MSCI Emerging Markets Equity Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® MSCI Emerging Markets Equity Index Fund (Class 2 Shares) (the “Fund”) returned 17.18%. That compared to a 18.90% total return for its benchmark, the MSCI Emerging Markets Index¹.

The Fund seeks investment results, before fees, expenses and fair value adjustments to its portfolio at the close of the New York Stock Exchange, that correspond to the performance of the MSCI Emerging Markets Index (“Index”). The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of emerging markets equities.*

In the first quarter of 2019, all sectors of the benchmark advanced as improved U.S.-China trade relations and relief from tightening financial conditions helped improve investor sentiment. An extended pause in the tariff hikes helped China gain strongly in the quarter, contributing to more than half of the benchmark’s total return for the start of the year. China’s pivot toward stimulus also gave that nation’s equities a boost. Elsewhere, Taiwan and South Korea underperformed other emerging markets equities due to lower exports. In Latin America, Colombian equities outperformed, leading all emerging markets countries in the quarter. However, Colombian stocks were still below their 2012 highs.

A weaker U.S. dollar generally supported the overall Index in the second quarter, with some added volatility provided by global trade tensions. Weakness was particularly evident in the Asia Pacific region, with China and South Korea markets declining over the quarter. Mexico declined 7% in May after the U.S. targeted the country with import tariffs, only to rebound later in the quarter after the administration reneged on its threats. Eastern Europe outperformed other regions for the quarter, and Russia outperformed due to a relatively stable economic backdrop and favourable crude oil conditions.

The third quarter saw an overall decline in emerging markets stocks, with China contributing nearly a third of the Index’s losses. Geopolitical tensions, including escalating trade war rhetoric from President Trump, continued to drive China’s underperformance. A slowing economy and protests in Hong Kong also added to investor unease. Turkey was the Index’s top performer, as investors ignored President Erdogan’s removal of central bank management, focusing instead on his promise to return to fast-growth economic conditions.

By the fourth quarter, investors’ appetite for risk returned due to easing global trade tensions, stable economic growth, and easy monetary policies. Chinese stocks rose on progress in trade deal negotiations with the U.S. Taiwan was the Index’s top gainer for the quarter on a rebound in the semiconductor industry, while Russia posted robust gains on strengthening oil prices.

All sectors of the Index posted positive returns, with the largest gains in the information technology, consumer discretionary, and real estate sectors. The smallest returns were in the healthcare, materials, and industrials sectors.

The Fund underperformed its benchmark primarily due to the impacts of fair value pricing and expenses incurred by the Fund.*

Past performance does not guarantee future results.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® MSCI Emerging Markets Equity Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to match the performance of the MSCI Emerging Markets Index as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 90% of its assets in the securities of the MSCI Emerging Markets Index (the “Underlying Index”) and in depositary receipts representing securities in its Underlying Index.

Investment Concerns

Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception Date		1 Year			3 Year			5 Year			10 Year
AZL^®MSCI Emerging Markets Equity Index Fund (Class 1 Shares)		5/6/07		17.55	%		10.89	%		5.58	%		3.33	%
AZL^®MSCI Emerging Markets Equity Index Fund (Class 2 Shares)		5/1/06		17.18	%		10.62	%		5.32	%		3.07	%
MSCI Emerging Markets Index (gross of withholding taxes)		5/1/06		18.90	%		11.99	%		6.01	%		4.04	%
MSCI Emerging Markets Index (net of withholding taxes)		5/1/06		18.42	%		11.57	%		5.61	%		3.68	%


Expense Ratios	Gross
AZL^®MSCI Emerging Markets Equity Index Fund (Class 1 Shares)		1.03	%
AZL^®MSCI Emerging Markets Equity Index Fund (Class 2 Shares)		1.28	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.45% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.85% for Class 1 Shares and 1.10% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

The Fund’s performance is measured against the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index, an unmanaged free float-adjusted market capitalization index that is designed to measure equity performance of emerging markets. The Indexes do not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Index noted as “gross of withholding taxes” reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as “net of withholding taxes” reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable tonon-resident institutional investors who do not benefit from double taxation treaties. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL MSCI Emerging Markets Equity Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL MSCI Emerging Markets Equity Index Fund, Class 1		$	1,000.00		$	1,065.70		$	3.91		0.75	%

AZL MSCI Emerging Markets Equity Index Fund, Class 2		$	1,000.00		$	1,063.80		$	5.20		1.00	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL MSCI Emerging Markets Equity Index Fund, Class 1		$	1,000.00		$	1,021.42		$	3.82		0.75	%

AZL MSCI Emerging Markets Equity Index Fund, Class 2		$	1,000.00		$	1,020.16		$	5.09		1.00	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		24.4	%

Information Technology		15.6

Consumer Discretionary		12.9

Communication Services		12.1

Energy		7.4

Materials		7.3

Consumer Staples		6.3

Industrials		5.2

Real Estate		3.0

Health Care		2.8

Utilities		2.5


Total Common and Preferred Stocks		99.5

Warrants		—	^†

Rights		—	^†

Securities Held as Collateral for Securities on Loan		0.7

Unaffiliated Investment Companies		0.2


Total Investment Securities		100.4

Net other assets (liabilities)		(0.4	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (97.5%):
Aerospace & Defense (0.2%):
	19,599	Aecc Aviation Power Co., Ltd.	$	61,006
	15,085	Aselsan Elektronik Sanayi Ve Ticaret AS		53,220
	20,300	Avic Aircraft Co., Ltd.		47,751
	139,000	AviChina Industry & Technology Co., Ltd., Class H		62,690
	32,295	Embraer SA*		158,424
	3,628	Korea Aerospace Industries, Ltd.		106,667

				489,758

Air Freight & Logistics (0.2%):
	9,054	BEST, Inc., ADR*^		50,340
	1,014	Hyundai Glovis Co., Ltd.		125,132
	10,500	SF Holding Co., Ltd., Class A		56,080
	211,000	Sinotrans, Ltd.		71,879
	10,700	Yunda Holding Co., Ltd., Class A		51,159
	15,645	ZTO Express Cayman, Inc., ADR		365,312

				719,902

Airlines (0.3%):
	98,000	Air China, Ltd.		99,836
	89,500	AirAsia Berhad		37,223
	200,000	China Airlines, Ltd.		60,460
	39,299	China Eastern Airlines Corp., Ltd.*		32,795
	110,000	China Eastern Airlines Corp., Ltd., Class H*		61,006
	132,000	China Southern Airlines Co., Ltd., Class H		89,072
	170,676	Eva Airways Corp.		78,349
	4,189	InterGlobe Aviation, Ltd.		78,398
	2,231	Korean Air Lines Co., Ltd.		54,865
	14,767	Latam Airlines Group SA		148,260
	28,736	Turk Hava Yollari Anonim Ortakligi*		70,012

				810,276

Auto Components (0.5%):
	10,860	Bharat Forge, Ltd.		73,527
	395	Bosch, Ltd.		85,019
	109,000	Cheng Shin Rubber Industry Co., Ltd.		152,031
	182,000	China First Capital Group, Ltd.*		6,310
	37,600	Fuyao Glass Industry Group Co., Ltd., Class H		115,272
	4,407	Hankook Tire & Technology Co., Ltd.		127,520
	9,990	Hanon Systems		96,228
	10,400	Huayu Automotive Systems Co., Ltd.		38,816
	3,398	Hyundai Mobis Co., Ltd.		751,512
	51,252	Motherson Sumi Systems, Ltd.		105,463
	45,000	Nexteer Automotive Group, Ltd.		40,849

				1,592,547

Automobiles (1.6%):
	1,060,900	Astra International Tbk PT		526,997
	37,800	BAIC BluePark New Energy Technology Co., Ltd., Class A*		31,722
	91,500	BAIC Motor Corp., Ltd., Class H		51,958
	4,208	Bajaj Auto, Ltd.		187,811
	146,000	Brilliance China Automotive Holdings, Ltd.		151,821
	7,533	BYD Co., Ltd.		51,558
	28,500	BYD Co., Ltd., Class H^		142,163
	25,400	Chongqing Changan Automobile Co., Ltd., Class A		36,576
	146,000	Dongfeng Motor Group Co., Ltd., Class H		137,562
	710	Eicher Motors, Ltd.		224,205
	2,009	Ford Otomotiv Sanayi AS		23,986
	265,000	Geely Automobile Holdings, Ltd.		519,786
	165,500	Great Wall Motor Co., Ltd., Class H		122,663


Shares			Fair Value
Common Stocks, continued
Automobiles, continued
	151,200	Guangzhou Automobile Group Co., Ltd.	$	188,510
	5,310	Hero MotoCorp, Ltd.		181,896
	1,155	Hyundai Motor Co., Ltd.		71,599
	7,765	Hyundai Motor Co., Ltd.		807,515
	13,113	Kia Motors Corp.		499,555
	40,951	Mahindra & Mahindra, Ltd.		305,383
	5,620	Maruti Suzuki India, Ltd.		580,462
	33,235	NIO, Inc., ADR*^		133,605
	26,000	SAIC Motor Corp., Ltd.		89,117
	86,420	Tata Motors, Ltd.*		224,385

				5,290,835

Banks (15.3%):
	38,057	Absa Group, Ltd.		406,626
	143,767	Abu Dhabi Commercial Bank		310,107
	194,200	Agricultural Bank of China, Ltd.		102,950
	1,582,000	Agricultural Bank of China, Ltd., Class A		697,677
	139,318	Akbank T.A.S.*		190,388
	63,193	Al Rajhi Bank		1,102,064
	40,604	Alinma Bank		274,535
	66,493	Alpha Bank SA*		143,725
	89,500	AMMB Holdings Berhad		85,618
	32,502	Arab National Bank		237,549
	111,115	Axis Bank, Ltd.		1,175,030
	63,797	Banco Bradesco SA		540,419
	2,458,910	Banco de Chile		260,778
	2,424	Banco de Credito e Inversiones		109,991
	46,074	Banco do Brasil SA		605,079
	2,358	Banco Macro SA, ADR		85,478
	22,408	Banco Santander Brasil SA		275,894
	2,964,227	Banco Santander Chile		169,610
	12,806	Bancolombia SA		171,514
	24,317	Bancolombia SA		339,008
	19,119	Bandhan Bank, Ltd.		136,241
	23,500	Bangkok Bank Public Co., Ltd.		125,518
	18,699	Bank AlBilad		134,260
	19,448	BankAl-Jazira		78,016
	987,400	Bank Mandiri Persero Tbk PT		544,444
	30,133	Bank Millennium SA*		46,576
	35,300	Bank of Beijing Co., Ltd., Class A		28,804
	4,145,000	Bank of China, Ltd.		1,774,980
	57,900	Bank of China, Ltd., Class A		30,677
	202,799	Bank of Communications Co., Ltd., Class A		164,007
	356,000	Bank of Communications Co., Ltd., Class H		253,762
	55,800	Bank of Jiangsu Co., Ltd.		58,026
	39,000	Bank of Nanjing Co., Ltd.		49,147
	17,600	Bank of Ningbo Co., Ltd.		71,100
	55,170	Bank of Shanghai Co., Ltd., Class A		75,210
	43,656	Bank of the Philippine Islands		75,775
	8,099	Bank Pekao SA		214,685
	26,150	Banque Saudi Fransi		264,369
	102,044	BDO Unibank, Inc.		318,177
	15,577	BNK Financial Group, Inc.		102,931
	2,445	Capitec Bank Holdings, Ltd.		252,803
	293,090	Chang Hwa Commercial Bank		221,983
	298,000	China Citic Bank Co., Ltd.		178,998
	121,100	China Citic Bank Corp., Ltd.		107,349
	5,042,000	China Construction Bank		4,365,337

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	32,600	China Construction Bank Corp.	$	33,844
	688,000	China Development Financial Holding Corp.		223,393
	175,600	China Everbright Bank Co., Ltd.		111,273
	67,000	China Everbright Bank Co., Ltd., Class H		31,139
	63,244	China Merchants Bank Co., Ltd.		341,380
	202,000	China Merchants Bank Co., Ltd.		1,041,238
	387,800	China Minsheng Banking Corp., Ltd.		293,715
	104,500	China Minsheng Banking Corp., Ltd., Class A		94,620
	125,000	Chongqing Rural Commercial Bank Co., Ltd.		63,825
	259,100	CIMB Group Holdings Berhad		326,370
	97,915	Commercial Bank of Qatar Qsc (The)		126,483
	70,902	Commercial International Bank Egypt SAE		367,894
	3,434	Credicorp, Ltd.		731,888
	938,000	CTBC Financial Holding Co., Ltd.		701,470
	88,063	Dubai Islamic Bank		132,041
	550,502	E.Sun Financial Holding Co., Ltd.		512,876
	149,206	Eurobank Ergasias SA*		154,463
	141,078	First Abu Dhabi Bank PJSC		581,559
	527,417	First Financial Holdings Co., Ltd.		417,081
	190,023	Grupo Aval Acciones y Valores		84,449
	138,083	Grupo Financiero Banorte SAB de C.V.		771,746
	5,271	Grupo Financiero Galicia SA, ADR		85,548
	116,556	Grupo Financiero Inbursa SAB de C.V., Class O		142,988
	42,000	Habib Bank, Ltd.		42,693
	16,035	Hana Financial Holdings Group, Inc.		509,049
	34,500	Hong Leong Bank Berhad		145,977
	15,800	Hong Leong Financial Group Berhad		65,310
	411,160	Hua Nan Financial Holdings Co., Ltd.		301,829
	26,900	Huaxia Bank Co., Ltd., Class A		29,634
	250,239	ICICI Bank, Ltd.		1,895,829
	173,500	Industrial & Commercial Bank of China, Ltd., Class A		146,492
	3,380,000	Industrial & Commercial Bank of China, Ltd., Class H		2,609,194
	70,400	Industrial Bank Co., Ltd.		200,198
	13,164	Industrial Bank of Korea (IBK)		134,306
	7,398,237	Itau Corpbanca		42,923
	238,912	Itausa — Investimentos Itau S.A.		836,964
	71,200	Kasikornbank Public Co., Ltd.		356,894
	37,100	Kasikornbank Public Co., Ltd.		185,966
	20,386	KB Financial Group, Inc.		841,871
	4,795	Komercni Banka AS		175,640
	186,800	Krung Thai Bank		101,915
	210,601	Malayan Banking Bhd		445,226
	195,841	Masraf Al Rayan		213,050
	792	mBank SA*		81,337
	5,710	MCB Bank, Ltd.		7,561
	572,000	Mega Financial Holdings Co., Ltd.		584,322
	89,092	Metropolitan Bank & Trust		116,296
	24,321	Moneta Money Bank AS		91,279
	27,526	National Bank of Greece*		93,490
	64,284	National Commercial Bank		844,372
	18,910	Nedcor, Ltd.		289,762
	11,383	OTP Bank Nyrt		596,388
	51,000	Ping An Bank Co., Ltd., Class A		120,494
	423,000	Postal Savings Bank of China Co., Ltd., Class H		287,823
	47,327	Powszechna Kasa Oszczednosci Bank Polski SA		430,403
	518,400	PT Bank Central Asia Tbk		1,245,613
	405,100	PT Bank Negara Indonesia Tbk		228,499


Shares			Fair Value
Common Stocks, continued
Banks, continued
	2,936,500	PT Bank Rakyat Indonesia Tbk	$	926,921
	159,700	PT Bank Tabungan Negara Tbk		24,302
	166,000	Public Bank Berhad		789,823
	36,809	Qatar International Islamic Bank QSC		97,887
	61,890	Qatar Islamic Bank		261,202
	234,503	Qatar National Bank		1,326,328
	84,100	RHB Bank Bhd		118,885
	59,632	Riyad Bank		381,610
	52,608	Samba Financial Group		455,336
	1,858	Santander Bank Polska SA		150,710
	337,533	Sberbank of Russia		1,388,485
	56,886	Sberbank of Russia, ADR		932,930
	15,760	Security Bank Corp.		60,696
	174,724	Shanghai Commercial & Savings Bank, Ltd. (The)		303,337
	106,500	Shanghai Pudong Development Bank Co., Ltd.		188,877
	23,160	Shinhan Financial Group Co., Ltd.		866,289
	39,600	Siam Commercial Bank Public Co., Ltd.		160,374
	572,800	SinoPac Financial Holdings Co., Ltd.		248,478
	68,923	Standard Bank Group, Ltd.		829,927
	95,098	State Bank of India*		446,394
	516,580	Taishin Financial Holding Co., Ltd.		249,884
	315,863	Taiwan Business Bank		132,796
	471,876	Taiwan Cooperative Financial Holding Co., Ltd.		326,719
	38,586	The Saudi British Bank		357,194
	858,486	TMB Bank PCL		47,825
	117,261	Turkiye Garanti Bankasi AS*		220,130
	75,100	Turkiye Is Bankasi AS, Class C*		81,107
	47,619	VTB Bank OJSC, GDR		69,916
	46,456,639	VTB Bank PJSC		34,433
	22,157	Woori Financial Group, Inc.*		222,172

				50,328,064

Beverages (1.4%):
	244,587	Ambev SA Com Npv		1,135,365
	14,344	Anadolu Efes Biracilik ve Malt Sanayii AS		55,767
	1,900	Anhui Gujing Distillery Co., Ltd., Class A		37,081
	4,100	Anhui Kouzi Distillery Co., Ltd., Class A		32,326
	23,155	Arca Continental SAB de C.V.		122,468
	3,700	Beijing Shunxin Agriculture Co., Ltd., Class A		27,985
	78,000	China Resources Beer Holdings Co., Ltd.		432,057
	200	Chongqing Brewery Co., Ltd., Class A		1,492
	28,683	Coca-Cola Femsa S.A.B de C.V.		174,315
	7,901	Compania Cervecerias Unidas SA		77,486
	29,393	Embotelladora Andina SA		85,226
	99,964	Fomento Economico Mexicano S.A.B. de C.V.		944,843
	6,500	Fraser & Neave Holdings Bhd		55,358
	7,100	Jiangsu King’s Luck Brewery JSC, Ltd., Class A		33,353
	4,900	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		77,777
	3,972	Kweichow Moutai Co., Ltd.		675,312
	5,200	Luzhou Laojiao Co., Ltd.		64,711
	42,900	Osotspa PCL		57,823
	3,300	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A		42,498
	22,000	Tsingtao Brewery Co., Ltd., Class H		147,846
	15,186	United Spirits, Ltd.*		127,799
	11,600	Wuliangye Yibin Co., Ltd., Class A		221,537

				4,630,425

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Biotechnology (0.4%):
	68,000	3SBio, Inc.*^	$	88,213
	4,998	Celltrion, Inc.*		776,611
	5,400	Chongqing Zhifei Biological Products Co., Ltd., Class A		38,503
	922	Helixmith Co., Ltd.*		73,309
	9,300	Hualan Biological Engineering, Inc., Class A		46,950
	42,500	Innovent Biologics, Inc.*		144,983
	241	Medy-Tox, Inc.		62,579
	2,500	Shenzhen Kangtai Biological Products Co., Ltd., Class A		31,424
	8,400	Walvax Biotechnology Co., Ltd., Class A		39,166

				1,301,738

Building Products (0.1%):
	9,700	Beijing New Building Materials plc, Class A		35,451
	70,000	China Lesso Group Holdings, Ltd.		89,872
	310	KCC Corp.		62,949

				188,272

Capital Markets (1.6%):
	4,300	Anxin Trust Co., Ltd., Class A*		2,742
	109,538	B3SA- Brasil Bolsa Balcao		1,170,275
	12,108	Banco BTG Pactual SA		229,185
	410,000	China Cinda Asset Management Co., Ltd., Class H		93,171
	56,000	China Ding Yi Feng Holdings, Ltd.		575
	48,000	China Everbright, Ltd.		89,884
	164,000	China Galaxy Securities Co.		96,831
	535,000	China Huarong Asset Management Co., Ltd., Class H		84,491
	77,200	China International Capital Corp., Ltd.		149,295
	24,800	China Merchants Securities Co., Ltd.		65,233
	29,100	Citic Securities Co., Ltd., Class A		105,756
	112,000	Citic Securities Co., Ltd., Class A		256,430
	8,700	CSC Financial Co., Ltd., Class A		37,984
	28,200	East Money Information Co., Ltd., Class A		63,883
	53,600	Founder Securities Co., Ltd., Class A		66,801
	77,400	GF Securities Co., Ltd.		94,309
	15,400	GF Securities Co., Ltd., Class A		33,599
	34,899	Guosen Securities Co., Ltd., Class A		62,968
	38,000	Guotai Junan Securities Co., Ltd.		67,414
	30,400	Guotai Junan Securities Co., Ltd.		80,738
	28,600	Haitong Securities Co., Ltd.		63,597
	149,200	Haitong Securities Co., Ltd.		176,486
	1,835	HDFC Asset Management Co., Ltd.		82,391
	2,100	Hithink RoyalFlush Information Network Co., Ltd., Class A		32,926
	23,600	Huatai Securities Co., Ltd., Class A		68,850
	100,800	Huatai Securities Co., Ltd., Class H		178,608
	15,336	Investec, Ltd.		91,065
	2,234	Korea Investment Holdings Co., Ltd.		139,579
	10,139	Meritz Securities Co., Ltd.*		33,187
	22,454	Mirae Asset Daewoo Co., Ltd.		146,193
	6,300	Nanjing Securities Co., Ltd., Class A		11,684
	7,349	NH Investment & Securities Co., Ltd.		80,478
	1,631	Noah Holdings, Ltd., ADR*^		57,688
	20,500	Orient Securities Co., Ltd./China		31,678
	63,900	Pacific Securities Co. Ltd/The, Class A*		34,775
	8,013	Reinet Investments SCA		158,855
	3,512	Samsung Securities Co., Ltd.		117,013
	26,100	SDIC Capital Co., Ltd., Class A		56,822


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	129,100	Shenwan Hongyuan Group Co., Ltd.	$	94,914
	73,012	The Moscow Exchange		127,040
	520,000	Yuanta Financial Holding Co., Ltd.		350,522

				4,985,915

Chemicals (2.4%):
	6,959	Advanced Petrochemical Co.		91,655
	15,321	Asian Paints, Ltd.		383,273
	9,301	Berger Paints India, Ltd.		67,240
	185,000	Formosa Chemicals & Fibre Corp.		540,567
	235,000	Formosa Plastics Corp.		783,311
	6,038	Hanwha Chemical Corp.		98,042
	24,900	Hengli Petrochemical Co., Ltd.		57,524
	16,379	Hengyi Petrochemical Co., Ltd., Class A		32,763
	85,200	Indorama Ventures PCL		98,545
	940	Kumho Petrochemical Co., Ltd.		62,827
	379	LG Chem, Ltd.		56,598
	2,435	LG Chem, Ltd.		666,120
	949	Lotte Chemical Corp.		183,079
	237,213	Mesaieed Petrochemical Holding Co.		163,473
	270,000	Nan Ya Plastics Corp.		656,330
	16,206	National Industrialization Co.*		59,134
	825	OCI Co., Ltd.		44,740
	56,129	Orbia Advance Corp SAB de CV		119,722
	131,000	Petronas Chemicals Group Berhad		235,493
	6,230	Phosagro OAO, GDR		79,200
	6,288	Pidilite Industries, Ltd.		122,428
	1,233,300	PT Barito Pacific Tbk*		134,075
	120,700	PTT Global Chemical Public Co., Ltd.		228,367
	37,100	Rongsheng Petro Chemical Co., Ltd., Class A		66,021
	16,532	Sahara International Petrochemical Co.		79,199
	29,759	Sasol, Ltd.		647,845
	8,038	Saudi Arabian Fertilizer Co.		166,150
	40,483	Saudi Basic Industries Corp.		1,013,648
	9,924	Saudi Industrial Investment Group		63,536
	47,991	Saudi Kayan Petrochemical Co.*		142,061
	240,000	Sinopec Shanghai Petrochemical Co., Ltd., Class H		72,445
	5,640	Sociedad Quimica y Minera de Chile SA		150,925
	9,360	Tianqi Lithium Corp., Class A		40,487
	28,733	UPL, Ltd.		235,398
	9,000	Wanhua Chemical Group Co., Ltd.		72,596
	11,140	Yanbu National Petrochemical Co.		166,084
	14,800	Zhejiang Longsheng Group Co., Ltd., Class A		30,751

				7,911,652

Commercial Services & Supplies (0.2%):
	16,500	A-Living Services Co., Ltd., Class H		57,118
	221,222	China Everbright International, Ltd.		177,660
	58,000	Country Garden Services Holdings Co., Ltd.		195,691
	44,000	Greentown Service Group Co., Ltd.		48,069
	929	S1 Corp.		75,289
	5,700	Shanghai M&G Stationery, Inc., Class A		39,890

				593,717

Communications Equipment (0.2%):
	28,000	Accton Technology Corp.		156,986
	35,000	BYD Electronic International Co., Ltd.		67,267
	1,175	KMW Co., Ltd.*		51,859
	4,900	Shenzhen Sunway Communication Co., Ltd., Class A*		31,983

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Communications Equipment, continued
	3,100	Yealink Network Technology Corp., Ltd., Class A	$	32,245
	8,300	ZTE Corp.*		42,187
	40,400	ZTE Corp., Class H*		123,785

				506,312

Construction & Engineering (0.7%):
	261,000	China Communications Construction Co., Ltd.		212,770
	42,098	China Railway Construction Corp., Ltd., Class A		61,303
	94,000	China Railway Construction Corp., Ltd., Class H		103,067
	210,000	China Railway Group, Ltd.		129,696
	85,500	China Railway Group, Ltd., Class A		72,961
	134,200	China State Construction Engineering Corp., Ltd.		108,303
	90,000	China State Construction International Holdings, Ltd.		81,976
	1,453	Daelim Industrial Co., Ltd.		113,350
	9,015	Daewoo Engineering & Construct*		36,726
	75,400	Gamuda Berhad		71,928
	3,761	GS Engineering & Construction Corp.		100,428
	1,359	HDC Hyundai Development Co.-Engineering & Construction		30,104
	4,352	Hyundai Engineering & Construction Co., Ltd.		158,219
	114,300	IJM Corporation Berhad		60,670
	25,493	Larsen & Toubro, Ltd.		464,175
	149,000	Metallurgical Corp of China, Ltd., Class H		33,483
	71,700	Metallurgical Corp. of China, Ltd.		28,829
	91,700	Power Construction Corp. of China, Ltd.		57,162
	8,382	Samsung Engineering Co., Ltd.*		138,829
	67,500	Sinopec Engineering Group Co., Ltd.		40,433

				2,104,412

Construction Materials (1.1%):
	31,843	Ambuja Cements, Ltd.		87,656
	23,700	Anhui Conch Cement Co., Ltd., Class A		186,758
	52,500	Anhui Conch Cement Co., Ltd., Class H		383,653
	114,000	Asia Cement Corp.		182,497
	99,900	BBMG Corp.		53,556
	113,000	BBMG Corp., Class H		34,725
	9,100	Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A		34,398
	833,802	Cemex SAB de C.V.		312,292
	200,000	China National Buildings Material Co., Ltd.		223,444
	130,000	China Resources Cement Holdings, Ltd.		165,610
	17,906	Grasim Industries, Ltd.		186,843
	14,963	Grupo Argos SA		81,072
	995	POSCO Chemical Co., Ltd.		42,263
	99,700	PT Indocement Tunggal Prakarsa Tbk		136,830
	158,500	PT Semen Indonesia (Persero) Tbk		136,778
	3,423	Saudi Cement Co.		63,980
	447	Shree Cement, Ltd.		127,748
	8,700	Siam Cement PCL		113,430
	245,925	Taiwan Cement Corp.		358,883
	30,800	The Siam Cement Public Co., Ltd.		401,568
	1,679	Titan Cement International SA*		35,962
	5,328	Ultra Tech Cement, Ltd.		302,146

				3,652,092

Consumer Finance (0.3%):
	9,199	Bajaj Finance, Ltd.		546,495
	13,812	Mahindra & Mahindra Financial Services		62,571
	28,300	Muangthai Capital PCL, Class R		60,128


Shares			Fair Value
Common Stocks, continued
Consumer Finance, continued
	6,884	Qudian, Inc., ADR*	$	32,424
	1,493	Samsung Card Co., Ltd.		49,801
	8,554	Shriram Transport Finance		140,360
	41,700	Srisawad Corp PCL		95,026

				986,805

Containers & Packaging (0.1%):
	35,728	Klabin SA		163,539
	5,000	Yunnan Energy New Material Co., Ltd.		36,260

				199,799

Diversified Consumer Services (0.6%):
	19,000	China East Education Holdings, Ltd.*		39,812
	25,000	China Education Group Holdings, Ltd.^		32,782
	73,999	Cogna Educacao		210,296
	7,324	New Oriental Education & Technology Group, Inc., ADR*		888,035
	19,797	TAL Education Group, ADR*		954,215

				2,125,140

Diversified Financial Services (1.0%):
	15,390	Ayala Corp.		238,407
	63,292	Chailease Holding Co., Ltd.		291,858
	142,000	Far East Horizon, Ltd.		133,268
	179,198	FirstRand, Ltd.		806,352
	356,000	Fubon Financial Holdings Co., Ltd.		551,573
	12,163	Grupo de Inversiones Suramericana SA		125,879
	5,763	GT Capital Holdings, Inc.		96,486
	50,558	Haci Omer Sabanci Holding AS		81,263
	757,800	Metro Pacific Investments Corp.		51,643
	8,314	PSG Group, Ltd.		139,123
	31,853	REC, Ltd.		63,920
	28,668	Remgro, Ltd.		400,010
	43,522	RMB Holdings, Ltd.		250,498

				3,230,280

Diversified Telecommunication Services (1.4%):
	16,641	Bharti Infratel, Ltd.		58,979
	132,000	China Communications Services Corp., Ltd.		96,488
	672,000	China Telecom Corp., Ltd., Class H		275,819
	2,218,000	China Tower Corp., Ltd., Class H		490,617
	326,000	China Unicom Hong Kong, Ltd.		307,761
	190,000	Chunghwa Telecom Co., Ltd.		697,391
	91,867	Emirates Telecommunications Group Co. PJSC		408,776
	14,100	Hellenic Telecommunications Organization SA (OTE)		225,517
	4,921	LG Uplus Corp.		60,377
	51,410	Ooredoo Qsc		100,002
	23,636	Orange Polska SA*		44,362
	2,601,900	PT Telekomunikasi Indonesia Tbk		741,380
	21,370	Saudi Telecom Co.		580,127
	5,248	Telecom Argentina SA, ADR		59,565
	23,998	Telefonica Brasil		345,948
	37,200	Telekom Malaysia Berhad		34,760
	13,265	Telkom SA SOC, Ltd.^		32,978
	494,000	True Corp. PCL		75,643

				4,636,490

Electric Utilities (1.0%):
	8,687	Centrais Eletricas Brasileiras S.A		82,593
	14,511	Centrais Eletricas Brasileiras S.A		136,379

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Electric Utilities, continued
	9,117	CEZ AS	$	205,029
	52,447	Companhia Energetica de Minas Gerais		179,822
	2,019,012	ENEL Americas SA		448,669
	1,498,988	ENEL Chile SA		140,624
	9,765	Energisa SA		129,965
	44,655	Equatorial Energia SA		253,031
	2,070,329	Inter Rao Ues PJSC		168,566
	24,459	Interconexion Electrica SA ESP		145,925
	13,649	Korea Electric Power Corp., Ltd.*		327,319
	13,430	Manila Electric Co.		83,904
	38,674	PGE SA*		81,086
	98,266	Power Grid Corp. of India, Ltd.		262,159
	45,490	Saudi Electricity Co.		244,988
	45,696	Tata Power Co., Ltd.		36,244
	164,700	Tenega Nasional Berhad		533,954

				3,460,257

Electrical Equipment (0.2%):
	7,500	Contemporary Amperex Technology Co., Ltd., Class A		114,679
	33,350	Elswedy Cables Holding Co.		23,970
	4,900	Eve Energy Co., Ltd., Class A*		35,282
	11,329	Havells India, Ltd.		102,767
	20,300	Luxshare Precision Industry Co., Ltd.		106,339
	12,400	Nari Technology Co., Ltd.		37,765
	272,000	Shanghai Electric Group Co., Ltd., Class H		89,480
	27,400	Xinjiang Goldwind Science & Technology Co., Ltd.		31,840
	16,541	Xinjiang Goldwind Science & Technology Co., Ltd.		28,384
	17,400	Zhejiang Chint Electrics Co., Ltd., Class A		66,980
	27,100	Zhuzhou CRRC Times Electric Co., Ltd., Class H		98,224

				735,710

Electronic Equipment, Instruments & Components (2.3%):
	39,000	AAC Technologies Holdings, Inc.^		340,687
	463,000	AU Optronics Corp.		155,502
	9,200	AVIC Jonhon Optronic Technology Co., Ltd., Class A		51,585
	10,800	Chaozhou Three-Circle Group Co., Ltd., Class A		34,589
	54,000	China Railway Signal & Communication Corp., Ltd.		30,192
	103,000	Delta Electronics, Inc.		520,813
	20,899	Foxconn Industrial Internet Co., Ltd., Class A		54,840
	46,000	Foxconn Technology Co., Ltd.		101,717
	12,300	GoerTek, Inc., Class A		35,168
	32,700	Hangzhou Hikvision Digital		153,972
	652,000	Hon Hai Precision Industry Co., Ltd.		1,976,045
	428,000	Innolux Corp.		119,154
	34,500	Kingboard Holdings, Ltd.		109,534
	55,500	Kingboard Laminates Holdings, Ltd.		69,008
	5,000	Largan Precision Co., Ltd.		835,503
	15,100	Lens Technology Co., Ltd., Class A		30,042
	12,433	LG Display Co., Ltd.*		173,846
	732	LG Innotek Co., Ltd.		88,346
	19,600	Lingyi iTech Guangdong Co., Class A*		30,551
	2,500	NAURA Technology Group Co., Ltd., Class A		31,573
	15,000	OFILM Group Co., Ltd., Class A*		33,641
	2,956	Samsung Electro-Mechanics Co., Ltd., Series L		318,277
	2,911	Samsung SDI Co., Ltd.		591,901
	9,500	Shengyi Technology Co., Ltd., Class A		28,540
	1,300	Shennan Circuits Co., Ltd., Class A		26,537
	37,700	Sunny Optical Technology Group Co., Ltd.		654,236


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	76,000	Synnex Technology International Corp.	$	95,183
	14,000	Tianma Microelectronics Co., Ltd., Class A		32,780
	11,100	Unisplendour Corp., Ltd., Class A		50,373
	13,000	Walsin Technology Corp.		103,677
	69,960	WPG Holdings, Ltd.		91,271
	8,300	WUS Printed Circuit Kunshan Co., Ltd., Class A		26,492
	5,600	Wuxi Lead Intelligent Equipment Co., Ltd., Class A		36,100
	13,377	Yageo Corp.		195,221
	19,900	Zhejiang Dahua Technology Co., Ltd., Class A		56,892
	26,000	Zhen Ding Technology Holding, Ltd.		124,341

				7,408,129

Energy Equipment & Services (0.1%):
	74,000	China Oilfield Services, Ltd.		116,182
	185,100	Dialog Group Berhad		156,201

				272,383

Entertainment (0.7%):
	700,000	Alibaba Pictures Group, Ltd.*		123,255
	3,545	CD Projekt SA		261,104
	2,611	HUYA, Inc., ADR*		46,867
	6,238	IQIYI, Inc., ADR*		131,684
	8,100	Mango Excellent Media Co., Ltd., Class A*		40,669
	873	Ncsoft Corp.		407,104
	3,674	NetEase, Inc., ADR		1,126,596
	953	Netmarble Corp.*		75,999
	281	Pearl Abyss Corp.*		44,997
	4,700	Perfect World Co., Ltd., Class A		29,782
	4,452	Tencent Music Entertainment Group, ADR*		52,266
	10,700	Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		41,401

				2,381,724

Equity Real Estate Investment Trusts (0.2%):
	158,965	Fibra UNO Amdinistracion SA		246,312
	65,874	Fortress REIT, Ltd., Class A		90,764
	147,566	Growthpoint Properties, Ltd.		233,648
	278,872	Redefine Properties, Ltd.		150,861

				721,585

Food & Staples Retailing (1.5%):
	21,197	Atacadao Distribuicao Comercio e Industria, Ltd.		123,061
	6,822	Avenue Supermarts, Ltd.*		175,936
	51,500	Berli Jucker PCL		71,937
	376	BGF Retail Co., Ltd.		54,912
	16,616	Bid Corp., Ltd.		392,148
	19,206	BIM Birlesik Magazalar AS		150,988
	71,473	Cencosud SA		94,156
	8,122	Cia Brasileira de Distribuicao*		179,484
	13,004	Clicks Group, Ltd.		238,589
	298,100	CP All PCL		717,067
	2,270	Dino Polska SA*		86,156
	1,085	E-Mart Co., Ltd.		119,417
	1,004	GS Retail Co., Ltd.		34,034
	19,582	Magnit OJSC, Registered Shares, GDR		236,691
	19,599	Pickn Pay Stores, Ltd.		89,374
	31,000	President Chain Store Corp.		314,736
	12,234	Raia Drogasil SA		339,583
	25,126	Shoprite Holdings, Ltd.		226,320

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	117,500	Sun Art Retail Group, Ltd.	$	142,603
	10,296	The Spar Group, Ltd.		145,456
	277,598	Wal-Mart de Mexico SAB de C.V.		795,206
	6,668	X5 Retail Group NV, GDR		230,134
	2,900	Yifeng Pharmacy Chain Co., Ltd., Class A		30,479
	25,700	Yonghui Superstores Co., Ltd.		27,823

				5,016,290

Food Products (1.9%):
	14,779	Almarai Co. JSC		195,083
	26,946	BRF SA*		235,828
	2,599	Britannia Industries, Ltd.		110,386
	217,700	Charoen Pokphand Foods Public Co., Ltd.		199,249
	86,000	China Agri-Industries Holdings, Ltd.		45,594
	280,000	China Huishan Dairy Holdings Co., Ltd.*^		539
	145,000	China Mengniu Dairy Co., Ltd.		587,640
	461	CJ CheilJedang Corp.		100,259
	111,500	Dali Foods Group Co., Ltd.		82,447
	7,700	Foshan Haitian Flavouring & Food Co., Ltd.		118,882
	15,800	Genting Plantations Berhad		40,900
	10,900	Gruma, SAB de C.V., Class B		111,940
	85,224	Grupo Bimbo SAB de C.V., Series A, Class A		155,225
	9,500	Guangdong Haid Group Co., Ltd., Class A		49,097
	8,700	Henan Shuanghui Investment & Development Co., Ltd.		36,296
	17,800	Inner Mongolia Yili Indsutrial Group Co., Ltd.		79,076
	100,800	IOI Corp. Berhad		113,660
	58,755	JBS SA		376,897
	12,700	Jiangxi Zhengbang Technology Co., Ltd., Class A		29,553
	23,900	Kuala Lumpur Kepong Berhad		144,888
	5,500	Muyuan Foodstuff Co., Ltd.		70,115
	1,155	Nestle India, Ltd.		239,699
	4,000	Nestle Malaysia Bhd		143,800
	10,200	New Hope Liuhe Co., Ltd., Class A		29,228
	1,128	Orion Corp./ Republic of Korea		102,849
	84	Ottogi Corp.		40,224
	30,380	PPB Group Berhad		140,069
	402,600	PT Charoen Pokphand Indonesia Tbk		188,028
	116,600	PT Indofood CBP Sukses Makmur Tbk		93,715
	265,500	PT Indofood Sukses Makmur Tbk		151,542
	34,300	QL Resources Berhad		68,202
	98,600	Sime Darby Plantation Bhd		131,130
	17,000	Standard Foods Corp.		39,509
	169,500	Thai Union Frozen Products PCL		76,074
	15,268	The Savola Group*		139,998
	8,059	Tiger Brands, Ltd.		121,242
	94,000	Tingyi (Caymen Is) Holding Corp.		160,636
	17,800	Tongwei Co., Ltd., Class A		33,556
	67,000	Uni-President China Holdings, Ltd.		70,398
	254,000	Uni-President Enterprises Corp.		628,751
	45,370	Universal Robina Corp.		130,076
	268,000	Want Want China Holdings, Ltd.		250,988
	18,300	Wens Foodstuffs Group Co., Ltd.		88,284
	23,000	Yihai International Holding, Ltd.		134,737

				6,086,289

Gas Utilities (0.6%):
	27,000	Beijing Enterprises Holdings, Ltd.		124,048
	96,600	China Gas Holdings, Ltd.		362,132


Shares			Fair Value
Common Stocks, continued
Gas Utilities, continued
	48,000	China Resources Gas Group, Ltd.	$	263,853
	41,500	ENN Energy Holdings, Ltd.		453,776
	101,101	GAIL India, Ltd.		171,726
	27,034	Infraestructura Energetica Nova, SAB de C.V.		127,181
	1,191	Korea Gas Corp.		38,901
	29,700	Petronas Gas Berhad		120,551
	548,900	PT Perusahaan Gas Negara Tbk		85,409
	39,000	Towngas China Co., Ltd.		27,060

				1,774,637

Health Care Equipment & Supplies (0.1%):
	92,300	Hartalega Holdings Berhad		123,700
	3,200	Jafron Biomedical Co., Ltd., Class A		33,007
	7,700	Lepu Medical Technology Beijing Co., Ltd., Class A		36,592
	4,400	Ovctek China, Inc., Class A		29,902
	104,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		124,780
	1,200	Shenzhen MindrayBio-Medical Electronics Co., Ltd., Class A		31,266
	70,800	Top Glove Corp. Berhad		81,419

				460,666

Health Care Providers & Services (0.6%):
	10,010	Aier Eye Hospital Group Co., Ltd., Class A		56,907
	505,900	Bangkok Dusit Medical Services Public Co., Ltd.		437,783
	26,800	Bumrungrad Hospital PCL		131,340
	2,762	Celltrion Healthcare Co., Ltd.*		125,404
	11,550	Hapvida Participacoes e Investimentos SA		183,502
	10,500	Huadong Medicine Co., Ltd., Class A		36,760
	128,800	IHH Healthcare Berhad		172,283
	70,595	Life Healthcare Group Holdings Pte, Ltd.		123,930
	15,300	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A		32,744
	18,077	Notre Dame Intermedica Participacoes SA		306,752
	1,900	Shanghai Pharmaceuticals Holding Co., Ltd.		5,015
	60,300	Shanghai Pharmaceuticals Holding Co., Ltd.		117,348
	64,800	Sinopharm Group Co., Series H		237,028
	2,100	Topchoice Medical Corp., Class A*		30,917

				1,997,713

Health Care Technology (0.1%):
	190,000	Alibaba Health Information Technology, Ltd.*		219,570
	15,000	Ping An Healthcare and Technology Co., Ltd.*		109,561

				329,131

Hotels, Restaurants & Leisure (0.8%):
	25,194	Alsea SAB de C.V.*		66,413
	4,914	AmRest Holdings SE*		56,128
	7,600	China International Travel Service Corp., Ltd., Class A		97,193
	114,000	Genting Berhard		168,826
	167,600	Genting Malaysia Berhad		134,882
	18,000	Haidilao International Holding, Ltd.		72,326
	7,102	Huazhu Group, Ltd., ADR		284,578
	23,260	Jollibee Foods Corp.		99,061
	5,881	Kangwon Land, Inc.		150,324
	167,200	Minor International PCL		200,735
	9,175	OPAP SA		119,351
	1,987	Saudi Airlines Catering Co.		54,471
	64,500	Shenzhen Overseas Chinese Town Co., Ltd., Class A		72,155

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	11,300	Songcheng Performance Development Co., Ltd., Class A	$	50,148
	19,077	Yum China Holdings, Inc.		915,887

				2,542,478

Household Durables (0.4%):
	7,079	Arcelik AS*		24,850
	11,199	Gree Electric Appliances, Inc. of Zhuhai, Class A		105,232
	67,000	Haier Electronics Group Co., Ltd.		209,699
	5,768	LG Electronics, Inc.		357,740
	10,900	Midea Group Co., Ltd., Class A		90,925
	13,100	NavInfo Co., Ltd., Class A		30,291
	7,000	Nien Made Enterprise Co., Ltd.		64,770
	17,100	Qingdao Haier Co., Ltd.		47,955
	104,000	Tatung Co., Ltd.*		72,901
	72,600	TCL Corp., Class A		46,606
	2,799	Woongjin Coway Co., Ltd.		224,912
	4,700	Zhejiang Supor Co., Ltd., Class A		51,817

				1,327,698

Household Products (0.4%):
	33,339	Hindustan Unilever, Ltd.		898,434
	89,529	Kimberl- Clark de Mexico SAB de C.V.		177,607
	78,100	PT Unilever Indonesia Tbk		236,187

				1,312,228

Independent Power and Renewable Electricity Producers (0.6%):
	57,800	Aboitiz Power Corp.		39,169
	41,700	B Grimm Power PCL		72,876
	534,000	Cgn Power Co., Ltd., Class H		142,677
	170,000	China Longyuan Power Group Corp.		107,635
	41,500	China National Nuclear Power Co., Ltd.		29,800
	185,000	China Power International Develpoment, Ltd.		39,678
	90,000	China Resources Power Holdings Co.		126,400
	71,400	China Yangtze Power Co., Ltd.		188,420
	415,329	Colbun SA		66,320
	15,900	Electricity Genera PCL		173,747
	10,904	Engie Brasil Energia SA		137,723
	191,500	GD Power Development Co., Ltd.		64,335
	40,700	Global Power Synergy PCL		116,473
	25,500	Gulf Energy Development PCL, Class R		140,814
	56,200	Huadian Power International Corp, Ltd., Class A		29,614
	84,000	Huadian Power International Corp., Ltd., Class H		31,915
	226,000	Huaneng Power International, Inc., Class H		114,198
	256,000	Huaneng Renewables Corp., Ltd.		99,569
	110,072	NTPC, Ltd.		183,673
	33,400	Ratch Group PCL		76,488
	50,900	SDIC Power Holdings Co., Ltd., Class A		67,124
	21,900	Sichuan Chuantou Energy Co., Ltd., Class A		30,969

				2,079,617

Industrial Conglomerates (1.2%):
	105,390	Aboitiz Equity Ventures, Inc.		107,001
	147,446	Alfa SAB de C.V., Class A		122,305
	14,751	Bidvest Group, Ltd.		216,069
	316,000	Citic, Ltd.		423,586
	713	CJ Corp.		59,514
	154,000	Far Eastern New Century Corp.		153,513
	137,000	Fosun International, Ltd.		200,209
	24,392	Grupo Carso SAB de C.V.		90,093


Shares			Fair Value
Common Stocks, continued
Industrial Conglomerates, continued
	2,181	Hanwha Corp.	$	47,018
	28,800	Hap Seng Consolidated Berhad		70,281
	96,889	Industries Qatar Q.S.C.		273,742
	153,160	JG Summit Holdings, Inc.		244,617
	35,708	KOC Holdings AS		122,246
	5,080	LG Corp.		323,413
	1,672	Lotte Corp.		56,246
	4,534	Samsung C&T Corp.		424,607
	32,000	Shanghai Industrial Holdings, Ltd.		61,617
	2,872	Siemens, Ltd.		60,255
	111,900	Sime Darby Berhad		60,801
	1,878	SK Holdings Co., Ltd.		424,316
	12,880	SM Investments Corp.		265,174

				3,806,623

Insurance (3.9%):
	2,066	Bajaj Finserv, Ltd.		272,570
	38,189	BB Seguridade Participacoes SA		357,963
	1,459	Bupa Arabia For Cooperative Insurance Co.		39,840
	420,137	Cathay Financial Holding Co., Ltd.		596,900
	170,088	China Life Insurance Co., Ltd.*		145,309
	10,000	China Life Insurance Co., Ltd.		50,057
	381,000	China Life Insurance Co., Ltd.		1,061,490
	23,600	China Pacific Insurance Group Co., Ltd., Class A		128,260
	135,600	China Pacific Insurance Group Co., Ltd., Class H		535,498
	210,000	China Reinsurance Group Corp.		34,508
	86,200	China Taiping Insurance Holdings Co., Ltd.		214,367
	2,649	DB Insurance Co., Ltd.		119,640
	18,715	Discovery, Ltd.		161,472
	15,367	Hanwha Life Insurance Co., Ltd.		30,638
	27,089	HDFC Life Insurance Co., Ltd.		237,669
	3,542	Hyundai Marine & Fire Insurance Co., Ltd.		82,443
	9,682	ICICI Lombard General Insurance Co., Ltd.		188,093
	14,231	ICICI Prudential Life Insurance Co., Ltd.		96,262
	37,252	IRB Brasil Resseguros SA		360,757
	7,924	Liberty Holding, Ltd.		62,698
	50,823	Momentum Metropolitan Holdings		79,073
	46,600	New China Life Insurance Co., Ltd.		200,850
	4,500	New China Life Insurance Co., Ltd., Class A		31,763
	237,809	Old Mutual, Ltd.		333,716
	1,520	Orange Life Insurance, Ltd.		36,998
	454,000	People’s Insurance Co. Group of China, Ltd. (The)		189,044
	364,000	Picc Property & Casuality Co., Ltd., Class H		438,926
	293,500	Ping An Insurance Group Co. of China, Ltd.		3,477,100
	33,300	Ping An Insurance Group Co. of China, Ltd.		408,737
	5,556	Porto Seguro SA		86,669
	33,349	Powszechny Zaklad Ubezpieczen SA		352,184
	98,280	Qatar Insurance Co.		85,350
	52,518	Rand Merchant Investment Holdings, Ltd.		115,579
	1,536	Samsung Fire & Marine Insurance Co., Ltd.		323,266
	3,843	Samsung Life Insurance Co., Ltd.		246,986
	101,315	Sanlam, Ltd.		573,150
	18,759	SBI Life Insurance Co., Ltd.		252,514
	542,991	Shin Kong Financial Holdings Co., Ltd.		187,692
	15,379	Sul America SA		229,117
	2,914	The Co. for Cooperative Insurance*		59,625
	11,700	Zhongan Online P&c Insurance Co., Ltd.*^		42,407

				12,527,180

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Interactive Media & Services (5.9%):
	5,106	58.com, Inc., ADR*	$	330,511
	2,908	Autohome, Inc., ADR*^		232,669
	14,475	Baidu, Inc., ADR*		1,829,640
	3,552	Info Edge India, Ltd.		125,983
	3,144	JOYY, Inc., ADR*		165,972
	2,654	Kakao Corp.		351,495
	7,938	Momo, Inc., ADR		265,923
	7,240	NAVER Corp.		1,166,465
	3,404	Sina Corp.*		135,922
	299,600	Tencent Holdings, Ltd.		14,453,195
	2,832	Weibo Corp., ADR*^		131,263

				19,189,038

Internet & Direct Marketing Retail (7.0%):
	88,405	Alibaba Group Holding, Ltd., ADR*		18,750,700
	11,315	B2W Cia Digital*		176,843
	2,123	Baozun, Inc., ADR*^		70,314
	574	CJ ENM Co., Ltd.		79,064
	38,249	JD.com, Inc., ADR*		1,347,511
	53,600	Meituan Dianping*		701,978
	10,245	Pinduoduo, Inc., ADR*		387,466
	25,003	Trip.com Group, Ltd., ADR*		838,601
	23,233	Vipshop Holdings, Ltd., ADR*		329,212

				22,681,689

IT Services (1.5%):
	63,154	Cielo SA		131,427
	21,500	DHC Software Co., Ltd., Class A		31,869
	3,409	GDS Holdings, Ltd., ADR*^		175,837
	57,866	HCL Technologies, Ltd.		460,786
	178,252	Infosys, Ltd.		1,832,962
	1,832	Samsung SDS Co., Ltd.		307,685
	46,909	Tata Consultancy Services, Ltd.		1,420,252
	24,701	Tech Mahindra, Ltd.		263,979
	50,000	Travelsky Technology, Ltd., Series H		122,193
	500	Wangsu Science & Technology Co., Ltd., Class A		684
	61,036	Wipro, Ltd.		210,320

				4,957,994

Leisure Products (0.1%):
	14,000	Giant Manufacturing Co., Ltd.		99,458
	1,777	HLB, Inc.*		175,298

				274,756

Life Sciences Tools & Services (0.3%):
	4,215	Divi’s Laboratories, Ltd.		109,035
	44,000	Genscript Biotech Corp.*		100,060
	3,400	Hangzhou Tigermed Consulting Co., Ltd., Class A		30,838
	872	Samsung Biologics Co., Ltd.*		325,241
	5,800	WuXi AppTec Co., Ltd., Class A		76,764
	7,200	WuXi AppTec Co., Ltd., Class H		89,353
	29,500	Wuxi Biologics Cayman, Inc.*		374,187

				1,105,478

Machinery (0.8%):
	7,000	AirTac International Group		109,292
	56,569	Ashok Leyland, Ltd.		64,717
	87,000	China Conch Venture Holdings, Ltd.		379,661
	72,200	China Shipbuilding Industry Co., Ltd., Class A		54,323
	82,899	CRRC Corp., Ltd., Class A		84,996


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	241,000	CRRC Corp., Ltd., Class H	$	175,762
	1,406	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		33,792
	2,359	Doosan Bobcat, Inc.		69,859
	32,000	Haitian International Holdings, Ltd.		77,591
	14,482	Hiwin Technologies Corp.		136,002
	462	Hyundai Heavy Industries Holdings Co., Ltd.		134,732
	5,200	Jiangsu Hengli Hydraulic Co., Ltd., Class A		37,147
	2,061	Korea Shipbuilding & Offshore*		223,665
	21,663	Samsung Heavy Industries Co., Ltd., Class R*		135,839
	26,100	Sany Heavy Industry Co., Ltd.		63,947
	35,500	Sinotruk Hong Kong, Ltd.		75,757
	44,410	WEG SA		382,708
	15,600	Weichai Power Co., Ltd., Class A		35,581
	104,000	Weichai Power Co., Ltd., Class H		220,057
	19,700	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		49,063
	4,800	Zhongji Innolight Co., Ltd., Class A		35,950
	80,400	Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		67,502

				2,647,943

Marine (0.1%):
	134,000	Cosco Shipping Holdings Co., Ltd.*		54,440
	158,835	Evergreen Marine Corp., Ltd.*		65,731
	53,100	MISC Berhad		108,793
	10,292	Pan Ocean Co., Ltd.*		40,379

				269,343

Media (1.4%):
	3,550	Cheil Worldwide, Inc.		73,812
	14,200	China Literature, Ltd.*		59,361
	15,055	Cyfrowy Polsat SA		110,834
	127,011	Grupo Televisa SAB		298,123
	13,390	Megacable Holdings SAB de C.V.		54,854
	23,699	MultiChoice Group, Ltd.*		197,173
	22,909	Naspers, Ltd.		3,746,527
	33,057	ZEE Entertainment Enterprises, Ltd.		135,492

				4,676,176

Metals & Mining (3.4%):
	141,114	Alrosa PAO		192,144
	312,000	Aluminum Corp. of China, Ltd.*		106,977
	2,653	Anglo American Platinum, Ltd.		247,862
	21,810	AngloGold Ashanti, Ltd.		489,071
	109,900	Baoshan Iron & Steel Co., Ltd., Class A		90,582
	83,500	China Hongqiao Group, Ltd.		50,447
	58,500	China Molybdenum Co., Ltd., Class A		36,650
	210,000	China Molybdenum Co., Ltd., Class H		90,216
	21,400	China Northern Rare Earth Group High-Tech Co., Ltd., Class A		33,302
	588,000	China Steel Corp.		469,327
	96,400	China Zhongwang Holdings, Ltd.		38,496
	12,956	Cia de Minas Buenaventura SA, ADR		195,636
	33,377	Companhia Siderurgica Nacional SA (CSN)		117,093
	74,572	Eregli Demir ve Celik Fabrikalari T.A.S.		113,559
	43,056	Gold Fields		289,476
	184,317	Grupo Mexico SAB de C.V., Series B, Class B		505,665
	58,675	Hindalco Industries, Ltd.		178,000
	4,280	Hyundai Steel Co.		116,569
	42,293	Impala Platinum Holdings, Ltd.*		434,130

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Metals & Mining, continued
	6,828	Industrias Penoles SAB de C.V.	$	71,595
	226,900	Inner Mongolia Baotou Steel Union Co., Ltd.		43,004
	29,000	Jiangxi Copper Co., Ltd.		39,974
	26,000	Jiangxi Copper Co., Ltd., Class A		63,248
	45,225	JSW Steel, Ltd.		171,205
	7,548	KGHM Polska Miedz SA*		190,053
	456	Korea Zinc Co.		167,884
	3,443	Kumba Iron Ore, Ltd.		102,523
	64,500	Maanshan Iron & Steel Co., Ltd., Class A		28,431
	158,384	Magnitogorsk Iron & Steel Works PJSC		107,294
	3,216	MMC Norilsk Nickel PJSC		992,019
	18,811	Northam Platinum, Ltd.*		166,082
	64,536	Novolipetsk Steel PJSC		149,775
	10,448	Polymetal International plc		163,762
	1,230	Polyus PJSC		141,097
	4,127	POSCO		840,951
	92,100	Press Metal Aluminium Holdings Bhd		104,972
	23,267	Saudi Arabian Mining Co.*		275,540
	9,611	Severstal		145,515
	5,800	Shandong Gold Mining Co., Ltd.		27,060
	119,193	Sibanye Gold, Ltd.*		301,119
	4,407	Southern Copper Corp.		187,209
	16,508	Tata Steel, Ltd.		109,523
	201,900	Tongling Nonferrous Metals Group Co., Ltd., Class A		67,542
	166,093	Vale SA		2,201,083
	105,510	Vedanta, Ltd.		225,661
	48,000	Zhaojin Mining Industry Co., Ltd., Class H		52,937
	70,100	Zijin Mining Group Co., Ltd.		46,215
	292,000	Zijin Mining Group Co., Ltd.		145,613

				11,124,088

Multiline Retail (0.5%):
	8,526	El Puerto de Liverpool SAb de C.V.		42,361
	805	Hyundai Department Store Co., Ltd.		57,762
	42,154	Lojas Renner SA		588,919
	497	Lotte Shopping Co., Ltd.		58,152
	38,738	Magazine Luiza SA		459,424
	18,300	Robinson Department Store Public Co., Ltd.		40,272
	40,580	S.A.C.I. Falabella		175,010
	417	Shinsegae Department Store Co.		104,038
	49,121	Woolworths Holdings, Ltd.		170,625

				1,696,563

Multi-Utilities (0.0%^†):
	28,020	Qatar Electricity & Water Co.		123,831
	131,264	YTL Corporation Berhad		31,476

				155,307

Oil, Gas & Consumable Fuels (7.3%):
	231,200	Banpu Public Co., Ltd.		91,563
	34,664	Bharat Pertoleum Corp., Ltd.		239,316
	135,100	Bukit Asam Tbk PT		25,754
	78,000	China Coal Energy Co., Ltd., Class H		30,962
	37,400	China Merchants Energy Shipping Co., Ltd., Class A		44,378
	30,900	China Petroleum & Chemical Corp., Class A		22,681
	1,404,000	China Petroleum & Chemical Corp., Class H		846,322
	10,100	China Shenhua Energy Co., Ltd.		26,484
	185,000	China Shenhua Energy Co., Ltd.		387,207
	948,000	CNOOC, Ltd.		1,580,112


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	68,459	Coal India, Ltd.	$	202,902
	9,332	Cosan sa industria e Comercio		161,419
	65,300	COSCO SHIPPING Energy Transportation Co., Ltd., Class A		59,974
	259,471	Ecopetrol SA		261,822
	21,441	Empresas Copec SA		192,584
	86,000	Energy Absolute Public Co., Ltd.		125,035
	11,936	Exxaro Resources, Ltd.		111,761
	66,000	Formosa Petrochemical Corp.		214,911
	550,673	Gazprom PJSC		2,280,222
	4,941	Grupa Lotos SA		108,857
	2,690	GS Holdings		119,616
	25,893	Hindustan Petroleum Corp., Ltd.		96,002
	94,230	Indian Oil Corp., Ltd.		165,885
	56,800	Inner Mongolia Yitai Coal Co., Ltd.		46,033
	572,300	IRPC PCL		69,930
	172,000	Kunlun Energy Co., Ltd.		151,798
	20,574	LUKOIL PJSC		2,049,551
	23,887	MOL Hungarian Oil And Gas PLC		238,845
	2,388	Motor Oil (Hellas) Corinth Refineries SA		55,367
	4,818	NovaTek OAO, Registered Shares, GDR		978,395
	46,100	Oil & Gas Development Co., Ltd.		42,393
	139,854	Oil & Natural Gas Corp., Ltd.		252,927
	45,900	PetroChina Co., Ltd., Class A		38,432
	1,114,000	PetroChina Co., Ltd., Class H		559,272
	157,799	Petroleo Brasileiro SA		1,255,487
	215,910	Petroleo Brasileiro SA		1,620,129
	10,500	Petronas Dagangan Berhad		59,312
	32,190	Petronet LNG, Ltd.		120,972
	16,175	Polski Koncern Naftowy Orlen SA		365,929
	88,731	Polskie Gornictwo Naftowe i Gazownictwo SA		101,210
	639,600	PT Adaro Energy Tbk		71,218
	82,200	PT United Tractors Tbk		126,937
	75,800	PTT Exploration & Production PCL		313,428
	616,600	PTT PCL		902,500
	18,380	Qatar Fuel QSC		115,564
	10,829	Rabigh Refining & Petrochemical Co.*		62,544
	148,938	Reliance Industries, Ltd.		3,163,957
	10,376	Rosneft Oil Co. PJSC		75,356
	49,466	Rosneft Oil Co., Registered Shares, GDR		356,992
	46,518	Saudi Arabian Oil Co.*		437,176
	26,100	Shaanxi Coal Industry Co., Ltd.		33,697
	2,000	Shanxi Meijin Energy Co., Ltd., Class A*		2,710
	2,940	SK Innovation Co., Ltd.		379,293
	2,441	S-Oil Corp.		199,910
	355,190	Surgutneftegas PJSC		289,471
	398,301	Surgutneftegas Prefernce		242,644
	81,138	Tatneft PJSC		995,888
	54,400	Thai Oil Public Co., Ltd.		125,800
	6,354	Tupras-Turkiye Petrol Rafine		135,722
	38,971	Ultrapar Participacoes SA		246,887
	102,000	Yanzhou Coal Mining Co.		91,668
	8,881	YPF Sociedad Anonima, ADR		102,842

				23,873,955

Paper & Forest Products (0.2%):
	56,497	Empresas CMPC SA		138,329
	124,900	Indah Kiat Pulp & Paper Corp Tbk PT		68,919

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Paper & Forest Products, continued
	82,000	Lee & Man Paper Manufacturing, Ltd.	$	62,264
	91,000	Nine Dragons Paper Holdings, Ltd.		94,833
	70,200	Pabrik Kertas Tjiwi Kimia Tbk PT		51,790
	28,968	Suzano SA		285,791

				701,926

Personal Products (0.6%):
	1,739	Amorepacific Corp.		299,941
	378	Amorepacific Corp.		29,176
	1,469	Amorepacific Group		104,947
	2,395	Colgate-Palmolive India, Ltd.		49,166
	28,768	Dabur India, Ltd.		184,876
	18,132	Godrej Consumer Products, Ltd.		174,100
	40,000	Hengan International Group Co., Ltd.		285,606
	498	LG Household & Health Care, Ltd.		542,572
	101	LG Household & Health Care, Ltd.		67,337
	22,094	Marico, Ltd.		105,797
	19,188	Natura & Co. Holding SA*		184,485

				2,028,003

Pharmaceuticals (1.2%):
	19,303	Aspen Pharmacare Holdings, Ltd.*		164,788
	14,897	Aurobindo Pharma, Ltd.		95,394
	3,100	Betta Pharmaceuticals Co., Ltd., Class A		29,252
	600	Changchun High & New Technology Industry Group, Inc., Class A		38,539
	5,600	Chengdu Kanghong Pharmaceutical Group Co., Ltd., Class A		29,701
	73,000	China Medical System Holdings, Ltd.		105,229
	234,000	China Pharmaceutical Enterprise & Investment Corp.		558,572
	80,500	China Resources Pharmaceutical		74,756
	100,000	China Traditional Chinese Medicine Holdings Co., Ltd.		48,270
	18,510	Cipla, Ltd.		124,049
	6,165	Dr Reddy’s Laboratories, Ltd.		248,343
	9,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A		49,108
	395	Hanmi Pharm Co., Ltd.*		101,083
	22,000	Hansoh Pharmaceutical Group Co., Ltd.*		73,225
	2,844	Hutchison China MediTech, Ltd., ADR*		71,299
	18,735	Hypera SA		166,249
	14,080	Jiangsu Hengrui Medicine Co., Ltd.		177,053
	11,544	Lupin, Ltd.		123,687
	61,500	Luye Pharma Group, Ltd.		46,192
	5,300	Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.		31,585
	5,325	Piramal Enterprises, Ltd.		113,920
	1,171,200	PT Kalbe Farma Tbk		136,379
	7,472	Richter Gedeon Nyrt		162,627
	42,000	Shanghai Fosun Pharmaceutical Group Co., Ltd.		126,812
	365,500	Sino Biopharmaceutical, Ltd.		512,043
	82,000	SSY Group, Ltd.		66,496
	44,370	Sun Pharmaceutical Industries, Ltd.		268,952
	516	Yuhan Corp.*		105,304
	3,600	Yunnan Baiyao Group Co., Ltd.		46,258
	2,000	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.		31,552
	35,100	Zhejiang Conba Pharmaceutical Co., Ltd., Class A		31,026
	300	Zhejiang Huahai Pharmaceutical Co., Ltd., Class A*		744
	14,500	Zhejiang NHU Co., Ltd., Class A		48,415


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	4,700	Zhejiang WolwoBio-Pharmaceutical Co., Ltd., Class A	$	29,802

				4,036,704

Professional Services (0.0%^†):
	1,532	51job, Inc., ADR*		130,067

Real Estate Management & Development (2.8%):
	74,000	Agile Group Holdings, Ltd.		111,480
	170,399	Aldar Properties PJSC		100,242
	364,200	Ayala Land, Inc.		326,680
	101,480	Barwa Real Estate Co.		98,727
	45,659	BR Malls Participacoes SA		205,023
	570,800	Bumi Serpong Damai Tbk PT*		51,476
	116,000	Central Pattana PCL		239,831
	59,000	China Aoyuan Group, Ltd.		96,434
	97,000	China Evergrande Group*		269,884
	9,500	China Fortune Land Development Co., Ltd.		39,167
	278,000	China Jinmao Holdings Group, Ltd.		216,789
	38,700	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		110,447
	204,000	China Overseas Land & Investment, Ltd.		796,783
	146,000	China Resources Land, Ltd.		727,516
	34,300	China Vanke Co., Ltd., Class A		158,513
	71,800	China Vanke Co., Ltd., Class H		306,524
	148,000	CIFI Holdings Group Co., Ltd.		125,247
	400,000	Country Garden Holdings Co., Ltd.		642,795
	25,313	Dar Al Arkan Real Estate Development Co.*		74,297
	25,715	DLF, Ltd.		83,243
	18,917	Emaar Economic City*		48,160
	100,129	Emaar Malls PJSC		49,863
	176,570	Emaar Properties PJSC		193,312
	6,000	Future Land Holdings Co., Ltd.		33,392
	27,400	Gemdale Corp., Class A		57,054
	54,400	Greenland Holdings Corp., Ltd.		54,289
	52,000	Guangzhou R&F Properties Co., Ltd., Class H^		96,017
	42,000	Highwealth Construction Corp.		64,902
	31,800	Jinke Properties Group Co., Ltd., Class A		35,104
	116,000	Kaisa Group Holdings, Ltd.		55,525
	69,500	KWG Group Holdings, Ltd.		97,601
	466,300	Land & Houses Public Co., Ltd.		152,376
	76,000	Logan Property Holdings Co., Ltd.		127,859
	93,000	Longfor Group Holdings, Ltd.		436,805
	770,000	Megaworld Corp.		60,618
	15,106	Multiplan Empreendimentos Imobiliarios SA		124,318
	18,566	NEPI Rockcastle plc		164,183
	43,700	Poly Real Estate Group Co., Ltd., Class A		101,534
	482,400	PT Pakuwon Jati Tbk		19,763
	61,100	Robinsons Land Corp.		33,253
	41,040	Ruentex Development Co., Ltd.		61,938
	78,000	Seazen Group, Ltd.		95,176
	70,800	Shanghai Lujiazue		68,482
	156,000	Shenzhen Investment, Ltd.		62,499
	61,000	Shimao Property Holdings, Ltd.		236,899
	175,500	Shui On Land, Ltd.		38,526
	214,000	Sino-Ocean Group Holding, Ltd.		86,104
	514,800	SM Prime Holdings, Inc.		427,070
	118,500	Soho China, Ltd.		44,738
	129,000	Sunac China Holdings, Ltd.		773,116

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	59,000	The Wharf Holdings, Ltd.	$	150,111
	56,700	Xinhu Zhongbao Co., Ltd., Class A		30,788
	372,000	Yuexiu Property Co., Ltd.		86,081
	89,000	Yuzhou Properties Co., Ltd.		49,073
	103,000	Zhenro Properties Group, Ltd.		74,079

				9,071,706

Road & Rail (0.4%):
	359,600	BTS Group Holdings PCL		158,078
	417	CJ Logistics Corp.*		55,817
	10,239	Container Corp. of India, Ltd.		82,183
	80,999	Daqin Railway Co., Ltd., Class A		95,478
	31,819	Localiza Rent a Car SA		375,072
	57,572	Rumo SA*		373,602

				1,140,230

Semiconductors & Semiconductor Equipment (6.3%):
	182,465	ASE Technology Holding Co., Ltd.		507,712
	1,100	Gigadevice Semiconductor Beijing, Inc., Class A		32,366
	11,000	Globalwafers Co., Ltd.		140,494
	18,000	Hua Hong Semiconductor, Ltd.		41,077
	7,800	Longi Green Energy Technology Co., Ltd.		27,815
	78,000	MediaTek, Inc.		1,154,542
	58,000	Nanya Technology Corp.		161,075
	31,000	Novatek Microelectronics Corp.		226,474
	9,000	Phison Electronics Corp.		102,284
	42,000	Powertech Technology, Inc.		140,084
	25,000	Realtek Semiconductor Corp.		196,108
	15,900	Sanan Optoelectronics Co., Ltd., Class A		41,941
	164,300	Semiconductor Manufacturing International Corp.*^		251,930
	1,400	Shenzhen Goodix Technology Co., Ltd., Class A		41,432
	28,555	SK Hynix, Inc.		2,321,006
	1,287,000	Taiwan Semiconductor Manufacturing Co., Ltd.		14,253,795
	20,900	Tianjin Zhonghuan Semiconductor Co., Ltd., Class A		35,425
	596,000	United Microelectronics Corp.		327,563
	48,000	Vanguard International Semiconductor Corp.		127,042
	2,000	Will Semiconductor, Ltd., Class A		41,140
	18,000	Win Semiconductors Corp.		176,707
	146,000	Winbond Electronics Corp.		95,292
	164,000	Xinyi Solar Holdings, Ltd.		116,790

				20,560,094

Software (0.2%):
	5,300	Beijing Shiji Information Technology Co., Ltd., Class A		29,683
	2,700	China National Software & Service Co., Ltd., Class A		27,783
	1,643	Globant SA*		174,240
	10,300	Glodon Co., Ltd., Class A		50,279
	4,300	Hundsun Technologies, Inc.		48,049
	8,500	Iflytek Co., Ltd.		42,094
	123,000	Kingdee International Software Group Co., Ltd.		123,081
	36,000	Kingsoft Corp., Ltd.*		93,374
	1,500	Sangfor Technologies, Inc., Class A		24,638
	10,500	Yonyou Network Technology Co., Ltd.		42,876

				656,097

Specialty Retail (0.6%):
	509,600	Ace Hardware Indonesia Tbk PT		54,855
	2,316	FF Group*		26
	651,000	GOME Retail Holdings, Ltd.*^		60,172
	28,700	HLA Corp., Ltd., Class A		31,648


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	296,700	Home Product Center Public Co., Ltd.	$	157,147
	16,000	Hotai Motor Co., Ltd.		364,772
	1,618	Hotel Shilla Co., Ltd.		126,879
	3,483	Jarir Marketing Co.		153,797
	5,135	Jumbo SA		106,874
	13,097	Mr Price Group, Ltd.		170,947
	24,851	Pepkor Holdings, Ltd.		32,019
	35,639	Petrobras Distribuidora SA		266,451
	17,100	Suning.com Co., Ltd., Class A		24,826
	12,023	The Foschini Group, Ltd.		128,329
	29,500	Zhongsheng Group Holdings, Ltd.		119,982

				1,798,724

Technology Hardware, Storage & Peripherals (4.7%):
	156,000	Acer, Inc.		92,930
	18,199	Advantech Co., Ltd.		183,642
	38,000	Asustek Computer, Inc.		293,530
	135,600	BOE Technology Group Co., Ltd., Class A		88,414
	35,000	Catcher Technology Co., Ltd.		265,255
	36,360	Chicony Electronics Co., Ltd.		108,075
	12,500	China Greatwall Technology Group Co., Ltd., Class A		27,974
	216,000	Compal Electronics, Inc.		135,968
	60,599	Focus Media Information Technology Co., Ltd., Class A		54,515
	6,300	Inspur Electronic Information Industry Co., Ltd., Class A		27,241
	134,000	Inventec Corp.		102,175
	17,400	Legend Holdings Corp., Class H		39,497
	384,000	Lenovo Group, Ltd.		258,349
	113,000	Lite-On Technology Corp.		186,178
	31,000	Micro-Star International Co., Ltd.		89,707
	95,000	Pegatron Corp.		217,241
	139,000	Quanta Computer, Inc.		298,562
	250,010	Samsung Electronics Co., Ltd.		12,048,127
	149,863	Wistron Corp.		141,801
	3,000	Wiwynn Corp.		63,580
	413,800	Xiaomi Corp., Class B*		573,372

				15,296,133

Textiles, Apparel & Luxury Goods (0.8%):
	57,000	Anta Sports Products, Ltd.		510,498
	116,000	Bosideng International Holdings, Ltd.		41,679
	1,274	CCC SA		36,952
	8,220	Eclat Textile Co., Ltd.		110,557
	16,500	Feng Tay Enterprise Co., Ltd.		107,382
	2,419	Fila Korea, Ltd.		110,629
	49,000	Formosta Taffeta Co., Ltd.		55,918
	96,500	Li Ning Co., Ltd.		289,270
	67	LPP SA		156,052
	236	Page Industries, Ltd.		77,433
	129,000	Pou Chen Corp.		168,745
	12,400	Ruentex Industries, Ltd.		30,414
	39,000	Shenzhou International Group		570,537
	16,480	Titan Co., Ltd.		274,861

				2,540,927

Thrifts & Mortgage Finance (0.9%):
	85,287	Housing Development Finance Corp., Ltd.		2,888,477
	17,013	LIC Housing Finance, Ltd.		103,814

				2,992,291

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Tobacco (0.4%):
	6,500	British American Tobacco Malaysia Berhad	$	23,991
	43,949	Eastern Co. SAE		42,797
	533,100	Hanjaya Mandala Sampoerna Tbk PT		80,283
	183,427	ITC, Ltd.		611,675
	6,220	KT&G Corp.		504,295
	23,300	PT Gudang Garam Tbk		88,760

				1,351,801

Trading Companies & Distributors (0.0%^†):
	11,100	BOC Aviation, Ltd.		112,771
	2,050	Posco International Corp.		32,986

				145,757

Transportation Infrastructure (1.0%):
	33,661	Adani Ports & Special Economic Zone, Ltd.		172,719
	228,000	Airports of Thailand Public Co., Ltd.		563,523
	398,600	Bangkok Expressway & Metro		144,795
	106,000	Beijing Capital International Airport Co., Ltd.		102,788
	64,237	CCR SA		303,137
	73,228	China Merchants Port Holdings Co., Ltd.		124,070
	80,000	COSCO SHIPPING Ports, Ltd.		65,600
	8,874	DP World plc		116,134
	10,749	Grupo Aeroportuario de Sur		201,319
	18,458	Grupo Aeroporturaio del Pacifico SAB de C.V.		219,378
	11,100	Guangzhou Baiyun International Airport Co., Ltd., Class A		27,824
	58,420	International Container Terminal Services, Inc.		148,199
	64,000	Jiangsu Expressway Co., Ltd., Series H, Class H		87,823
	54,700	Malaysia Airports Holdings Berhad		101,671
	12,192	Promotora Y Operadora de Infraestructura SAB de CV		124,828
	79,507	PT Jasa Marga Persero Tbk		29,560
	3,000	Shanghai International Air		33,936
	35,399	Shanghai International Port Group Co., Ltd.		29,334
	44,000	Shenzhen Expressway Co., Ltd., Class H		63,170
	51,000	Shenzhen International Holdings, Ltd.		112,107
	112,000	Taiwan High Speed Rail Corp.		143,530
	11,315	TAV Havalimanlari Holding AS		55,603
	33,400	Westports Holding Berhad		34,525
	76,000	Zhejiang Expressway Co., Ltd.		69,370

				3,074,943

Water Utilities (0.2%):
	130,347	Aguas Andinas SA, Class A		55,330
	288,000	Beijing Enterprises Water Group, Ltd.		145,779
	17,048	Cia Saneamento Basico Do Estado de Sao Paulo		256,695
	154,000	Guangdong Investment, Ltd.		322,631

				780,435

Wireless Telecommunication Services (2.6%):
	63,200	Advanced Info Service Public Co., Ltd.		447,394
	1,744,749	America Movil SAB de C.V., Series L		1,393,718
	155,700	Axiata Group Berhad		157,653
	104,168	Bharti Airtel, Ltd.*		665,585
	323,000	China Mobile, Ltd.		2,727,519
	98,000	China United Network Communications, Ltd.		82,885
	160,100	DIGI.com Berhad		174,655
	8,615	Empresa Nacional de Telecomunicaciones SA*		61,308
	17,521	Etihad Etisalat Co.*		116,776
	82,000	Far EasTone Telecommunications Co., Ltd.		197,292


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	1,585	Globe Telecom, Inc.	$	63,148
	120,900	Intouch Holdings Public Co., Ltd.		230,652
	125,400	Maxis Berhad		163,161
	26,186	Mobile TeleSystems PJSC, ADR		265,788
	90,053	MTN Group, Ltd.^		530,564
	4,620	PLDT, Inc.		89,775
	1,086	SK Telecom Co., Ltd.		223,421
	77,000	Taiwan Mobile Co., Ltd.		287,787
	38,843	Tim Participacoes SA		151,335
	36,500	Total Access Communication Public Co., Ltd.		64,803
	50,484	Turkcell Iletisim Hizmetleri AS		117,350
	33,735	Vodacom Group, Ltd.		278,274
	145,200	XL Axiata Tbk PT*		32,906

				8,523,749

	Total Common Stocks (Cost $244,758,685)			318,006,686

Preferred Stocks (2.0%):
Automobiles (0.0%^†):
	1,950	Hyundai Motor Co., Ltd., 1.26%, 6/29/20		133,881

Banks (1.3%):
	212,018	Banco Bradesco SA, 5.54%, 1/3/20		1,906,686
	252,070	Itau Unibanco Holding SA, Series S, 2.81%, 1/5/21		2,325,161

				4,231,847

Chemicals (0.0%^†):
	8,754	Braskem SA, Class A, 2.81%, 10/7/20		64,969

Metals & Mining (0.1%):
	57,157	Gerdau SA, 1.40%, 3/6/20		284,222

Multiline Retail (0.1%):
	39,890	Lojas Americanas SA, 0.94%, 1/11/21		256,974

Oil, Gas & Consumable Fuels (0.0%^†):
	26	Transneft PJSC, 6.06%, 7/16/20		74,212

Technology Hardware, Storage & Peripherals (0.5%):
	42,636	Samsung Electronics Co., Ltd., 2.34%, 3/30/20		1,663,630

	Total Preferred Stocks (Cost $5,275,083)			6,709,735

Warrants (0.0%^†):
Road & Rail (0.0%^†):
	35,960	BTS Group Holdings		—

	Total Warrants (Cost $—)			—

Rights (0.0%^†):
Multiline Retail (0.0%^†):
	384	Lojas Americanas SA, Expires on 1/9/20*		935

Pharmaceuticals (0.0%^†):
	705	Piramal Enterprises, Ltd., Expires on 1/22/20*		2,207

	Total Rights (Cost $—)			3,142

Securities Held as Collateral for Securities on Loan (0.7%):
	2,234,607	BlackRock Liquidity FedFund, Institutional Class, 2.00%(a)(b)		2,234,607

	Total Securities Held as Collateral for Securities on Loan (Cost $2,234,607)			2,234,607

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Unaffiliated Investment Companies (0.2%):
Money Markets (0.2%):
$	644,062	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(b)	$	644,062

	Total Unaffiliated Investment Companies (Cost $644,062)			644,062

	Total Investment Securities (Cost $252,912,437) — 100.4%(c)			327,598,232
	Net other assets (liabilities) — (0.4)%			(1,354,932	)

	Net Assets — 100.0%		$	326,243,300

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

Percentages indicated are based on net assets as of December 31, 2019.

ADR—American Depository Receipt

GDR—Global Depositary Receipt

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $2,046,470.

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2019.

(b)	The rate represents the effective yield at December 31, 2019.

(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of December 31, 2019:

(Unaudited)


Country	Percentage

Argentina		0.1	%
Belgium		—	%^†
Bermuda		0.2	%
Brazil		7.4	%
Cayman Islands		1.1	%
Chile		0.7	%
China		27.4	%
Colombia		0.4	%
Czech Republic		0.1	%
Egypt		0.1	%
Greece		0.3	%
Hong Kong		5.2	%
Hungary		0.3	%
India		8.6	%
Indonesia		1.9	%
Luxembourg		0.1	%
Malaysia		1.8	%
Mexico		2.3	%
Pakistan		—	%^†


Country	Percentage
Peru		0.1	%
Philippines		0.9	%
Poland		0.9	%
Qatar		0.9	%
Republic of Korea (South)		11.5	%
Romania		0.1	%
Russian Federation		3.9	%
Saudi Arabia		2.6	%
Singapore		—	%^†
South Africa		4.6	%
Spain		—	%^†
Switzerland		0.2	%
Taiwan, Province Of China		11.5	%
Thailand		2.5	%
Turkey		0.5	%
United Arab Emirates		0.6	%
United States		1.2	%

		100.0	%

†	Represents less than 0.05%.

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019

Futures Contracts

Cash of $155,000 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

Mini MSCI Emerging Markets Index March Futures (U.S. Dollar)		3/20/20		49	$	2,744,490	$	14,578

							$	14,578

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	252,912,437

Investment securities, at value(a)	$	327,598,232
Cash		30,614
Segregated cash for collateral for futures contracts		155,000
Interest and dividends receivable		782,297
Foreign currency, at value (cost $1,403,070)		1,410,701
Receivable for investments sold		132,138
Receivable for variation margin on futures contracts		7,318
Reclaims receivable		89,263
Prepaid expenses		781

Total Assets		330,206,344

Liabilities:
Payable for investments purchased		102,422
Payable for capital shares redeemed		856,340
Payable for collateral received on loaned securities		2,234,607
Accrued foreign taxes		393,941
Manager fees payable		119,085
Administration fees payable		5,509
Distribution fees payable		62,446
Custodian fees payable		31,337
Administrative and compliance services fees payable		1,192
Transfer agent fees payable		1,841
Trustee fees payable		293
Other accrued liabilities		154,031

Total Liabilities		3,963,044

Net Assets	$	326,243,300

Net Assets Consist of:
Paid in capital	$	241,100,421
Total distributable earnings		85,142,879

Net Assets	$	326,243,300

Class 1
Net Assets	$	17,995,348
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,293,013
Net Asset Value (offering and redemption price per share)	$	7.85

Class 2
Net Assets	$	308,247,952
Shares of beneficial interest (unlimited number of shares authorized, no par value)		39,271,771
Net Asset Value (offering and redemption price per share)	$	7.85

(a)	Includes securities on loan of $2,046,470.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	8,602,420
Income from securities lending		50,434
Foreign withholding tax		(955,942	)

Total Investment Income		7,696,912

Expenses:
Manager fees		2,510,676
Administration fees		118,959
Distribution fees — Class 2		694,556
Custodian fees		260,968
Administrative and compliance services fees		6,359
Transfer agent fees		12,642
Trustee fees		19,614
Professional fees		25,598
Licensing fees		162,819
Shareholder reports		23,497
Other expenses		100,152

Total expenses before reductions		3,935,840
Less expenses voluntarily waived/reimbursed by the Manager		(1,181,493	)

Net expenses		2,754,347

Net Investment Income/(Loss)		4,942,565

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		8,006,770
Net realized gains/(losses) on futures contracts		432,253
Change in net unrealized appreciation/depreciation on securities and foreign currencies		39,262,956
Change in net unrealized appreciation/depreciation on futures contracts		27,062
Change in net unrealized appreciation/depreciation on foreign taxes		(223,357	)

Net realized and Change in net unrealized gains/losses on investments		47,505,684

Change in Net Assets Resulting From Operations	$	52,448,249

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,942,565			$	5,374,748
Net realized gains/(losses) on investments			8,439,023				5,870,234
Change in unrealized appreciation/depreciation on investments			39,066,661				(62,751,116	)

Change in net assets resulting from operations			52,448,249				(51,506,134	)

Distributions to Shareholders:
Class 1			(737,246	)			(1,073,981	)
Class 2			(10,511,678	)			(15,015,765	)

Change in net assets resulting from distributions to shareholders			(11,248,924	)			(16,089,746	)

Capital Transactions:
Class 1
Proceeds from shares issued			152,178				45,086
Proceeds from dividends reinvested			737,246				1,073,981
Value of shares redeemed			(2,052,200	)			(2,620,722	)

Total Class 1 Shares			(1,162,776	)			(1,501,655	)

Class 2
Proceeds from shares issued			41,510,756				50,226,543
Proceeds from dividends reinvested			10,511,678				15,015,765
Value of shares redeemed			(80,726,885	)			(56,003,214	)

Total Class 2 Shares			(28,704,451	)			9,239,094

Change in net assets resulting from capital transactions			(29,867,227	)			7,737,439

Change in net assets			11,332,098				(59,858,441	)
Net Assets:
Beginning of period			314,911,202				374,769,643

End of period		$	326,243,300			$	314,911,202


Share Transactions:
Class 1
Shares issued			21,160				5,252
Dividends reinvested			104,872				152,989
Shares redeemed			(274,606	)			(324,306	)

Total Class 1 Shares			(148,574	)			(166,065	)

Class 2
Shares issued			5,610,295				6,909,538
Dividends reinvested			1,493,136				2,138,998
Shares redeemed			(10,446,070	)			(6,567,090	)

Total Class 2 Shares			(3,342,639	)			2,481,446

Change in shares			(3,491,213	)			2,315,381

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Class 1

Net Asset Value, Beginning of Period		$	6.99			$	8.78			$	6.60			$	6.04			$	7.35

Investment Activities:
Net Investment Income/(Loss)			0.15	(a)			0.16				0.12				0.06				0.07
Net Realized and Unrealized Gains/(Losses) on Investments			1.04				(1.50	)			2.30				0.56				(1.00	)

Total from Investment Activities			1.19				(1.34	)			2.42				0.62				(0.93	)

Distributions to Shareholders From:
Net Investment Income			(0.15	)			(0.16	)			(0.04	)			(0.06	)			(0.10	)
Net Realized Gains			(0.18	)			(0.29	)			(0.20	)			—				(0.28	)

Total Dividends			(0.33	)			(0.45	)			(0.24	)			(0.06	)			(0.38	)

Net Asset Value, End of Period		$	7.85			$	6.99			$	8.78			$	6.60			$	6.04

Total Return(b)			17.55	%			(15.31	)%			36.97	%			10.21	%			(12.69	)%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	17,995			$	17,072			$	22,883			$	19,006			$	20,505
Net Investment Income/(Loss)			1.97	%			1.89	%			1.56	%			1.05	%			0.86	%
Expenses Before Reductions(c)			1.10	%			1.03	%			1.11	%			1.41	%			1.49	%
Expenses Net of Reductions			0.70	%			0.63	%			0.71	%			1.14	%			1.33	%
Portfolio Turnover Rate(d)			25	%			20	%			19	%			115	%			45	%

Class 2

Net Asset Value, Beginning of Period		$	6.99			$	8.77			$	6.60			$	6.04			$	7.34

Investment Activities:
Net Investment Income/(Loss)			0.12	(a)			0.14				0.10				0.04				0.05
Net Realized and Unrealized Gains/(Losses) on Investments			1.05				(1.49	)			2.30				0.56				(1.00	)

Total from Investment Activities			1.17				(1.35	)			2.40				0.60				(0.95	)

Distributions to Shareholders From:
Net Investment Income			(0.13	)			(0.14	)			(0.03	)			(0.04	)			(0.07	)
Net Realized Gains			(0.18	)			(0.29	)			(0.20	)			—				(0.28	)

Total Dividends			(0.31	)			(0.43	)			(0.23	)			(0.04	)			(0.35	)

Net Asset Value, End of Period		$	7.85			$	6.99			$	8.77			$	6.60			$	6.04

Total Return(b)			17.18	%			(15.46	)%			36.63	%			9.89	%			(12.88	)%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	308,248			$	297,839			$	351,886			$	248,872			$	172,238
Net Investment Income/(Loss)			1.65	%			1.61	%			1.35	%			0.80	%			0.60	%
Expenses Before Reductions(c)			1.35	%			1.28	%			1.36	%			1.64	%			1.74	%
Expenses Net of Reductions			0.95	%			0.88	%			0.96	%			1.36	%			1.58	%
Portfolio Turnover Rate(d)			25	%			20	%			19	%			115	%			45	%

(a)	Calculated using the average shares method.

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

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

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

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MSCI Emerging Markets Equity Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

December 31, 2019

Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $5,006 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,234,607 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $3.4 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

14,578

Payable for variation margin on futures contracts*

—

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	432,253	$	27,062

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MSCI Emerging Markets Equity Index Fund Class 1		0.85	%		0.85	%
AZL MSCI Emerging Markets Equity Index Fund Class 2		0.85	%		1.10	%

*	The Manager voluntarily reduced the management fee to 0.45% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above at any time.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $2,249 was paid from the Fund relating to these fees and expenses.

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

December 31, 2019

Governance Committee receives an additional $10,000 annually and the Chair of the Audit Committee receives an additional $10,000 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the year ended December 31, 2019, actual Trustee compensation was $1,343,125 in total for both trusts.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2				Level 3			Total

Common Stocks+		$	71,130,001		$	246,876,685			$	—		$	318,006,686
Preferred Stocks+			4,838,012			1,871,723				—			6,709,735
Warrants+			—			—	#			—			—
Rights			—			3,142				—			3,142
Short-Term Securities Held as Collateral for Securities on Loan			2,234,607			—				—			2,234,607
Unaffiliated Investment Companies			644,062			—				—			644,062

Total Investment Securities			78,846,682			248,751,550				—			327,598,232

Other Financial Instruments:*
Futures Contracts			14,578			—				—			14,578

Total Investments		$	78,861,260		$	248,751,550			$	—		$	327,612,810

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

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MSCI Emerging Markets Equity Index Fund		$	73,044,317		$	108,631,628

6. Investment Risks

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

December 31, 2019

also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $258,744,529. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	83,764,344
Unrealized (depreciation)		(14,910,641	)

Net unrealized appreciation/(depreciation)	$	68,853,703

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MSCI Emerging Markets Equity Index Fund		$	4,738,622		$	6,510,302		$	11,248,924

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MSCI Emerging Markets Equity Index Fund		$	6,718,515		$	9,371,231		$	16,089,746

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Accumulated Earnings/ (Deficit)

AZL MSCI Emerging Markets Equity Index Fund		$	7,095,741		$	9,574,688		$	—		$	68,472,450		$	85,142,879

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on washsales, mark-to-market of passive foreign investment companies mark-to-market of futures contracts and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 70% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL MSCI Emerging Markets Equity Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL MSCI Emerging Markets Equity Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 0.21% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $6,510,302.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® MSCI Global Equity Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 21

Page 21

Page 22

Page 23

Report of Independent Registered Public Accounting Firm

Page 24

Page 30

Page 31

Approval of Investment Advisory and Subadvisory Agreements

Page 32

Page 33

Information about the Board of Trustees and Officers

Page 36

AZL^® MSCI Global Equity Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® MSCI Global Equity Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019 the AZL^® MSCI Global Equity Index Fund (the “Fund”) returned 27.25%^†. That compared to a 28.40% for its benchmark the MSCI World Index¹.

The Fund seeks investment results, before fees, expenses and fair value adjustments to its portfolio at the close of the New York Stock Exchange, that correspond to the performance of the MSCI World Index. The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of global equity markets.*

Global equities posted strong gains over the course of 2019. In the first quarter, while every eurozone equity market advanced, they did so to varying degrees as they rebounded from low investor sentiment in 2018. The European Central Bank’s accommodative policies also helped offset slowing economic activity across the region. For instance, Germany underperformed amid continued weakness in the manufacturing and export sectors and a negative yield on the10-year German bund. Meanwhile, Italy outperformed on positive trends in its macroeconomic outlook, despite contraction in gross domestic product² (GDP) growth, ongoing political uncertainty. Uncertainty around U.S. trade protectionism, an upcoming sales tax hike, and slower growth weighed on Japanese equities.

Meanwhile, the U.S. economy rallied to its strongest quarterly gain since 2009. All sectors advanced during the first quarter on positive headlines regarding U.S.-China trade relations, relatively strong corporate earnings growth, and the Federal Reserve Board’s change to a dovish tone as it announced it would hold off on another interest rate hike for the near future.

In the second quarter, European markets gained on better-than-expected GDP growth and increased expectations of further stimulus and accommodative policies. Elsewhere, Australian markets outperformed despite declining economic growth, as the Reserve Bank of Australia cut interest rates. Meanwhile, U.S. equities experienced intra-quarter volatility (as measured by the S&P 500 Index³) on U.S.-China trade rhetoric, although the prospect of easy monetary policy broadly buoyed stocks. U.S. macroeconomic indicators were mixed, with a slowdown in manufacturing, a drop in overall unemployment, and uncertainty about the yield curve.

to continued Brexit uncertainty and the release of second-quarter data showing the first quarterly contraction in GDP in seven years. In the U.S., trade tensions with China were a key focus, particularly after a threat of an additional 10% tariff on Chinese imports that were not already subject to the 25% tariff. Continued softening in U.S. macro-economic indicators, such as manufacturing and consumer sentiment, also weighed on equities.

All sectors in the MSCI World Index generated positive returns for the period. The information and technology, industrials, and communication services sectors were the top contributors. Energy, utilities, and healthcare were the bottom contributors.

The Fund underperformed its benchmark primarily due to the impacts of fair value pricing and expenses incurred by the Fund.*

The Fund held derivatives in the form of futures contracts, which it used to hedge its cash position. The futures had a negative impact on relative results.*

Past performance does not guarantee future results.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmarks please refer to page 2 of this report.

²	Gross domestic product (GDP) is the measure of the market value of the goods and services produced in a period of time.

³	Standard & Poor’s 500 Index is unmanaged and is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole.

AZL^® MSCI Global Equity Index Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to match the performance of the MSCI World Index as closely as possible. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI World Index (the “Underlying Index”) and in depositary receipts representing securities of the Underlying Index.

Investment Concerns

Small- tomid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1 Year			3 Year			5 Year			10 Year
AZL^®MSCI Global Equity Index Fund		27.25	%^†		12.29	%		4.17	%		4.33	%
MSCI World Index (gross of withholding taxes)		28.40	%		13.20	%		9.36	%		10.08	%
MSCI World Index (net of withholding taxes)		27.67	%		12.57	%		8.74	%		9.47	%


Expense Ratio	Gross
AZL^®MSCI Global Equity Index Fund (Class 2 Shares)		1.14	%

The above expense ratio is based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.31% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.80% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratio can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Morgan Stanley Capital International World Index (“MSCI World Index”), an unmanaged broad equity benchmark that represents large- andmid-cap equity performance across 23 developed markets countries. The Index noted as “gross of withholding taxes” reflects the maximum possible reinvestment of dividends with no adjustment for withholding tax deductions or tax credits. The Index noted as “net of withholding taxes” reflects the reinvestment of dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable tonon-resident institutional investors who do not benefit from double taxation treaties. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL MSCI Global Equity Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL MSCI Global Equity Index Fund		$	1,000.00		$	1,089.00		$	3.95		0.75	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL MSCI Global Equity Index Fund		$	1,000.00		$	1,021.42		$	3.82		0.75	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		17.3	%

Financials		15.7

Health Care		13.1

Industrials		10.9

Consumer Discretionary		10.1

Consumer Staples		8.3

Communication Services		8.3

Energy		4.9

Materials		4.4

Utilities		3.4

Real Estate		3.3


Total Common and Preferred Stocks		99.7

Rights		—	^†

Securities Held as Collateral for Securities on Loan		0.5


Total Investment Securities		100.2

Net other assets (liabilities)		(0.2	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (99.6%):
Aerospace & Defense (2.1%):
	4,323	Airbus SE	$	634,206
	2,939	Arconic, Inc.		90,433
	23,705	BAE Systems plc		177,584
	3,952	Boeing Co. (The)		1,287,404
	17,671	Bombardier, Inc., Class B*		26,267
	1,996	CAE, Inc.		52,852
	22	Dassault Aviation SA		28,974
	203	Elbit Systems, Ltd.		31,622
	1,818	General Dynamics Corp.		320,604
	333	HEICO Corp.		38,012
	551	HEICO Corp., Class A		49,331
	307	Huntington Ingalls Industries, Inc.		77,020
	1,654	L3harris Technologies, Inc.		327,277
	401	Leonardo SpA		4,699
	1,875	Lockheed Martin Corp.		730,088
	5,798	Meggitt plc		50,516
	387	MTU Aero Engines AG		110,501
	1,188	Northrop Grumman Corp.		408,636
	2,058	Raytheon Co.		452,225
	12,899	Rolls-Royce Holdings plc		116,785
	2,406	Safran SA		372,933
	13,200	Singapore Technologies Engineering, Ltd.		38,718
	773	Spirit AeroSystems Holdings, Inc., Class A		56,336
	281	Teledyne Technologies, Inc.*		97,378
	1,734	Textron, Inc.		77,336
	787	Thales SA		81,872
	357	TransDigm Group, Inc.		199,920
	6,055	United Technologies Corp.		906,797

				6,846,326

Air Freight & Logistics (0.5%):
	6,608	Bollore, Inc.		28,840
	1,012	C.H. Robinson Worldwide, Inc.^		79,138
	7,335	Deutsche Post AG		280,023
	1,288	Expeditors International of Washington, Inc.		100,490
	1,844	FedEx Corp.		278,831
	1,100	SG Holdings Co., Ltd.		24,833
	5,163	United Parcel Service, Inc., Class B		604,381
	691	XPO Logistics, Inc.*		55,073
	2,400	Yamato Holdings Co., Ltd.		41,048

				1,492,657

Airlines (0.1%):
	990	Air Canada*		36,988
	468	American Airlines Group, Inc.^		13,422
	1,000	ANA Holdings, Inc.		33,462
	1,221	Delta Air Lines, Inc.		71,404
	1,823	Deutsche Lufthansa AG, Registered Shares		33,545
	585	easyJet plc		11,126
	1,000	Japan Airlines Co., Ltd.		31,210
	4,700	Singapore Airlines, Ltd.		31,629
	1,013	Southwest Airlines Co.		54,682
	503	United Airlines Holdings, Inc.*		44,309

				361,777

Auto Components (0.5%):
	1,200	Aisin Sieki Co., Ltd.		44,388
	1,904	Aptiv plc		180,823
	624	Autoliv, Inc.		52,672


Shares			Fair Value
Common Stocks, continued
Auto Components, continued
	1,542	BorgWarner, Inc.	$	66,892
	4,300	Bridgestone Corp.		159,735
	1,267	Compagnie Generale des Establissements Michelin SCA, Class B		155,403
	845	Continental AG		109,721
	3,200	Denso Corp.		144,370
	608	Faurecia SA		32,963
	800	Koito Manufacturing Co., Ltd.		37,032
	442	Lear Corp.		60,642
	2,242	Magna Internationl, Inc.		122,944
	700	NGK Spark Plug Co., Ltd.		13,581
	1,058	Nokian Renkaat OYJ		30,493
	4,305	Pirelli & C SpA		24,812
	600	Stanley Electric Co., Ltd.		17,349
	5,700	Sumitomo Electric Industries, Ltd.		85,535
	700	Sumitomo Rubber Industries, Ltd.		8,517
	300	Toyoda Gosei Co., Ltd.		7,488
	1,100	Toyota Industries Corp.		63,398
	1,787	Valeo SA		63,267
	1,100	Yokohama Rubber Co., Ltd. (The)		21,289

				1,503,314

Automobiles (1.2%):
	2,659	Bayerische Motoren Werke AG (BMW)		218,874
	6,786	Daimler AG, Registered Shares		376,205
	913	Ferrari NV		151,424
	8,107	Fiat Chrysler Automobiles NV		120,056
	28,710	Ford Motor Co.		267,003
	9,491	General Motors Co.		347,371
	1,197	Harley-Davidson, Inc.^		44,516
	12,000	Honda Motor Co., Ltd.		338,533
	4,200	Isuzu Motors, Ltd.		49,486
	4,500	Mazda Motor Corp.		38,305
	2,700	Mitsubishi Motors Corp.		11,241
	17,900	Nissan Motor Co., Ltd.		104,045
	4,372	PSA Peugeot Citroen SA		104,697
	1,438	Renault SA		68,213
	4,600	Subaru Corp.		113,753
	2,700	Suzuki Motor Corp.		113,110
	996	Tesla, Inc.*		416,657
	16,800	Toyota Motor Corp.		1,183,047
	236	Volkswagen AG		45,860
	2,100	Yamaha Motor Co., Ltd.		41,983

				4,154,379

Banks (7.5%):
	3,369	ABN AMRO Group NV		61,530
	6,416	AIB Group plc		22,469
	1,000	Aozora Bank, Ltd.		26,417
	21,093	Australia & New Zealand Banking Group, Ltd.		365,350
	51,029	Banco Bilbao Vizcaya Argentaria SA		287,547
	43,482	Banco de Sabadell SA		50,928
	124,132	Banco Santander SA		524,093
	8,123	Bank Hapoalim BM		67,503
	10,693	Bank LeumiLe-Israel Corp.		77,959
	65,257	Bank of America Corp.		2,298,352
	4,800	Bank of East Asia, Ltd. (The)		10,726
	6,656	Bank of Ireland Group plc		36,700

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Banks, continued
	200	Bank of Kyoto, Ltd. (The)	$	8,528
	4,799	Bank of Montreal		371,974
	9,063	Bank of Nova Scotia		511,992
	4,962	Bankia SA		10,621
	5,419	Bankinter SA		39,839
	127,630	Barclays plc		304,741
	4,092	Bendigo & Adelaide Bank, Ltd.		28,134
	8,271	BNP Paribas SA		492,307
	28,500	BOC Hong Kong Holdings, Ltd.		99,253
	27,832	CaixaBank SA		87,764
	3,344	Canadian Imperial Bank of Commerce		278,306
	5,000	Chiba Bank, Ltd. (The)		28,753
	16,685	Citigroup, Inc.		1,332,965
	3,309	Citizens Financial Group, Inc.		134,378
	1,127	Comerica, Inc.		80,862
	7,814	Commerzbank AG		48,383
	13,107	Commonwealth Bank of Australia		736,703
	8,400	Concordia Financial Group, Ltd.		34,461
	8,466	Credit Agricole SA		123,331
	4,961	Danske Bank A/S		80,243
	13,200	DBS Group Holdings, Ltd.		254,500
	7,167	DNB ASA		134,355
	1,112	East West Bancorp, Inc.		54,154
	2,326	Erste Group Bank AG		87,479
	5,357	Fifth Third Bancorp		164,674
	2,040	Finecobank Banca Fineco SpA		24,484
	1,240	First Republic Bank		145,638
	1,400	Fukuoka Financial Group, Inc.		26,727
	5,800	Hang Seng Bank, Ltd.		120,032
	149,039	HSBC Holdings plc		1,170,248
	7,393	Huntington Bancshares, Inc.		111,486
	29,131	ING Groep NV		350,068
	111,459	Intesa Sanpaolo SpA		293,796
	7,707	Isreal Discount Bank		35,782
	3,400	Japan Post Bank Co., Ltd.		32,590
	23,597	JPMorgan Chase & Co.		3,289,421
	1,874	KBC Group NV		141,298
	7,278	KeyCorp		147,307
	517,992	Lloyds Banking Group plc		432,264
	942	M&T Bank Corp.		159,905
	3,600	Mebuki Financial Group, Inc.		9,186
	4,869	Mediobanca SpA		53,627
	91,500	Mitsubishi UFJ Financial Group, Inc.		494,590
	1,110	Mizrahi Tefahot Bank, Ltd.		29,612
	180,100	Mizuho Financial Group, Inc.		277,025
	21,450	National Australia Bank, Ltd.		371,593
	2,547	National Bank of Canada^		141,395
	23,853	Nordea Bank AB		193,013
	23,900	Oversea-Chinese Banking Corp., Ltd.		195,474
	3,096	People’s United Financial, Inc.		52,322
	3,255	PNC Financial Services Group, Inc.		519,596
	1,228	Raiffeisen International Bank-Holding AG		30,802
	7,243	Regions Financial Corp.		124,290
	16,000	Resona Holdings, Inc.		69,776
	10,665	Royal Bank of Canada		843,984
	35,797	Royal Bank of Scotland Group plc		114,717
	2,100	Seven Bank, Ltd.		6,902


Shares			Fair Value
Common Stocks, continued
Banks, continued
	1,500	Shinsei Bank, Ltd.	$	22,901
	3,700	Shizuoka Bank, Ltd. (The)		27,549
	416	Signature Bank		56,830
	12,169	Skandinaviska Enskilda Banken AB, Class A		114,511
	5,992	Societe Generale		209,347
	20,235	Standard Chartered plc		191,083
	9,900	Sumitomo Mitsui Financial Group, Inc.		364,491
	2,500	Sumitomo Mitsui Trust Holdings, Inc.		98,669
	387	SVB Financial Group*		97,152
	11,379	Svenska Handelsbanken AB, Class A		122,560
	6,836	Swedbank AB, Class A		101,981
	13,495	Toronto-Dominion Bank (The)		756,963
	9,907	Truist Financial Corp.		557,962
	11,000	U.S. Bancorp		652,190
	15,035	Unicredit SpA		219,797
	9,304	United Overseas Bank, Ltd.		183,057
	30,896	Wells Fargo & Co.		1,662,205
	25,948	Westpac Banking Corp.		442,090
	1,310	Zions Bancorp		68,015

				25,316,577

Beverages (1.9%):
	5,638	Anheuser-Busch InBev NV		462,285
	2,700	Asahi Breweries, Ltd.		123,352
	2,273	Brown-Forman Corp., Class B		153,655
	10,000	Budweiser Brewing Co. APAC, Ltd.*		33,766
	801	Carlsberg A/S, Class B		119,507
	3,938	Coca-Cola Amatil, Ltd.		30,614
	500	Coca-Cola Bottlers Japan Holdings, Inc.		12,841
	29,978	Coca-Cola Co. (The)		1,659,282
	993	Coca-Cola European Partners plc		50,524
	782	Coca-Cola European Partners plc		39,250
	1,353	Coca-Cola HBC AG		46,139
	1,238	Constellation Brands, Inc., Class C		234,911
	4,404	Davide Campari — Milano SpA		40,217
	17,400	Diageo plc		733,118
	892	Heineken Holding NV		86,603
	1,915	Heineken NV		204,259
	6,100	Kirin Holdings Co., Ltd.		133,063
	1,411	Molson Coors Brewing Co., Class B		76,053
	3,040	Monster Beverage Corp.*		193,192
	10,321	PepsiCo, Inc.		1,410,571
	1,557	Pernod Ricard SA		278,688
	201	Remy Cointreau SA		24,719
	1,100	Suntory Beverage & Food, Ltd.		46,007
	5,399	Treasury Wine Estates, Ltd.		61,685

				6,254,301

Biotechnology (1.7%):
	10,942	AbbVie, Inc.		968,805
	1,666	Alexion Pharmaceuticals, Inc.*		180,178
	825	Alnylam Pharmaceuticals, Inc.*		95,015
	4,428	Amgen, Inc.		1,067,458
	272	BeiGene, Ltd., ADR*		45,086
	1,365	Biogen, Inc.*		405,036
	1,348	BioMarin Pharmaceutical, Inc.*		113,973
	3,340	CSL, Ltd.		648,061
	1,091	Exact Sciences Corp.*		100,896

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	324	Galapagos NV*^	$	67,432
	486	Genmab A/S*		108,191
	9,338	Gilead Sciences, Inc.		606,783
	2,239	Grifols SA^		79,048
	1,359	Incyte Corp.*		118,668
	994	Ionis Pharmaceuticals, Inc.*		60,048
	650	Neurocrine Biosciences, Inc.*		69,869
	700	Peptidream, Inc.*		35,847
	600	Regeneron Pharmaceuticals, Inc.*		225,288
	554	Sarepta Therapeutics, Inc.*		71,488
	877	Seattle Genetics, Inc.*		100,206
	1,901	Vertex Pharmaceuticals, Inc.*		416,224

				5,583,600

Building Products (0.5%):
	1,044	A.O. Smith Corp.		49,736
	1,400	AGC, Inc.		49,963
	699	Allegion plc		87,053
	7,396	ASSA Abloy AB, Class B		172,883
	3,630	Compagnie de Saint-Gobain SA		149,143
	1,800	Daikin Industries, Ltd.		253,170
	1,050	Fortune Brands Home & Security, Inc.		68,607
	275	Geberit AG, Registered Shares		154,413
	5,881	Johnson Controls International plc		239,417
	963	Kingspan Group plc		59,305
	259	Lennox International, Inc.		63,188
	2,000	Lixil Group Corp.		34,474
	2,171	Masco Corp.		104,186
	811	Owens Corning, Inc.		52,812
	1,100	TOTO, Ltd.		46,364

				1,584,714

Capital Markets (2.8%):
	7,282	3i Group plc		106,120
	971	Ameriprise Financial, Inc.		161,749
	558	Amundi SA		43,861
	1,497	ASX, Ltd.		82,541
	6,266	Bank of New York Mellon Corp. (The)		315,368
	857	BlackRock, Inc., Class A+		430,814
	6,666	Brookfield Asset Management, Inc., Class A		385,205
	829	Cboe Global Markets, Inc.		99,480
	8,699	Charles Schwab Corp. (The)		413,724
	879	CI Financial Corp.		14,697
	2,645	CME Group, Inc.		530,904
	19,090	Credit Suisse Group AG		259,123
	11,900	Daiwa Securities Group, Inc.		60,377
	14,957	Deutsche Bank AG, Registered Shares		116,024
	1,414	Deutsche Boerse AG		222,359
	1,807	E*TRADE Financial Corp.		81,984
	874	Eaton Vance Corp.		40,807
	289	FactSet Research Systems, Inc.		77,539
	2,272	Franklin Resources, Inc.		59,027
	2,394	Goldman Sachs Group, Inc.		550,451
	2,126	Hargreaves Lansdown plc		54,733
	8,800	Hong Kong Exchanges & Clearing, Ltd.		285,240
	310	IGM Financial, Inc.		8,901
	4,137	Intercontinental Exchange, Inc.		382,879
	2,923	Invesco, Ltd.		52,556
	3,800	Japan Exchange Group, Inc.		66,900


Shares			Fair Value
Common Stocks, continued
Capital Markets, continued
	1,701	Julius Baer Group, Ltd.	$	87,865
	3,609	KKR & Co., Inc., Class A		105,275
	2,330	London Stock Exchange Group plc		240,634
	2,417	Macquarie Group, Ltd.		234,382
	973	Magellan Financial Group, Ltd.		39,035
	281	MarketAxess Holdings, Inc.		106,530
	1,260	Moody’s Corp.		299,137
	9,143	Morgan Stanley		467,390
	630	MSCI, Inc.		162,653
	857	Nasdaq, Inc.		91,785
	7,385	Natixis		32,911
	24,800	Nomura Holdings, Inc.		127,409
	1,514	Northern Trust Corp.		160,847
	141	Partners Group Holding AG		129,249
	942	Raymond James Financial, Inc.		84,271
	1,821	S&P Global, Inc.		497,224
	1,800	SBI Holdings, Inc.		37,922
	935	Schroders plc		41,573
	981	SEI Investments Co.		64,236
	3,200	Singapore Exchange, Ltd.		21,115
	3,996	St. James Place plc		61,823
	2,766	State Street Corp.		218,791
	1,755	T. Rowe Price Group, Inc.		213,829
	2,034	TD Ameritrade Holding Corp.		101,090
	4,908	The Blackstone Group, Inc., Class A		274,554
	28,856	UBS Group AG		364,263

				9,169,156

Chemicals (2.4%):
	3,425	Air Liquide SA		486,742
	1,625	Air Products & Chemicals, Inc.		381,858
	700	Air Water, Inc.		10,322
	1,686	Akzo Nobel NV		171,887
	805	Albemarle Corp.^		58,797
	508	Arkema SA		54,182
	9,400	Asahi Kasei Corp.		105,488
	1,522	Axalta Coating Systems, Ltd.*		46,269
	6,808	BASF SE		516,252
	917	Celanese Corp., Series A		112,901
	1,625	CF Industries Holdings, Inc.		77,578
	796	Christian Hansen Holding A/S		63,243
	1,528	Clariant AG		34,199
	5,550	Corteva, Inc.		164,058
	1,332	Covestro AG		61,914
	925	Croda International plc		62,815
	1,000	Daicel Corp.		9,541
	5,487	Dow, Inc.		300,304
	5,534	DuPont de Nemours, Inc.		355,283
	1,034	Eastman Chemical Co.		81,955
	1,909	Ecolab, Inc.		368,417
	66	EMS-Chemie Holding AG		43,443
	1,423	Evonik Industries AG		43,614
	973	FMC Corp.		97,125
	638	Fuchs Petrolub AG		31,739
	68	Givaudan SA, Registered Shares		212,865
	800	Hitachi Chemical Co., Ltd.		33,488
	14,075	Incitec Pivot, Ltd.		31,484
	753	International Flavors & Fragrances, Inc.		97,130

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	5,617	Israel Chemicals, Ltd.	$	26,511
	1,443	Johnson Matthey plc		57,406
	800	JSR Corp.		14,624
	1,300	Kansai Paint Co., Ltd.		31,777
	1,351	Koninklijke DSM NV		176,340
	2,600	Kuraray Co., Ltd.		31,888
	629	Lanxess AG		42,264
	3,985	Linde plc		848,407
	1,988	LyondellBasell Industries NV, Class A		187,825
	244	Methanex Corp.		9,424
	9,900	Mitsubishi Chemical Holdings Corp.		73,768
	1,400	Mitsubishi Gas Chemical Co., Inc.		21,278
	1,400	Mitsui Chemicals, Inc.		34,032
	2,751	Mosaic Co. (The)		59,532
	1,100	Nippon Paint Holdings Co., Ltd.		56,918
	1,000	Nissan Chemical Corp.		41,811
	1,200	Nitto Denko Corp.		67,335
	1,616	Novozymes A/S, Class B		79,131
	4,218	Nutrien, Ltd.		201,967
	2,876	Orica, Ltd.		44,440
	1,732	PPG Industries, Inc.		231,205
	960	RPM International, Inc.		73,690
	613	Sherwin Williams Co.		357,709
	2,700	Shin-Etsu Chemical Co., Ltd.		296,056
	1,100	Showa Denko K.K.		28,979
	948	Sika AG		178,563
	574	Solvay SA		66,744
	11,600	Sumitomo Chemical Co., Ltd.		52,580
	963	Symrise AG		101,303
	1,100	Taiyo Nippon Sanso Corp.		24,372
	1,500	Teijin, Ltd.		27,993
	10,400	Toray Industries, Inc.		71,064
	2,000	Tosoh Corp.		30,784
	1,478	Umicore SA^		72,050
	141	Westlake Chemical Corp.		9,891
	1,353	Yara International ASA		56,397

				7,900,951

Commercial Services & Supplies (0.5%):
	11,809	Brambles, Ltd.		97,316
	648	Cintas Corp.		174,364
	1,530	Copart, Inc.*		139,138
	1,800	Dai Nippon Printing Co., Ltd.		48,858
	1,794	Edenred		92,823
	11,921	G4S plc		34,663
	1,231	ISS A/S		29,565
	400	Park24 Co., Ltd.		9,800
	13,647	Rentokil Initial plc		82,142
	1,618	Republic Services, Inc., Class A		145,021
	1,110	Rollins, Inc.		36,808
	1,600	SECOM Co., Ltd.		142,806
	2,224	Securitas AB, Class B		38,385
	600	Sohgo Security Services Co., Ltd.		32,499
	2,100	Toppan Printing Co., Ltd.		43,298
	2,002	Waste Connections, Inc.		181,762
	3,111	Waste Management, Inc.		354,530

				1,683,778


Shares			Fair Value
Common Stocks, continued
Communications Equipment (0.7%):
	403	Arista Networks, Inc.*	$	81,970
	31,657	Cisco Systems, Inc.		1,518,270
	467	F5 Networks, Inc.*		65,217
	2,592	Juniper Networks, Inc.		63,841
	1,238	Motorola Solutions, Inc.		199,491
	41,875	Nokia OYJ		155,337
	715	Palo Alto Networks, Inc.*		165,344
	22,750	Telefonaktiebolaget LM Ericsson, Class B		199,405

				2,448,875

Construction & Engineering (0.4%):
	2,073	ACS Actividades de Construccion y Servicios SA		83,092
	1,662	Bouygues SA		70,746
	349	Cimic Group, Ltd.		8,141
	582	Eiffage SA		66,685
	3,858	Ferrovial SA		117,030
	206	Hochtief AG		26,364
	1,024	Jacobs Engineering Group, Inc.		91,986
	1,800	JGC Holdings Corp.		28,969
	3,500	Kajima Corp.		46,781
	4,900	Obayashi Corp.		54,338
	4,500	Shimizu Corp.		45,790
	2,540	Skanska AB, Class B		57,453
	1,500	Taisei Corp.		62,112
	3,741	Vinci SA		415,573
	820	WSP Global, Inc.^		55,999

				1,231,059

Construction Materials (0.3%):
	9,118	Boral, Ltd.		28,750
	5,510	CRH plc		220,998
	3,025	Fletcher Building, Ltd.		10,376
	1,143	HeidelbergCement AG		83,306
	3,272	James Hardie Industries SE		64,135
	3,689	LafargeHolcim, Ltd., Registered Shares		204,604
	465	Martin Marietta Materials, Inc.		130,033
	1,000	Taiheiyo Cement Corp.		29,263
	984	Vulcan Materials Co.		141,686

				913,151

Consumer Finance (0.5%):
	1,300	ACOM Co., Ltd.		5,902
	400	AEON Financial Service Co., Ltd.		6,292
	2,899	Ally Financial, Inc.		88,593
	5,231	American Express Co.		651,208
	3,508	Capital One Financial Corp.		361,008
	700	Credit Saison Co., Ltd.		12,135
	2,378	Discover Financial Services		201,702
	4,440	Synchrony Financial		159,884

				1,486,724

Containers & Packaging (0.3%):
	11,794	Amcor PLC		127,847
	635	Avery Dennison Corp.		83,071
	2,346	Ball Corp.		151,715
	1,153	CCL Industries, Inc.		49,125
	1,014	Crown Holdings, Inc.*		73,556
	2,785	International Paper Co.		128,249
	733	Packaging Corp. of America		82,089
	1,174	Sealed Air Corp.		46,760

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Containers & Packaging, continued
	1,518	Smurfit Kappa Group plc	$	58,468
	600	Toyo Seikan Group Holdings, Ltd.		10,402
	1,959	WestRock Co.		84,061

				895,343

Distributors (0.1%):
	1,092	Genuine Parts Co.		116,004
	400	Jardine Cycle & Carriage, Ltd.		8,955
	2,302	LKQ Corp.*		82,181

				207,140

Diversified Consumer Services (0.0%^†):
	200	Benesse Holdings, Inc.		5,260

Diversified Financial Services (1.0%):
	25,594	AMP, Ltd.		34,406
	3,088	AXA Equitable Holdings, Inc.		76,521
	9,710	Berkshire Hathaway, Inc., Class B*		2,199,315
	2,251	Challenger, Ltd.		12,818
	159	Eurazeo Se		10,898
	818	EXOR NV		63,432
	612	Groupe Bruxelles Lambert SA		64,561
	1,380	Industrivarden AB, Class C		33,336
	3,400	Investor AB, Class B		185,823
	1,840	Jefferies Financial Group, Inc.		39,321
	1,817	Kinnevik AB, Class B		44,477
	342	L E Lundbergforetagen AB		15,029
	19,143	M&G plc*		60,222
	1,300	Mitsubishi UFJ Lease & Finance Co., Ltd.		8,368
	662	Onex Corp.		41,895
	9,900	ORIX Corp.		164,812
	288	Pargesa Holding SA		23,931
	17,859	Standard Life Aberdeen plc		77,805
	200	Tokyo Century Corp.		10,740
	1,044	Voya Financial, Inc.		63,663
	105	Wendel		13,974

				3,245,347

Diversified Telecommunication Services (2.0%):
	53,946	AT&T, Inc.		2,108,210
	1,206	BCE, Inc.		55,879
	62,428	BT Group plc		159,967
	1,933	Cellnex Telecom SAU		83,304
	7,272	CenturyLink, Inc.		96,063
	24,673	Deutsche Telekom AG, Registered Shares		403,162
	1,031	Elisa OYJ		56,966
	29,000	HKT Trust & HKT, Ltd.		40,886
	228	Iliad SA^		29,582
	26,879	Koninklijke KPN NV		79,412
	9,400	Nippon Telegraph & Telephone Corp.		238,133
	14,615	Orange SA		214,739
	32,000	PCCW, Ltd.		18,896
	1,146	Proximus SADP		32,815
	62,100	Singapore Telecommunications, Ltd.		155,770
	13,956	Spark New Zealand, Ltd.		40,696
	193	Swisscom AG, Registered Shares^		102,230
	48,285	Telecom Italia SpA		29,554
	64,844	Telecom Italia SpA*		40,458
	8,284	Telefonica Deutschland Holding AG		24,008
	34,954	Telefonica SA		244,282


Shares			Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	5,403	Telenor ASA	$	96,939
	20,247	Telia Co AB		87,000
	31,200	Telstra Corp., Ltd.		77,712
	1,510	TELUS Corp.		58,474
	838	TPG Telecom, Ltd.		3,953
	951	United Internet AG, Registered Shares		31,250
	30,503	Verizon Communications, Inc.		1,872,884
	1,759	Zayo Group Holdings, Inc.*		60,949

				6,544,173

Electric Utilities (2.0%):
	1,790	Alliant Energy Corp.		97,949
	3,635	American Electric Power Co., Inc.		343,544
	6,654	AusNet Services		7,933
	5,000	Chubu Electric Power Co., Inc.		70,535
	2,400	Chugoku Electric Power Co., Inc. (The)		31,654
	5,500	CK Infrastructure Holdings, Ltd.		39,227
	12,500	CLP Holdings, Ltd.		131,630
	5,376	Duke Energy Corp.		490,345
	2,649	Edison International		199,761
	20,651	EDP — Energias de Portugal SA		89,517
	4,565	Electricite de France		50,920
	1,852	Emera, Inc.		79,577
	2,724	Endesa SA		72,719
	60,346	Enel SpA		480,035
	1,488	Entergy Corp.		178,262
	1,767	Evergy, Inc.		115,014
	2,389	Eversource Energy		203,232
	7,151	Exelon Corp.		326,014
	3,966	FirstEnergy Corp.		192,748
	3,431	Fortis, Inc.		142,377
	3,320	Fortum OYJ		81,896
	7,500	HK Electric Investments, Ltd.		7,392
	2,309	Hydro One, Ltd.		44,601
	45,188	Iberdrola SA		465,354
	5,400	Kansai Electric Power Co., Inc. (The)		62,451
	3,000	Kyushu Electric Power Co., Inc.		25,919
	3,523	NextEra Energy, Inc.		853,129
	1,470	OGE Energy Corp.		65,371
	1,421	Orsted A/S		147,244
	846	Pinnacle West Capital Corp.		76,081
	10,500	Power Assets Holdings, Ltd.		76,778
	5,325	PPL Corp.		191,061
	1,396	Red Electrica Corp SA		28,078
	7,581	Scottish & Southern Energy plc		145,229
	7,674	Southern Co. (The)		488,834
	11,051	Terna SpA		73,936
	3,500	Tohoku Electric Power Co., Inc.		34,622
	11,600	Tokyo Electric Power Co. Holdings, Inc.*		49,541
	561	Verbund AG, Class A		28,168
	3,784	Xcel Energy, Inc.		240,246

				6,528,924

Electrical Equipment (0.8%):
	13,587	ABB, Ltd.		328,070
	307	Acuity Brands, Inc.		42,366
	1,680	AMETEK, Inc.		167,563
	3,091	Eaton Corp. plc		292,780
	4,506	Emerson Electric Co.		343,628

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Electrical Equipment, continued
	1,000	Fuji Electric Co., Ltd.	$	30,563
	1,911	Legrand SA		155,912
	36,347	Melrose Industries plc		116,161
	13,500	Mitsubishi Electric Corp.		183,587
	1,700	Nidec Corp.		232,260
	1,821	Prysmian SpA		43,878
	864	Rockwell Automation, Inc.		175,107
	4,011	Schneider Electric SA		412,568
	1,223	Sensata Technologies Holding plc*		65,883
	1,975	Siemens Gamesa Renewable Energy		34,702
	1,400	Vestas Wind Systems A/S		141,555

				2,766,583

Electronic Equipment, Instruments & Components (1.0%):
	1,600	Alps Alpine Co., Ltd.		36,148
	2,191	Amphenol Corp., Class A		237,133
	592	Arrow Electronics, Inc.*		50,166
	1,082	CDW Corp.		154,553
	1,272	Cognex Corp.		71,283
	5,777	Corning, Inc.		168,168
	3,831	Flex, Ltd.*		48,347
	1,007	FLIR Systems, Inc.		52,434
	2,792	Halma plc		78,370
	1,000	Hamamatsu Photonics KK		40,981
	1,952	Hexagon AB, Class B		109,402
	205	Hirose Electric Co., Ltd.		26,211
	500	Hitachi High-Technologies Corp.		35,337
	7,100	Hitachi, Ltd.		299,108
	447	Ingenico Group		48,592
	287	IPG Photonics Corp.*		41,592
	1,300	Keyence Corp.		460,203
	1,398	Keysight Technologies, Inc.*		143,477
	2,400	Kyocera Corp.		163,574
	4,300	Murata Manufacturing Co., Ltd.		265,884
	1,500	Omron Corp.		87,397
	1,600	Shimadzu Corp.		50,048
	1,000	TDK Corp.		112,409
	2,479	TE Connectivity, Ltd.		237,587
	1,871	Trimble, Inc.*		78,002
	2,400	Venture Corp., Ltd.		28,966
	1,800	Yaskawa Electric Corp.		67,931
	1,800	Yokogawa Electric Corp.		31,885
	403	Zebra Technologies Corp., Class A*		102,942

				3,328,130

Energy Equipment & Services (0.3%):
	4,638	Baker Hughes Co.		118,872
	6,497	Halliburton Co.		158,982
	2,885	National-Oilwell Varco, Inc.		72,269
	10,233	Schlumberger, Ltd.		411,367
	3,249	Technipfmc plc		69,659
	3,492	Tenaris SA		39,488
	2,773	Worley, Ltd.		29,910

				900,547

Entertainment (1.4%):
	5,681	Activision Blizzard, Inc.		337,565
	2,188	Electronic Arts, Inc.*		235,232
	700	Konami Holdings Corp.		28,868


Shares			Fair Value
Common Stocks, continued
Entertainment, continued
	1,491	Liberty Media Corp-Liberty Formula One, Class C*	$	68,534
	1,117	Live Nation Entertainment, Inc.*		79,832
	3,240	Netflix, Inc.*		1,048,367
	3,700	Nexon Co., Ltd.*		48,946
	800	Nintendo Co., Ltd.		322,962
	700	Square Enix Holdings Co., Ltd.		34,979
	845	Take-Two Interactive Software, Inc.*		103,453
	900	Toho Co., Ltd.		37,482
	632	UbiSoft Entertainment SA*		43,716
	6,293	Vivendi Universal SA		182,388
	13,311	Walt Disney Co. (The)		1,925,170

				4,497,494

Equity Real Estate Investment Trusts (2.6%):
	874	Alexandria Real Estate Equities, Inc.		141,221
	3,265	American Tower Corp.		750,362
	27,204	Ascendas Real Estate Investment Trust		60,117
	1,029	AvalonBay Communities, Inc.		215,781
	1,156	Boston Properties, Inc.		159,366
	6,602	British Land Co. plc		56,203
	716	Camden Property Trust		75,968
	23,100	CapitaLand Commercial Trust		34,210
	22,600	CapitaLand Mall Trust		41,356
	316	Covivio		35,891
	3,067	Crown Castle International Corp.		435,974
	15	Daiwahouse Residential Investment Corp.		39,192
	8,284	Dexus		68,152
	1,549	Digital Realty Trust, Inc.		185,477
	2,668	Duke Realty Corp.		92,500
	626	Equinix, Inc.		365,396
	1,298	Equity Lifestyle Properties, Inc.		91,366
	2,736	Equity Residential		221,397
	490	Essex Property Trust, Inc.		147,421
	968	Extra Space Storage, Inc.		102,240
	570	Federal Realty Investment Trust		73,376
	330	Gecina SA		59,146
	12,265	Goodman Group		115,268
	14,718	GPT Group		57,925
	290	H&R Real Estate Investment Trust		4,713
	3,615	Healthpeak Properties, Inc.		124,609
	5,272	Host Hotels & Resorts, Inc.		97,796
	246	Icade		26,816
	3,933	Invitation Homes, Inc.		117,872
	2,122	Iron Mountain, Inc.		67,628
	7	Japan Prime Realty Investment Corp.		30,748
	10	Japan Real Estate Investment Corp.		66,351
	21	Japan Retail Fund Investment Corp.		45,155
	3,092	Kimco Realty Corp.		64,035
	1,471	Klepierre		55,912
	5,201	Land Securities Group plc		68,332
	1,168	Liberty Property Trust		70,138
	15,500	Link REIT (The)		164,565
	3,728	Medical Properties Trust, Inc.		78,698
	879	Mid-America Apartment Communities, Inc.		115,905
	29,366	Mirvac Group		65,665
	1,209	National Retail Properties, Inc.		64,827
	11	Nippon Building Fund, Inc.		80,615
	16	Nippon Prologis REIT, Inc.		40,767

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	31	Nomura Real Estate Master Fund, Inc.	$	52,985
	1,633	Omega Healthcare Investors, Inc.		69,158
	22	Orix JREIT, Inc.		47,709
	4,669	ProLogis, Inc.		416,195
	1,164	Public Storage, Inc.		247,885
	2,371	Realty Income Corp.		174,577
	1,274	Regency Centers Corp.		80,377
	626	RioCan REIT		12,902
	835	SBA Communications Corp.		201,227
	40,088	Scentre Group		107,903
	7,900	SERGO plc		94,287
	2,289	Simon Property Group, Inc.		340,969
	635	SL Green Realty Corp.		58,344
	240	Smart Real Estate Investment Trust		5,769
	17,840	Stockland		57,937
	693	Sun Communities, Inc.		104,019
	20,700	Suntec Real Estate Investment Trust		28,338
	2,194	UDR, Inc.		102,460
	1,022	Unibail-Rodamco-Westfield		161,456
	24	United Urban Investment Corp.		45,041
	2,759	Ventas, Inc.		159,305
	7,239	VEREIT, Inc.		66,888
	3,403	VICI Properties, Inc.		86,947
	24,703	Vicinity Centres		43,236
	1,304	Vornado Realty Trust		86,716
	3,001	Welltower, Inc.		245,422
	5,497	Weyerhaeuser Co.		166,009
	1,297	WP Carey, Inc.		103,812

				8,444,325

Food & Staples Retailing (1.6%):
	5,000	AEON Co., Ltd.		103,021
	6,502	Alimentation Couche-Tard, Inc.		206,368
	4,504	Carrefour SA		75,652
	240	Casino Guichard-Perrachon SA^		11,250
	8,604	Coles Group, Ltd.		89,843
	214	Colruyt SA		11,169
	3,251	Costco Wholesale Corp.		955,534
	1,200	Dairy Farm International Holdings, Ltd.		6,845
	1,286	Empire Co., Ltd., Class A		30,169
	1,900	FamilyMart Co., Ltd.		45,514
	686	ICA Gruppen AB		32,047
	13,541	J Sainsbury plc		41,504
	1,994	Jeronimo Martins SGPS SA		32,838
	8,799	Koninklijke Ahold Delhaize NV		220,501
	5,903	Kroger Co. (The)		171,128
	200	LAWSON, Inc.		11,328
	1,424	Loblaw Cos., Ltd.		73,481
	706	METRO AG		11,379
	1,955	Metro, Inc.		80,690
	5,600	Seven & I Holdings Co., Ltd.		204,925
	600	Sundrug Co., Ltd.		21,687
	3,600	Sysco Corp.		307,944
	72,691	Tesco plc		246,204
	300	Tsuruha Holdings, Inc.		38,495
	5,696	Walgreens Boots Alliance, Inc.		335,836
	10,534	Walmart, Inc.		1,251,861
	200	Welcia Holdings Co., Ltd.		12,741


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
	8,467	Wesfarmers, Ltd.	$	246,625
	632	Weston (George), Ltd.		50,145
	18,535	William Morrison Supermarkets plc		49,336
	9,415	Woolworths Group, Ltd.		239,510

				5,215,570

Food Products (1.9%):
	5,472	A2 Milk Co., Ltd.*		55,371
	3,300	Ajinomoto Co., Inc.		54,873
	4,127	Archer-Daniels-Midland Co.		191,286
	2,641	Associated British Foods plc		91,478
	24	Barry Callebaut AG, Registered Shares		53,068
	1,070	Bunge, Ltd.		61,579
	300	Calbee, Inc.		9,758
	1,241	Campbell Soup Co.		61,330
	3,606	Conagra Brands, Inc.		123,469
	4,546	Danone SA		377,302
	4,468	General Mills, Inc.		239,306
	1,107	Hershey Co. (The)		162,707
	2,172	Hormel Foods Corp.		97,979
	528	Ingredion, Inc.		49,078
	856	JM Smucker Co. (The)		89,135
	1,901	Kellogg Co.		131,473
	1,078	Kerry Group plc, Class A		134,201
	1,100	Kikkoman Corp.		53,821
	4,989	Kraft Heinz Co. (The)		160,297
	1,080	Lamb Weston Holdings, Inc.		92,912
	15	Lindt & Spruengli AG		116,468
	916	McCormick & Co.		155,473
	900	Meiji Holdings Co., Ltd.		60,794
	10,652	Mondelez International, Inc., Class A		586,713
	3,323	Mowi ASA		86,457
	21,987	Nestle SA, Registered Shares		2,382,489
	700	NH Foods, Ltd.		28,999
	1,700	Nisshin Seifun Group, Inc.		29,634
	500	Nissin Foods Holdings Co., Ltd.		37,119
	5,748	Orkla ASA, Class A		58,275
	1,784	Saputo, Inc.		55,235
	700	Toyo Suisan Kaisha, Ltd.		29,777
	2,183	Tyson Foods, Inc., Class A		198,740
	72,000	WH Group, Ltd.		74,607
	15,200	Wilmar International, Ltd.		46,630
	900	Yakult Honsha Co., Ltd.		49,547
	500	Yamazaki Baking Co., Ltd.		8,935

				6,296,315

Gas Utilities (0.2%):
	2,016	AltaGas, Ltd.		30,712
	8,921	APA Group		69,657
	922	Atmos Energy Corp.		103,135
	2,302	Gas Natural SDG SA		57,946
	75,574	Hong Kong & China Gas Co., Ltd.		147,672
	2,900	Osaka Gas Co., Ltd.		55,418
	300	Toho Gas Co., Ltd.		12,217
	2,900	Tokyo Gas Co., Ltd.		70,367
	1,581	UGI Corp.		71,398

				618,522

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies (2.9%):
	13,008	Abbott Laboratories	$	1,129,874
	342	ABIOMED, Inc.*		58,342
	3,097	Alcon, Inc.*		175,480
	562	Align Technology, Inc.*		156,820
	1,400	Asahi Intecc Co., Ltd.		41,227
	3,575	Baxter International, Inc.		298,942
	1,989	Becton Dickinson & Co.		540,948
	333	BioMerieux		29,661
	10,228	Boston Scientific Corp.*		462,510
	302	Carl Zeiss Meditec AG		38,514
	426	Cochlear, Ltd.		67,326
	903	Coloplast A/S, Class B		112,279
	367	Cooper Cos., Inc. (The)		117,913
	4,760	Danaher Corp.		730,565
	896	Demant A/S*		28,239
	1,659	Dentsply Sirona, Inc.		93,883
	675	DexCom, Inc.*		147,650
	1,537	Edwards Lifesciences Corp.*		358,567
	2,096	EssilorLuxottica SA		320,153
	4,257	Fisher & Paykel Healthcare Corp., Ltd.		63,862
	1,967	Hologic, Inc.*		102,697
	2,800	HOYA Corp.		267,381
	642	IDEXX Laboratories, Inc.*		167,645
	449	Insulet Corp.*		76,869
	853	Intuitive Surgical, Inc.*		504,251
	6,698	Koninklijke Philips NV		327,432
	9,886	Medtronic plc		1,121,567
	8,600	Olympus Corp.		132,451
	1,067	ResMed, Inc.		165,353
	265	Sartorius AG		56,728
	1,111	Siemens Healthineers AG		53,345
	6,444	Smith & Nephew plc		155,641
	415	Sonova Holding AG, Registered Shares		94,966
	637	Steris plc		97,092
	77	Straumann Holding AG, Registered Shares		75,595
	2,483	Stryker Corp.		521,281
	1,200	Sysmex Corp.		81,577
	343	Teleflex, Inc.		129,119
	4,800	Terumo Corp.		169,605
	676	Varian Medical Systems, Inc.*		95,999
	551	West Pharmaceutical Services, Inc.		82,832
	1,511	Zimmer Biomet Holdings, Inc.		226,166

				9,678,347

Health Care Providers & Services (1.9%):
	1,500	Alfresa Holdings Corp.		30,629
	1,158	AmerisourceBergen Corp.		98,453
	1,891	Anthem, Inc.		571,139
	2,224	Cardinal Health, Inc.		112,490
	3,072	Centene Corp.*		193,137
	2,794	Cigna Corp.		571,345
	9,619	CVS Health Corp.		714,596
	774	DaVita, Inc.*		58,073
	1,605	Fresenius Medical Care AG & Co., KGaA		119,029
	3,115	Fresenius SE & Co. KGaA		175,815
	2,019	HCA Healthcare, Inc.		298,428
	1,103	Henry Schein, Inc.*		73,592
	998	Humana, Inc.		365,787


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	734	Laboratory Corp. of America Holdings*	$	124,171
	1,375	McKesson Corp.		190,190
	1,400	Medipal Holdings Corp.		30,887
	378	NMC Health plc^		8,872
	1,008	Quest Diagnostics, Inc.		107,644
	1,215	Ramsay Health Care, Ltd.		61,979
	3,006	Ryman Healthcare, Ltd.		33,093
	3,471	Sonic Healthcare, Ltd.		70,161
	300	Suzuken Co., Ltd.		12,210
	7,001	UnitedHealth Group, Inc.		2,058,153
	606	Universal Health Services, Inc., Class B		86,937
	374	WellCare Health Plans, Inc.*		123,499

				6,290,309

Health Care Technology (0.1%):
	2,363	Cerner Corp.		173,421
	3,300	M3, Inc.		99,666
	973	Veeva Systems, Inc., Class A*		136,862

				409,949

Hotels, Restaurants & Leisure (1.7%):
	1,331	Accor SA		62,476
	1,845	Aramark		80,073
	4,307	Aristocrat Leisure, Ltd.		102,125
	3,095	Carnival Corp., Class A		157,319
	1,233	Carnival plc		58,870
	196	Chipotle Mexican Grill, Inc.*		164,074
	11,718	Compass Group plc		293,500
	1,460	Crown Resorts, Ltd.		12,322
	911	Darden Restaurants, Inc.		99,308
	293	Domino’s Pizza, Inc.		86,078
	207	Flight Centre Travel Group, Ltd.		6,402
	557	Flutter Entertainment plc		68,015
	16,000	Galaxy Entertainment Group, Ltd.		117,941
	50,400	Genting Singapore, Ltd.		34,513
	4,348	GVC Holdings plc		50,984
	2,021	Hilton Worldwide Holdings, Inc.		224,149
	1,299	InterContinental Hotels Group plc		89,467
	2,583	Las Vegas Sands Corp.		178,330
	2,074	Marriott International, Inc., Class A		314,066
	5,607	McDonald’s Corp.		1,107,999
	600	McDonald’s Holdings Co., Ltd.^		28,919
	1,773	Melco Resorts & Entertainment, Ltd., ADR		42,853
	3,693	MGM Resorts International		122,866
	1,615	Norwegian Cruise Line Holdings, Ltd.*		94,332
	1,500	Oriental Land Co., Ltd.		204,750
	2,031	Restaurant Brands International, Inc.		129,488
	1,327	Royal Caribbean Cruises, Ltd.		177,168
	18,400	Sands China, Ltd.		98,678
	10,000	SJM Holdings, Ltd.		11,416
	646	Sodexo SA		76,613
	8,849	Starbucks Corp.		778,004
	1,721	Stars Group, Inc. (The)*		44,920
	15,654	Tabcorp Holdings, Ltd.		49,828
	3,033	TUI AG		38,341
	304	Vail Resorts, Inc.		72,908
	987	Whitbread plc		63,507
	12,400	Wynn Macau, Ltd.		30,675
	732	Wynn Resorts, Ltd.		101,653

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	2,251	Yum! Brands, Inc.	$	226,743

				5,701,673

Household Durables (0.7%):
	7,598	Barratt Developments plc		75,301
	898	Berkeley Group Holdings plc (The)		58,223
	900	Casio Computer Co., Ltd.		18,088
	2,606	D.R. Horton, Inc.		137,468
	1,708	Electrolux AB, Series B, Class B		41,932
	999	Garmin, Ltd.		97,462
	3,756	Husqvarna AB, Class B		30,085
	600	Iida Group Holdings Co., Ltd.		10,504
	986	Leggett & Platt, Inc.		50,118
	2,112	Lennar Corp., Class A		117,828
	459	Mohawk Industries, Inc.*		62,598
	3,000	Newell Brands, Inc.		57,660
	2,500	Nikon Corp.		30,562
	26	NVR, Inc.*		99,019
	16,500	Panasonic Corp.		154,780
	2,384	Persimmon plc		85,868
	1,929	PulteGroup, Inc.		74,845
	300	Rinnai Corp.		23,431
	635	Roku, Inc.*		85,027
	92	SEB SA		13,682
	2,800	Sekisui Chemical Co., Ltd.		48,474
	4,700	Sekisui House, Ltd.		100,388
	1,800	Sharp Corp.		27,509
	9,400	Sony Corp.		639,916
	24,626	Taylor Wimpey plc		63,722
	10,500	Techtronic Industries Co., Ltd.		85,925
	481	Whirlpool Corp.		70,962

				2,361,377

Household Products (1.3%):
	1,837	Church & Dwight Co., Inc.		129,215
	945	Clorox Co. (The)		145,095
	6,019	Colgate-Palmolive Co.		414,348
	4,527	Essity AB, Class B		145,988
	733	Henkel AG & Co. KGaA		69,015
	2,548	Kimberly-Clark Corp.		350,477
	1,700	Lion Corp.		33,186
	900	Pigeon Corp.		33,189
	18,467	Procter & Gamble Co. (The)		2,306,529
	5,242	Reckitt Benckiser Group plc		425,617
	3,100	Unicharm Corp.		104,725

				4,157,384

Independent Power and Renewable Electricity Producers (0.1%):
	4,853	AES Corp. (The)		96,575
	1,200	Electric Power Development Co., Ltd.		29,165
	9,703	Meridian Energy, Ltd.		32,666
	1,907	NRG Energy, Inc.		75,803
	1,518	Uniper SE		50,238
	2,743	Vistra Energy Corp.		63,062

				347,509

Industrial Conglomerates (1.3%):
	4,255	3M Co.		750,667
	20,000	CK Hutchison Holdings, Ltd.		191,119


Shares			Fair Value
Common Stocks, continued
Industrial Conglomerates, continued
	782	DCC plc	$	68,059
	64,429	General Electric Co.		719,028
	5,293	Honeywell International, Inc.		936,861
	1,700	Jardine Matheson Holdings, Ltd.		94,529
	1,700	Jardine Strategic Holdings, Ltd.		52,123
	700	Keihan Holdings Co., Ltd.		34,078
	11,300	Keppel Corp., Ltd.		56,948
	5,370	NWS Holdings, Ltd.		7,538
	770	Roper Technologies, Inc.		272,757
	1,600	Seibu Holdings, Inc.		26,398
	3,000	SembCorp Industries, Ltd.		5,117
	5,648	Siemens AG, Registered Shares		738,243
	2,929	Smiths Group plc		65,475
	3,700	Toshiba Corp.		125,368

				4,144,308

Insurance (3.8%):
	1,398	Admiral Group plc		42,806
	13,732	AEGON NV		62,851
	5,419	Aflac, Inc.		286,665
	1,358	Ageas NV		80,331
	89,200	AIA Group, Ltd.		938,592
	107	Alleghany Corp.*		85,554
	3,131	Allianz SE, Registered Shares+		767,690
	2,420	Allstate Corp. (The)		272,129
	572	American Financial Group, Inc.		62,720
	6,428	American International Group, Inc.		329,949
	1,739	Aon plc		362,216
	2,992	Arch Capital Group, Ltd.*		128,326
	1,387	Arthur J. Gallagher & Co.		132,084
	8,142	Assicurazioni Generali SpA		168,062
	457	Assurant, Inc.		59,904
	1,146	Athene Holding, Ltd.*		53,896
	29,152	Aviva plc		162,602
	14,102	AXA SA		397,820
	364	Baloise Holding AG, Registered Shares		65,801
	1,048	Brown & Brown, Inc.		41,375
	3,351	Chubb, Ltd.		521,618
	1,147	Cincinnati Financial Corp.		120,607
	1,241	CNP Assurances SA		24,723
	8,100	Dai-ichi Life Holdings, Inc.		133,417
	10,156	Direct Line Insurance Group plc		42,310
	195	Erie Indemnity Co., Class A		32,370
	307	Everest Re Group, Ltd.		84,990
	207	Fairfax Financial Holdings, Ltd.		97,209
	2,017	FNF Group		91,471
	1,553	Gjensidige Forsikring ASA		32,644
	776	Globe Life, Inc.		81,674
	2,031	Great-West Lifeco, Inc.		52,026
	455	Hannover Rueck SE		87,962
	2,646	Hartford Financial Services Group, Inc. (The)		160,797
	826	IA Financial Corp., Inc.		45,378
	17,468	Insurance Australia Group, Ltd.		94,087
	1,062	Intact Financial Corp.		114,854
	11,800	Japan Post Holdings Co., Ltd.		110,840
	1,700	Japan Post Insurance Co., Ltd.		29,103
	44,020	Legal & General Group plc		177,319
	1,508	Lincoln National Corp.		88,987

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	2,069	Loews Corp.	$	108,602
	14,363	Manulife Financial Corp.		291,595
	9,659	Mapfre SA		25,692
	104	Markel Corp.*		118,890
	3,731	Marsh & McLennan Cos., Inc.		415,671
	21,022	Medibank Private, Ltd.		46,636
	5,853	MetLife, Inc.		298,327
	3,600	MS&AD Insurance Group Holdings, Inc.		118,551
	1,063	Muenchener Rueckversicherungs-Gesellschaft AG		313,574
	2,381	NN Group NV		90,530
	4,357	Poste Italiane SpA		49,446
	2,174	Power Corp. of Canada		56,008
	1,950	Power Financial Corp.		52,475
	2,068	Principal Financial Group, Inc.		113,740
	4,328	Progressive Corp. (The)		313,304
	2,980	Prudential Financial, Inc.		279,345
	19,243	Prudential plc		370,207
	10,015	QBE Insurance Group, Ltd.		90,749
	473	Reinsurance Group of America, Inc.		77,127
	329	RenaissanceRe Holdings, Ltd.		64,491
	7,571	RSA Insurance Group plc		57,141
	3,307	Sampo Oyj, Class A		144,274
	1,146	SCOR SA		48,142
	2,500	Sompo Holdings, Inc.		97,974
	1,200	Sony Financial Holdings, Inc.		28,728
	4,445	Sun Life Financial, Inc.		202,702
	9,576	Suncorp Group, Ltd.		87,231
	254	Swiss Life Holding AG, Registered Shares		127,458
	2,179	Swiss Re AG		244,957
	4,200	T&D Holdings, Inc.		53,018
	4,800	Tokio Marine Holdings, Inc.		268,049
	1,926	Travelers Cos., Inc. (The)		263,766
	983	Tryg A/S		29,144
	1,543	Unum Group		44,994
	954	Willis Towers Watson plc		192,651
	1,116	WR Berkley Corp.		77,116
	1,100	Zurich Insurance Group AG		451,247

				12,439,311

Interactive Media & Services (3.2%):
	2,221	Alphabet, Inc., Class A*		2,974,785
	2,304	Alphabet, Inc., Class C*		3,080,494
	6,934	Auto Trader Group plc		54,791
	17,786	Facebook, Inc., Class A*		3,650,576
	587	IAC/InterActiveCorp.*		146,228
	1,100	Kakaku.com, Inc.		28,282
	500	Line Corp.*		24,596
	411	REA Group, Ltd.		29,958
	5,334	Snap, Inc., Class A*		87,104
	892	TripAdvisor, Inc.		27,099
	5,443	Twitter, Inc.*		174,448
	19,900	Z Holdings Corp.		83,386
	950	Zillow Group, Inc., Class C*^		43,643

				10,405,390

Internet & Direct Marketing Retail (2.3%):
	3,109	Amazon.com, Inc.*		5,744,935
	315	Booking Holdings, Inc.*		646,925
	857	Delivery Hero AG*		67,824


Shares			Fair Value
Common Stocks, continued
Internet & Direct Marketing Retail, continued
	5,906	eBay, Inc.	$	213,266
	1,044	Expedia Group, Inc.		112,898
	721	Grubhub, Inc.*^		35,069
	331	MercadoLibre, Inc.*		189,312
	3,446	Ocado Group plc*		58,501
	3,641	Prosus NV*		272,423
	6,500	Rakuten, Inc.		55,758
	465	Wayfair, Inc., Class A*^		42,022
	1,045	Zalando SE*		52,946
	400	ZOZO, Inc.		7,654

				7,499,533

IT Services (4.0%):
	4,705	Accenture plc, Class C		990,731
	78	Adyen NV*		64,177
	1,247	Akamai Technologies, Inc.*		107,716
	338	Alliance Data Systems Corp.		37,924
	3,235	Amadeus IT Group SA		265,043
	735	Atos SE		61,449
	3,222	Automatic Data Processing, Inc.		549,351
	1,131	Black Knight, Inc.*		72,927
	1,083	Booz Allen Hamilton Holding Corp.		77,034
	854	Broadridge Financial Solutions, Inc.		105,503
	1,180	Capgemini SA		144,535
	1,910	CGI, Inc.*		159,858
	4,105	Cognizant Technology Solutions Corp., Class A		254,592
	3,761	Computershare, Ltd.		44,323
	1,950	DXC Technology Co.		73,301
	412	Epam Systems, Inc.*		87,410
	4,540	Fidelity National Information Services, Inc.		631,469
	4,269	Fiserv, Inc.*		493,624
	645	FleetCor Technologies, Inc.*		185,579
	1,500	Fujitsu, Ltd.		141,563
	676	Gartner, Inc.*		104,172
	2,231	Global Payments, Inc.		407,291
	300	GMO Payment Gateway, Inc.		20,642
	1,342	GoDaddy, Inc., Class A*		91,149
	6,556	International Business Machines Corp.		878,766
	582	Jack Henry & Associates, Inc.		84,780
	1,034	Leidos Holdings, Inc.		101,218
	6,661	MasterCard, Inc., Class A		1,988,907
	317	MongoDB, Inc.*^		41,720
	2,620	Nomura Research Institute, Ltd.		56,379
	4,700	NTT Data Corp.		62,839
	500	OBIC Co., Ltd.		67,551
	800	Okta, Inc.*		92,296
	800	Otsuka Corp.		31,956
	2,419	Paychex, Inc.		205,760
	8,275	PayPal Holdings, Inc.*		895,107
	2,054	Sabre Corp.		46,092
	748	Shopify, Inc., Class A*		297,437
	2,552	Square, Inc., Class A*		159,653
	869	Twilio, Inc., Series A*		85,405
	819	VeriSign, Inc.*		157,805
	12,732	Visa, Inc., Class A		2,392,342
	3,142	Western Union Co.		84,143
	874	Wirecard AG^		105,591
	365	Wix.com, Ltd.*		44,669

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
IT Services, continued
	800	Worldline SA*	$	56,773

				13,108,552

Leisure Products (0.1%):
	1,500	Bandai Namco Holdings, Inc.		91,033
	962	Hasbro, Inc.		101,597
	453	Polaris, Inc.		46,070
	200	Sankyo Co., Ltd.		6,630
	800	Sega Sammy Holdings, Inc.		11,654
	600	Shimano, Inc.		97,429
	1,100	Yamaha Corp.		60,645

				415,058

Life Sciences Tools & Services (0.7%):
	2,286	Agilent Technologies, Inc.		195,019
	170	Bio-Rad Laboratories, Inc., Class A*		62,905
	89	Eurofins Scientific SE^		49,421
	1,088	Illumina, Inc.*		360,933
	1,240	IQVIA Holdings, Inc.*		191,592
	553	Lonza Group AG, Registered Shares		201,729
	183	Mettler-Toledo International, Inc.*		145,170
	829	PerkinElmer, Inc.		80,496
	1,680	Qiagen NV*		57,427
	198	Sartorius Stedim Biotech		32,827
	2,954	Thermo Fisher Scientific, Inc.		959,667
	496	Waters Corp.*		115,890

				2,453,076

Machinery (1.9%):
	2,355	Alfa Laval AB		59,348
	1,388	Alstom SA		65,748
	2,700	Amada Holdings Co., Ltd.		30,668
	291	Andritz AG		12,527
	2,661	Atlas Copco AB		92,353
	5,162	Atlas Copco AB, Class A		205,836
	4,164	Caterpillar, Inc.		614,940
	7,639	CNH Industrial NV		83,849
	1,116	Cummins, Inc.		199,719
	800	Daifuku Co., Ltd.		48,383
	2,212	Deere & Co.		383,251
	1,082	Dover Corp.		124,711
	2,845	Epiroc AB		33,778
	4,832	Epiroc AB, Class A		59,071
	1,400	FANUC Corp.		258,600
	991	Flowserve Corp.		49,322
	2,242	Fortive Corp.		171,266
	1,149	GEA Group AG		37,987
	1,200	Hino Motors, Ltd.		12,681
	800	Hitachi Construction Machinery Co., Ltd.		23,805
	400	Hoshizaki Corp.		35,621
	567	IDEX Corp.		97,524
	1,300	IHI Corp.		30,472
	2,389	Illinois Tool Works, Inc.		429,136
	1,787	Ingersoll-Rand plc		237,528
	800	JTEKT Corp.		9,437
	1,200	Kawasaki Heavy Industries, Ltd.		26,239
	523	Kion Group AG		36,109
	373	Knorr-Bremse AG		37,963
	6,900	Komatsu, Ltd.		165,453
	2,507	Kone OYJ, Class B		163,884


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	7,800	Kubota Corp.	$	122,210
	800	Kurita Water Industries, Ltd.		23,705
	1,700	Makita Corp.		58,861
	811	Metso Oyj		32,015
	424	Middleby Corp. (The)*		46,436
	2,700	MINEBEA MITSUMI, Inc.		55,726
	2,100	Misumi Group, Inc.		51,937
	2,400	Mitsubishi Heavy Industries, Ltd.		92,833
	900	Nabtesco Corp.		26,561
	2,000	NGK Insulators, Ltd.		34,699
	2,800	NSK, Ltd.		26,411
	2,556	PACCAR, Inc.		202,180
	955	Parker Hannifin Corp.		196,558
	1,179	Pentair plc		54,081
	8,359	Sandvik AB		163,425
	309	Schindler Holding AG		78,636
	153	Schindler Holding AG, Registered Shares		37,493
	2,827	SKF AB, Class B		57,293
	400	SMC Corp.		182,869
	417	Snap-On, Inc.		70,640
	541	Spirax-Sarco Engineering plc		64,053
	1,132	Stanley Black & Decker, Inc.		187,618
	1,000	Sumitomo Heavy Industries, Ltd.		28,351
	1,000	THK Co., Ltd.		26,844
	11,075	Volvo AB, Class B		185,915
	383	WABCO Holdings, Inc.*		51,897
	1,362	Wabtec Corp.		105,964
	3,440	Wartsila OYJ Abp, Class B		37,983
	2,017	Weir Group plc (The)		40,354
	1,346	Xylem, Inc.		106,051
	8,500	Yangzijiang Shipbuilding Holdings, Ltd.		7,104

				6,293,912

Marine (0.1%):
	23	A.P. Moeller — Maersk A/S, Class A		31,189
	54	A.P. Moeller — Maersk A/S, Class B		77,930
	412	Kuehne & Nagel International AG, Registered Shares		69,464
	500	Mitsui O.S.K. Lines, Ltd.		13,732
	600	Nippon Yusen KK		10,812

				203,127

Media (1.2%):
	1,140	Altice USA, Inc., Class A*		31,168
	1,148	Charter Communications, Inc., Class A*		556,871
	33,481	Comcast Corp., Class A		1,505,640
	800	Cyberagent, Inc.		27,856
	1,600	Dentsu Group, Inc.		55,101
	2,675	Discovery Communications, Inc., Class C*		81,561
	1,273	Discovery, Inc., Class A*^		41,678
	1,860	DISH Network Corp., Class A*		65,974
	678	Eutelsat Communications SA		11,027
	2,737	Fox Corp., Class A		101,461
	1,218	Fox Corp., Class B		44,335
	1,700	Hakuhodo DY Holdings, Inc.		27,346
	9,592	Informa plc		109,019
	2,836	Interpublic Group of Cos., Inc. (The)		65,512
	27,380	ITV plc		54,948
	729	JCDecaux SA		22,496
	825	Liberty Broadband Corp., Class C*		103,744

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Media, continued
	2,949	Liberty Global plc, Series C*	$	64,273
	1,690	Liberty Global plc, Class A*		38,431
	654	Liberty SiriusXM Group, Class A*		31,614
	1,220	Liberty SiriusXM Group, Class C*		58,731
	2,841	News Corp., Class A		40,172
	1,621	Omnicom Group, Inc.		131,333
	5,988	Pearson plc		50,645
	1,618	Publicis Groupe SA		73,255
	1,296	Quebecor, Inc., Class B		33,079
	351	Schibsted ASA, Class B		10,075
	2,741	SES Global, Class A		38,536
	3,498	Shaw Communications, Inc., Class B		70,989
	1,500	Singapore Press Holdings, Ltd.		2,433
	10,938	Sirius XM Holdings, Inc.^		78,207
	452	Telenet Group Holding NV		20,358
	4,209	ViacomCBS, Inc., B		176,652
	9,366	WPP plc		131,792

				3,956,312

Metals & Mining (1.4%):
	1,784	Agnico Eagle Mines, Ltd.		109,892
	20,581	Alumina, Ltd.		33,233
	7,663	Anglo American plc		221,135
	2,725	Antofagasta plc		33,197
	5,066	ArcelorMittal		89,480
	13,114	Barrick Gold Corp.		243,614
	15,459	BHP Group plc		365,084
	21,914	BHP Group, Ltd.		600,106
	3,893	BlueScope Steel, Ltd.		41,241
	2,044	Boliden AB		54,385
	5,056	First Quantum Minerals, Ltd.		51,284
	10,418	Fortescue Metals Group, Ltd.		78,505
	1,409	Franco-Nevada Corp.		145,512
	10,638	Freeport-McMoRan, Inc.		139,571
	80,599	Glencore plc		251,989
	1,100	Hitachi Metals, Ltd.		16,163
	3,900	JFE Holdings, Inc.		49,968
	8,402	Kinross Gold Corp.*		39,862
	1,502	Kirkland Lake Gold, Ltd.		66,216
	4,863	Lundin Mining Corp.		29,064
	100	Maruichi Steel Tube, Ltd.		2,805
	400	Mitsubishi Materials Corp.		10,847
	5,747	Newcrest Mining, Ltd.		121,630
	6,048	Newmont Goldcorp Corp.		262,786
	6,400	Nippon Steel Corp.		96,302
	10,475	Norsk Hydro ASA		39,119
	2,287	Nucor Corp.		128,712
	7,842	Rio Tinto plc		465,877
	3,100	Rio Tinto, Ltd.		219,192
	37,662	South32, Ltd.		71,687
	1,636	Steel Dynamics, Inc.		55,689
	1,800	Sumitomo Metal & Mining Co., Ltd.		58,064
	3,681	Teck Cominco, Ltd., Class B		63,845
	3,097	ThyssenKrupp AG		41,815
	1,012	Voestalpine AG		28,197
	3,312	Wheaton Precious Metals Corp.		98,564

				4,424,632


Shares			Fair Value
Common Stocks, continued
Mortgage Real Estate Investment Trusts (0.1%):
	3,904	AGNC Investment Corp.	$	69,023
	10,341	Annaly Capital Management, Inc.		97,412

				166,435

Multiline Retail (0.5%):
	466	Canadian Tire Corp., Class A		50,157
	1,907	Dollar General Corp.		297,454
	1,756	Dollar Tree, Inc.*		165,152
	2,254	Dollarama, Inc.		77,477
	2,114	Harvey Norman Holdings, Ltd.		6,048
	1,300	Isetan Mitsukoshi Holdings, Ltd.^		11,691
	900	J. Front Retailing Co., Ltd.		12,555
	1,220	Kohl’s Corp.		62,159
	15,026	Marks & Spencer Group plc		42,606
	1,500	Marui Group Co., Ltd.		36,518
	996	Next plc		92,724
	828	Nordstrom, Inc.^		33,890
	3,400	Pan Pacific International Holdings Corp.		56,441
	1,800	Ryohin Keikaku Co., Ltd.		41,989
	3,779	Target Corp.		484,505

				1,471,366

Multi-Utilities (1.0%):
	4,906	AGL Energy, Ltd.		70,801
	3,383	Algonquin Power & Utilities Corp.^		47,863
	1,844	Ameren Corp.		141,619
	348	Atco, Ltd.		13,339
	993	Canadian Utilities, Ltd., Class A		29,957
	3,724	CenterPoint Energy, Inc.		101,553
	43,930	Centrica plc		52,349
	2,091	CMS Energy Corp.		131,398
	2,457	Consolidated Edison, Inc.		222,285
	6,070	Dominion Energy, Inc.		502,718
	1,360	DTE Energy Co.		176,623
	16,783	E.ON SE		179,477
	13,429	Engie Group		216,993
	25,641	National Grid plc		322,179
	2,700	NiSource, Inc.		75,168
	3,729	Public Service Enterprise Group, Inc.		220,197
	4,385	RWE AG		134,714
	2,029	Sempra Energy		307,354
	2,567	Suez		38,847
	3,963	Veolia Environnement SA		105,554
	2,330	WEC Energy Group, Inc.		214,896

				3,305,884

Oil, Gas & Consumable Fuels (4.5%):
	972	Aker BP ASA		31,900
	2,820	Apache Corp.		72,164
	150,184	BP plc		942,614
	3,109	Cabot Oil & Gas Corp.		54,128
	1,849	Caltex Australia, Ltd.		44,158
	3,160	Cameco Corp.		28,086
	8,787	Canadian Natural Resources, Ltd.		284,238
	7,554	Cenovus Energy, Inc.		76,797
	1,732	Cheniere Energy, Inc.*		105,773
	14,010	Chevron Corp.		1,688,345
	1,504	Concho Resources, Inc.		131,705
	8,189	ConocoPhillips Co.		532,531

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	370	Continental Resources, Inc.	$	12,691
	3,010	Devon Energy Corp.		78,170
	1,162	Diamondback Energy, Inc.		107,903
	595	Enagas SA		15,199
	14,989	Enbridge, Inc.		596,026
	8,986	EnCana Corp.		42,079
	18,797	ENI SpA		292,059
	4,311	EOG Resources, Inc.		361,089
	7,537	Equinor ASA		150,781
	31,230	Exxon Mobil Corp.		2,179,228
	3,919	Galp Energia SGPS SA		65,541
	2,044	Hess Corp.		136,560
	1,179	HollyFrontier Corp.		59,787
	1,272	Husky Energy, Inc.		10,208
	1,482	Idemitsu Kosan Co., Ltd.		41,236
	2,002	Imperial Oil, Ltd.		52,964
	7,700	INPEX Corp.		80,333
	3,047	Inter Pipeline, Ltd.^		52,895
	23,950	JXTG Holdings, Inc.		109,529
	1,625	Keyera Corp.^		42,577
	14,919	Kinder Morgan, Inc.		315,835
	589	Koninklijke Vopak NV		31,974
	1,394	Lundin Petroleum AB		47,390
	5,873	Marathon Oil Corp.		79,755
	4,878	Marathon Petroleum Corp.		293,900
	3,141	Neste Oyj		109,285
	3,559	Noble Energy, Inc.		88,406
	6,660	Occidental Petroleum Corp.		274,459
	10,558	Oil Search, Ltd.		53,849
	1,126	OMV AG		63,250
	3,059	ONEOK, Inc.		231,475
	13,304	Origin Energy, Ltd.		79,065
	1,132	Parkland Fuel Corp.		41,596
	4,009	Pembina Pipeline Corp.		148,608
	3,317	Phillips 66		369,547
	1,244	Pioneer Natural Resources Co.		188,304
	775	Prairiesky Royalty, Ltd.		9,091
	11,057	Repsol SA		173,440
	32,063	Royal Dutch Shell plc, Class A		952,910
	27,131	Royal Dutch Shell plc, Class B		808,315
	13,592	Santos, Ltd.		78,212
	15,864	Snam SpA		83,581
	11,551	Suncor Energy, Inc.		378,628
	1,783	Targa Resources Corp.		72,800
	6,941	TC Energy Corp.		369,716
	17,495	Total SA		966,731
	3,069	Valero Energy Corp.		287,412
	386	Washington H. Soul Pattinson & Co., Ltd.		5,839
	9,014	Williams Cos., Inc.		213,812
	6,998	Woodside Petroleum, Ltd.		169,199

				15,465,678

Paper & Forest Products (0.1%):
	3,676	Mondi plc		86,765
	6,500	Oji Holdings Corp.		35,086
	4,496	Stora Enso OYJ, Registered Shares, Class R		65,330
	4,009	UPM-Kymmene OYJ		138,930


Shares			Fair Value
Common Stocks, continued
Paper & Forest Products, continued
	230	West Fraser Timber Co., Ltd.^	$	10,147

				336,258

Personal Products (0.8%):
	766	Beiersdorf AG		91,650
	2,226	Coty, Inc., Class A		25,043
	1,639	Estee Lauder Co., Inc. (The), Class A		338,519
	3,600	Kao Corp.		296,961
	400	Kobayashi Pharmaceutical Co., Ltd.		33,877
	300	Kose Corp.		43,853
	1,861	L’Oreal SA		552,621
	400	Pola Orbis Holdings, Inc.		9,557
	3,000	Shiseido Co., Ltd.		214,543
	11,091	Unilever NV		638,078
	7,993	Unilever plc		457,524

				2,702,226

Pharmaceuticals (5.5%):
	2,427	Allergan plc		463,970
	14,000	Astellas Pharma, Inc.		239,180
	9,694	AstraZeneca plc		969,724
	2,375	Aurora Cannabis, Inc.*^		5,103
	2,374	Bausch Health Cos., Inc.*		71,070
	6,907	Bayer AG, Registered Shares		564,530
	17,346	Bristol-Myers Squibb Co.		1,113,440
	1,580	Canopy Growth Corp.*^		33,234
	1,700	Chugai Pharmaceutical Co., Ltd.		156,599
	647	Cronos Group, Inc.*		4,968
	4,200	Daiichi Sankyo Co., Ltd.		277,375
	1,900	Eisai Co., Ltd.		141,535
	2,648	Elanco Animal Health, Inc.*		77,984
	6,417	Eli Lilly & Co.		843,386
	36,786	GlaxoSmithKline plc		865,288
	268	H. Lundbeck A/S		10,275
	200	Hisamitsu Pharmaceutical Co., Inc.		9,731
	283	Ipsen SA		25,073
	421	Jazz Pharmaceuticals plc*		62,847
	19,494	Johnson & Johnson Co.		2,843,589
	1,800	Kyowa Kirin Co., Ltd.		42,299
	18,911	Merck & Co., Inc.		1,719,954
	969	Merck KGaA		114,658
	1,800	Mitsubishi Tanabe Pharma Corp.		33,201
	3,851	Mylan NV*		77,405
	400	Nippon Shinyaku Co., Ltd.		34,789
	15,866	Novartis AG, Registered Shares		1,503,493
	13,108	Novo Nordisk A/S, Class B		760,368
	2,900	Ono Pharmaceutical Co., Ltd.		66,234
	791	Orion OYJ, Class B		36,607
	2,900	Otsuka Holdings Co., Ltd.		128,987
	974	Perrigo Co. plc		50,317
	40,881	Pfizer, Inc.		1,601,718
	820	Recordati SpA		34,571
	5,185	Roche Holding AG		1,681,626
	8,294	Sanofi		832,955
	2,700	Santen Pharmaceutical Co., Ltd.		51,488
	2,100	Shionogi & Co., Ltd.		129,763
	1,300	Sumitomo Dainippon Pharma Co., Ltd.		25,366
	300	Taisho Pharmaceutical Holdings Co., Ltd.		22,170

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	11,050	Takeda Pharmacuetical Co., Ltd.	$	437,837
	8,108	Teva Pharmaceutical Industries, Ltd., ADR*		79,458
	960	UCB SA		76,382
	343	Vifor Pharma AG		62,669
	3,540	Zoetis, Inc.		468,519

				18,851,735

Professional Services (0.8%):
	1,182	Adecco SA, Registered Shares		74,742
	2,096	Bureau Veritas SA		54,766
	274	CoStar Group, Inc.*		163,934
	901	Equifax, Inc.		126,248
	6,680	Experian plc		225,901
	2,780	IHS Markit, Ltd.*		209,473
	1,187	Intertek Group plc		92,112
	453	ManpowerGroup, Inc.		43,986
	2,656	Nielsen Holdings plc		53,917
	1,300	Persol Holdings Co., Ltd.		24,438
	912	Randstad NV		55,844
	10,000	Recruit Holdings Co., Ltd.		376,356
	14,283	RELX plc		360,265
	889	Robert Half International, Inc.		56,140
	2,550	Seek, Ltd.		40,454
	39	SGS SA, Registered Shares		106,782
	423	Teleperformance		103,344
	1,476	Thomson Reuters Corp.		105,596
	1,393	TransUnion		119,255
	1,149	Verisk Analytics, Inc.		171,592
	2,100	Wolters Kluwer NV		153,483

				2,718,628

Real Estate Management & Development (0.7%):
	400	AEON Mall Co., Ltd.		7,092
	7,695	Aroundtown SA		68,904
	372	Azrieli Group		27,223
	21,800	CapitaLand, Ltd.		60,819
	2,368	CBRE Group, Inc., Class A*		145,134
	3,700	City Developments, Ltd.		30,181
	19,500	CK Asset Holdings, Ltd.		141,332
	500	Daito Trust Construction Co., Ltd.		61,934
	4,200	Daiwa House Industry Co., Ltd.		130,140
	2,681	Deutsche Wohnen SE		109,554
	338	First Capital Real Estate Investment Trust		5,381
	16,000	Hang Lung Properties, Ltd.		34,981
	11,324	Henderson Land Development Co., Ltd.		55,613
	10,400	Hongkong Land Holdings, Ltd.		59,850
	2,400	Hulic Co., Ltd.		28,893
	384	Jones Lang LaSalle, Inc.		66,851
	2,500	Kerry Properties, Ltd.		7,967
	4,194	Lend Lease Group		51,895
	8,800	Mitsubishi Estate Co., Ltd.		168,255
	6,600	Mitsui Fudosan Co., Ltd.		161,220
	47,308	New World Development Co., Ltd.		64,886
	1,000	Nomura Real Estate Holdings, Inc.		24,068
	24,117	Sino Land Co., Ltd.		35,141
	2,500	Sumitomo Realty & Development Co., Ltd.		87,210
	12,000	Sun Hung Kai Properties, Ltd.		184,082
	4,000	Swire Pacific, Ltd., Class A		37,282


Shares			Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
	9,800	Swire Properties, Ltd.	$	32,567
	556	Swiss Prime Site AG		64,467
	4,600	Tokyu Fudosan Holdings Corp.		31,766
	4,569	UOL Group, Ltd.		28,305
	3,833	Vonovia SE		206,336
	10,000	Wharf Real Estate Investment Co., Ltd.		61,323
	6,000	Wheelock & Co., Ltd.		40,014

				2,320,666

Road & Rail (1.3%):
	68	AMERCO, Inc.		25,556
	15,355	Aurizon Holdings, Ltd.		56,476
	5,350	Canadian National Railway Co.		484,030
	1,037	Canadian Pacific Railway, Ltd., Class 1		264,385
	1,100	Central Japan Railway Co.		221,079
	17,900	ComfortDelGro Corp., Ltd.		31,713
	5,611	CSX Corp.		406,012
	1,625	DSV PANALPINA A/S		188,134
	2,200	East Japan Railway Co.		198,608
	1,700	Hankyu Hanshin Holdings, Inc.		72,707
	643	J.B. Hunt Transport Services, Inc.		75,090
	746	Kansas City Southern		114,257
	1,700	Keikyu Corp.		32,770
	800	Keio Corp.		48,341
	1,000	Keisei Electric Railway Co., Ltd.		38,786
	1,300	Kintetsu Group Holdings Co., Ltd.		70,460
	980	Knight-Swift Transportation Holdings, Inc.		35,123
	1,200	Kyushu Railway Co.		40,237
	11,500	MTR Corp., Ltd.		68,173
	1,400	Nagoya Railroad Co., Ltd.		43,456
	600	Nippon Express Co., Ltd.		35,111
	1,952	Norfolk Southern Corp.		378,942
	2,200	Odakyu Electric Railway Co., Ltd.		51,318
	482	Old Dominion Freight Line, Inc.		91,474
	1,500	Tobu Railway Co., Ltd.		54,520
	3,800	Tokyu Corp.		70,222
	1,409	Uber Technologies, Inc.*		41,904
	5,205	Union Pacific Corp.		941,011
	1,200	West Japan Railway Co.		103,635

				4,283,530

Semiconductors & Semiconductor Equipment (3.1%):
	7,626	Advanced Micro Devices, Inc.*		349,728
	1,500	Advantest Corp.		84,879
	2,711	Analog Devices, Inc.		322,175
	6,811	Applied Materials, Inc.		415,743
	2,200	ASM Pacific Technology, Ltd.		30,587
	3,140	ASML Holding NV		935,044
	2,937	Broadcom, Inc.		928,151
	200	Disco Corp.		47,613
	9,247	Infineon Technologies AG		212,033
	32,699	Intel Corp.		1,957,036
	1,180	KLA Corp.		210,241
	1,069	Lam Research Corp.		312,576
	4,625	Marvell Technology Group, Ltd.		122,840
	1,997	Maxim Integrated Products, Inc.		122,835
	1,758	Microchip Technology, Inc.^		184,098
	8,158	Micron Technology, Inc.*		438,737

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	4,277	NVIDIA Corp.	$	1,006,378
	2,071	NXP Semiconductors NV		263,555
	2,979	ON Semiconductor Corp.*		72,628
	871	Qorvo, Inc.*		101,236
	8,985	Qualcomm, Inc.		792,747
	5,800	Renesas Electronics Corp.*		39,944
	700	ROHM Co., Ltd.		56,429
	1,267	Skyworks Solutions, Inc.		153,155
	5,222	STMicroelectronics NV		140,926
	1,900	SUMCO Corp.		31,828
	1,262	Teradyne, Inc.		86,056
	6,884	Texas Instruments, Inc.		883,148
	1,200	Tokyo Electron, Ltd.		263,740
	1,869	Xilinx, Inc.		182,732

				10,748,818

Software (4.9%):
	3,595	Adobe, Inc.*		1,185,666
	633	ANSYS, Inc.*		162,941
	1,630	Autodesk, Inc.*		299,040
	1,801	BlackBerry, Ltd.*		11,582
	2,101	Cadence Design Systems, Inc.*		145,725
	922	CDK Global, Inc.		50,415
	920	Check Point Software Technologies, Ltd.*		102,082
	988	Citrix Systems, Inc.		109,569
	154	Constellation Software, Inc.		149,584
	289	CyberArk Software, Ltd.*		33,692
	975	Dassault Systemes SA		160,808
	782	DocuSign, Inc.*		57,954
	1,830	Dropbox, Inc., Class A*		32,775
	1,081	Fortinet, Inc.*		115,408
	626	Guidewire Software, Inc.*		68,716
	1,931	Intuit, Inc.		505,787
	2,560	Micro Focus International plc		36,140
	53,589	Microsoft Corp.		8,450,984
	456	NICE Systems, Ltd.*		70,717
	4,582	NortonLifeLock, Inc.		116,933
	2,075	Open Text Corp.		91,444
	17,251	Oracle Corp.		913,958
	300	Oracle Corp.		27,278
	371	Paycom Software, Inc.*		98,226
	824	PTC, Inc.*		61,709
	536	RingCentral, Inc., Class A*		90,407
	8,232	Sage Group plc		81,784
	6,169	Salesforce.com, Inc.*		1,003,326
	7,274	SAP SE		980,233
	1,393	ServiceNow, Inc.*		393,272
	1,115	Splunk, Inc.*		166,994
	1,704	SS&C Technologies Holdings, Inc.		104,626
	1,137	Synopsys, Inc.*		158,270
	496	Temenos AG		78,435
	1,000	Trend Micro, Inc.		51,180
	292	Tyler Technologies, Inc.*		87,606
	611	VMware, Inc., Class A*		92,744
	1,224	Workday, Inc., Class A*		201,287

				16,549,297


Shares			Fair Value
Common Stocks, continued
Specialty Retail (1.7%):
	100	ABC-Mart, Inc.	$	6,818
	538	Advance Auto Parts, Inc.		86,166
	182	AutoZone, Inc.*		216,818
	1,789	Best Buy Co, Inc.		157,074
	494	Burlington Stores, Inc.*		112,647
	1,237	CarMax, Inc.*		108,448
	322	Dufry AG, Registered Shares		31,927
	400	Fast Retailing Co., Ltd.^		237,128
	1,914	Gap, Inc. (The)		33,840
	5,968	Hennes & Mauritz AB, Class B		121,354
	200	Hikari Tsushin, Inc.		50,213
	8,098	Home Depot, Inc. (The)		1,768,441
	8,211	Industria de Diseno Textil SA		290,833
	3,319	JD Sports Fashion plc		37,065
	16,302	Kingfisher plc		47,270
	5,738	Lowe’s Cos., Inc.		687,183
	600	Nitori Co., Ltd.		94,820
	568	O’Reilly Automotive, Inc.*		248,932
	2,701	Ross Stores, Inc.		314,450
	100	Shimamura Co., Ltd.		7,632
	809	Tiffany & Co.		108,123
	8,929	TJX Cos., Inc. (The)		545,205
	902	Tractor Supply Co.		84,283
	416	Ulta Beauty, Inc.*		105,306
	1,700	USS Co., Ltd.		32,107
	5,400	Yamada Denki Co., Ltd.		28,586

				5,562,669

Technology Hardware, Storage & Peripherals (3.2%):
	33,402	Apple, Inc.		9,808,496
	1,800	Brother Industries, Ltd.		37,068
	7,500	Canon, Inc.		204,560
	1,173	Dell Technologies, Inc., Class C*		60,280
	2,700	FUJIFILM Holdings Corp.		128,759
	9,550	Hewlett Packard Enterprise Co.		151,463
	10,922	HP, Inc.		224,447
	1,800	Konica Minolta, Inc.		11,783
	1,900	NEC Corp.		78,959
	1,782	NetApp, Inc.		110,930
	5,000	Ricoh Co., Ltd.		54,188
	1,811	Seagate Technology plc		107,755
	2,200	Seiko Epson Corp.		33,220
	2,200	Western Digital Corp.		139,634
	1,488	Xerox Holdings Corp.		54,863

				11,206,405

Textiles, Apparel & Luxury Goods (1.3%):
	1,338	Adidas AG		434,822
	3,081	Burberry Group plc		90,153
	1,144	Capri Holdings, Ltd.*		43,644
	3,899	Cie Financiere Richemont SA		306,124
	1,539	Gildan Activewear, Inc.		45,504
	2,704	Hanesbrands, Inc.		40,154
	231	Hermes International SA		172,853
	560	Kering		368,881
	825	Lululemon Athletica, Inc.*		191,128
	2,053	LVMH Moet Hennessy Louis Vuitton SA		956,064
	1,454	Moncler SpA		65,393

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	9,253	Nike, Inc., Class B	$	937,422
	779	Pandora A/S		33,891
	629	Puma SE		48,224
	567	PVH Corp.		59,620
	400	Ralph Lauren Corp.		46,888
	256	Swatch Group AG (The), Class B		71,374
	210	Swatch Group AG (The), Registered Shares		11,091
	2,162	Tapestry, Inc.		58,309
	2,068	Under Armour, Inc., Class A*^		44,669
	702	Under Armour, Inc., Class C*		13,464
	2,516	VF Corp.		250,745
	3,000	Yue Yuen Industrial Holdings, Ltd.		8,869

				4,299,286

Tobacco (0.9%):
	13,801	Altria Group, Inc.		688,808
	16,940	British American Tobacco plc		721,623
	7,073	Imperial Brands plc, Class A		175,231
	8,900	Japan Tobacco, Inc.		198,436
	11,499	Philip Morris International, Inc.		978,450
	1,251	Swedish Match AB, Class B		64,514

				2,827,062

Trading Companies & Distributors (0.6%):
	941	AerCap Holdings NV*		57,843
	3,435	Ashtead Group plc		109,905
	1,146	Brenntag AG		62,307
	2,478	Bunzl plc		67,789
	4,254	Fastenal Co.		157,186
	1,687	Ferguson plc		153,252
	1,243	HD Supply Holdings, Inc.*		49,993
	9,900	Itochu Corp.		229,300
	11,800	Marubeni Corp.		87,207
	10,000	Mitsubishi Corp.		265,335
	12,200	Mitsui & Co., Ltd.		216,970
	1,000	MonotaRo Co., Ltd.		26,809
	8,900	Sumitomo Corp.		132,708
	1,600	Toyota Tsushu Corp.		56,089
	576	United Rentals, Inc.*		96,060
	345	W.W. Grainger, Inc.		116,789

				1,885,542

Transportation Infrastructure (0.2%):
	534	Aena SME SA		102,455
	215	Aeroports de Paris		42,552
	3,733	Atlantia SpA		87,073
	7,444	Auckland International Airport, Ltd.		43,844
	182	Fraport AG		15,468
	3,224	Getlink SE		56,102
	400	Japan Airport Terminal Co., Ltd.		22,140
	500	Kamigumi Co., Ltd.		10,956
	3,000	SATS, Ltd.		11,303
	8,491	Sydney Airport		51,723
	20,297	Transurban Group		212,778

				656,394


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Water Utilities (0.1%):
	1,339	American Water Works Co., Inc.	$	164,496
	1,615	Aqua America, Inc.		75,808
	1,771	Severn Trent plc		59,096
	5,043	United Utilities Group plc		63,333

				362,733

Wireless Telecommunication Services (0.7%):
	13,000	KDDI Corp.		386,801
	769	Millicom International Cellular SA, SDR		36,869
	9,800	NTT DoCoMo, Inc.		273,902
	2,731	Rogers Communications, Inc.		135,625
	12,400	Softbank Corp.		166,196
	11,600	SoftBank Group Corp.		505,093
	6,028	Sprint Corp.*		31,406
	3,627	Tele2 AB		52,629
	2,519	T-Mobile US, Inc.*		197,540
	198,131	Vodafone Group plc		384,587

				2,170,648

	Total Common Stocks (Cost $283,556,747)			329,606,031

Preferred Stocks (0.1%):
Automobiles (0.1%):
	150	Bayerische Motoren Werke AG (BMW), 6.39%, 5/15/20		9,261
	1,199	Porsche Automobil Holding SE, 3.31%, 5/20/20		89,684
	1,392	Volkswagen AG, 2.76%, 5/8/20		275,150

				374,095

Household Products (0.0%^†):
	1,385	Henkel AG & Co. KGaA, 2.01%, 4/21/20		143,214

	Total Preferred Stocks (Cost $484,209)			517,309

Rights (0.0%^†):
Aerospace & Defense (0.0%^†):
	274,620	Rolls-Royce Holdings plc, Expires on 1/6/20*		364

Oil, Gas & Consumable Fuels (0.0%^†):
	11,057	Repsol SA, Expires on 1/8/20*		5,246

	Total Rights (Cost $5,581)			5,610

Securities Held as Collateral for Securities on Loan (0.5%):
	1,526,015	BlackRock Liquidity FedFund, Institutional Class, 2.00%(a)(b)		1,526,015

	Total Securities Held as Collateral for Securities on Loan (Cost $1,526,015)			1,526,015

	Total Investment Securities (Cost $285,572,552) — 100.2%(c)			331,654,965
	Net other assets (liabilities) — (0.2)%			(516,916	)

	Net Assets — 100.0%		$	331,138,049

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

December 31, 2019

Percentages indicated are based on net assets as of December 31, 2019.

ADR—American Depository Receipt

SDR—Swedish Depository Receipt

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $1,470,533.

+	Affiliated Securities

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2019.

(b)	The rate represents the effective yield at December 31, 2019.

(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of December 31, 2019:

(Unaudited)


Country	Percentage

Argentina		0.1	%
Australia		2.3	%
Austria		0.1	%
Belgium		0.3	%
Bermuda		0.3	%
Canada		3.4	%
China		—	%^†
Denmark		0.6	%
Finland		0.4	%
France		3.5	%
Germany		2.9	%
Hong Kong		1.1	%
Ireland		0.9	%
Isle of Man		—	%^†
Israel		0.2	%
Italy		0.7	%


Country	Percentage
Japan		8.1	%
Liberia		0.1	%
Luxembourg		0.1	%
Netherlands		1.6	%
New Zealand		0.1	%
Norway		0.2	%
Panama		—	%^†
Portugal		0.1	%
Singapore		0.4	%
Spain		0.9	%
Sweden		0.8	%
Switzerland		3.4	%
United Arab Emirates		—	%^†
United Kingdom		5.8	%
United States		61.6	%

		100.0	%

†	Represents less than 0.05%.

Futures Contracts

Cash of $53,846 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

DJ EURO STOXX 50 March Futures (Euro)		3/20/20		6		$	250,948		$	(1,096	)
FTSE 100 Index March Futures (British Pounds)		3/20/20		1			99,316			642
S&P 500 IndexE-Mini March Futures (U.S. Dollar)		3/20/20		4			646,220			6,559
SGX Nikkei 225 Index March Futures (Japanese Yen)		3/12/20		1			107,580			(22	)


									$	6,083

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	284,579,472
Investments in affiliates, at cost		993,080

Investment securities, at value(a)	$	330,456,461
Investments in affiliates, at value		1,198,504
Segregated cash for collateral for futures contracts		53,846
Interest and dividends receivable		316,177
Foreign currency, at value (cost $650,987)		661,641
Receivable for capital shares issued		31,232
Reclaims receivable		180,492
Prepaid expenses		240

Total Assets		332,898,593

Liabilities:
Cash overdraft		8,500
Payable for investments purchased		286
Payable for capital shares redeemed		19
Payable for collateral received on loaned securities		1,526,015
Payable for variation margin on futures contracts		1,063
Manager fees payable		74,300
Administration fees payable		6,797
Distribution fees payable		59,919
Custodian fees payable		4,102
Administrative and compliance services fees payable		1,165
Transfer agent fees payable		892
Trustee fees payable		286
Other accrued liabilities		77,200

Total Liabilities		1,760,544

Net Assets	$	331,138,049

Net Assets Consist of:
Paid in capital	$	291,091,752
Total distributable earnings		40,046,297

Net Assets	$	331,138,049

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,394,509
Net Asset Value (offering and redemption price per share)	$	12.55

(a)	Includes securities on loan of $1,470,533.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends fromnon-affiliates	$	3,817,340
Dividends from affiliates		20,025
Income from securities lending		20,666
Foreign withholding tax		(194,502	)

Total Investment Income		3,663,529

Expenses:
Manager fees		1,063,884
Administration fees		78,504
Distribution fees		379,958
Custodian fees		28,145
Administrative and compliance services fees		3,203
Transfer agent fees		5,439
Trustee fees		8,037
Professional fees		13,061
Licensing fees		100,781
Shareholder reports		3,592
Other expenses		24,162

Total expenses before reductions		1,708,766
Less expenses voluntarily waived/reimbursed by the Manager		(592,733	)

Net expenses		1,116,033

Net Investment Income/(Loss)		2,547,496

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		1,956,095
Net realized gains/(losses) on affiliated transactions		7,246
Net realized gains/(losses) on futures contracts		285,295
Change in net unrealized appreciation/depreciation on securities and foreign currencies		33,298,476
Change in net unrealized appreciation/depreciation on affiliated transactions		117,990
Change in net unrealized appreciation/depreciation on futures contracts		53,431

Net realized and Change in net unrealized gains/losses on investments		35,718,533

Change in Net Assets Resulting From Operations	$	38,266,029

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018
Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,547,496			$	2,474,901
Net realized gains/(losses) on investments			2,248,636				3,468,483
Change in unrealized appreciation/depreciation on investments			33,469,897				(18,181,855	)

Change in net assets resulting from operations			38,266,029				(12,238,471	)

Distributions to Shareholders:
Distributions			(2,286,543	)			(2,612,915	)

Change in net assets resulting from distributions to shareholders			(2,286,543	)			(2,612,915	)

Capital Transactions:
Proceeds from shares issued			183,461,714				4,803,640
Proceeds from dividends reinvested			2,286,544				2,612,915
Value of shares redeemed			(18,449,808	)			(18,562,321	)

Change in net assets resulting from capital transactions			167,298,450				(11,145,766	)

Change in net assets			203,277,936				(25,997,152	)
Net Assets:
Beginning of period			127,860,113				153,857,265

End of period		$	331,138,049			$	127,860,113

Share Transactions:
Shares issued			15,006,552				427,508
Dividends reinvested			200,048				236,677
Shares redeemed			(1,563,140	)			(1,626,064	)

Change in shares			13,643,460				(961,879	)

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Net Asset Value, Beginning of Period		$	10.03			$	11.22			$	9.36			$	9.71			$	11.51

Investment Activities:
Net Investment Income/(Loss)			0.19	(a)			0.21				0.20				0.20				0.23
Net Realized and Unrealized Gains/(Losses) on Investments			2.52				(1.19	)			1.86				(0.30	)			(1.66	)

Total from Investment Activities			2.71				(0.98	)			2.06				(0.10	)			(1.43	)

Distributions to Shareholders From:
Net Investment Income			(0.19	)			(0.21	)			(0.20	)			(0.25	)			(0.31	)
Net Realized Gains			—				—				—				—				(0.06	)

Total Dividends			(0.19	)			(0.21	)			(0.20	)			(0.25	)			(0.37	)

Net Asset Value, End of Period		$	12.55			$	10.03			$	11.22			$	9.36			$	9.71

Total Return(b)			27.25	%			(8.94	)%			22.18	%			(0.93	)%			(12.57	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	331,138			$	127,860			$	153,857			$	147,265			$	117,211
Net Investment Income/(Loss)			1.68	%			1.67	%			1.62	%			2.75	%			1.80	%
Expenses Before Reductions(c)			1.12	%			1.14	%			1.16	%			1.20	%			1.24	%
Expenses Net of Reductions			0.73	%			0.75	%			0.77	%			1.10	%			1.24	%
Portfolio Turnover Rate			9	%			4	%			4	%			135	%(d)			50	%

(a)	Calculated using the average shares method.

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

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

(d)

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MSCI Global Equity Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

December 31, 2019

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,025 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,526,015 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $1.2 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

7,201

Payable for variation margin on futures contracts*

1,118

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	285,295	$	53,431

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MSCI Global Equity Index Fund		0.70	%		0.80	%

*	The Manager voluntarily reduced the management fee to 0.31% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

At December 31, 2019, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Fair Value 12/31/2018			Purchases at Cost			Proceeds from Sales				Net Realized Gains (Losses)			Change in Net Unrealized Appreciation/ Depreciation			Fair Value 12/31/2019			Shares as of 12/31/2019		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

Allianz SE, Registered Shares		$	309,184		$	413,549		$	(31,371	)		$	5,779		$	70,549		$	767,690		3,131		$	14,689		$	—
BlackRock Inc., Class A			167,734			231,116			(16,944	)			1,467			47,441			430,814		857			5,336			—

		$	476,918		$	644,665		$	(48,315	)		$	7,246		$	117,990		$	1,198,504		3,988		$	20,025		$	—

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

December 31, 2019

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $1,047 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	221,057,181		$	108,548,850		$	—		$	329,606,031
Preferred Stocks+			—			517,309			—			517,309
Rights+			—			5,610			—			5,610
Short-Term Securities Held as Collateral for Securities on Loan			1,526,015			—			—			1,526,015

Total Investment Securities			222,583,196			109,071,769			—			331,654,965

Other Financial Instruments:*
Futures Contracts			6,083			—			—			6,083

Total Investments		$	222,589,279		$	109,071,769		$	—		$	331,661,048

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

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MSCI Global Equity Index Fund		$	182,094,370		$	13,404,809

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

December 31, 2019

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $286,091,150. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	50,143,927
Unrealized (depreciation)		(4,580,112	)

Net unrealized appreciation/(depreciation)	$	45,563,815

During the year ended December 31, 2019, the Fund utilized $2,293,539 in CLCFs to offset capital gains.

CLCF’s not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL MSCI Global Equity Index Fund		$	8,203,889		$	—		$	8,203,889

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MSCI Global Equity Index Fund		$	2,286,544		$	—		$	2,286,544

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL MSCI Global Equity Index Fund		$	2,612,915		$	—		$	2,612,915

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

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

December 31, 2019

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL MSCI Global Equity Index Fund		$	2,672,796		$	—		$	(8,203,889	)		$	45,577,390		$	40,046,297

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on washsales, mark-to-market of passive foreign investment companies, mark-to-market of futures contracts and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 95% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL MSCI Global Equity Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL MSCI Global Equity Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 68.78% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Russell 1000 Growth Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 11

Page 11

Page 12

Page 13

Report of Independent Registered Public Accounting Firm

Page 14

Page 19

Page 20

Approval of Investment Advisory and Subadvisory Agreements

Page 21

Page 22

Information about the Board of Trustees and Officers

Page 25

AZL^® Russell 1000 Growth Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Russell 1000 Growth Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Russell 1000 Growth Index Fund (Class 2 Shares) (the “Fund”) returned 35.28%^†. That compared to a 36.39% total return for its benchmark, the Russell 1000^® Growth Index (“Index“)¹.

Equities rebounded in the first quarter as U.S. trade negotiations with China and relatively strong corporate earnings growth helped investor sentiment recover from steep losses at the end of 2018. Stocks and bonds both received a boost from the Federal Reserve Board’s (the Fed) shift to a more dovish tone in January, as it announced it would refrain from interest rate hikes for the near future. Despite a 35-day government shutdown and global economic weakness, the U.S. economy continued to exhibit a tight labor market, low inflation, and slowing but stable economic growth.

In the second quarter, the prospect of lower interest rates generally provided a boost to equities. Renewed trade concerns contributed to volatility during the quarter, however, with the S&P 500 Index² dropping -6.4% after President Trump threatened to increase tariffs against China and Mexico. The 10-year U.S. Treasury yield declined 50 basis points (0.50%) to 2%—the lowest level since 2016—and the resulting negative spread between three-month and 10-year yields added to uncertainty.

Trade tensions were a key focus for domestic and global investors in the third quarter. The Fed lowered interest rates again in July and September to offset that potential risk as well as weak global growth. U.S. manufacturing and consumer sectors showed signs of weakness. The closely monitored two-year, 10-year Treasury yield spread inverted for the first time since the global financial crisis, but ended the quarter in positive territory.

From a sector perspective, all sectors in the Index had positive returns. The largest positive returns came from the information technology, financials, and communications services sectors.

Past performance does not guarantee future results.

^†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	The Standard & Poor’s 500 Index is unmanaged and is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. Investors cannot invest directly in an index.

AZL^® Russell 1000 Growth Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to match the total return of the Russell 1000^® Growth Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all stocks in the Index in proportion to their weighting in the Index.

Investment Concerns

Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price savings or to adverse developments in certain sectors of the market.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception Date		1 Year			3 Year			5 Year			Since Inception
AZL^® Russell 1000 Growth Index Fund (Class 1 Shares )		10/14/16		35.53	%^†		19.78	%		—			19.37	%
AZL^® Russell 1000 Growth Index Fund (Class 2 Shares)		4/30/10		35.28	%^†		19.49	%		13.75	%		14.20	%
Russell 1000^® Growth Index		4/30/10		36.39	%		20.49	%		14.63	%		15.10	%


Expense Ratios	Gross
AZL^® Russell 1000 Growth Index Fund (Class 1 Shares)		0.50	%
AZL^® Russell 1000 Growth Index Fund (Class 2 Shares)		0.75	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager voluntarily reduced the management fee to 0.36% on all assets. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.59% for Class 1 Shares and 0.84% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Russell 1000^® Growth Index, an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index does not reflect the deduction of fees associated with a mutual fund, such as investment fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Russell 1000 Growth Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Russell 1000 Growth Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Russell 1000 Growth Index Fund, Class 1		$	1,000.00		$	1,117.80		$	2.24		0.42	%

AZL Russell 1000 Growth Index Fund, Class 2		$	1,000.00		$	1,116.70		$	3.57		0.67	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Russell 1000 Growth Index Fund, Class 1		$	1,000.00		$	1,023.09		$	2.14		0.42	%

AZL Russell 1000 Growth Index Fund, Class 2		$	1,000.00		$	1,021.83		$	3.41		0.67	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		38.4	%

Health Care		14.4

Consumer Discretionary		13.6

Communication Services		11.2

Industrials		9.1

Consumer Staples		4.6

Financials		3.1

Real Estate		2.3

Materials		1.3

Energy		0.3


Total Common Stocks and Preferred Stocks		98.3

Unaffiliated Investment Companies		1.6

Short-Term Securities Held as Collateral for Securities on Loan		0.4


Total Investment Securities		100.3

Net other assets (liabilities)		(0.3	)


Net Assets		100.0	%

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (97.8%):
Aerospace & Defense (2.8%):
	31,458	Boeing Co. (The)	$	10,247,758
	4,284	BWX Technologies, Inc.		265,951
	1,016	General Dynamics Corp.		179,172
	2,244	HEICO Corp.		256,153
	4,454	HEICO Corp., Class A		398,767
	4,662	Hexcel Corp.		341,771
	1,905	Huntington Ingalls Industries, Inc.		477,926
	6,597	L3harris Technologies, Inc.		1,305,348
	14,696	Lockheed Martin Corp.		5,722,328
	9,404	Northrop Grumman Corp.		3,234,694
	10,304	Raytheon Co.		2,264,201
	5,439	Spirit AeroSystems Holdings, Inc., Class A		396,394
	2,371	TransDigm Group, Inc.		1,327,760

				26,418,223

Air Freight & Logistics (0.7%):
	6,116	C.H. Robinson Worldwide, Inc.^		478,271
	7,311	Expeditors International of Washington, Inc.		570,404
	41,499	United Parcel Service, Inc., Class B		4,857,873
	3,188	XPO Logistics, Inc.*		254,084

				6,160,632

Airlines (0.2%):
	3,260	Alaska Air Group, Inc.		220,865
	2,565	American Airlines Group, Inc.^		73,564
	6,830	Delta Air Lines, Inc.		399,418
	1,683	JetBlue Airways Corp.*		31,506
	16,607	Southwest Airlines Co.		896,446
	2,977	United Airlines Holdings, Inc.*		262,244

				1,884,043

Auto Components (0.0%†):
	1,117	Aptiv plc		106,081

Automobiles (0.4%):
	8,448	Tesla, Inc.*		3,534,052

Banks (0.1%):
	502	CIT Group, Inc.		22,906
	561	Comerica, Inc.		40,252
	1,762	First Republic Bank		206,947
	364	Prosperity Bancshares, Inc.		26,168
	1,549	Signature Bank		211,609
	249	SVB Financial Group*		62,509
	730	Synovus Financial Corp.		28,616
	663	Western Alliance Bancorp		37,791

				636,798

Beverages (2.2%):
	2,609	Brown-Forman Corp., Class A		163,767
	9,649	Brown-Forman Corp., Class B		652,272
	155,391	Coca-Cola Co. (The)		8,600,892
	22,690	Monster Beverage Corp.*		1,441,950
	69,932	PepsiCo, Inc.		9,557,606

				20,416,487

Biotechnology (3.1%):
	87,890	AbbVie, Inc.		7,781,782
	480	Agios Pharmaceuticals, Inc.*		22,920


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	9,571	Alexion Pharmaceuticals, Inc.*	$	1,035,104
	5,326	Alnylam Pharmaceuticals, Inc.*		613,395
	32,785	Amgen, Inc.		7,903,481
	3,668	Biogen, Inc.*		1,088,406
	10,697	BioMarin Pharmaceutical, Inc.*		904,431
	8,290	Exact Sciences Corp.*		766,659
	6,921	Exelixis, Inc.*		121,948
	10,947	Gilead Sciences, Inc.		711,336
	10,464	Incyte Corp.*		913,716
	7,689	Ionis Pharmaceuticals, Inc.*		464,492
	11,407	Moderna, Inc.*^		223,121
	5,361	Neurocrine Biosciences, Inc.*		576,254
	980	Regeneron Pharmaceuticals, Inc.*		367,970
	3,104	Sage Therapeutics, Inc.*^		224,078
	4,130	Sarepta Therapeutics, Inc.*		532,935
	6,817	Seattle Genetics, Inc.*		778,910
	15,232	Vertex Pharmaceuticals, Inc.*		3,335,046

				28,365,984

Building Products (0.2%):
	1,469	A.O. Smith Corp.		69,983
	4,187	Allegion plc		521,449
	2,834	Armstrong World Industries, Inc.		266,311
	2,600	Fortune Brands Home & Security, Inc.		169,884
	1,896	Lennox International, Inc.		462,567

				1,490,194

Capital Markets (1.6%):
	1,074	Ameriprise Financial, Inc.		178,907
	1,625	Cboe Global Markets, Inc.		195,000
	40,890	Charles Schwab Corp. (The)		1,944,728
	2,310	E*TRADE Financial Corp.		104,805
	702	Evercore, Inc., Class A		52,482
	2,224	FactSet Research Systems, Inc.		596,699
	1,273	Interactive Brokers Group, Inc., Class A		59,347
	12,989	Intercontinental Exchange, Inc.		1,202,132
	2,117	Lazard, Ltd., Class A		84,595
	4,851	LPL Financial Holdings, Inc.		447,505
	2,185	MarketAxess Holdings, Inc.		828,355
	9,759	Moody’s Corp.		2,316,884
	1,220	Morningstar, Inc.		184,598
	4,883	MSCI, Inc., Class A		1,260,693
	1,697	Raymond James Financial, Inc.		151,814
	14,616	S&P Global, Inc.		3,990,899
	3,672	SEI Investments Co.		240,443
	3,916	T. Rowe Price Group, Inc.		477,125
	13,756	TD Ameritrade Holding Corp.		683,673
	1,309	Virtu Financial, Inc., Class A		20,931

				15,021,615

Chemicals (0.8%):
	1,839	Air Products & Chemicals, Inc.		432,147
	3,509	Axalta Coating Systems, Ltd.*		106,674
	1,392	CF Industries Holdings, Inc.		66,454
	14,979	Ecolab, Inc.		2,890,797
	5,597	Element Solutions, Inc.*		65,373

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	366	NewMarket Corp.	$	178,066
	4,552	PPG Industries, Inc.		607,646
	1,296	RPM International, Inc.		99,481
	2,263	ScottsMiracle-Gro Co. (The)		240,285
	4,925	Sherwin Williams Co.		2,873,935
	3,228	W.R. Grace & Co.		225,476

				7,786,334

Commercial Services & Supplies (0.6%):
	4,967	Cintas Corp.		1,336,520
	11,930	Copart, Inc.*		1,084,914
	7,362	IAA, Inc.*		346,456
	6,707	KAR Auction Services, Inc.		146,146
	871	Republic Services, Inc., Class A		78,068
	8,643	Rollins, Inc.		286,602
	19,736	Waste Management, Inc.		2,249,114

				5,527,820

Communications Equipment (1.7%):
	3,519	Arista Networks, Inc.*		715,765
	254,638	Cisco Systems, Inc.		12,212,439
	3,276	F5 Networks, Inc.*		457,493
	7,510	Motorola Solutions, Inc.		1,210,161
	5,625	Palo Alto Networks, Inc.*		1,300,781
	521	Ubiquiti, Inc.		98,459

				15,995,098

Construction & Engineering (0.0%†):
	2,095	Quanta Services, Inc.		85,287

Construction Materials (0.2%):
	2,141	Eagle Materials, Inc., Class A		194,103
	1,107	Martin Marietta Materials, Inc.		309,561
	7,142	Vulcan Materials Co.		1,028,377

				1,532,041

Consumer Finance (0.4%):
	22,228	American Express Co.		2,767,164
	561	Credit Acceptance Corp.*		248,147
	6,599	Discover Financial Services		559,727
	10,518	Synchrony Financial		378,753

				3,953,791

Containers & Packaging (0.3%):
	1,455	AptarGroup, Inc.		168,227
	4,604	Avery Dennison Corp.		602,295
	19,165	Ball Corp.		1,239,401
	2,893	Berry Global Group, Inc.*		137,389
	4,565	Crown Holdings, Inc.*		331,145
	734	Sealed Air Corp.		29,235

				2,507,692

Distributors (0.1%):
	2,783	LKQ Corp.*		99,353
	2,284	Pool Corp.		485,076

				584,429


Shares			Fair Value
Common Stocks, continued
Diversified Consumer Services (0.1%):
	3,408	Bright Horizons Family Solutions, Inc.*	$	512,188
	285	Grand Canyon Education, Inc.*		27,300
	1,799	H&R Block, Inc.		42,241
	3,530	Service Corp. International		162,486
	1,393	ServiceMaster Global Holdings, Inc.*		53,853

				798,068

Diversified Financial Services (0.0%†):
	672	Voya Financial, Inc.		40,979

Diversified Telecommunication Services (0.0%†):
	13,228	Zayo Group Holdings, Inc.*		458,350

Electrical Equipment (0.3%):
	665	Acuity Brands, Inc.		91,770
	10,712	AMETEK, Inc.		1,068,415
	3,072	Emerson Electric Co.		234,271
	1,799	Hubbell, Inc.		265,928
	6,831	Rockwell Automation, Inc.		1,384,439
	3,800	Sensata Technologies Holding plc*		204,706

				3,249,529

Electronic Equipment, Instruments & Components (0.7%):
	17,311	Amphenol Corp., Class A		1,873,569
	8,459	CDW Corp.		1,208,283
	9,795	Cognex Corp.		548,912
	14,198	Corning, Inc.		413,304
	532	Dolby Laboratories, Inc., Class A		36,602
	652	FLIR Systems, Inc.		33,950
	163	IPG Photonics Corp.*		23,622
	2,038	Jabil, Inc.		84,231
	11,130	Keysight Technologies, Inc.*		1,142,272
	463	National Instruments Corp.		19,603
	2,738	Trimble, Inc.*		114,147
	3,172	Zebra Technologies Corp., Class A*		810,256

				6,308,751

Entertainment (1.3%):
	2,345	Activision Blizzard, Inc.		139,340
	15,560	Electronic Arts, Inc.*		1,672,856
	7,670	Live Nation Entertainment, Inc.*		548,175
	109	Madison Square Garden Co. (The), Class A*		32,067
	25,033	Netflix, Inc.*		8,099,928
	7,003	Spotify Technology SA*		1,047,299
	3,061	Take-Two Interactive Software, Inc.*		374,758
	2,489	World Wrestling Entertainment, Inc., Class A		161,461
	11,768	Zynga, Inc.*		72,020

				12,147,904

Equity Real Estate Investment Trusts (2.2%):
	6,321	American Homes 4 Rent, Class A		165,673
	26,103	American Tower Corp.		5,998,992
	11,200	Americold Realty Trust		392,672
	3,579	Brookfield Property REIT, Inc., Class A		66,015
	246	Colony Capital, Inc.		1,169
	1,704	Coresite Realty Corp.		191,052

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	24,634	Crown Castle International Corp.	$	3,501,724
	5,050	Equinix, Inc.		2,947,685
	10,181	Equity Lifestyle Properties, Inc.		716,641
	5,990	Extra Space Storage, Inc.		632,664
	2,032	Iron Mountain, Inc.		64,760
	5,044	Lamar Advertising Co., Class A		450,227
	1,392	Outfront Media, Inc.		37,333
	6,654	Public Storage, Inc.		1,417,036
	6,656	SBA Communications Corp.		1,604,029
	16,172	Simon Property Group, Inc.		2,408,981
	1,291	Sun Communities, Inc.		193,779
	942	UDR, Inc.		43,991

				20,834,423

Food & Staples Retailing (1.1%):
	587	Casey’s General Stores, Inc.		93,327
	26,115	Costco Wholesale Corp.		7,675,721
	3,588	Sprouts Farmers Market, Inc.*		69,428
	28,319	Sysco Corp.		2,422,407

				10,260,883

Food Products (0.3%):
	5,770	Campbell Soup Co.		285,153
	7,483	Hershey Co. (The)		1,099,852
	5,509	Kellogg Co.		381,002
	2,200	Lamb Weston Holdings, Inc.		189,266
	4,713	McCormick & Co.		799,937
	1,200	Pilgrim’s Pride Corp.*		39,258
	1,807	Post Holdings, Inc.*		197,144
	597	TreeHouse Foods, Inc.*		28,955

				3,020,567

Health Care Equipment & Supplies (3.3%):
	44,318	Abbott Laboratories		3,849,461
	2,598	ABIOMED, Inc.*		443,193
	4,628	Align Technology, Inc.*		1,291,397
	13,468	Baxter International, Inc.		1,126,194
	1,333	Becton Dickinson & Co.		362,536
	82,496	Boston Scientific Corp.*		3,730,469
	1,359	Cantel Medical Corp.		96,353
	371	Cooper Cos., Inc. (The)		119,199
	1,907	Danaher Corp.		292,686
	5,373	DexCom, Inc.*		1,175,290
	12,328	Edwards Lifesciences Corp.*		2,875,999
	5,648	Envista Holdings Corp.*		167,407
	2,071	Hill-Rom Holdings, Inc.		235,121
	12,708	Hologic, Inc.*		663,485
	379	ICU Medical, Inc.*		70,918
	5,043	IDEXX Laboratories, Inc.*		1,316,879
	3,562	Insulet Corp.*		609,814
	6,807	Intuitive Surgical, Inc.*		4,023,959
	2,788	Masimo Corp.*		440,671
	1,835	Penumbra, Inc.*		301,435
	8,425	ResMed, Inc.		1,305,622
	310	Steris plc		47,250


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	20,381	Stryker Corp.	$	4,278,788
	2,726	Teleflex, Inc.		1,026,175
	5,353	Varian Medical Systems, Inc.*		760,180
	3,262	West Pharmaceutical Services, Inc.		490,376

				31,100,857

Health Care Providers & Services (2.8%):
	9,007	AmerisourceBergen Corp.		765,775
	4,402	Anthem, Inc.		1,329,536
	20,298	Centene Corp.*		1,276,135
	922	Chemed Corp.		404,998
	6,663	Cigna Corp.		1,362,517
	2,822	Encompass Health Corp.		195,480
	2,182	Guardant Health, Inc.*		170,501
	9,568	HCA Healthcare, Inc.		1,414,246
	1,222	Henry Schein, Inc.*		81,532
	3,372	Humana, Inc.		1,235,905
	382	Laboratory Corp. of America Holdings*		64,623
	1,110	McKesson Corp.		153,535
	2,875	Molina Healthcare, Inc.*		390,109
	56,175	UnitedHealth Group, Inc.		16,514,327
	2,693	WellCare Health Plans, Inc.*		889,256

				26,248,475

Health Care Technology (0.3%):
	18,547	Cerner Corp.		1,361,164
	1,543	Change Healthcare, Inc.*^		25,290
	7,776	Veeva Systems, Inc., Class A*		1,093,772

				2,480,226

Hotels, Restaurants & Leisure (2.2%):
	1,518	Chipotle Mexican Grill, Inc.*		1,270,733
	939	Choice Hotels International, Inc.^		97,121
	7,375	Darden Restaurants, Inc.		803,949
	2,431	Domino’s Pizza, Inc.		714,179
	4,524	Dunkin’ Brands Group, Inc.		341,743
	809	Hilton Grand Vacations, Inc.*		27,822
	16,534	Hilton Worldwide Holdings, Inc.		1,833,786
	9,574	Las Vegas Sands Corp.		660,989
	16,297	Marriott International, Inc., Class A		2,467,855
	7,211	McDonald’s Corp.		1,424,966
	2,391	MGM Resorts International		79,549
	2,460	Norwegian Cruise Line Holdings, Ltd.*		143,689
	4,887	Planet Fitness, Inc.*		364,961
	478	Six Flags Entertainment Corp.		21,563
	70,173	Starbucks Corp.		6,169,609
	2,130	Vail Resorts, Inc.		510,838
	10,863	Wendy’s Co. (The)		241,267
	1,546	Wyndham Hotels & Resorts, Inc.		97,104
	4,805	Wynn Resorts, Ltd.		667,270
	17,342	Yum China Holdings, Inc.		832,589
	15,977	Yum! Brands, Inc.		1,609,363

				20,380,945

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Household Durables (0.2%):
	6,671	Lennar Corp., Class A	$	372,175
	551	Lennar Corp., Class B		24,630
	194	NVR, Inc.*		738,831
	5,061	Roku, Inc.*		677,668
	2,744	Tempur Sealy International, Inc.*		238,893

				2,052,197

Household Products (0.3%):
	14,559	Church & Dwight Co., Inc.		1,024,080
	6,091	Clorox Co. (The)		935,212
	8,509	Procter & Gamble Co. (The)		1,062,774

				3,022,066

Industrial Conglomerates (1.0%):
	25,436	3M Co.		4,487,419
	2,864	Carlisle Cos., Inc.		463,510
	20,856	Honeywell International, Inc.		3,691,512
	928	Roper Technologies, Inc.		328,725

				8,971,166

Insurance (0.9%):
	79	Alleghany Corp.*		63,166
	13,902	Aon plc		2,895,648
	2,948	Arch Capital Group, Ltd.*		126,440
	2,293	Arthur J. Gallagher & Co.		218,362
	3,528	Athene Holding, Ltd.*		165,922
	385	Axis Capital Holdings, Ltd.		22,884
	970	Brown & Brown, Inc.		38,296
	975	Erie Indemnity Co., Class A		161,850
	755	Everest Re Group, Ltd.		209,015
	736	Kemper Corp.		57,040
	60	Markel Corp.*		68,590
	26,444	Marsh & McLennan Cos., Inc.		2,946,126
	1,794	Primerica, Inc.		234,225
	11,429	Progressive Corp. (The)		827,345
	968	RenaissanceRe Holdings, Ltd.		189,747
	2,481	Travelers Cos., Inc. (The)		339,773

				8,564,429

Interactive Media & Services (8.5%):
	17,796	Alphabet, Inc., Class A*		23,835,784
	17,821	Alphabet, Inc., Class C*		23,827,033
	142,045	Facebook, Inc., Class A*		29,154,737
	2,562	IAC/InterActiveCorp.*		638,220
	3,129	Match Group, Inc.*^		256,922
	5,687	TripAdvisor, Inc.		172,771
	45,150	Twitter, Inc.*		1,447,058

				79,332,525

Internet & Direct Marketing Retail (5.8%):
	24,583	Amazon.com, Inc.*		45,425,452
	2,482	Booking Holdings, Inc.*		5,097,358
	45,740	eBay, Inc.		1,651,671
	7,073	Etsy, Inc.*		313,334
	7,124	Expedia Group, Inc.		770,389


Shares			Fair Value
Common Stocks, continued
Internet & Direct Marketing Retail, continued
	5,541	Grubhub, Inc.*^	$	269,514
	3,644	Wayfair, Inc., Class A*^		329,308

				53,857,026

IT Services (9.0%):
	37,881	Accenture plc, Class C		7,976,602
	8,563	Akamai Technologies, Inc.*		739,672
	308	Alliance Data Systems Corp.		34,558
	25,856	Automatic Data Processing, Inc.		4,408,448
	8,517	Black Knight, Inc.*		549,176
	8,088	Booz Allen Hamilton Holding Corp.		575,299
	6,748	Broadridge Financial Solutions, Inc.		833,648
	2,591	Cognizant Technology Solutions Corp., Class A		160,694
	291	CoreLogic, Inc.*		12,720
	3,115	Epam Systems, Inc.*		660,878
	2,954	Euronet Worldwide, Inc.*		465,432
	22,180	Fidelity National Information Services, Inc.		3,085,016
	33,508	Fiserv, Inc.*		3,874,530
	5,060	FleetCor Technologies, Inc.*		1,455,863
	5,184	Gartner, Inc.*		798,854
	10,901	Genpact, Ltd.		459,695
	17,703	Global Payments, Inc.		3,231,860
	10,143	GoDaddy, Inc., Class A*		688,913
	31,893	International Business Machines Corp.		4,274,938
	4,081	Jack Henry & Associates, Inc.		594,479
	52,696	MasterCard, Inc., Class A		15,734,499
	2,449	MongoDB, Inc.*		322,313
	6,201	Okta, Inc.*		715,409
	19,062	Paychex, Inc.		1,621,414
	69,828	PayPal Holdings, Inc.*		7,553,295
	3,112	Sabre Corp.		69,833
	20,401	Square, Inc., Class A*		1,276,287
	3,937	Switch, Inc., Class A		58,346
	6,875	Teradata Corp.*		184,044
	7,233	Twilio, Inc., Series A*		710,859
	4,227	VeriSign, Inc.*		814,458
	101,837	Visa, Inc., Class A		19,135,172
	5,424	Western Union Co.		145,255
	2,552	WEX, Inc.*		534,542

				83,757,001

Leisure Products (0.1%):
	7,460	Hasbro, Inc.		787,850
	13,710	Mattel, Inc.*^		185,771
	3,118	Polaris, Inc.		317,101

				1,290,722

Life Sciences Tools & Services (1.4%):
	723	Adaptive Biotechnologies*^		21,632
	1,730	Agilent Technologies, Inc.		147,586
	13,477	Avantor, Inc.*		244,608
	2,212	Bio-Techne Corp.		485,556
	6,183	Bruker Corp.		315,148
	2,815	Charles River Laboratories International, Inc.*		430,019
	8,716	Illumina, Inc.*		2,891,446

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Life Sciences Tools & Services, continued
	4,458	IQVIA Holdings, Inc.*	$	688,806
	1,425	Mettler-Toledo International, Inc.*		1,130,424
	1,357	PerkinElmer, Inc.		131,765
	3,683	PRA Health Sciences, Inc.*		409,365
	16,138	Thermo Fisher Scientific, Inc.		5,242,751
	3,790	Waters Corp.*		885,534

				13,024,640

Machinery (1.3%):
	6,346	Allison Transmission Holdings, Inc.		306,639
	2,490	Caterpillar, Inc.		367,723
	2,050	Deere & Co.		355,183
	7,567	Donaldson Co., Inc.		436,011
	3,765	Dover Corp.		433,954
	1,803	Flowserve Corp.		89,735
	4,034	Fortive Corp.		308,157
	9,817	Graco, Inc.		510,484
	2,232	IDEX Corp.		383,904
	19,018	Illinois Tool Works, Inc.		3,416,203
	13,451	Ingersoll-Rand plc		1,787,907
	3,276	Lincoln Electric Holdings, Inc.		316,887
	3,205	Middleby Corp. (The)*		351,012
	3,079	Nordson Corp.		501,384
	6,263	Toro Co.		498,973
	2,508	WABCO Holdings, Inc.*		339,834
	2,867	Wabtec Corp.		223,053
	2,624	Woodward, Inc.		310,787
	10,726	Xylem, Inc.		845,102

				11,782,932

Media (1.3%):
	17,596	Altice USA, Inc., Class A*		481,075
	2,511	AMC Networks, Inc., Class A*		99,185
	256	Cable One, Inc.		381,048
	5,362	Charter Communications, Inc., Class A*		2,600,999
	125,816	Comcast Corp., Class A		5,657,946
	2,168	Fox Corp., Class A		80,368
	1,007	Fox Corp., Class B		36,655
	2,400	Interpublic Group of Cos., Inc. (The)		55,440
	1,938	New York Times Co. (The), Class A		62,345
	2,120	Nexstar Media Group, Inc., Class A		248,570
	6,807	Omnicom Group, Inc.		551,503
	3,594	Sinclair Broadcast Group, Inc., Class A		119,824
	81,195	Sirius XM Holdings, Inc.^		580,544
	17,684	ViacomCBS, Inc., B		742,197

				11,697,699

Metals & Mining (0.0%†):
	1,181	Royal Gold, Inc.		144,377
	3,428	Southern Copper Corp.		145,622

				289,999

Multiline Retail (0.4%):
	14,479	Dollar General Corp.		2,258,435
	7,664	Dollar Tree, Inc.*		720,800


Shares			Fair Value
Common Stocks, continued
Multiline Retail, continued
	6,296	Nordstrom, Inc.^	$	257,695
	3,079	Ollie’s Bargain Outlet Holdings, Inc.*^		201,089
	1,544	Target Corp.		197,956

				3,635,975

Oil, Gas & Consumable Fuels (0.3%):
	14,818	Cabot Oil & Gas Corp.		257,981
	7,978	Cheniere Energy, Inc.*		487,216
	1,968	Diamondback Energy, Inc.		182,748
	1,324	Equitrans Midstream Corp.		17,689
	7,849	ONEOK, Inc.		593,934
	9,474	Parsley Energy, Inc., Class A		179,153
	4,163	Pioneer Natural Resources Co.		630,154

				2,348,875

Personal Products (0.3%):
	12,947	Estee Lauder Co., Inc. (The), Class A		2,674,073
	888	Herbalife Nutrition, Ltd.*		42,331

				2,716,404

Pharmaceuticals (3.5%):
	81,580	Bristol-Myers Squibb Co.		5,236,620
	50,552	Eli Lilly & Co.		6,644,049
	1,344	Horizon Therapeutics plc*		48,653
	2,916	Jazz Pharmaceuticals plc*		435,300
	23,842	Johnson & Johnson Co.		3,477,833
	143,521	Merck & Co., Inc.		13,053,235
	1,661	Nektar Therapeutics*		35,853
	28,453	Zoetis, Inc.		3,765,755

				32,697,298

Professional Services (0.7%):
	2,135	CoStar Group, Inc.*		1,277,370
	6,048	Equifax, Inc.		847,446
	14,775	IHS Markit, Ltd.*		1,113,296
	2,830	Nielsen Holdings plc		57,449
	6,817	Robert Half International, Inc.		430,494
	11,024	TransUnion		943,765
	9,473	Verisk Analytics, Inc.		1,414,697

				6,084,517

Real Estate Management & Development (0.1%):
	7,329	CBRE Group, Inc., Class A*		449,195
	808	Howard Hughes Corp. (The)*		102,454
	356	Jones Lang LaSalle, Inc.		61,976

				613,625

Road & Rail (1.1%):
	15,951	CSX Corp.		1,154,214
	1,564	J.B. Hunt Transport Services, Inc.		182,644
	2,040	Landstar System, Inc.		232,295
	1,208	Lyft, Inc., Class A*		51,968
	2,076	Norfolk Southern Corp.		403,014
	1,592	Old Dominion Freight Line, Inc.		302,130
	6,163	Uber Technologies, Inc.*		183,288
	41,272	Union Pacific Corp.		7,461,564

				9,971,117

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment (4.5%):
	61,249	Advanced Micro Devices, Inc.*	$	2,808,879
	2,905	Analog Devices, Inc.		345,230
	29,366	Applied Materials, Inc.		1,792,501
	22,956	Broadcom, Inc.		7,254,555
	509	Cree, Inc.*		23,490
	7,810	Entegris, Inc.		391,203
	9,461	KLA Corp.		1,685,666
	7,526	Lam Research Corp.		2,200,602
	6,016	Maxim Integrated Products, Inc.		370,044
	3,855	Microchip Technology, Inc.^		403,696
	2,444	Monolithic Power Systems, Inc.		435,081
	34,678	NVIDIA Corp.		8,159,734
	67,881	Qualcomm, Inc.		5,989,141
	558	Skyworks Solutions, Inc.		67,451
	9,867	Teradyne, Inc.		672,831
	55,721	Texas Instruments, Inc.		7,148,447
	2,519	Universal Display Corp.		519,090
	15,091	Xilinx, Inc.		1,475,447

				41,743,088

Software (13.5%):
	1,331	2u, Inc.*		31,931
	28,942	Adobe, Inc.*		9,545,361
	2,773	Alteryx, Inc.*		277,494
	5,221	Anaplan, Inc.*		273,580
	4,961	ANSYS, Inc.*		1,277,011
	4,107	Aspen Technology, Inc.*		496,660
	6,964	Atlassian Corp. plc, Class A*		838,048
	10,101	Autodesk, Inc.*		1,853,129
	2,703	Avalara, Inc.*		197,995
	16,509	Cadence Design Systems, Inc.*		1,145,064
	7,208	CDK Global, Inc.		394,133
	4,576	Ceridian HCM Holding, Inc.*		310,619
	6,622	Citrix Systems, Inc.		734,380
	3,718	Coupa Software, Inc.*		543,758
	9,173	DocuSign, Inc.*		679,811
	12,214	Dropbox, Inc., Class A*		218,753
	3,067	Dynatrace, Inc.*		77,595
	2,745	Elastic NV*		176,504
	1,680	Fair Isaac Corp.*		629,462
	11,583	FireEye, Inc.*		191,467
	8,495	Fortinet, Inc.*		906,926
	4,974	Guidewire Software, Inc.*		545,996
	2,429	HubSpot, Inc.*		384,997
	14,790	Intuit, Inc.		3,873,945
	3,731	Manhattan Associates, Inc.*		297,547
	786	Medallia, Inc.*^		24,452
	449,569	Microsoft Corp.		70,897,032
	2,980	New Relic, Inc.*		195,816
	10,222	Nutanix, Inc., Class A*		319,540
	122,047	Oracle Corp.		6,466,050
	2,457	Pagerduty, Inc.*^		57,469
	2,921	Paycom Software, Inc.*		773,364


Shares			Fair Value
Common Stocks, continued
Software, continued
	2,064	Paylocity Holding Corp.*	$	249,372
	2,262	Pegasystems, Inc.		180,168
	3,963	Pluralsight, Inc., Class A*		68,203
	3,349	Proofpoint, Inc.*		384,398
	6,163	PTC, Inc.*		461,547
	4,782	RealPage, Inc.*		257,033
	4,413	RingCentral, Inc., Class A*		744,341
	49,342	Salesforce.com, Inc.*		8,024,983
	11,068	ServiceNow, Inc.*		3,124,718
	5,011	Smartsheet, Inc.*		225,094
	728	SolarWinds Corp.*		13,504
	9,151	Splunk, Inc.*		1,370,545
	11,746	SS&C Technologies Holdings, Inc.		721,204
	8,845	Synopsys, Inc.*		1,231,224
	2,325	The Trade Desk, Inc.*		603,989
	2,270	Tyler Technologies, Inc.*		681,045
	4,512	VMware, Inc., Class A*		684,876
	9,648	Workday, Inc., Class A*		1,586,614
	6,464	Zendesk, Inc.*		495,336
	3,912	Zscaler, Inc.*^		181,908

				125,925,991

Specialty Retail (3.0%):
	926	Advance Auto Parts, Inc.		148,308
	1,408	AutoZone, Inc.*		1,677,364
	2,681	Best Buy Co, Inc.		235,392
	3,878	Burlington Stores, Inc.*		884,300
	4,599	CarMax, Inc.*		403,194
	2,764	Carvana Co.*		254,426
	3,195	Five Below, Inc.*		408,513
	4,037	Floor & Decor Holdings, Inc., Class A*		205,120
	37,340	Home Depot, Inc. (The)		8,154,309
	2,133	L Brands, Inc.		38,650
	45,908	Lowe’s Cos., Inc.		5,497,942
	4,424	O’Reilly Automotive, Inc.*		1,938,862
	21,028	Ross Stores, Inc.		2,448,080
	72,146	TJX Cos., Inc. (The)		4,405,235
	6,974	Tractor Supply Co.		651,651
	3,347	Ulta Beauty, Inc.*		847,260
	930	Williams-Sonoma, Inc.		68,299

				28,266,905

Technology Hardware, Storage & Peripherals (8.6%):
	264,227	Apple, Inc.		77,590,259
	6,655	Dell Technologies, Inc., Class C*		342,000
	4,126	HP, Inc.		84,789
	7,634	NCR Corp.*		268,411
	14,090	NetApp, Inc.		877,103
	14,254	Pure Storage, Inc., Class A*		243,886

				79,406,448

Textiles, Apparel & Luxury Goods (1.3%):
	3,346	Capri Holdings, Ltd.*		127,650
	1,123	Carter’s, Inc.		122,789

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	1,064	Columbia Sportswear Co.	$	106,602
	16,737	Hanesbrands, Inc.		248,544
	7,005	Lululemon Athletica, Inc.*		1,622,848
	73,310	Nike, Inc., Class C		7,427,037
	2,668	Skechers U.S.A., Inc., Class A*		115,231
	7,633	Under Armour, Inc., Class A*^		164,873
	7,307	Under Armour, Inc., Class C*		140,148
	18,264	VF Corp.		1,820,190

				11,895,912

Thrifts & Mortgage Finance (0.0%†):
	429	LendingTree, Inc.*^		130,176

Tobacco (0.3%):
	54,263	Altria Group, Inc.		2,708,266

Trading Companies & Distributors (0.3%):
	280	Air Lease Corp.		13,306
	30,710	Fastenal Co.		1,134,734
	3,207	United Rentals, Inc.*		534,831
	2,551	W.W. Grainger, Inc.		863,565

				2,546,436


Contracts, Shares, Notional, Amount or Principal Amount			Fair Value
Common Stocks, continued
Wireless Telecommunication Services (0.1%):
	9,730	T-Mobile US, Inc.*	$	763,027

	Total Common Stocks (Cost $506,677,393)			908,433,020

Preferred Stock (0.5%):
Software (0.5%):
	841,419	Palantir Technologies, Inc., Series I*(a)(b)		4,981,200

	Total Preferred Stock (Cost $5,157,898)			4,981,200

Short-Term Securities Held as Collateral for Securities on Loan (0.4%):
	4,135,249	BlackRock Liquidity FedFund, Institutional Class, 2.00%(c)(d)		4,135,249

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $4,135,249)			4,135,249

Unaffiliated Investment Companies (1.6%):
Money Markets (1.6%):
	14,935,039	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(d)		14,935,039

	Total Unaffiliated Investment Companies (Cost $14,935,039)			14,935,039

	Total Investment Securities (Cost $530,905,579) — 100.3%(e)			932,484,508
	Net other assets (liabilities) — (0.3)%			(4,008,541	)

	Net Assets — 100.0%		$	928,475,967

Percentages indicated are based on net assets as of December 31, 2019.

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $4,054,737.

†	Represents less than 0.05%.

(a)

(b)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.54% of the net assets of the fund.

(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 December 31, 2019.

(d)	The rate represents the effective yield at December 31, 2019.

(e)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $665,200 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

Nasdaq 100E-Mini March Futures (U.S. Dollar)		3/20/20		51	$	8,927,295	$	58,300
S&P 500 IndexE-Mini March Futures (U.S. Dollar)		3/20/20		43		6,946,865		39,397

							$	97,697

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investments innon-affiliates, at cost	$	530,905,579

Investments innon-affiliates, at value(a)	$	932,484,508
Cash		71,542
Segregated cash for collateral for futures contracts		665,200
Interest and dividends receivable		488,324
Receivable for variation margin on futures contracts		34,396
Reclaims receivable		1,464
Prepaid expenses		3,205

Total Assets		933,748,639

Liabilities:
Payable for capital shares redeemed		573,542
Payable for collateral received on loaned securities		4,135,249
Manager fees payable		274,361
Administration fees payable		4,286
Distribution fees payable		183,942
Custodian fees payable		3,811
Administrative and compliance services fees payable		3,378
Transfer agent fees payable		1,960
Trustee fees payable		831
Other accrued liabilities		91,312

Total Liabilities		5,272,672

Net Assets	$	928,475,967

Net Assets Consist of:
Paid in capital	$	473,762,095
Total distributable earnings		454,713,872

Net Assets	$	928,475,967

Class 1
Net Assets	$	57,430,430
Shares of beneficial interest (unlimited number of shares authorized, no par value)		5,010,956
Net Asset Value (offering and redemption price per share)	$	11.46

Class 2
Net Assets	$	871,045,537
Shares of beneficial interest (unlimited number of shares authorized, no par value)		54,117,649
Net Asset Value (offering and redemption price per share)	$	16.10

(a)	Includes securities on loan of $4,054,737.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	11,566,066
Interest		12,643
Income from securities lending		128,896
Foreign withholding tax		(2,144	)

Total Investment Income		11,705,461

Expenses:
Manager fees		3,983,622
Administration fees		254,247
Distribution fees — Class 2		2,127,535
Custodian fees		29,816
Administrative and compliance services fees		16,311
Transfer agent fees		11,597
Trustee fees		50,842
Professional fees		45,931
Shareholder reports		32,894
Other expenses		214,989

Total expenses before reductions		6,767,784
Less expenses voluntarily waived/reimbursed by the Manager		(747,161	)

Net expenses		6,020,623

Net Investment Income/(Loss)		5,684,838

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		47,747,538
Net realized gains/(losses) on futures contracts		3,195,144
Change in net unrealized appreciation/depreciation on securities		214,625,906
Change in net unrealized appreciation/depreciation on futures contracts		12,468

Net realized and Change in net unrealized gains/losses on investments		265,581,056

Change in Net Assets Resulting From Operations	$	271,265,894

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	5,684,838			$	7,258,773
Net realized gains/(losses) on investments			50,942,682				101,140,025
Change in unrealized appreciation/depreciation on investments			214,638,374				(103,967,431	)

Change in net assets resulting from operations			271,265,894				4,431,367

Distributions to Shareholders:
Class 1			(8,764,900	)			(6,742,081	)
Class 2			(99,221,220	)			(80,249,124	)

Change in net assets resulting from distributions to shareholders			(107,986,120	)			(86,991,205	)

Capital Transactions:
Class 1
Proceeds from shares issued			149,155				20,832
Proceeds from dividends reinvested			8,764,900				6,742,081
Value of shares redeemed			(7,700,670	)			(6,120,493	)

Total Class 1 Shares			1,213,385				642,420

Class 2
Proceeds from shares issued			42,366,134				45,892,002
Proceeds from dividends reinvested			99,221,220				80,249,124
Value of shares redeemed			(201,891,268	)			(321,402,155	)

Total Class 2 Shares			(60,303,914	)			(195,261,029	)

Change in net assets resulting from capital transactions			(59,090,529	)			(194,618,609	)

Change in net assets			104,189,245				(277,178,447	)
Net Assets:
Beginning of period			824,286,722				1,101,465,169

End of period		$	928,475,967			$	824,286,722

Share Transactions:
Class 1
Shares issued			12,270				1,674
Dividends reinvested			848,490				601,435
Shares redeemed			(658,639	)			(505,673	)

Total Class 1 Shares			202,121				97,436

Class 2
Shares issued			2,600,227				3,002,476
Dividends reinvested			6,838,127				5,349,942
Shares redeemed			(12,630,974	)			(19,834,691	)

Total Class 2 Shares			(3,192,620	)			(11,482,273	)

Change in shares			(2,990,499	)			(11,384,837	)

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016^				2015

Class 1

Net Asset Value, Beginning of Period		$	10.12			$	11.74			$	10.28			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.10	(a)			0.13				0.14				0.03
Net Realized and Unrealized Gains/(Losses) on Investments			3.28				(0.20	)			2.73				0.25

Total from Investment Activities			3.38				(0.07	)			2.87				0.28

Distributions to Shareholders From:
Net Investment Income			(0.18	)			(0.20	)			(0.05	)			—
Net Realized Gains			(1.86	)			(1.35	)			(1.36	)			—

Total Dividends			(2.04	)			(1.55	)			(1.41	)			—


Net Asset Value, End of Period		$	11.46			$	10.12			$	11.74			$	10.28

Total Return(b)			35.53	%			(1.86	)%			29.19	%			2.80	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	57,430			$	48,665			$	55,307			$	49,297
Net Investment Income/(Loss)(d)			0.86	%			0.96	%			1.04	%			1.26	%
Expenses Before Reductions(d)(e)			0.51	%			0.50	%			0.50	%			0.50	%
Expenses Net of Reductions(d)			0.43	%			0.43	%			0.45	%			0.45	%
Portfolio Turnover Rate(f)			15	%			17	%			12	%			158	%(g)
Class 2

Net Asset Value, Beginning of Period		$	13.53			$	15.21			$	12.99			$	15.32			$	17.11

Investment Activities:
Net Investment Income/(Loss)			0.10	(a)			0.15				0.13				0.04				0.19
Net Realized and Unrealized Gains/(Losses) on Investments			4.46				(0.33	)			3.49				0.84				0.54

Total from Investment Activities			4.56				(0.18	)			3.62				0.88				0.73

Distributions to Shareholders From:
Net Investment Income			(0.13	)			(0.15	)			(0.04	)			(0.16	)			(0.19	)
Net Realized Gains			(1.86	)			(1.35	)			(1.36	)			(3.05	)			(2.33	)

Total Dividends			(1.99	)			(1.50	)			(1.40	)			(3.21	)			(2.52	)


Net Asset Value, End of Period		$	16.10			$	13.53			$	15.21			$	12.99			$	15.32

Total Return(b)			35.28	%			(2.14	)%			28.89	%			6.43	%			4.86	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	871,046			$	775,621			$	1,046,158			$	1,065,322			$	101,530
Net Investment Income/(Loss)			0.61	%			0.71	%			0.79	%			0.99	%			0.86	%
Expenses Before Reductions(e)			0.76	%			0.75	%			0.75	%			0.77	%			0.78	%
Expenses Net of Reductions			0.68	%			0.68	%			0.70	%			0.72	%			0.78	%
Portfolio Turnover Rate(f)			15	%			17	%			12	%			158	%(g)			14	%

^	Class 1 activity is for the period October 17, 2016 (commencement of operations) to December 31, 2016.

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

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

(g)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after the fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 158%.

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Growth Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

December 31, 2019

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $12,645 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $4,135,249 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $13.7 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

97,697

Payable for variation margin on futures contracts*

—

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	3,195,144		$12,468

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Russell 1000 Growth Index Fund Class 1		0.44	%		0.59	%

AZL Russell 1000 Growth Index Fund Class 2		0.44	%		0.84	%

*	The Manager voluntarily reduced the management fee to 0.36% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $6,777 was paid from the Fund relating to these fees and expenses.

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

December 31, 2019

Committee receives an additional $10,000 annually and the Chair of the Audit Committee receives an additional $10,000 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the year ended December 31, 2019, actual Trustee compensation was $1,343,125 in total for both trusts.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	908,433,020		$	—		$	—		$	908,433,020
Preferred Stocks			—			—			4,981,200			4,981,200
Short-Term Securities Held as Collateral for Securities on Loan			4,135,249			—			—			4,135,249
Unaffiliated Investment Companies			14,935,039			—			—			14,935,039

Total Investment Securities			927,503,308			—			4,981,200			932,484,508

Other Financial Instruments:*
Futures Contracts			97,697			—			—			97,697

Total Investments		$	927,601,005		$	—		$	4,981,200		$	932,582,205

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

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Russell 1000 Growth Index Fund		$	130,579,518		$	281,816,917

6. Restricted Securities


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets
Palantir Technologies, Inc., Series I		2/7/14		$	5,157,898		$	841,419		$	4,981,200		0.54	%

(a)	Acquisition date represents the initial purchase date of the security.

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

December 31, 2019

7. Investment Risks

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $533,750,873. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	407,760,611
Unrealized (depreciation)		(9,026,976	)

Net unrealized appreciation/(depreciation)	$	398,733,635

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL Russell 1000 Growth Index Fund

10,376,759

97,609,361

107,986,120

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL Russell 1000 Growth Index Fund

18,689,900

68,301,305

86,991,205

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)
AZL Russell 1000 Growth Index Fund		$	7,879,922		$	48,100,316		$	—		$	398,733,634		$	454,713,872

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, mark-to-market of futures contracts and other miscellaneous differences.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 70% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Russell 1000 Growth Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Russell 1000 Growth Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 100.00% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $3,231,571.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $97,609,361.

Other Information (Unaudited)

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30th is available (i) without charge, upon request, by calling800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on FormN-PORT. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling800-SEC-0330.

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Russell 1000 Value Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 13

Page 13

Page 14

Page 15

Report of Independent Registered Public Accounting Firm

Page 16

Page 22

Page 23

Approval of Investment Advisory and Subadvisory Agreements

Page 24

Page 25

Information about the Board of Trustees and Officers

Page 28

AZL^® Russell 1000 Value Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Russell 1000 Value Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Russell 1000 Value Index Fund (Class 2 Shares) (the “Fund”) returned 25.86%^†. That compared to a 26.54% total return for its benchmark, the Russell 1000^® Value Index (“Index“)¹.

10-year yields added to uncertainty.

From a sector perspective, all sectors in the Index had positive returns. The largest positive returns came from the information technology, industrials, and financials sectors. The lowest contributors were the energy, healthcare, and materials sectors.

The Fund uses derivatives for the purpose of efficient portfolio management, and derivatives did not have a significant impact on the Fund’s return in 2019. Futures are not used for speculative or leveraged positions in the portfolio and we keep cash to fully cover all outstanding futures positions. The Fund’s use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.*

Past performance does not guarantee future results.

^†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	The Standard & Poor’s 500 Index is unmanaged and is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. Investors cannot invest directly in an index.

AZL^® Russell 1000 Value Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to match the total return of the Russell 1000^® Value Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all stocks in the Index in proportion to their weighting in the Index.

Investment Concerns

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception Date		1 Year			3 Year			5 Year			Since Inception
AZL^®Russell 1000 Value Index Fund (Class 1 Shares)		10/14/16		26.13	%^†		9.38	%		—			11.33	%
AZL^®Russell 1000 Value Index Fund (Class 2 Shares)		4/30/10		25.86	%^†		9.10	%		7.59	%		10.40	%
Russell 1000^®Value Index		4/30/10		26.54	%		9.68	%		8.29	%		11.17	%


Expense Ratios	Gross
AZL^®Russell 1000 Value Index Fund (Class 1 Shares)		0.50	%
AZL^®Russell 1000 Value Index Fund (Class 2 Shares)		0.75	%

Shares and 0.84% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Russell 1000^® Value Index, an unmanaged index that measures the performance of thelarge-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lowerprice-to-book ratios and lower expected growth values. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Russell 1000 Value Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Russell 1000 Value Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Russell 1000 Value Index Fund, Class 1		$	1,000.00		$	1,086.00		$	2.21		0.42	%

AZL Russell 1000 Value Index Fund, Class 2		$	1,000.00		$	1,085.50		$	3.52		0.67	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Russell 1000 Value Index Fund, Class 1		$	1,000.00		$	1,023.09		$	2.14		0.42	%

AZL Russell 1000 Value Index Fund, Class 2		$	1,000.00		$	1,021.83		$	3.41		0.67	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		23.7	%

Health Care		12.8

Industrials		9.6

Consumer Staples		8.7

Energy		8.1

Communication Services		8.0

Utilities		6.5

Information Technology		6.2

Consumer Discretionary		5.8

Real Estate		5.1

Materials		4.2


Total Common Stocks		98.7

Unaffiliated Investment Companies		1.2

Short-Term Securities Held as Collateral for Securities on Loan		0.4


Total Investment Securities		100.3

Net other assets (liabilities)		(0.3	)


Net Assets		100.0	%

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (98.7%):
Aerospace & Defense (1.8%):
	25,206	Arconic, Inc.	$	775,589
	1,691	BWX Technologies, Inc.		104,977
	2,676	Curtiss-Wright Corp.		377,022
	15,455	General Dynamics Corp.		2,725,490
	395	Hexcel Corp.		28,957
	571	Huntington Ingalls Industries, Inc.		143,252
	7,143	L3harris Technologies, Inc.		1,413,385
	6,912	Raytheon Co.		1,518,843
	715	Spirit AeroSystems Holdings, Inc., Class A		52,109
	2,362	Teledyne Technologies, Inc.*		818,527
	14,729	Textron, Inc.		656,913
	600	TransDigm Group, Inc.		336,000
	52,970	United Technologies Corp.		7,932,788

				16,883,852

Air Freight & Logistics (0.3%):
	2,200	C.H. Robinson Worldwide, Inc.^		172,040
	3,123	Expeditors International of Washington, Inc.		243,656
	15,677	FedEx Corp.		2,370,520
	2,557	XPO Logistics, Inc.*		203,793

				2,990,009

Airlines (0.5%):
	4,142	Alaska Air Group, Inc.		280,621
	22,841	American Airlines Group, Inc.^		655,080
	2,077	Copa Holdings SA, Class A		224,482
	29,904	Delta Air Lines, Inc.		1,748,785
	17,166	JetBlue Airways Corp.*		321,348
	12,581	Southwest Airlines Co.		679,122
	11,839	United Airlines Holdings, Inc.*		1,042,898

				4,952,336

Auto Components (0.3%):
	15,626	Aptiv plc		1,484,001
	13,366	BorgWarner, Inc.		579,817
	16,942	Gentex Corp.		490,979
	14,914	Goodyear Tire & Rubber Co.		231,987
	3,918	Lear Corp.		537,550

				3,324,334

Automobiles (0.6%):
	254,285	Ford Motor Co.		2,364,851
	80,600	General Motors Co.		2,949,959
	10,119	Harley-Davidson, Inc.		376,326
	3,520	Thor Industries, Inc.		261,501

				5,952,637

Banks (11.1%):
	10,719	Associated Banc-Corp.		236,247
	531,400	Bank of America Corp.		18,715,908
	2,655	Bank of Hawaii Corp.		252,650
	7,745	Bank OZK		236,261
	5,921	BankUnited, Inc.		216,472
	2,173	BOK Financial Corp.		189,920
	5,498	CIT Group, Inc.		250,874
	142,480	Citigroup, Inc.		11,382,727
	28,413	Citizens Financial Group, Inc.		1,153,852
	8,843	Comerica, Inc.		634,485
	6,669	Commerce Bancshares, Inc.^		453,092
	3,835	Cullen/Frost Bankers, Inc.^		374,986


Shares			Fair Value
Common Stocks, continued
Banks, continued
	9,473	East West Bancorp, Inc.	$	461,335
	21,392	F.N.B. Corp.		271,678
	46,366	Fifth Third Bancorp		1,425,291
	458	First Citizens BancShares, Inc., Class A		243,752
	9,016	First Hawaiian, Inc.		260,112
	20,065	First Horizon National Corp.		332,276
	8,770	First Republic Bank		1,030,037
	67,324	Huntington Bancshares, Inc.		1,015,246
	203,615	JPMorgan Chase & Co.		28,383,932
	64,070	KeyCorp		1,296,777
	8,655	M&T Bank Corp.		1,469,186
	8,003	PacWest Bancorp		306,275
	26,853	People’s United Financial, Inc.		453,816
	4,833	Pinnacle Financial Partners, Inc.		309,312
	28,578	PNC Financial Services Group, Inc.		4,561,906
	5,970	Popular, Inc.		350,738
	5,238	Prosperity Bancshares, Inc.		376,560
	63,086	Regions Financial Corp.		1,082,556
	1,753	Signature Bank		239,477
	12,876	Sterling Bancorp		271,426
	3,137	SVB Financial Group*		787,512
	8,447	Synovus Financial Corp.		331,122
	9,741	TCF Financial Corp.		455,879
	3,179	Texas Capital Bancshares, Inc.*		180,472
	87,014	Truist Financial Corp.		4,900,628
	92,948	U.S. Bancorp		5,510,887
	14,148	Umpqua Holdings Corp.		250,420
	5,984	Webster Financial Corp.		319,306
	248,859	Wells Fargo & Co.		13,388,614
	5,485	Western Alliance Bancorp		312,645
	3,601	Wintrust Financial Corp.		255,311
	10,889	Zions Bancorp		565,357

				105,497,315

Beverages (1.0%):
	312	Brown-Forman Corp., Class A		19,584
	604	Brown-Forman Corp., Class B		40,830
	79,492	Coca-Cola Co. (The)		4,399,882
	10,326	Constellation Brands, Inc., Class C		1,959,359
	13,284	Keurig Dr Pepper, Inc.		384,572
	11,435	Molson Coors Brewing Co., Class B		616,347
	14,644	PepsiCo, Inc.		2,001,395

				9,421,969

Biotechnology (1.2%):
	3,597	Agios Pharmaceuticals, Inc.*		171,757
	3,421	Alexion Pharmaceuticals, Inc.*		369,981
	9,497	Alkermes plc*		193,739
	1,176	Alnylam Pharmaceuticals, Inc.*		135,440
	3,140	Amgen, Inc.		756,960
	7,717	Biogen, Inc.*		2,289,865
	3,577	Bluebird Bio, Inc.*		313,882
	11,222	Exelixis, Inc.*		197,732
	71,310	Gilead Sciences, Inc.		4,633,723
	1,256	Moderna, Inc.*^		24,567
	4,222	Regeneron Pharmaceuticals, Inc.*		1,585,277
	2,765	United Therapeutics Corp.*		243,541

				10,916,464

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Building Products (0.5%):
	7,559	A.O. Smith Corp.	$	360,111
	1,525	Allegion plc		189,924
	6,023	Fortune Brands Home & Security, Inc.		393,543
	50,921	Johnson Controls International plc		2,072,993
	167	Lennox International, Inc.		40,743
	18,630	Masco Corp.		894,054
	6,884	Owens Corning, Inc.		448,286
	8,547	Resideo Technologies, Inc.*		101,966

				4,501,620

Capital Markets (3.6%):
	3,126	Affiliated Managers Group, Inc.		264,897
	7,125	Ameriprise Financial, Inc.		1,186,883
	53,677	Bank of New York Mellon Corp. (The)		2,701,563
	19,529	BGC Partners, Inc., Class A		116,002
	7,699	BlackRock, Inc., Class A+		3,870,287
	5,336	Cboe Global Markets, Inc.		640,320
	30,087	Charles Schwab Corp. (The)		1,430,938
	23,112	CME Group, Inc.		4,639,041
	12,078	E*TRADE Financial Corp.		547,979
	7,242	Eaton Vance Corp.		338,129
	1,572	Evercore, Inc., Class A		117,523
	18,103	Franklin Resources, Inc.		470,316
	20,809	Goldman Sachs Group, Inc.		4,784,613
	3,699	Interactive Brokers Group, Inc., Class A		172,447
	21,556	Intercontinental Exchange, Inc.		1,995,008
	25,179	Invesco, Ltd.		452,718
	10,211	Janus Henderson Group plc		249,659
	4,022	Lazard, Ltd., Class A		160,719
	5,744	Legg Mason, Inc.		206,267
	76,087	Morgan Stanley		3,889,567
	7,390	Nasdaq, Inc.		791,469
	12,671	Northern Trust Corp.		1,346,167
	6,271	Raymond James Financial, Inc.		561,004
	4,307	SEI Investments Co.		282,022
	23,687	State Street Corp.		1,873,642
	10,651	T. Rowe Price Group, Inc.		1,297,718
	2,086	TD Ameritrade Holding Corp.		103,674
	1,848	Virtu Financial, Inc., Class A		29,550

				34,520,122

Chemicals (3.0%):
	12,280	Air Products & Chemicals, Inc.		2,885,676
	6,721	Albemarle Corp.^		490,902
	3,746	Ashland Global Holdings, Inc.		286,681
	8,809	Axalta Coating Systems, Ltd.*		267,794
	3,795	Cabot Corp.		180,338
	7,980	Celanese Corp., Series A		982,498
	12,981	CF Industries Holdings, Inc.		619,713
	10,297	Chemours Co. (The)		186,273
	48,857	Corteva, Inc.		1,444,213
	48,701	Dow, Inc.		2,665,406
	48,470	DuPont de Nemours, Inc.		3,111,773
	8,783	Eastman Chemical Co.		696,141
	8,646	Element Solutions, Inc.*		100,985
	8,469	FMC Corp.		845,376
	14,471	Huntsman Corp.		349,619
	6,877	International Flavors & Fragrances, Inc.^		887,271


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	35,117	Linde plc	$	7,476,409
	17,269	LyondellBasell Industries NV, Class A		1,631,575
	22,451	Mosaic Co. (The)		485,840
	29	NewMarket Corp.		14,109
	10,836	Olin Corp.		186,921
	10,338	PPG Industries, Inc.		1,380,020
	6,943	RPM International, Inc.		532,945
	12,501	Valvoline, Inc.		267,646
	2,454	Westlake Chemical Corp.		172,148

				28,148,272

Commercial Services & Supplies (0.3%):
	8,460	ADT, Inc.^		67,088
	3,352	Clean Harbors, Inc.*		287,434
	682	IAA, Inc.*		32,095
	682	KAR Auction Services, Inc.		14,861
	12,995	Republic Services, Inc., Class A		1,164,741
	5,878	Stericycle, Inc.*^		375,075
	6,056	Waste Management, Inc.		690,142

				2,631,436

Communications Equipment (0.2%):
	10,175	Ciena Corp.*		434,371
	12,724	CommScope Holding Co., Inc.*		180,554
	3,220	EchoStar Corp., Class A*		139,458
	253	F5 Networks, Inc.*		35,331
	22,108	Juniper Networks, Inc.		544,520
	2,857	Motorola Solutions, Inc.		460,377
	3,607	ViaSat, Inc.*		264,014

				2,058,625

Construction & Engineering (0.2%):
	9,949	AECOM*		429,100
	8,737	Fluor Corp.		164,955
	8,445	Jacobs Engineering Group, Inc.		758,614
	7,349	Quanta Services, Inc.		299,178
	1,368	Valmont Industries, Inc.		204,899

				1,856,746

Construction Materials (0.1%):
	470	Eagle Materials, Inc., Class A		42,610
	2,853	Martin Marietta Materials, Inc.		797,814
	754	Vulcan Materials Co.		108,568

				948,992

Consumer Finance (1.0%):
	25,043	Ally Financial, Inc.		765,314
	19,358	American Express Co.		2,409,877
	30,339	Capital One Financial Corp.		3,122,186
	69	Credit Acceptance Corp.*		30,521
	13,391	Discover Financial Services		1,135,825
	12,342	Navient Corp.		168,839
	4,428	Onemain Holdings, Inc.		186,640
	6,487	Santander Consumer USA Holdings, Inc.		151,601
	26,825	SLM Corp.		239,011
	30,757	Synchrony Financial		1,107,560

				9,317,374

Containers & Packaging (0.5%):
	2,388	AptarGroup, Inc.		276,101
	1,027	Ardagh Group SA		20,109

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Containers & Packaging, continued
	340	Avery Dennison Corp.	$	44,479
	5,510	Berry Global Group, Inc.*		261,670
	3,468	Crown Holdings, Inc.*		251,569
	18,848	Graphic Packaging Holding Co.		313,819
	25,575	International Paper Co.		1,177,728
	10,515	O-I Glass, Inc.		125,444
	6,034	Packaging Corp. of America		675,748
	9,460	Sealed Air Corp.		376,792
	5,199	Silgan Holdings, Inc.		161,585
	6,584	Sonoco Products Co.		406,364
	16,640	WestRock Co.		714,022

				4,805,430

Distributors (0.2%):
	9,061	Genuine Parts Co.		962,550
	16,793	LKQ Corp.*		599,510

				1,562,060

Diversified Consumer Services (0.2%):
	5,449	Frontdoor, Inc.*		258,392
	268	Graham Holdings Co., Class B		171,249
	2,873	Grand Canyon Education, Inc.*		275,205
	10,796	H&R Block, Inc.		253,490
	7,410	Service Corp. International		341,082
	7,577	ServiceMaster Global Holdings, Inc.*		292,927

				1,592,345

Diversified Financial Services (3.2%):
	26,820	AXA Equitable Holdings, Inc.		664,600
	127,719	Berkshire Hathaway, Inc., Class B*		28,928,353
	17,465	Jefferies Financial Group, Inc.		373,227
	8,117	Voya Financial, Inc.		494,975

				30,461,155

Diversified Telecommunication Services (3.8%):
	476,736	AT&T, Inc.		18,630,843
	70,186	CenturyLink, Inc.		927,157
	270,357	Verizon Communications, Inc.		16,599,920

				36,157,920

Electric Utilities (3.9%):
	15,617	Alliant Energy Corp.		854,562
	32,290	American Electric Power Co., Inc.		3,051,728
	3,549	Avangrid, Inc.		181,567
	47,615	Duke Energy Corp.		4,342,964
	22,765	Edison International		1,716,709
	12,930	Entergy Corp.		1,549,014
	15,227	Evergy, Inc.		991,125
	21,071	Eversource Energy		1,792,510
	63,402	Exelon Corp.		2,890,497
	34,999	FirstEnergy Corp.		1,700,951
	7,055	Hawaiian Electric Industries, Inc.		330,597
	3,298	IDA Corp., Inc.		352,226
	31,879	NextEra Energy, Inc.		7,719,819
	12,930	OGE Energy Corp.		574,997
	34,657	PG&E Corp.*		376,722
	7,357	Pinnacle West Capital Corp.		661,615
	46,994	PPL Corp.		1,686,145
	67,898	Southern Co. (The)		4,325,103
	34,147	Xcel Energy, Inc.		2,167,993

				37,266,844


Shares			Fair Value
Common Stocks, continued
Electrical Equipment (0.8%):
	1,813	Acuity Brands, Inc.	$	250,194
	2,960	AMETEK, Inc.		295,230
	27,082	Eaton Corp. plc		2,565,206
	36,372	Emerson Electric Co.		2,773,729
	4,490	GrafTech International, Ltd.		52,174
	1,673	Hubbell, Inc.		247,303
	9,505	nVent Electric plc		243,138
	2,816	Regal-Beloit Corp.		241,078
	5,940	Sensata Technologies Holding plc*		319,988

				6,988,040

Electronic Equipment, Instruments & Components (0.5%):
	5,269	Arrow Electronics, Inc.*		446,495
	6,379	Avnet, Inc.		270,725
	1,545	Coherent, Inc.*		257,011
	34,155	Corning, Inc.		994,252
	3,624	Dolby Laboratories, Inc., Class A		249,331
	8,254	FLIR Systems, Inc.		429,786
	2,122	IPG Photonics Corp.*		307,520
	7,659	Jabil, Inc.		316,546
	1,539	Littlelfuse, Inc.		294,411
	7,991	National Instruments Corp.		338,339
	2,670	SYNNEX Corp.		343,896
	13,906	Trimble, Inc.*		579,741

				4,828,053

Energy Equipment & Services (0.8%):
	5,007	Apergy Corp.*		169,136
	42,341	Baker Hughes Co.		1,085,200
	56,377	Halliburton Co.		1,379,545
	6,950	Helmerich & Payne, Inc.		315,739
	25,722	National-Oilwell Varco, Inc.		644,336
	13,309	Patterson-UTI Energy, Inc.		139,745
	90,379	Schlumberger, Ltd.		3,633,236
	37,211	Transocean, Ltd.*		256,012

				7,622,949

Entertainment (2.3%):
	46,656	Activision Blizzard, Inc.		2,772,300
	7,001	Cinemark Holdings, Inc.		236,984
	1,808	Electronic Arts, Inc.*		194,378
	1,716	Liberty Media Corp-Liberty Formula One, Class A*		75,126
	12,807	Liberty Media Corp-Liberty Formula One, Class C*		588,674
	3,570	Lions Gate Entertainment Corp., Class A*		38,056
	6,558	Lions Gate Entertainment Corp., Class B*		65,121
	1,093	Madison Square Garden Co. (The), Class A*		321,550
	4,011	Take-Two Interactive Software, Inc.*		491,067
	114,016	Walt Disney Co. (The)		16,490,133
	45,041	Zynga, Inc.*		275,651

				21,549,040

Equity Real Estate Investment Trusts (4.9%):
	7,394	Alexandria Real Estate Equities, Inc.		1,194,723
	8,719	American Campus Communities, Inc.		410,055
	9,181	American Homes 4 Rent, Class A		240,634
	9,550	Apartment Investment & Management Co.		493,258
	14,261	Apple Hospitality REIT, Inc.		231,741
	9,033	AvalonBay Communities, Inc.		1,894,220
	10,052	Boston Properties, Inc.		1,385,769
	10,946	Brandywine Realty Trust		172,400

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	18,906	Brixmor Property Group, Inc.	$	408,559
	6,101	Camden Property Trust		647,316
	28,433	Colony Capital, Inc.		135,057
	7,316	Columbia Property Trust, Inc.		152,978
	560	Coresite Realty Corp.		62,787
	7,444	Corporate Office Properties Trust		218,705
	9,524	Cousins Properties, Inc.		392,389
	12,265	CubeSmart		386,102
	7,424	Cyrusone, Inc.		485,752
	13,500	Digital Realty Trust, Inc.		1,616,490
	10,945	Douglas Emmett, Inc.		480,486
	23,876	Duke Realty Corp.		827,781
	10,249	Empire State Realty Trust, Inc., Class A		143,076
	4,841	EPR Properties		341,968
	7,616	Equity Commonwealth		250,033
	23,749	Equity Residential		1,921,769
	4,256	Essex Property Trust, Inc.		1,280,460
	1,616	Extra Space Storage, Inc.		170,682
	4,931	Federal Realty Investment Trust		634,768
	13,475	Gaming and Leisure Properties, Inc.		580,099
	12,943	Healthcare Trust of America, Inc., Class A		391,914
	31,947	Healthpeak Properties, Inc.		1,101,213
	6,796	Highwoods Properties, Inc.		332,392
	46,512	Host Hotels & Resorts, Inc.		862,798
	10,255	Hudson Pacific Properties, Inc.		386,101
	34,701	Invitation Homes, Inc.		1,039,989
	16,502	Iron Mountain, Inc.		525,919
	8,265	JBG SMITH Properties		329,691
	6,727	Kilroy Realty Corp.		564,395
	26,335	Kimco Realty Corp.		545,398
	10,110	Liberty Property Trust		607,106
	3,069	Life Storage, Inc.		332,311
	33,438	Medical Properties Trust, Inc.		705,876
	7,355	Mid-America Apartment Communities, Inc.		969,830
	11,081	National Retail Properties, Inc.		594,163
	14,148	Omega Healthcare Investors, Inc.		599,168
	8,098	Outfront Media, Inc.		217,188
	12,807	Paramount Group, Inc.		178,273
	15,789	Parks Hotels & Resorts, Inc.		408,461
	40,839	ProLogis, Inc.		3,640,389
	2,367	Public Storage, Inc.		504,076
	8,353	Rayonier, Inc.		273,644
	21,197	Realty Income Corp.		1,560,735
	10,977	Regency Centers Corp.		692,539
	13,478	Retail Properties of America, Inc., Class A		180,605
	10,658	Service Properties Trust		259,309
	2,288	Simon Property Group, Inc.		340,820
	9,487	SITE Centers Corp.		133,008
	5,256	SL Green Realty Corp.		482,921
	6,428	Spirit Realty Capital, Inc.		316,129
	13,828	STORE Capital Corp.		514,955
	4,443	Sun Communities, Inc.		666,894
	4,058	Taubman Centers, Inc.^		126,163
	9,648	The Macerich Co.^		259,724
	17,744	UDR, Inc.		828,645
	24,191	Ventas, Inc.		1,396,788
	68,435	VEREIT, Inc.		632,339


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	30,467	VICI Properties, Inc.	$	778,432
	11,284	Vornado Realty Trust		750,386
	8,093	Weingarten Realty Investors		252,825
	26,319	Welltower, Inc.		2,152,368
	48,472	Weyerhaeuser Co.		1,463,854
	11,144	WP Carey, Inc.		891,966

				46,951,757

Food & Staples Retailing (1.7%):
	1,766	Casey’s General Stores, Inc.		280,776
	1,721	Grocery Outlet Holding Corp.*		55,846
	51,652	Kroger Co. (The)		1,497,391
	4,312	Sprouts Farmers Market, Inc.*		83,437
	14,159	US Foods Holding Corp.*		593,121
	49,181	Walgreens Boots Alliance, Inc.		2,899,712
	91,645	Walmart, Inc.		10,891,093

				16,301,376

Food Products (2.0%):
	36,265	Archer-Daniels-Midland Co.		1,680,883
	3,084	Beyond Meat, Inc.*^		233,150
	8,957	Bunge, Ltd.		515,475
	4,939	Campbell Soup Co.		244,085
	31,595	Conagra Brands, Inc.		1,081,813
	12,720	Flowers Foods, Inc.		276,533
	39,006	General Mills, Inc.		2,089,160
	5,407	Hain Celestial Group, Inc.*		140,339
	1,273	Hershey Co. (The)		187,106
	18,254	Hormel Foods Corp.		823,438
	4,210	Ingredion, Inc.		391,320
	7,219	JM Smucker Co. (The)		751,714
	9,860	Kellogg Co.		681,918
	40,633	Kraft Heinz Co. (The)		1,305,538
	6,957	Lamb Weston Holdings, Inc.		598,511
	2,879	McCormick & Co.		488,653
	92,548	Mondelez International, Inc., Class A		5,097,543
	2,336	Pilgrim’s Pride Corp.*		76,422
	2,270	Post Holdings, Inc.*		247,657
	18	Seaboard Corp.		76,510
	3,133	TreeHouse Foods, Inc.*		151,951
	18,715	Tyson Foods, Inc., Class A		1,703,814

				18,843,533

Gas Utilities (0.2%):
	7,714	Atmos Energy Corp.		862,888
	5,266	National Fuel Gas Co.		245,080
	13,703	UGI Corp.		618,827

				1,726,795

Health Care Equipment & Supplies (3.4%):
	63,520	Abbott Laboratories		5,517,347
	16,629	Baxter International, Inc.		1,390,517
	15,937	Becton Dickinson & Co.		4,334,386
	1,111	Cantel Medical Corp.		78,770
	2,696	Cooper Cos., Inc. (The)		866,198
	38,010	Danaher Corp.		5,833,775
	14,705	Dentsply Sirona, Inc.		832,156
	5,544	Envista Holdings Corp.*		164,324
	2,244	Hill-Rom Holdings, Inc.		254,761
	3,630	Hologic, Inc.*		189,522

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	827	ICU Medical, Inc.*	$	154,748
	4,554	Integra LifeSciences Holdings Corp.*		265,407
	87,499	Medtronic plc		9,926,762
	5,171	Steris plc		788,164
	1,236	West Pharmaceutical Services, Inc.		185,808
	13,345	Zimmer Biomet Holdings, Inc.		1,997,480

				32,780,125

Health Care Providers & Services (2.5%):
	5,852	Acadia Healthcare Co., Inc.*		194,403
	11,724	Anthem, Inc.		3,541,000
	19,307	Cardinal Health, Inc.		976,548
	4,214	Centene Corp.*		264,934
	16,584	Cigna Corp.		3,391,262
	6,734	Covetrus, Inc.*^		88,889
	84,710	CVS Health Corp.		6,293,107
	6,430	DaVita, Inc.*		482,443
	2,977	Encompass Health Corp.		206,217
	6,982	HCA Healthcare, Inc.		1,032,009
	8,271	Henry Schein, Inc.*		551,841
	4,930	Humana, Inc.		1,806,944
	5,979	Laboratory Corp. of America Holdings*		1,011,467
	10,447	McKesson Corp.		1,445,029
	5,207	MEDNAX, Inc.*		144,703
	939	Molina Healthcare, Inc.*		127,413
	4,026	Premier, Inc., Class A*		152,505
	8,912	Quest Diagnostics, Inc.		951,712
	5,081	Universal Health Services, Inc., Class B		728,920
	329	WellCare Health Plans, Inc.*		108,639

				23,499,985

Health Care Technology (0.0%^†):
	1,313	Change Healthcare, Inc.*^		21,520

Hotels, Restaurants & Leisure (1.8%):
	16,108	Aramark		699,087
	36,573	Caesars Entertainment Corp.*		497,393
	25,819	Carnival Corp., Class A		1,312,380
	1,321	Choice Hotels International, Inc.		136,631
	11,676	Extended Stay America, Inc.		173,505
	4,874	Hilton Grand Vacations, Inc.*		167,617
	2,563	Hyatt Hotels Corp., Class A		229,927
	6,892	International Game Technology plc		103,173
	11,669	Las Vegas Sands Corp.		805,628
	41,351	McDonald’s Corp.		8,171,371
	29,767	MGM Resorts International		990,348
	10,824	Norwegian Cruise Line Holdings, Ltd.*		632,230
	11,130	Royal Caribbean Cruises, Ltd.		1,485,966
	4,783	Six Flags Entertainment Corp.		215,761
	299	Vail Resorts, Inc.		71,709
	5,923	Wyndham Destinations, Inc.		306,160
	4,195	Wyndham Hotels & Resorts, Inc.		263,488
	1,170	Wynn Resorts, Ltd.		162,478
	4,469	Yum China Holdings, Inc.		214,557
	2,092	Yum! Brands, Inc.		210,727

				16,850,136

Household Durables (0.6%):
	21,976	D.R. Horton, Inc.		1,159,234
	9,407	Garmin, Ltd.		917,747


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
	8,676	Leggett & Platt, Inc.	$	441,001
	10,650	Lennar Corp., Class A		594,164
	523	Lennar Corp., Class B		23,378
	3,844	Mohawk Industries, Inc.*		524,245
	24,332	Newell Brands, Inc.		467,661
	16,290	PulteGroup, Inc.		632,052
	8,324	Toll Brothers, Inc.		328,881
	3,981	Whirlpool Corp.		587,317

				5,675,680

Household Products (2.8%):
	1,494	Clorox Co. (The)		229,389
	54,918	Colgate-Palmolive Co.		3,780,555
	3,886	Energizer Holdings, Inc.^		195,155
	22,202	Kimberly-Clark Corp.		3,053,885
	152,047	Procter & Gamble Co. (The)		18,990,670
	2,731	Spectrum Brands Holdings, Inc.		175,576

				26,425,230

Independent Power and Renewable Electricity Producers (0.2%):
	43,701	AES Corp. (The)		869,650
	16,624	NRG Energy, Inc.		660,804
	27,763	Vistra Energy Corp.		638,271

				2,168,725

Industrial Conglomerates (1.5%):
	8,540	3M Co.		1,506,627
	523	Carlisle Cos., Inc.		84,642
	564,778	General Electric Co.		6,302,923
	23,904	Honeywell International, Inc.		4,231,008
	5,631	Roper Technologies, Inc.		1,994,669

				14,119,869

Insurance (4.3%):
	47,458	Aflac, Inc.		2,510,528
	828	Alleghany Corp.*		662,044
	21,006	Allstate Corp. (The)		2,362,125
	4,603	American Financial Group, Inc.		504,719
	56,595	American International Group, Inc.		2,905,020
	545	American National Insurance Co.		64,136
	21,304	Arch Capital Group, Ltd.*		913,729
	9,300	Arthur J. Gallagher & Co.		885,639
	3,874	Assurant, Inc.		507,804
	6,232	Assured Guaranty, Ltd.		305,493
	5,330	Athene Holding, Ltd.*		250,670
	4,853	Axis Capital Holdings, Ltd.		288,462
	6,972	Brighthouse Financial, Inc.*		273,512
	14,920	Brown & Brown, Inc.		589,042
	29,585	Chubb, Ltd.		4,605,201
	9,895	Cincinnati Financial Corp.		1,040,459
	2,066	CNA Financial Corp.		92,577
	568	Erie Indemnity Co., Class A		94,288
	1,859	Everest Re Group, Ltd.		514,646
	6,943	First American Financial Corp.		404,916
	17,454	FNF Group		791,539
	7,111	Globe Life, Inc.		748,433
	2,593	Hanover Insurance Group, Inc. (The)		354,385
	23,374	Hartford Financial Services Group, Inc. (The)		1,420,438
	3,468	Kemper Corp.		268,770
	12,825	Lincoln National Corp.		756,803

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Insurance, continued
	16,835	Loews Corp.	$	883,669
	802	Markel Corp.*		916,822
	4,080	Marsh & McLennan Cos., Inc.		454,553
	1,950	Mercury General Corp.		95,024
	50,991	MetLife, Inc.		2,599,011
	17,929	Old Republic International Corp.		401,072
	814	Primerica, Inc.		106,276
	17,814	Principal Financial Group, Inc.		979,770
	25,499	Progressive Corp. (The)		1,845,873
	26,356	Prudential Financial, Inc.		2,470,611
	4,119	Reinsurance Group of America, Inc.		671,644
	1,758	RenaissanceRe Holdings, Ltd.		344,603
	14,242	Travelers Cos., Inc. (The)		1,950,442
	13,699	Unum Group		399,463
	198	White Mountains Insurance Group, Ltd.		220,871
	8,392	Willis Towers Watson plc		1,694,680
	9,371	WR Berkley Corp.		647,536

				40,797,298

Interactive Media & Services (0.1%):
	2,064	IAC/InterActiveCorp.*		514,163
	638	TripAdvisor, Inc.		19,382
	3,917	Zillow Group, Inc., Class A*		179,164
	7,843	Zillow Group, Inc., Class C*^		360,307

				1,073,016

Internet & Direct Marketing Retail (0.0%^†):
	1,241	Expedia Group, Inc.		134,202
	24,486	Qurate Retail, Inc., Class A*		206,417

				340,619

IT Services (1.2%):
	968	Akamai Technologies, Inc.*		83,616
	2,277	Alliance Data Systems Corp.		255,479
	8,996	Amdocs, Ltd.		649,421
	1,611	CACI International, Inc., Class A*		402,734
	33,006	Cognizant Technology Solutions Corp., Class A		2,047,032
	4,612	CoreLogic, Inc.*		201,591
	16,526	DXC Technology Co.		621,212
	15,472	Fidelity National Information Services, Inc.		2,152,000
	22,795	International Business Machines Corp.		3,055,442
	625	Jack Henry & Associates, Inc.		91,044
	8,655	Leidos Holdings, Inc.		847,238
	14,556	Sabre Corp.		326,637
	2,159	VeriSign, Inc.*		415,996
	21,250	Western Union Co.		569,075

				11,718,517

Leisure Products (0.0%^†):
	5,241	Brunswick Corp.		314,355
	7,420	Mattel, Inc.*^		100,541
	369	Polaris, Inc.		37,527

				452,423

Life Sciences Tools & Services (0.7%):
	18,224	Agilent Technologies, Inc.		1,554,689
	5,709	Avantor, Inc.*		103,618
	1,370	Bio-Rad Laboratories, Inc., Class A*		506,941
	6,658	IQVIA Holdings, Inc.*		1,028,728
	5,720	PerkinElmer, Inc.		555,412


Shares			Fair Value
Common Stocks, continued
Life Sciences Tools & Services, continued
	14,383	Qiagen NV*	$	486,145
	8,279	Thermo Fisher Scientific, Inc.		2,689,599

				6,925,132

Machinery (2.3%):
	3,965	AGCO Corp.		306,296
	32,325	Caterpillar, Inc.		4,773,755
	6,001	Colfax Corp.*		218,316
	3,259	Crane Co.		281,512
	9,836	Cummins, Inc.		1,760,251
	18,297	Deere & Co.		3,170,138
	5,180	Dover Corp.		597,047
	6,643	Flowserve Corp.		330,622
	14,867	Fortive Corp.		1,135,690
	8,243	Gardner Denver Holdings, Inc.*		302,353
	3,502	Gates Industrial Corp. plc*		48,188
	2,487	IDEX Corp.		427,764
	988	Ingersoll-Rand plc		131,325
	5,894	ITT, Inc.		435,626
	311	Nordson Corp.		50,643
	4,412	Oshkosh Corp.		417,596
	22,039	PACCAR, Inc.		1,743,285
	8,325	Parker Hannifin Corp.		1,713,452
	10,581	Pentair plc		485,350
	3,617	Snap-On, Inc.		612,720
	9,862	Stanley Black & Decker, Inc.		1,634,528
	4,445	Timken Co.		250,298
	6,398	Trinity Industries, Inc.^		141,716
	575	WABCO Holdings, Inc.*		77,913
	8,488	Wabtec Corp.		660,366
	692	Woodward, Inc.		81,960

				21,788,710

Marine (0.0%^†):
	3,908	Kirby Corp.*		349,883

Media (1.8%):
	4,133	Charter Communications, Inc., Class A*		2,004,836
	155,486	Comcast Corp., Class A		6,992,204
	22,203	Discovery Communications, Inc., Class C*		676,969
	9,957	Discovery, Inc., Class A*^		325,992
	16,993	DISH Network Corp., Class A*		602,742
	20,038	Fox Corp., Class A		742,809
	10,002	Fox Corp., Class B		364,073
	6,281	GCI Liberty, Inc., Class A*		445,009
	22,543	Interpublic Group of Cos., Inc. (The)		520,743
	2,946	John Wiley & Sons, Inc., Class A		142,940
	1,810	Liberty Broadband Corp., Class A*		225,454
	6,632	Liberty Broadband Corp., Class C*		833,974
	5,448	Liberty SiriusXM Group, Class A*		263,356
	10,068	Liberty SiriusXM Group, Class C*		484,674
	8,269	New York Times Co. (The), Class A		266,014
	25,737	News Corp., Class A		363,921
	6,593	News Corp., Class B		95,664
	703	Nexstar Media Group, Inc., Class A		82,427
	6,643	Omnicom Group, Inc.		538,216
	15,586	ViacomCBS, Inc., B		654,144
	519	ViacomCBS, Inc., Class A		23,288

				16,649,449

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Metals & Mining (0.7%):
	12,114	Alcoa Corp.*	$	260,572
	93,774	Freeport-McMoRan, Inc.		1,230,315
	53,121	Newmont Goldcorp Corp.		2,308,106
	19,664	Nucor Corp.		1,106,690
	4,193	Reliance Steel & Aluminum Co.		502,154
	2,838	Royal Gold, Inc.		346,946
	1,587	Southern Copper Corp.		67,416
	13,626	Steel Dynamics, Inc.		463,829
	11,673	United States Steel Corp.^		133,189

				6,419,217

Mortgage Real Estate Investment Trusts (0.3%):
	35,839	AGNC Investment Corp.		633,634
	95,992	Annaly Capital Management, Inc.		904,245
	12,060	Chimera Investment Corp.^		247,954
	28,148	MFA Financial, Inc.		215,332
	27,102	New Residential Investment Corp.		436,613
	17,083	Starwood Property Trust, Inc.		424,683
	17,949	Two Harbors Investment Corp.		262,414

				3,124,875

Multiline Retail (0.6%):
	1,083	Dollar General Corp.		168,926
	7,149	Dollar Tree, Inc.*		672,363
	10,375	Kohl’s Corp.		528,606
	19,830	Macy’s, Inc.		337,110
	30,844	Target Corp.		3,954,510

				5,661,515

Multi-Utilities (2.0%):
	15,886	Ameren Corp.		1,220,045
	32,310	CenterPoint Energy, Inc.		881,094
	18,382	CMS Energy Corp.		1,155,125
	21,583	Consolidated Edison, Inc.		1,952,614
	53,661	Dominion Energy, Inc.		4,444,203
	12,131	DTE Energy Co.		1,575,453
	12,967	MDU Resources Group, Inc.		385,250
	24,247	NiSource, Inc.		675,036
	32,793	Public Service Enterprise Group, Inc.		1,936,427
	18,364	Sempra Energy		2,781,779
	20,532	WEC Energy Group, Inc.		1,893,666

				18,900,692

Oil, Gas & Consumable Fuels (7.3%):
	15,671	Antero Midstream Corp.^		118,943
	18,347	Antero Resources Corp.*		52,289
	24,633	Apache Corp.		630,358
	9,083	Cabot Oil & Gas Corp.		158,135
	13,812	Centennial Resource Development, Inc., Class A*		63,811
	6,526	Cheniere Energy, Inc.*		398,543
	88,352	Chesapeake Energy Corp.*		72,943
	124,487	Chevron Corp.		15,001,928
	6,588	Cimarex Energy Co.		345,804
	13,023	Concho Resources, Inc.		1,140,424
	71,766	ConocoPhillips Co.		4,666,943
	5,161	Continental Resources, Inc.		177,022
	25,187	Devon Energy Corp.		654,106
	8,275	Diamondback Energy, Inc.		768,417
	37,708	EOG Resources, Inc.		3,158,422
	15,769	EQT Corp.		171,882


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	12,435	Equitrans Midstream Corp.	$	166,132
	276,446	Exxon Mobil Corp.		19,290,403
	17,479	Hess Corp.		1,167,772
	9,625	HollyFrontier Corp.		488,084
	126,897	Kinder Morgan, Inc.		2,686,409
	25,143	Kosmos Energy, Ltd.		143,315
	52,873	Marathon Oil Corp.		718,015
	41,970	Marathon Petroleum Corp.		2,528,693
	9,754	Murphy Oil Corp.		261,407
	30,649	Noble Energy, Inc.		761,321
	58,201	Occidental Petroleum Corp.		2,398,463
	18,203	ONEOK, Inc.		1,377,421
	7,865	Parsley Energy, Inc., Class A		148,727
	7,621	PBF Energy, Inc., Class A		239,071
	29,150	Phillips 66		3,247,602
	6,138	Pioneer Natural Resources Co.		929,109
	14,958	Range Resources Corp.^		72,546
	15,126	Targa Resources Corp.		617,595
	26,749	Valero Energy Corp.		2,505,044
	79,015	Williams Cos., Inc.		1,874,236
	26,689	WPX Energy, Inc.*		366,707

				69,568,042

Paper & Forest Products (0.0%^†):
	3,700	Domtar Corp.		141,488

Personal Products (0.1%):
	19,611	Coty, Inc., Class A		220,624
	5,490	Herbalife Nutrition, Ltd.*		261,708
	3,729	Nu Skin Enterprises, Inc., Class A		152,814

				635,146

Pharmaceuticals (5.0%):
	21,434	Allergan plc		4,097,538
	63,125	Bristol-Myers Squibb Co.		4,051,994
	9,625	Catalent, Inc.*		541,888
	23,918	Elanco Animal Health, Inc.*		704,385
	10,448	Horizon Therapeutics plc*		378,218
	387	Jazz Pharmaceuticals plc*		57,771
	147,210	Johnson & Johnson Co.		21,473,522
	8,716	Merck & Co., Inc.		792,720
	33,859	Mylan NV*		680,566
	9,010	Nektar Therapeutics*		194,481
	8,025	Perrigo Co. plc		414,572
	363,144	Pfizer, Inc.		14,227,982

				47,615,637

Professional Services (0.2%):
	1,280	Equifax, Inc.		179,354
	9,512	IHS Markit, Ltd.*		716,729
	3,749	ManpowerGroup, Inc.		364,028
	19,745	Nielsen Holdings plc		400,823

				1,660,934

Real Estate Management & Development (0.2%):
	13,916	CBRE Group, Inc., Class A*		852,912
	1,873	Howard Hughes Corp. (The)*		237,496
	2,933	Jones Lang LaSalle, Inc.		510,606

				1,601,014

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Road & Rail (1.0%):
	604	AMERCO, Inc.	$	226,995
	31,223	CSX Corp.		2,259,296
	3,943	J.B. Hunt Transport Services, Inc.		460,464
	6,461	Kansas City Southern		989,567
	7,918	Knight-Swift Transportation Holdings, Inc.		283,781
	11,003	Lyft, Inc., Class A*		473,349
	14,769	Norfolk Southern Corp.		2,867,106
	2,496	Old Dominion Freight Line, Inc.		473,691
	3,446	Ryder System, Inc.		187,152
	3,160	Schneider National, Inc.		68,951
	55,051	Uber Technologies, Inc.*		1,637,217

				9,927,569

Semiconductors & Semiconductor Equipment (3.4%):
	20,657	Analog Devices, Inc.		2,454,878
	27,873	Applied Materials, Inc.		1,701,368
	6,306	Cree, Inc.*		291,022
	24,389	Cypress Semiconductor Corp.		568,995
	5,518	First Solar, Inc.*		308,787
	284,260	Intel Corp.		17,012,961
	1,128	Lam Research Corp.		329,827
	43,297	Marvell Technology Group, Ltd.		1,149,968
	10,952	Maxim Integrated Products, Inc.		673,658
	10,832	Microchip Technology, Inc.		1,134,327
	72,266	Micron Technology, Inc.*		3,886,465
	3,513	MKS Instruments, Inc.		386,465
	26,086	ON Semiconductor Corp.*		635,977
	7,555	Qorvo, Inc.*		878,118
	10,581	Skyworks Solutions, Inc.		1,279,031

				32,691,847

Software (0.3%):
	2,445	2u, Inc.*		58,656
	3,345	Autodesk, Inc.*		613,673
	2,531	Cerence, Inc.*		57,277
	1,076	Ceridian HCM Holding, Inc.*		73,039
	960	Citrix Systems, Inc.		106,464
	757	Dynatrace, Inc.*		19,152
	3,069	LogMeIn, Inc.		263,136
	37,530	NortonLifeLock, Inc.		957,765
	18,736	Nuance Communications, Inc.*		334,063
	1,643	SolarWinds Corp.*		30,478
	1,505	SS&C Technologies Holdings, Inc.		92,407

				2,606,110

Specialty Retail (1.2%):
	3,298	Advance Auto Parts, Inc.		528,208
	3,507	AutoNation, Inc.*		170,545
	11,706	Best Buy Co, Inc.		1,027,787
	5,635	CarMax, Inc.*		494,020
	4,037	Dick’s Sporting Goods, Inc.		199,791
	7,080	Foot Locker, Inc.		276,049
	14,377	Gap, Inc. (The)		254,185
	30,952	Home Depot, Inc. (The)		6,759,299
	12,149	L Brands, Inc.		220,140
	2,152	Penske Automotive Group, Inc.		108,073
	7,889	Tiffany & Co.		1,054,365
	4,252	Urban Outfitters, Inc.*		118,078
	3,988	Williams-Sonoma, Inc.		292,879

				11,503,419


Shares			Fair Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (0.5%):
	2,910	Dell Technologies, Inc., Class C*	$	149,545
	84,934	Hewlett Packard Enterprise Co.		1,347,053
	91,735	HP, Inc.		1,885,155
	19,368	Western Digital Corp.		1,229,287
	11,897	Xerox Holdings Corp.		438,642

				5,049,682

Textiles, Apparel & Luxury Goods (0.2%):
	5,697	Capri Holdings, Ltd.*		217,341
	1,535	Carter’s, Inc.		167,837
	721	Columbia Sportswear Co.		72,237
	5,597	Hanesbrands, Inc.		83,115
	4,701	PVH Corp.		494,310
	3,296	Ralph Lauren Corp.		386,357
	5,302	Skechers U.S.A., Inc., Class A*		228,993
	18,366	Tapestry, Inc.		495,332
	4,477	Under Armour, Inc., Class A*		96,703
	4,455	Under Armour, Inc., Class C*		85,447

				2,327,672

Thrifts & Mortgage Finance (0.1%):
	22,867	MGIC Investment Corp.		324,025
	29,313	New York Community Bancorp, Inc.		352,343
	3,447	TFS Financial Corp.		67,837

				744,205

Tobacco (1.2%):
	62,380	Altria Group, Inc.		3,113,386
	101,459	Philip Morris International, Inc.		8,633,146

				11,746,532

Trading Companies & Distributors (0.2%):
	5,975	Air Lease Corp.		283,932
	3,778	Fastenal Co.		139,597
	10,812	HD Supply Holdings, Inc.*		434,859
	3,034	MSC Industrial Direct Co., Inc., Class A		238,078
	1,399	United Rentals, Inc.*		233,311
	11,021	Univar Solutions, Inc.*		267,149
	2,091	Watsco, Inc.		376,694
	2,692	WESCO International, Inc.*		159,878

				2,133,498

Transportation Infrastructure (0.0%^†):
	4,985	Macquarie Infrastructure Corp.		213,557

Water Utilities (0.2%):
	11,787	American Water Works Co., Inc.		1,448,033
	13,850	Aqua America, Inc.		650,119

				2,098,152

Wireless Telecommunication Services (0.1%):
	38,497	Sprint Corp.*		200,569
	6,710	Telephone & Data Systems, Inc.		170,635
	9,888	T-Mobile US, Inc.*		775,418
	870	United States Cellular Corp.*		31,520

				1,178,142

	Total Common Stocks (Cost $745,474,702)			939,764,662

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

December 31, 2019


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Short-Term Securities Held as Collateral for Securities on Loan (0.4%):
	4,234,593	BlackRock Liquidity FedFund, Institutional Class, 2.00%(a)(b)	$	4,234,593

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $4,234,593)			4,234,593

Unaffiliated Investment Companies (1.2%):
Money Markets (1.2%):
	11,273,485	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(b)		11,273,485

	Total Unaffiliated Investment Companies (Cost $11,273,485)			11,273,485

	Total Investment Securities (Cost $760,982,780) — 100.3%(c)			955,272,740
	Net other assets (liabilities) — (0.3)%			(2,533,155	)

	Net Assets — 100.0%		$	952,739,585

Percentages indicated are based on net assets as of December 31, 2019.

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $4,169,476.

+	Affiliated Securities

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2019.

(b)	The rate represents the effective yield at December 31, 2019.

(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $530,200 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

S&P 500 IndexE-Mini March Futures (U.S. Dollar)		3/20/20		82	$	13,247,510	$	240,354

							$	240,354

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investments innon-affiliates, at cost	$	758,573,433
Investments in affiliates, at cost		2,409,347

Investments innon-affiliates, at value^(a)	$	951,402,453
Investments in affiliates, at value		3,870,287
Cash		324,166
Segregated cash for collateral for futures contracts		530,200
Interest and dividends receivable		1,571,648
Receivable for variation margin on futures contracts		30,883
Reclaims receivable		97,632
Prepaid expenses		3,306

Total Assets		957,830,575

Liabilities:
Payable for investments purchased		27
Payable for capital shares redeemed		298,757
Payable for collateral received on loaned securities		4,234,593
Manager fees payable		281,618
Administration fees payable		8,125
Distribution fees payable		166,324
Custodian fees payable		5,440
Administrative and compliance services fees payable		3,380
Transfer agent fees payable		1,921
Trustee fees payable		831
Other accrued liabilities		89,974

Total Liabilities		5,090,990

Net Assets	$	952,739,585

Net Assets Consist of:
Paid in capital	$	702,507,955
Total distributable earnings		250,231,630

Net Assets	$	952,739,585

Class 1
Net Assets	$	165,336,562
Shares of beneficial interest (unlimited number of shares authorized, no par value)		16,955,260
Net Asset Value (offering and redemption price per share)	$	9.75

Class 2
Net Assets	$	787,403,023
Shares of beneficial interest (unlimited number of shares authorized, no par value)		59,968,245
Net Asset Value (offering and redemption price per share)	$	13.13

(a)	Includes securities on loan of $4,169,476.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	24,422,379
Dividends from affiliates		109,171
Interest		11,292
Income from securities lending		165,475
Foreign withholding tax		(2,611	)

Total Investment Income		24,705,706

Expenses:
Manager fees		4,118,839
Administration fees		262,891
Distribution fees — Class 2		1,939,809
Custodian fees		33,501
Administrative and compliance services fees		16,746
Transfer agent fees		11,553
Trustee fees		52,280
Professional fees		46,877
Shareholder reports		32,222
Other expenses		221,810

Total expenses before reductions		6,736,528
Less expenses voluntarily waived/reimbursed by the Manager		(772,498	)

Net expenses		5,964,030

Net Investment Income/(Loss)		18,741,676

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		39,743,270
Net realized gains/(losses) on affiliated transactions		(52,162	)
Net realized gains/(losses) on futures contracts		3,678,485
Change in net unrealized appreciation/depreciation on securities		150,562,590
Change in net unrealized appreciation/depreciation on affiliated transactions		977,423
Change in net unrealized appreciation/depreciation on futures contracts		344,544

Net realized and Change in net unrealized gains/losses on investments		195,254,150

Change in Net Assets Resulting From Operations	$	213,995,826

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	18,741,676			$	20,052,675
Net realized gains/(losses) on investments			43,369,593				48,302,278
Change in unrealized appreciation/depreciation on investments			151,884,557				(152,587,636	)

Change in net assets resulting from operations			213,995,826				(84,232,683	)

Distributions to Shareholders:
Class 1			(14,937,853	)			(20,762,804	)
Class 2			(52,687,956	)			(77,533,827	)

Change in net assets resulting from distributions to shareholders			(67,625,809	)			(98,296,631	)

Capital Transactions:
Class 1
Proceeds from shares issued			41,842				55,192
Proceeds from dividends reinvested			14,937,853				20,762,804
Value of shares redeemed			(20,385,177	)			(23,297,110	)

Total Class 1 Shares			(5,405,482	)			(2,479,114	)

Class 2
Proceeds from shares issued			8,176,828				121,859,508
Proceeds from dividends reinvested			52,687,956				77,533,827
Value of shares redeemed			(118,250,607	)			(224,526,648	)

Total Class 2 Shares			(57,385,823	)			(25,133,313	)

Change in net assets resulting from capital transactions			(62,791,305	)			(27,612,427	)

Change in net assets			83,578,712				(210,141,741	)
Net Assets:
Beginning of period			869,160,873				1,079,302,614

End of period		$	952,739,585			$	869,160,873

Share Transactions:
Class 1
Shares issued			4,308				5,211
Dividends reinvested			1,678,410				2,194,799
Shares redeemed			(2,129,392	)			(2,254,717	)

Total Class 1 Shares			(446,674	)			(54,707	)

Class 2
Shares issued			662,245				8,832,225
Dividends reinvested			4,394,325				6,237,637
Shares redeemed			(9,270,354	)			(16,752,274	)

Total Class 2 Shares			(4,213,784	)			(1,682,412	)

Change in shares			(4,660,458	)			(1,737,119	)

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016^				2015

Class 1

Net Asset Value, Beginning of Period		$	8.55			$	10.65			$	10.79			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.21	(a)			0.24				0.27				0.08
Net Realized and Unrealized Gains/(Losses) on Investments			1.94				(1.02	)			1.08				0.71

Total from Investment Activities			2.15				(0.78	)			1.35				0.79

Distributions to Shareholders From:
Net Investment Income			(0.30	)			(0.30	)			(0.10	)			—
Net Realized Gains			(0.65	)			(1.02	)			(1.39	)			—

Total Dividends			(0.95	)			(1.32	)			(1.49	)			—

Net Asset Value, End of Period		$	9.75			$	8.55			$	10.65			$	10.79

Total Return(b)			26.13	%			(8.50	)%			13.38	%			7.90	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	165,337			$	148,796			$	185,903			$	187,248
Net Investment Income/(Loss)(d)			2.21	%			2.10	%			2.07	%			2.11	%
Expenses Before Reductions(d)(e)			0.51	%			0.50	%			0.50	%			0.51	%
Expenses Net of Reductions(d)			0.43	%			0.43	%			0.45	%			0.46	%
Portfolio Turnover Rate(f)			15	%			22	%			12	%			131	%(g)

Class 2

Net Asset Value, Beginning of Period		$	11.22			$	13.56			$	13.39			$	12.91			$	14.82

Investment Activities:
Net Investment Income/(Loss)			0.25	(a)			0.28				0.24				0.11				0.22
Net Realized and Unrealized Gains/(Losses) on Investments			2.57				(1.34	)			1.42				1.85				(0.92	)

Total from Investment Activities			2.82				(1.06	)			1.66				1.96				(0.70	)

Distributions to Shareholders From:
Net Investment Income			(0.26	)			(0.26	)			(0.10	)			(0.25	)			(0.23	)
Net Realized Gains			(0.65	)			(1.02	)			(1.39	)			(1.23	)			(0.98	)

Total Dividends			(0.91	)			(1.28	)			(1.49	)			(1.48	)			(1.21	)

Net Asset Value, End of Period		$	13.13			$	11.22			$	13.56			$	13.39			$	12.91

Total Return(b)			25.86	%			(8.72	)%			13.02	%			16.15	%			(4.42	)%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	787,403			$	720,365			$	893,400			$	991,296			$	193,094
Net Investment Income/(Loss)			1.96	%			1.85	%			1.81	%			2.05	%			1.54	%
Expenses Before Reductions(e)			0.76	%			0.75	%			0.75	%			0.77	%			0.77	%
Expenses Net of Reductions			0.68	%			0.68	%			0.70	%			0.72	%			0.77	%
Portfolio Turnover Rate(f)			15	%			22	%			12	%			131	%(g)			16	%

^	Class 1 activity is for the period October 17, 2016 (commencement of operations) to December 31, 2016.

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

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

(g)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after the fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 131%.

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Value Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

December 31, 2019

Expense Allocation

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

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $16,250 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $4,234,593 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $12.6 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

December 31, 2019

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

240,354

Payable for variation margin on futures contracts*

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	3,678,485	$	344,544

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Russell 1000 Value Index Fund Class 1		0.44	%		0.59	%

AZL Russell 1000 Value Index Fund Class 2		0.44	%		0.84	%

*	The Manager voluntarily reduced the management fee to 0.36% on all assets. The manager reserves the right to increase the management fee to the amount shown in the table at any time.

At December 31, 2019, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Fair Value 12/31/2018			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation			Fair Value 12/31/2019			Shares as of 12/31/2019		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

BlackRock Inc., Class A		$	3,490,599		$	—		$	(545,573	)		$	(52,162	)		$	977,423		$	3,870,287		7,699		$	109,171		$	—

		$	3,490,599		$	—		$	(545,573	)		$	(52,162	)		$	977,423		$	3,870,287		7,699		$	109,171		$	—

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

December 31, 2019

individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the SEC. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $7,022 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	939,764,662		$	—		$	—		$	939,764,662
Short-Term Securities Held as Collateral for Securities on Loan			4,234,593			—			—			4,234,593
Unaffiliated Investment Companies			11,273,485			—			—			11,273,485

Total Investment Securities			955,272,740			—			—			955,272,740

Other Financial Instruments:*
Futures Contracts			240,354			—			—			240,354

Total Investments		$	955,513,094		$	—		$	—		$	955,513,094

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

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Russell 1000 Value Index Fund		$	141,364,627		$	246,969,701

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $767,951,311. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	232,083,400
Unrealized (depreciation)		(44,761,971	)

Net unrealized appreciation/(depreciation)	$	187,321,429

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Russell 1000 Value Index Fund		$	24,694,840		$	42,930,969		$	67,625,809

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Russell 1000 Value Index Fund		$	37,419,832		$	60,876,799		$	98,296,631

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

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

December 31, 2019

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Russell 1000 Value Index Fund		$	20,996,388		$	41,912,650		$	—		$	187,322,600		$	250,231,638

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, futures contracts,mark-to-market on futures contracts and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 60% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Russell 1000 Value Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Russell 1000 Value Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 51.95% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $4,991,200.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $42,930,969.

Other Information (Unaudited)

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

(not including AZL Moderate Index Strategy Fund)

***

Approval of Investment Advisory and Subadvisory Agreements — September 18, 2019 (Unaudited)

The Agreements were most recently considered at Board meetings held in the summer and fall of 2019. Information relevant to the approval of such Agreements was considered atin-person Board meetings held June 18, 2019, and September 18, 2019, as well as at various telephonic Board meetings preceding the twoin-person meetings. The Agreements were approved at the Board meeting on September 18, 2019. At such meeting the Board also approved the Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2021. In connection with such meetings, the Trustees requested and evaluated extensive materials from the Manager, including performance and expense information for other investment companies with similar investment objectives derived from data compiled by an independent third party provider and other sources believed to be reliable by the Manager and the Trustees. Prior to voting, the Trustees reviewed the proposed approval/continuance of the Agreements with management and with Independent Trustee Counsel and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approvals/continuances. The independent Trustees also discussed the proposed approvals/continuances in a private session with Independent Trustee Counsel at which no representatives of the Manager were present. In reaching its determinations relating to the approval and/or continuance of the Agreements, in respect of each Fund, the Board considered all factors it believed relevant. The Board based its decision to approve the Agreements on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

The Manager has also supplied information to the Board pertaining to total Fund expenses (which include advisory fees, the 25 basis point 12b-1 fee paid by the Funds, and other Fund expenses). As noted above, the Manager has agreed to limit Fund expenses at certain levels.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® S&P 500 Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 11

Page 11

Page 12

Page 13

Report of Independent Registered Public Accounting Firm

Page 14

Page 19

Page 20

Approval of Investment Advisory and Subadvisory Agreements

Page 21

Page 22

Information about the Board of Trustees and Officers

Page 25

AZL^® S&P 500 Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® S&P 500 Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® S&P 500 Index Fund (Class 2 Shares) (the “Fund”) returned 30.89%^†. That compared to a 31.49% total return for its benchmark, the S&P 500^® Index (“Index”)¹.

In the second quarter, the prospect of lower interest rates generally provided a boost to equities. Renewed trade concerns contributed to volatility during the quarter, however, with the Index dropping-6.4% after President Trump threatened to increase tariffs against China and Mexico. The10-year U.S. Treasury yield declined 50 basis points (0.50%) to 2%—the lowest level since 2016—and the resulting negative spread between three-month and10-year yields added to uncertainty.

From a sector perspective, all sectors in the Index had positive returns. The largest positive returns came from the information technology, communication services, and financials sectors. The lowest contributors for the year were the energy, healthcare, and materials sectors.

The Fund uses derivatives for the purpose of efficient portfolio management, and derivatives did not have a significant impact on the Fund’s return in 2019. Futures are not used for speculative or leveraged positions in the portfolio and we keep cash to fully cover all outstanding futures positions. The Fund’s use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.*

Past performance does not guarantee future results.

^†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

AZL^® S&P 500 Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to match the total return of the Standard & Poor’s 500^® Index. This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all 500 stocks in the Index in proportion to their weighting in the Index.

Investment Concerns

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	1			3			5			10
	Year			Year			Year			Year
AZL^®S&P 500 Index Fund (Class 1 Shares)		31.27	%^†		15.04	%		11.48	%		13.30	%
AZL^®S&P 500 Index Fund (Class 2 Shares)		30.89	%^†		14.77	%		11.20	%		13.02	%
S&P 500^®Index		31.49	%		15.27	%		11.70	%		13.56	%


Expense Ratios	Gross
AZL^®S&P 500 Index Fund (Class 1 Shares)		0.23	%
AZL^®S&P 500 Index Fund (Class 2 Shares)		0.48	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Standard & Poor’s 500^® Index (“S&P 500^®”), which is an unmanaged index that is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL S&P 500 Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL S&P 500 Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL S&P 500 Index Fund, Class 1		$	1,000.00		$	1,108.00		$	1.22		0.23	%

AZL S&P 500 Index Fund, Class 2		$	1,000.00		$	1,106.60		$	2.55		0.48	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL S&P 500 Index Fund, Class 1		$	1,000.00		$	1,024.05		$	1.17		0.23	%

AZL S&P 500 Index Fund, Class 2		$	1,000.00		$	1,022.79		$	2.45		0.48	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscalhalf-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		23.0	%

Health Care		14.1

Financials		12.9

Communication Services		10.3

Consumer Discretionary		9.7

Industrials		9.0

Consumer Staples		7.2

Energy		4.3

Utilities		3.3

Real Estate		3.0

Materials		2.6


Total Common Stocks		99.4

Unaffiliated Investment Companies		0.6

Short-Term Securities Held as Collateral for Securities on Loan		0.1


Total Investment Securities		100.1

Net other assets (liabilities)		(0.1	)


Net Assets		100.0	%

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (99.4%):
Aerospace & Defense (2.4%):
	39,988	Arconic, Inc.	$	1,230,431
	55,393	Boeing Co. (The)		18,044,825
	24,279	General Dynamics Corp.		4,281,602
	4,192	Huntington Ingalls Industries, Inc.		1,051,689
	22,904	L3harris Technologies, Inc.		4,532,014
	25,717	Lockheed Martin Corp.		10,013,685
	16,239	Northrop Grumman Corp.		5,585,729
	28,852	Raytheon Co.		6,339,938
	23,664	Textron, Inc.		1,055,414
	5,146	TransDigm Group, Inc.		2,881,760
	84,057	United Technologies Corp.		12,588,376

				67,605,463

Air Freight & Logistics (0.5%):
	14,171	C.H. Robinson Worldwide, Inc.^		1,108,172
	17,683	Expeditors International of Washington, Inc.		1,379,628
	24,785	FedEx Corp.		3,747,740
	72,602	United Parcel Service, Inc., Class B		8,498,790

				14,734,330

Airlines (0.4%):
	12,826	Alaska Air Group, Inc.		868,962
	40,282	American Airlines Group, Inc.		1,155,288
	59,636	Delta Air Lines, Inc.		3,487,512
	48,972	Southwest Airlines Co.		2,643,509
	22,512	United Airlines Holdings, Inc.*		1,983,082

				10,138,353

Auto Components (0.1%):
	26,370	Aptiv plc		2,504,359
	21,626	BorgWarner, Inc.		938,136

				3,442,495

Automobiles (0.3%):
	403,445	Ford Motor Co.		3,752,039
	129,985	General Motors Co.		4,757,450
	16,308	Harley-Davidson, Inc.		606,495

				9,115,984

Banks (5.6%):
	838,750	Bank of America Corp.		29,540,775
	226,191	Citigroup, Inc.		18,070,399
	44,730	Citizens Financial Group, Inc.		1,816,485
	14,935	Comerica, Inc.		1,071,586
	73,246	Fifth Third Bancorp		2,251,582
	17,430	First Republic Bank		2,047,154
	106,619	Huntington Bancshares, Inc.		1,607,815
	324,958	JPMorgan Chase & Co.		45,299,144
	102,047	KeyCorp		2,065,431
	13,672	M&T Bank Corp.		2,320,822
	46,395	People’s United Financial, Inc.		784,076
	45,397	PNC Financial Services Group, Inc.		7,246,723
	99,166	Regions Financial Corp.		1,701,689
	5,387	SVB Financial Group*		1,352,352
	138,942	Truist Financial Corp.		7,825,213
	147,254	U.S. Bancorp		8,730,690
	398,749	Wells Fargo & Co.		21,452,696
	17,661	Zions Bancorp		916,959

				156,101,591


Shares			Fair Value
Common Stocks, continued
Beverages (1.8%):
	18,939	Brown-Forman Corp., Class B	$	1,280,276
	399,508	Coca-Cola Co. (The)		22,112,768
	17,354	Constellation Brands, Inc., Class C		3,292,922
	19,446	Molson Coors Brewing Co., Class B		1,048,139
	39,552	Monster Beverage Corp.*		2,513,530
	144,471	PepsiCo, Inc.		19,744,852

				49,992,487

Biotechnology (2.0%):
	153,214	AbbVie, Inc.		13,565,568
	22,865	Alexion Pharmaceuticals, Inc.*		2,472,850
	61,561	Amgen, Inc.		14,840,511
	18,695	Biogen, Inc.*		5,547,367
	131,076	Gilead Sciences, Inc.		8,517,318
	18,573	Incyte Corp.*		1,621,794
	8,267	Regeneron Pharmaceuticals, Inc.*		3,104,093
	26,642	Vertex Pharmaceuticals, Inc.*		5,833,266

				55,502,767

Building Products (0.3%):
	13,847	A.O. Smith Corp.		659,671
	9,612	Allegion plc		1,197,078
	14,472	Fortune Brands Home & Security, Inc.		945,600
	79,914	Johnson Controls International plc		3,253,300
	29,136	Masco Corp.		1,398,237

				7,453,886

Capital Markets (2.7%):
	13,070	Ameriprise Financial, Inc.		2,177,201
	86,946	Bank of New York Mellon Corp. (The)		4,375,992
	12,219	BlackRock, Inc., Class A+		6,142,491
	11,592	Cboe Global Markets, Inc.		1,391,040
	118,450	Charles Schwab Corp. (The)		5,633,482
	37,128	CME Group, Inc.		7,452,332
	23,600	E*TRADE Financial Corp.		1,070,732
	28,731	Franklin Resources, Inc.		746,431
	33,017	Goldman Sachs Group, Inc.		7,591,600
	57,693	Intercontinental Exchange, Inc.		5,339,487
	39,268	Invesco, Ltd.		706,039
	3,939	MarketAxess Holdings, Inc.		1,493,314
	16,813	Moody’s Corp.		3,991,574
	127,449	Morgan Stanley		6,515,193
	8,820	MSCI, Inc.		2,277,148
	11,995	Nasdaq, Inc.		1,284,665
	21,952	Northern Trust Corp.		2,332,180
	12,851	Raymond James Financial, Inc.		1,149,650
	25,321	S&P Global, Inc.		6,913,899
	37,636	State Street Corp.		2,977,008
	24,210	T. Rowe Price Group, Inc.		2,949,746

				74,511,204

Chemicals (1.9%):
	22,810	Air Products & Chemicals, Inc.		5,360,122
	11,028	Albemarle Corp.		805,485
	12,627	Celanese Corp., Series A		1,554,636
	22,502	CF Industries Holdings, Inc.		1,074,245
	77,759	Corteva, Inc.		2,298,556
	76,823	Dow, Inc.		4,204,523
	76,752	DuPont de Nemours, Inc.		4,927,478

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Chemicals, continued
	14,083	Eastman Chemical Co.	$	1,116,219
	25,981	Ecolab, Inc.		5,014,073
	13,558	FMC Corp.		1,353,360
	10,957	International Flavors & Fragrances, Inc.^		1,413,672
	55,654	Linde plc		11,848,738
	26,598	LyondellBasell Industries NV, Class A		2,512,979
	36,525	Mosaic Co. (The)		790,401
	24,557	PPG Industries, Inc.		3,278,114
	8,495	Sherwin Williams Co.		4,957,172

				52,509,773

Commercial Services & Supplies (0.4%):
	8,656	Cintas Corp.		2,329,156
	21,064	Copart, Inc.*		1,915,560
	21,823	Republic Services, Inc., Class A		1,955,995
	14,362	Rollins, Inc.		476,244
	40,365	Waste Management, Inc.		4,599,996

				11,276,951

Communications Equipment (1.0%):
	5,669	Arista Networks, Inc.*		1,153,075
	439,523	Cisco Systems, Inc.		21,079,522
	6,389	F5 Networks, Inc.*		892,224
	34,678	Juniper Networks, Inc.		854,119
	17,726	Motorola Solutions, Inc.		2,856,368

				26,835,308

Construction & Engineering (0.1%):
	14,099	Jacobs Engineering Group, Inc.		1,266,514
	14,695	Quanta Services, Inc.		598,233

				1,864,747

Construction Materials (0.1%):
	6,443	Martin Marietta Materials, Inc.		1,801,721
	13,693	Vulcan Materials Co.		1,971,655

				3,773,376

Consumer Finance (0.7%):
	69,518	American Express Co.		8,654,296
	48,251	Capital One Financial Corp.		4,965,510
	32,427	Discover Financial Services		2,750,458
	61,350	Synchrony Financial		2,209,214

				18,579,478

Containers & Packaging (0.4%):
	169,029	Amcor plc		1,832,274
	8,550	Avery Dennison Corp.		1,118,511
	33,893	Ball Corp.		2,191,860
	40,710	International Paper Co.		1,874,696
	9,779	Packaging Corp. of America		1,095,150
	15,649	Sealed Air Corp.		623,300
	26,776	WestRock Co.		1,148,958

				9,884,749

Distributors (0.1%):
	14,938	Genuine Parts Co.		1,586,864
	31,774	LKQ Corp.*		1,134,332

				2,721,196

Diversified Consumer Services (0.0%^†):
	19,715	H&R Block, Inc.		462,908


Shares			Fair Value
Common Stocks, continued
Diversified Financial Services (1.6%):
	202,657	Berkshire Hathaway, Inc., Class B*	$	45,901,811

Diversified Telecommunication Services (2.1%):
	756,839	AT&T, Inc.		29,577,268
	101,585	CenturyLink, Inc.		1,341,938
	428,491	Verizon Communications, Inc.		26,309,347

				57,228,553

Electric Utilities (2.0%):
	25,108	Alliant Energy Corp.		1,373,910
	51,087	American Electric Power Co., Inc.		4,828,232
	75,532	Duke Energy Corp.		6,889,274
	37,259	Edison International		2,809,701
	20,734	Entergy Corp.		2,483,933
	23,808	Evergy, Inc.		1,549,663
	33,671	Eversource Energy		2,864,392
	100,484	Exelon Corp.		4,581,066
	55,979	FirstEnergy Corp.		2,720,579
	50,640	NextEra Energy, Inc.		12,262,981
	11,685	Pinnacle West Capital Corp.		1,050,832
	74,790	PPL Corp.		2,683,465
	108,655	Southern Co. (The)		6,921,324
	54,130	Xcel Energy, Inc.		3,436,714

				56,456,066

Electrical Equipment (0.5%):
	23,557	AMETEK, Inc.		2,349,575
	42,831	Eaton Corp. plc		4,056,952
	63,112	Emerson Electric Co.		4,812,921
	11,971	Rockwell Automation, Inc.		2,426,163

				13,645,611

Electronic Equipment, Instruments & Components (0.6%):
	30,718	Amphenol Corp., Class A		3,324,609
	14,886	CDW Corp.		2,126,316
	79,391	Corning, Inc.		2,311,072
	14,014	FLIR Systems, Inc.		729,709
	3,684	IPG Photonics Corp.*		533,885
	19,402	Keysight Technologies, Inc.*		1,991,227
	34,651	TE Connectivity, Ltd.		3,320,952
	5,633	Zebra Technologies Corp., Class A*		1,438,894

				15,776,664

Energy Equipment & Services (0.4%):
	67,507	Baker Hughes Co.		1,730,204
	91,066	Halliburton Co.		2,228,385
	11,329	Helmerich & Payne, Inc.		514,676
	40,152	National-Oilwell Varco, Inc.		1,005,808
	143,431	Schlumberger, Ltd.		5,765,927
	43,669	Technipfmc plc		936,263

				12,181,263

Entertainment (1.9%):
	79,596	Activision Blizzard, Inc.		4,729,594
	30,251	Electronic Arts, Inc.*		3,252,285
	14,721	Live Nation Entertainment, Inc.*		1,052,110
	45,405	Netflix, Inc.*		14,691,696
	11,722	Take-Two Interactive Software, Inc.*		1,435,124
	186,739	Walt Disney Co. (The)		27,008,062

				52,168,871

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts (2.8%):
	11,855	Alexandria Real Estate Equities, Inc.	$	1,915,531
	45,891	American Tower Corp.		10,546,670
	15,407	Apartment Investment & Management Co.		795,772
	14,531	AvalonBay Communities, Inc.		3,047,151
	14,880	Boston Properties, Inc.		2,051,357
	43,064	Crown Castle International Corp.		6,121,548
	21,625	Digital Realty Trust, Inc.		2,589,378
	38,410	Duke Realty Corp.		1,331,675
	8,835	Equinix, Inc.		5,156,990
	36,272	Equity Residential		2,935,130
	6,828	Essex Property Trust, Inc.		2,054,272
	13,534	Extra Space Storage, Inc.		1,429,461
	7,253	Federal Realty Investment Trust		933,679
	51,248	Healthpeak Properties, Inc.		1,766,519
	74,304	Host Hotels & Resorts, Inc.		1,378,339
	29,692	Iron Mountain, Inc.		946,284
	43,919	Kimco Realty Corp.		909,562
	11,916	Mid-America Apartment Communities, Inc.		1,571,244
	65,453	ProLogis, Inc.		5,834,480
	15,564	Public Storage, Inc.		3,314,509
	33,665	Realty Income Corp.		2,478,754
	17,504	Regency Centers Corp.		1,104,327
	11,654	SBA Communications Corp.		2,808,497
	31,793	Simon Property Group, Inc.		4,735,885
	8,515	SL Green Realty Corp.		782,358
	30,470	UDR, Inc.		1,422,949
	38,508	Ventas, Inc.		2,223,452
	16,278	Vornado Realty Trust		1,082,487
	42,039	Welltower, Inc.		3,437,949
	76,872	Weyerhaeuser Co.		2,321,534

				79,027,743

Food & Staples Retailing (1.5%):
	45,771	Costco Wholesale Corp.		13,453,012
	83,241	Kroger Co. (The)		2,413,157
	52,862	Sysco Corp.		4,521,815
	77,677	Walgreens Boots Alliance, Inc.		4,579,836
	146,974	Walmart, Inc.		17,466,390

				42,434,210

Food Products (1.1%):
	57,953	Archer-Daniels-Midland Co.		2,686,122
	17,547	Campbell Soup Co.		867,173
	50,049	Conagra Brands, Inc.		1,713,678
	62,619	General Mills, Inc.		3,353,874
	15,366	Hershey Co. (The)		2,258,495
	28,891	Hormel Foods Corp.		1,303,273
	11,897	JM Smucker Co. (The)		1,238,835
	25,627	Kellogg Co.		1,772,363
	64,793	Kraft Heinz Co. (The)		2,081,799
	15,277	Lamb Weston Holdings, Inc.		1,314,280
	12,744	McCormick & Co.		2,163,039
	149,174	Mondelez International, Inc., Class A		8,216,503
	30,560	Tyson Foods, Inc., Class A		2,782,182

				31,751,616

Gas Utilities (0.0%^†):
	12,467	Atmos Energy Corp.		1,394,559


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies (3.6%):
	183,112	Abbott Laboratories	$	15,905,107
	4,645	ABIOMED, Inc.*		792,391
	7,390	Align Technology, Inc.*		2,062,106
	52,896	Baxter International, Inc.		4,423,164
	28,021	Becton Dickinson & Co.		7,620,871
	144,408	Boston Scientific Corp.*		6,530,130
	5,158	Cooper Cos., Inc. (The)		1,657,214
	66,232	Danaher Corp.		10,165,287
	22,839	Dentsply Sirona, Inc.		1,292,459
	21,609	Edwards Lifesciences Corp.*		5,041,164
	27,533	Hologic, Inc.*		1,437,498
	8,852	IDEXX Laboratories, Inc.*		2,311,523
	11,974	Intuitive Surgical, Inc.*		7,078,430
	138,871	Medtronic plc		15,754,913
	14,943	ResMed, Inc.		2,315,717
	8,857	Steris plc		1,349,984
	33,359	Stryker Corp.		7,003,388
	4,761	Teleflex, Inc.		1,792,231
	9,475	Varian Medical Systems, Inc.*		1,345,545
	21,310	Zimmer Biomet Holdings, Inc.		3,189,681

				99,068,803

Health Care Providers & Services (2.9%):
	15,430	AmerisourceBergen Corp.		1,311,859
	26,271	Anthem, Inc.		7,934,630
	30,303	Cardinal Health, Inc.		1,532,726
	42,920	Centene Corp.*		2,698,380
	38,689	Cigna Corp.		7,911,514
	134,787	CVS Health Corp.		10,013,326
	9,447	DaVita, Inc.*		708,808
	27,410	HCA Healthcare, Inc.		4,051,472
	15,011	Henry Schein, Inc.*		1,001,534
	13,721	Humana, Inc.		5,029,021
	10,002	Laboratory Corp. of America Holdings*		1,692,038
	18,622	McKesson Corp.		2,575,795
	13,891	Quest Diagnostics, Inc.		1,483,420
	98,158	UnitedHealth Group, Inc.		28,856,489
	8,308	Universal Health Services, Inc., Class B		1,191,866
	5,224	WellCare Health Plans, Inc.*		1,725,017

				79,717,895

Health Care Technology (0.1%):
	32,542	Cerner Corp.		2,388,257

Hotels, Restaurants & Leisure (1.9%):
	41,675	Carnival Corp., Class A		2,118,340
	2,638	Chipotle Mexican Grill, Inc.*		2,208,296
	12,779	Darden Restaurants, Inc.		1,393,039
	29,227	Hilton Worldwide Holdings, Inc.		3,241,567
	35,012	Las Vegas Sands Corp.		2,417,228
	28,114	Marriott International, Inc., Class A		4,257,303
	78,025	McDonald’s Corp.		15,418,520
	53,355	MGM Resorts International		1,775,121
	21,952	Norwegian Cruise Line Holdings, Ltd.*		1,282,216
	17,862	Royal Caribbean Cruises, Ltd.		2,384,756
	122,358	Starbucks Corp.		10,757,715
	9,925	Wynn Resorts, Ltd.		1,378,285
	31,337	Yum! Brands, Inc.		3,156,576

				51,788,962

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Household Durables (0.4%):
	34,822	D.R. Horton, Inc.	$	1,836,861
	14,995	Garmin, Ltd.		1,462,912
	13,620	Leggett & Platt, Inc.		692,305
	28,997	Lennar Corp., Class A		1,617,743
	6,185	Mohawk Industries, Inc.*		843,510
	38,779	Newell Brands, Inc.		745,332
	363	NVR, Inc.*		1,382,453
	26,393	PulteGroup, Inc.		1,024,048
	6,602	Whirlpool Corp.		973,993

				10,579,157

Household Products (1.7%):
	25,396	Church & Dwight Co., Inc.		1,786,355
	13,003	Clorox Co. (The)		1,996,481
	88,795	Colgate-Palmolive Co.		6,112,648
	35,517	Kimberly-Clark Corp.		4,885,363
	258,373	Procter & Gamble Co. (The)		32,270,787

				47,051,634

Independent Power and Renewable Electricity Producers (0.1%):
	69,073	AES Corp. (The)		1,374,553
	26,323	NRG Energy, Inc.		1,046,339

				2,420,892

Industrial Conglomerates (1.3%):
	59,579	3M Co.		10,510,927
	904,845	General Electric Co.		10,098,070
	74,030	Honeywell International, Inc.		13,103,310
	10,742	Roper Technologies, Inc.		3,805,139

				37,517,446

Insurance (2.3%):
	76,048	Aflac, Inc.		4,022,939
	33,564	Allstate Corp. (The)		3,774,272
	90,132	American International Group, Inc.		4,626,476
	24,258	Aon plc		5,052,699
	19,458	Arthur J. Gallagher & Co.		1,852,985
	6,361	Assurant, Inc.		833,800
	46,954	Chubb, Ltd.		7,308,861
	15,806	Cincinnati Financial Corp.		1,662,001
	4,260	Everest Re Group, Ltd.		1,179,338
	10,184	Globe Life, Inc.		1,071,866
	37,342	Hartford Financial Services Group, Inc. (The)		2,269,273
	20,745	Lincoln National Corp.		1,224,162
	26,502	Loews Corp.		1,391,090
	52,286	Marsh & McLennan Cos., Inc.		5,825,183
	80,987	MetLife, Inc.		4,127,907
	26,978	Principal Financial Group, Inc.		1,483,790
	60,446	Progressive Corp. (The)		4,375,686
	41,649	Prudential Financial, Inc.		3,904,177
	26,742	Travelers Cos., Inc. (The)		3,662,317
	21,708	Unum Group		633,005
	13,321	Willis Towers Watson plc		2,690,043
	15,170	WR Berkley Corp.		1,048,247

				64,020,117

Interactive Media & Services (4.9%):
	31,043	Alphabet, Inc., Class A*		41,578,684
	30,967	Alphabet, Inc., Class C*		41,403,498
	249,324	Facebook, Inc., Class A*		51,173,752


Shares			Fair Value
Common Stocks, continued
Interactive Media & Services, continued
	80,274	Twitter, Inc.*	$	2,572,782

				136,728,716

Internet & Direct Marketing Retail (3.3%):
	43,149	Amazon.com, Inc.*		79,732,449
	4,337	Booking Holdings, Inc.*		8,907,027
	79,121	eBay, Inc.		2,857,059
	14,551	Expedia Group, Inc.		1,573,545

				93,070,080

IT Services (5.4%):
	65,796	Accenture plc, Class C		13,854,664
	16,743	Akamai Technologies, Inc.*		1,446,260
	4,244	Alliance Data Systems Corp.		476,177
	44,830	Automatic Data Processing, Inc.		7,643,515
	11,794	Broadridge Financial Solutions, Inc.		1,457,031
	56,731	Cognizant Technology Solutions Corp., Class A		3,518,457
	26,656	DXC Technology Co.		1,001,999
	63,676	Fidelity National Information Services, Inc.		8,856,695
	59,170	Fiserv, Inc.*		6,841,827
	9,007	FleetCor Technologies, Inc.*		2,591,494
	9,198	Gartner, Inc.*		1,417,412
	31,138	Global Payments, Inc.		5,684,553
	91,757	International Business Machines Corp.		12,299,108
	8,012	Jack Henry & Associates, Inc.		1,167,108
	13,782	Leidos Holdings, Inc.		1,349,120
	91,974	MasterCard, Inc., Class A		27,462,517
	32,953	Paychex, Inc.		2,802,982
	121,653	PayPal Holdings, Inc.*		13,159,205
	10,705	VeriSign, Inc.*		2,062,639
	177,356	Visa, Inc., Class A		33,325,192
	43,109	Western Union Co.		1,154,459

				149,572,414

Leisure Products (0.1%):
	13,293	Hasbro, Inc.		1,403,874

Life Sciences Tools & Services (1.0%):
	32,018	Agilent Technologies, Inc.		2,731,456
	15,211	Illumina, Inc.*		5,046,097
	18,673	IQVIA Holdings, Inc.*		2,885,165
	2,509	Mettler-Toledo International, Inc.*		1,990,340
	11,557	PerkinElmer, Inc.		1,122,185
	41,545	Thermo Fisher Scientific, Inc.		13,496,723
	6,612	Waters Corp.*		1,544,894

				28,816,860

Machinery (1.6%):
	57,259	Caterpillar, Inc.		8,456,008
	15,851	Cummins, Inc.		2,836,695
	32,603	Deere & Co.		5,648,796
	15,133	Dover Corp.		1,744,230
	13,648	Flowserve Corp.		679,261
	30,763	Fortive Corp.		2,349,986
	7,945	IDEX Corp.		1,366,540
	30,303	Illinois Tool Works, Inc.		5,443,328
	24,824	Ingersoll-Rand plc		3,299,606
	35,835	PACCAR, Inc.		2,834,549
	13,364	Parker Hannifin Corp.		2,750,578
	17,093	Pentair plc		784,056

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Machinery, continued
	5,745	Snap-On, Inc.	$	973,203
	15,694	Stanley Black & Decker, Inc.		2,601,124
	18,920	Wabtec Corp.		1,471,976
	18,812	Xylem, Inc.		1,482,197

				44,722,133

Media (1.4%):
	16,244	Charter Communications, Inc., Class A*		7,879,639
	470,350	Comcast Corp., Class A		21,151,639
	35,039	Discovery Communications, Inc., Class C*		1,068,339
	16,444	Discovery, Inc., Class A*^		538,377
	26,637	DISH Network Corp., Class A*		944,814
	37,033	Fox Corp., Class A		1,372,813
	16,894	Fox Corp., Class B		614,942
	40,171	Interpublic Group of Cos., Inc. (The)		927,950
	39,647	News Corp., Class A		560,609
	13,127	News Corp., Class B		190,473
	22,545	Omnicom Group, Inc.		1,826,596
	55,799	ViacomCBS, Inc., B		2,341,884

				39,418,075

Metals & Mining (0.3%):
	149,391	Freeport-McMoRan, Inc.		1,960,010
	84,634	Newmont Goldcorp Corp.		3,677,347
	31,415	Nucor Corp.		1,768,036

				7,405,393

Multiline Retail (0.5%):
	26,378	Dollar General Corp.		4,114,440
	24,621	Dollar Tree, Inc.*		2,315,605
	16,142	Kohl’s Corp.		822,435
	32,142	Macy’s, Inc.		546,414
	11,220	Nordstrom, Inc.		459,235
	52,501	Target Corp.		6,731,153

				14,989,282

Multi-Utilities (1.1%):
	25,420	Ameren Corp.		1,952,256
	51,626	CenterPoint Energy, Inc.		1,407,841
	29,411	CMS Energy Corp.		1,848,187
	34,559	Consolidated Edison, Inc.		3,126,553
	85,277	Dominion Energy, Inc.		7,062,641
	19,855	DTE Energy Co.		2,578,569
	39,022	NiSource, Inc.		1,086,372
	52,611	Public Service Enterprise Group, Inc.		3,106,680
	29,206	Sempra Energy		4,424,125
	32,523	WEC Energy Group, Inc.		2,999,596

				29,592,820

Oil, Gas & Consumable Fuels (3.9%):
	38,959	Apache Corp.		996,961
	41,945	Cabot Oil & Gas Corp.		730,262
	195,905	Chevron Corp.		23,608,512
	10,557	Cimarex Energy Co.		554,137
	20,755	Concho Resources, Inc.		1,817,515
	113,683	ConocoPhillips Co.		7,392,805
	40,427	Devon Energy Corp.		1,049,889
	16,654	Diamondback Energy, Inc.		1,546,490
	60,274	EOG Resources, Inc.		5,048,550
	438,367	Exxon Mobil Corp.		30,589,250


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	26,834	Hess Corp.	$	1,792,780
	15,275	HollyFrontier Corp.		774,595
	201,252	Kinder Morgan, Inc.		4,260,505
	83,660	Marathon Oil Corp.		1,136,103
	67,273	Marathon Petroleum Corp.		4,053,198
	49,965	Noble Energy, Inc.		1,241,131
	92,553	Occidental Petroleum Corp.		3,814,109
	42,969	ONEOK, Inc.		3,251,464
	46,038	Phillips 66		5,129,094
	17,162	Pioneer Natural Resources Co.		2,597,812
	42,546	Valero Energy Corp.		3,984,433
	126,110	Williams Cos., Inc.		2,991,329

				108,360,924

Personal Products (0.2%):
	30,605	Coty, Inc., Class A		344,306
	23,058	Estee Lauder Co., Inc. (The), Class A		4,762,400

				5,106,706

Pharmaceuticals (4.6%):
	34,011	Allergan plc		6,501,883
	242,871	Bristol-Myers Squibb Co.		15,589,889
	87,538	Eli Lilly & Co.		11,505,119
	272,677	Johnson & Johnson Co.		39,775,395
	263,778	Merck & Co., Inc.		23,990,609
	53,676	Mylan NV*		1,078,888
	14,219	Perrigo Co. plc		734,554
	573,366	Pfizer, Inc.		22,464,480
	49,347	Zoetis, Inc.		6,531,075

				128,171,892

Professional Services (0.3%):
	12,566	Equifax, Inc.		1,760,748
	41,545	IHS Markit, Ltd.*		3,130,416
	37,008	Nielsen Holdings plc		751,262
	12,232	Robert Half International, Inc.		772,451
	17,024	Verisk Analytics, Inc.		2,542,364

				8,957,241

Real Estate Management & Development (0.1%):
	34,682	CBRE Group, Inc., Class A*		2,125,660

Road & Rail (1.0%):
	80,568	CSX Corp.		5,829,900
	8,858	J.B. Hunt Transport Services, Inc.		1,034,437
	10,324	Kansas City Southern		1,581,224
	27,015	Norfolk Southern Corp.		5,244,422
	6,657	Old Dominion Freight Line, Inc.		1,263,365
	71,923	Union Pacific Corp.		13,002,960

				27,956,308

Semiconductors & Semiconductor Equipment (4.2%):
	115,378	Advanced Micro Devices, Inc.*		5,291,235
	38,158	Analog Devices, Inc.		4,534,697
	95,668	Applied Materials, Inc.		5,839,575
	41,097	Broadcom, Inc.		12,987,474
	450,685	Intel Corp.		26,973,497
	16,348	KLA Corp.		2,912,723
	15,031	Lam Research Corp.		4,395,064
	28,232	Maxim Integrated Products, Inc.		1,736,550
	24,651	Microchip Technology, Inc.		2,581,453

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	114,697	Micron Technology, Inc.*	$	6,168,405
	63,407	NVIDIA Corp.		14,919,667
	12,136	Qorvo, Inc.*		1,410,567
	118,302	Qualcomm, Inc.		10,437,785
	17,603	Skyworks Solutions, Inc.		2,127,851
	96,848	Texas Instruments, Inc.		12,424,630
	26,000	Xilinx, Inc.		2,542,020

				117,283,193

Software (7.0%):
	50,153	Adobe, Inc.*		16,540,961
	8,833	ANSYS, Inc.*		2,273,703
	22,797	Autodesk, Inc.*		4,182,338
	29,169	Cadence Design Systems, Inc.*		2,023,162
	12,626	Citrix Systems, Inc.		1,400,223
	14,678	Fortinet, Inc.*		1,567,023
	26,969	Intuit, Inc.		7,063,990
	790,388	Microsoft Corp.		124,644,187
	59,007	NortonLifeLock, Inc.		1,505,859
	224,458	Oracle Corp.		11,891,785
	91,898	Salesforce.com, Inc.*		14,946,291
	19,540	ServiceNow, Inc.*		5,516,533
	15,575	Synopsys, Inc.*		2,168,040

				195,724,095

Specialty Retail (2.2%):
	7,156	Advance Auto Parts, Inc.		1,146,105
	2,466	AutoZone, Inc.*		2,937,770
	23,473	Best Buy Co, Inc.		2,060,929
	16,976	CarMax, Inc.*		1,488,286
	22,015	Gap, Inc. (The)		389,225
	113,016	Home Depot, Inc. (The)		24,680,435
	23,412	L Brands, Inc.		424,225
	79,411	Lowe’s Cos., Inc.		9,510,262
	7,839	O’Reilly Automotive, Inc.*		3,435,520
	37,477	Ross Stores, Inc.		4,363,072
	11,104	Tiffany & Co.		1,484,050
	125,639	TJX Cos., Inc. (The)		7,671,517
	12,376	Tractor Supply Co.		1,156,413
	5,890	Ulta Beauty, Inc.*		1,490,995

				62,238,804

Technology Hardware, Storage & Peripherals (4.9%):
	432,727	Apple, Inc.		127,070,284
	134,066	Hewlett Packard Enterprise Co.		2,126,287
	153,535	HP, Inc.		3,155,144
	23,841	NetApp, Inc.		1,484,102
	23,952	Seagate Technology plc		1,425,144
	30,799	Western Digital Corp.		1,954,813
	19,535	Xerox Holdings Corp.		720,255

				137,936,029


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (0.7%):
	15,772	Capri Holdings, Ltd.*	$	601,702
	37,618	Hanesbrands, Inc.		558,627
	129,096	Nike, Inc., Class B		13,078,716
	7,715	PVH Corp.		811,232
	5,195	Ralph Lauren Corp.		608,958
	28,540	Tapestry, Inc.		769,724
	18,915	Under Armour, Inc., Class A*		408,564
	19,502	Under Armour, Inc., Class C*		374,048
	33,973	VF Corp.		3,385,749

				20,597,320

Tobacco (0.8%):
	193,549	Altria Group, Inc.		9,660,031
	161,197	Philip Morris International, Inc.		13,716,252

				23,376,283

Trading Companies & Distributors (0.2%):
	59,081	Fastenal Co.		2,183,043
	7,785	United Rentals, Inc.*		1,298,304
	4,479	W.W. Grainger, Inc.		1,516,231

				4,997,578

Water Utilities (0.1%):
	18,729	American Water Works Co., Inc.		2,300,858

Wireless Telecommunication Services (0.1%):
	32,895	T-Mobile US, Inc.*		2,579,626

	Total Common Stocks (Cost $1,326,407,528)			2,772,459,340

Short-Term Securities Held as Collateral for Securities on Loan (0.1%):
	3,011,805	BlackRock Liquidity FedFund, Institutional Class, 2.00%(a)(b)		3,011,805

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $3,011,805)			3,011,805

Unaffiliated Investment Companies (0.6%):
Money Markets (0.6%):
	18,012,242	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(b)		18,012,242

	Total Unaffiliated Investment Companies (Cost $18,012,242)			18,012,242

	Total Investment Securities (Cost $1,347,431,575) — 100.1%(c)			2,793,483,387
	Net other assets (liabilities) — (0.1)%			(3,453,909	)

	Net Assets — 100.0%		$	2,790,029,478

Percentages indicated are based on net assets as of December 31, 2019.

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $2,969,697.

+	Affiliated Securities

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before December 31, 2019.

(b)	The rate represents the effective yield at December 31, 2019.

(c)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

December 31, 2019

Futures Contracts

Cash of $885,000 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

S&P 500 IndexE-Mini March Futures (U.S. Dollar)		3/20/20		129	$	20,840,595	$	161,865

							$	161,865

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investments innon-affiliates, at cost	$	1,344,901,983
Investments in affiliates, at cost		2,529,592

Investments innon-affiliates, at value^(a)	$	2,787,340,896
Investments in affiliates, at value		6,142,491
Cash		13,476
Segregated cash for collateral for futures contracts		885,000
Interest and dividends receivable		2,927,783
Receivable for variation margin on futures contracts		46,229
Reclaims receivable		28,713
Prepaid expenses		10,211

Total Assets		2,797,394,799

Liabilities:
Payable for capital shares redeemed		3,099,691
Payable for collateral received on loaned securities		3,011,805
Manager fees payable		399,567
Administration fees payable		16,289
Distribution fees payable		572,690
Custodian fees payable		13,257
Administrative and compliance services fees payable		9,881
Transfer agent fees payable		2,266
Trustee fees payable		2,430
Other accrued liabilities		237,445

Total Liabilities		7,365,321

Net Assets	$	2,790,029,478

Net Assets Consist of:
Paid in capital	$	1,231,022,375
Total distributable earnings		1,559,007,103

Net Assets	$	2,790,029,478

Class 1
Net Assets	$	70,738,132
Shares of beneficial interest (unlimited number of shares authorized, no par value)		3,847,262
Net Asset Value (offering and redemption price per share)	$	18.39

Class 2
Net Assets	$	2,719,291,346
Shares of beneficial interest (unlimited number of shares authorized, no par value)		149,112,915
Net Asset Value (offering and redemption price per share)	$	18.24

(a)	Includes securities on loan of $2,969,697.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	54,495,842
Dividends from affiliates		173,435
Interest		16,837
Income from securities lending		304,615
Foreign withholding tax		(188	)

Total Investment Income		54,990,541

Expenses:
Manager fees		4,568,807
Administration fees		704,894
Distribution fees — Class 2		6,548,609
Custodian fees		77,494
Administrative and compliance services fees		45,978
Transfer agent fees		13,052
Trustee fees		143,200
Professional fees		129,965
Shareholder reports		54,706
Other expenses		599,311

Total expenses		12,886,016

Net Investment Income/(Loss)		42,104,525

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		87,832,994
Net realized gains/(losses) on affiliated transactions		205,809
Net realized gains/(losses) on futures contracts		6,102,406
Change in net unrealized appreciation/depreciation on securities		579,840,378
Change in net unrealized appreciation/depreciation on affiliated transactions		1,258,953
Change in net unrealized appreciation/depreciation on futures contracts		107,863

Net realized and Change in net unrealized gains/losses on investments		675,348,403

Change in Net Assets Resulting From Operations	$	717,452,928

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	42,104,525			$	41,761,267
Net realized gains/(losses) on investments			94,141,209				82,741,138
Change in unrealized appreciation/depreciation on investments			581,207,194				(234,835,380	)

Change in net assets resulting from operations			717,452,928				(110,332,975	)

Distributions to Shareholders:
Class 1			(3,214,142	)			(3,603,867	)
Class 2			(118,738,444	)			(128,336,323	)

Change in net assets resulting from distributions to shareholders			(121,952,586	)			(131,940,190	)

Capital Transactions:
Class 1
Proceeds from shares issued			612,585				21,167
Proceeds from dividends reinvested			3,214,143				3,603,867
Value of shares redeemed			(10,818,839	)			(10,821,638	)

Total Class 1 Shares			(6,992,111	)			(7,196,604	)

Class 2
Proceeds from shares issued			43,218,601				34,574,035
Proceeds from dividends reinvested			118,738,443				128,336,323
Value of shares redeemed			(393,581,816	)			(344,688,784	)

Total Class 2 Shares			(231,624,772	)			(181,778,426	)

Change in net assets resulting from capital transactions			(238,616,883	)			(188,975,030	)

Change in net assets			356,883,459				(431,248,195	)
Net Assets:
Beginning of period			2,433,146,019				2,864,394,214

End of period		$	2,790,029,478			$	2,433,146,019

Share Transactions:
Class 1
Shares issued			35,976				1,308
Dividends reinvested			192,926				221,232
Shares redeemed			(633,051	)			(651,499	)

Total Class 1 Shares			(404,149	)			(428,959	)

Class 2
Shares issued			2,632,549				2,171,613
Dividends reinvested			7,183,209				7,936,693
Shares redeemed			(22,984,390	)			(20,741,869	)

Total Class 2 Shares			(13,168,632	)			(10,633,563	)

Change in shares			(13,572,781	)			(11,062,522	)

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018				2017				2016				2015

Class 1

Net Asset Value, Beginning of Period		$	14.72			$	16.25			$	14.15			$	14.31			$	14.50

Investment Activities:
Net Investment Income/(Loss)			0.31	(a)			0.29	(a)			0.28				0.28				0.27
Net Realized and Unrealized Gains/(Losses) on Investments			4.20				(0.96	)			2.71				1.30				(0.12	)

Total from Investment Activities			4.51				(0.67	)			2.99				1.58				0.15

Distributions to Shareholders From:
Net Investment Income			(0.31	)			(0.31	)			(0.17	)			(0.31	)			(0.34	)
Net Realized Gains			(0.53	)			(0.55	)			(0.72	)			(1.43	)			—

Total Dividends			(0.84	)			(0.86	)			(0.89	)			(1.74	)			(0.34	)

Net Asset Value, End of Period		$	18.39			$	14.72			$	16.25			$	14.15			$	14.31

Total Return(b)			31.27	%			(4.63	)%			21.60	%			11.79	%			1.16	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	70,738			$	62,599			$	76,049			$	72,604			$	20,022
Net Investment Income/(Loss)			1.81	%			1.74	%			1.83	%			1.98	%			1.86	%
Expenses Before Reductions (c)			0.24	%			0.23	%			0.23	%			0.24	%			0.24	%
Expenses Net of Reductions			0.24	%			0.23	%			0.23	%			0.24	%			0.24	%
Portfolio Turnover Rate(d)			3	%			4	%			2	%			23	%			8	%

Class 2

Net Asset Value, Beginning of Period		$	14.61			$	16.13			$	14.06			$	14.23			$	14.40

Investment Activities:
Net Investment Income/(Loss)			0.26	(a)			0.25	(a)			0.24				0.24				0.23
Net Realized and Unrealized Gains/(Losses) on Investments			4.17				(0.95	)			2.70				1.29				(0.11	)

Total from Investment Activities			4.43				(0.70	)			2.94				1.53				0.12

Distributions to Shareholders From:
Net Investment Income			(0.27	)			(0.27	)			(0.15	)			(0.27	)			(0.29	)
Net Realized Gains			(0.53	)			(0.55	)			(0.72	)			(1.43	)			—

Total Dividends			(0.80	)			(0.82	)			(0.87	)			(1.70	)			(0.29	)

Net Asset Value, End of Period		$	18.24			$	14.61			$	16.13			$	14.06			$	14.23

Total Return(b)			30.89	%			(4.84	)%			21.36	%			11.45	%			0.95	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,719,291			$	2,370,547			$	2,788,345			$	2,562,218			$	1,223,566
Net Investment Income/(Loss)			1.56	%			1.49	%			1.58	%			1.75	%			1.58	%
Expenses Before Reductions(c)			0.49	%			0.48	%			0.48	%			0.49	%			0.49	%
Expenses Net of Reductions			0.49	%			0.48	%			0.48	%			0.49	%			0.49	%
Portfolio Turnover Rate(d)			3	%			4	%			2	%			23	%			8	%

(a)	Calculated using the average shares method.

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

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

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

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL S&P 500 Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL S&P 500 Index Fund

Notes to the Financial Statements, continued

December 31, 2019

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $29,991 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $3,011,805 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $21.5 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

161,865

Payable for variation margin on futures contracts*

—

AZL S&P 500 Index Fund

Notes to the Financial Statements, continued

December 31, 2019

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	6,102,406	$	107,863

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL S&P 500 Index Fund Class 1		0.17	%		0.46	%

AZL S&P 500 Index Fund Class 2		0.17	%		0.71	%

At December 31, 2019, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Fair Value 12/31/2018			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Fair Value 12/31/2019			Shares as of 12/31/2019		Dividend Income			Capital Gains Distributions

BlackRock Inc., Class A		$	5,481,410		$	93,418		$	(897,099	)		$	205,809		$	1,258,953		$	6,142,491		12,219		$	173,435		$	—

		$	5,481,410		$	93,418		$	(897,099	)		$	205,809		$	1,258,953		$	6,142,491		12,219		$	173,435		$	—

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

AZL S&P 500 Index Fund

Notes to the Financial Statements, continued

December 31, 2019

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $20,043 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	2,772,459,340		$	—		$	—		$	2,772,459,340
Short-Term Securities Held as Collateral for Securities on Loan			3,011,805			—			—			3,011,805
Unaffiliated Investment Companies			18,012,242			—			—			18,012,242

Total Investment Securities			2,793,483,387			—			—			2,793,483,387

Other Financial Instruments:*
Futures Contracts			161,865			—			—			161,865

Total Investments		$	2,793,645,252		$	—		$	—		$	2,793,645,252

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

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL S&P 500 Index Fund		$	80,167,140		$	387,471,721

AZL S&P 500 Index Fund

Notes to the Financial Statements, continued

December 31, 2019

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $1,369,450,540. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	1,464,064,600
Unrealized (depreciation)		(40,031,753	)

Net unrealized appreciation/(depreciation)	$	1,424,032,847

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL S&P 500 Index Fund		$	40,928,869		$	81,023,717		$	121,952,586

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL S&P 500 Index Fund		$	46,594,080		$	85,346,110		$	131,940,190

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL S&P 500 Index Fund		$	44,219,928		$	90,754,322		$	—		$	1,424,032,853		$	1,559,007,103

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, futures contracts,mark-to-market on futures contracts, underlying investments and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 65% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL S&P 500 Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL S&P 500 Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 93.89% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $81,023,717.

Other Information (Unaudited)

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30th is available (i) without charge, upon request, by calling800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on FormN-PORT. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling800-SEC-0330.

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

(3)The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager has supplied information to the Board pertaining to the level of investment advisory fees to which the Funds are subject. The Manager has agreed to temporarily limit Fund expenses at certain levels, and information is provided to the Board setting forth “contractual” advisory fees and “actual” fees after taking expense limits and any temporary fee waivers into account. Based upon the information provided, the “actual” advisory fees payable by the Funds overall are generally comparable to the average level of fees paid by the Funds’ peer groups. For the 20 Funds reviewed by the Board in the summer and fall of 2019, 17 Funds paid “actual” advisory fees in a percentage amount within the 65th percentile or lower for each Fund’s applicable category. (A lower percentile reflects lower fund fees and is better for fund shareholders.) The Board recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fees to be paid to the Manager by the Funds are not unreasonable.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® Small Cap Stock Index Fund

Annual Report

December 31, 2019

LOGO

Table of Contents

Page 1

Page 3

Page 4

Page 12

Page 12

Page 13

Page 14

Report of Independent Registered Public Accounting Firm

Page 15

Page 20

Page 21

Approval of Investment Advisory and Subadvisory Agreements

Page 22

Page 23

Information about the Board of Trustees and Officers

Page 26

AZL^® Small Cap Stock Index Fund Review (Unaudited)

Allianz Investment Management LLC serves as the Manager for the AZL^® Small Cap Stock Index Fund and BlackRock Investment Management, LLC serves as Subadviser to the Fund.

What factors affected the Fund’s performance during the year ended December 31, 2019?

For the year ended December 31, 2019, the AZL^® Small Cap Stock Index Fund (Class 2 Shares) (the “Fund”) returned 22.19%^†. That compared to a 22.78% total return for its benchmark, the S&P SmallCap 600 Index (“Index“)¹.

From a sector perspective, the largest contributions in the Index came from the information technology, industrials, and real estate sectors. The only negative contributor was the energy sector.

The Fund uses derivatives for the purpose of efficient portfolio management, and derivatives did not have a significant impact on the Fund’s return in 2019. Futures are not used for speculative or leveraged positions in the portfolio and we keep cash to fully cover all outstanding futures positions. The Fund’s use of futures contracts provides immediate market exposure proportionate to cash accruals and investable cash within the portfolio. Skillful cash management and cash equitization are critical to minimizing the potential impact of cash drag and ensure tight tracking to the benchmark.*

Past performance does not guarantee future results.

^†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

¹	For a complete description of the Fund’s performance benchmark please refer to page 2 of this report.

²	The Standard & Poor’s 500 Index is unmanaged and is representative of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. Investors cannot invest directly in an index.

AZL^® Small Cap Stock Index Fund Review (Unaudited)

Fund Objective

The Fund’s investment objective is to seek to match the performance of the Standard & Poor’s SmallCap 600 Index (“S&P 600”). This objective may be changed by the Trustees of the Fund without shareholder approval. The Fund seeks to achieve its objective by investing in all of the stocks in the S&P 600 in proportion to their weighting in the Index.

Investment Concerns

Small- tomid-capitalization companies typically have a higher risk of failure and historically have experienced a greater degree of volatility.

Investing in derivatives instruments involves risks that may be different from or greater than the risk associated with investing directly in securities or other traditional instruments.

For a complete description of these and other risks associated with investing in a mutual Fund, please refer to the Fund’s prospectus.

Growth of $10,000 Investment

LOGO

Average Annual Total Returns as of December 31, 2019


	Inception Date		1 Year			3 Year			5 Year			10 Year			Since Inception
AZL^®Small Cap Stock Index Fund (Class 1 Shares)		10/14/16		22.42	%^†		8.12	%		—			—			11.97	%
AZL^®Small Cap Stock Index Fund (Class 2 Shares)		5/1/07		22.19	%^†		7.86	%		8.99	%		12.74	%		8.13	%
S&P SmallCap 600 Index		5/1/07		22.78	%		8.36	%		9.56	%		13.35	%		8.62	%


Expense Ratios	Gross
AZL^®Small Cap Stock Index Fund (Class 1 Shares)		0.33	%
AZL^®Small Cap Stock Index Fund (Class 2 Shares)		0.58	%

The above expense ratios are based on the current Fund prospectus dated April 29, 2019. The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.46% for Class 1 Shares and 0.71% for Class 2 Shares through April 30, 2021. Additional information pertaining to the December 31, 2019 expense ratios can be found in the Financial Highlights.

†	The recent appreciation in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

The Fund’s performance is measured against the Standard & Poor’s SmallCap 600 Index, an unmanaged index which covers approximately 3% of the domestic equities market. Measuring thesmall-cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable. The index does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for services provided to the Fund. Investors cannot invest directly in an index.

AZL Small Cap Stock Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Small Cap Stock Index Fund, Class 1		$	1,000.00		$	1,078.60		$	1.73		0.33	%

AZL Small Cap Stock Index Fund, Class 2		$	1,000.00		$	1,076.80		$	3.04		0.58	%


	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 - 12/31/19*			Annualized Expense Ratio During Period 7/1/19 - 12/31/19

AZL Small Cap Stock Index Fund, Class 1		$	1,000.00		$	1,023.54		$	1.68		0.33	%

AZL Small Cap Stock Index Fund, Class 2		$	1,000.00		$	1,022.28		$	2.96		0.58	%

*	Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Industrials		17.5	%

Financials		17.3

Information Technology		13.8

Consumer Discretionary		13.4

Health Care		11.9

Real Estate		7.3

Materials		4.9

Consumer Staples		4.2

Energy		4.1

Utilities		2.1

Communication Services		2.0


Total Common Stocks		98.5

Rights		—	^†

Short-Term Securities Held as Collateral for Securities on Loan		4.3

Unaffiliated Investment Companies		1.1


Total Investment Securities		103.9

Net other assets (liabilities)		(3.9	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks (98.5%):
Aerospace & Defense (1.6%):
	35,456	AAR Corp.	$	1,599,066
	77,520	Aerojet Rocketdyne Holdings, Inc.*		3,539,563
	23,143	AeroVironment, Inc.*		1,428,849
	33,415	Cubic Corp.		2,124,192
	34,453	Moog, Inc., Class A		2,939,874
	5,377	National Presto Industries, Inc.^		475,273
	21,107	Park Aerospace Corp., Class C		343,411
	53,963	Triumph Group, Inc.		1,363,645

				13,813,873

Air Freight & Logistics (0.6%):
	27,382	Atlas Air Worldwide Holdings, Inc.*		754,922
	28,398	Echo Global Logistics, Inc.*		587,839
	30,234	Forward Air Corp.		2,114,868
	35,590	Hub Group, Inc., Class A*		1,825,411

				5,283,040

Airlines (0.9%):
	14,161	Allegiant Travel Co.		2,464,580
	49,585	Hawaiian Holdings, Inc.		1,452,345
	53,915	SkyWest, Inc.		3,484,527

				7,401,452

Auto Components (1.8%):
	119,980	American Axle & Manufacturing Holdings, Inc.*		1,290,985
	53,412	Cooper Tire & Rubber Co.		1,535,595
	17,738	Cooper-Standard Holding, Inc.*		588,192
	31,174	Dorman Products, Inc.*		2,360,495
	41,245	Fox Factory Holding Corp.*^		2,869,415
	78,957	Garrett Motion, Inc.*		788,780
	34,894	Gentherm, Inc.*		1,548,945
	26,859	LCI Industries		2,877,404
	20,545	Motorcar Parts of America, Inc.*^		452,606
	21,489	Standard Motor Products, Inc.		1,143,645

				15,456,062

Automobiles (0.2%):
	36,039	Winnebago Industries, Inc.		1,909,346

Banks (9.4%):
	20,619	Allegiance Bancshares, Inc.*		775,274
	70,325	Ameris Bancorp		2,991,626
	48,532	Banc of California, Inc.		833,780
	34,100	Banner Corp.		1,929,719
	46,173	Berkshire Hills Bancorp, Inc.		1,518,168
	89,267	Boston Private Financial Holdings, Inc.		1,073,882
	86,315	Brookline Bancorp, Inc.		1,420,745
	132,423	Cadence Bancorp		2,400,829
	30,964	Central Pacific Financial Corp.		915,915
	17,795	City Holding Co.		1,458,300
	77,360	Columbia Banking System, Inc.		3,147,392
	55,536	Community Bank System, Inc.		3,939,724
	31,181	Customers Bancorp, Inc.*		742,420
	142,336	CVB Financial Corp.		3,071,611
	35,849	Eagle Bancorp, Inc.		1,743,337
	233,745	First Bancorp		2,475,360
	106,970	First Commonwealth Financial Corp.		1,552,135
	106,976	First Financial Bancorp		2,721,469
	118,174	First Midwest Bancorp, Inc.		2,725,092
	14,460	Franklin Financial Network, Inc.		496,412


Shares			Fair Value
Common Stocks, continued
Banks, continued
	91,852	Glacier Bancorp, Inc.	$	4,224,273
	60,275	Great Western Bancorp, Inc.		2,093,954
	33,146	Hanmi Financial Corp.		662,754
	38,051	Heritage Financial Corp.		1,076,843
	133,663	Hope BanCorp, Inc.		1,986,232
	36,893	Independent Bank Corp.		3,071,342
	32,662	National Bank Holdings Corp.		1,150,356
	47,510	NBT Bancorp, Inc.		1,927,006
	53,735	OFG Bancorp		1,268,683
	182,358	Old National Bancorp		3,335,328
	23,606	Opus Bank		610,687
	63,935	Pacific Premier Bancorp, Inc.		2,084,601
	15,087	Preferred Bank Los Angeles		906,578
	41,547	S & T Bancorp, Inc.		1,673,929
	55,664	Seacoast Banking Corp of Florida*		1,701,648
	50,124	ServisFirst Bancshares, Inc.		1,888,672
	121,846	Simmons First National Corp., Class A		3,264,254
	34,434	Southside Bancshares, Inc.		1,278,879
	13,431	Tompkins Financial Corp.^		1,228,937
	25,527	Triumph BanCorp, Inc.*		970,537
	85,080	United Community Banks, Inc.		2,627,270
	51,462	Veritex Holdings, Inc.		1,499,088
	29,250	Westamerica Bancorp^		1,982,273

				80,447,314

Beverages (0.3%):
	4,981	Coca-Cola Consolidated, Inc.		1,414,852
	14,079	MGP Ingredients, Inc.^		682,128
	12,678	National Beverage Corp.*^		646,832

				2,743,812

Biotechnology (1.8%):
	52,240	Acorda Therapeutics, Inc.*		106,570
	36,500	AMAG Pharmaceuticals, Inc.*^		444,205
	63,791	Cytokinetics, Inc.*^		676,823
	10,976	Eagle Pharmaceuticals, Inc.*		659,438
	46,912	Emergent Biosolutions, Inc.*		2,530,901
	17,250	Enanta Pharmaceuticals, Inc.*		1,065,705
	121,529	Momenta Pharmaceuticals, Inc.*		2,397,767
	79,252	Myriad Genetics, Inc.*		2,158,032
	90,755	Progenics Pharmaceuticals, Inc.*		461,943
	33,569	Regenxbio, Inc.*		1,375,322
	120,201	Spectrum Pharmaceuticals, Inc.*		437,532
	56,706	Vanda Pharmaceuticals, Inc.*		930,545
	52,850	Xencor, Inc.*^		1,817,512

				15,062,295

Building Products (2.0%):
	43,731	AAON, Inc.		2,160,749
	16,841	American Woodmark Corp.*		1,760,053
	28,318	Apogee Enterprises, Inc.		920,335
	34,663	Gibraltar Industries, Inc.*		1,748,402
	45,998	Griffon Corp.		935,139
	19,386	Insteel Industries, Inc.		416,605
	23,955	Patrick Industries, Inc.		1,255,961
	61,954	PGT Innovations, Inc.*		923,734
	35,357	Quanex Building Products Corp.		603,898
	43,240	Simpson Manufacturing Co., Inc.		3,469,144
	65,807	Universal Forest Products, Inc.		3,138,994

				17,333,014

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Capital Markets (0.8%):
	52,288	Blucora, Inc.*	$	1,366,808
	32,423	Donnelley Financial Solutions, Inc.*		339,469
	15,747	Greenhill & Co., Inc.		268,959
	17,400	INTL FCStone, Inc.*		849,642
	15,703	Piper Jaffray Cos., Inc.		1,255,298
	7,049	Virtus Investment Partners, Inc.		858,004
	74,844	Waddell & Reed Financial, Inc., Class A^		1,251,392
	127,807	WisdomTree Investments, Inc.^		618,586

				6,808,158

Chemicals (2.9%):
	29,244	AdvanSix, Inc.*		583,710
	28,935	American Vanguard Corp.		563,364
	34,465	Balchem Corp.		3,502,678
	87,353	Ferro Corp.*		1,295,445
	27,086	Futurefuel Corp.		335,596
	57,296	GCP Applied Technologies, Inc.*		1,301,192
	54,532	H.B. Fuller Co.^		2,812,215
	10,292	Hawkins, Inc.		471,477
	20,847	Innophos Holdings, Inc.		666,687
	26,383	Innospec, Inc.		2,729,058
	22,133	Koppers Holdings, Inc.*		845,923
	33,734	Kraton Corp.*		854,145
	156,040	Livent Corp.*		1,334,142
	21,268	LSB Industries, Inc.*		89,326
	13,833	Quaker Chemical Corp.		2,275,805
	54,736	Rayonier Advanced Materials, Inc.		210,186
	21,643	Stepan Co.		2,217,109
	26,818	Tredegar Corp.		599,382
	41,716	Trinseo SA		1,552,252

				24,239,692

Commercial Services & Supplies (2.1%):
	71,209	ABM Industries, Inc.		2,685,291
	53,355	Brady Corp., Class A		3,055,107
	62,353	Interface, Inc.		1,034,436
	33,334	Matthews International Corp., Class A		1,272,359
	47,114	Mobile Mini, Inc.		1,786,092
	180,496	Pitney Bowes, Inc.^		727,399
	77,790	RR Donnelley & Sons Co.		307,271
	32,285	Team, Inc.*^		515,591
	16,438	UniFirst Corp.		3,320,147
	27,190	US Ecology, Inc.		1,574,573
	22,006	Viad Corp.		1,485,405

				17,763,671

Communications Equipment (1.1%):
	50,654	ADTRAN, Inc.		500,968
	19,738	Applied Optoelectronics, Inc.*^		234,487
	35,599	CalAmp Corp.*		341,038
	25,985	Comtech Telecommunications Corp.		922,208
	30,714	Digi International, Inc.*		544,252
	130,388	Extreme Networks, Inc.*		960,960
	97,183	Harmonic, Inc.*		758,027
	32,069	NETGEAR, Inc.*		786,011
	35,068	Plantronics, Inc.		958,759
	245,949	Viavi Solutions, Inc.*		3,689,236

				9,695,946


Shares			Fair Value
Common Stocks, continued
Construction & Engineering (0.8%):
	32,840	Aegion Corp.*	$	734,631
	51,973	Arcosa, Inc.		2,315,396
	39,247	Comfort Systems USA, Inc.		1,956,463
	49,816	Granite Construction, Inc.		1,378,409
	17,752	MYR Group, Inc.*		578,538

				6,963,437

Construction Materials (0.1%):
	16,757	U.S. Concrete, Inc.*		698,097

Consumer Finance (0.5%):
	29,458	Encore Capital Group, Inc.*		1,041,635
	36,239	Enova International, Inc.*		871,910
	56,896	EZCORP, Inc., Class A*		388,031
	48,807	PRA Group, Inc.*		1,771,694
	5,975	World Acceptance Corp.*		516,240

				4,589,510

Containers & Packaging (0.1%):
	37,493	Myers Industries, Inc.		625,383

Distributors (0.2%):
	48,676	Core Markt Holdngs Co., Inc.		1,323,500

Diversified Consumer Services (0.7%):
	16,525	American Public Education, Inc.*		452,620
	76,297	Career Education Corp.*		1,403,102
	25,621	Regis Corp.*^		457,847
	23,587	Strategic Education, Inc.		3,747,974

				6,061,543

Diversified Financial Services (0.2%):
	141,741	FGL Holdings		1,509,542

Diversified Telecommunication Services (1.0%):
	11,686	ATN International, Inc.		647,288
	52,974	Cincinnati Bell, Inc.*		554,638
	44,785	Cogent Communications Holdings, Inc.		2,947,300
	78,924	Consolidated Communications Holdings, Inc.		306,225
	10,554	Frontier Communications Corp.*^		9,389
	103,842	Iridium Communications, Inc.*^		2,558,667
	243,496	Vonage Holdings Corp.*^		1,804,305

				8,827,812

Electric Utilities (0.4%):
	43,723	El Paso Electric Co.		2,968,354

Electrical Equipment (0.5%):
	27,907	AZZ, Inc.		1,282,327
	22,392	Encore Wire Corp.		1,285,300
	9,641	Powell Industries, Inc.		472,313
	19,748	Vicor Corp.*		922,627

				3,962,567

Electronic Equipment, Instruments & Components (4.4%):
	32,250	Anixter International, Inc.*		2,970,225
	82,334	Arlo Technologies, Inc.*		346,626
	31,295	Badger Meter, Inc.		2,031,984
	10,457	Bel Fuse, Inc., Class B		214,369
	40,344	Benchmark Electronics, Inc.		1,386,220
	34,817	CTS Corp.		1,044,858
	37,932	Daktronics, Inc.^		231,006
	14,453	ePlus, Inc.*		1,218,243
	39,641	Fabrinet*		2,570,322

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	18,722	FARO Technologies, Inc.*^	$	942,653
	38,499	Insight Enterprises, Inc.*		2,706,095
	37,693	Itron, Inc.*		3,164,328
	62,062	KEMET Corp.		1,678,777
	92,483	Knowles Corp.*		1,956,015
	4,285	Mesa Labs, Inc.		1,068,679
	40,007	Methode Electronics, Inc., Class A		1,574,275
	18,970	MTS Systems Corp.		911,129
	18,340	OSI Systems, Inc.*		1,847,572
	31,207	Plexus Corp.*		2,401,067
	19,850	Rogers Corp.*		2,475,891
	74,592	Sanmina Corp.*		2,554,030
	27,011	ScanSource, Inc.*		998,056
	104,580	TTM Technologies, Inc.*		1,573,929

				37,866,349

Energy Equipment & Services (1.8%):
	135,542	Archrock, Inc.		1,360,842
	70,235	Diamond Offshore Drilling, Inc.*^		504,990
	38,642	Dril-Quip, Inc.*		1,812,696
	21,440	Era Group, Inc.*		218,045
	29,574	Exterran Corp.*		231,564
	14,748	Geospace Technologies Corp.*		247,324
	151,661	Helix Energy Solutions Group, Inc.*		1,460,495
	22,840	KLX Energy Services Holdings, Inc.*		147,090
	28,949	Matrix Service Co.*		662,353
	196,231	McDermott International, Inc.*^		132,770
	363,829	Nabors Industries, Ltd.		1,047,828
	94,852	Newpark Resources, Inc.*		594,722
	265,609	Noble Corp. plc*		324,043
	105,348	Oceaneering International, Inc.*		1,570,739
	65,166	Oil States International, Inc.*		1,062,857
	87,538	Propetro Holding Corp.*		984,803
	55,988	RPC, Inc.^		293,377
	18,861	SEACOR Holdings, Inc.*		813,852
	137,298	TETRA Technologies, Inc.*		269,104
	79,506	U.S. Silica Holdings, Inc.		488,962
	2,227	Unit Corp.*		1,549
	210,661	Valaris plc^		1,381,936

				15,611,941

Entertainment (0.2%):
	122,623	Glu Mobile, Inc.*		741,869
	24,361	Marcus Corp.		773,949

				1,515,818

Equity Real Estate Investment Trusts (6.6%):
	91,369	Acadia Realty Trust		2,369,198
	45,546	Agree Realty Corp.		3,195,963
	51,084	American Assets Trust, Inc.		2,344,756
	60,876	Armada Hoffler Properties, Inc.		1,117,075
	102,510	CareTrust REIT, Inc.		2,114,781
	185,044	CBL & Associates Properties, Inc.^		194,296
	87,508	Cedar Realty Trust, Inc.		258,149
	49,273	Chatham Lodging Trust		903,667
	21,229	Community Healthcare Trust, Inc.		909,875
	212,662	DiamondRock Hospitality Co.		2,356,295
	81,017	Easterly Government Properties, Inc.		1,922,533
	73,567	Four Corners Property Trust, Inc.		2,073,854


Shares			Fair Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	114,473	Franklin Street Properties Corp.	$	979,889
	36,903	Getty Realty Corp.		1,213,002
	95,806	Global Net Lease, Inc.		1,942,946
	36,805	Hersha Hospitality Trust		535,513
	99,776	Independence Realty Trust, Inc.		1,404,846
	60,442	Industrial Logistics Properties Trust		1,355,110
	12,713	Innovative Industrial Properties, Inc.^		964,535
	63,771	iStar, Inc.^		925,317
	89,873	Kite Realty Group Trust		1,755,220
	265,001	Lexington Realty Trust		2,814,311
	42,275	LTC Properties, Inc.		1,892,652
	63,837	National Storage Affiliates		2,146,200
	51,593	Office Properties Income Trust		1,658,199
	62,446	Pennsylvania Real Estate Investment Trust^		332,837
	122,572	Retail Opportunity Investments Corp.		2,164,622
	85,708	Rpt Realty		1,289,048
	13,723	Safehold, Inc.^		553,037
	12,302	Saul Centers, Inc.		649,300
	111,498	Summit Hotel Properties, Inc.		1,375,885
	206,358	Uniti Group, Inc.^		1,694,199
	13,751	Universal Health Realty Income Trust		1,613,817
	32,441	Urstadt Biddle Properties, Inc., Class A		805,834
	195,063	Washington Prime Group, Inc.^		710,029
	85,997	Washington Real Estate		2,509,392
	42,783	Whitestone REIT		582,704
	120,039	Xenia Hotels & Resorts, Inc.		2,594,043

				56,222,929

Food & Staples Retailing (0.6%):
	23,812	PriceSmart, Inc.		1,691,128
	39,332	SpartanNash Co.		560,088
	34,549	The Andersons, Inc.		873,399
	27,528	The Chefs’ Warehouse, Inc.*		1,049,092
	56,717	United Natural Foods, Inc.*		496,841

				4,670,548

Food Products (1.7%):
	68,082	B&G Foods, Inc.^		1,220,710
	17,513	Calavo Growers, Inc.		1,586,503
	32,322	Cal-Maine Foods, Inc.^		1,381,766
	175,146	Darling Ingredients, Inc.*		4,918,099
	32,414	Fresh Del Monte Produce, Inc.		1,133,842
	16,047	J & J Snack Foods Corp.		2,956,980
	9,542	John B Sanfilippo And Son, Inc.		870,994
	7,330	Seneca Foods Corp., Class A*		298,991

				14,367,885

Gas Utilities (0.7%):
	32,692	Northwest Natural Holding Co.		2,410,381
	98,887	South Jersey Industries, Inc.		3,261,293

				5,671,674

Health Care Equipment & Supplies (3.2%):
	39,875	AngioDynamics, Inc.*		638,399
	15,299	Anika Therapeutics, Inc.*		793,253
	37,826	Cardiovascular Systems, Inc.*		1,837,965
	30,526	CONMED Corp.		3,413,722
	39,931	CryoLife, Inc.*		1,081,731
	15,122	Cutera, Inc.*		541,519
	7,609	Heska Corp.*		730,007

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	19,536	Inogen, Inc.*	$	1,334,895
	34,934	Integer Holdings Corp.*		2,809,742
	36,545	Invacare Corp.		329,636
	42,372	Lantheus Holdings, Inc.*		869,050
	17,565	LeMaitre Vascular, Inc.		631,462
	44,601	Meridian Bioscience, Inc.		435,752
	59,017	Merit Medical Systems, Inc.*		1,842,511
	36,279	Natus Medical, Inc.*		1,196,844
	56,106	Neogen Corp.*		3,661,477
	64,975	OraSure Technologies, Inc.*		521,749
	20,300	Orthofix Medical, Inc.*		937,454
	14,414	Surmodics, Inc.*		597,172
	20,521	Tactile Systems Technology, Inc.*		1,385,373
	40,774	Varex Imaging Corp.*		1,215,473

				26,805,186

Health Care Providers & Services (3.2%):
	14,593	Addus HomeCare Corp.*		1,418,731
	49,890	AMN Healthcare Services, Inc.*		3,108,646
	36,302	BioTelemetry, Inc.*		1,680,783
	127,920	Community Health Systems, Inc.*		370,968
	9,824	CorVel Corp.*		858,225
	103,929	Covetrus, Inc.*		1,371,863
	40,344	Cross Country Healthcare, Inc.*		468,797
	62,487	Diplomat Pharmacy, Inc.*		249,948
	53,607	Ensign Group, Inc. (The)		2,432,150
	40,347	Hanger, Inc.*		1,113,981
	31,699	LHC Group, Inc.*		4,366,853
	23,223	Magellan Health, Inc.*		1,817,200
	68,326	Owens & Minor, Inc.		353,245
	12,060	Providence Service Corp.*		713,711
	44,903	RadNet, Inc.*		911,531
	114,825	Select Medical Holdings Corp.*		2,680,016
	28,138	The Pennant Group, Inc.*		930,524
	46,485	Tivity Health, Inc.*		945,737
	13,663	U.S. Physical Therapy, Inc.		1,562,364

				27,355,273

Health Care Technology (1.1%):
	12,992	Computer Programs & Systems, Inc.		342,989
	27,756	HealthStream, Inc.*		754,963
	94,181	HMS Holdings Corp.*		2,787,758
	51,487	NextGen Healthcare, Inc.*		827,396
	44,907	Omnicell, Inc.*		3,669,800
	20,869	Tabula Rasa Healthcare, Inc.*^		1,015,903

				9,398,809

Hotels, Restaurants & Leisure (1.5%):
	20,367	BJ’s Restaurants, Inc.		773,131
	92,971	Bloomin’ Brands, Inc.		2,051,870
	18,032	Chuy’s Holdings, Inc.*		467,389
	32,915	Dave & Buster’s Entertainment, Inc.^		1,322,196
	18,013	Dine Brands Global, Inc.^		1,504,446
	21,072	El Pollo Loco Holdings, Inc.*		319,030
	23,287	Fiesta Restaurant Group, Inc.*		230,308
	12,929	Monarch Casino & Resort, Inc.*		627,703
	13,516	Red Robin Gourmet Burgers*		446,298
	29,117	Ruth’s Hospitality Group, Inc.		633,732
	33,165	Shake Shack, Inc., Class A*		1,975,639


Shares			Fair Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	31,741	Wingstop, Inc.	$	2,737,027

				13,088,769

Household Durables (2.4%):
	9,199	Cavco Industries, Inc.*		1,797,301
	28,879	Century Communities, Inc.*		789,841
	25,372	Ethan Allen Interiors, Inc.^		483,590
	22,863	Installed Building Products, Inc.*		1,574,575
	30,177	iRobot Corp.*^		1,527,862
	49,584	La-Z-Boy, Inc.^		1,560,904
	21,592	LGI Homes, Inc.*		1,525,475
	53,683	M.D.C. Holdings, Inc.		2,048,543
	30,326	M/I Homes, Inc.*		1,193,328
	38,632	Meritage Corp.*		2,360,802
	36,429	TopBuild Corp.*		3,755,101
	52,686	Tupperware Brands Corp.		452,046
	15,047	Universal Electronics, Inc.*		786,356
	35,529	William Lyon Homes, Class A*		709,869

				20,565,593

Household Products (0.5%):
	10,256	Central Garden & Pet Co.*		318,654
	43,231	Central Garden & Pet Co., Class A*		1,269,262
	14,760	WD-40 Co.		2,865,506

				4,453,422

Industrial Conglomerates (0.2%):
	38,183	Raven Industries, Inc.		1,315,786

Insurance (2.5%):
	50,686	AMBAC Financial Group, Inc.*		1,093,297
	98,104	American Equity Investment Life Holding Co.		2,936,252
	20,918	Amerisafe, Inc.		1,381,216
	21,883	eHealth, Inc.*		2,102,519
	34,636	Employers Holdings, Inc.		1,446,053
	7,740	HCI Group, Inc.^		353,331
	44,757	Horace Mann Educators Corp.		1,954,091
	32,841	James River Group Holdings		1,353,377
	8,750	Kinsale Capital Group, Inc.		889,525
	58,453	ProAssurance Corp.		2,112,491
	15,899	Safety Insurance Group, Inc.		1,471,134
	25,534	Stewart Information Services Corp.		1,041,532
	89,782	Third Point Reinsurance, Ltd.*		944,506
	23,678	United Fire Group, Inc.		1,035,439
	23,837	United Insurance Holdings Co.		300,585
	33,597	Universal Insurance Holdings, Inc.		940,380

				21,355,728

Interactive Media & Services (0.1%):
	29,804	Care.com, Inc.*		447,954
	49,627	QuinStreet, Inc.*		759,789

				1,207,743

Internet & Direct Marketing Retail (0.4%):
	29,160	Liquidity Services, Inc.*		173,794
	21,374	PetMed Express, Inc.^		502,716
	20,469	Shutterstock, Inc.*^		877,711
	17,332	Stamps.com, Inc.*^		1,447,568

				3,001,789

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
IT Services (2.2%):
	38,706	Cardtronics plc*^	$	1,728,223
	35,521	CSG Systems International, Inc.		1,839,277
	64,019	Evertec, Inc.		2,179,207
	36,706	Exlservice Holdings, Inc.*		2,549,599
	29,028	ManTech International Corp., Class A		2,318,757
	72,326	NIC, Inc.		1,616,486
	35,779	Perficient, Inc.*		1,648,339
	41,332	Sykes Enterprises, Inc.*		1,528,871
	18,954	TTEC Holdings, Inc.		750,957
	55,219	Unisys Corp.*		654,897
	31,980	Virtusa Corp.*		1,449,653

				18,264,266

Leisure Products (0.4%):
	101,005	Callaway Golf Co.		2,141,306
	17,661	Sturm, Ruger & Co., Inc.		830,597
	62,573	Vista Outdoor, Inc.*		468,046

				3,439,949

Life Sciences Tools & Services (0.8%):
	44,414	Luminex Corp.		1,028,628
	29,351	Medpace Holdings, Inc.*		2,467,245
	112,210	Neogenomics, Inc.*		3,282,143

				6,778,016

Machinery (5.8%):
	57,237	Actuant Corp., Class A		1,489,879
	10,419	Alamo Group, Inc.		1,308,105
	32,845	Albany International Corp., Class A		2,493,592
	24,066	Astec Industries, Inc.		1,010,772
	50,892	Barnes Group, Inc.		3,153,269
	46,018	Briggs & Stratton Corp.^		306,480
	38,245	Chart Industries, Inc.*		2,581,155
	21,447	CIRCOR International, Inc.*		991,709
	15,632	DMC Global, Inc.^		702,502
	22,065	EnPro Industries, Inc.		1,475,707
	27,962	ESCO Technologies, Inc.		2,586,485
	65,440	Federal Signal Corp.		2,110,440
	41,441	Franklin Electric Co., Inc.		2,375,398
	83,997	Harsco Corp.*		1,932,771
	78,668	Hillenbrand, Inc.		2,620,431
	33,915	John Bean Technologies Corp.		3,820,865
	11,532	Lindsay Corp.		1,106,957
	18,204	Lydall, Inc.*		373,546
	60,906	Mueller Industries, Inc.		1,933,766
	28,597	Proto Labs, Inc.*		2,904,025
	47,781	SPX Corp.*		2,431,097
	45,648	SPX FLOW, Inc.*		2,230,818
	13,274	Standex International Corp.		1,053,292
	19,687	Tennant Co.		1,534,011
	34,435	The Greenbrier Cos., Inc.		1,116,727
	51,332	Titan International, Inc.		185,822
	57,445	Wabash National Corp.^		843,867
	29,639	Watts Water Technologies, Inc., Class A		2,956,787

				49,630,275

Marine (0.2%):
	45,569	Matson, Inc.		1,859,215


Shares			Fair Value
Common Stocks, continued
Media (0.4%):
	58,138	E.W. Scripps Co. (The), Class A	$	913,348
	130,321	Gannett Co, Inc.^		831,448
	32,608	Scholastic Corp.		1,253,777
	24,937	TechTarget, Inc.*		650,856

				3,649,429

Metals & Mining (1.2%):
	337,188	AK Steel Holding Corp.*		1,109,349
	52,650	Century Aluminum Co.*		395,665
	288,197	Cleveland-Cliffs, Inc.^		2,420,856
	13,131	Haynes International, Inc.^		469,827
	16,952	Kaiser Aluminum Corp.		1,879,807
	21,834	Materion Corp.		1,298,031
	9,334	Olympic Steel, Inc.		167,265
	91,576	SunCoke Energy, Inc.		570,518
	42,676	TimkenSteel Corp.*		335,433
	54,860	Warrior Met Coal, Inc.		1,159,192

				9,805,943

Mortgage Real Estate Investment Trusts (1.9%):
	152,712	Apollo Commercial Real Estate Finance, Inc.		2,793,101
	62,050	Armour Residential REIT, Inc.		1,108,834
	100,599	Capstead Mortgage Corp.		796,744
	59,065	Granite Point Mortgage Trust, Inc.		1,085,615
	154,834	Invesco Mortgage Capital, Inc.		2,577,986
	25,280	KKR Real Estate Finance Trust, Inc.		516,218
	312,937	New York Mortgage Trust, Inc.		1,949,598
	107,130	Pennymac Mortgage Investment Trust		2,387,928
	37,060	Ready Capital Corp.		571,465
	120,798	Redwood Trust, Inc.		1,997,999

				15,785,488

Multiline Retail (0.2%):
	41,641	Big Lots, Inc.		1,195,929
	324,632	J.C. Penney Co., Inc.*^		363,588

				1,559,517

Multi-Utilities (0.4%):
	71,138	Avista Corp.		3,421,026

Oil, Gas & Consumable Fuels (2.3%):
	20,351	Bonanza Creek Energy, Inc.*		474,992
	423,100	Callon Petroleum Co.*		2,043,572
	27,388	CONSOL Energy, Inc.*		397,400
	525,122	Denbury Resources, Inc.*		740,422
	35,981	Green Plains, Inc.		555,187
	157,419	Gulfport Energy Corp.*		478,554
	118,383	HighPoint Resources Corp.*^		200,067
	64,889	Jagged Peak Energy, Inc.*^		550,908
	189,391	Laredo Petroleum, Inc.*		543,552
	308,207	Oasis Petroleum, Inc.*		1,004,755
	39,666	PAR Pacific Holdings, Inc.*		921,838
	62,926	PDC Energy, Inc.*		1,646,773
	14,619	Penn Virginia Corp.*		443,687
	252,816	QEP Resources, Inc.		1,137,672
	225,286	Range Resources Corp.^		1,092,637
	41,337	Renewable Energy Group, Inc.*		1,114,032
	5,873	REX American Resources Corp.*		481,351
	66,821	Ring Energy, Inc.*		176,407
	113,196	SM Energy Co.		1,272,323

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	576,075	Southwestern Energy Co.*	$	1,394,102
	258,515	SRC Energy, Inc.*		1,065,082
	21,732	Talos Energy, Inc.*		655,220
	98,091	Whiting Petroleum Corp.*^		719,988

				19,110,521

Paper & Forest Products (0.7%):
	41,797	Boise Cascade Co.		1,526,845
	17,458	Clearwater Paper Corp.*		372,903
	41,842	Mercer International, Inc.		514,657
	17,936	Neenah, Inc.		1,263,232
	47,937	P.H. Glatfelter Co.		877,247
	33,066	Schweitzer-Mauduit International, Inc.		1,388,441

				5,943,325

Personal Products (0.8%):
	475,235	Avon Products, Inc.		2,680,325
	18,902	Inter Parfums, Inc.		1,374,364
	12,467	Medifast, Inc.^		1,366,134
	13,432	Usana Health Sciences, Inc.*		1,055,084

				6,475,907

Pharmaceuticals (1.9%):
	102,866	Akorn, Inc.*		154,299
	36,600	Amphastar Pharmaceuticals, Inc.*		706,014
	10,058	ANI Pharmaceuticals, Inc.*		620,277
	109,886	Corcept Therapeutics, Inc.*^		1,329,621
	216,770	Endo International plc*		1,016,651
	71,292	Innoviva, Inc.*		1,009,495
	36,440	Lannett Co., Inc.*^		321,401
	79,546	Medicines Co. (The)*^		6,756,636
	44,693	Pacira BioSciences, Inc.*		2,024,592
	21,479	Phibro Animal Health Corp., Class A		533,324
	55,990	Supernus Pharmaceuticals, Inc.*^		1,328,083

				15,800,393

Professional Services (1.2%):
	55,784	Exponent, Inc.		3,849,654
	11,493	Forrester Research, Inc.*		479,258
	20,413	Heidrick & Struggles International, Inc.		663,423
	35,143	Kelly Services, Inc., Class A		793,529
	59,115	Korn Ferry		2,506,476
	32,489	Resources Connection, Inc.		530,545
	41,404	Trueblue, Inc.*		996,180

				9,819,065

Real Estate Management & Development (0.7%):
	88,162	Essential Properties Realty Trust, Inc.		2,187,300
	25,375	Marcus & Millichap, Inc.*		945,219
	19,066	RE/MAX Holdings, Inc., Class A^		733,850
	122,558	Realogy Holdings Corp.^		1,186,361
	33,765	The St Joe Co.*		669,560

				5,722,290

Road & Rail (0.6%):
	26,584	ArcBest Corp.		733,718
	49,672	Heartland Express, Inc.		1,045,596
	41,856	Marten Transport, Ltd.		899,485
	27,831	Saia, Inc.*		2,591,623

				5,270,422


Shares			Fair Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment (3.5%):
	41,086	Advanced Energy Industries, Inc.*	$	2,925,323
	34,407	Axcelis Technologies, Inc.*		829,037
	77,391	Brooks Automation, Inc.		3,247,327
	23,060	CEVA, Inc.*		621,698
	44,026	Cohu, Inc.		1,005,994
	44,293	Diodes, Inc.*		2,496,796
	24,799	DSP Group, Inc.*		390,336
	81,297	FormFactor, Inc.*		2,111,283
	24,336	Ichor Holdings, Ltd.*		809,659
	67,581	Kulicke & Soffa Industries, Inc.		1,838,203
	69,124	MaxLinear, Inc., Class A*		1,466,811
	52,188	Onto Innovation, Inc.*		1,906,950
	29,726	PDF Solutions, Inc.*^		502,072
	71,985	Photronics, Inc.*		1,134,484
	31,607	Power Integrations, Inc.		3,126,248
	119,599	Rambus, Inc.*		1,647,476
	14,090	SMART Global Holdings, Inc.*		534,575
	42,917	Ultra Clean Holdings, Inc.*		1,007,262
	52,313	Veeco Instruments, Inc.*		768,216
	53,124	Xperi Corp.		982,794

				29,352,544

Software (2.3%):
	107,419	8x8, Inc.*		1,965,768
	22,028	Agilysys, Inc.*		559,731
	38,946	Alarm.com Holding, Inc.*		1,673,510
	40,825	Bottomline Technologies, Inc.*		2,188,220
	23,888	Ebix, Inc.^		798,098
	66,365	LivePerson, Inc.*^		2,455,505
	8,767	MicroStrategy, Inc., Class A*		1,250,437
	34,536	OneSpan, Inc.*		591,256
	48,021	Progress Software Corp.		1,995,273
	35,805	Qualys, Inc.*		2,985,062
	37,373	Sps Commerce, Inc.*		2,071,212
	135,583	TiVo Corp.		1,149,744

				19,683,816

Specialty Retail (3.7%):
	67,022	Abercrombie & Fitch Co., Class A		1,158,810
	20,809	Asbury Automotive Group, Inc.*		2,326,239
	39,564	Barnes & Noble Education, Inc.*		168,938
	31,029	Boot Barn Holdings, Inc.*		1,381,721
	43,363	Caleres, Inc.		1,029,871
	23,745	Cato Corp., Class A		413,163
	127,806	Chico’s FAS, Inc.		486,941
	20,598	Conn’s, Inc.*		255,209
	58,430	Designer Brands, Inc., Class A^		919,688
	72,999	Express, Inc.*		355,505
	63,181	GameStop Corp., Class A^		384,140
	15,241	Genesco, Inc.*		730,349
	18,786	Group 1 Automotive, Inc.		1,878,601
	45,271	Guess?, Inc.		1,013,165
	19,728	Haverty Furniture Cos., Inc.		397,716
	18,805	Hibbett Sports, Inc.*		527,292
	24,210	Lithia Motors, Inc., Class A^		3,558,871
	29,850	Lumber Liquidators Holdings, Inc.*^		291,635
	22,534	MarineMax, Inc.*		376,092
	81,089	Michaels Cos., Inc. (The)*^		656,010

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019


Shares			Fair Value
Common Stocks, continued
Specialty Retail, continued
	35,580	Monro, Inc.^	$	2,782,357
	581,993	Office Depot, Inc.		1,594,661
	52,843	Rent-A-Center, Inc.		1,523,992
	9,605	Shoe Carnival, Inc.^		358,074
	55,634	Signet Jewelers, Ltd.		1,209,483
	30,497	Sleep Number Corp.*^		1,501,672
	25,931	Sonic Automotive, Inc., Class A^		803,861
	52,242	Tailored Brands, Inc.^		216,282
	30,956	The Buckle, Inc.^		837,050
	16,564	The Children’s Place, Inc.^		1,035,581
	22,020	Zumiez, Inc.*		760,571

				30,933,540

Technology Hardware, Storage & Peripherals (0.2%):
	126,562	3D Systems Corp.*		1,107,417
	81,691	Diebold Nixdorf, Inc.*		862,657

				1,970,074

Textiles, Apparel & Luxury Goods (1.9%):
	73,509	Crocs, Inc.*		3,079,292
	50,368	Fossil Group, Inc.*		396,900
	45,933	G-III Apparel Group, Ltd.*		1,538,756
	49,892	Kontoor Brands, Inc.^		2,094,965
	17,027	Movado Group, Inc.^		370,167
	18,169	Oxford Industries, Inc.		1,370,306
	82,866	Steven Madden, Ltd.^		3,564,066
	15,279	Unifi, Inc.*		385,948
	25,651	Vera Bradley, Inc.*		302,682
	86,306	Wolverine World Wide, Inc.		2,911,964

				16,015,046

Thrifts & Mortgage Finance (1.9%):
	57,059	Axos Financial, Inc.*		1,727,747
	33,106	Dime Community Bancshares, Inc.		691,584
	37,297	Flagstar Bancorp, Inc.		1,426,610
	26,338	HomeStreet, Inc.*		895,492
	37,162	Meta Financial Group, Inc.		1,356,785
	73,502	NMI Holdings, Inc., Class A*		2,438,796
	46,803	Northfield Bancorp, Inc.		793,779
	108,244	Northwest Bancshares, Inc.		1,800,098
	64,467	Provident Financial Services, Inc.		1,589,112
	105,230	TrustCo Bank Corp NY		912,344
	31,074	Wawlker & Dunlop, Inc.		2,009,866

				15,642,213

Tobacco (0.4%):
	26,416	Universal Corp.		1,507,297
	124,080	Vector Group, Ltd.^		1,661,431

				3,168,728


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Common Stocks, continued
Trading Companies & Distributors (0.9%):
	41,230	Applied Industrial Technologies, Inc.	$	2,749,628
	17,142	DXP Enterprises, Inc.*		682,423
	18,925	Foundation Building Materials, Inc.*		366,199
	45,049	GMS, Inc.*		1,219,927
	29,843	Kaman Corp., Class A		1,967,251
	13,318	Veritiv Corp.*		261,965

				7,247,393

Water Utilities (0.7%):
	39,654	American States Water Co.^		3,435,622
	51,696	California Water Service Group^		2,665,446

				6,101,068

Wireless Telecommunication Services (0.2%):
	43,668	Shenandoah Telecommunications Co.		1,817,026
	18,505	Spok Holdings, Inc.		226,316

				2,043,342

	Total Common Stocks (Cost $668,261,495)			834,455,473

Right (0.0%^†):
Chemicals (0.0%^†):
	34,578	Schulman, Inc. CVR, Expires on 12/31/49*(a)		—

	Total Right (Cost $—)			—

Short-Term Securities Held as Collateral for Securities on Loan (4.3%):
	36,646,070	BlackRock Liquidity FedFund, Institutional Class, 2.00%(b)(c)		36,646,070

	Total Short-Term Securities Held as Collateral for Securities on Loan (Cost $36,646,070)			36,646,070

Unaffiliated Investment Companies (1.1%):
Money Markets (1.1%):
	9,232,738	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 1.44%(c)		9,232,738

	Total Unaffiliated Investment Companies (Cost $9,232,738)			9,232,738

	Total Investment Securities (Cost $714,140,303) — 103.9%(d)			880,334,281
	Net other assets (liabilities) — (3.9)%			(32,715,693	)

	Net Assets — 100.0%		$	847,618,588

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

Percentages indicated are based on net assets as of December 31, 2019.

CVR—Contingency Valued Rights

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of December 31, 2019. The total value of securities on loan as of December 31, 2019 was $35,820,152.

†	Represents less than 0.05%.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2019. The total of all such securities represent 0.00% of the net assets of the fund.

(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 December 31, 2019.

(c)	The rate represents the effective yield at December 31, 2019.

(d)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

December 31, 2019

Futures Contracts

Cash of $367,600 has been segregated to cover margin requirements for the following open contracts as of December 31, 2019:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index March Future (U.S. Dollar)		3/20/20		157	$	13,114,210	$	5,088

							$	5,088

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Statement of Assets and Liabilities

December 31, 2019


Assets:
Investment securities, at cost	$	714,140,303

Investment securities, at value^(a)	$	880,334,281
Segregated cash for collateral for futures contracts		367,600
Interest and dividends receivable		1,162,351
Receivable for investments sold		3,739,653
Receivable for variation margin on futures contracts		7,641
Reclaims receivable		5
Prepaid expenses		2,798

Total Assets		885,614,329

Liabilities:
Payable for investments purchased		583,554
Payable for capital shares redeemed		315,906
Payable for collateral received on loaned securities		36,646,070
Manager fees payable		185,618
Administration fees payable		6,446
Distribution fees payable		169,181
Custodian fees payable		4,629
Administrative and compliance services fees payable		3,017
Transfer agent fees payable		1,897
Trustee fees payable		742
Other accrued liabilities		78,681

Total Liabilities		37,995,741

Net Assets	$	847,618,588

Net Assets Consist of:
Paid in capital	$	641,054,049
Total distributable earnings		206,564,539

Net Assets	$	847,618,588

Class 1
Net Assets	$	44,097,737
Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,569,394
Net Asset Value (offering and redemption price per share)	$	9.65

Class 2
Net Assets	$	803,520,851
Shares of beneficial interest (unlimited number of shares authorized, no par value)		60,729,952
Net Asset Value (offering and redemption price per share)	$	13.23

(a)	Includes securities on loan of $35,820,152.

Statement of Operations

For the Year Ended December 31, 2019


Investment Income:
Dividends	$	12,135,318
Interest		7,484
Income from securities lending		574,224
Foreign withholding tax		(4,796	)

Total Investment Income		12,712,230

Expenses:
Manager fees		2,145,408
Administration fees		233,412
Distribution fees — Class 2		1,953,691
Custodian fees		26,258
Administrative and compliance services fees		14,334
Transfer agent fees		11,096
Trustee fees		44,581
Professional fees		40,506
Shareholder reports		31,393
Other expenses		189,389

Total expenses		4,690,068

Net Investment Income/(Loss)		8,022,162

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		37,690,438
Net realized gains/(losses) on futures contracts		125,233
Change in net unrealized appreciation/depreciation on securities		117,062,129
Change in net unrealized appreciation/depreciation on affiliated securities		(148,073	)
Change in net unrealized appreciation/depreciation on futures contracts		23,813

Net realized and Change in net unrealized gains/losses on investments		154,753,540

Change in Net Assets Resulting From Operations	$	162,775,702

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Statements of Changes in Net Assets


	For the Year Ended December 31, 2019				For the Year Ended December 31, 2018

Change In Net Assets:
Operations:
Net investment income/(loss)		$	8,022,162			$	8,604,923
Net realized gains/(losses) on investments			37,815,671				79,905,096
Change in unrealized appreciation/depreciation on investments			116,937,869				(159,942,782	)

Change in net assets resulting from operations			162,775,702				(71,432,763	)

Distributions to Shareholders:
Class 1			(6,106,200	)			(6,592,781	)
Class 2			(81,746,245	)			(86,898,788	)

Change in net assets resulting from distributions to shareholders			(87,852,445	)			(93,491,569	)


Capital Transactions:
Class 1
Proceeds from shares issued			281,407				20,593
Proceeds from dividends reinvested			6,106,200				6,592,781
Value of shares redeemed			(6,263,508	)			(8,576,640	)

Total Class 1 Shares			124,099				(1,963,266	)

Class 2
Proceeds from shares issued			10,475,140				55,470,879
Proceeds from dividends reinvested			81,746,245				86,898,788
Value of shares redeemed			(74,193,135	)			(144,028,495	)

Total Class 2 Shares			18,028,250				(1,658,828	)

Change in net assets resulting from capital transactions			18,152,349				(3,622,094	)

Change in net assets			93,075,606				(168,546,426	)
Net Assets:
Beginning of period			754,542,982				923,089,408

End of period		$	847,618,588			$	754,542,982


Share Transactions:
Class 1
Shares issued			26,661				1,696
Dividends reinvested			705,919				611,575
Shares redeemed			(623,565	)			(716,338	)

Total Class 1 Shares			109,015				(103,067	)

Class 2
Shares issued			787,490				3,377,911
Dividends reinvested			6,886,794				6,123,946
Shares redeemed			(5,537,516	)			(9,375,471	)

Total Class 2 Shares			2,136,768				126,386

Change in shares			2,245,783				23,319

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Financial Highlights

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2019				2018					2017				2016^				2015

Class 1

Net Asset Value, Beginning of Period		$	9.26			$	11.68				$	11.38			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.12	(a)			0.16					0.16				0.06
Net Realized and Unrealized Gains/(Losses) on Investments			1.78				(0.93	)				1.24				1.32

Total from Investment Activities			1.90				(0.77	)				1.40				1.38

Distributions to Shareholders From:
Net Investment Income			(0.17	)			(0.18	)				(0.08	)			—
Net Realized Gains			(1.34	)			(1.47	)				(1.02	)			—

Total Dividends			(1.51	)			(1.65	)				(1.10	)			—

Net Asset Value, End of Period		$	9.65			$	9.26				$	11.68			$	11.38

Total Return(b)			22.42	%			(8.59	)%				12.94	%			13.80	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	44,098			$	41,285				$	53,319			$	54,672
Net Investment Income/(Loss)(d)			1.21	%			1.17	%				1.21	%			1.46	%
Expenses Before Reductions(d)(e)			0.33	%			0.33	%				0.32	%			0.32	%
Expenses Net of Reductions(d)			0.33	%			0.33	%				0.32	%			0.32	%
Portfolio Turnover Rate(f)			14	%			19	%				16	%			86	%(g)

Class 2

Net Asset Value, Beginning of Period		$	12.17			$	14.88				$	14.23			$	13.49			$	15.43


Investment Activities:									��
Net Investment Income/(Loss)			0.13	(a)			0.15					0.15				0.07				0.19
Net Realized and Unrealized Gains/(Losses) on Investments			2.40				(1.25	)				1.59				3.06				(0.58	)

Total from Investment Activities			2.53				(1.10	)				1.74				3.13				(0.39	)

Distributions to Shareholders From:
Net Investment Income			(0.13	)			(0.14	)				(0.07	)			(0.16	)			(0.17	)
Net Realized Gains			(1.34	)			(1.47	)				(1.02	)			(2.23	)			(1.38	)

Total Dividends			(1.47	)			(1.61	)				(1.09	)			(2.39	)			(1.55	)

Net Asset Value, End of Period		$	13.23			$	12.17				$	14.88			$	14.23			$	13.49

Total Return(b)			22.19	%			(8.93	)%				12.75	%			25.71	%			(2.49	)%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	803,521			$	713,258				$	869,770			$	909,979			$	276,006
Net Investment Income/(Loss)			0.96	%			0.93	%				0.96	%			1.19	%			0.96	%
Expenses Before Reductions(e)			0.58	%			0.58	%				0.57	%			0.58	%			0.59	%
Expenses Net of Reductions			0.58	%			0.58	%				0.57	%			0.58	%			0.59	%
Portfolio Turnover Rate(f)			14	%			19	%				16	%			86	%(g)			16	%

^	Class 1 activity is for the period October 17, 2016 (commencement of operations) to December 31, 2016.

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

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

(g)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after the fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 86%.

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

December 31, 2019

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 21 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Small Cap Stock Index Fund (the “Fund”), and 20 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

December 31, 2019

Class Allocation

Securities Lending

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $56,656 during the year ended December 31, 2019. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $36,646,070 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019. At December 31, 2019, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the year ended December 31, 2019, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for long contracts was $10.2 million for the year ended December 31, 2019. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of December 31, 2019:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts*

5,088

Payable for variation margin on futures contracts*

—

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

December 31, 2019

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the year ended December 31, 2019:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk

Equity Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	125,233	$	23,813

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2021.

For the year ended December 31, 2019, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Small Cap Stock Index Fund Class 1		0.26	%		0.46	%
AZL Small Cap Stock Index Fund Class 2		0.26	%		0.71	%

At December 31, 2018, the Fund’s Schedule of Portfolio Investments included Affiliated Securities valued at $1,271,988. At December 31, 2019 those securities are no longer affiliates to the Fund. The impact incurred by the Fund is reflected on Statement of Operations as “Change in net unrealized appreciation/depreciation on affiliated securities.”

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the year ended December 31, 2019, $6,205 was paid from the Fund relating to these fees and expenses.

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

December 31, 2019

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of December 31, 2019 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total
Common Stocks+		$	834,455,473		$	—		$	—			$	834,455,473
Rights			—			—			—	#			—
Short-Term Securities Held as Collateral for Securities on Loan			36,646,070			—			—				36,646,070
Unaffiliated Investment Companies			9,232,738			—			—				9,232,738

Total Investment Securities			880,334,281			—			—				880,334,281

Other Financial Instruments:*
Futures Contracts			5,088			—			—				5,088

Total Investments		$	880,339,369		$	—		$	—			$	880,339,369

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

#	Represents the interest in securities that were determined to have a value of zero at December 31, 2019.

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

5. Security Purchases and Sales

For the year ended December 31, 2019, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Small Cap Stock Index Fund		$	114,701,551		$	181,136,262

6. Investment Risks

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

December 31, 2019

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2019 is $719,059,883. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	232,582,289
Unrealized (depreciation)		(71,307,891	)

Net unrealized appreciation/(depreciation)	$	161,274,398

The tax character of dividends paid to shareholders during the year ended December 31, 2019 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Small Cap Stock Index Fund		$	9,043,377		$	78,809,068		$	87,852,445

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

The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)

AZL Small Cap Stock Index Fund		$	35,593,192		$	57,898,377		$	93,491,569

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

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)

AZL Small Cap Stock Index Fund		$	11,392,438		$	33,897,705		$	—		$	161,274,398		$	206,564,541

(a)	The difference between book-basis andtax-basis unrealized appreciation/depreciation is attributable primarily to tax deferral of losses on wash sales, mark-to-market of futures contracts and other miscellaneous differences.

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of December 31, 2019, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 60% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

9. Subsequent Events

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of Allianz Variable Insurance Products Trust and Shareholders of AZL Small Cap Stock Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AZL Small Cap Stock Index Fund (one of the funds constituting Allianz Variable Insurance Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statements of changes in net assets for the years ended December 31, 2019 and 2018, including the related notes, and the financial highlights for the years ended December 31, 2019 and 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year ended December 31, 2019, the changes in its net assets and the financial highlights for the years ended December 31, 2019 and 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

New York, New York

February 21, 2020

We have served as the auditor of one or more investment companies in the Allianz Variable Insurance Products complex since 2018.

Other Federal Income Tax Information (Unaudited)

For the year ended December 31, 2019, 95.82% of the total ordinary income dividends paid by the Fund qualify for the corporate dividends received deductions available to corporate shareholders.

During the year ended December 31, 2019, the Fund declared net short-term capital gain distributions of $1,042,836.

During the year ended December 31, 2019, the Fund declared net long-term capital gain distributions of $78,809,068.

Other Information (Unaudited)

Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger.

Having taken these factors into account, the Board concluded that the absence of breakpoints in the Funds’ advisory fee rate schedules was acceptable under each Fund’s circumstances.

Information about the Board of Trustees and Officers (Unaudited)

Non-Interested Trustees(1)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Peter R. Burnim (1947) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Consultant/Chair, various companies: Chairman, Emrys Analytics and subsidiaries, July 2015 to present; Chairman, Argus Investment Strategies Fund Ltd., February 2013 to 2017; Managing Director, iQ Venture Advisors, LLC, 2005 to present; Chair, Northstar Group Holdings Ltd. Bermuda, 2011 to present; Chair Sterling Bank & Trust (Bahamas) Ltd., 2016 to present, and Expert Witness, Massachusetts Department of Revenue, 2011 to 2016.	33	Argus Group Holdings and Subsidiaries; Northstar Group Holdings; Sterling Trust (Cayman) Ltd.; Sterling Bank & Trust Limited (Bahamas); Emrys Analytics; EGB Insurance. Sterling National Bank Advisory Board, Stellar Energy Foundation.

Peggy L. Ettestad (1957) 5701 Golden Hills Drive Minneapolis, MN 55416	Lead Independent Trustee	Since 10/14 (Trustee since 2/07)	Managing Director, Red Canoe Management Consulting LLC, 2008 to present	33	Luther College

Tamara Lynn Fagely (1958) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Retired; Chief Operations Officer, Hartford Funds, March 2012 to December 2013	33	Diamond Hill Funds (13 funds)

Richard H. Forde (1953) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 12/17	Member of the Board and Chairman of the Finance and Investment Committee, Connecticut Water Service, Inc., October 2013 to present; Senior Vice President and Chief Investment Officer, CIGNA, 2004 to 2012	33	Connecticut Water Service, Inc.

Claire R. Leonardi (1955) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Health eSense Inc., 2015 to Present; CEO, Connecticut Innovations, Inc., 2012 to 2015	33	reSet Social Enterprise Investment Fund

Dickson W. Lewis (1948) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to 2014	33	None

Interested Trustees(3)


Name, Address, and Year of Birth	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present	33	None

Officers


Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years

Brian Muench (1970) 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC, November 2010 to present; Vice President, Allianz Life, April 2011 to present.

Michael Radmer (1945) Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN55402-1498	Secretary	Since 02/02	Senior Counsel (previously, Partner), Dorsey and Whitney LLP since 1976.

Bashir C. Asad (1963) Citi Fund Services Ohio, Inc. 4400 Easton Commons, Suite 200 Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 06/16	Senior Vice President, Citi Fund Services Ohio, Inc.

Chris R. Pheiffer (1968) 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-Money Laundering Compliance Officer	Since 02/14	Chief Compliance Officer of the VIP Trust and the FOF Trust, February 2014 to present.

(1)	Member of the Audit Committee.

(2)	Indefinite.

(3)	Is an “interested person”, as defined by the 1940 Act, due to employment by Allianz.

(4)

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The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		ANNRPT1219 2/20

AZL^® T. Rowe Price Capital Appreciation Fund

Annual Report

December 31, 2019

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Table of Contents

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Report of Independent Registered Public Accounting Firm

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