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

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Statement Regarding the Trust’s Liquidity Risk Management Program

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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

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 or the insurance contract were included, your costs would have been higher.

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA Five-Year Global Fixed Income Fund		$	1,000.00		$	999.00		$	3.92		0.79	%

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA Five-Year Global Fixed Income Fund		$	1,000.00		$	1,020.88		$	3.96		0.79	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

U.S. Treasury Obligations		42.0	%

Yankee Debt Obligations		30.1

Foreign Bonds		22.9

Corporate Bonds		4.3

Unaffiliated Investment Company		1.7

Short-Term Security Held as Collateral for Securities on Loan		0.7


Total Investment Securities		101.7

Net other assets (liabilities)		(1.7	)

Net Assets		100.0	%

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds (4.3%):
Capital Markets (0.5%):
$	2,250,000	National Securities Clearing Corp., 0.75%, 12/7/25, Callable 11/7/25 @ 100	$	2,221,342

Diversified Financial Services (0.2%):
	700,000	Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100		764,233

Food Products (0.1%):
	550,000	Nestle Holdings, Inc., 0.63%, 1/15/26, Callable 12/15/25 @ 100(a)		540,483

Internet & Direct Marketing Retail (1.2%):
	5,100,000	Amazon.com, Inc., 1.00%, 5/12/26, Callable 4/12/26 @ 100^		5,097,879

IT Services (0.1%):
	400,000	Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100		437,760

Pharmaceuticals (1.0%):
	2,200,000	Merck & Co., Inc., 0.75%, 2/24/26, Callable 1/24/26 @ 100		2,179,382
	1,754,000	Roche Holdings, Inc., 0.99%, 3/5/26, Callable 2/5/26 @ 100(a)		1,744,288
	200,000	Roche Holdings, Inc., 2.63%, 5/15/26, Callable 2/15/26 @ 100(a)		213,670

				4,137,340

Technology Hardware, Storage & Peripherals (1.2%):
	3,050,000	Apple, Inc., 0.70%, 2/8/26, Callable 1/8/26 @ 100		3,014,382
	1,701,000	Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100		1,867,722

				4,882,104

	Total Corporate Bonds (Cost $18,078,604)			18,081,141

Foreign Bonds (22.9%):
Banks (7.4%):
	500,000	Australia & New Zealand Banking Group, Ltd., 0.81%(BBSW3M+77bps), 8/29/24, MTN+		381,039
	4,500,000	Australia & New Zealand Banking Group, Ltd., 0.80%(BBSW3M+76bps), 1/16/25, MTN+		3,426,497
	2,000,000	Bank of Montreal, 1.01%(BBSW3M+99bps), 9/7/23, MTN+		1,523,397
	1,800,000	Dexia Credit Local SA, Series E, 1.13%, 6/15/22+		2,511,276
	4,500,000	Kreditanstalt fuer Wiederaufbau, 1.63%, 4/3/24, MTN+		531,193
	5,400,000	Kreditanstalt fuer Wiederaufbau, 0.75%, 2/19/26+		4,280,766
	1,100,000	Landwirtschaftliche Rentenbank, 4.75%, 5/6/26, MTN+		969,718
	3,000,000	National Australia Bank, Ltd., 0.96%(BBSW3M+93bps), 9/26/23, MTN+		2,287,008
	2,000,000	National Australia Bank, Ltd., 0.81%(BBSW3M+77bps), 1/21/25, MTN+		1,523,502
	4,000,000	Nordic Investment Bank, 1.88%, 4/10/24, MTN+		474,714
	600,000	Toronto-Dominion Bank (The), 1.04%(BBSW3M+100bps), 7/10/24+		457,851
	10,200,000	Toronto-Dominion Bank (The), 1.13%, 12/9/25+		8,081,982
	1,000,000	Westpac Banking Corp., 0.99%(BBSW3M+95bps), 11/16/23, MTN+		763,483
	3,500,000	Westpac Banking Corp., 1.18%(BBSW3M+114bps), 4/24/24, MTN+		2,692,005


Principal Amount			Value
Foreign Bonds, continued
Banks, continued
$	2,000,000	Westpac Banking Corp., 0.92%(BBSW3M+88bps), 8/16/24, MTN+	$	1,529,486
	500,000	Westpac Banking Corp., 4.13%, 6/4/26, MTN+		424,769

				31,858,686

Capital Markets (0.7%):
	3,000,000	Canada Housing Trust No 1, 0.38%(CDOR03-(6)bps), 9/15/23+(a)		2,430,571
	600,000	PSP Capital, Inc., 0.90%, 6/15/26+		475,106

				2,905,677

Consumer Finance (0.2%):
	605,000	Toyota Finance Australia, Ltd., Series E, 0.50%, 4/6/23, MTN+		727,076

Diversified Financial Services (1.5%):
	8,800,000	European Investment Bank, Series E, 1.50%, 5/12/22, MTN+		1,030,801
	10,000,000	Kommunalbanken AS, 1.50%, 4/19/22, MTN+		1,170,830
	1,500,000	Kommuninvest I Sverige AB, 1.00%, 11/13/23, MTN+		179,237
	1,500,000	Temasek Financial I, Ltd., Series E, 0.50%, 3/1/22+		1,786,253
	800,000	Temasek Financial I, Ltd., Series G, 4.63%, 7/26/22+		1,155,204
	900,000	Total Capital International SA, 0.25%, 7/12/23+		1,079,147

				6,401,472

Electric Utilities (0.6%):
	3,000,000	Hydro-Quebec, 0.64%(CDOR03+20bps), 4/14/23+		2,438,392

Pharmaceuticals (1.5%):
	2,000,000	Novartis Finance SA, 0.50%, 8/14/23, Callable 5/14/23 @ 100+		2,408,228
	3,200,000	Sanofi, 0.50%, 3/21/23, Callable 12/21/22 @ 100+		3,843,528

				6,251,756

Road & Rail (0.2%):
	667,000	Transport For London, 2.25%, 8/9/22, MTN+		939,571

Sovereign Bond (10.8%):
	1,000,000	Asian Development Bank, 0.50%, 5/5/26, MTN+		730,642
	11,500,000	Australia Government Bond, 0.25%, 11/21/25+		8,465,415
	2,600,000	Australia Government Bond, 4.25%, 4/21/26+		2,272,215
	300,000	Inter-American Development Bank, 2.75%, 10/30/25, MTN+		242,541
	277,000	Inter-American Development Bank, 4.40%, 1/26/26+		255,406
	2,000,000	International Bank for Reconstruction & Development, 1.75%, 11/6/24, MTN+		236,657
	1,400,000	International Bank for Reconstruction & Development, 0.63%, 1/14/26+		1,102,571
	1,000,000	International Bank for Reconstruction & Development, 0.50%, 5/18/26, MTN+		732,749
	500,000	Kommunalbanken AS, Series E, 1.50%, 12/15/23, MTN+		711,470
	8,200,000	New South Wales Treasury Corp., 4.00%, 5/20/26+		7,038,022
	4,450,000	New Zealand Government Bond, 0.50%, 5/15/26+		3,014,781
	600,000	Nordic Investment Bank, 3.40%, 2/6/26, MTN+		497,639
	19,000,000	Norway Government Bond, 1.75%, 3/13/25+(a)		2,266,657
	3,500,000	Province of Alberta Canada, 2.20%, 6/1/26+		2,944,332
	2,000,000	Province of British Columbia Canada, 2.30%, 6/18/26+		1,694,433
	450,000	Province of Manitoba Canada, 1.50%, 12/15/22+		632,450

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Foreign Bonds, continued
Sovereign Bond, continued
$	1,300,000	Province of Manitoba Canada, 2.55%, 6/2/26+	$	1,111,021
	1,000,000	Province of Ontario Canada, 1.75%, 9/8/25+		826,658
	2,000,000	Province of Ontario Canada, 2.40%, 6/2/26+		1,696,999
	750,000	Province of Quebec Canada, 0.98%(CDOR03+54.5bps), 10/19/23, MTN+		616,260
	7,250,000	Province of Quebec Canada, 0.84%(CDOR03+40.5bps), 10/13/24+		5,972,680
	500,000	Swedish Export Credit AB, Series E, 1.38%, 12/15/23, MTN+		708,766
	3,600,000	Treasury Corp. of Victoria, 0.50%, 11/20/25, MTN+		2,660,786

				46,431,150

	Total Foreign Bonds (Cost $96,088,548)			97,953,780

Yankee Debt Obligations (30.1%):
Banks (4.7%):
	1,000,000	Bank of New Zealand, 1.00%, 3/3/26(a)		985,775
	400,000	Dexia Credit Local SA, 1.13%, 4/9/26(a)		402,442
	3,150,000	Dexia Credit Local SA, 1.13%, 4/9/26		3,169,234
	4,740,000	Kreditanstalt fuer Wiederaufbau, 0.63%, 1/22/26		4,697,695
	1,000,000	Nordea Bank Abp, 0.75%, 8/28/25(a)		986,020
	1,000,000	Nordic Investment Bank, 0.50%, 1/21/26		985,065
	2,000,000	Oesterreichische Kontrollbank AG, 0.50%, 2/2/26, MTN		1,966,376
	3,860,000	Toronto-Dominion Bank (The), 0.75%, 1/6/26, MTN		3,809,951
	19,000	Toronto-Dominion Bank (The), 1.20%, 6/3/26		19,050
	3,170,000	Westpac Banking Corp., 1.15%, 6/3/26		3,160,183

				20,181,791

Capital Markets (0.6%):
	2,681,000	PSP Capital, Inc., 1.00%, 6/29/26(a)		2,682,954

Diversified Financial Services (9.7%):
	5,200,000	Agence Francaise de Developpement Epic, 0.63%, 1/22/26, MTN		5,128,396
	1,000,000	BNG Bank NV, 2.38%, 3/16/26		1,066,130
	5,300,000	BNG Bank NV, 0.88%, 5/18/26(a)		5,294,944
	400,000	Caisse d’Amortissement de la Dette Sociale, 0.63%, 2/18/26(a)		395,114
	6,600,000	Caisse d’Amortissement de la Dette Sociale, 0.63%, 2/18/26		6,519,388
	2,177,000	European Bank for Reconstruction & Development, 0.50%, 1/28/26		2,144,600
	7,413,000	European Investment Bank, 0.38%, 3/26/26		7,251,663
	1,000,000	Kommunalbanken AS, 0.50%, 1/13/26, MTN		983,378
	3,758,000	Kommunekredit, 0.50%, 1/28/26, MTN		3,696,745
	8,600,000	Landwirtschaftliche Rentenbank, 0.88%, 3/30/26		8,603,973
	300,000	Shell International Finance BV, 2.88%, 5/10/26		324,056

				41,408,387

Oil, Gas & Consumable Fuels (1.0%):
	4,000,000	Equinor ASA, 1.75%, 1/22/26, Callable 12/22/25 @ 100		4,119,716


Shares or Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond (14.1%):
$	6,050,000	African Development Bank, 0.88%, 3/23/26	$	6,044,398
	4,200,000	Asian Development Bank, 0.50%, 2/4/26, MTN		4,134,912
	7,700,000	Asian Development Bank, 1.00%, 4/14/26		7,744,976
	3,387,000	Asian Infrastructure Investment Bank (The), 0.50%, 1/27/26		3,330,227
	10,000,000	Canada Government International Bond, 0.75%, 5/19/26		9,921,400
	11,850,000	Inter-American Development Bank, 0.88%, 4/20/26, MTN		11,855,534
	489,000	Inter-American Investment Corp., 0.63%, 2/10/26, MTN		481,538
	2,100,000	Kuntarahoitus OYJ, 0.63%, 3/20/26, MTN		2,074,823
	3,650,000	Province of Ontario Canada, 0.63%, 1/21/26		3,570,817
	5,800,000	Province of Ontario Canada, 1.05%, 4/14/26		5,782,467
	5,200,000	SFIL SA, 0.63%, 2/9/26, MTN		5,123,040
	300,000	State of North Rhine-Westphalia Germany, 1.00%, 4/21/26, MTN		301,188

				60,365,320

	Total Yankee Debt Obligations (Cost $128,656,357)			128,758,168

U.S. Treasury Obligations (42.0%):
U.S. Treasury Notes (42.0%)
	16,000,000	0.38%, 12/31/25		15,700,000
	28,000,000	0.38%, 1/31/26		27,448,750
	16,500,000	0.50%, 2/28/26		16,257,657
	44,000,000	0.75%, 3/31/26		43,821,250
	12,000,000	2.25%, 3/31/26		12,795,000
	16,500,000	0.75%, 4/30/26		16,422,656
	5,000,000	2.38%, 4/30/26		5,363,281
	19,000,000	1.63%, 5/15/26		19,703,594
	18,000,000	0.75%, 5/31/26		17,904,375
	4,000,000	2.13%, 5/31/26		4,244,375

	Total U.S. Treasury Obligations (Cost $179,657,207)			179,660,938

Short-Term Security Held as Collateral for Securities on Loan (0.7%):
	3,005,939	BlackRock Liquidity FedFund, Institutional Class, 0.04%(b)(c)		3,005,939

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $3,005,939)			3,005,939

Unaffiliated Investment Company (1.7%):
Money Markets (1.7%):
	7,453,809	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)		7,453,809

	Total Unaffiliated Investment Company (Cost $7,453,809)			7,453,809

	Total Investment Securities (Cost $432,940,464) — 101.7%			434,913,775
	Net other assets (liabilities) — (1.7)%			(7,252,168	)

	Net Assets — 100.0%		$	427,661,607

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Percentages indicated are based on net assets as of June 30, 2021.

CDOR03—Canadian Dollar LIBOR Rate

MTN—Medium Term Note

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $2,945,774.

+	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. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

(c)	The rate represents the effective yield at June 30, 2021.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2021:

(Unaudited)


Country	Percentage

Australia		8.6	%
Austria		0.5	%
Canada		13.0	%
Denmark		0.8	%
Finland		0.7	%
France		6.5	%
Germany		4.5	%
Luxembourg		0.6	%
Netherlands		1.5	%
New Zealand		0.9	%
Norway		2.1	%
Singapore		0.7	%
Supernational		11.3	%
Sweden		0.2	%
United Kingdom		0.2	%
United States		47.9	%

		100.0	%

Forward Currency Contracts

At June 30, 2021, the Fund’s open forward currency contracts were as follows:


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Net Unrealized Appreciation/ (Depreciation)

British Pound	1,365,224	U.S. Dollar	1,887,421	Barclays Bank		7/1/21	$	829
U.S. Dollar	31,504,018	British Pound	22,646,660	State Street		7/1/21		181,270
U.S. Dollar	906,367	European Euro	761,694	ANZ Banking Group, Ltd.		7/2/21		3,298
Canadian Dollar	3,019,239	U.S. Dollar	2,433,562	Bank of America		7/2/21		2,486
U.S. Dollar	27,246,184	European Euro	22,842,967	State Street		7/9/21		158,300
U.S. Dollar	1,703,899	Canadian Dollar	2,111,555	Bank of America		7/12/21		208
U.S. Dollar	1,076,876	Canadian Dollar	1,309,631	Bank of America		7/12/21		20,211
U.S. Dollar	57,574,479	Canadian Dollar	69,741,348	Citigroup		7/12/21		1,304,228
U.S. Dollar	525,281	Canadian Dollar	647,199	State Street		7/12/21		3,094
U.S. Dollar	784,197	Canadian Dollar	949,525	State Street		7/12/21		18,081
U.S. Dollar	5,861,897	Canadian Dollar	7,106,945	Bank of America		7/15/21		127,715
U.S. Dollar	12,815,085	European Euro	10,477,788	State Street		7/16/21		388,383
U.S. Dollar	21,651,516	European Euro	17,874,918	Citigroup		7/23/21		448,677
U.S. Dollar	5,905,492	Norwegian Krone	49,489,965	State Street		7/23/21		154,196
U.S. Dollar	2,350,938	Swedish Krona	19,556,197	Citigroup		7/26/21		64,468
U.S. Dollar	1,927,878	New Zealand Dollar	2,698,926	Citigroup		8/5/21		42,081
U.S. Dollar	1,143,570	New Zealand Dollar	1,622,887	State Street.		8/5/21		9,624
U.S. Dollar	2,806,232	Australian Dollar	3,740,954	ANZ Banking Group, Ltd.		8/9/21		762
U.S. Dollar	1,738,158	Australian Dollar	2,292,141	Citigroup		8/9/21		19,203

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Net Unrealized Appreciation/ (Depreciation)

U.S. Dollar	31,330,790	Australian Dollar	41,718,429	Goldman Sachs		8/9/21	$	44,706

							$	2,991,820

British Pound	307,979	U.S. Dollar	430,268	Bank of America		7/1/21		(4,300	)
British Pound	961,098	U.S. Dollar	1,364,106	Bank of America		7/1/21		(34,804	)
British Pound	1,041,042	U.S. Dollar	1,473,653	Bank of America		7/1/21		(33,781	)
British Pound	4,155,031	U.S. Dollar	5,873,396	Barclays Bank		7/1/21		(126,544	)
British Pound	1,215,789	U.S. Dollar	1,695,125	Barclays Bank		7/1/21		(13,559	)
British Pound	335,540	U.S. Dollar	467,590	Barclays Bank		7/1/21		(3,502	)
British Pound	1,023,254	U.S. Dollar	1,451,230	Barclays Bank		7/1/21		(35,961	)
British Pound	1,103,143	U.S. Dollar	1,561,887	Barclays Bank		7/1/21		(36,123	)
British Pound	802,455	U.S. Dollar	1,128,544	Barclays Bank		7/1/21		(18,663	)
British Pound	169,435	U.S. Dollar	239,935	BNY Mellon		7/1/21		(5,588	)
British Pound	2,016,808	U.S. Dollar	2,802,740	Citigroup		7/1/21		(13,280	)
British Pound	2,512,242	U.S. Dollar	3,489,006	Goldman Sachs		7/1/21		(14,307	)
British Pound	763,865	U.S. Dollar	1,082,858	State Street		7/1/21		(26,352	)
Canadian Dollar	2,094,851	U.S. Dollar	1,690,432	Bank of America		7/2/21		(218	)
European Euro	714,265	U.S. Dollar	852,895	ANZ Banking Group, Ltd.		7/9/21		(5,898	)
European Euro	1,844,366	U.S. Dollar	2,198,447	ANZ Banking Group, Ltd.		7/9/21		(11,342	)
European Euro	1,484,202	U.S. Dollar	1,808,698	ANZ Banking Group, Ltd.		7/9/21		(48,686	)
European Euro	3,369,883	U.S. Dollar	4,039,297	ANZ Banking Group, Ltd.		7/9/21		(43,187	)
European Euro	1,005,509	U.S. Dollar	1,225,145	ANZ Banking Group, Ltd.		7/9/21		(32,782	)
European Euro	2,201,250	U.S. Dollar	2,686,857	ANZ Banking Group, Ltd.		7/9/21		(76,548	)
European Euro	735,503	U.S. Dollar	899,105	ANZ Banking Group, Ltd.		7/9/21		(26,923	)
European Euro	2,239,824	U.S. Dollar	2,711,728	ANZ Banking Group, Ltd.		7/9/21		(55,677	)
European Euro	1,556,411	U.S. Dollar	1,878,701	Barclays Bank		7/9/21		(33,062	)
European Euro	2,438,321	U.S. Dollar	2,909,926	BNY Mellon		7/9/21		(18,491	)
European Euro	1,599,473	U.S. Dollar	1,932,370	Citigroup		7/9/21		(35,666	)
U.S. Dollar	2,433,808	Canadian Dollar	3,019,553	Bank of America		7/12/21		(2,494	)
Canadian Dollar	2,510,906	U.S. Dollar	2,040,162	BNY Mellon		7/12/21		(14,258	)
Canadian Dollar	6,080,926	U.S. Dollar	4,920,296	BNY Mellon		7/12/21		(13,949	)
Canadian Dollar	6,062,633	U.S. Dollar	5,007,970	Citigroup		7/12/21		(116,383	)
Canadian Dollar	5,556,394	U.S. Dollar	4,515,208	Citigroup		7/12/21		(32,076	)
Canadian Dollar	4,838,365	U.S. Dollar	3,920,291	Citigroup		7/12/21		(16,495	)
Canadian Dollar	5,061,499	U.S. Dollar	4,199,853	State Street		7/12/21		(116,023	)
Canadian Dollar	223,657	U.S. Dollar	183,503	State Street		7/12/21		(3,047	)
Canadian Dollar	5,318,239	U.S. Dollar	4,370,925	State Street		7/12/21		(79,946	)
Canadian Dollar	797,113	U.S. Dollar	655,083	Barclays Bank		7/15/21		(11,938	)
Canadian Dollar	6,309,832	U.S. Dollar	5,226,017	State Street		7/15/21		(134,980	)
European Euro	762,180	U.S. Dollar	907,202	ANZ Banking Group, Ltd.		7/16/21		(3,253	)
European Euro	2,105,128	U.S. Dollar	2,513,986	ANZ Banking Group, Ltd.		7/16/21		(17,295	)
European Euro	1,419,482	U.S. Dollar	1,686,706	Bank of America		7/16/21		(3,194	)
European Euro	1,521,514	U.S. Dollar	1,845,354	Citigroup		7/16/21		(40,832	)
European Euro	3,373,881	U.S. Dollar	4,125,632	ANZ Banking Group, Ltd.		7/23/21		(123,608	)
European Euro	2,009,703	U.S. Dollar	2,449,697	Bank of America		7/23/21		(65,831	)
European Euro	303,247	U.S. Dollar	369,197	Bank of America		7/23/21		(9,492	)
European Euro	1,746,224	U.S. Dollar	2,118,440	Bank of America		7/23/21		(47,107	)
European Euro	1,019,426	U.S. Dollar	1,227,645	Bank of America		7/23/21		(18,424	)
European Euro	1,637,067	U.S. Dollar	2,000,803	Bank of America		7/23/21		(58,950	)
European Euro	4,744,107	U.S. Dollar	5,765,265	Bank of America		7/23/21		(137,908	)
European Euro	3,041,263	U.S. Dollar	3,701,889	Bank of America		7/23/21		(94,409	)
Swedish Krona	13,993,163	U.S. Dollar	1,644,601	BNY Mellon		7/26/21		(8,549	)
Swedish Krona	4,018,549	U.S. Dollar	482,362	State Street		7/26/21		(12,522	)
U.S. Dollar	2,933,869	Australian Dollar	3,914,158	State Street		8/9/21		(1,492	)
U.S. Dollar	6,682,979	British Pound	4,834,362	Citigroup		8/16/21		(4,079	)

							$	(1,943,778	)

Total Net Forward Currency Contracts							$	1,048,042

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

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


	Unrealized Appreciation		Unrealized Depreciation

Forward currency contracts	$	2,991,820	$	(1,943,778	)

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	432,940,464

Investment securities, at value(a)	$	434,913,775
Interest and dividends receivable		953,003
Foreign currency, at value (cost $69,352)		69,050
Unrealized appreciation on forward currency contracts		2,991,820
Receivable for investments sold		11,946,586
Prepaid expenses		21,131

Total Assets		450,895,365

Liabilities:
Unrealized depreciation on forward currency contracts		1,943,778
Payable for investments purchased		17,979,832
Payable for capital shares redeemed		723
Payable for collateral received on loaned securities		3,005,939
Manager fees payable		175,743
Administration fees payable		5,162
Distribution fees payable		87,871
Custodian fees payable		7,686
Administrative and compliance services fees payable		1,077
Transfer agent fees payable		1,412
Trustee fees payable		5,339
Other accrued liabilities		19,196

Total Liabilities		23,233,758

Net Assets	$	427,661,607

Net Assets Consist of:
Paid in capital	$	421,837,693
Total distributable earnings		5,823,914

Net Assets	$	427,661,607

Shares of beneficial interest (unlimited number of shares authorized, no par value)		44,344,810
Net Asset Value (offering and redemption price per share)	$	9.64

(a)	Includes securities on loan of $2,945,774.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	1,043,203
Dividends		337
Income from securities lending		3,355

Total Investment Income		1,046,895

Expenses:
Manager fees		1,248,748
Administration fees		21,699
Distribution fees		520,309
Custodian fees		23,691
Administrative and compliance services fees		2,998
Transfer agent fees		2,948
Trustee fees		10,797
Professional fees		9,504
Shareholder reports		5,097
Other expenses		4,065

Total expenses before reductions		1,849,856
Less expenses voluntarily waived/reimbursed by the Manager		(208,122	)

Net expenses		1,641,734

Net Investment Income/(Loss)		(594,839	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		14,389,128
Net realized gains/(losses) on forward currency contracts		(10,359,557	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(16,612,339	)
Change in net unrealized appreciation/depreciation on forward currency contracts		12,989,914

Net realized and Change in net unrealized gains/losses on investments		407,146

Change in Net Assets Resulting From Operations	$	(187,693	)

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(594,839	)		$	(1,349,356	)
Net realized gains/(losses) on investments			4,029,571				(12,673,211	)
Change in unrealized appreciation/depreciation on investments			(3,622,425	)			16,558,191

Change in net assets resulting from operations			(187,693	)			2,535,624

Distributions to Shareholders:
Distributions			—				(9,025,103	)

Change in net assets resulting from distributions to shareholders			—				(9,025,103	)

Capital Transactions:
Proceeds from shares issued			20,941,279				65,979,498
Proceeds from dividends reinvested			—				9,025,103
Value of shares redeemed			(3,462,831	)			(92,427,834	)

Change in net assets resulting from capital transactions			17,478,448				(17,423,233	)

Change in net assets			17,290,755				(23,912,712	)
Net Assets:
Beginning of period			410,370,852				434,283,564

End of period		$	427,661,607			$	410,370,852

Share Transactions:
Shares issued			2,171,768				6,746,246
Dividends reinvested			—				935,244
Shares redeemed			(358,931	)			(9,378,049	)

Change in shares			1,812,837				(1,696,559	)

Amounts

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	9.65			$	9.82			$	10.06			$	10.00			$	9.96			$	9.91

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			(0.03	)(a)			0.01	(a)			0.06				0.11				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			—				0.09				0.34				0.06				0.05				0.02

Total from Investment Activities			(0.01	)			0.06				0.35				0.12				0.16				0.13

Distributions to Shareholders From:
Net Investment Income			—				(0.23	)			(0.59	)			(0.06	)			(0.12	)			(0.08	)

Total Dividends			—				(0.23	)			(0.59	)			(0.06	)			(0.12	)			(0.08	)

Net Asset Value, End of Period		$	9.64			$	9.65			$	9.82			$	10.06			$	10.00			$	9.96

Total Return(b)			(0.10	)%(c)			0.57	%			3.50	%			1.17	%			1.57	%			1.28	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	427,662			$	410,371			$	434,284			$	460,894			$	506,088			$	482,830
Net Investment Income/(Loss)(d)			(0.29	)%			(0.34	)%			0.12	%			0.45	%			1.11	%			1.01	%
Expenses Before Reductions(d)(e)			0.89	%			0.93	%			0.92	%			0.91	%			0.90	%			0.90	%
Expenses Net of Reductions(d)			0.79	%			0.83	%			0.82	%			0.81	%			0.80	%			0.80	%
Portfolio Turnover Rate			81	%(c)			62	%			35	%			69	%			83	%			52	%

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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

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

2. Significant Accounting Policies

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

Security Valuation

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

Investment Transactions and Investment Income

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

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

Expense Allocation

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

Securities Lending

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $333 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $3,005,939 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Pursuant to Rule 17a-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 period ended June 30, 2021, the Fund did not engage in any Rule 17a-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 period ended June 30, 2021, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $60.1 million and the monthly average notional amount for short contracts was $302.7 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 June 30, 2021:

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

2,991,820

Unrealized depreciation on forward currency contracts

1,943,778

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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	$	(10,359,557	)		$12,989,914

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at June 30, 2021. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021.

As of June 30, 2021, the Fund’s derivative assets and liabilities by type were as follows:


	Assets			Liabilities

Derivative Financial Instruments:
Forward currency contracts		$	2,991,820		$	1,943,778

Total derivative assets and liabilities in the Statement of Assets and Liabilities			2,991,820			1,943,778
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			—			(60,835	)

Total assets and liabilities subject to a MNA		$	2,991,820		$	1,882,943

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2021:


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

Australia and New Zealand Banking		$	4,060		$	(4,060	)		$	—		$	—		$	—
Bank of America, N.A.			150,620			(150,620	)			—			—			—
Barclays Bank PLC			829			(829	)			—			—			—
Citibank			1,878,657			(258,811	)			—			—			1,619,846
Goldman Sachs			44,706			(14,307	)			—			—			30,399
State Street Bank and Trust Company			912,948			(374,362	)			—			—			538,586

Total		$	2,991,820		$	(802,989	)		$	—		$	—		$	2,188,831

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2021:


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

Australia and New Zealand Banking		$	445,199		$	(4,060	)		$	—		$	—		$	441,139
Bank of America, N.A.			510,912			(150,620	)			—			—			360,292
Barclays Bank PLC			279,352			(829	)			—			—			278,523
Citibank			258,811			(258,811	)			—			—			—
Goldman Sachs			14,307			(14,307	)			—			—			—
State Street Bank and Trust Company			374,362			(374,362	)			—			—			—

Total		$	1,882,943		$	(802,989	)		$	—		$	—		$	1,079,954

*	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, 2022.

For the period ended June 30, 2021, 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 waived, prior to any application of expense limit, 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 above (i.e., discontinue the waiver) at any time after April 30, 2022.

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2021, there were no remaining 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 period can be found on the Statement of Operations.

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

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of 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 reasonable out-of-pocket expenses incurred in providing these services.

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

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

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $191,625 annual Board retainer, the Lead Director receives an additional $37,500, the Chair of the Nominating and Corporate Governance Committee receives an additional $7,500 annually, the Co-Chairs of the Investment Committee receive $3,750 annually and the Chair of the Audit Committee receives an additional $11,250 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 period ended June 30, 2021, actual Trustee compensation was $702,562 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. The independent third party pricing service may also use systematic valuations models or provide evaluated bid or mean prices. These valuations are considered as Level 2 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source 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

June 30, 2021 (Unaudited)

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Corporate Bonds+		$	—		$	18,081,141		$	—		$	18,081,141
Foreign Bonds+			—			97,953,780			—			97,953,780
Yankee Debt Obligations+			—			128,758,168			—			128,758,168
U.S. Treasury Obligations			—			179,660,938			—			179,660,938
Short-Term Security Held as Collateral for Securities on Loan			3,005,939			—			—			3,005,939
Unaffiliated Investment Company			7,453,809			—			—			7,453,809

Total Investment Securities			10,459,748			424,454,027			—			434,913,775

Other Financial Instruments:*
Forward Currency Contracts			—			1,048,042			—			1,048,042

Total Investments		$	10,459,748		$	425,502,069		$	—		$	435,961,817

+	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 presented in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	395,636,882		$	302,980,946

For the period ended June 30, 2021, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL DFA Five-Year Global Fixed Income Fund		$	184,662,739		$	5,001,522

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

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 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.

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

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority 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.

AZL DFA Five-Year Global Fixed Income Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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

7. Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objectives. The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

8. Federal Tax Information

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

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $402,661,512. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	18,512,952
Unrealized (depreciation)		(46,813	)

Net unrealized appreciation/(depreciation)	$	18,466,139

As of the end of its tax year ended December 31, 2020, the Fund had capital loss carry forwards (“CLCFs”) as summarized in the table below. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset.

CLCFs not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL DFA Five-Year Global Fixed Income Fund		$	2,377,644		$	5,973,059		$	8,350,703

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL DFA Five-Year Global Fixed Income Fund		$	9,025,103		$	—		$	9,025,103

(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, 2020, 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		$	—		$	—		$	(8,350,703	)		$	18,423,068		$	10,072,365

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to mark-to-market of currency contracts and straddles.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

10. 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.

AZL DFA Five-Year Global Fixed Income Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

A special meeting of the Allianz Variable Insurance Products Trust’s (the “Trust”) shareholders was held on June 3, 2021. The results of the matters voted upon at the meeting are reported below.

Election of Trustees

To elect seven nominees as Trustees of the Trust to serve until a successor is elected and qualified or until such Trustee dies, resigns, retires, or is removed for election as provided in the governing documents of the Trust. The nominees were Peter R. Burnim, Peggy L. Ettestad, Tamara Lynn Fagely, Richard H. Forde, Claire R. Leonardi, Dickson W. Lewis, and Brian Muench. There was no other Trustee whose term of office as a Trustee continued after the meeting.


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities

To approve that the Trust’s fundamental policies with respect to commodities are replaced with the following: “No Fund may: Purchase or sell commodities except to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.”


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing

To approve that the Trust’s fundamental and related non-fundamental policies with respect to borrowing are replaced with the following: “No Fund may: Borrow money, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC.”


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

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

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

At a meeting of the Board held on February 16, 2021, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

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

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

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

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

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

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

During the Reporting Period, each Fund maintained a designated HLIM. The Report stated that the Program Administrators reviewed each Fund’s HLIM as provided in the Program and concluded that each Fund’s applicable HLIM operated as intended during the Reporting Period and no changes to the HLIM for any Fund were recommended. During the Reporting Period, no Fund fell below its designated HLIM. The Report concluded that the Program includes provisions reasonably designed to comply with the HLIM for each Fund.

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® DFA International Core Equity Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 32

Page 32

Page 33

Page 34

Page 35

Page 40

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 43

Page 44

AZL DFA International Core Equity Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA International Core Equity Fund		$	1,000.00		$	1,113.90		$	5.66		1.08	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA International Core Equity Fund		$	1,000.00		$	1,019.44		$	5.41		1.08	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Industrials		19.5	%

Financials		15.0

Consumer Discretionary		14.3

Materials		11.0

Consumer Staples		8.5

Health Care		7.6

Information Technology		7.1

Communication Services		6.1

Energy		4.5

Utilities		3.1

Real Estate		2.4


Total Common Stocks and Preferred Stocks		99.1

Warrants		—	^†

Rights		—	^†

Short-Term Security Held as Collateral for Securities on Loan		1.3

Unaffiliated Investment Company		0.2


Total Investment Securities		100.6

Net other assets (liabilities)		(0.6	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (98.7%):
Aerospace & Defense (0.8%):
	4,047	Airbus SE*	$	521,112
	512	Avon Rubber plc		18,546
	44,779	BAE Systems plc		323,689
	2,489	CAE, Inc.*		76,674
	3,081	Chemring Group plc		12,251
	15	Dassault Aviation SA		17,656
	504	Elbit Systems, Ltd.		65,336
	89	Facc AG*		991
	1,604	Kongsberg Gruppen ASA		41,334
	9,452	Leonardo SpA*		76,556
	1,132	LISI		36,984
	19,535	Meggitt plc*		124,891
	489	MTU Aero Engines AG		121,145
	19,005	QinetiQ Group plc		90,421
	99,289	Rolls-Royce Holdings plc*		136,195
	2,553	Saab AB		67,795
	700	Safran SA		97,109
	20,156	Senior plc*		42,258
	25,500	Singapore Technologies Engineering, Ltd.		73,607
	1,841	Thales SA		187,915
	2,146	Ultra Electronics Holdings plc		68,030

				2,200,495

Air Freight & Logistics (0.7%):
	11,278	Bollore, Inc.		60,471
	4,417	BPOST SA*		52,829
	2,399	Cia de Distribucion Integral Logista Holdings SA		49,318
	6,355	CTT-Correios de Portugal SA		36,357
	9,012	Deutsche Post AG		613,111
	5,994	Freightways, Ltd.		52,776
	73	ID Logistics Group*		20,427
	37,500	Kerry Network, Ltd.		113,745
	2,300	Kintetsu World Express, Inc.		48,506
	1,800	Konoike Transport Co., Ltd.		19,635
	1,428	Mainfreight, Ltd.		76,773
	1,800	Mitsui-Soko Holdings Co., Ltd.		40,927
	1,146	Oesterreichische Post AG^		60,960
	28,892	PostNL NV		156,787
	26,724	Royal Mail plc*		213,698
	900	SBS Holdings, Inc.		26,975
	3,000	SG Holdings Co., Ltd.		78,654
	27,700	Singapore Post, Ltd.		14,754
	5,312	Wincanton plc		32,338
	4,600	Yamato Holdings Co., Ltd.		130,824

				1,899,865

Airlines (0.2%):
	26,921	Air New Zealand, Ltd.*		29,158
	1,200	ANA Holdings, Inc.*		28,206
	57,347	Cathay Pacific Airways, Ltd.*		48,453
	2,199	Deutsche Lufthansa AG, Registered Shares*^		24,746
	3,350	easyJet plc*		41,538
	1,128	Exchange Income Corp.		36,277
	4,400	Japan Airlines Co., Ltd.*		95,209
	2,549	JET2 plc*		41,754
	17,600	Singapore Airlines, Ltd.*		63,600

				408,941


Shares			Value
Common Stocks, continued
Auto Components (2.0%):
	1,000	Aisan Industry Co., Ltd.	$	7,928
	2,900	Aisin Sieki Co., Ltd.		123,974
	7,300	Akebono Brake Industry Co., Ltd.*		11,365
	1,027	Akwel		29,952
	2,362	Arb Corp., Ltd.		76,465
	202	Autoneum Holding AG*		37,720
	3,367	Brembo SpA		42,729
	4,800	Bridgestone Corp.		218,347
	1,647	Bulten AB		19,792
	3,874	CIE Automotive SA		114,698
	3,565	Compagnie Generale des Establissements Michelin SCA, Class B		568,914
	1,922	Continental AG		282,602
	2,800	Daido Metal Co., Ltd.		15,068
	2,400	Daikyonishikawa Corp.		14,904
	1,600	Denso Corp.		109,116
	9,402	Dometic Group AB(a)		160,251
	1,800	Eagle Industry Co., Ltd.		18,147
	673	Edag Engineering Group AG*		7,169
	1,724	ElringKlinger AG*		30,682
	1,700	Exedy Corp.		24,921
	4,682	Faurecia SA		229,918
	483	Faurecia SE		23,627
	2,300	FCC Co., Ltd.		33,494
	1,000	F-Tech, Inc.		7,893
	4,000	Futaba Industrial Co., Ltd.		18,826
	1,400	G-Tekt Corp.		19,514
	4,204	Gud Holdings, Ltd.		37,687
	1,059	Hella GmbH & Co. KGaA*		72,536
	1,600	Hi-Lex Corp.		24,057
	700	H-One Co., Ltd.		4,765
	300	Imasen Electric Industrial		1,910
	1,800	Kasai Kogyo Co., Ltd.*		6,463
	25,060	Kongsberg Automotive ASA*		8,033
	1,000	KYB Corp.		33,828
	2,493	Leoni AG*		44,549
	2,733	Linamar Corp.		171,446
	3,438	Magna International, Inc.		318,496
	457	Magna Internationl, Inc.		42,319
	4,266	Martinrea International, Inc.		44,987
	2,000	Mitsuba Corp.*		14,742
	3,200	Musashi Seimitsu Industry Co., Ltd.		71,240
	4,800	NGK Spark Plug Co., Ltd.		71,097
	6,600	NHK SPRING Co., Ltd.		53,940
	600	Nichirin Co., Ltd.		8,769
	3,600	Nifco, Inc.		135,899
	2,200	Nippon Seiki Co., Ltd.		23,550
	2,700	NOK Corp.		33,379
	5,985	Nokian Renkaat OYJ		241,759
	2,600	Pacific Industrial Co., Ltd.		28,005
	13,329	Pirelli & C SpA(a)		77,595
	1,743	Plastic Omnium SA		54,445
	6,300	Press Kogyo Co., Ltd.		19,674
	3,582	PWR Holdings, Ltd.		19,042
	400	Riken Corp.		9,197
	2,542	SAF-Holland SE*		35,365
	1,900	Sanoh Industrial Co., Ltd.		20,053

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Auto Components, continued
	2,535	Schaeffler AG	$	23,382
	1,200	Shoei Co., Ltd.		45,299
	1,800	Stanley Electric Co., Ltd.		52,070
	12,500	Sumitomo Electric Industries, Ltd.		184,354
	2,900	Sumitomo Riko Co., Ltd.		18,840
	7,700	Sumitomo Rubber Industries, Ltd.		106,232
	300	T RAD Co., Ltd.*		7,211
	1,400	Tachi-S Co., Ltd.		18,726
	800	Taiho Kogyo Co., Ltd.		7,081
	8,119	TI Fluid Systems plc(a)		34,484
	2,500	Tokai Rika Co., Ltd.		40,069
	2,500	Topre Corp.		36,034
	5,700	Toyo Tire Corp.		120,438
	1,700	Toyoda Gosei Co., Ltd.		41,844
	3,500	Toyota Boshoku Corp.		72,347
	700	Toyota Industries Corp.		60,537
	1,500	TPR Co., Ltd.		19,938
	2,800	TS Tech Co., Ltd.		43,209
	2,000	Unipres Corp.		16,433
	3,413	Valeo SA		102,781
	38,000	Xinyi Glass Holdings, Ltd.		154,905
	5,200	Yokohama Rubber Co., Ltd. (The)		111,321
	600	Yorozu Corp.		6,366

				5,300,744

Automobiles (2.8%):
	7,259	Bayerische Motoren Werke AG (BMW)		768,893
	12,614	Daimler AG, Registered Shares		1,126,676
	1,019	Ferrari NV		209,965
	11,100	Honda Motor Co., Ltd.		355,909
	8,600	Isuzu Motors, Ltd.		114,083
	7,900	Mazda Motor Corp.*		74,213
	8,800	Mitsubishi Motors Corp.*		24,708
	20,000	Nissan Motor Co., Ltd.*		99,220
	2,700	Nissan Shatai Co., Ltd.		17,423
	8,981	Piaggio & C SpA		35,316
	3,686	Renault SA*		149,004
	22,213	Stellantis NV		438,202
	41,274	Stellantis NV		809,597
	8,300	Subaru Corp.		163,694
	2,300	Suzuki Motor Corp.		97,296
	28,624	Toyota Motor Corp.		2,499,144
	28	Toyota Motor Corp., ADR		4,896
	430	Volkswagen AG		141,135
	5,100	Yamaha Motor Co., Ltd.		138,588

				7,267,962

Banks (7.6%):
	3,000	77th Bank		32,779
	3,666	ABN AMRO Group NV*(a)		44,248
	15,084	AIB Group plc*		38,807
	500	Aichi Bank, Ltd. (The)		12,502
	1,500	Akita Bank, Ltd. (The)		18,848
	2,146	Aktia Bank OYJ		27,441
	1,200	Aomori Bank, Ltd. (The)		22,173
	3,300	Aozora Bank, Ltd.		73,564
	17,829	Australia & New Zealand Banking Group, Ltd.		375,487
	1,000	Awa Bank, Ltd. (The)		18,043


Shares			Value
Common Stocks, continued
Banks, continued
	19,504	Banca Monte dei Paschi di Siena SpA*^	$	26,716
	21,166	Banca Popolare di Sondrio SCPA		91,739
	26,969	Banco Bilbao Vizcaya Argentaria SA, ADR		167,477
	7,989	Banco Bilbao Vizcaya Argentaria SA		49,696
	44,790	Banco Bpm SpA		143,940
	106,975	Banco Comercial Portugues SA, Class R*		17,107
	238,968	Banco de Sabadell SA*		162,656
	75,653	Banco Santander SA		288,406
	6,287	Banco Santander SA, ADR		24,582
	8,101	Bank Hapoalim BM*		65,099
	9,679	Bank Leumi Le-Israel Corp.*		73,614
	36,738	Bank of East Asia, Ltd. (The)		68,107
	974	Bank of Georgia Group plc*		18,112
	29,096	Bank of Ireland Group plc*		155,620
	900	Bank of Iwate, Ltd. (The)		13,748
	1,200	Bank of Kyoto, Ltd. (The)		54,241
	6,126	Bank of Montreal		628,283
	717	Bank of Montreal		73,505
	500	Bank of Nagoya, Ltd. (The)		11,138
	9,618	Bank of Nova Scotia		625,843
	820	Bank of Okinawa, Ltd. (The)		18,244
	27,839	Bank of Queensland, Ltd.		189,998
	2,000	Bank of The Ryukyus, Ltd.		12,898
	16,597	Bankinter SA		83,338
	71	Banque Cantonale de Geneve		13,240
	916	Banque Cantonale Vaudois, Registered Shares		82,300
	25,489	Barclays plc, ADR		245,969
	21,540	Bendigo & Adelaide Bank, Ltd.		168,984
	218	Berner Kantonalbank AG		48,670
	5,840	BNP Paribas SA		365,680
	38,542	BOC Hong Kong Holdings, Ltd.		130,645
	34,804	BPER Banca		75,815
	86,101	CaixaBank SA		264,537
	5,594	Canadian Imperial Bank of Commerce		636,933
	200	Canadian Imperial Bank of Commerce		22,771
	4,227	Canadian Western Bank		118,686
	8,600	Chiba Bank, Ltd. (The)		51,777
	10,000	Chong Hing Bank, Ltd.		26,275
	6,200	Chugoku Bank, Ltd. (The)		46,945
	700	Chukyo Bank, Ltd. (The)		8,946
	31,551	Commerzbank AG*		223,828
	9,029	Commonwealth Bank of Australia		675,081
	12,500	Concordia Financial Group, Ltd.		45,622
	7,042	Credit Agricole SA		98,544
	5,165	Credito Emiliano SpA		30,903
	16,000	Dah Sing Banking Group, Ltd.		17,650
	5,600	Dah Sing Financial Holdings, Ltd.		19,150
	1,900	Daishi Hokuetsu Financial Group, Inc.		41,264
	10,124	Danske Bank A/S		178,007
	7,992	DBS Group Holdings, Ltd.		177,390
	6,142	DNB ASA		133,839
	1,600	Ehime Bank, Ltd. (The)		11,230
	2,450	Erste Group Bank AG		89,799
	6,500	Fidea Holdings Co., Ltd.		7,064
	13,601	Finecobank Banca Fineco SpA*		237,642
	3,600	First Bank of Toyama, Ltd. (The)		8,918
	1,816	First International Bank of Israel*		58,238

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Banks, continued
	1,000	Fukui Bank, Ltd. (The)	$	12,142
	5,800	Fukuoka Financial Group, Inc.		100,858
	13,200	Gunma Bank, Ltd. (The)		41,481
	9,200	Hachijuni Bank, Ltd. (The)		29,642
	5,105	Hang Seng Bank, Ltd.		101,920
	29,140	Heartland Group Holdings Npv		42,150
	11,800	Hirogin Holdings, Inc.		61,978
	1,000	Hokkoku Bank, Ltd. (The)		19,917
	6,000	Hokuhoku Financial Group, Inc.		43,664
	23,429	HSBC Holdings plc, ADR		675,927
	9,400	Hyakugo Bank, Ltd. (The)		25,887
	1,000	Hyakujushi Bank, Ltd. (The)		13,123
	17,920	ING Groep NV		237,047
	93,838	Intesa Sanpaolo SpA		258,967
	15,332	Isreal Discount Bank*		73,097
	9,500	Iyo Bank, Ltd. (The)		46,599
	620	Jimoto Holdings, Inc.		3,577
	1,200	Juroku Bank, Ltd. (The)		21,089
	2,048	Jyske Bank A/S*		99,073
	2,772	KBC Group NV		211,126
	5,800	Keiyo Bank, Ltd. (The)		21,247
	400	Kita-Nippon Bank, Ltd. (The)		5,961
	2,500	Kiyo Bank, Ltd. (The)		32,253
	16,490	Kyushu Financial Group, Inc.		58,002
	1,296	Laurentian Bank of Canada		45,685
	120,273	Liberbank SA		44,152
	562	Liechtensteinische Landesbank AG		32,092
	35,782	Lloyds Banking Group plc		23,144
	96,996	Lloyds TSB Group plc, ADR		247,340
	113	Luzerner Kantonalbank AG		52,351
	24,670	Mebuki Financial Group, Inc.		51,954
	9,651	Mediobanca SpA*		112,621
	700	Michinoku Bank, Ltd. (The)		5,856
	62,500	Mitsubishi UFJ Financial Group, Inc.		337,443
	800	Miyazaki Bank, Ltd. (The)		14,313
	1,787	Mizrahi Tefahot Bank, Ltd.*		55,089
	12,880	Mizuho Financial Group, Inc.		181,512
	1,300	Musashino Bank, Ltd. (The)		19,539
	1,300	Nanto Bank, Ltd. (The)		21,463
	25,880	National Australia Bank, Ltd.		507,859
	6,941	National Bank of Canada		519,539
	27,268	Natwest Group plc		76,609
	4,800	Nishi-Nippon Holdings, Inc.		27,231
	19,269	Nordea Bank AB		214,464
	7,300	North Pacific Bank, Ltd.		15,454
	7,556	Norwegian Finans Holding ASA		85,134
	1,800	Ogaki Kyoritsu Bank, Ltd. (The)		29,983
	1,000	Oita Bank, Ltd. (The)		15,136
	16,822	Oversea-Chinese Banking Corp., Ltd.		149,643
	28,000	Public Financial Holdings, Ltd.		9,162
	6,482	Raiffeisen International Bank-Holding AG		146,649
	33,575	Resona Holdings, Inc.		128,729
	1,156	Ringkjoebing Landbobank A/S		117,245
	12,263	Royal Bank of Canada		1,242,364
	9,741	Royal Bank of Canada		987,068
	1,190	San Ju San Financial Group, Inc.		14,459
	6,200	San-In Godo Bank, Ltd. (The)		30,245


Shares			Value
Common Stocks, continued
Banks, continued
	11,600	Senshu Ikeda Holdings, Inc.	$	16,597
	24,500	Seven Bank, Ltd.		52,043
	1,300	Shiga Bank, Ltd. (The)		22,647
	1,000	Shikoku Bank, Ltd. (The)		6,255
	400	Shimizu Bank, Ltd. (The)		5,299
	4,500	Shinsei Bank, Ltd.		58,833
	5,900	Shizuoka Bank, Ltd. (The)		45,452
	7,610	Skandinaviska Enskilda Banken AB, Class A		98,272
	11,180	Societe Generale		329,175
	4,543	Spar Nord Bank A/S		51,164
	6,654	Sparebank 1 Sr-Bank ASA		87,892
	121	St. Galler Kantonalbank AG		53,753
	36,263	Standard Chartered plc		231,018
	7,000	Sumitomo Mitsui Financial Group, Inc.		240,936
	3,300	Sumitomo Mitsui Trust Holdings, Inc.		104,463
	1,500	Suruga Bank, Ltd.		4,471
	10,144	Svenska Handelsbanken AB, Class A		114,435
	3,421	Swedbank AB, Class A		63,630
	3,208	Sydbank A/S		98,814
	6,500	Toho Bank, Ltd. (The)		11,996
	1,100	Tokyo Kiraboshi Financial Group, Inc.		14,811
	7,500	Tomony Holdings, Inc.		19,777
	2,200	Toronto-Dominion Bank (The)		154,199
	7,456	Toronto-Dominion Bank (The)		522,293
	2,100	Towa Bank, Ltd. (The)		9,546
	6,200	Tsukuba Bank, Ltd.		9,639
	49,532	Unicaja Banco SA(a)		50,758
	31,288	Unicredit SpA		368,679
	8,727	United Overseas Bank, Ltd.		167,861
	405	Valiant Holding AG		40,156
	764	Van Lanschot Kempen NV		19,426
	34,734	Virgin Money UK plc*		95,605
	239	Walliser Kantonalbank, Registered Shares		27,524
	20,860	Westpac Banking Corp.		401,891
	1,600	Yamagata Bank, Ltd. (The)		12,006
	7,200	Yamaguchi Financial Group, Inc.		40,960
	1,800	Yamanashi Chuo Bank, Ltd. (The)		13,106
	6	Zuger Kantonalbank AG		44,760

				19,598,737

Beverages (1.2%):
	1,900	Andrew Peller, Ltd.		14,548
	7,966	Anheuser-Busch InBev NV		573,596
	3,300	Asahi Breweries, Ltd.		154,156
	10,973	Britvic plc		142,345
	14,772	C&C Group plc*		49,639
	1,053	Carlsberg A/S, Class B		196,612
	2,200	Coca-Cola Bottlers Japan Holdings, Inc.		34,375
	4,383	Coca-Cola European Partners plc		257,484
	3,906	Coca-Cola HBC AG		141,243
	5,510	David Campari-Milano NV		73,898
	3,282	Diageo plc, ADR		629,127
	812	Fevertree Drinks plc		28,897
	1,642	Heineken NV		199,034
	300	ITO EN, Ltd.		17,794
	3,800	Kirin Holdings Co., Ltd.^		74,082
	109	Laurent-Perrier		12,484
	653	Olvi OYJ		39,249

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Beverages, continued
	412	Pernod Ricard SA	$	91,436
	4,250	Primo Water Corp.		71,119
	194	Remy Cointreau SA		40,065
	1,549	Royal Unibrew A/S		197,501
	1,600	Sapporo Breweries, Ltd.		33,292
	3,457	Stock Spirits Group plc		12,506
	1,600	Suntory Beverage & Food, Ltd.		60,058
	2,800	Takara Holdings, Inc.		34,897
	6,474	Treasury Wine Estates, Ltd.		56,685

				3,236,122

Biotechnology (0.5%):
	143	Argenx SE*		43,075
	788	Bavarian Nordic A/S*		32,523
	291	Biogaia AB		16,192
	486	Biotest AG		19,317
	3,023	CSL, Ltd.		646,573
	225	Galapagos NV*		15,536
	573	Genmab A/S*		233,752
	634	Genus plc		43,508
	5,747	Knight Therapeutics, Inc.*		24,344
	6,442	Mesoblast, Ltd.*		9,554
	300	Peptidream, Inc.*		14,714
	475	Pharma Mar SA		42,728
	1,008	Swedish Orphan Biovitrum AB*		18,388
	1,155	Zealand Pharma A/S*		34,097

				1,194,301

Building Products (1.3%):
	3,600	AGC, Inc.		151,134
	1,100	AICA Kogyo Co., Ltd.		38,656
	2,028	Arbonia AG		38,774
	1,049	ASSA Abloy AB, Class B		31,614
	203	Belimo Holding AG, Class R		92,874
	2,400	Bunka Shutter Co., Ltd.		23,934
	1,800	Central Glass Co., Ltd.		34,415
	9,584	Compagnie de Saint-Gobain SA		631,825
	2,100	Daikin Industries, Ltd.		390,970
	114	dorma kaba Holding AG		77,728
	567	Geberit AG, Registered Shares		425,576
	5,784	Genuit Group plc		49,014
	12,753	Gwa Group, Ltd.		26,492
	3,298	Inrom Construction Industries, Ltd.		15,207
	2,938	Inwido AB		50,842
	2,479	Kingspan Group plc		234,136
	2,801	Lindab International AB		65,404
	3,900	Lixil Corp.		100,831
	600	Maeda Kosen Co., Ltd.		18,846
	2,700	Nichias Corp.		67,915
	1,100	Nichiha Corp.		27,945
	1,552	Nordic Waterproofing Holding AB		33,531
	1,500	Noritz Corp.		25,080
	1,400	Okabe Co., Ltd.		8,115
	144	Rockwool International A/S		61,225
	232	ROCKWOOL International A/S, Class B		113,234
	1,900	Sankyo Tateyama, Inc.		14,629
	7,800	Sanwa Holdings Corp.		95,729
	47	Schweiter Technologies AG		68,903


Shares			Value
Common Stocks, continued
Building Products, continued
	900	Shin Nippon Air Technologies Co., Ltd.	$	16,370
	1,800	Sinko Industries, Ltd.		30,379
	1,211	Systemair AB*		43,891
	1,800	Takara Standard Co., Ltd.		24,593
	7,093	Tyman plc		44,198
	3,400	Uponor OYJ		98,596
	638	Zehnder Group AG		60,862

				3,333,467

Capital Markets (2.9%):
	10,264	3i Group plc		166,811
	24,792	ABG Sundal Collier Holding ASA		28,345
	3,200	AGF Management, Ltd.		20,500
	1,600	Aizawa Securities Co., Ltd.		13,924
	2,242	AJ Bell plc		13,454
	143	Alantra Partners SA		2,525
	1,655	Altamir		47,145
	817	Amundi SA(a)		71,970
	7,128	Anima Holding SpA(a)		35,519
	5,351	Ashmore Group plc		28,535
	670	ASX, Ltd.		39,048
	3,843	Avanza Bank Holding AB		119,899
	4,260	Azimut Holding SpA		103,475
	2,819	Banca Generali SpA*		120,546
	521	Bellevue Group AG		22,531
	8,900	Brewin Dolphin Holdings plc		42,785
	614	Brookfield Asset Management, Inc., Class A		31,302
	2,865	Bure Equity AB		123,852
	2,497	Canaccord Genuity Group, Inc.		27,359
	7,682	CI Financial Corp.		141,008
	118	Cie Financiere Tradition SA		14,673
	5,230	Close Brothers Group plc		109,502
	20,849	Credit Suisse Group AG		218,269
	18,300	Daiwa Securities Group, Inc.		100,165
	4,462	Dea Capital SpA		6,889
	12,602	Deutsche Bank AG, Registered Shares*		164,139
	10,467	Deutsche Bank AG, Registered Shares*		136,908
	552	Deutsche Beteiligungs AG		22,316
	1,924	Deutsche Boerse AG		335,796
	5,622	EFG International AG		46,078
	258,000	Emperor Capital Group, Ltd.*		4,353
	3,195	Euronext NV(a)		347,532
	2,000	Fiera Capital Corp.		17,557
	1,900	Flow Traders(a)		81,718
	10,649	GAM Holding AG*		23,143
	2,674	Georgia Capital plc*		26,642
	795	Gimv NV		50,898
	2,400	GMO Financial Holdings, Inc.^		18,877
	1,675	Guardian Capital Group, Ltd., Class A		44,058
	142,000	Guotai Junan International Hol		22,679
	135,243	Haitong International Securities		37,278
	5,422	Hargreaves Lansdown plc		119,234
	8,194	Hong Kong Exchanges & Clearing, Ltd.		488,425
	11,954	IG Group Holdings plc		139,952
	1,732	IGM Financial, Inc.		61,152
	218	Ina Invest Holding AG*		4,393
	2,456	Intermediate Capital Group plc		72,304

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Capital Markets, continued
	22,533	Investec plc	$	89,939
	28,134	IOOF Holdings, Ltd.		89,853
	60,525	IP Group plc		97,362
	1,700	IwaiCosmo Holdings, Inc.		25,212
	1,400	JAFCO Group Co., Ltd.		87,071
	4,800	Japan Exchange Group, Inc.		106,705
	4,580	Julius Baer Group, Ltd.		298,792
	17,082	Jupiter Fund Management plc		66,641
	138,000	Kingston Financial Group, Ltd.		9,589
	800	Kyokuto Securities Co., Ltd.		5,839
	231	London Stock Exchange Group plc		25,475
	2,082	Macquarie Group, Ltd.		244,145
	2,131	Magellan Financial Group, Ltd.		86,086
	50,276	Man Group plc/Jersey		125,161
	2,300	Marusan Securities Co., Ltd.		12,503
	1,180,000	Mason Group Holdings, Ltd.*		4,408
	2,900	Mito Securities Co., Ltd.		7,673
	3,035	MLP SE		25,099
	3,100	Monex Group, Inc.		20,859
	4,265	Navigator Global Investments, Ltd.		5,705
	5,522	Netwealth Group, Ltd.		71,033
	11,266	Ninety One plc		34,345
	19,100	Nomura Holdings, Inc.		97,035
	21,789	NZX, Ltd.		30,443
	3,800	Okasan Securities Group, Inc.		14,225
	253	Partners Group Holding AG		383,517
	9,039	Pendal Group, Ltd.		54,612
	1,616	Perpetual, Ltd.		48,663
	11,593	Platinum Asset Management, Ltd.		42,668
	2,595	Polar Capital Holdings plc		29,824
	45,397	Quilter plc(a)		93,413
	565	Rathbone Brothers plc		14,149
	9,785	Ratos AB, Class B		59,373
	1,549	Rothschild & Co.		60,160
	2,800	SBI Holdings, Inc.		66,215
	1,029	Schroders plc		36,892
	1,783	Schroders plc		86,744
	11,400	Singapore Exchange, Ltd.		94,922
	5,446	St. James Place plc		111,435
	700	Strike Co., Ltd.		27,959
	667	Swissquote Group Holding SA		100,858
	2,584	Tamburi Investment Partners SP		25,376
	331	TMX Group, Ltd.		34,969
	8,500	Tokai Tokyo Financial Holdings, Inc.		30,065
	4,000	Toyo Securities Co., Ltd.		5,794
	30,858	TP ICAP Group plc		83,396
	15,471	UBS Group AG		236,948
	19,229	Uob-Kay Hian Holdings, Ltd.		22,311
	1,325	Vontobel Holding AG		103,289
	245	Vp Bank AG, Registered Shares		29,400
	550	VZ Holding AG		46,609

				7,526,222

Chemicals (3.7%):
	900	Achilles Corp.		11,041
	3,300	Adeka Corp.		61,637
	3,982	Air Liquide SA		697,658
	7,800	Air Water, Inc.		120,018


Shares			Value
Common Stocks, continued
Chemicals, continued
	2,028	Akzo Nobel NV	$	250,581
	700	Arakawa Chemical Industries, Ltd.		7,509
	3,366	Arkema SA		422,556
	26,600	Asahi Kasei Corp.		291,330
	1,100	ASAHI YUKIZAI Corp.		13,246
	3,175	BASF SE		250,166
	3,760	Borregaard ASA		82,160
	52,400	China Sunsine Chemical Holdings, Ltd.		20,068
	1,540	Christian Hansen Holding A/S		139,030
	1,600	CI Takiron Corp.		8,409
	10,241	Clariant AG		203,744
	2,199	Corbion NV		125,692
	4,483	Covestro AG(a)		289,541
	444	Croda International plc		45,283
	1,000	Dai Nippon Toryo Co., Ltd.		7,567
	7,200	Daicel Corp.		59,222
	900	Dainichiseika Color & Chemical		18,564
	4,300	Dainippon Ink & Chemicals, Inc.		108,293
	4,000	Denka Co., Ltd.		132,993
	18,377	Elementis plc*		38,382
	108	EMS-Chemie Holding AG		106,147
	8,516	Ercros SA*		33,832
	9,485	Essentra plc		40,556
	1,699	Evonik Industries AG		56,967
	1,013	Fuchs Petrolub AG		49,333
	300	Fujimori Kogyo Co., Ltd.		10,962
	1,400	Fuso Chemical Co., Ltd.		51,651
	37	Givaudan SA, Registered Shares		172,135
	20	Gurit Holding AG		43,696
	4,570	Hexpol AB		56,530
	700	Hodogaya Chemical Co., Ltd.		24,901
	4,621	ICL Group, Ltd.		31,386
	27,517	Incitec Pivot, Ltd.		49,183
	1,500	Ishihara Sangyo Kaisha, Ltd.		15,104
	1,000	JCU Corp.		32,216
	2,680	Johnson Matthey plc		114,074
	700	Jsp Corp.		10,053
	2,000	JSR Corp.		60,473
	5,063	K+S AG, Registered Shares*		68,865
	2,000	Kaneka Corp.		80,360
	5,000	Kanto Denka Kogyo Co., Ltd.		44,669
	4,999	Kemira OYJ		78,740
	1,400	Kh Neochem Co., Ltd.		32,568
	1,500	Koatsu Gas Kogyo Co., Ltd.		8,799
	1,573	Koninklijke DSM NV		293,628
	1,000	Konishi Co., Ltd.		14,527
	11,800	Kuraray Co., Ltd.		112,805
	800	Kureha Corp.		46,231
	3,486	Lanxess AG		239,021
	379	Lenzing AG*		46,384
	1,300	Lintec Corp.		28,143
	929	Methanex Corp.		30,722
	12,300	Mitsubishi Chemical Holdings Corp.		103,113
	2,300	Mitsubishi Gas Chemical Co., Inc.		48,755
	3,400	Mitsui Chemicals, Inc.		117,073
	800	Nihon Kagaku Sangyo Co., Ltd.		9,292
	2,300	Nihon Nohyaku Co., Ltd.		10,421

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Chemicals, continued
	2,600	Nihon Parkerizing Co., Ltd.	$	25,948
	600	Nippon Chemical Industrial Co., Ltd.		16,336
	5,500	Nippon Kayaku Co., Ltd.		51,776
	1,400	Nippon Pillar Packing Co., Ltd.		27,967
	3,000	Nippon Sanso Holdings Corp.		61,469
	700	Nippon Shokubai Co., Ltd.		33,641
	800	Nippon Soda Co., Ltd.		23,147
	2,400	Nissan Chemical Corp.		117,478
	1,000	Nitto Denko Corp.		74,592
	700	NOF Corp.		36,474
	1,831	Novozymes A/S, Class B		138,202
	8,438	Nufarm, Ltd.*		29,052
	4,481	Nutrien, Ltd.		271,593
	1,600	OCI NV*		39,004
	500	Okamoto Industries, Inc.		18,384
	600	Okura Industrial Co., Ltd.		13,544
	3,258	Orica, Ltd.		32,456
	2,613	Recticel SA		43,992
	2,800	Riken Technos Corp.		15,499
	500	Sakai Chemical Industry Co., Ltd.		8,325
	2,400	Sakata Inx Corp.		21,792
	700	Sanyo Chemical Industries, Ltd.		34,092
	900	Sekisui Plastics Co., Ltd.		4,891
	1,100	Shikoku Chemicals Corp.		12,968
	400	Shin-Etsu Chemical Co., Ltd.		66,867
	1,800	Shin-Etsu Polymer Co., Ltd.		16,621
	2,600	Showa Denko K.K.		77,144
	1,186	Sika AG		387,908
	1,754	SOL SpA		35,452
	1,166	Solvay SA		148,434
	400	Stella Chemifa Corp.		10,374
	1,500	Sumitomo Bakelite Co., Ltd.		66,326
	23,200	Sumitomo Chemical Co., Ltd.		122,689
	300	Sumitomo Seika Chemicals Co. Ltd.		9,720
	1,865	Symrise AG		259,961
	13,110	Synthomer plc		89,160
	700	T Hasegawa Co., Ltd.		15,497
	1,200	T&K Toka Co., Ltd.		9,149
	300	Taiyo Holdings Co., Ltd.		14,190
	600	Takasago International Corp.		14,586
	600	Tayca Corp.		6,928
	9,600	Teijin, Ltd.		145,858
	500	Tenma Corp.		11,548
	1,223	Tessenderlo Group SA*		51,614
	4,900	Toagosei Co., Ltd.		49,781
	6,900	Tokai Carbon Co., Ltd.		95,110
	4,100	Tokuyama Corp.		83,454
	29,500	Toray Industries, Inc.		195,629
	5,100	Tosoh Corp.		87,926
	1,200	Toyo Ink SC Holdings Co., Ltd.		21,254
	5,000	Toyobo Co., Ltd.		59,832
	4,800	Ube Industries, Ltd.		96,976
	3,116	Umicore SA		190,462
	1,051	Victrex plc		37,058
	329	Wacker Chemie AG		50,714
	997	Yara International ASA		52,538
	2,900	Zeon Corp.		40,108

				9,551,495


Shares			Value
Common Stocks, continued
Commercial Services & Supplies (1.4%):
	800	AEON Delight Co., Ltd.	$	25,062
	17,026	Aggreko plc		202,864
	23,247	Babcock International Group plc*		93,275
	748	Befesa SA(a)		57,467
	1,800	Bell System24 Holdings, Inc.		28,315
	13,069	Biffa plc*(a)		58,758
	896	Bilfinger SE		26,816
	13,431	Bingo Industries, Ltd.		34,544
	1,670	Black Diamond Group, Ltd.*		5,390
	14,490	Brambles, Ltd.		124,273
	4,517	Bravida Holding AB(a)		65,366
	800	Calian Group, Ltd.		38,799
	2,850	Caverion Corp.		23,310
	300	Central Security Patrols Co., Ltd.		8,361
	338	Cewe Stiftung & Co. KGAA		52,345
	46,000	Cleanaway Waste Management, Ltd.		91,030
	10,948	Collection House, Ltd.*		1,232
	1,829	Coor Service Management Holding AB(a)		14,494
	2,400	CTS Co., Ltd.		18,316
	3,200	Dai Nippon Printing Co., Ltd.		67,638
	6,041	De La Rue plc*		15,554
	3,731	Derichebourg SA*		37,739
	2,180	Dexterra Group, Inc.		12,049
	30,713	Downer EDI, Ltd.		129,015
	1,100	Duskin Co., Ltd.		25,070
	2,101	Edenred		119,735
	1,700	EF-ON, Inc.		15,270
	8,596	Elis SA*		162,105
	435	GL Events*		7,377
	13,971	HomeServe plc		184,671
	900	Inaba Seisakusho Co., Ltd.		12,295
	2,297	Intrum AB		75,241
	5,989	ISS A/S*		140,988
	1,800	Itoki Corp.		5,847
	29,717	IWG plc*		123,668
	800	Japan Elevator Service Holdings Co., Ltd.		18,586
	3,300	Kokuyo Co., Ltd.		51,533
	400	Kyodo Printing Co., Ltd.		9,541
	2,302	Lassila & Tikanoja OYJ		38,659
	3,325	Loomis AB		104,056
	700	Matsuda Sangyo Co., Ltd.		13,525
	5,449	Mears Group plc*		14,014
	72,758	Mitie Group plc*		68,495
	1,400	NAC Co., Ltd.		11,480
	15,900	Nippon Parking Development Co., Ltd.		24,185
	1,600	Okamura Corp.		21,596
	1,100	Oyo Corp.		12,350
	2,700	Park24 Co., Ltd.*		48,986
	2,696	PayPoint plc		21,117
	1,400	Pilot Corp.		47,312
	2,400	Prestige International, Inc.		15,182
	13,654	Prosegur Cia de Seguridad SA		44,675
	2,400	Relia, Inc.		29,312
	11,583	Renewi plc*		8,820
	23,855	Rentokil Initial plc		163,401
	2,500	Ritchie Bros Auctioneers, Inc.		148,237
	3,299	RPS Group plc*		4,905

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	900	Sato Holdings Corp.	$	22,064
	400	SECOM Co., Ltd.		30,399
	6,430	Securitas AB, Class B		101,592
	3,267	Smartgroup Corp., Ltd.		18,092
	787	Societe BIC SA		54,707
	400	Sohgo Security Services Co., Ltd.		18,215
	4,477	Spie SA		103,070
	1,300	Takeei Corp.		18,379
	1,769	Tomra Systems ASA		97,787
	2,600	Toppan Forms Co., Ltd.		25,321
	3,280	TOPPAN, INC.		52,694
	4,470	Transcontinental, Inc.		83,961
	580	Waste Connections, Inc.		69,269

				3,719,796

Communications Equipment (0.2%):
	2,792	Adva Optical Networking Se*		38,664
	700	Aiphone Co., Ltd.		12,908
	700	DKK Co., Ltd.		13,961
	500	Icom, Inc.		10,782
	36,947	Nokia OYJ*		197,831
	10,200	Quarterhill, Inc.		20,986
	418	RTX A/S		11,674
	600	Sierra Wireless, Inc.*		11,376
	10,363	Spirent Communications plc		35,352
	15,427	Telefonaktiebolaget LM Ericsson, Class B		194,053
	8,100	VTech Holdings, Ltd.		85,287

				632,874

Construction & Engineering (2.0%):
	4,630	ACS Actividades de Construccion y Servicios SA		123,989
	3,143	Adapteo OYJ		60,247
	3,353	Aecon Group, Inc.		48,696
	1,894	AF Gruppen ASA		41,787
	4,317	Arcadis NV		176,784
	300	Asanuma Corp.		12,178
	1,130	Ashtrom Group, Ltd.		25,711
	1,410	Badger Infrastructure Solutions, Ltd.		42,798
	20,372	Balfour Beatty plc		86,503
	519	Bauer AG*		7,803
	1,831	Boskalis Westminster		58,770
	16,800	Boustead Singapore, Ltd.		14,623
	7,647	Bouygues SA		283,042
	209	Burkhalter Holding AG		15,145
	14,759	Cardno, Ltd.		10,779
	1,700	Chudenko Corp.		34,901
	494	CIE d’Entreprises CFE SA		51,553
	1,103	Cimic Group, Ltd.		16,355
	1,721	ComSys Holdings Corp.		47,628
	6,098	Costain Group plc*		4,893
	500	Dai-Dan Co., Ltd.		11,485
	900	Daiho Corp.		32,621
	4,223	Eiffage SA		429,807
	2,783	Elecnor SA		35,799
	44	Electra, Ltd./Israel		24,991
	7,737	Eltel AB*(a)		20,122
	37,002	Empresas ICA SAB de C.V.*		156
	2,103	Ferrovial SA		61,727
	1,664	FLSmidth & Co. A/S		69,227


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	1,925	Fomento de Construcciones y Contratas SA*	$	22,380
	440	Fudo Tetra Corp.		6,998
	200	Fukuda Corp.		8,678
	4,363	Galliford Try Holdings plc		8,494
	6,000	Hazama Ando Corp.		44,034
	1,803	Heijmans NV		27,537
	600	Hibiya Engineering, Ltd.		9,807
	373	Hochtief AG		28,675
	1,093	Implenia AG*		28,459
	14,759	Intega Group, Ltd.		6,085
	7,400	JGC Holdings Corp.		68,967
	14,038	John Laing Group plc(a)		77,592
	8,879	Johns Lyng Group, Ltd.		33,936
	8,000	Kajima Corp.		101,300
	3,000	Kandenko Co., Ltd.		23,396
	3,807	Keller Group plc		42,250
	4,100	Kinden Corp.		66,745
	15,900	Koninklijke BAM Groep NV*		44,182
	1,600	Kumagai Gumi Co., Ltd.		40,242
	2,500	Kyowa Exeo Corp.		61,536
	2,200	Kyudenko Corp.		70,427
	7,400	Lian Beng Group, Ltd.*		2,727
	5,300	Maeda Corp.		45,936
	1,200	Maeda Road Construction Co., Ltd.		23,567
	9,546	Maire Tecnimont SpA		35,051
	1,700	Meisei Industrial Co., Ltd.		11,200
	3,300	Mirait Holdings Corp.		58,535
	1,922	Morgan Sindall Group plc		57,343
	1,375	NCC AB, Class B		23,486
	1,000	Nichireki Co., Ltd.		11,762
	1,900	Nippo Corp.		54,121
	1,600	Nippon Densetsu Kogyo Co., Ltd.		25,991
	700	Nippon Koei Co., Ltd.		19,435
	200	Nippon Road Co., Ltd. (The)		13,872
	1,900	Nishimatsu Construction Co., Ltd.		59,166
	20,879	NRW Holdings, Ltd.		22,944
	11,900	Obayashi Corp.		94,504
	6,516	Obrascon Huarte Lain SA*		5,076
	1,100	Okumura Corp.		28,991
	8,600	Oriental Shiraishi Corp.		21,529
	10,581	Peab AB		130,755
	14,700	Penta-Ocean Construction Co., Ltd.		102,170
	726	Per Aarsleff Holding A/S		32,699
	22,989	Sacyr SA		58,417
	1,900	Sanki Engineering Co., Ltd.		24,027
	1,700	Seikitokyu Kogyo Co., Ltd.		12,991
	26,757	Service Stream, Ltd.		17,511
	3,211	Shapir Engineering And Indus		24,508
	6,233	Shikun & Binui, Ltd.*		40,365
	10,100	Shimizu Corp.		77,350
	1,500	Shinnihon Corp.		11,389
	4,094	Skanska AB, Class B		108,695
	3,701	SNC-Lavalin Group, Inc.		96,302
	881	Strabag Se		37,797
	6,980	Sumitomo Mitsui Construction		29,650
	4,463	Sweco AB		81,225
	700	Taihei Dengyo Kaisha, Ltd.		16,471

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	800	Taikisha, Ltd.	$	23,868
	5,400	Taisei Corp.		176,765
	1,400	Takamatsu Construction Group C		25,479
	400	Tekken Corp.		6,632
	900	TOA Corp.		19,941
	400	TOA Road Corp.		16,583
	1,630	Tobishima Corp.		15,420
	6,900	Toda Corp.		47,498
	400	Toenec Corp.		12,978
	1,000	Tokyo Energy & Systems, Inc.		8,622
	5,100	Tokyu Construction Co., Ltd.		36,123
	1,100	Totetsu Kogyo Co., Ltd.		22,256
	4,300	Toyo Construction Co., Ltd.		21,961
	2,100	Toyo Engineering Corp.*		13,395
	3,109	Veidekke ASA		41,621
	4,238	Vinci SA		452,479
	555	WSP Global, Inc.		64,796
	1,700	Yahagi Construction Co., Ltd.		10,864
	3,849	YIT OYJ		23,571
	1,200	Yokogawa Bridge Holdings Corp.		22,730
	1,200	Yurtec Corp.		7,787

				5,260,767

Construction Materials (1.0%):
	13,883	Adbri, Ltd.		36,269
	1,800	Asia Pile Holdings Corp.		7,609
	35,662	Boral, Ltd.*		195,999
	2,976	Brickworks, Ltd.		55,954
	2,431	Buzzi Unicem SpA		64,655
	14,993	CRH plc, ADR		762,244
	22,791	CSR, Ltd.		98,663
	16,602	Fletcher Building, Ltd.		87,241
	1,160	H+H International A/S, Class B*		35,527
	2,326	HeidelbergCement AG		199,540
	6,293	Holcim, Ltd.		377,660
	13,005	Ibstock plc(a)		38,390
	1,243	Imerys SA		58,105
	5,016	James Hardie Industries SE		170,328
	400	Krosaki Harima Corp.		15,506
	5,422	Marshalls plc		51,488
	2,500	Nippon Concrete Industries Co., Ltd.		7,315
	500	Shinagawa Refractories Co., Ltd.		16,875
	123	STO SE & Co KGaA		26,834
	1,500	Sumitomo Osaka Cement Co., Ltd.		40,769
	7,200	Taiheiyo Cement Corp.		157,908
	1,300	TYK Corp.		3,739
	998	Vicat		48,235
	527	Wienerberger AG		20,331

				2,577,184

Consumer Finance (0.3%):
	3,700	AEON Financial Service Co., Ltd.		43,450
	7,800	Aiful Corp.		26,887
	9,830	Arrow Global Group plc*		41,551
	8,198	Axactor SE*		9,855
	974	Cembra Money Bank AG		109,239
	1,607	Credit Corp. Group, Ltd.		35,833
	6,600	Credit Saison Co., Ltd.		80,085
	18,226	Eclipx Group, Ltd.*		31,014


Shares			Value
Common Stocks, continued
Consumer Finance, continued
	1,185	Gruppo MutuiOnline SpA	$	56,475
	2,616	H&T Group plc		9,698
	5,740	Hoist Finance AB*(a)		23,333
	17,800	Hong Leong Finance, Ltd.		32,317
	14,415	International Personal Finance*		26,645
	577	Isracard, Ltd.*		2,368
	4,300	J Trust Co., Ltd.		14,271
	1,800	Jaccs Co., Ltd.		42,115
	8,490	Money3 Corp., Ltd.		21,353
	15,200	Orient Corp.		19,972
	213,600	Oshidori International Holdings, Ltd.*		14,306
	4,742	Provident Financial plc*		15,198
	4,452	Resurs Holding AB(a)		21,984
	38,000	Sun Hung Kai & Co., Ltd.		20,409

				698,358

Containers & Packaging (0.7%):
	3,618	BillerudKorsnas AB		71,851
	4,231	Cascades, Inc.		52,094
	1,780	CCL Industries, Inc.		98,048
	41,250	DS Smith plc		238,774
	1,600	FP Corp.		59,406
	1,900	Fuji Seal International, Inc.		39,692
	1,000	Hokkan Holdings, Ltd.		12,556
	3,405	Huhtamaki OYJ		161,300
	3,327	Intertape Polymer Group, Inc.		77,149
	276	Mayr Melnhof Karton AG		58,772
	36,741	Orora, Ltd.		91,709
	6,607	Pact Group Holdings, Ltd.		18,330
	8,600	Rengo Co., Ltd.		71,600
	8,406	SIG Combibloc Group AG		228,508
	8,090	Smurfit Kappa Group plc		438,851
	500	Taisei Lamick Co., Ltd.		12,122
	600	Tomoku Co., Ltd.		10,253
	4,000	Toyo Seikan Group Holdings, Ltd.		54,597
	750	Vetropack Holding AG		45,246
	836	Vidrala SA		99,860
	300	Winpak, Ltd.		9,360

				1,950,078

Distributors (0.3%):
	600	Arata Corp.		23,275
	11,493	Bapcor, Ltd.		73,273
	1,300	Canon Marketing Japan, Inc.^		30,218
	500	Chori Co., Ltd.		7,728
	1,234	D’ieteren Group		149,220
	1,000	Doshisha Co., Ltd.		15,562
	4,313	Headlam Group plc		26,139
	20,473	Inchcape plc		217,750
	3,000	Jardine Cycle & Carriage, Ltd.		47,667
	7,157	John Menzies plc*		30,893
	400	Paltac Corp.		20,737
	3,025	Uni-Select, Inc.*		40,052

				682,514

Diversified Consumer Services (0.1%):
	3,986	Academedia AB(a)		37,652
	2,000	Benesse Holdings, Inc.		49,734
	4,259	Dignity plc*		50,594

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Diversified Consumer Services, continued
	44,648	G8 Education, Ltd.*	$	33,713
	1,700	IBJ, Inc.		17,270
	2,783	IDP Education, Ltd.		51,227
	900	QB Net Holdings Co., Ltd.*		14,742
	2,600	Riso Kyoiku Co., Ltd.		7,792
	700	Studio Alice Co., Ltd.		15,556
	900	Take And Give Needs Co., Ltd.*		8,000

				286,280

Diversified Financial Services (0.9%):
	863	Ackermans & Van Haaren NV		145,618
	84,183	AMP, Ltd.		71,233
	3,396	Banca Farmafactoring SpA(a)		34,004
	4,759	Burford Capital, Ltd.		48,991
	6,216	Cerved Group SpA*		72,249
	21,477	Challenger, Ltd.		87,092
	7,600	Ecn Capital Corp.		57,028
	16,244	Element Fleet Management Corp.		189,518
	108,669	First Pacific Co., Ltd.		37,090
	1,200	Fuyo General Lease Co., Ltd.		75,583
	20,600	G-Resources Group, Ltd.*		8,336
	88	Hypoport SE*		45,493
	800	Japan Investment Adviser Co., Ltd.		10,755
	4,600	Japan Securities Finance Co., Ltd.		33,493
	63,712	M&G plc		202,087
	39,320	Mitsubishi HC Capital, Inc.		209,896
	1,800	Mizuho Leasing Co., Ltd.		60,673
	900	NEC Capital Solutions, Ltd.		17,434
	16,085	Ofx Group, Ltd.		16,100
	7,289	Omni Bridgeway, Ltd.		20,580
	2,247	Onex Corp.		163,186
	14,700	ORIX Corp.		247,383
	5,100	Plus500, Ltd.		94,175
	1,100	Ricoh Leasing Co., Ltd.		34,041
	42,370	Standard Life Aberdeen plc		158,853
	1,900	Tokyo Century Corp.		102,070
	2,200	Zenkoku Hosho Co., Ltd.		94,544

				2,337,505

Diversified Telecommunication Services (2.3%):
	644	BCE, Inc.		31,764
	974	BCE, Inc.		48,038
	36,348	Bezeq Israeli Telecommunication Corp., Ltd. (The)*		39,643
	264,947	BT Group plc*		711,466
	1,519	Cellnex Telecom SAU(a)		96,754
	25,863	Chorus, Ltd.		115,664
	90,000	CITIC Telecom International Holdings, Ltd.		29,756
	45,198	Deutsche Telekom AG, Registered Shares		955,412
	4,161	Elisa OYJ		248,246
	4,460	Euskaltel SA(a)		58,061
	2,209	Gamma Communications plc		60,818
	27,500	HKBN, Ltd.		33,294
	82,295	HKT Trust & HKT, Ltd.		112,142
	426	Iliad SA		62,434
	3,200	Internet Initiative Japan, Inc.		99,729
	121,735	Koninklijke KPN NV		380,265
	41,300	NetLink NBN Trust		29,184
	7,000	Nippon Telegraph & Telephone Corp.		182,364
	46,684	Orange SA		532,305


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	215,202	PCCW, Ltd.	$	112,811
	5,067	Proximus SADP^		97,892
	48,100	Singapore Telecommunications, Ltd.		81,932
	23,139	Spark New Zealand, Ltd.		77,594
	13,084	Speedcast International, Ltd.*(b)		—
	10,839	Superloop, Ltd.*		7,560
	2,783	Superloop, Ltd.*		1,941
	977	Swisscom AG, Registered Shares		558,012
	334,376	Telecom Italia SpA		166,130
	210,041	Telecom Italia SpA		111,300
	45,006	Telefonica Deutschland Holding AG		118,749
	54,489	Telefonica SA		254,572
	4,768	Telekom Austria AG		40,704
	5,872	Telenor ASA		99,128
	29,229	Telia Co AB		129,788
	41,906	Telstra Corp., Ltd.		118,163
	4,669	TPG Telecom, Ltd.		21,878
	7,091	Tuas, Ltd.*		3,430
	6,450	United Internet AG, Registered Shares		263,742

				6,092,665

Electric Utilities (1.6%):
	1,186	Acciona SA		178,989
	17,641	AusNet Services		23,103
	334	BKW AG		34,776
	3,200	Chubu Electric Power Co., Inc.		39,004
	2,800	Chugoku Electric Power Co., Inc. (The)		25,471
	7,000	CK Infrastructure Holdings, Ltd.		41,744
	9,564	CLP Holdings, Ltd.		94,534
	25,791	EDP—Energias de Portugal SA		136,790
	13,152	Electricite de France		179,551
	633	Elia Group SA/NV		66,783
	2,200	Emera, Inc.		99,829
	4,746	Endesa SA^		115,120
	57,903	Enel SpA		537,928
	1,538	EVN AG		36,257
	1,708	Fortis, Inc.		75,545
	7,617	Fortum OYJ		210,052
	14,936	Genesis Energy, Ltd.		35,486
	30,000	HK Electric Investments, Ltd.		30,409
	7,700	Hokkaido Electric Power Co., Inc.		34,728
	3,500	Hokuriku Electric Power Co.		19,091
	1,200	Hydro One, Ltd.(a)		29,008
	75,498	Iberdrola SA		919,864
	15,779	Infratil, Ltd.		84,900
	3,500	Kansai Electric Power Co., Inc. (The)		33,272
	7,200	Kyushu Electric Power Co., Inc.		55,411
	730	Orsted A/S(a)		102,714
	11,500	Power Assets Holdings, Ltd.		70,579
	8,090	Red Electrica Corp SA		150,129
	11	Romande Energie Holding SA, Registered Shares*		15,937
	19,193	Scottish & Southern Energy plc		398,671
	3,300	Shikoku Electric Power Co., Inc.		22,382
	1,640	Siemens Energy AG*		49,440
	25,335	Spark Infrastructure Group		42,670
	13,794	Terna SpA		102,764
	3,900	Tohoku Electric Power Co., Inc.		30,541
	20,300	Tokyo Electric Power Co. Holdings, Inc.*		60,292

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electric Utilities, continued
	284	Verbund AG, Class A	$	26,139

				4,209,903

Electrical Equipment (1.2%):
	7,265	ABB, Ltd.		246,673
	600	Chiyoda Integre Co., Ltd.		9,614
	1,300	Denyo Co., Ltd.		22,792
	2,000	Fuji Electric Co., Ltd.		93,401
	16,000	Fujikura, Ltd.*		74,291
	3,100	Furukawa Electric Co., Ltd. (The)		77,195
	1,200	Futaba Corp.		8,392
	38	Gavazzi Carlo Holding AG*		10,438
	3,000	GS Yuasa Corp.		76,533
	400	Hirakawa Hewtech Corp.		4,360
	553	Huber & Suhner AG		46,706
	1,600	Idec Corp./Japan		30,250
	19,000	Johnson Electric Holdings, Ltd.		49,034
	258	Kendrion NV		7,041
	4,095	Legrand SA		433,624
	800	Mabuchi Motor Co., Ltd.		30,238
	57,704	Melrose Industries plc		124,144
	346	Mersen*		13,482
	9,100	Mitsubishi Electric Corp.		131,862
	1,227	Nexans SA		111,860
	400	Nidec Corp.		46,334
	500	Nippon Carbon Co., Ltd.		18,853
	1,500	Nitto Kogyo Corp.		24,611
	1,094	NKT A/S*		50,242
	3,724	Nordex Se*		90,388
	17	Phoenix Mecano AG		8,400
	2,550	PNE AG		22,483
	2,643	Prysmian SpA		94,785
	400	Sanyo Denki Co., Ltd.		27,642
	745	Schneider Electric SA		117,260
	200	SEC Carbon, Ltd.		12,024
	2,150	SGL Carbon SE*		20,626
	701	Siemens Gamesa Renewable Energy		23,401
	5,642	Signify NV(a)		356,888
	1,000	Sinfonia Technology Co., Ltd.		11,240
	417	Somfy SA		70,841
	2,200	SwCC Showa Holdings Co., Ltd.		34,798
	900	Takaoka Toko Co., Ltd.		10,992
	1,933	TKH Group NV		97,580
	600	Toyo Tanso Co., Ltd.		15,137
	4,400	Ushio, Inc.		80,299
	6,780	Vestas Wind Systems A/S		265,728
	527	XP Power, Ltd.		40,674

				3,143,156

Electronic Equipment, Instruments & Components (1.5%):
	600	Ai Holdings Corp.		11,824
	7,060	Alps Alpine Co., Ltd.		74,156
	365	ALSO Holding AG, Registered Shares		105,178
	2,300	Amano Corp.		57,979
	1,400	Anritsu Corp.		26,113
	1,200	Arisawa Manufacturing Co., Ltd.		9,676
	1,280	Austria Technologie & Systemte		55,425
	225	Basler AG		27,857
	900	Canon Electronics, Inc.		13,900


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	5,004	Celestica, Inc.*	$	39,244
	157	Cicor Technologies, Ltd.		8,963
	13,600	Citizen Watch Co., Ltd.		50,173
	3,400	CMK Corp.		13,188
	3,981	Codan, Ltd./Australia		53,620
	1,300	Conexio Corp.		17,551
	5,000	Daiwabo Holdings Co., Ltd.		85,805
	3,500	Dexerials Corp.		73,824
	19,374	Electrocomponents plc		276,130
	1,100	Elematec Corp.		12,924
	700	Evertz Technologies, Ltd.		8,127
	148,000	FIH Mobile, Ltd.*		24,400
	7,452	Fingerprint Cards AB*		28,452
	2,100	Furuno Electric Co., Ltd.		18,974
	400	Hagiwara Electric Co., Ltd.		8,612
	500	Hakuto Co., Ltd.		6,772
	400	Hamamatsu Photonics KK		24,118
	2,429	Hexagon AB, Class B		36,020
	200	Hirose Electric Co., Ltd.		29,247
	3,500	Hitachi, Ltd.		200,335
	1,200	Hochiki Corp.		12,680
	700	Horiba, Ltd.		45,357
	2,600	Hosiden Corp.		23,280
	47	Inficon Holding AG		54,397
	400	I-PEX, Inc.		8,851
	2,300	Japan Aviation Electronics Industry, Ltd.		40,631
	1,100	Japan Cash Machine Co., Ltd.*		5,544
	21,200	Japan Display, Inc.*		7,251
	1,679	Jenoptik AG		45,986
	1,000	Kaga Electronics Co., Ltd.		26,800
	100	Keyence Corp.		50,451
	1,200	Koa Corp.		18,713
	1,400	Kyocera Corp.		86,525
	3,500	Kyosan Electric Manufacturing Co., Ltd.		13,292
	5,505	Lagercrantz Group AB*		59,931
	365	Landis+Gyr Group AG		25,500
	26	Lem Holding SA, Registered Shares*		54,529
	2,200	Macnica Fuji Electronics Holdings		52,878
	400	Maruwa Co., Ltd./Aichi		40,311
	1,500	Meiko Electronics Co., Ltd.		44,014
	978	Micronic Mydata AB		29,524
	2,156	Midwich Group plc		17,600
	4,600	Murata Manufacturing Co., Ltd.		351,074
	267	Nederland Apparatenfabriek		18,394
	2,800	Nichicon Corp.		30,136
	600	Nippon Chemi-Con Corp.*		14,413
	3,000	Nippon Electric Glass Co., Ltd.		70,459
	3,400	Nippon Signal Co., Ltd.		28,030
	1,800	Nissha Co., Ltd.		27,065
	600	Nohmi Bosai, Ltd.		11,318
	3,600	OKI Electric Industry Co., Ltd.		32,979
	3,000	Osaki Electric Co., Ltd.		16,415
	1,627	Oxford Instruments plc		52,012
	3,149	Pricer AB		11,663
	324	Renishaw plc		22,080
	1,100	Restar Holdings Corp.		18,671
	1,400	Ryoden Corp.		20,476
	1,100	Ryosan Co., Ltd.		20,108

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	700	Shibaura Electronics Co., Ltd.	$	34,634
	900	Shimadzu Corp.		34,784
	1,200	Shinko Shoji Co., Ltd.		8,392
	2,000	Siix Corp.		25,573
	3,154	Smart Metering Systems plc		37,937
	1,949	Spectris plc		87,337
	6,120	Strix Group plc		26,698
	2,000	Sumida Corp.		21,742
	700	Tachibana Eletech Co., Ltd.		9,067
	2,600	Taiyo Yuden Co., Ltd.		128,588
	2,500	Tamura Corp.		18,826
	1,700	TDK Corp.		206,573
	1,300	Toyo Corp.		12,742
	7,103	TT Electronics plc		25,323
	400	V Technology Co., Ltd.		19,240
	312	Vaisala OYJ, Class A		12,819
	7,400	Venture Corp., Ltd.		105,887
	56,000	Vstecs Holdings, Ltd.		45,229
	2,800	Yokogawa Electric Corp.		41,499
	1,100	Yokowo Co., Ltd.		25,123

				3,835,938

Energy Equipment & Services (0.4%):
	7,314	Akastor ASA*		5,440
	5,393	Aker Solutions ASA		10,042
	1,137	Bonheur ASA		32,215
	2,991	BW Offshore, Ltd.		10,713
	5,874	Ces Energy Solutions Corp.*		9,147
	29,491	CGG SA*		26,388
	4,726	Computer Modelling Group, Ltd.		19,485
	6,058	Enerflex, Ltd.		41,009
	8,606	Ensign Energy Services, Inc.*		15,554
	106,730	Ezion Holdings, Ltd.*		643
	4,141	Fugro NV*		39,779
	6,704	Hunting plc		20,446
	18,612	John Wood Group plc*		56,769
	8,257	Lamprell plc*		5,712
	1,000	Modec, Inc.^		18,518
	4,500	Mullen Group, Ltd.		48,507
	2,400	North American Construction Group, Ltd.		36,560
	3,324	Ocean Yield ASA		11,497
	7,269	Odfjell Drilling, Ltd.*		20,234
	1,450	Pason Systems, Inc.		10,447
	6,196	Petrofac, Ltd.*		9,445
	18,993	Petroleum Geo-Services ASA*		10,003
	818	Precision Drilling Corp.*		34,095
	2,400	Raiznext Corp.		24,926
	15,278	Saipem SpA*^		36,993
	5,417	SBM Offshore NV		82,318
	174	Schoeller-Blackman Oilfield Equipment AG*		7,315
	8,377	Secure Energy Services, Inc.		28,455
	3,900	ShawCor, Ltd.*		18,597
	5,516	Subsea 7 SA		53,016
	1,677	Tecnicas Reunidas SA*		21,213
	1,938	Tenaris SA		21,219
	2,965	TGS ASA		37,830
	421	The Drilling Co of 1972 A/S*		17,632
	900	Total Energy Services, Inc.*		3,268


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	400	Toyo Kanetsu KK	$	8,869
	13,311	Trican Well Service, Inc.*		28,675
	268	Vallourec SA*^		2,429
	7,807	Worley, Ltd.		69,991

				955,394

Entertainment (0.5%):
	800	Akatsuki, Inc.		25,611
	2,500	Avex, Inc.		36,926
	2,023	Borussia Dortmund GMBH & Co. KGaA*		14,907
	2,800	Capcom Co., Ltd.		81,948
	50,738	Cineworld Group plc*		54,369
	1,810	CTS Eventim AG & Co. KGaA*		113,111
	1,600	Daiichikosho Co., Ltd.		61,417
	1,900	DeNA Co., Ltd.		40,373
	4,107	Event Hospitality And Entertainment, Ltd.*		38,928
	1,590	Gungho Online Enetertainment, Inc.		31,662
	38,000	IGG, Inc.		50,218
	594	Kinepolis Group NV*		32,078
	1,300	KLab, Inc.*		8,136
	2,000	Konami Holdings Corp.		120,029
	400	Nintendo Co., Ltd.		232,767
	200	Square Enix Holdings Co., Ltd.		9,924
	510	Technicolor SA*		1,979
	400	Toei Animation Co., Ltd.		47,438
	200	Toei Co., Ltd.		37,365
	2,585	UbiSoft Entertainment SA*		180,970
	700	UUUM, Inc.*		9,700
	2,949	Vivendi Universal SA^		99,069
	5,570	WildBrain, Ltd.*		12,494

				1,341,419

Food & Staples Retailing (2.6%):
	5,600	AEON Co., Ltd.		150,430
	500	Ain Holdings, Inc.		31,186
	3,200	Alcanna, Inc.*		17,273
	8,272	Alimentation Couche-Tard, Inc.		304,010
	1,309	Amsterdam Commodities NV		35,542
	2,400	Arcs Co., Ltd.		52,187
	1,537	Axfood AB		42,526
	800	Axial Retailing, Inc.		27,001
	600	Belc Co., Ltd.		28,947
	16,444	Carrefour SA^		323,421
	1,395	Casino Guichard-Perrachon SA*		44,257
	1,100	Cawachi, Ltd.		22,291
	400	Cocokara Fine, Inc.		29,881
	10,629	Coles Group, Ltd.		136,234
	1,589	Colruyt SA		88,855
	400	Cosmos Pharmaceutical Corp.		58,705
	1,300	Create SD Holdings Co., Ltd.		38,612
	500	Daikokutenbussan Co., Ltd.		36,183
	4,900	Dairy Farm International Holdings, Ltd.		20,788
	3,091	Empire Co., Ltd., Class A		97,513
	9,117	Endeavour Group, Ltd.*		42,998
	1,600	Heiwado Co., Ltd.		31,939
	890	ICA Gruppen AB		41,435
	200	Itochu-Shokuhin Co., Ltd.		9,551
	64,976	J Sainsbury plc		244,418
	600	JM Holdings Co., Ltd.		11,902

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	600	Kato Sangyo Co., Ltd.	$	18,279
	5,020	Kesko OYJ, Class A		166,063
	8,384	Kesko OYJ, Class B		309,665
	2,400	Kobe Bussan Co., Ltd.		75,599
	25,566	Koninklijke Ahold Delhaize NV		760,039
	400	Kusuri NO Aoki Holdings Co., Ltd.		29,164
	900	LAWSON, Inc.		41,637
	800	Life Corp.		25,380
	2,011	Loblaw Cos., Ltd.		123,785
	700	Matsumotokiyoshi Holdings Co., Ltd.		30,901
	42,815	Metcash, Ltd.		128,127
	7,078	METRO AG		87,622
	3,317	Metro, Inc.		159,052
	600	Ministop Co., Ltd.		7,634
	900	Mitsubishi Shokuhin Co., Ltd.		22,752
	1,200	Nihon Chouzai Co., Ltd.		16,883
	1,801	North West Co., Inc.		51,135
	9,500	Olam International, Ltd.		11,303
	1,200	Qol Holdings Co., Ltd.		16,739
	1,094	Rallye SA*		9,639
	337	Rami Levy Chain Stores Hashikm		22,190
	1,000	Retail Partners Co., Ltd.		10,557
	600	San-A Co., Ltd.		22,789
	12,300	Seven & I Holdings Co., Ltd.		586,408
	28,900	Sheng Siong Group, Ltd.		33,971
	4,880	Shufersal, Ltd.		38,878
	1,454	Sligro Food Group NV*		42,672
	38,447	Sonae SGPS SA		36,483
	500	Sugi Holdings Co., Ltd.		36,467
	1,300	Sundrug Co., Ltd.		41,258
	118,140	Tesco plc		364,642
	400	Tsuruha Holdings, Inc.		46,308
	2,100	United Supermarkets Holdings		20,508
	2,200	Valor Holdings Co., Ltd.		44,826
	1,400	Watahan & Co., Ltd.		15,097
	1,400	Welcia Holdings Co., Ltd.		45,741
	9,068	Wesfarmers, Ltd.		401,652
	1,493	Weston (George), Ltd.		142,325
	91,434	William Morrison Supermarkets plc		312,014
	9,117	Woolworths Group, Ltd.		260,341
	800	YAKUODO Holdings Co., Ltd.		17,066
	700	Yamatane Corp.		9,785
	700	Yaoko Co., Ltd.		40,136
	2,800	Yokohama Reito Co., Ltd.		22,229

				6,673,826

Food Products (3.3%):
	5,898	A2 Milk Co., Ltd.*		26,539
	364	Agrana Beteiligungs AG		8,782
	4,500	Ajinomoto Co., Inc.		116,813
	44,180	Aryzta AG*		60,291
	1,867	Associated British Foods plc		57,310
	772	Atria OYJ		11,097
	4,083	Austevoll Seafood ASA		50,680
	363	Bakkafrost P/F		30,016
	53	Barry Callebaut AG, Registered Shares		123,181
	8,561	Bega Cheese, Ltd.		37,799
	125	Bell AG		38,316


Shares			Value
Common Stocks, continued
Food Products, continued
	854	Bonduelle S.C.A.	$	21,414
	2,000	Calbee, Inc.		46,121
	1	Chocoladefabriken Lindt & Spruengli AG		104,756
	800	Chubu Shiryo Co., Ltd.		8,134
	12,278	Cloetta AB		36,655
	13,015	Costa Group Holdings, Ltd.		32,181
	2,056	Costa Group Holdings, Ltd.		5,056
	2,005	Cranswick plc		110,175
	6,062	Danone SA		426,882
	1,700	Delfi, Ltd.		1,182
	10,007	Devro plc		26,691
	500	DyDo Group Holdings, Inc.		22,456
	2,372	Ebro Foods SA		49,829
	4,736	Elders, Ltd.		41,024
	80	Emmi AG		82,090
	27,100	First Resources, Ltd.		27,039
	1,616	Forfarmers NV		9,544
	9,500	Fraser & Neave, Ltd.		10,393
	1,000	Fuji Oil Holdings, Inc.		23,788
	260,400	Golden Agri-Resources, Ltd.		44,619
	11,957	GrainCorp, Ltd.		46,253
	17,127	Greencore Group plc*		29,757
	1,923	Hilton Food Group plc		29,074
	1,600	Hokuto Corp.		27,639
	700	House Foods Group, Inc.		21,390
	15,498	Inghams Group, Ltd.		46,238
	2,700	Itoham Yonekyu Holdings, Inc.		17,376
	300	Iwatsuka Confectionery Co., Ltd.		10,677
	600	J-Oil Mills, Inc.		10,148
	800	Kagome Co., Ltd.		21,105
	800	Kakiyasu Honten Co., Ltd.		18,262
	400	Kameda Seika Co., Ltd.		15,951
	700	Kenko Mayonnaise Co., Ltd.		10,018
	340	Kerry Group plc, Class A		47,484
	2,800	Kewpie Corp.		62,824
	400	Kikkoman Corp.		26,383
	163	KWS Saat SE		13,413
	500	Kyokuyo Co., Ltd.		13,051
	147	Lassonde Industries, Inc.		20,519
	3,154	Leroy Seafood Group ASA		27,671
	17	Lotus Bakeries		96,146
	2,349	Maple Leaf Foods, Inc.		48,765
	1,200	Marudai Food Co., Ltd.		18,308
	2,600	Maruha Nichiro Corp.		55,248
	1,700	Megmilk Snow Brand Co., Ltd.		32,347
	41	Mehadrin, Ltd.*		1,777
	1,900	Meiji Holdings Co., Ltd.		113,731
	800	Mitsui Sugar Co., Ltd.		13,444
	1,300	Morinaga & Co., Ltd.		41,540
	2,400	Morinaga Milk Industry Co., Ltd.		125,129
	2,943	Mowi ASA		74,899
	30,559	Nestle SA, Registered Shares		3,806,705
	1,800	NH Foods, Ltd.		69,983
	2,600	Nichirei Corp.		68,309
	1,200	Nippn Corp.		16,947
	800	Nippon Beet Sugar Manufacturing Co., Ltd.		12,134
	20,100	Nippon Suisan Kaisha, Ltd.		95,697

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Food Products, continued
	1,200	Nisshin Oillio Group, Ltd. (The)	$	33,159
	900	Nisshin Seifun Group, Inc.		13,163
	300	Nissin Foods Holdings Co., Ltd.		21,604
	326	Orior AG		29,468
	30,027	Premier Foods plc*		45,534
	1,488	Premium Brands Holdings Corp.		151,189
	1,300	Prima Meat Packers, Ltd.		35,158
	11,830	Ridley Corp., Ltd.*		10,114
	600	S Foods, Inc.		17,764
	1,029	Salmar ASA		68,384
	2,346	Sanford, Ltd.*		8,361
	3,223	Saputo, Inc.		96,139
	127	Savencia SA		10,663
	3,496	Scales Corp., Ltd.		11,699
	3,767	Scandi Standard AB		25,234
	619	Schouw & Co.		68,025
	2,867	Select Harvests, Ltd.		14,512
	800	Showa Sangyo Co., Ltd.		21,492
	306	Sipef SA		17,232
	600	Starzen Co., Ltd.		11,325
	1,353	Strauss Group, Ltd.		37,922
	2,659	Suedzucker AG		42,560
	2,839	Synlait Milk, Ltd.*		7,228
	11,672	Tassal Group, Ltd.		31,326
	14,193	Tate & Lyle plc		145,039
	1,400	Toyo Suisan Kaisha, Ltd.		53,875
	58	United International Enterprises		15,529
	13,688	United Malt Grp, Ltd.		45,995
	1,635	Viscofan SA		113,991
	22,000	Vitasoy International Holdings, Ltd.		81,696
	400	Warabeya Nichiyo Holdings Co., Ltd.		7,801
	264,612	WH Group, Ltd.(a)		237,894
	5,500	Wilmar International, Ltd.		18,437
	200	Yakult Honsha Co., Ltd.		11,323
	2,200	Yamazaki Baking Co., Ltd.		31,021

				8,489,051

Gas Utilities (0.4%):
	7,684	AltaGas, Ltd.		161,318
	12,578	APA Group		83,786
	5,560	Gas Natural SDG SA		142,948
	17,850	Hong Kong & China Gas Co., Ltd.		27,726
	14,289	Italgas SpA		93,523
	800	K&O Energy Group, Inc.		9,512
	6,000	Nippon Gas Co., Ltd.		102,003
	1,500	Osaka Gas Co., Ltd.		27,797
	1,126	Rubis SCA		50,059
	1,300	Saibu Gas Co., Ltd.		28,479
	1,300	Shizuoka Gas Co. Ltd.		11,589
	10,212	Superior Plus Corp.		125,817
	400	Toho Gas Co., Ltd.		19,586
	2,200	Tokyo Gas Co., Ltd.		41,354

				925,497

Health Care Equipment & Supplies (1.7%):
	343	Alcon, Inc.		24,099
	4,403	Alcon, Inc.		308,500
	1,070	Ambu A/S, Class B		41,130
	3,762	Ansell, Ltd.		122,769


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	8,458	Arjo AB, Class B	$	87,206
	3,200	Asahi Intecc Co., Ltd.		76,487
	166	BioMerieux		19,291
	478	Cochlear, Ltd.		90,231
	600	Coloplast A/S, Class B		98,516
	251	Coltene Holding AG		34,026
	15,016	Convatec Group plc(a)		49,997
	1,762	Demant A/S*		99,480
	419	DiaSorin SpA		79,254
	509	Draegerwerk AG & Co. KGaA		48,164
	238	Draegerwerk AG & Co. KGaA		22,123
	740	Eckert & Ziegler AG		84,544
	2,223	Elekta AB, Class B		32,227
	1,146	EssilorLuxottica SA		211,580
	3,206	Fisher & Paykel Healthcare Corp., Ltd.		69,715
	3,411	Getinge AB, Class B		128,737
	4,965	GN Store Nord A/S		434,840
	405	Guerbet		14,307
	800	Hogy Medical Co., Ltd.		24,494
	3,200	HOYA Corp.		424,182
	1,300	Jeol, Ltd.		76,036
	1,178	Koninklijke Philips Electronics NV, NYS		58,547
	5,281	Koninklijke Philips NV		261,770
	500	Menicon Co., Ltd.		35,099
	1,200	Nakanishi, Inc.		26,258
	1,100	Nihon Kohden Corp.		31,312
	2,300	Nikkiso Co., Ltd.		23,119
	8,900	Nipro Corp.		105,167
	10,300	Olympus Corp.		204,663
	1,800	Paramount Bed Holdings Co., Ltd.		32,060
	457	Revenio Group OYJ		34,626
	307	Sartorius AG		159,787
	1,077	Sectra AB*		83,422
	1,648	Smith & Nephew plc		35,709
	551	Sonova Holding AG, Registered Shares		207,398
	360	Stratec Se		50,278
	1,200	Sysmex Corp.		141,753
	3,800	Terumo Corp.		153,949
	180	Ypsomed Holding AG		28,068

				4,374,920

Health Care Providers & Services (1.0%):
	2,700	Alfresa Holdings Corp.		40,118
	3,685	Amplifon SpA		182,376
	15,973	Arvida Group, Ltd.		22,754
	6,164	Attendo AB*(a)		28,216
	18,377	Australian Pharmaceutical Industries, Ltd.		15,365
	700	BML, Inc.		23,796
	3,715	CareTech Holdings plc		31,187
	1,500	China Evergrande New Energy Vehicle Group, Ltd.*		5,583
	862	CVS Group plc*		28,808
	2,487	Ebos Group, Ltd.		56,051
	1,000	Elan Corp.		11,537
	4,012	Extendicare, Inc.		27,547
	3,112	Fagron		69,490
	6,326	Fresenius Medical Care AG & Co., KGaA		525,429
	3,706	Fresenius SE & Co. KGaA		193,358
	2,800	H.U. Group Holdings, Inc.		72,018

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	27,126	Healius, Ltd.	$	94,199
	2,572	Humana AB*		20,204
	2,000	Japan Lifeline Co., Ltd.		24,316
	1,000	Japan Medical Dynamic Marketing, Inc.		19,646
	16,930	Japara Healthcare, Ltd.*		16,253
	2,678	Korian SA		98,901
	225	Lna Sante		14,138
	3,204	Medical Facilities Corp.		18,122
	15,698	Mediclinic International plc*		64,599
	2,000	Medipal Holdings Corp.		38,197
	1,110	NMC Health plc*		418
	21,355	Oceania Healthcare, Ltd.		22,235
	1,066	Orpea*		135,597
	24,015	Raffles Medical Group, Ltd.		21,076
	1,997	Ramsay Health Care, Ltd.		94,111
	2,814	Ryman Healthcare, Ltd.		25,811
	3,400	Ship Healthcare Holdings, Inc.		79,051
	59,044	Sigma Healthcare, Ltd.		26,360
	1,900	Solasto Corp.		23,932
	2,679	Sonic Healthcare, Ltd.		77,117
	8,887	Spire Healthcare Group plc*(a)		30,242
	8,382	Summerset Group Holdings, Ltd.		78,543
	1,100	Suzuken Co., Ltd.		32,067
	1,800	Toho Holdings Co., Ltd.		28,827
	500	Tokai Corp./Gifu		10,905
	4,396	UDG Healthcare plc		65,009
	3,435	Virtus Health, Ltd.		16,996
	2,800	Vital Ksk Holdings, Inc.		17,936

				2,528,441

Health Care Technology (0.2%):
	7,980	AGFA-Gevaert NV*		37,037
	1,026	Ascom Holding AG*		16,953
	857	CompuGroup Medical SE & Co KgaA		67,157
	2,389	Emis Group plc		38,004
	2,400	M3, Inc.		175,403
	800	Nnit A/S(a)		15,752
	1,258	Pro Medicus, Ltd.		55,407
	1,213	Raysearch Laboratories AB*		12,394

				418,107

Hotels, Restaurants & Leisure (1.6%):
	3,592	Accor SA*		134,202
	36,400	Accordia Golf Trust		577
	600	AEON Fantasy Co., Ltd.		12,063
	1,000	Arcland Service Holdings Co., Ltd.		19,764
	23,206	Ardent Leisure Group, Ltd.*		17,041
	4,445	Aristocrat Leisure, Ltd.		143,583
	1,059	Basic-Fit NV*(a)		45,287
	3,095	Betsson AB, Class B		25,255
	20,000	Cafe de Coral Holdings, Ltd.		41,112
	1,533	Carnival plc, ADR*		35,673
	72,000	Century City International Holdings, Ltd.*		3,988
	485	CIE des Alpes*^		7,786
	4,935	Collins Foods, Ltd.		42,357
	700	Colowide Co., Ltd.		12,452
	2,726	Compass Group plc*		57,486
	4,000	Create Restaurants Holdings In*		32,829
	4,576	Crown Resorts, Ltd.*		40,924


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	1,483	Domino’s Pizza Enterprises, Ltd.	$	134,043
	13,489	Domino’s Pizza Group plc		72,521
	1,600	Doutor Nichires Holdings Co., Ltd.		24,615
	4,906	Elior Group*(a)		36,691
	386	Evolution AB(a)		61,041
	6,500	Fairwood Holdings, Ltd.		15,086
	1,821	Flight Centre Travel Group, Ltd.*		20,283
	495	Flutter Entertainment plc*		89,714
	2,342	Flutter Entertainment plc*		425,907
	2,000	Food & Life Cos., Ltd.		86,299
	200	Fuji Kyuko Co., Ltd.		9,575
	557	Fuller Smith & Turner plc, Class A*		6,560
	1,491	Gamesys Group plc		38,056
	200	Genki Sushi Co., Ltd.		4,529
	2,773	Great Canadian Gaming Corp.*		99,585
	6,216	Greggs plc*		223,141
	4,228	GVC Holdings plc*		102,155
	18,230	Hongkong & Shanghai Hotels (The)*		19,183
	1,499	InterContinental Hotels Group plc, ADR*		99,968
	6,544	JD Wetherspoon plc*		106,687
	868	Jumbo Interactive, Ltd.		11,562
	1,100	KFC Holdings Japan, Ltd.		28,037
	6,856	Kindred Group plc		107,531
	1,700	Komeda Holdings Co., Ltd.		31,730
	33,812	Marston’s plc*		41,209
	200	Matsuyafoods Holdings Co., Ltd.		6,346
	500	McDonald’s Holdings Co., Ltd.		22,059
	23,000	Melco International Development Ltd.*		42,243
	5,571	Melia Hotels International SA*		41,208
	14,000	Miramar Hotel & Investment		27,589
	14,923	Mitchells & Butlers plc*		57,611
	400	Monogatari Corp. (The)		26,928
	46,000	NagaCorp, Ltd.		44,376
	200	Oriental Land Co., Ltd.		28,493
	2,702	Pandox AB*		44,991
	900	Pizza Pizza Royalty Corp.		7,864
	10,182	PlayTech plc*		59,878
	12,439	Rank Group plc*		28,890
	600	Renaissance, Inc.		6,603
	2,800	Resorttrust, Inc.		45,709
	1,657	Restaurant Brands International, Inc.		106,781
	392	Restaurant Brands International, Inc.		25,260
	4,293	Restaurant Brands New Zealand, Ltd.*		43,049
	19,755	Restaurant Group plc (The)*		35,098
	1,200	Saint Marc Holdings Co., Ltd.		17,175
	3,788	Sands China, Ltd.*		15,954
	5,463	Scandic Hotels Group AB*^(a)		21,352
	44,000	Shangri-La Asia, Ltd.*		43,022
	42,868	SJM Holdings, Ltd.*		46,769
	1,360	SkiStar AB*		22,673
	28,026	Sky City Entertainment Group, Ltd.*		68,744
	6,100	Skylark Holdings Co., Ltd.*		84,717
	700	Sodexo SA*		65,356
	28,245	SSP Group plc*		104,095
	21,972	Star Entertainment Group, Ltd. (The)*		60,799
	21,530	Tabcorp Holdings, Ltd.		83,398
	581	The Gym Group plc*(a)		2,261
	137	Tivoli A/S*		19,445

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	800	Tokyotokeiba Co., Ltd.	$	32,650
	2,200	Toridoll Holding Corp.		37,306
	400	Tosho Co., Ltd.		6,900
	8,579	TUI AG*^		43,924
	2,341	Whitbread plc*		101,297
	26,430	Wynn Macau, Ltd.*		41,595
	3,500	Zensho Holdings Co., Ltd.		89,873

				4,278,368

Household Durables (1.9%):
	5,875	Azorim-Investment Development & Construction Co., Ltd.*		23,625
	4,812	Bang & Olufsen A/S*		25,736
	12,573	Barratt Developments plc		121,107
	3,181	Bellway plc		142,804
	2,120	Berkeley Group Holdings plc (The)		134,929
	1,566	Bigben Interactive*		30,825
	3,728	Bonava AB		41,036
	6,992	Bovis Homes Group plc		113,797
	3,267	Breville Group, Ltd.		73,251
	27,975	Cairn Home plc*		35,360
	600	Chofu Seisakusho Co., Ltd.		10,801
	9,695	Countryside Properties plc*(a)		63,466
	6,556	Crest Nicholson Holdings plc*		38,046
	1,076	De’Longhi		46,955
	7,507	DFS Furniture plc*		29,107
	1,000	Dorel Industries, Inc.*		12,603
	2,152	Duni AB*		27,874
	4,630	Electrolux AB, Series B, Class B		128,476
	1,200	Es-Con Japan, Ltd.		8,262
	2,053	Fiskars OYJ Abp		44,638
	36	Forbo Holding AG		68,209
	1,400	France Bed Holdings Co., Ltd.		11,504
	1,600	Fuji Corp., Ltd.		9,304
	900	Fujitsu General, Ltd.		23,869
	14,200	Haseko Corp.		194,489
	700	Hoosiers Holdings		4,498
	5,498	Husqvarna AB, Class B		73,110
	2,100	Iida Group Holdings Co., Ltd.		54,046
	2,147	JM AB		74,278
	10,600	Jvc Kenwood Corp.		22,608
	958	Kaufman & Broad SA		45,579
	1,300	LEC, Inc.		13,223
	540	Leifheit AG		30,052
	43,200	Man Wah Holdings, Ltd.		103,826
	10	Metall Zug AG		22,488
	1,363	Neinor Homes SA(a)		18,358
	6,900	Nikon Corp.		73,644
	5,576	Nobia AB		47,580
	39,400	Panasonic Corp.		455,760
	4,180	Persimmon plc		171,325
	1,200	Pressance Corp.		16,134
	6,708	Redrow plc		56,867
	200	Rinnai Corp.		19,026
	1,300	Sangetsu Corp.		18,112
	864	SEB SA		156,174
	5,900	Sekisui Chemical Co., Ltd.		100,822
	4,600	Sekisui House, Ltd.		94,324


Shares				Value
Common Stocks, continued
Household Durables, continued
	3,000	Sharp Corp.		$	49,480
	13,600	Sony Group Corp.			1,320,100
	2,500	Space Value Holdings Co., Ltd.			16,176
	2,200	Starts Corp., Inc.			56,288
	4,800	Sumitomo Forestry Co., Ltd.			87,961
	328	Surteco Group SE			10,692
	1,100	Tamron Co., Ltd.			24,092
	42,121	Taylor Wimpey plc			92,798
	11,187	Techtronic Industries Co., Ltd.			195,791
	805	The Vitec Group plc			15,591
	1,000	TOA Corp.			8,028
	3,468	TomTom NV*			29,062
	100	V-ZUG Holding AG*			15,400

					5,053,366

Household Products (0.3%):
	5,732	Essity AB, Class B			190,118
	407	Henkel AG & Co. KGaA			37,469
	1,700	Lion Corp.			28,806
	14,255	Mcbride plc			17,934
	1,600	Pigeon Corp.			44,923
	5,635	PZ Cussons plc			19,070
	3,336	Reckitt Benckiser Group plc			295,199
	800	Unicharm Corp.			32,185

					665,704

Independent Power and Renewable Electricity Producers (0.4%):
	1,528	Albioma SA			62,599
	1,592	Boralex, Inc., Class A			48,490
	1,800	Capital Power Corp.			59,472
	18,267	Drax Group plc			107,132
	1,631	EDP Renovaveis SA			37,790
	1,300	Electric Power Development Co., Ltd.			18,554
	1,756	ERG SpA			52,152
	1,641	Innergex Renewable Energy, Inc.			28,533
	1,207	Kenon Holdings, Ltd.			41,682
	16,056	New Energy Solar, Ltd.*			9,992
	4,672	Northland Power, Inc.			159,415
	3,405	OPC Energy, Ltd.*			33,280
	438	Scatec ASA(a)			11,608
	16,748	Transalta Corp.			166,886
	2,200	Transalta Renewables, Inc.			36,974
	2,465	Uniper SE			90,869
	910	West Holdings Corp.			32,171

					997,599

Industrial Conglomerates (0.7%):
	8,000	Chevalier International Holdings Ltd.			10,427
	53,556	CIR SpA-Compagnie Industriali*			32,123
	28,430	CK Hutchison Holdings, Ltd.			221,534
	1,837	DCC plc			150,457
	2,000	Guoco Group, Ltd.			23,067
	822	Indus Holding AG	��		32,555
	515	Italmobiliare SpA			18,589
	1,500	Katakura Industries Co., Ltd.			20,087
	900	Keihan Holdings Co., Ltd.			27,245
	18,500	Keppel Corp., Ltd.			75,386
	2,235	Lifco AB, Class B			52,268

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Industrial Conglomerates, continued
	5,400	Nisshinbo Holdings, Inc.	$	46,601
	11,320	Nolato AB, Class B		111,423
	23,000	NWS Holdings, Ltd.		24,470
	1,821	Rheinmetall AG		179,820
	3,900	Seibu Holdings, Inc.*		45,851
	57,400	SembCorp Industries, Ltd.		91,504
	70,000	Shun Tak Holdings, Ltd.*		22,540
	1,852	Siemens AG, Registered Shares		293,414
	3,820	Smiths Group plc		84,154
	5,400	Tokai Holdings Corp.		43,986
	2,400	Toshiba Corp.		103,859

				1,711,360

Insurance (3.3%):
	3,734	Admiral Group plc		162,478
	31,926	AEGON NV		132,304
	3,360	Ageas NV		186,323
	69,040	AIA Group, Ltd.		858,098
	4,109	Alm Brand A/S		29,725
	5,951	ASR Nederland NV		229,742
	11,584	Assicurazioni Generali SpA		232,013
	1,203	AUB Group, Ltd.		20,188
	51,290	Aviva plc		288,377
	10,959	AXA SA		277,601
	999	Baloise Holding AG, Registered Shares		155,760
	12,901	Beazley plc*		59,411
	4	Brookfield Asset Management Reinsurance Partners, Ltd., Class A*		220
	7,384	Chesnara plc		27,097
	2,213	Clal Insurance Enterprises Holdings, Ltd.*		43,959
	2,983	CNP Assurances SA		50,701
	5,028	Coface SA		60,866
	4,900	Dai-ichi Life Holdings, Inc.		89,691
	39,884	Direct Line Insurance Group plc		157,141
	82	E-L Financial Corp., Ltd.		62,109
	398	Fairfax Financial Holdings, Ltd.		174,563
	1,054	FBD Holdings plc*		11,147
	3,200	Great-West Lifeco, Inc.		95,065
	1,465	Grupo Catalana Occidente SA		56,542
	539	Hannover Rueck SE		90,169
	5,987	Harel Insurance Investments &		59,372
	1,855	Helvetia Holding AG		199,576
	6,718	Hiscox, Ltd.*		77,328
	3,319	IA Financial Corp., Inc.		180,732
	506	IDI Insurance Co., Ltd.		16,942
	12,537	Insurance Australia Group, Ltd.		48,356
	700	Intact Financial Corp.		95,116
	6,700	Japan Post Holdings Co., Ltd.		55,122
	52,851	Just Group plc*		68,104
	7,487	Lancashire Holdings, Ltd.		63,504
	58,863	Legal & General Group plc		209,481
	16,597	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros*		34,775
	1,683	Manulife Financial Corp.		33,133
	13,095	Manulife Financial Corp.		257,971
	25,567	Mapfre SA		54,027
	40,419	Medibank Private, Ltd.		95,708
	1,055	Menora Mivtachim Holdings, Ltd.		20,902


Shares			Value
Common Stocks, continued
Insurance, continued
	16,641	Migdal Insurance & Financial Holding, Ltd.*	$	22,957
	2,100	MS&AD Insurance Group Holdings, Inc.		60,630
	555	Muenchener Rueckversicherungs-Gesellschaft AG		152,022
	20,116	NIB Holdings, Ltd.		97,910
	4,106	NN Group NV		193,504
	4,541	Phoenix Group Holdings plc		42,548
	7,577	Phoenix Holdings, Ltd. (The)		70,884
	5,968	Poste Italiane SpA(a)		78,919
	2,517	Prudential plc, ADR		95,898
	20,613	QBE Insurance Group, Ltd.		166,194
	3,005	Sabre Insurance Group plc(a)		10,595
	3,822	Saga plc*		21,000
	1,945	Sampo Oyj, Class A		89,434
	5,815	SCOR SA*		184,953
	8,029	Societa Cattolica di Assicuraz*		66,700
	3,000	Sompo Holdings, Inc.		110,543
	10,578	Steadfast Group, Ltd.		34,935
	5,818	Storebrand ASA		52,742
	3,075	Sun Life Financial, Inc.		158,485
	15,987	Suncorp Group, Ltd.		132,796
	375	Swiss Life Holding AG, Registered Shares		182,306
	2,645	Swiss Re AG		238,451
	5,900	T&D Holdings, Inc.		76,671
	974	Talanx AG		39,823
	3,700	Tokio Marine Holdings, Inc.		169,580
	1,470	Topdanmark A/S		76,616
	23	Trisura Group, Ltd.*		3,077
	2,023	Tryg A/S		49,656
	15,269	Unipol Gruppo Finanziario SpA		83,052
	14,182	UnipolSai Assicurazioni SpA		41,232
	6,313	Uniqa Insurance Group AG		54,940
	54	Vaudoise Assurances Holding SA		28,011
	2,033	Vienna Insurance Group AG Wiener Versicherung Gruppe		55,796
	1,796	Wuestenrot & Wuerttembergische AG		41,154
	884	Zurich Insurance Group AG		354,533

				8,459,986

Interactive Media & Services (0.4%):
	22,069	Auto Trader Group plc*(a)		193,513
	9,859	Carsales.com, Ltd.		146,139
	1,200	Dip Corp.		37,122
	5,600	Gree, Inc.		29,590
	2,200	Kakaku.com, Inc.		66,476
	2,000	mixi, Inc.		52,740
	135	New Work SE		42,428
	606	REA Group, Ltd.		76,833
	26,634	Rightmove plc		239,508
	897	Scout24 AG*(a)		75,706
	2,124	Solocal Group*		4,559
	15,200	Z Holdings Corp.		76,227

				1,040,841

Internet & Direct Marketing Retail (0.3%):
	1,600	ASKUL Corp.		24,941
	1,900	Belluna Co., Ltd.		16,704
	18,446	Boohoo Group plc*		79,264
	106	Delivery Hero SE*(a)		14,004
	3,809	Dustin Group AB(a)		50,330

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Internet & Direct Marketing Retail, continued
	2,462	eDreams ODIGEO SA*	$	19,825
	2,400	Enigmo, Inc.		30,669
	284	HelloFresh SE*		27,609
	595	Just Eat Takeaway.com NV*(a)		55,099
	22,749	Moneysupermarket.com Group plc		80,750
	6,515	N Brown Group plc*		5,156
	821	Ocado Group plc*		22,746
	5,176	On The Beach Group plc*(a)		22,914
	1,785	Prosus NV		174,633
	1,817	Takkt AG		30,252
	6,523	Webjet, Ltd.*		24,024
	344	Zalando SE*(a)		41,580
	1,200	ZOZO, Inc.		40,799

				761,299

IT Services (1.7%):
	1,006	AddNode Group AB		37,049
	53	Adyen NV*(a)		129,512
	370	Allgeier SE		10,545
	725	Alten SA		96,149
	776	Amadeus IT Group SA*		54,567
	733	Appen, Ltd.		7,477
	3,853	Atea ASA		75,066
	2,869	Atos SE		174,577
	850	Bechtle AG		158,065
	2,594	Capgemini SA		498,742
	700	CGI, Inc.*		63,477
	2,893	CGI, Inc.*		262,106
	4,933	Columbus A/S		8,385
	4,471	Computacenter plc		159,151
	11,492	Computershare, Ltd.		146,133
	1,100	Comture Corp.		23,487
	7,824	Data#3, Ltd.		32,913
	500	Densan System Co., Ltd.		13,684
	1,400	DTS Corp.		33,327
	8,624	Econocom Group SA/NV		32,723
	1,000	E-Guardian, Inc.		25,492
	16,132	Equiniti Group plc*(a)		40,091
	3,891	Fdm Group Holdings plc		54,903
	457	Formula Systems 1985, Ltd.		41,046
	700	Fujitsu, Ltd.		131,131
	1,953	GFT Technologies SE		49,670
	6,665	Global Dominion Access SA(a)		34,536
	2,200	GMO Internet, Inc.		59,939
	400	GMO Payment Gateway, Inc.		52,006
	1,200	ID Holdings Corp.		9,731
	4,290	Indra Sistemas SA*		39,135
	1,200	Infocom Corp.		33,064
	1,400	Information Services Internati		57,700
	2,776	Iomart Group plc		10,293
	1,100	Itochu Techno-Solutions Corp.		34,079
	4,018	Kainos Group plc		81,946
	400	Kanematsu Electronics, Ltd.		12,925
	1,231	Knowit AB		40,362
	19,489	Link Administration Holdings, Ltd.		73,673
	896	Matrix It, Ltd.		24,255
	300	Mitsubishi Research Institute		10,656
	370	Nagarro SE*		45,410
	7,286	NCC Group plc		29,639


Shares			Value
Common Stocks, continued
IT Services, continued
	600	NEC Networks & System Integrat	$	9,477
	1,300	NET One Systems Co., Ltd.		42,904
	3,000	Nihon Unisys, Ltd.		90,248
	2,556	Nomura Research Institute, Ltd.		84,596
	800	NS Solutions Corp.		25,775
	2,200	Nsd Co., Ltd.		36,749
	5,500	NTT Data Corp.		85,778
	4,539	Ordina NV		20,361
	1,400	Otsuka Corp.		73,448
	1,200	Poletowin Pitcrew Holdings, Inc.		11,771
	663	Reply SpA		108,953
	800	SCSK Corp.		47,663
	800	Softbank Technology Corp.		22,067
	4,633	Softcat plc		113,798
	795	Sopra Steria Group		152,950
	16,000	Sunevision Holdings, Ltd.		16,383
	1,200	TDC Soft, Inc.		10,779
	1,700	TechMatrix Corp.		28,098
	1,232	Tieto OYJ		38,918
	4,500	TIS, Inc.		114,964
	2,243	Worldline SA*(a)		210,128

				4,354,625

Leisure Products (0.4%):
	1,179	Accell Group*		63,365
	1,700	Bandai Namco Holdings, Inc.		118,008
	1,106	BRP, Inc.		86,560
	891	Games Workshop Group plc		140,513
	800	Globeride, Inc.		32,285
	72,000	Goodbaby International Holdings, Ltd.*		16,600
	2,500	Heiwa Corp.		44,259
	500	Mars Group Holdings Corp.		7,322
	1,659	Maytronics, Ltd.		34,603
	800	Mizuno Corp.		17,006
	26,132	Photo-Me International plc*		25,715
	1,200	Sankyo Co., Ltd.		30,674
	3,600	Sega Sammy Holdings, Inc.		47,267
	1,169	Technogym SpA(a)		14,968
	1,995	Thule Group AB (The)(a)		88,498
	4,700	Tomy Co., Ltd.		40,271
	385	Trigano SA		79,567
	700	Universal Entertainment Corp.*		15,524
	500	Yamaha Corp.		27,131

				930,136

Life Sciences Tools & Services (0.4%):
	125	Bachem Holding AG, Class B		74,088
	2,446	Clinigen Group plc		20,930
	600	Cmic Holdings Co., Ltd.		8,511
	1,200	Eps Holdings, Inc.		19,430
	2,245	Eurofins Scientific SE*		256,694
	1,196	Gerresheimer AG		132,222
	168	Lonza Group AG, Registered Shares		119,126
	1,322	Qiagen NV*		63,958
	225	Sartorius Stedim Biotech		106,427
	1,600	Shin Nippon Biomedical Laborat		11,795
	97	Siegfried Holding AG		90,983
	153	Tecan Group AG		75,867

				980,031

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery (4.2%):
	3,060	Aalberts NV	$	164,464
	2,600	Aichi Corp.		19,054
	2,100	Aida Engineering, Ltd.		18,691
	1,756	Alfa Laval AB		62,071
	1,607	Alimak Group AB(a)		26,218
	900	Alinco, Inc.		8,323
	901	Alstom SA*		45,522
	10,200	Amada Holdings Co., Ltd.		102,793
	2,314	Andritz AG		130,009
	2,000	Anest Iwata Corp.		18,212
	2,700	Asahi Diamond Industrial Co., Ltd.		12,497
	2,774	Atlas Copco AB		146,002
	4,706	Atlas Copco AB, Class A		288,384
	1,149	ATS Automation Tooling Systems, Inc.*		32,985
	1,300	Bando Chemical Industries, Ltd.		10,435
	2,296	Beijer Alma AB, Class B		45,760
	183	Bobst Group SA*		14,642
	4,886	Bodycote plc		57,277
	243	Bucher Industries AG		127,153
	66	Burckhardt Compression Holding AG		26,741
	56	Bystronic AG		75,698
	459	Cargotec OYJ		23,731
	27,705	CNH Industrial NV		457,707
	1,560	Concentric AB		32,064
	1,110	Construcc y Aux de Ferrocarr SA		46,804
	168	Daetwyler Holding AG		56,754
	600	Daifuku Co., Ltd.		54,475
	2,100	Daiwa Industries, Ltd.		19,523
	1,585	Danieli & C Officine Meccaniche SpA		27,335
	3,954	Deutz AG*		31,971
	4,700	DMG Mori Co., Ltd.		84,323
	694	Duerr AG		26,395
	3,400	Ebara Corp.		167,316
	4,630	Electrolux Professional AB, Class B*		32,827
	4,358	Epiroc AB, Class A		99,343
	2,774	Epiroc AB, Class B		54,474
	1,500	Exco Technologies, Ltd.		12,611
	200	FANUC Corp.		48,217
	114	Feintool International Holding AG*		7,288
	19,282	Fincantieri SpA*^		17,421
	1,579	Fluidra SA		62,632
	2,000	Fuji Corp.		45,791
	1,700	Furukawa Co., Ltd.		19,128
	3,751	GEA Group AG		151,914
	152	Georg Fischer AG		225,661
	2,000	Glory, Ltd.		41,350
	2,253	Haldex AB*		14,914
	4,700	Hino Motors, Ltd.		41,372
	1,200	Hisaka Works, Ltd.		8,748
	1,700	Hitachi Construction Machinery Co., Ltd.		51,932
	9,200	Hitachi Zosen Corp.		59,540
	500	Hosokawa Micron Corp.		26,774
	8,000	IHI Corp.*		189,860
	14,403	IMI plc		342,711
	1,703	Interpump Group SpA		101,129
	17	Interroll Holding AG, Registered Shares		67,470
	1,300	Iseki & Co., Ltd.*		17,314


Shares			Value
Common Stocks, continued
Machinery, continued
	2,400	Japan Steel Works, Ltd. (The)	$	61,632
	885	JOST Werke AG(a)		52,800
	6,700	JTEKT Corp.		68,664
	2,916	Jungheinrich AG		142,539
	197	Kardex Holding AG		45,589
	900	Kato Works Co., Ltd.		7,954
	6,900	Kawasaki Heavy Industries, Ltd.*		147,569
	3,102	Kion Group AG		330,573
	400	Kitagawa Iron Works Co., Ltd.		6,152
	1,400	Kito Corp.		21,066
	5,100	Kitz Corp.		34,654
	572	Koenig & Bauer AG*		19,085
	5,900	Komatsu, Ltd.		146,610
	115	Komax Holding AG*		29,059
	2,900	Komori Corp.		21,217
	2,802	Kone OYJ, Class B		228,581
	1,994	Konecranes OYJ		83,987
	362	Krones AG		32,333
	2,900	Kubota Corp.		58,640
	900	Kurita Water Industries, Ltd.		43,173
	1,000	Kyokuto Kaihatsu Kogyo Co., Ltd.		14,193
	1,200	Maezawa Kyuso Industries Co., Ltd.		11,125
	700	Makino Milling Machine Co., Ltd.		28,217
	600	Makita Corp.		28,241
	586	Manitou Bf SA		18,760
	800	Max Co., Ltd.		13,118
	2,600	Meidensha Corp.		51,716
	800	Metawater Co., Ltd.		15,160
	22,387	Metso Outotec Oyj		260,118
	6,532	MINEBEA MITSUMI, Inc.		172,725
	900	Misumi Group, Inc.		30,450
	6,500	Mitsubishi Heavy Industries, Ltd.		191,177
	1,000	Mitsubishi Logisnext Co., Ltd.		9,160
	700	Mitsuboshi Belting Co., Ltd.		11,024
	2,900	Mitsui Engineering & Shipbuilding Co., Ltd.*		13,541
	14,822	Morgan Advanced Materials plc		72,362
	1,500	Morita Holdings Corp.		21,555
	1,700	Nabtesco Corp.		64,288
	800	Nachi-Fujikoshi Corp.		28,157
	2,000	Namura Shipbuilding Co., Ltd.		3,276
	4,700	Neles OYJ		67,819
	1,456	NFI Group, Inc.		33,093
	2,500	NGK Insulators, Ltd.		41,933
	1,569	Nilfisk Holding A/S*		54,923
	3,900	Nippon Thompson Co., Ltd.		21,272
	800	Nitta Corp.		18,674
	500	Nitto Kohki Co., Ltd.		8,106
	1,900	Nitto Seiko Co., Ltd.		9,661
	300	Noritake Co., Ltd.		11,393
	995	Norma Group SE		50,950
	4,500	NSK, Ltd.		38,020
	14,800	NTN Corp.*		38,612
	7,984	OC Oerlikon Corp. AG		88,606
	1,700	Oiles Corp.		23,675
	600	Okuma Corp.		29,316
	400	Organo Corp.		22,396
	2,800	OSG Corp.		48,526

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery, continued
	1,045	Palfinger AG	$	43,818
	174	Pfeiffer Vacuum Technology AG		33,047
	118	Rational AG^		107,096
	70	Rieter Holding AG*		13,689
	22,849	Rotork plc		107,601
	1,800	Ryobi, Ltd.		25,147
	2,213	Sandvik AB		56,555
	284	Schindler Holding AG, Registered Shares		83,033
	357,591	SembCorp Marine, Ltd.*		31,976
	388	SFS Group AG		55,851
	1,000	Shibaura Machine Co., Ltd.		22,074
	1,200	Shima Seiki Manufacturing, Ltd.		20,508
	1,900	Shinmaywa Industries, Ltd.		16,399
	78,000	Singamas Container Holdings, Ltd.		8,834
	2,200	Sintokogio, Ltd.		16,257
	3,528	Skellerup Holdings, Ltd.		12,328
	5,218	SKF AB, Class B		132,969
	2,300	Sodick Co., Ltd.		21,173
	995	Spirax-Sarco Engineering plc		187,557
	891	Stabilus SA		72,409
	1,600	Star Micronics Co., Ltd.		24,380
	849	Sulzer AG, Registered Shares		117,351
	3,700	Sumitomo Heavy Industries, Ltd.		101,732
	3,900	Tadano, Ltd.		40,705
	900	Takeuchi Manufacturing Co., Ltd.		22,408
	1,300	Takuma Co., Ltd.		19,591
	478	Technotrans SE		15,490
	1,500	THK Co., Ltd.		44,732
	3,900	Tocalo Co., Ltd.		49,234
	1,400	Torishima Pump Manufacturing Co., Ltd.		10,867
	3,641	Trelleborg AB		84,578
	1,098	Troax Group AB		35,894
	1,100	Tsubaki Nakashima Co., Ltd.		16,906
	1,400	Tsubakimoto Chain Co.		39,938
	1,200	Tsukishima Kikai Co., Ltd.		12,473
	600	Tsurumi Manufacturing Co., Ltd.		9,369
	5,533	Valmet Corp.		241,390
	803	Vat Group AG(a)		267,145
	1,074	VBG Group AB, Class B		22,163
	6,862	Vesuvius plc		50,146
	4,198	Volvo AB, Class A		104,173
	27,553	Volvo AB, Class B^		663,406
	229	Vossloh AG		11,553
	1,416	Wacker Neuson SE		40,702
	7,232	Wartsila OYJ Abp, Class B		107,419
	560	Washtec AG		34,730
	4,095	Weir Group plc (The)*		105,005
	3,000	Yamabiko Corp.		32,805
	123,200	Yangzijiang Shipbuilding Holdings, Ltd.		129,549
	7,188	Zardoya Otis SA		49,511

				11,022,631

Marine (0.7%):
	22	A.P. Moeller—Maersk A/S, Class A		61,145
	30	A.P. Moeller—Maersk A/S, Class B		86,287
	1,600	Algoma Central Corp.		21,172
	3,578	American Shipping Co. ASA		12,829
	556	Clarkson plc		24,531


Shares			Value
Common Stocks, continued
Marine, continued
	1,333	D/S Norden A/S	$	42,396
	1,307	DFDS A/S*		73,762
	971	Hapag-Lloyd AG(a)		223,514
	3,300	Iino Kaiun Kaisha, Ltd.		13,011
	7,912	Irish Continental Group*		40,523
	2,300	Japan Transcity Corp.		11,116
	1,500	Kawasaki Kisen Kaisha, Ltd.*		53,912
	947	Kuehne & Nagel International AG, Registered Shares		324,229
	2,700	Mitsui O.S.K. Lines, Ltd.		129,721
	7,000	Nippon Yusen KK		354,560
	600	NS United Kaiun Kaisha, Ltd.		13,075
	500	Orient Overseas International, Ltd.		10,832
	246,000	Pacific Basin Shipping, Ltd.*		99,177
	54,000	Sitc International Holdings Co., Ltd.		225,703
	1,962	Stolt-Nielsen, Ltd.		28,702

				1,850,197

Media (1.5%):
	1,267	4imprint Group plc*		46,902
	3,715	Aimia, Inc.*		14,627
	65	APG SGA SA*		15,954
	14,475	Arnoldo Mondadori Editore SpA*		27,616
	2,124	Ascential plc*		12,238
	4,886	Atresmedia Corp. de Medios de Comuicacion SA*		21,394
	1,951	Bloomsbury Publishing plc		9,379
	401	Cogeco Communications, Inc.		39,217
	400	Cogeco, Inc.		31,028
	5,394	Corus Entertainment, Inc.		27,679
	6,400	Cyberagent, Inc.		137,505
	3,302	Daily Mail & General Trust plc		44,067
	1,800	Dentsu Group, Inc.		64,380
	3,391	Euromoney Institutional Investor plc		47,794
	8,672	Eutelsat Communications SA		101,342
	1,700	F@n Communications, Inc.		6,059
	2,800	Fuji Media Holdings, Inc.		31,096
	2,700	Hakuhodo DY Holdings, Inc.		41,884
	8,376	HT&E, Ltd.*		10,772
	8,773	Hyve Group plc*		16,074
	5,113	Informa plc*		35,537
	2,000	Intage Holdings, Inc.		27,919
	1,711	Ipsos		72,154
	119,144	ITV plc*		207,321
	9,582	Ive Group, Ltd.		10,454
	3,439	JCDecaux SA*		95,345
	1,100	Kadokawa Corp.		44,679
	2,312	Kin And Carta plc*		8,447
	2,792	Lagardere SCA*		68,996
	1,449	Liberty Global plc, Class A*		39,355
	3,548	Liberty Global plc, Class C*		95,938
	1,664	M6 Metropole Television SA		35,019
	1,300	Macromill, Inc.		9,967
	8,183	Mediaset Espana Comunicacion SA*		51,349
	17,735	Mediaset SpA*		64,136
	3,270	Modern Times Group MTG AB, Class B*		44,325
	75,890	Nine Entertainment Co. Holdings, Ltd.		166,055
	3,035	Nordic Entertainment Group AB, Class B*		133,748
	15,502	NOS SGPS SA		54,351
	1,307	NRJ Group		9,452

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Media, continued
	19,083	Ooh!media, Ltd.*	$	25,066
	6,014	Otello Corp. ASA*		22,385
	5,688	Pearson plc		65,492
	1,655	Pearson plc, ADR		19,215
	68,000	PICO Far East Holdings, Ltd.		11,911
	1,050	ProSiebenSat.1 Media SE		20,888
	1,300	Proto Corp.		15,375
	6,393	Publicis Groupe SA		409,057
	4,026	Quebecor, Inc., Class B		107,390
	4,571	RAI Way SpA(a)		27,569
	20,289	Reach plc		77,145
	1,406	RTL Group		83,781
	4,177	Sanoma OYJ		69,276
	16,754	SES Global, Class A		128,042
	60,999	Seven West Media, Ltd.*		21,333
	7,456	Shaw Communications, Inc.		215,628
	44,700	Singapore Press Holdings, Ltd.		56,915
	74,550	Sky Network Television, Ltd.*		9,064
	7,900	SKY Perfect JSAT Holdings, Inc.		28,796
	4,175	Societe Television Francaise 1		42,208
	15,013	Southern Cross Media Group, Ltd.*		23,530
	1,167	Stroeer SE & Co. KGaA		93,457
	1,900	TBS Holdings, Inc.		29,171
	1,294	Telenet Group Holding NV		48,691
	15,000	Television Broadcasts, Ltd.*		14,297
	1,400	TV Asahi Holdings Corp.		22,161
	500	TV Tokyo Holdings Corp.		9,597
	232	TX Group AG*		21,552
	1,000	ValueCommerce Co., Ltd.		29,184
	500	Wowow, Inc.		10,854
	10,008	WPP plc		135,469
	700	Zenrin Co., Ltd.		7,175

				3,923,228

Metals & Mining (4.9%):
	3,860	Acerinox SA		46,605
	1,039	Agnico Eagle Mines, Ltd.		62,808
	400	Aichi Steel Corp.		10,978
	17,566	Alamos Gold, Inc., Class A		134,218
	35,342	Alumina, Ltd.		43,515
	723	Amg Advanced Metallurgical Group N.V.		24,757
	4,799	Anglo American plc		191,208
	3,926	Antofagasta plc		77,977
	1,842	Aperam SA		94,556
	4,677	ArcelorMittal		143,557
	12,400	Argonaut Gold, Inc.*		29,714
	2,200	Asahi Holdings, Inc.		44,859
	85,942	Aurelia Metals, Ltd.		26,473
	1,731	Aurubis AG		160,442
	38,815	B2Gold Corp.		162,851
	8,663	Barrick Gold Corp.		179,215
	1,875	Bekaert NV		83,556
	33,182	BHP Group, Ltd.		1,203,368
	11,383	Billiton plc, ADR		679,451
	9,683	BlueScope Steel, Ltd.		159,117
	4,606	Boliden AB		177,208
	10,300	Capstone Mining Corp.*		44,710
	73,572	Centamin plc		103,266


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	8,200	Centerra Gold, Inc.	$	62,258
	4,374	Central Asia Metals plc		14,407
	16,254	China Gold International Resources Corp., Ltd.		43,540
	1,300	Daido Steel Co., Ltd.		64,136
	2,700	Daiki Aluminium Industry Co., Ltd.		27,283
	5,323	Deterra Royalties, Ltd.		17,967
	1,900	DOWA Mining Co.		74,577
	7,500	Dundee Precious Metals, Inc.		45,445
	4,662	Eldorado Gold Corp.*		46,304
	10,499	Endeavour Mining plc		225,499
	1,907	Equinox Gold Corp.*		13,248
	539	Eramet*		35,212
	2,899	Ero Copper Corp.*		60,838
	28,784	Evolution Mining, Ltd.		97,435
	16,814	EVRAZ plc		137,960
	22,438	Ferrexpo plc		133,117
	7,488	First Quantum Minerals, Ltd.		172,609
	20,837	Fortescue Metals Group, Ltd.		364,605
	2,189	Fresnillo plc		23,370
	13,935	Galaxy Resources, Ltd.*		38,368
	8,215	Galiano Gold, Inc.*		9,014
	77,408	Glencore plc		331,444
	1,100	Godo Steel, Ltd.		16,374
	6,486	Granges AB		90,152
	2,530	Hill & Smith Holdings plc		52,366
	2,300	Hitachi Metals, Ltd.		43,986
	9,715	Hochschild Mining plc		20,628
	12,495	Hudbay Minerals, Inc.		83,172
	3,880	i-80 Gold Corp.*		7,858
	15,631	IAMGOLD Corp.*		46,033
	21,854	IGO, Ltd.		124,924
	5,323	Iluka Resources, Ltd.		36,437
	14,498	Imdex, Ltd.		22,162
	9,305	Ivanhoe Mines, Ltd., Class A*		67,194
	7,300	JFE Holdings, Inc.		85,522
	50,009	Jupiter Mines, Ltd.		10,867
	60,834	Kinross Gold Corp.		385,796
	6,043	Kirkland Lake Gold, Ltd.		232,914
	10,600	Kobe Steel, Ltd.		67,955
	1,800	Kyoei Steel, Ltd.		23,439
	800	Labrador Iron Ore Royalty Corp.		30,318
	14,207	Lucara Diamond Corp.*		8,597
	19,726	Lundin Mining Corp.		177,938
	3,551	Lynas Rare Earths, Ltd.*		15,176
	14,393	MACA, Ltd.		8,183
	48,387	Macmahon Holdings, Ltd.		6,896
	1,400	Maruichi Steel Tube, Ltd.		32,826
	176,000	Midas Holdings, Ltd.*		4,713
	6,999	Mineral Resources, Ltd.		281,839
	3,300	Mitsubishi Materials Corp.		65,712
	500	Mitsubishi Steel Manufacturing Co., Ltd.*		3,979
	3,300	Mitsui Mining & Smelting Co., Ltd.		91,446
	26,154	Mount Gibson Iron, Ltd.		18,495
	2,200	Neturen Co., Ltd.		11,096
	27,410	New Gold, Inc.*		49,318
	5,067	Newcrest Mining, Ltd.		96,334
	6,200	Nippon Denko Co., Ltd.		17,109

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	3,700	Nippon Light Metal Holdings Co.	$	62,110
	6,895	Nippon Steel Corp.		116,147
	930	Nippon Yakin Kogyo Co., Ltd.		19,067
	200	Nittetsu Mining Co., Ltd.		10,377
	12,148	Norsk Hydro ASA		77,637
	27,858	Northern Star Resources, Ltd.		204,939
	34,228	OceanaGold Corp.*		64,899
	21,175	OM Holdings, Ltd.*		13,131
	12,886	Orocobre, Ltd.*		62,444
	500	Osaka Steel Co., Ltd.		5,019
	3,222	Osisko Gold Royalties, Ltd.		44,168
	10,428	Outokumpu OYJ*		62,531
	10,556	OZ Minerals, Ltd.		177,905
	900	Pacific Metals Co., Ltd.		13,781
	1,217	Pan American Silver Corp.		34,760
	14,658	Pan American Silver Corp.—CVR*		12,459
	33,353	Perenti Global, Ltd.		16,764
	73,744	Perseus Mining, Ltd.*		80,884
	78,541	Petropavlovsk plc*		25,758
	5,733	Pretium Resources, Inc.*		54,860
	23,878	Ramelius Resources, Ltd.		30,441
	38,407	Regis Resources, Ltd.		68,127
	47,236	Resolute Mining, Ltd.*		17,940
	550	Rio Tinto plc		45,273
	13,055	Rio Tinto plc, Registered Shares, ADR^		1,095,184
	4,167	Rio Tinto, Ltd.		395,715
	6,000	Sabina Gold & Silver Corp.*		8,472
	2,148	Salzgitter AG*		63,837
	11,858	Sandfire Resources, Ltd.		60,802
	4,142	Sandstorm Gold, Ltd.*		32,718
	21,718	Schmolz + Bickenbach AG*		10,572
	32,896	Silver Lake Resources, Ltd.*		41,062
	7,523	Sims, Ltd.		94,053
	52,227	South32, Ltd.		114,732
	4,092	SSAB AB, Class A*		20,042
	9,495	SSAB AB, Class B*		41,563
	7,749	SSR Mining, Inc.		121,043
	29,592	St. Barbara, Ltd.		37,848
	2,000	Sumitomo Metal & Mining Co., Ltd.		77,863
	19,859	Syrah Resources, Ltd.*		15,419
	6,862	Teck Cominco, Ltd., Class B		158,068
	3,912	ThyssenKrupp AG*		40,770
	1,900	Toho Titanium Co., Ltd.		17,661
	700	Toho Zinc Co., Ltd.		11,837
	300	Tokyo Rope Manufacturing Co. Ltd.*		2,997
	4,200	Tokyo Steel Manufacturing Co., Ltd.		41,885
	4,685	Torex Gold Resources, Inc.*		53,979
	9,694	Trevali Mining Corp.*		1,682
	3,324	Turquoise Hill Resources, Ltd.*		56,079
	1,500	UACJ Corp.		37,562
	3,908	Voestalpine AG		159,121
	4,200	Wesdome Gold Mines, Ltd.*		39,852
	16,249	Western Areas, Ltd.		29,131
	12,851	Westgold Resources, Ltd.*		18,164
	31,047	Yamana Gold, Inc.		130,761
	1,600	Yamato Kogyo Co., Ltd.		53,050
	800	Yodogawa Steel Works, Ltd.		16,120

				12,681,864


Shares			Value
Common Stocks, continued
Multiline Retail (0.6%):
	35,824	B&M European Value Retail SA	$	284,172
	247	Canadian Tire Corp., Class A		39,093
	2,909	Dollarama, Inc.		133,175
	8,199	Europris ASA(a)		51,451
	500	Fuji Co., Ltd./Ehime		8,802
	3,300	H2O Retailing Corp.		26,758
	15,674	Harvey Norman Holdings, Ltd.		64,256
	6,800	Isetan Mitsukoshi Holdings, Ltd.		47,364
	1,800	Izumi Co., Ltd.		67,716
	6,000	J. Front Retailing Co., Ltd.		53,184
	24,500	Lifestyle International Holdings, Ltd.*		18,807
	73,250	Marks & Spencer Group plc*		148,534
	1,300	Marui Group Co., Ltd.		24,432
	30,000	Metro Holdings, Ltd.		17,761
	47,139	Myer Holdings, Ltd.*		12,547
	1,643	Next plc*		178,787
	3,600	Pan Pacific International Holdings Corp.		74,753
	4,800	Ryohin Keikaku Co., Ltd.		100,255
	1,000	Seria Co., Ltd.		36,924
	4,800	Takashimaya Co., Ltd.		52,180
	3,557	Tokmanni Group Corp.		98,397
	4,000	Wing On Company International, Ltd.		9,170

				1,548,518

Multi-Utilities (0.6%):
	2,232	Acea SpA		51,579
	5,070	AGL Energy, Ltd.		31,088
	4,609	Algonquin Power & Utilities Corp.		68,685
	805	Atco, Ltd.		28,552
	1,466	Canadian Utilities, Ltd., Class A		40,689
	253,408	Centrica plc*		180,410
	14,027	E.ON SE		162,199
	10,343	Engie Group		141,777
	5,714	Hera SpA		23,613
	11,786	Iren SpA		33,636
	33,157	ITL AEM SpA		67,807
	110,123	Keppel Infrastructure Trust		45,459
	1,850	National Grid plc, ADR		118,289
	11,914	Ren—Redes Energeticas Nacion		33,050
	6,785	RWE AG		245,853
	7,455	Suez*		177,226
	3,114	Telecom Plus plc		48,901
	5,040	Veolia Environnement SA		152,258

				1,651,071

Oil, Gas & Consumable Fuels (4.2%):
	9,181	Advantage Energy, Ltd.*		37,483
	24,155	Africa Oil Corp.*		23,192
	1,242	Aker BP ASA		39,617	��
	2,482	Ampol, Ltd.		52,515
	7,200	Anglo Pacific Group plc		13,859
	28,492	ARC Resources, Ltd.		242,529
	18,809	Athabasca Oil Corp.*		14,872
	2,064	Baytex Energy Corp.*		4,004
	71,371	Beach Energy, Ltd.		66,616
	17,741	Birchcliff Energy, Ltd.		74,434
	25,767	BP plc, ADR		680,764
	173,000	Brightoil Petroleum Holdings, Ltd.*		6,268

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	610	BW Energy, Ltd.*	$	1,858
	2,656	BW LPG, Ltd.(a)		17,165
	22,053	Cairn Energy plc		44,499
	5,227	Cameco Corp.		100,254
	1,946	Cameco Corp.		37,306
	13,900	Canacol Energy, Ltd.		38,019
	1,932	Canadian Natural Resources, Ltd.		70,147
	13,622	Canadian Natural Resources, Ltd.		494,206
	3,012	Cardinal Energy, Ltd.*		8,481
	16,831	Cenovus Energy, Inc.		161,058
	7,575	Cenovus Energy, Inc.		72,569
	13,100	China Aviation Oil Singapore Corp., Ltd.		10,050
	40,015	Cooper Energy, Ltd.*		7,799
	2,400	Cosmo Energy Holdings Co., Ltd.		55,066
	8,781	Crescent Point Energy		39,778
	7,561	Crescent Point Energy Corp.		34,224
	8,223	Crew Energy, Inc.*		14,663
	854	CropEnergies AG		10,957
	252	Delek Group, Ltd.*		16,900
	39,162	DNO ASA*		45,723
	7,379	Enagas SA^		170,456
	4,987	Enbridge, Inc.		199,697
	25,600	ENEOS Holdings, Inc.		107,179
	7,800	Enerplus Corp.		56,074
	19,469	ENI SpA		237,497
	114,028	EnQuest plc*		32,803
	8,060	Equinor ASA		170,677
	1,004	Equital, Ltd.*		27,271
	1,390	Etablissements Maurel et Prom SA*		3,134
	9,112	Euronav NV		85,004
	1,579	Exmar NV		7,283
	1,267	FLEX LNG, Ltd.		18,383
	3,700	Freehold Royalties, Ltd.		29,167
	1,400	Frontera Energy Corp.*		8,653
	3,784	Frontline, Ltd.		34,172
	3,100	Fuji Oil Co., Ltd.		7,393
	4,922	Galp Energia SGPS SA		53,548
	891	Gaztransport et Technigaz SA		71,961
	6,249	Genel Energy plc		13,329
	6,850	Gibson Energy, Inc.		131,263
	19,607	Gran Tierra Energy, Inc.*		14,554
	18,883	Gulf Keystone Petroleum, Ltd.		48,268
	3,051	Harbour Energy plc*		15,938
	3,200	Idemitsu Kosan Co., Ltd.		77,248
	3,270	Imperial Oil, Ltd.		99,678
	21,700	INPEX Corp.		162,654
	12,682	Inter Pipeline, Ltd.		206,182
	2,244	International Petroleum Corp.*		10,411
	3,600	Itochu Enex Co., Ltd.		32,055
	1,000	Japan Petroleum Exploration Co., Ltd.		18,005
	24,713	Karoon Energy, Ltd.*		24,647
	7,300	Kelt Exploration, Ltd.*		20,792
	3,546	Keyera Corp.		95,302
	1,732	Koninklijke Vopak NV		78,703
	2,011	Lundin Energy AB		71,373
	10,707	MEG Energy Corp.*		77,491
	1,700	Mitsuuroko Holdings Co., Ltd.		18,069


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	1,502	Naphtha Israel Petroleum Corp.*	$	7,002
	2,631	Neste Oyj		161,180
	14,065	New Hope Corp., Ltd.		18,306
	7,392	New Zealand Refining Co., Ltd. (The)*		3,466
	64,000	NewOcean Energy Holdings, Ltd.*		3,709
	21,200	Nippon Coke & Engineering Co., Ltd.		19,463
	7,654	Nuvista Energy, Ltd.*		24,579
	104,047	Oil Refineries, Ltd.*		26,848
	31,187	Oil Search, Ltd.		89,129
	1,896	OMV AG		108,151
	24,174	Origin Energy, Ltd.		81,400
	2,632	Ovintiv, Inc.		82,969
	1,307	Paramount Resouces, Ltd., Class A*		18,096
	6,563	Parex Resources, Inc.*		109,613
	5,000	Parkland Corp.		161,610
	300	Paz Oil Co., Ltd.*		36,877
	6,783	Pembina Pipeline Corp.		215,574
	1,584	Pembina Pipeline Corp.		50,324
	6,660	Peyto Exploration & Development Corp.		44,869
	12,892	Pharos Energy plc*		4,564
	5,032	Prairiesky Royalty, Ltd.		60,941
	16,364	Repsol SA^		205,235
	32,725	Royal Dutch Shell plc, Class B, ADR		1,270,712
	1,600	Sala Corp.		8,353
	4,000	San-Ai Oil Co., Ltd.		46,290
	42,733	Santos, Ltd.		227,908
	7,462	Senex Energy, Ltd.		19,218
	8,575	Serica Energy plc		16,435
	400	Sinanen Holdings Co., Ltd.		10,962
	24,674	Snam SpA^		142,777
	13,802	Stobart Group, Ltd.*		4,966
	9,472	Suncor Energy, Inc.		227,044
	16,600	Tamarack Valley Energy, Ltd.*		34,422
	3,152	TC Energy Corp.		156,087
	7,061	TC Energy Corp.		349,461
	479	Thungela Resources, Ltd.*		1,318
	13,400	Tidewater Midstream and Infrastructure, Ltd.		15,028
	1,559	Torm plc		13,824
	18,143	TotalEnergies SE		823,000
	11,630	Tourmaline Oil Corp.		332,460
	103,509	Tullow Oil plc*		85,512
	2,059	Verbio Vereinigte Bioenergie AG		104,233
	5,883	Vermilion Energy, Inc.*		51,549
	25,105	Viva Energy Group, Ltd.(a)		36,384
	17,452	Whitecap Resources, Inc.		86,739
	31,393	Whitehaven Coal, Ltd.*		45,686
	6,339	Woodside Petroleum, Ltd.		105,608
	12,631	Z Energy, Ltd.		24,184

				10,847,254

Paper & Forest Products (0.6%):
	2,718	Altri SGPS SA		16,896
	3,929	Canfor Corp.*		89,904
	600	Daiken Corp.		11,271
	4,500	Daio Paper Corp.		74,472
	8,317	Ence Energia y Celulosa S.A*		33,791
	6,700	Hokuetsu Corp.		34,787
	1,316	Holmen AB, Class B		59,444

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Paper & Forest Products, continued
	4,627	Interfor Corp.	$	115,880
	5,272	Metsa Board OYJ		54,228
	7,408	Mondi plc		195,157
	11,089	Navigator Co. SA (The)		37,911
	4,800	Nippon Paper Industries Co., Ltd.		53,558
	18,200	Oji Holdings Corp.		104,357
	1,998	Stella-Jones, Inc.		71,947
	9,196	Stora Enso OYJ, Registered Shares, Class R		167,840
	3,538	Svenska Cellulosa AB SCA, Class B		58,007
	600	Tokushu Tokai Paper Co., Ltd.		23,168
	7,431	UPM-Kymmene OYJ		281,087
	2,108	West Fraser Timber Co., Ltd.		151,356
	24,618	Western Forest Products, Inc.		41,911

				1,676,972

Personal Products (0.6%):
	18,108	Asaleo Care, Ltd.		19,212
	287	Beiersdorf AG		34,634
	16,000	Best World International, Ltd.*		3,009
	303	Blackmores, Ltd.		16,688
	800	Fancl Corp.		25,918
	1,514	Jamieson Wellness, Inc.(a)		41,289
	3,900	Kao Corp.		239,935
	299	L’Oreal SA		133,311
	400	Milbon Co., Ltd.		22,608
	600	Noevir Holdings Co., Ltd.		30,458
	2,645	Ontex Group NV*		32,922
	400	Shiseido Co., Ltd.		29,417
	1,324	Unilever plc		77,429
	14,440	Unilever plc, ADR		844,740
	1,300	Ya-Man, Ltd.		17,479

				1,569,049

Pharmaceuticals (3.9%):
	172	Alk-Abello A/S*		82,280
	15,687	Alliance Pharma plc		21,529
	1,934	Almirall SA		33,743
	6,600	Astellas Pharma, Inc.		114,906
	15,563	AstraZeneca plc, ADR^		932,224
	491	Aurora Cannabis, Inc.*		4,449
	1,145	Bausch Health Cos., Inc.*		33,571
	4,200	Bausch Health Cos., Inc.*		123,282
	10,652	Bayer AG, Registered Shares		646,942
	900	Canopy Growth Corp.*		21,770
	1,800	Chugai Pharmaceutical Co., Ltd.		70,906
	900	Daiichi Sankyo Co., Ltd.		19,393
	1,100	Eisai Co., Ltd.		107,511
	11,122	Faes Farma SA		44,384
	700	Fuji Pharma Co., Ltd.		7,239
	500	Fuso Pharmaceutical Industries. Ltd.		10,207
	1,668	Galenica AG(a)		117,746
	14,120	GlaxoSmithKline plc, ADR		562,258
	3,801	GlaxoSmithKline plc		74,659
	1,384	H. Lundbeck A/S		44,091
	3,600	Haw Par Corp., Ltd.		36,703
	1,551	Hikma Pharmaceuticals plc		52,510
	26,202	Indivior plc*		56,055
	701	Ipsen SA		72,921


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	1,000	Kaken Pharmaceutical Co., Ltd.	$	42,843
	1,000	Kissei Pharmaceutical Co., Ltd.		19,475
	98,378	Mayne Pharma Group, Ltd.*		23,533
	242	Merck KGaA		46,451
	3,200	Nichi-Iko Pharmaceutical Co., Ltd.		25,645
	12,667	Novartis AG, Registered Shares		1,154,843
	15,241	Novo Nordisk A/S, Class B		1,275,286
	1,000	Ono Pharmaceutical Co., Ltd.		22,200
	1,037	Orion OYJ		44,510
	4,471	Orion OYJ, Class B		192,175
	2,000	Otsuka Holdings Co., Ltd.		82,925
	3,141	Recordati SpA		179,600
	216	Roche Holding AG		87,765
	5,605	Roche Holding AG		2,112,931
	2,000	Rohto Pharmaceutical Co., Ltd.		53,732
	4,419	Sanofi		462,992
	2,500	Santen Pharmaceutical Co., Ltd.		34,427
	800	Sawai Group Holdings Co., Ltd.		35,658
	1,300	Seikagaku Corp.		12,704
	500	Shionogi & Co., Ltd.		26,061
	3,200	Sumitomo Dainippon Pharma Co., Ltd.		66,762
	600	Taisho Pharmaceutical Holdings Co., Ltd.		31,969
	7,400	Takeda Pharmacuetical Co., Ltd.		248,563
	4,979	Teva Pharmaceutical Industries, Ltd., ADR*		49,292
	3,519	Teva Pharmaceutical Industries, Ltd.*		34,999
	800	Torii Pharmaceutical Co., Ltd.		17,447
	1,200	Towa Pharmaceutical Co., Ltd.		29,202
	1,400	Tsumura & Co.		44,038
	350	UCB SA		36,589
	26,000	United Laboratories International Holdings, Ltd.		21,303
	18,897	Vectura Group plc		35,667
	209	Vetoquinol SA		25,678
	1,434	Vifor Pharma AG		185,675
	146	Virbac SA		50,031

				10,104,250

Professional Services (2.1%):
	2,941	Adecco SA, Registered Shares		199,952
	2,215	AFRY AB		72,922
	1,278	Akka Technologies SA*		35,648
	7,788	ALS, Ltd.		76,231
	770	Altech Corp.		13,444
	1,825	Applus Services SA*		17,828
	300	Baycurrent Consulting, Inc.		107,815
	1,100	Benefit One, Inc.		34,622
	3,753	BeNEXT Group Inc.		43,066
	372	Bertrandt AG		24,875
	7,058	Bureau Veritas SA		223,358
	26,624	Capita plc*		13,746
	180	Danel Adir Yeoshua, Ltd.		37,758
	1,707	DKSH Holding, Ltd.		130,669
	900	en Japan, Inc.		31,991
	7,264	Experian plc		280,185
	1,200	FULLCAST Holdings Co., Ltd.		24,965
	900	Funai Soken Holdings, Inc.		19,570
	175	Groupe Crit*		13,402
	22,373	Hays plc*		49,095
	2,680	Intertek Group plc		205,094

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Professional Services, continued
	3,227	Intertrust NV*(a)	$	58,129
	300	IR Japan Holdings, Ltd.		37,804
	1,000	Jac Recruitment Co., Ltd.		16,027
	1,497	LifeWorks, Inc.		40,366
	3,994	McMillan Shakespeare, Ltd.		38,632
	1,100	Meitec Corp.		59,496
	5,000	Nihon M&A Center, Inc.		129,764
	3,600	Nomura Co., Ltd.		30,939
	3,000	Outsourcing, Inc.		54,502
	11,501	Pagegroup plc*		88,942
	2,000	Pasona Group, Inc.		38,874
	4,700	Persol Holdings Co., Ltd.		92,822
	3,572	Randstad NV		273,350
	7,800	Recruit Holdings Co., Ltd.		383,858
	5,236	RELX plc, ADR		139,644
	7,938	RELX plc		210,856
	2,833	Ricardo plc		16,050
	6,390	Robert Walters plc		62,613
	4,254	RWS Holdings plc		33,171
	1,561	Seek, Ltd.		38,800
	91	SGS SA, Registered Shares		280,806
	2,400	SMS Co., Ltd.		71,876
	1,400	Stantec, Inc.		62,477
	2,421	Stantec, Inc.		108,025
	7,669	SThree plc		48,965
	1,100	Tanseisha Co., Ltd.		8,761
	3,600	Technopro Holdings, Inc.		85,217
	1,032	Teleperformance		418,868
	2,878	Thomson Reuters Corp.		285,843
	1,065	Tinexta SpA		41,581
	1,100	UT Group Co., Ltd.		32,066
	5,588	Wolters Kluwer NV		561,568

				5,506,928

Real Estate Management & Development (2.4%):
	3,100	AEON Mall Co., Ltd.		47,737
	2,292	Airport City, Ltd.*		38,391
	2,300	Airport Facilities Co., Ltd.		12,213
	372	Allreal Holding AG		73,284
	1,972	Alony Hetz Properties & Invest		27,451
	492	Alrov Properties And Lodgings, Ltd.*		22,807
	700	Altus Group, Ltd.		32,447
	2,393	Amot Investments, Ltd.		15,718
	2,116	Annehem Fastigheter AB*		8,066
	7,879	Aroundtown SA		61,378
	28,100	Ascendas India Trust		29,067
	46,000	Asia Standard International Group, Ltd.*		7,669
	3,547	Atrium European Real Estate, Ltd.		12,602
	1,281	Atrium Ljungberg AB, Class B		29,191
	210	Big Shopping Centers, Ltd.*		26,900
	3,700	Bukit Sembawang Estates, Ltd.		14,371
	18,900	CapitaLand, Ltd.		52,221
	1,420	Castellum AB		36,156
	626	Catena AB		33,529
	2,880	Cedar Woods Properties, Ltd.		14,488
	18,000	Chinese Estates Holdings, Ltd.		8,389
	52,000	Chuang’s Consortium International, Ltd.		7,231
	7,300	City Developments, Ltd.		39,642


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	1,684	Citycon OYJ	$	14,346
	3,675	CK Asset Holdings, Ltd.		25,371
	3,803	CLS Holdings plc		12,653
	1,328	Colliers International Group		148,709
	741	Corestate Capital Holding SA*^		9,667
	340,000	CSI Properties, Ltd.		11,386
	1,200	Daito Trust Construction Co., Ltd.		131,209
	11,500	Daiwa House Industry Co., Ltd.		345,147
	887	Deutsche Euroshop AG		21,035
	2,676	Deutsche Wohnen SE		163,797
	1,139	Dic Asset AG		19,678
	2,651	Dios Fastigheter AB		27,460
	1,450	DREAM Unlimited Corp.		30,980
	34,000	Emperor International Holdings		4,945
	3,263	Fabege AB		52,371
	73,677	Far East Consortium International, Ltd.		27,755
	687	Fastighets AB Balder*		43,125
	1,147	FirstService Corp.		196,435
	11,092	Foxtons Group plc*		8,645
	16,000	Frasers Property, Ltd.		13,446
	4,500	Gav-Yam Lands Corp., Ltd.		43,150
	1,100	Goldcrest Co., Ltd.		16,453
	17,039	Grainger plc		67,211
	977	Grand City Properties SA		26,390
	10,197	Great Eagle Holdings, Ltd.		34,673
	17,100	GuocoLand, Ltd.		20,366
	28,000	Hang Lung Group, Ltd.		71,384
	24,984	Hang Lung Properties, Ltd.		60,673
	1,200	Heiwa Real Estate Co., Ltd.		45,246
	5,154	Helical plc		31,020
	17,706	Henderson Land Development Co., Ltd.		83,922
	37,840	HKR International, Ltd.		17,984
	9,400	Ho Bee Land, Ltd.		20,132
	18,500	Hong Fok Corp., Ltd.		11,426
	9,900	Hongkong Land Holdings, Ltd.		47,160
	2,049	Hufvudstaden AB		34,854
	3,000	Hulic Co., Ltd.		33,746
	11,000	Hysan Development Co., Ltd.		43,850
	12,900	Ichigo, Inc.		40,865
	242	Immobel SA		20,915
	1,302	IMMOFINANZ AG*		29,258
	1,253	Instone Real Estate Group AG(a)		37,729
	29	Intershop Holdings AG		19,063
	2,000	Invesque, Inc.*		5,640
	164	Investis Holding SA		18,173
	25,000	K Wah International Holdings Ltd.		12,139
	2,000	Katitas Co., Ltd.		56,202
	22,225	Kerry Properties, Ltd.		73,281
	14,365	Klovern AB		28,750
	1,455	Kojamo Oyj		33,244
	26,000	Kowloon Development Co., Ltd.		30,717
	3,796	Kungsleden AB		45,969
	11,400	Lai Sun Development Co., Ltd.*		9,133
	112,800	Landing International Development, Ltd.*		3,632
	44,500	Langham Hospitality Investment*		5,617
	944	LEG Immobilien SE		135,992
	7,615	Lend Lease Group		65,447

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	8,000	Liu Chong Hing Investment, Ltd.	$	8,593
	4,644	LSL Property Services plc*		27,781
	578	Melisron, Ltd.*		39,600
	59,000	Mingfa Group International Co., Ltd.*		4,115
	31,000	Mirainovate Co., Ltd.*		8,371
	4,800	Mitsubishi Estate Co., Ltd.		77,606
	5,100	Mitsui Fudosan Co., Ltd.		118,089
	9,306	Mivne Real Estate KD, Ltd.		27,012
	255	Mobimo Holding AG, Registered Shares		83,711
	100	Morguard Corp.		11,389
	15,087	New World Development Co., Ltd.		78,409
	1,967	Nexity SA		98,384
	800	Nippon Commercial Development Co., Ltd.		12,536
	1,700	Nisshin Group Holdings Co., Ltd.		7,069
	3,200	Nomura Real Estate Holdings, Inc.		81,164
	3,463	Nyfosa AB		46,798
	1,700	Open House Co., Ltd.		79,922
	17,900	Oue, Ltd.		17,724
	53,896	Oxley Holdings, Ltd.		9,430
	25,655	Pacific Century Premium Developments, Ltd.*		2,444
	1,195	Platzer Fastigheter Holding AB, Class B		18,128
	779	PSP Swiss Property AG		98,821
	700	Raysum Co., Ltd.		5,250
	3,244	Real Matters, Inc.*		46,799
	2,300	Relo Group, Inc.		52,566
	24,202	Samhallsbyggnadsbolaget i Norden AB		101,467
	1,200	SAMTY Co., Ltd.		23,015
	6,354	Savills plc		101,079
	1,875	Selvaag Bolig ASA		12,945
	2,600	Shinoken Group Co., Ltd.		28,527
	795	Shurgard Self Storage SA		38,346
	100,800	Sinarmas Land, Ltd.		21,022
	52,358	Sino Land Co., Ltd.		82,543
	5,000	Soundwill Holdings, Ltd.		5,603
	5,113	St. Modwen Properties plc		39,394
	2,700	Sumitomo Realty & Development Co., Ltd.		96,465
	1,493	Summit Real Estate Holdings, Ltd.*		22,532
	1,800	Sun Frontier Fudousan Co., Ltd.		16,944
	5,921	Sun Hung Kai Properties, Ltd.		88,234
	10,646	Swire Pacific, Ltd., Class A		72,194
	17,500	Swire Pacific, Ltd., Class B		19,678
	8,600	Swire Properties, Ltd.		25,642
	2,643	Swiss Prime Site AG		262,356
	1,304	TAG Immobilien AG		41,403
	21,000	TAI Cheung Holdings, Ltd.		13,405
	4,200	Takara Leben Co., Ltd.		12,701
	2,900	Toc Co., Ltd.		17,798
	6,400	Tokyo Tatemono Co., Ltd.		91,230
	9,000	Tokyu Fudosan Holdings Corp.		54,103
	2,400	Tosei Corp.		23,177
	6,860	U & I Group plc*		9,012
	213	UBM Development AG		10,482
	7,900	UOL Group, Ltd.		42,955
	1,345	Vonovia SE		87,026
	2,528	Wallenstam AB		39,967
	6	Warteck Invest AG		15,568
	6,203	Watkin Jones plc		18,455


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	9,829	Wharf Real Estate Investment Co., Ltd.	$	57,159
	2,034	Wihlborgs Fastigheter AB		44,089
	20,700	Wing Tai Holdings, Ltd.		27,737
	16,000	Wing Tai Properties, Ltd.		9,592
	17	Zug Estates Holding AG		36,576

				6,112,646

Road & Rail (1.4%):
	52,525	Aurizon Holdings, Ltd.		146,599
	4,552	Canadian National Railway Co.		480,327
	5,045	Canadian Pacific Railway, Ltd.		388,011
	600	Central Japan Railway Co.		90,985
	1,200	Chilled & Frozen Logistics Holdings Co., Ltd.		18,172
	52,900	ComfortDelGro Corp., Ltd.		64,624
	502	DSV PANALPINA A/S		117,062
	1,300	East Japan Railway Co.		93,181
	23,551	Europcar Mobility Group*(a)		13,321
	64,976	FirstGroup plc*		73,577
	1,200	Fukuyama Transporting Co., Ltd.		44,463
	4,083	Go-Ahead Group plc*		63,186
	1,000	Hamakyorex Co., Ltd.		28,710
	2,400	Hankyu Hanshin Holdings, Inc.		73,909
	2,200	Hitachi Transport System, Ltd.		90,969
	1,100	Ichinen Holdings Co., Ltd.		12,055
	206	Jungfraubahn Holding AG, Registered Shares*		32,516
	2,500	Keikyu Corp.		30,515
	700	Keio Corp.		41,137
	1,200	Keisei Electric Railway Co., Ltd.		38,283
	1,500	Kintetsu Group Holdings Co., Ltd.*		52,649
	400	Maruzen Showa Unyu Co., Ltd.		11,974
	7,711	MTR Corp., Ltd.		42,954
	1,000	Nagoya Railroad Co., Ltd.*		18,544
	1,600	Nankai Electric Railway Co., Ltd.		34,170
	13,705	National Express Group plc*		50,558
	2,200	Nikkon Holdings Co., Ltd.		47,710
	1,800	Nippon Express Co., Ltd.		137,047
	1,300	Nishi-Nippon Railroad Co., Ltd.		31,445
	5,199	Nobina AB(a)		47,227
	2,000	Odakyu Electric Railway Co., Ltd.		50,412
	13,546	Redde Northgate plc		74,889
	500	Sakai Moving Service Co., Ltd.		25,905
	2,300	Sankyu, Inc.		99,356
	4,500	Seino Holdings Co., Ltd.		57,670
	6,400	Senko Group Holdings Co., Ltd.		62,443
	721	Sixt SE*		97,071
	975	Sixt SE		78,607
	1,000	Sotetsu Holdings, Inc.		19,668
	31,768	Stagecoach Group plc*		36,081
	278	Stef S.A.		29,898
	5,161	Tfi International, Inc.		471,253
	1,500	Tobu Railway Co., Ltd.		38,770
	3,400	Tokyu Corp.		46,231
	300	Tonami Holdings Co., Ltd.		12,557
	3,913	Tourism Holdings, Ltd.*		6,918
	600	Trancom Co., Ltd.		42,930
	15,330	Transport International Holdings, Ltd.		29,973
	1,100	West Japan Railway Co.		62,701

				3,759,213

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment (2.0%):
	1,800	Advantest Corp.	$	161,413
	9,500	Aem Holdings, Ltd.		27,086
	5,246	ams AG*		105,291
	1,116	ASM International NV		366,899
	7,219	ASM Pacific Technology, Ltd.		97,819
	2,381	ASML Holding NV, NYS		1,644,890
	3,418	BE Semiconductor Industries NV		290,175
	45,000	BOE Varitronix, Ltd.		34,718
	569	Camtek, Ltd./Israel*		21,629
	2,291	Dialog Semiconductor plc*		178,048
	279	Elmos Semiconductor SE		12,073
	2,300	Ferrotec Holdings Corp.		70,784
	438	First Sensor AG		22,174
	2,728	Infineon Technologies AG		109,382
	2,200	Japan Material Co., Ltd.		26,744
	600	Lasertec Corp.		116,370
	879	Melexis NV		91,260
	800	Mimasu Semiconductor Industry		19,646
	500	Mitsui High-Tec, Inc.		28,721
	389	Nova Measuring Instruments, Ltd.*		39,964
	1,100	Optorun Co., Ltd.		24,471
	9,700	Renesas Electronics Corp.*		104,958
	700	ROHM Co., Ltd.		64,766
	1,200	Sanken Electric Co., Ltd.*		59,714
	300	Shindengen Electric Manufacturing Co., Ltd.*		12,714
	2,100	Shinko Electric Industries Co., Ltd.		76,903
	992	Siltronic AG		165,283
	611	Soitec*		134,785
	6,646	STMicroelectronics NV		241,235
	5,500	SUMCO Corp.		134,336
	1,100	Tokyo Electron, Ltd.		473,660
	800	Tokyo Seimitsu Co., Ltd.		36,248
	1,000	Towa Corp.		20,521
	3,609	Tower Semiconductor, Ltd.*		106,213
	1,200	Tri Chemical Laboratories, Inc.		35,518
	1,300	Ulvac, Inc.		65,931
	1,200	Yamaichi Electronics Co., Ltd.		17,947

				5,240,289

Software (1.1%):
	1,800	Access Co., Ltd.*		14,711
	3,669	Altium, Ltd.		100,979
	3,980	Avast plc(a)		26,965
	1,040	AVEVA Group plc		53,398
	4,889	BlackBerry, Ltd.*		59,761
	4,900	Broadleaf Co., Ltd.		22,799
	500	Computer Engineering & Consulting, Ltd.		7,132
	101	Constellation Software, Inc.		152,992
	1,400	Cresco, Ltd.		24,015
	1,200	Cybozu, Inc.^		25,389
	109	Dassault Systemes SA		26,440
	564	Descartes Systems Group, Inc.*		39,006
	300	Digital Arts, Inc.		22,835
	1,000	Enghouse Systems, Ltd.		44,530
	800	Fuji Soft, Inc.		40,128
	8,509	Hansen Technology, Ltd.		39,470
	690	Hilan, Ltd.		33,315
	5,100	Infomart Corp.		41,584


Shares			Value
Common Stocks, continued
Software, continued
	16,011	Infomedia, Ltd.	$	18,439
	7,858	Integrated Research, Ltd.		11,459
	3,230	IRESS, Ltd.		31,234
	600	Justsystems Corp.		35,341
	200	Kinaxis, Inc.*		26,314
	1,361	Lectra		51,493
	172	Linedata Services		8,036
	1,195	Magic Software Enterprises, Ltd.		19,322
	8,235	Micro Focus International plc, ADR		62,010
	500	Miroku Jyoho Service Co., Ltd.		7,181
	1,788	Nemetschek SE		136,951
	249	Netcompany Group A/S(a)		28,368
	363	NICE Systems, Ltd.*		89,592
	600	Open Text Corp.		30,474
	3,485	Open Text Corp.		177,038
	400	Oracle Corp.		30,618
	2,900	Rakus Co., Ltd.		79,145
	3,268	Sage Group plc		30,953
	3,190	SAP SE		450,046
	1,391	SimCorp A/S		175,086
	1,484	Software AG		66,837
	500	SRA Holdings		12,013
	2,100	Systena Corp.		39,959
	8,525	Technology One, Ltd.		59,487
	1,295	Temenos AG		208,138
	1,900	Trend Micro, Inc.		99,567
	12,001	Vista Group International, Ltd.*		20,042

				2,780,592

Specialty Retail (1.6%):
	400	ABC-Mart, Inc.		22,859
	16,866	Accent Group, Ltd.		35,279
	10,400	Adairs, Ltd.		33,133
	1,300	Adastria Co., Ltd.		23,863
	900	Alpen Co., Ltd.		23,920
	2,600	Aoki Holdings, Inc.		15,582
	2,800	Aoyama Trading Co., Ltd.*		19,476
	3,236	AP Eagers, Ltd.		40,176
	2,500	Autobacs Seven Co., Ltd.		33,257
	613	Autocanada, Inc.*		24,700
	2,300	BIC Camera, Inc.		23,163
	4,193	Bilia AB, Class A		88,880
	3,245	Byggmax Group AB		29,435
	2,609	Carasso Motors, Ltd.		13,356
	16,294	Card Factory plc*		14,127
	3,919	Ceconomy AG*		19,127
	800	Chiyoda Co., Ltd.		6,372
	18,000	Chow Sang Sang Holdings International, Ltd.		31,159
	31,200	Chow Tai Fook Jewellery Group, Ltd.		71,290
	4,700	DCM Holdings Co., Ltd.		44,757
	39,375	Dixons Carphone plc*		70,947
	2,720	Dufry AG, Registered Shares*		161,192
	4,536	Dunelm Group plc		89,079
	4,900	Edion Corp.		47,852
	115,950	Esprit Holdings, Ltd.*		11,350
	400	Fast Retailing Co., Ltd.		300,999
	1,157	Fielmann AG*		90,466
	878	Fnac Darty SA*		56,513

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	9,000	Frasers Group plc*	$	75,057
	2,300	Geo Holdings Corp.		25,463
	130,000	Giordano International, Ltd.		28,298
	1,946	Grandvision BV(a)		65,068
	13,359	Halfords Group plc*		79,810
	8,861	Hennes & Mauritz AB, Class B*		210,335
	300	Hikari Tsushin, Inc.		52,678
	483	Hornbach Baumarkt AG		21,253
	721	Hornbach Holding AG & Co. KGaA		82,155
	5,100	Idom, Inc.		30,038
	5,629	Industria de Diseno Textil SA		198,324
	4,269	JB Hi-Fi, Ltd.		161,942
	10,230	JD Sports Fashion plc		130,249
	700	JINS Holdings, Inc.		53,611
	1,500	Joshin Denki Co., Ltd.		36,313
	26,469	Kathmandu Holdings, Ltd.		29,772
	1,700	Keiyo Co., Ltd.		12,012
	36,342	Kingfisher plc		183,331
	900	Kohnan Shoji Co., Ltd.		30,946
	1,600	Komeri Co., Ltd.		37,700
	5,800	K’s Holding Corp.		66,664
	1,766	Leon’s Furniture, Ltd.		32,060
	15,750	L’occitane International SA		57,613
	19,046	Lookers plc*		18,655
	14,000	Luk Fook Holdings International, Ltd.		48,326
	2,347	Matas A/S		42,588
	1,681	Mekonomen AB*		27,784
	2,955	Mobilezone Holding AG		34,764
	3,966	Nick Scali, Ltd.		34,886
	1,900	Nishimatsuya Chain Co., Ltd.		25,780
	400	Nitori Co., Ltd.		70,818
	1,800	Nojima Corp.		44,482
	28,290	Oriental Watch Holdings		15,923
	1,400	Pal Group Holdings Co., Ltd.		21,746
	76,677	Pendragon plc*		19,614
	19,618	Pets At Home Group plc		123,837
	2,736	Premier Investments, Ltd.		58,554
	400	Shimamura Co., Ltd.		38,379
	8,071	Super Retail Group, Ltd.		78,150
	3,968	Superdry plc*		23,662
	900	T-Gaia Corp.		15,820
	1,300	United Arrows, Ltd.*		25,163
	2,400	USS Co., Ltd.		41,855
	240	Valora Holding AG*		50,514
	8,200	VT Holdings Co., Ltd.		34,119
	2,572	WHSmith plc*		57,333
	8,059	Wickes Group plc*		27,421
	300	Workman Co., Ltd.		21,016
	800	World Co., Ltd.*		10,533
	700	Xebio Holdings Co., Ltd.		6,093
	2,913	XXL ASA*(a)		6,173
	10,200	Yamada Holdings Co., Ltd.		47,096
	800	Yellow Hat, Ltd.		14,169

				4,228,254

Technology Hardware, Storage & Peripherals (0.6%):
	6,400	Brother Industries, Ltd.		127,682
	4,400	Canon, Inc.		99,511


Shares			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals, continued
	700	EIZO Corp.	$	31,278
	1,800	Elecom Co., Ltd.		33,678
	2,300	FUJIFILM Holdings Corp.		170,523
	16,000	Konica Minolta, Inc.		88,406
	1,323	Logitech International SA, Class R		160,385
	1,900	Maxell Holdings, Ltd.*		21,235
	4,900	Mcj Co., Ltd.		54,611
	5,300	NEC Corp.		272,791
	1,300	Noritsu Koki Co., Ltd.		27,818
	1,935	Quadient		58,160
	10,400	Ricoh Co., Ltd.		117,205
	600	Roland Dg Corp.		14,395
	2,197	S&T AG		50,353
	7,600	Seiko Epson Corp.		133,630
	1,200	Toshiba Tec Corp.		49,354
	4,400	Wacom Co., Ltd.		27,862

				1,538,877

Textiles, Apparel & Luxury Goods (2.2%):
	1,248	Adidas AG		464,660
	3,137	Aritzia, Inc.*		93,852
	1,383	Brunello Cucinelli SpA*		81,035
	6,313	Burberry Group plc*		180,786
	364	Calida Holding AG		13,776
	408	Canada Goose Holdings, Inc.*		17,846
	951	Chargeurs SA		26,412
	2,481	Cie Financiere Richemont SA		300,461
	35,102	Coats Group plc		33,102
	485	Delta-Galil Industries, Ltd.		20,112
	449	Fox Wizel, Ltd.		51,497
	1,142	Gildan Activewear, Inc.		42,163
	400	Goldwin, Inc.		23,509
	900	Gunze, Ltd.		37,461
	189	Hermes International SA		275,538
	2,296	Hugo Boss AG		124,926
	473	Kering		413,858
	1,500	Komatsu Matere Co., Ltd.		12,177
	700	Kurabo Industries, Ltd.		11,982
	2,199	LVMH Moet Hennessy Louis Vuitton SA		1,726,373
	3,457	Moncler SpA		233,988
	3,560	New Wave Group AB*		45,192
	5,000	Onward Holdings Co., Ltd.		15,119
	9,893	Ovs SpA*(a)		18,726
	44,000	Pacific Textiles Holdings, Ltd.		26,466
	4,884	Pandora A/S		658,207
	10,400	Prada SpA		78,963
	287	Puma SE		34,215
	52,500	Samsonite International SA*(a)		107,379
	2,100	Sankyo Seiko Co., Ltd.		10,264
	500	Sanyo Shokai, Ltd.*		4,243
	1,000	Seiren Co., Ltd.		19,745
	17,500	Stella International Holdings, Ltd.*		27,048
	451	Swatch Group AG (The), Class B		154,837
	1,054	Swatch Group AG (The), Registered Shares		69,591
	2,999	Ted Baker plc*		6,012
	60,000	Texwinca Holdings, Ltd.		13,267
	404	Tod’s SpA*		27,431
	3,200	Tsi Holdings Co., Ltd.*		9,531

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	5,500	Unitika, Ltd.*	$	17,422
	2,000	Wacoal Holdings Corp.		45,269
	40,014	Yue Yuen Industrial Holdings, Ltd.*		98,848

				5,673,289

Thrifts & Mortgage Finance (0.2%):
	1,484	Aareal Bank AG		34,263
	3,618	Deutsche Pfandbriefbank AG(a)		35,767
	615	Equitable Group, Inc.		66,011
	1,100	Firm Capital Mortgage Investment Corp.		13,073
	16,190	Genworth Mortgage Insurance AU*		26,640
	2,112	Home Capital Group, Inc.*		63,391
	4,785	MyState, Ltd.		16,782
	9,478	OSB Group plc		60,830
	10,978	Paragon Banking Group plc		77,375
	3,600	Timbercreek Financial Corp.		27,710

				421,842

Tobacco (0.5%):
	14,523	British American Tobacco plc		566,059
	18,433	Imperial Brands plc, Class A		397,166
	13,100	Japan Tobacco, Inc.		247,445
	3,118	Scandinavian Tobacco Group A/S(a)		63,756
	7,790	Swedish Match AB		66,462

				1,340,888

Trading Companies & Distributors (2.2%):
	10,548	AddTech AB, Class B*		175,131
	1,000	Alconix Corp.		13,184
	7,338	Ashtead Group plc		544,961
	653	BayWa AG		28,183
	4,032	Beijer Ref AB*		71,908
	1,271	Bergman & Beving AB		19,714
	9,600	BOC Aviation, Ltd.(a)		80,988
	388	Bossard Holding AG		118,544
	5,765	Brenntag AG		536,080
	1,375	Bufab AB		38,097
	4,067	Bunzl plc		134,464
	70,000	China Strategic Holdings, Ltd.*		1,026
	400	Daiichi Jitsugyo Co., Ltd.		15,427
	1,506	Diploma plc		60,540
	4,000	Doman Building Materials Group, Ltd.		26,981
	2,662	Ferguson plc		370,496
	7,400	Finning International, Inc.		193,747
	7,815	Grafton Group plc		124,091
	1,700	Hanwa Co., Ltd.		49,103
	25,435	Howden Joinery Group plc		287,553
	410	Imcd Group NV		65,228
	1,800	Inaba Denki Sangyo Co., Ltd.		41,894
	1,800	Inabata & Co., Ltd.		27,720
	5,711	Indutrade AB		146,251
	9,000	Itochu Corp.		258,737
	2,000	Iwatani Corp.		119,872
	616	Jacquet Metals SA		14,253
	500	Japan Pulp & Paper Co., Ltd.		15,886
	700	Kamei Corp.		7,066
	900	Kanaden Corp.		8,505
	1,700	Kanamoto Co., Ltd.		39,138
	3,100	Kanematsu Corp.		41,252


Shares			Value
Common Stocks, continued
Trading Companies & Distributors, continued
	2,972	Kloeckner & Co. SE*	$	40,772
	14,200	Marubeni Corp.		123,441
	600	Mitani Corp.		37,486
	6,700	Mitsubishi Corp.		182,529
	8,600	Mitsui & Co., Ltd.		193,528
	1,271	Momentum Group AB, Class B		25,950
	3,600	MonotaRo Co., Ltd.		85,287
	4,300	Nagase & Co., Ltd.		64,160
	600	Nichiden Corp.		11,633
	500	Nippon Steel Trading Corp.		19,663
	1,200	Nishio Rent All Co., Ltd.		33,471
	700	Onoken Co., Ltd.		7,995
	3,525	Reece, Ltd.		62,592
	9,256	Rexel SA		193,689
	2,592	Richelieu Hardware, Ltd.		83,904
	1,404	Russel Metals, Inc.		38,368
	600	Senshu Electric Co., Ltd.		20,982
	2,458	Seven Group Holdings, Ltd.		37,587
	38,500	Sojitz Corp.		115,956
	409	Solar A/S		35,544
	17,864	Speedy Hire plc*		17,788
	6,600	Sumitomo Corp.		88,311
	2,372	Toromont Industries, Ltd.		206,694
	1,900	Toyota Tsushu Corp.		89,638
	7,192	Travis Perkins plc*		168,126
	1,000	Trusco Nakayama Corp.		25,455
	800	Wajax Corp.		15,530
	2,700	Wakita & Co., Ltd.		24,883
	2,700	Yamazen Corp.		24,299
	800	Yuasa Trading Co., Ltd.		21,638

				5,772,919

Transportation Infrastructure (0.4%):
	242	Aena SME SA*(a)		39,676
	496	Aeroports de Paris*		64,651
	2,191	Atlantia SpA*		39,701
	9,083	Atlas Arteria, Ltd.		43,393
	8,117	Auckland International Airport, Ltd.*		41,234
	671	Flughafen Zuerich AG*		111,031
	1,452	Fraport AG*		98,918
	2,198	Getlink SE		34,286
	1,618	Hamburger Hafen und Logistik AG		40,732
	182,200	Hutchison Port Holdings Trust		40,976
	1,940	James Fisher & Sons plc		24,877
	400	Japan Airport Terminal Co., Ltd.*		17,962
	3,500	Kamigumi Co., Ltd.		70,794
	1,400	Mitsubishi Logistics Corp.		41,453
	400	Nissin Corp.		5,270
	5,399	Port of Tauranga, Ltd.		26,522
	32,583	Qube Holdings, Ltd.		77,463
	2,100	Sumitomo Warehouse Co., Ltd. (The)		30,183
	11,723	Sydney Airport*		50,908
	9,135	Transurban Group		97,693
	2,729	Westshore Terminals Investment Corp.		37,608

				1,035,331

Water Utilities (0.1%):
	7,110	Pennon Group plc		111,736
	2,562	Severn Trent plc		88,606

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Water Utilities, continued
	45,000	Siic Environment Holdings, Ltd.	$	6,860
	8,586	United Utilities Group plc		115,774

				322,976

Wireless Telecommunication Services (1.4%):
	1,292	1&1 AG		39,512
	3,670	Cellcom Israel, Ltd.*		15,978
	5,583	Freenet AG		131,949
	88,000	Hutchison Telecommunications Holdings, Ltd.		17,342
	27,900	KDDI Corp.		870,018
	5,186	Millicom International Cellular SA, SDR*		205,457
	1,000	Okinawa Cellular Telephone Co.		46,269
	1,324	Orange Belgium SA		29,702
	5,106	Partner Communications Co.*		23,402
	1,900	Rogers Communications, Inc., Class B		101,025
	1,708	Rogers Communications, Inc., Class B		90,763
	35,000	Smartone Telecommunications Ho		20,736
	9,900	Softbank Corp.		129,518
	17,300	SoftBank Group Corp.		1,211,687
	21,800	StarHub, Ltd.		19,779
	4,847	Tele2 AB		66,072
	306,023	Vodafone Group plc		514,637

				3,533,846

	Total Common Stocks (Cost $196,550,533)			256,028,263

Preferred Stocks (0.4%):
Automobiles (0.4%):
	1,421	Bayerische Motoren Werke AG (BMW), 2.53%, 5/15/20		127,704
	1,645	Porsche Automobil Holding SE, 2.45%, 5/20/20		176,248
	2,660	Volkswagen AG, 2.30%, 5/8/20		666,982

				970,934

Household Products (0.0%^†):
	361	Henkel AG & Co. KGaA, 2.08%, 4/21/20		38,110

	Total Preferred Stocks (Cost $745,174)			1,009,044


Contracts, Shares or Principal Amount			Value
Warrants (0.0%^†):
Energy Equipment & Services (0.0%^†):
	64,038	Ezion Holdings, Ltd., 4/6/23	$	—

Oil, Gas & Consumable Fuels (0.0%^†):
	766	Cenovus Energy, Inc., 1/1/26		4,141

	Total Warrants (Cost $–)			4,141

Rights (0.0%^†):
Construction & Engineering (0.0%^†):
	4,630	ACS Actividades de Construccion y Servicios SA, Expires on 7/7/21*		6,477

Food & Staples Retailing (0.0%^†):
	1,425	Olam International, Ltd., Expires on 7/20/21*		371

Food Products (0.0%^†):
	2,056	Costa Group Holdings, Ltd., Expires on 7/20/21*		447

	Total Rights (Cost $7,020)			7,295

Short-Term Security Held as Collateral for Securities on Loan (1.3%):
	3,404,532	BlackRock Liquidity FedFund, Institutional Class , 0.04%(c)(d)		3,404,532

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $3,404,532)			3,404,532

Unaffiliated Investment Company (0.2%):
Money Markets (0.2%):
	647,476	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(d)		647,476

	Total Unaffiliated Investment Company (Cost $647,476)			647,476

	Total Investment Securities (Cost $201,354,735)—100.6%			261,100,751
	Net other assets (liabilities)—(0.6)%			(1,683,574	)

	Net Assets—100.0%		$	259,417,177

Percentages indicated are based on net assets as of June 30, 2021.

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 June 30, 2021. The total value of securities on loan as of June 30, 2021 was $3,221,294.

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-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 June 30, 2021. 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 June 30, 2021.

(d)	The rate represents the effective yield at June 30, 2021.

Amounts

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

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2021:

(Unaudited)


Country	Percentage

Australia		6.3	%
Austria		0.5	%
Belgium		1.1	%
Bermuda		—	%^†
Cambodia		—	%^†
Canada		9.7	%
Cayman Islands		—	%^†
China		0.2	%
Colombia		—	%^†
Denmark		2.4	%
Egypt		—	%^†
European Community		—	%^†
Faroe Islands		—	%^†
Finland		1.7	%
France		7.2	%
Germany		7.0	%
Hong Kong		2.2	%
India		—	%^†
Ireland		1.2	%
Isle of Man		0.1	%
Israel		0.8	%


Country	Percentage
Italy		2.4	%
Japan		22.1	%
Jersey		—	%^†
Liechtenstein		—	%^†
Luxembourg		0.6	%
Malta		—	%^†
Mexico		—	%^†
Netherlands		3.9	%
New Zealand		0.5	%
Norway		0.7	%
Peru		—	%^†
Portugal		0.2	%
Singapore		0.9	%
South Africa		—	%^†
Spain		2.1	%
Sweden		3.3	%
Switzerland		8.0	%
United Arab Emirates		—	%^†
United Kingdom		13.1	%
United States		1.8	%

		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

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	201,354,735

Investment securities, at value(a)	$	261,100,751
Cash		3,074
Interest and dividends receivable		410,333
Foreign currency, at value (cost $804,092)		795,648
Receivable for investments sold		444,359
Reclaims receivable		949,102
Prepaid expenses		13,702

Total Assets		263,716,969

Liabilities:
Payable for investments purchased		620,811
Payable for collateral received on loaned securities		3,404,532
Manager fees payable		163,550
Administration fees payable		8,263
Distribution fees payable		54,517
Custodian fees payable		10,691
Administrative and compliance services fees payable		613
Transfer agent fees payable		1,306
Trustee fees payable		3,080
Other accrued liabilities		32,429

Total Liabilities		4,299,792

Net Assets	$	259,417,177

Net Assets Consist of:
Paid in capital	$	185,742,583
Total distributable earnings		73,674,594

Net Assets	$	259,417,177

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,058,848
Net Asset Value (offering and redemption price per share)	$	12.32

(a)	Includes securities on loan of $3,221,294.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends	$	4,841,472
Income from securities lending		20,376
Foreign withholding tax		(512,004	)

Total Investment Income		4,349,844

Expenses:
Manager fees		1,261,443
Administration fees		31,683
Distribution fees		331,958
Custodian fees		36,692
Administrative and compliance services fees		1,951
Transfer agent fees		2,970
Trustee fees		7,016
Professional fees		6,540
Shareholder reports		3,229
Other expenses		21,876

Total expenses before reductions		1,705,358
Less expenses voluntarily waived/reimbursed by the Manager		(265,569	)

Net expenses		1,439,789

Net Investment Income/(Loss)		2,910,055

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		9,355,360
Change in net unrealized appreciation/depreciation on securities and foreign currencies		16,786,064

Net realized and Change in net unrealized gains/losses on investments		26,141,424

Change in Net Assets Resulting From Operations	$	29,051,479

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,910,055			$	3,194,467
Net realized gains/(losses) on investments			9,355,360				(16,172	)
Change in unrealized appreciation/depreciation on investments			16,786,064				17,605,651

Change in net assets resulting from operations			29,051,479				20,783,946

Distributions to Shareholders:
Distributions			—				(6,243,472	)

Change in net assets resulting from distributions to shareholders			—				(6,243,472	)

Capital Transactions:
Proceeds from shares issued			272,770				28,562,814
Proceeds from dividends reinvested			—				6,243,472
Value of shares redeemed			(34,967,490	)			(60,172,623	)

Change in net assets resulting from capital transactions			(34,694,720	)			(25,366,337	)

Change in net assets			(5,643,241	)			(10,825,863	)
Net Assets:
Beginning of period			265,060,418				275,886,281

End of period		$	259,417,177			$	265,060,418

Share Transactions:
Shares issued			22,089				3,629,639
Dividends reinvested			—				642,332
Shares redeemed			(2,926,446	)			(6,396,250	)

Change in shares			(2,904,357	)			(2,124,279	)

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	11.06			$	10.58			$	9.20			$	11.46			$	9.21			$	9.03

Investment Activities:
Net Investment Income/(Loss)			0.13	(a)			0.12	(a)			0.21	(a)			0.17				0.19				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			1.13				0.61				1.65				(2.16	)			2.21				0.17

Total from Investment Activities			1.26				0.73				1.86				(1.99	)			2.40				0.28

Distributions to Shareholders From:
Net Investment Income			—				(0.25	)			(0.15	)			(0.21	)			(0.15	)			(0.10	)
Net Realized Gains			—				—				(0.33	)			(0.06	)			—				—

Total Dividends			—				(0.25	)			(0.48	)			(0.27	)			(0.15	)			(0.10	)

Net Asset Value, End of Period		$	12.32			$	11.06			$	10.58			$	9.20			$	11.46			$	9.21

Total Return(b)			11.39	%(c)			7.25	%			20.72	%			(17.65	)%			26.09	%			3.17	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	259,417			$	265,060			$	275,886			$	253,044			$	258,959			$	252,697
Net Investment Income/(Loss)(d)			2.19	%			1.29	%			2.09	%			1.63	%			1.48	%			1.62	%
Expenses Before Reductions(d)(e)			1.28	%			1.34	%			1.33	%			1.38	%			1.41	%			1.39	%
Expenses Net of Reductions(d)			1.08	%			1.14	%			1.13	%			1.18	%			1.21	%			1.19	%
Portfolio Turnover Rate			1	%(c)			14	%			6	%			20	%			4	%			11	%

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

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 Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Expense Allocation

Securities Lending

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,030 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $3,404,532 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, 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 period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL DFA International Core Equity Fund		0.95	%		1.39	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.75% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2022.

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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2021, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $191,625 annual Board retainer, the Lead Director receives an additional $37,500, the Chair of the Nominating and Corporate Governance Committee receives an additional $7,500 annually, the Co-Chairs of the Investment Committee receive $3,750 annually and the Chair of the Audit Committee receives an additional $11,250 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 period ended June 30, 2021, actual Trustee compensation was $702,562 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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total
Common Stocks+		$	41,496,083		$	214,532,180		$	—	#		$	256,028,263
Preferred Stocks+			—			1,009,044			—				1,009,044
Warrants+			4,141			—			—				4,141
Rights+			6,924			371			—				7,295
Short-Term Security Held as Collateral for Securities on Loan			3,404,532			—			—				3,404,532
Unaffiliated Investment Company			647,476			—			—				647,476

Total Investment Securities		$	45,559,156		$	215,541,595		$	—			$	261,100,751

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2021.

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	2,120,691		$	37,315,835

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $224,644,979. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	71,321,343
Unrealized (depreciation)		(29,375,719	)

Net unrealized appreciation/(depreciation)	$	41,945,624

CLCFs not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL DFA International Core Equity Fund		$	—		$	973,492		$	973,492

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL DFA International Core Equity Fund		$	6,243,472		$	—		$	6,243,472

(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, 2020, 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		$	3,585,484		$	—		$	(973,492	)		$	42,011,123		$	44,623,115

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales and mark-to-market of passive foreign investment companies.

AZL DFA International Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

10. Subsequent Events

AZL DFA International Core Equity Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® DFA U.S. Core Equity Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 23

Page 23

Page 24

Page 25

Page 26

Page 31

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 34

Page 35

AZL DFA U.S. Core Equity Fund

Expense Examples

(Unaudited)

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

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA U.S. Core Equity Fund		$	1,000.00		$	1,172.50		$	4.42		0.82	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA U.S. Core Equity Fund		$	1,000.00		$	1,020.73		$	4.11		0.82	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		24.2	%

Financials		14.2

Consumer Discretionary		12.5

Industrials		12.3

Health Care		11.6

Communication Services		8.7

Consumer Staples		5.8

Materials		4.2

Energy		3.5

Utilities		2.4

Real Estate		0.3


Total Common Stocks and Preferred Stocks		99.7

Warrant		—	^†

Rights		—	^†

Short-Term Security Held as Collateral for Securities on Loan		0.4

Unaffiliated Investment Company		0.2


Total Investment Securities		100.3

Net other assets (liabilities)		(0.3	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (99.7%):
Aerospace & Defense (1.6%):
	1,210	AAR Corp.*	$	46,888
	2,968	Aerojet Rocketdyne Holdings, Inc.		143,325
	358	AeroVironment, Inc.*		35,854
	712	Astronics Corp.*		12,467
	415	Astronics Corp., Class B*		6,764
	1,160	Axon Enterprise, Inc.*		205,088
	4,420	Boeing Co. (The)*		1,058,855
	2,720	BWX Technologies, Inc.		158,086
	685	CPI Aerostructures, Inc.*		2,432
	1,225	Curtiss-Wright Corp.		145,481
	625	Ducommun, Inc.*		34,100
	2,570	General Dynamics Corp.		483,828
	769	HEICO Corp.		107,214
	1,107	HEICO Corp., Class A		137,467
	2,189	Hexcel Corp.*		136,594
	5,511	Howmet Aerospace, Inc.*		189,964
	1,188	Huntington Ingalls Industries, Inc.		250,371
	2,947	Kratos Defense & Security Solutions, Inc.*		83,960
	1,779	L3harris Technologies, Inc.		384,531
	2,834	Lockheed Martin Corp.		1,072,244
	1,378	Mercury Systems, Inc.*		91,334
	913	Moog, Inc., Class A		76,747
	343	National Presto Industries, Inc.		34,866
	1,636	Northrop Grumman Corp.		594,571
	953	Park Aerospace Corp., Class C		14,200
	12,462	Raytheon Technologies Corp.		1,063,133
	2,910	Spirit AeroSystems Holdings, Inc., Class A		137,323
	731	Teledyne Technologies, Inc.*		306,165
	4,007	Textron, Inc.		275,561
	521	TransDigm Group, Inc.*		337,238
	337	Vectrus, Inc.*		16,038

				7,642,689

Air Freight & Logistics (0.7%):
	2,159	Air Transport Services Group, Inc.*		50,154
	464	Atlas Air Worldwide Holdings, Inc.*		31,603
	3,174	C.H. Robinson Worldwide, Inc.		297,309
	1,026	Echo Global Logistics, Inc.*		31,539
	2,787	Expeditors International of Washington, Inc.		352,834
	2,588	FedEx Corp.		772,078
	619	Forward Air Corp.		55,555
	766	Hub Group, Inc., Class A*		50,541
	3,266	Radiant Logistics, Inc.*		22,633
	7,203	United Parcel Service, Inc., Class B		1,498,008
	2,083	XPO Logistics, Inc.*		291,391

				3,453,645

Airlines (0.3%):
	3,371	Alaska Air Group, Inc.*		203,305
	229	Allegiant Travel Co.*		44,426
	7,999	American Airlines Group, Inc.*		169,659
	841	Copa Holdings SA, Class A*		63,353
	3,063	Delta Air Lines, Inc.*		132,505
	1,057	Hawaiian Holdings, Inc.*		25,759
	9,359	JetBlue Airways Corp.*		157,044
	1,602	SkyWest, Inc.*		68,998
	6,753	Southwest Airlines Co.*		358,517
	2,445	Spirit Airlines, Inc.*		74,426


Shares			Value
Common Stocks, continued
Airlines, continued
	4,270	United Airlines Holdings, Inc.*	$	223,278

				1,521,270

Auto Components (0.6%):
	2,780	Adient plc*		125,656
	4,269	American Axle & Manufacturing Holdings, Inc.*		44,184
	2,394	Aptiv plc*		376,648
	2,666	Autoliv, Inc.		260,628
	6,898	BorgWarner, Inc.		334,829
	1,256	Cooper-Standard Holding, Inc.*		36,424
	3,513	Dana, Inc.		83,469
	687	Dorman Products, Inc.*		71,221
	1,147	Fox Factory Holding Corp.*		178,542
	7,599	Gentex Corp.		251,451
	799	Gentherm, Inc.*		56,769
	8,665	Goodyear Tire & Rubber Co. (The)*		148,605
	1,365	Horizon Global Corp.*		11,575
	578	LCI Industries		75,961
	1,758	Lear Corp.		308,142
	3,637	Modine Manufacturing Co.*		60,338
	1,190	Motorcar Parts of America, Inc.*		26,704
	616	Standard Motor Products, Inc.		26,704
	587	Stoneridge, Inc.*		17,316
	275	Strattec Security Corp.*		12,227
	1,349	Tenneco, Inc.*		26,063
	3,249	Veoneer, Inc.*^		74,889
	517	Visteon Corp.*		62,526
	1,621	VOXX International Corp.*		22,710

				2,693,581

Automobiles (0.9%):
	35,698	Ford Motor Co.*		530,472
	22,247	General Motors Co.*		1,316,355
	4,049	Harley-Davidson, Inc.		185,525
	3,237	Tesla, Inc.*		2,200,189
	729	Winnebago Industries, Inc.		49,543

				4,282,084

Banks (5.7%):
	859	1st Source Corp.		39,909
	504	ACNB Corp.		14,067
	954	Allegiance Bancshares, Inc.		36,672
	749	Altabancorp		32,439
	661	American National Bankshares, Inc.		20,550
	587	American River Bankshares		10,625
	1,776	Ameris Bancorp		89,919
	704	Ames National Corp.		17,255
	986	Arrow Financial Corp.		35,447
	3,325	Associated Banc-Corp.		68,096
	1,160	Atlantic Capital Bancshares, Inc.*		29,534
	2,280	Atlantic Union Bankshares Corp.		82,582
	1,454	Banc of California, Inc.		25,503
	646	BancFirst Corp.		40,330
	2,831	Bancorp, Inc. (The)*		65,141
	2,523	BancorpSouth Bank		71,477
	61,085	Bank of America Corp.		2,518,535
	899	Bank of Commerce Holdings		13,503
	1,028	Bank of Hawaii Corp.		86,578
	387	Bank of Marin Bancorp		12,345

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Banks, continued
	1,592	Bank of Nt Butterfield & Son, Ltd. (The)	$	56,436
	4,810	Bank OZK		202,790
	2,950	BankUnited, Inc.		125,936
	1,129	Banner Corp.		61,203
	433	Bar Harbor Bankshares		12,392
	842	BCB Bancorp, Inc.		11,325
	2,598	Berkshire Hills Bancorp, Inc.		71,211
	2,016	BOK Financial Corp.		174,586
	5,245	Boston Private Financial Holdings, Inc.		77,364
	2,707	Brookline Bancorp, Inc.		40,470
	578	Bryn Mawr Bank Corp.		24,386
	977	Byline BanCorp, Inc.		22,110
	74	C&F Financial Corp.		3,774
	3,138	Cadence Bancorp		65,521
	843	Camden National Corp.		40,262
	489	Capital City Bank Group, Inc.		12,611
	2,132	Cathay General Bancorp		83,916
	1,225	CBTX, Inc.		33,455
	1,402	Central Pacific Financial Corp.		36,536
	933	Central Valley Community Bancorp		18,800
	273	Century Bancorp, Inc.		31,122
	377	Chemung Financial Corp.		16,705
	2,299	CIT Group, Inc.		118,605
	16,872	Citigroup, Inc.		1,193,694
	943	Citizens & Northern Corp.		23,103
	6,103	Citizens Financial Group, Inc.		279,945
	552	Citizens Holding Co.		10,190
	365	City Holding Co.		27,463
	938	Civista Bancshares, Inc.		20,730
	735	CNB Financial Corp.		16,773
	85	Codorus Valley Bancorp, Inc.		1,703
	56	Colony Bankcorp, Inc.		1,000
	1,908	Columbia Banking System, Inc.		73,572
	3,274	Comerica, Inc.		233,567
	3,398	Commerce Bancshares, Inc.		253,355
	1,393	Community Bank System, Inc.		105,380
	517	Community Trust Bancorp, Inc.		20,876
	1,154	ConnectOne Bancorp, Inc.		30,200
	1,845	Cullen/Frost Bankers, Inc.		206,640
	1,643	Customers Bancorp, Inc.		64,061
	4,350	CVB Financial Corp.		89,567
	2,476	Dime Community Bancshares, Inc.		83,243
	1,065	Eagle Bancorp, Inc.		59,725
	4,301	East West Bancorp, Inc.		308,339
	820	Enterprise Financial Services Corp.		38,040
	682	Equity Bancshares, Inc.*		20,794
	312	Evans Bancorp, Inc.		11,575
	8,341	F.N.B. Corp.		102,845
	1,329	Farmers National Banc Corp.		20,613
	1,408	FB Financial Corp.		52,547
	9,786	Fifth Third Bancorp		374,119
	1,053	Financial Institutions, Inc.		31,590
	6,611	First Bancorp		78,803
	814	First Bancorp, Inc.		23,972
	752	First Bancorp/Southern Pines NC		30,764
	611	First Bancshares, Inc. (The)		22,870
	1,378	First Busey Corp.		33,981


Shares			Value
Common Stocks, continued
Banks, continued
	664	First Business Financial Services, Inc.	$	17,974
	269	First Citizens BancShares, Inc., Class A		224,007
	2,520	First Commonwealth Financial Corp.		35,456
	512	First Community Bankshares		15,283
	3,105	First Financial Bancorp		73,371
	3,832	First Financial Bankshares, Inc.		188,266
	536	First Financial Corp.		21,880
	733	First Financial Northwest, Inc.		11,105
	1,155	First Foundation, Inc.		25,999
	1,512	First Hawaiian, Inc.		42,850
	14,883	First Horizon Corp.		257,178
	1,244	First Interstate BancSystem, Class A		52,037
	1,606	First Merchants Corp.		66,922
	660	First Mid Bancshares, Inc.		26,737
	4,022	First Midwest Bancorp, Inc.		79,756
	1,573	First of Long Island Corp. (The)		33,395
	2,517	First Republic Bank		471,107
	2,253	Flushing Financial Corp.		48,282
	5,044	Fulton Financial Corp.		79,594
	769	German American Bancorp, Inc.		28,607
	3,017	Glacier Bancorp, Inc.		166,176
	397	Great Southern Bancorp, Inc.		21,398
	2,353	Great Western Bancorp, Inc.		77,155
	2,782	Hancock Whitney Corp.		123,632
	2,408	Hanmi Financial Corp.		45,896
	1,642	HarborOne BanCorp, Inc.		23,546
	44	Hawthorn Bancshares, Inc.		1,002
	1,853	Heartland Financial USA, Inc.		87,072
	1,197	Heritage Financial Corp.		29,949
	2,010	Hertiage Commerce Corp.		22,371
	3,993	Hilltop Holdings, Inc.		145,345
	4,922	Home Bancshares, Inc.		121,475
	484	Hometrust Bancshares, Inc.		13,504
	4,470	Hope BanCorp, Inc.		63,385
	1,071	Horizon Bancorp		18,668
	32,773	Huntington Bancshares, Inc.		467,671
	855	Independent Bank Corp.		18,562
	929	Independent Bank Corp.		70,139
	1,169	Independent Bank Group, Inc.		86,483
	1,836	International Bancshares Corp.		78,838
	7,175	Investors Bancorp, Inc.		102,316
	33,809	JPMorgan Chase & Co.		5,258,652
	13,247	KeyCorp		273,551
	1,465	Lakeland Bancorp, Inc.		25,608
	582	Lakeland Financial Corp.		35,874
	526	Landmark Bancorp, Inc.		14,207
	712	LCNB Corp.		11,655
	1,874	Live Oak Bancshares, Inc.		110,566
	2,011	M&T Bank Corp.		292,218
	2,571	Macatawa Bank Corp.		22,496
	472	Mercantile Bank Corp.		14,254
	241	Midland States BanCorp, Inc.		6,331
	638	MidWestone Financial Group, Inc.		18,355
	702	National Bank Holdings Corp.		26,493
	514	National Bankshares, Inc.^		17,995
	1,264	NBT Bancorp, Inc.		45,466
	373	Nicolet Bankshares, Inc.*		26,237

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Banks, continued
	510	Northrim Bancorp, Inc.	$	21,802
	511	Norwood Financial Corp.		13,286
	2,292	OFG Bancorp		50,699
	440	Ohio Valley Banc Corp.		10,758
	4,797	Old National Bancorp		84,475
	2,225	Old Second Bancorp, Inc.		27,590
	550	Origin Bancorp, Inc.		23,353
	638	Orrstown Financial Services, Inc.		14,719
	1,205	Pacific Mercantile Bancorp*		10,363
	2,518	Pacific Premier Bancorp, Inc.		106,486
	2,447	PacWest Bancorp		100,719
	467	Park National Corp.		54,835
	1,165	Peapack-Gladstone Financial Corp.		36,197
	546	Penns Woods Bancorp, Inc.		13,006
	608	Peoples Bancorp of NC		15,686
	569	Peoples Bancorp, Inc.		16,854
	11,228	People’s United Financial, Inc.		192,448
	2,297	Pinnacle Financial Partners, Inc.		202,802
	3,622	PNC Financial Services Group, Inc. (The)		690,933
	2,484	Popular, Inc.		186,424
	432	Preferred Bank Los Angeles		27,333
	945	Premier Financial Bancorp, Inc.		15,923
	707	Primis Financial Corp.		10,789
	2,791	Prosperity Bancshares, Inc.		200,394
	606	QCR Holdings, Inc.		29,143
	487	Rbb BanCorp		11,795
	13,669	Regions Financial Corp.		275,840
	1,373	Renasant Corp.		54,920
	917	Republic Bancorp, Inc., Class A		42,301
	869	S & T Bancorp, Inc.		27,200
	148	Salisbury Bancorp, Inc.		7,518
	1,366	Sandy Spring Bancorp, Inc.		60,282
	1,366	Seacoast Banking Corp of Florida		46,649
	1,252	Select Bancorp, Inc.*		20,182
	1,110	ServisFirst Bancshares, Inc.		75,458
	1,113	Shore Bancshares, Inc.		18,643
	1,028	Sierra Bancorp		26,163
	1,436	Signature Bank		352,753
	3,102	Simmons First National Corp., Class A		91,013
	1,915	South State Corp.		156,570
	950	Southside Bancshares, Inc.		36,318
	5,238	Sterling Bancorp		129,850
	527	Stock Yards Bancorp, Inc.		26,819
	557	Summit Financial Group, Inc.		12,260
	791	SVB Financial Group*		440,136
	4,223	Synovus Financial Corp.		185,305
	1,633	Texas Capital Bancshares, Inc.*		103,679
	490	Tompkins Financial Corp.		38,004
	2,209	TowneBank		67,198
	820	TriCo Bancshares		34,916
	959	Tristate Capital Holdings, Inc.*		19,554
	1,501	Triumph BanCorp, Inc.*		111,449
	11,522	Truist Financial Corp.		639,471
	1,695	Trustmark Corp.		52,206
	15,931	U.S. Bancorp		907,589
	1,375	UMB Financial Corp.		127,958
	6,312	Umpqua Holdings Corp.		116,456


Shares			Value
Common Stocks, continued
Banks, continued
	4,681	United Bankshares, Inc.	$	170,857
	1,942	United Community Banks, Inc.		62,163
	1,190	United Security Bancshares		9,722
	42	Unity Bancorp, Inc.		926
	850	Univest Financial Corp.		22,415
	13,568	Valley National Bancorp		182,218
	501	Washington Trust Bancorp		25,726
	2,517	Webster Financial Corp.		134,257
	33,570	Wells Fargo & Co.		1,520,385
	1,645	WesBanco, Inc.		58,611
	1,062	West Bancorp		29,470
	685	Westamerica Bancorp		39,751
	3,400	Western Alliance Bancorp		315,690
	1,524	Wintrust Financial Corp.		115,260
	3,716	Zions Bancorp		196,428

				27,739,360

Beverages (1.3%):
	145	Boston Beer Co., Inc. (The), Class A*		148,016
	1,105	Brown-Forman Corp., Class A		77,902
	4,134	Brown-Forman Corp., Class B		309,802
	37,657	Coca-Cola Co. (The)		2,037,620
	179	Coca-Cola Consolidated, Inc.		71,981
	1,534	Constellation Brands, Inc., Class C		358,787
	4,758	Keurig Dr Pepper, Inc.		167,672
	615	MGP Ingredients, Inc.		41,599
	3,243	Molson Coors Brewing Co., Class B*		174,117
	3,791	Monster Beverage Corp.*		346,308
	2,264	National Beverage Corp.		106,929
	17,734	PepsiCo, Inc.		2,627,647

				6,468,380

Biotechnology (2.2%):
	18,635	AbbVie, Inc.		2,099,046
	2,144	ACADIA Pharmaceuticals, Inc.*		52,292
	737	Acceleron Pharma, Inc.*		92,486
	3,964	Adverum Biotechnologies, Inc.*		13,874
	436	Agios Pharmaceuticals, Inc.*		24,028
	7,184	Akebia Therapeutics, Inc.*		27,227
	2,787	Alexion Pharmaceuticals, Inc.*		512,000
	1,012	Alkermes plc*		24,814
	713	Alnylam Pharmaceuticals, Inc.*		120,868
	7,338	Amgen, Inc.		1,788,637
	955	AnaptysBio, Inc.*		24,763
	984	Arena Pharmaceuticals, Inc.*		67,109
	1,264	Arrowhead Pharmaceuticals, Inc.*		104,684
	1,907	Atara Biotherapeutics, Inc.*		29,654
	2,040	Biogen, Inc.*		706,391
	2,087	BioMarin Pharmaceutical, Inc.*		174,139
	1,469	Bluebird Bio, Inc.*		46,979
	600	Bridgebio Pharma, Inc.*		36,576
	718	Concert Pharmaceuticals, Inc.*		3,030
	1,534	Denali Therapeutics, Inc.*		120,327
	233	Eagle Pharmaceuticals, Inc.*		9,972
	1,656	Emergent BioSolutions, Inc.*		104,311
	585	Enanta Pharmaceuticals, Inc.*		25,746
	2,306	Epizyme, Inc.*^		19,163
	1,700	Exact Sciences Corp.*		211,327

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Biotechnology, continued
	8,266	Exelixis, Inc.*	$	150,607
	567	Fate Therapeutics, Inc.*		49,210
	522	Fibrogen, Inc.*		13,901
	1,432	G1 Therapeutics, Inc.*		31,418
	10,106	Gilead Sciences, Inc.		695,899
	852	Global Blood Therapeutics, Inc.*		29,837
	779	Glycomimetics Industries*^		1,807
	1,435	Halozyme Therapeutics, Inc.*		65,163
	1,961	Incyte Corp.*		164,979
	1,650	Intellia Therapeutics, Inc.*		267,152
	1,964	Ionis Pharmaceuticals, Inc.*		78,344
	2,568	Ironwood Pharmaceuticals, Inc.*		33,050
	1,263	Kura Oncology, Inc.*		26,334
	340	Ligand Pharmaceuticals, Inc., Class B*		44,605
	1,449	Macrogenics, Inc.*		38,920
	194	Madrigal Pharmaceuticals, Inc.*		18,898
	337	Moderna, Inc.*		79,188
	3,689	Myriad Genetics, Inc.*		112,810
	340	Natera, Inc.*		38,600
	715	Neurocrine Biosciences, Inc.*		69,584
	464	Novavax, Inc.*		98,512
	10,235	OPKO Health, Inc.*		41,452
	9,565	PDL BioPharma, Inc.		8,860
	1,720	Prothena Corp. plc*		88,425
	687	Regeneron Pharmaceuticals, Inc.*		383,717
	895	REGENXBIO, Inc.*		34,771
	995	Repligen Corp.*		198,622
	1,053	Rhythm Pharmaceuticals, Inc.*		20,618
	1,042	Rocket Pharmaceuticals, Inc.*		46,150
	1,793	Sage Therapeutics, Inc.*		101,860
	2,916	Sangamo Therapeutics, Inc.*		34,905
	660	Sarepta Therapeutics, Inc.*		51,308
	1,210	Seagen, Inc.*		191,035
	2,126	Spectrum Pharmaceuticals, Inc.*		7,972
	874	Travere Therapeutics, Inc.*		12,752
	1,104	Ultragenyx Pharmaceutical, Inc.*		105,266
	1,080	United Therapeutics Corp.*		193,763
	1,179	Vanda Pharmaceuticals, Inc.*		25,360
	1,880	Verizon Communications, Inc.*		379,064
	1,246	Xencor, Inc.*		42,975

				10,517,136

Building Products (1.0%):
	3,264	A.O. Smith Corp.		235,204
	1,062	AAON, Inc.		66,471
	2,186	Advanced Drainage Systems, Inc.		254,822
	1,795	Allegion plc		250,043
	515	American Woodmark Corp.*		42,070
	1,085	Apogee Enterprises, Inc.		44,192
	1,778	Armstrong Flooring, Inc.*		11,006
	1,537	Armstrong World Industries, Inc.		164,859
	6,844	Builders FirstSource, Inc.*		291,965
	9,689	Carrier Global Corp.		470,885
	3,362	Cornerstone Building Brands, Inc.*		61,121
	547	Csw Industrials, Inc.		64,798
	2,860	Fortune Brands Home & Security, Inc.		284,885
	715	Gibraltar Industries, Inc.*		54,562
	1,993	Griffon Corp.		51,081


Shares			Value
Common Stocks, continued
Building Products, continued
	1,209	Insteel Industries, Inc.	$	38,869
	2,135	Jeld-Wen Holding, Inc.*		56,065
	5,986	Johnson Controls International plc		410,819
	617	Lennox International, Inc.		216,444
	3,138	Masco Corp.		184,860
	681	Masonite International Corp.*		76,129
	2,535	Owens Corning		248,176
	856	Patrick Industries, Inc.		62,488
	1,379	PGT Innovations, Inc.*		32,034
	1,160	Quanex Building Products Corp.		28,814
	3,728	Resideo Technologies, Inc.*		111,840
	1,453	Simpson Manufacturing Co., Inc.		160,469
	2,227	Trane Technologies plc		410,080
	1,950	Trex Co., Inc.*		199,309
	2,320	UFP Industries, Inc.		172,469

				4,756,829

Capital Markets (3.2%):
	1,463	Affiliated Managers Group, Inc.		225,609
	2,337	Ameriprise Financial, Inc.		581,633
	1,834	Ares Management Corp., Class A		116,624
	630	Artisan Partners Asset Management, Inc., Class A		32,017
	175	B Riley Financial, Inc.		13,212
	10,330	Bank of New York Mellon Corp. (The)		529,206
	9,837	BGC Partners, Inc., Class A		55,776
	1,149	BlackRock, Inc., Class A		1,005,340
	4,934	Blackstone Group, Inc. (The), Class A		479,289
	2,377	Blucora, Inc.*		41,146
	1,851	Brightsphere Investment Group, Inc.		43,369
	2,288	Cboe Global Markets, Inc.		272,386
	12,078	Charles Schwab Corp. (The)		879,399
	2,156	CME Group, Inc.		458,538
	1,396	Cohen & Steers, Inc.		114,598
	190	Diamond Hill Investment Group		31,789
	2,917	Donnelley Financial Solutions, Inc.*		96,261
	696	FactSet Research Systems, Inc.		233,585
	3,404	Federated Hermes, Inc., Class B		115,430
	7,033	Franklin Resources, Inc.		224,986
	388	GAMCO Investors, Inc., Class A		9,739
	3,046	Goldman Sachs Group, Inc. (The)		1,156,048
	255	Greenhill & Co., Inc.		3,968
	211	Hennessy Advisors, Inc.		1,966
	1,166	Houlihan Lokey, Inc.		95,367
	693	Interactive Brokers Group, Inc., Class A		45,551
	4,853	Intercontinental Exchange, Inc.		576,051
	11,172	Invesco, Ltd.		298,628
	4,134	Janus Henderson Group plc		160,441
	5,417	KKR & Co., Inc., Class A		320,903
	3,497	Lazard, Ltd., Class A		158,239
	2,674	LPL Financial Holdings, Inc.		360,936
	510	MarketAxess Holdings, Inc.		236,431
	1,075	Moelis & Co., Class A		61,157
	1,706	Moody’s Corp.		618,203
	15,815	Morgan Stanley		1,450,077
	1,127	Morningstar, Inc.		289,763
	662	MSCI, Inc., Class A		352,899
	2,283	Nasdaq, Inc.		401,351
	3,371	Northern Trust Corp.		389,755

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Capital Markets, continued
	365	Oppenheimer Holdings, Class A	$	18,557
	613	Piper Jaffray Cos., Inc.		79,420
	394	PJT Partners, Inc.		28,124
	1,113	Pzena Investment Management, Inc.		12,254
	2,228	Raymond James Financial, Inc.		289,417
	2,272	S&P Global, Inc.		932,542
	3,335	SEI Investments Co.		206,670
	660	Silvercrest Asset Management Group, Inc., Class A		9,926
	4,945	State Street Corp.		406,875
	3,504	Stifel Financial Corp.		227,269
	597	StoneX Group, Inc.*		36,220
	2,414	T. Rowe Price Group, Inc.		477,900
	800	Tradeweb Markets, Inc., Class A		67,648
	1,429	Virtu Financial, Inc., Class A		39,483
	154	Virtus Investment Partners, Inc.		42,777
	425	Westwood Holdings, Inc.		9,248
	3,476	WisdomTree Investments, Inc.		21,551

				15,443,547

Chemicals (2.3%):
	1,846	AdvanSix, Inc.*		55,122
	1,894	Air Products & Chemicals, Inc.		544,866
	1,533	Albemarle Corp.		258,249
	1,157	American Vanguard Corp.		20,259
	2,194	Ashland Global Holdings, Inc.		191,975
	3,051	Avient Corp.		149,987
	9,065	Axalta Coating Systems, Ltd.*		276,392
	838	Balchem Corp.		109,996
	1,642	Cabot Corp.		93,479
	2,172	Celanese Corp.		329,275
	5,505	CF Industries Holdings, Inc.		283,232
	328	Chase Corp.		33,656
	4,033	Chemours Co. (The)		140,348
	578	Core Molding Technologies, Inc.*		8,919
	10,481	Corteva, Inc.		464,832
	7,718	Dow, Inc.		488,395
	3,007	DuPont de Nemours, Inc.		232,772
	2,262	Eastman Chemical Co.		264,089
	2,417	Ecolab, Inc.		497,830
	7,787	Element Solutions, Inc.		182,060
	1,912	Ferro Corp.*		41,242
	2,634	FMC Corp.		284,999
	3,222	Futurefuel Corp.		30,931
	1,709	GCP Applied Technologies, Inc.*		39,751
	1,438	H.B. Fuller Co.		91,471
	7,802	Huntsman Corp.		206,909
	962	Ingevity Corp.*		78,268
	571	Innospec, Inc.		51,738
	3,455	International Flavors & Fragrances, Inc.		516,177
	1,498	Intrepid Potash, Inc.*		47,726
	783	Koppers Holdings, Inc.*		25,330
	646	Kraton Corp.*		20,859
	2,011	Kronos Worldwide, Inc.		28,798
	3,530	Linde plc		1,020,523
	2,160	Livent Corp.*		41,818
	1,233	LSB Industries, Inc.*		7,460
	8,145	LyondellBasell Industries NV, Class A		837,876
	971	Minerals Technologies, Inc.		76,389


Shares			Value
Common Stocks, continued
Chemicals, continued
	7,384	Mosaic Co. (The)	$	235,623
	301	NewMarket Corp.		96,916
	4,819	Olin Corp.		222,927
	2,620	PPG Industries, Inc.		444,797
	1,630	PQ Group Holdings, Inc.		25,037
	3,631	Rayonier Advanced Materials, Inc.*		24,291
	2,581	RPM International, Inc.		228,883
	1,131	Scotts Miracle-Gro Co. (The)		217,062
	1,042	Sensient Technologies Corp.		90,196
	2,547	Sherwin Williams Co.		693,930
	569	Stepan Co.		68,434
	1,627	Trecora Resources*		13,537
	1,070	Tredegar Corp.		14,734
	1,279	Trinseo SA		76,535
	4,906	Tronox Holdings plc, Class A		109,894
	5,105	Valvoline, Inc.		165,708
	4,276	Venator Materials plc*		20,268
	1,712	W.R. Grace & Co.		118,334
	2,616	Westlake Chemical Corp.		235,675

				11,176,779

Commercial Services & Supplies (0.9%):
	1,913	ABM Industries, Inc.		84,842
	2,927	ACCO Brands Corp.		25,260
	11,570	ADT, Inc.		124,840
	1,067	Brady Corp., Class A		59,795
	844	Brink’s Co. (The)		64,853
	1,028	Casella Waste Systems, Inc.*		65,206
	2,003	CECO Environmental Corp.*		14,342
	518	Cimpress plc*		56,156
	1,047	Cintas Corp.		399,954
	433	Civeo Corp.*		7,707
	2,044	Clean Harbors, Inc.*		190,378
	2,665	Copart, Inc.*		351,327
	2,431	Covanta Holding Corp.		42,810
	859	Deluxe Corp.		41,034
	1,613	Ennis, Inc.		34,712
	2,148	Healthcare Services Group, Inc.		67,812
	1,042	Heritage-Crystal Clean, Inc.*		30,927
	1,349	Herman Miller, Inc.		63,592
	1,467	HNI Corp.		64,504
	2,623	IAA, Inc.*		143,058
	2,041	Interface, Inc.		31,227
	5,118	KAR Auction Services, Inc.*		89,821
	2,829	Kimball International, Inc., Class B		37,201
	1,617	Knoll, Inc.		42,026
	919	Matthews International Corp., Class A		33,047
	730	McGrath Rentcorp		59,546
	1,035	MSA Safety, Inc.		171,375
	1,552	NL Industries, Inc.		10,088
	4,238	Pitney Bowes, Inc.		37,167
	2,606	Quad Graphics, Inc.*		10,815
	4,955	Republic Services, Inc., Class A		545,100
	5,020	Rollins, Inc.		171,684
	2,114	RR Donnelley & Sons Co.*		13,276
	503	SP Plus Corp.*		15,387
	2,563	Steelcase, Inc., Class A		38,727
	2,586	Stericycle, Inc.*		185,028

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	1,534	Team, Inc.*	$	10,278
	1,293	Tetra Tech, Inc.		157,798
	542	UniFirst Corp.		127,175
	1,141	US Ecology, Inc.*		42,810
	1,003	Viad Corp.*		50,000
	1,763	Vidler Water Resouces, Inc.*		23,448
	824	Vse Corp.		40,796
	4,386	Waste Management, Inc.		614,523

				4,491,452

Communications Equipment (0.9%):
	1,069	ADTRAN, Inc.		22,075
	752	Applied Optoelectronics, Inc.*^		6,369
	838	Arista Networks, Inc.*		303,616
	1,829	CalAmp Corp.*		23,265
	644	Calix, Inc.*		30,590
	2,888	Ciena Corp.*		164,298
	37,577	Cisco Systems, Inc.		1,991,581
	6,102	CommScope Holding Co., Inc.*		130,034
	316	Communications Systems, Inc.*		2,269
	756	Comtech Telecommunications Corp.		18,265
	1,262	Digi International, Inc.*		25,379
	1,548	EchoStar Corp., Class A*		37,601
	1,189	EMCORE Corp.*		10,963
	1,236	F5 Networks, Inc.*		230,712
	2,194	Harmonic, Inc.*		18,693
	2,944	Infinera Corp.*		30,029
	441	InterDigital, Inc.		32,206
	5,828	Juniper Networks, Inc.		159,396
	909	KVH Industries, Inc.*		11,181
	1,533	Lumentum Holdings, Inc.*		125,752
	1,806	Motorola Solutions, Inc.		391,631
	1,010	NETGEAR, Inc.*		38,703
	1,838	NetScout Systems, Inc.*		52,456
	419	Palo Alto Networks, Inc.*		155,470
	3,679	Ribbon Communications, Inc.*		27,997
	181	Ubiquiti, Inc.		56,506
	2,004	ViaSat, Inc.*		99,879
	4,098	Viavi Solutions, Inc.*		72,371

				4,269,287

Construction & Engineering (0.5%):
	3,935	AECOM*		249,164
	673	Ameresco, Inc., Class A*		42,211
	1,062	Arcosa, Inc.		62,382
	455	Argan, Inc.		21,744
	1,049	Comfort Systems USA, Inc.		82,651
	1,213	Construction Partners, Inc., Class A*		38,088
	710	Dycom Industries, Inc.*		52,916
	1,978	EMCOR Group, Inc.		243,670
	2,848	Fluor Corp.*		50,410
	1,277	Granite Construction, Inc.		53,034
	2,266	Great Lakes Dredge & Dock Co.*		33,106
	656	IES Holdings, Inc.*		33,692
	1,816	Jacobs Engineering Group, Inc.		242,291
	2,706	MasTec, Inc.*		287,107
	487	MYR Group, Inc.*		44,278
	346	NV5 Global, Inc.*		32,700
	2,101	Orion Group Holdings, Inc.*		12,081


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	2,465	Primoris Services Corp.	$	72,545
	3,445	Quanta Services, Inc.		312,014
	1,648	Tutor Perini Corp.*		22,825
	568	Valmont Industries, Inc.		134,076
	6,542	WillScot Mobile Mini Holdings Corp.*		182,325

				2,305,310

Construction Materials (0.2%):
	961	Eagle Materials, Inc., Class A		136,568
	871	Martin Marietta Materials, Inc.		306,427
	3,273	Summit Materials, Inc., Class A*		114,064
	808	U.S. Concrete, Inc.*		59,630
	131	U.S. Lime & Minerals, Inc.		18,221
	1,849	Vulcan Materials Co.		321,855

				956,765

Consumer Finance (1.0%):
	6,825	Ally Financial, Inc.		340,158
	7,045	American Express Co.		1,164,045
	3,967	Capital One Financial Corp.		613,655
	1,912	Consumer Portfolio Services, Inc.*		8,604
	563	Credit Acceptance Corp.*^		255,664
	4,454	Discover Financial Services		526,864
	950	Encore Capital Group, Inc.*		45,020
	1,657	Enova International, Inc.*		56,686
	3,948	EZCORP, Inc., Class A*		23,806
	1,170	Firstcash, Inc.		89,435
	1,425	Green Dot Corp., Class A*		66,761
	5,431	LendingClub Corp.*		98,464
	5,938	Navient Corp.		114,782
	543	Nelnet, Inc., Class A		40,850
	750	Nicholas Financial, Inc.*		8,415
	5,035	OneMain Holdings, Inc.		301,647
	1,392	PRA Group, Inc.*		53,550
	2,187	PROG Holdings, Inc.*		105,260
	568	Regional Mgmt Corp.		26,435
	7,521	Santander Consumer USA Holdings, Inc.		273,163
	13,802	SLM Corp.		289,014
	8,926	Synchrony Financial		433,090
	237	World Acceptance Corp.*		37,977

				4,973,345

Containers & Packaging (0.8%):
	21,700	Amcor plc		248,682
	2,045	AptarGroup, Inc.		288,018
	1,533	Avery Dennison Corp.		322,298
	3,835	Ball Corp.		310,712
	5,345	Berry Global Group, Inc.*		348,601
	3,042	Crown Holdings, Inc.		310,923
	11,400	Graphic Packaging Holding Co.		206,796
	930	Greif, Inc., Class A		56,311
	710	Greif, Inc., Class B		41,890
	5,873	International Paper Co.		360,073
	1,253	Myers Industries, Inc.		26,313
	5,063	O-I Glass, Inc.*		82,679
	2,153	Packaging Corp. of America		291,559
	3,591	Sealed Air Corp.		212,767
	4,530	Silgan Holdings, Inc.		187,995
	3,180	Sonoco Products Co.		212,742

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Containers & Packaging, continued
	538	UFP Technologies, Inc.*	$	30,892
	4,190	WestRock Co.		222,992

				3,762,243

Distributors (0.2%):
	1,109	Core Markt Holdngs Co., Inc.		49,916
	1,267	Funko, Inc., Class A*^		26,962
	1,853	Genuine Parts Co.		234,349
	5,298	LKQ Corp.*		260,767
	551	Pool Corp.		252,722
	811	Weyco Group, Inc.		18,142

				842,858

Diversified Consumer Services (0.3%):
	1,249	Adtalem Global Education, Inc.*		44,514
	541	American Public Education, Inc.*		15,332
	928	Bright Horizons Family Solutions, Inc.*		136,518
	418	Carriage Services, Inc.		15,454
	1,372	Chegg, Inc.*		114,027
	1,826	Frontdoor, Inc.*		90,971
	112	Graham Holdings Co., Class B		70,997
	1,296	Grand Canyon Education, Inc.*		116,601
	3,465	H&R Block, Inc.		81,358
	8,803	Houghton Mifflin Harcourt Co.*		97,185
	3,406	Laureate Education, Inc.*		49,421
	2,522	Perdoceo Education Corp.*		30,945
	1,309	Regis Corp.*		12,252
	3,783	Service Corp. International		202,731
	825	Strategic Education, Inc.		62,750
	1,002	Stride, Inc.*		32,194
	3,452	Terminix Global Holdings, Inc.*		164,695
	1,696	Universal Technical Institute, Inc.*		11,007
	1,419	WW International, Inc.*		51,283

				1,400,235

Diversified Financial Services (1.0%):
	14,717	Berkshire Hathaway, Inc., Class B*		4,090,149
	2,704	Cannae Holdings, Inc.*		91,693
	6,097	Equitable Holdings, Inc.		185,654
	2,411	First Eagle Private Credit LLC*		245
	6,286	Jefferies Financial Group, Inc.		214,981
	827	Marlin Business Services, Inc.		18,822
	2,777	Voya Financial, Inc.		170,785

				4,772,329

Diversified Telecommunication Services (1.5%):
	398	Anterix, Inc.*		23,876
	80,999	AT&T, Inc.		2,331,151
	461	ATN International, Inc.		20,971
	3,035	Cincinnati Bell, Inc.*		46,800
	857	Cogent Communications Holdings, Inc.		65,895
	4,558	Consolidated Communications Holdings, Inc.*		40,065
	1,994	IDT Corp.*		73,698
	3,796	Iridium Communications, Inc.*		151,802
	26,417	Lumen Technologies, Inc.		359,007
	4,045	Orbcomm, Inc.*		45,466
	70,367	Verizon Communications, Inc.		3,942,663
	2,930	Vonage Holdings Corp.*		42,221

				7,143,615


Shares			Value
Common Stocks, continued
Electric Utilities (1.2%):
	925	ALLETE, Inc.	$	64,731
	2,977	Alliant Energy Corp.		165,998
	4,105	American Electric Power Co., Inc.		347,242
	1,163	Avangrid, Inc.		59,813
	6,066	Duke Energy Corp.		598,836
	4,361	Edison International		252,153
	2,454	Entergy Corp.		244,664
	3,085	Evergy, Inc.		186,427
	3,630	Eversource Energy		291,271
	7,910	Exelon Corp.		350,492
	5,940	FirstEnergy Corp.		221,027
	1,272	Genie Energy, Ltd., Class B		8,039
	2,581	Hawaiian Electric Industries, Inc.		109,125
	1,376	IDACORP, Inc.		134,160
	734	MGE Energy, Inc.		54,639
	15,332	NextEra Energy, Inc.		1,123,529
	5,238	OGE Energy Corp.		176,259
	737	Otter Tail Corp.		35,973
	1,175	PG&E Corp.*		11,950
	1,787	Pinnacle West Capital Corp.		146,480
	2,755	PNM Resources, Inc.		134,361
	2,036	Portland General Electric Co.		93,819
	8,885	PPL Corp.		248,513
	8,740	Southern Co. (The)		528,857
	5,593	Xcel Energy, Inc.		368,467

				5,956,825

Electrical Equipment (0.9%):
	988	Acuity Brands, Inc.		184,786
	424	Allied Motion Technologies, Inc.		14,641
	3,342	AMETEK, Inc.		446,157
	1,563	Atkore, Inc.*		110,973
	394	AZZ, Inc.		20,401
	3,450	Eaton Corp. plc		511,221
	5,477	Emerson Electric Co.		527,106
	823	Encore Wire Corp.		62,375
	1,180	EnerSys		115,321
	907	Enphase Energy, Inc.*		166,552
	736	Generac Holdings, Inc.*		305,550
	5,506	GrafTech International, Ltd.		63,980
	1,806	Hubbell, Inc.		337,433
	1,831	LSI Industries, Inc.		14,666
	5,836	nVent Electric plc		182,317
	1,500	Plug Power, Inc.*		51,285
	606	Powell Industries, Inc.		18,756
	400	Preformed Line Products Co.		29,680
	1,466	Regal-Beloit Corp.		195,726
	1,627	Rockwell Automation, Inc.		465,354
	3,842	Sensata Technologies Holding plc*		222,721
	4,883	Sunrun, Inc.*		272,374
	1,298	Thermon Group Holdings, Inc.*		22,118
	742	Tpi Composites, Inc.*		35,928

				4,377,421

Electronic Equipment, Instruments & Components (1.3%):
	7,278	Amphenol Corp., Class A		497,888
	2,582	Arlo Technologies, Inc.*		17,480
	2,254	Arrow Electronics, Inc.*		256,573

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	2,249	Avnet, Inc.	$	90,140
	724	Badger Meter, Inc.		71,039
	550	Bel Fuse, Inc., Class B		7,920
	1,417	Belden, Inc.		71,658
	1,054	Benchmark Electronics, Inc.		29,997
	2,066	CDW Corp.		360,827
	2,111	Cognex Corp.		177,430
	687	Coherent, Inc.*		181,602
	10,437	Corning, Inc.		426,873
	1,576	CTS Corp.		58,564
	2,838	Daktronics, Inc.*		18,702
	1,561	Dolby Laboratories, Inc., Class A		153,431
	392	ePlus, Inc.*		33,982
	839	Fabrinet*		80,435
	392	FARO Technologies, Inc.*		30,486
	16,972	Flex, Ltd.*		303,290
	640	Frequency Electronics, Inc.*		6,272
	1,346	II-VI, Inc.*		97,706
	1,048	Insight Enterprises, Inc.*		104,810
	959	IPG Photonics Corp.*		202,128
	1,060	Itron, Inc.*		105,979
	5,868	Jabil, Inc.		341,048
	2,804	Keysight Technologies, Inc.*		432,966
	1,603	Kimball Electronics, Inc.*		34,849
	2,737	Knowles Corp.*		54,028
	725	Littlelfuse, Inc.		184,723
	790	Methode Electronics, Inc., Class A		38,876
	3,415	National Instruments Corp.		144,386
	902	Novanta, Inc.*		121,554
	594	OSI Systems, Inc.*		60,374
	621	PC Connection, Inc.		28,734
	800	Plexus Corp.*		73,128
	438	Rogers Corp.*		87,950
	1,757	Sanmina Corp.*		68,453
	738	ScanSource, Inc.*		20,760
	1,795	SYNNEX Corp.		218,559
	2,932	TE Connectivity, Ltd.		396,436
	3,139	Trimble, Inc.*		256,864
	3,068	TTM Technologies, Inc.*		43,872
	3,363	Vishay Intertechnology, Inc.		75,836
	2,080	Vontier Corp.		67,766
	576	Zebra Technologies Corp., Class A*		304,986

				6,441,360

Energy Equipment & Services (0.5%):
	4,779	Archrock, Inc.		42,581
	10,629	Baker Hughes Co.		243,085
	519	Bristow Group, Inc.*		13,292
	6,215	ChampionX Corp.*		159,415
	711	Core Laboratories NV		27,693
	1,028	Dril-Quip, Inc.*		34,777
	2,010	Exterran Corp.*		9,568
	306	Forum Energy Technologies, Inc.*		7,185
	6,571	Frank’s International NV*		19,910
	760	Geospace Technologies Corp.*		6,148
	1,086	Gulf Island Fabrication, Inc.*		4,909
	13,554	Halliburton Co.		313,368
	4,336	Helix Energy Solutions Group, Inc.*		24,759


Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	2,727	Helmerich & Payne, Inc.	$	88,982
	177	KLX Energy Services Holdings, Inc.*^		1,690
	2,181	Liberty Oilfield Services, Inc., Class A*		30,883
	1,436	Mammoth Energy Services, Inc.*		6,591
	1,750	Matrix Service Co.*		18,375
	359	Nabors Industries, Ltd.*		41,012
	935	Natural Gas Services Group*		9,612
	4,799	Newpark Resources, Inc.*		16,605
	8,513	NexTier Oilfield Solutions, Inc.*		40,522
	8,395	NOV, Inc.*		128,611
	4,818	Oceaneering International, Inc.*		75,016
	3,066	Oil States International, Inc.*		24,068
	6,531	Patterson-UTI Energy, Inc.		64,918
	2,684	Propetro Holding Corp.*		24,585
	4,475	RPC, Inc.*		22,151
	12,278	Schlumberger, Ltd.		393,019
	493	SEACOR Marine Holdings, Inc.*		2,174
	3,974	Select Energy Services, Inc.*		24,003
	13,590	TechnipFMC plc		122,990
	4,086	TETRA Technologies, Inc.*		17,733
	2,510	Tidewater, Inc.*		30,246
	14,584	Transocean, Ltd.*^		65,920
	4,546	U.S. Silica Holdings, Inc.*		52,552

				2,208,948

Entertainment (1.2%):
	5,649	Activision Blizzard, Inc.		539,141
	2,561	Cinemark Holdings, Inc.*		56,214
	2,791	Electronic Arts, Inc.		401,430
	1,834	Eros STX Global Corp.*		2,806
	1,045	Imax Corp.*		22,467
	247	Liberty Media Corp.-Liberty Braves, Class A*		6,970
	527	Liberty Media Corp.-Liberty Braves, Class C*		14,635
	619	Liberty Media Corp-Liberty Formula One, Class A*		26,388
	4,974	Liberty Media Corp-Liberty Formula One, Class C*		239,797
	2,111	Lions Gate Entertainment Corp., Class A*		43,698
	2,411	Lions Gate Entertainment Corp., Class B*		44,121
	2,071	Live Nation Entertainment, Inc.*		181,399
	540	Madison Square Garden Entertainment Corp.*		45,344
	1,459	Marcus Corp.*^		30,945
	3,095	Netflix, Inc.*		1,634,810
	1,419	Reading International, Inc., Class A*		9,890
	352	Spotify Technology SA*		97,008
	1,270	Take-Two Interactive Software, Inc.*		224,815
	10,454	Walt Disney Co. (The)*		1,837,500
	1,208	World Wrestling Entertainment, Inc., Class A^		69,931
	27,521	Zynga, Inc.*		292,548

				5,821,857

Equity Real Estate Investment Trusts (0.0%^†):
	2,755	Brookfield Renewable Corp., Class A		115,545
	419	CTO Realty Growth, Inc.		22,425

				137,970

Food & Staples Retailing (1.3%):
	2,600	BJ’s Wholesale Club Holdings, Inc.*		123,708
	1,222	Casey’s General Stores, Inc.		237,850
	4,041	Costco Wholesale Corp.		1,598,902
	613	Ingles Markets, Inc., Class A		35,719

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	18,752	Kroger Co. (The)	$	718,389
	1,720	Natural Grocers by Vitamin Cottage, Inc.		18,473
	3,362	Performance Food Group Co.*		163,023
	678	PriceSmart, Inc.		61,705
	1,864	Rite Aid Corp.*		30,383
	1,048	SpartanNash Co.		20,237
	4,494	Sprouts Farmers Market, Inc.*		111,676
	5,473	Sysco Corp.		425,526
	1,610	The Andersons, Inc.		49,153
	1,143	The Chefs’ Warehouse, Inc.*		36,382
	1,907	United Natural Foods, Inc.*		70,521
	5,735	US Foods Holding Corp.*		219,995
	738	Village Super Market, Inc., Class A		17,350
	9,080	Walgreens Boots Alliance, Inc.		477,699
	13,804	Walmart, Inc.		1,946,640
	857	Weis Markets, Inc.		44,273

				6,407,604

Food Products (1.4%):
	7,704	Archer-Daniels-Midland Co.		466,863
	2,035	B&G Foods, Inc.^		66,748
	4,205	Bunge, Ltd.		328,621
	270	Calavo Growers, Inc.		17,123
	1,477	Cal-Maine Foods, Inc.		53,482
	5,711	Campbell Soup Co.		260,365
	8,140	Conagra Brands, Inc.		296,133
	4,278	Darling Ingredients, Inc.*		288,765
	1,004	Farmer Brothers Co.*		12,741
	7,961	Flowers Foods, Inc.		192,656
	1,375	Fresh Del Monte Produce, Inc.		45,210
	237	Freshpet, Inc.*		38,622
	10,572	General Mills, Inc.		644,152
	1,570	Hain Celestial Group, Inc. (The)*		62,989
	1,995	Hershey Co. (The)		347,489
	4,488	Hormel Foods Corp.		214,302
	3,521	Hostess Brands, Inc.*		57,005
	2,764	Ingredion, Inc.		250,142
	376	J & J Snack Foods Corp.		65,578
	1,762	JM Smucker Co. (The)		228,302
	300	John B Sanfilippo And Son, Inc.		26,571
	3,437	Kellogg Co.		221,102
	6,594	Kraft Heinz Co. (The)		268,903
	2,371	Lamb Weston Holdings, Inc.		191,245
	736	Lancaster Colony Corp.		142,423
	1,028	Landec Corp.*		11,565
	3,748	McCormick & Co.		331,023
	778	McCormick & Co., Inc.		68,488
	9,925	Mondelez International, Inc., Class A		619,717
	4,222	Pilgrim’s Pride Corp.*		93,644
	2,435	Post Holdings, Inc.*		264,125
	587	Sanderson Farms, Inc.		110,338
	29	Seaboard Corp.		112,193
	266	Seneca Foods Corp., Class A*		13,587
	3,045	Simply Good Foods Co. (The)*		111,173
	874	Tootsie Roll Industries, Inc.		29,637
	1,535	TreeHouse Foods, Inc.*		68,338
	4,585	Tyson Foods, Inc., Class A		338,190

				6,959,550


Shares			Value
Common Stocks, continued
Gas Utilities (0.2%):
	1,922	Atmos Energy Corp.	$	184,723
	273	Chesapeake Utilities Corp.		32,850
	2,171	National Fuel Gas Co.		113,435
	2,685	New Jersey Resources Corp.		106,246
	620	Northwest Natural Holding Co.		32,562
	1,069	ONE Gas, Inc.		79,234
	232	RGC Resources, Inc.		5,849
	1,202	South Jersey Industries, Inc.		31,168
	1,143	Southwest Gas Holdings, Inc.		75,655
	912	Spire, Inc.		65,910
	4,864	UGI Corp.		225,252

				952,884

Health Care Equipment & Supplies (2.5%):
	10,675	Abbott Laboratories		1,237,553
	498	ABIOMED, Inc.*		155,431
	2,269	Accuray, Inc.*		10,256
	470	Align Technology, Inc.*		287,170
	912	AngioDynamics, Inc.*		24,743
	955	Anika Therapeutics, Inc.*		41,342
	36	Atrion Corp.		22,353
	991	Avanos Medical, Inc.*		36,043
	5,447	Baxter International, Inc.		438,484
	1,924	Becton Dickinson & Co.		467,898
	8,743	Boston Scientific Corp.*		373,851
	629	CONMED Corp.		86,443
	607	Cooper Cos., Inc. (The)		240,536
	1,619	CryoLife, Inc.*		45,980
	4,118	Danaher Corp.		1,105,106
	2,983	Dentsply Sirona, Inc.		188,705
	615	DexCom, Inc.*		262,605
	3,436	Edwards Lifesciences Corp.*		355,867
	1,790	Envista Holdings Corp.*		77,346
	2,271	Globus Medical, Inc., Class A*		176,071
	1,463	Haemonetics Corp.*		97,494
	149	Heska Corp.*		34,230
	1,363	Hill-Rom Holdings, Inc.		154,823
	4,490	Hologic, Inc.*		299,573
	573	ICU Medical, Inc.*		117,923
	876	IDEXX Laboratories, Inc.*		553,238
	433	Inogen, Inc.*		28,219
	334	Insulet Corp.*		91,686
	940	Integer Holdings Corp.*		88,548
	2,546	Integra LifeSciences Holdings Corp.*		173,739
	681	Intuitive Surgical, Inc.*		626,275
	2,327	Invacare Corp.*		18,779
	1,705	Lantheus Holdings, Inc.*		47,126
	809	LeMaitre Vascular, Inc.		49,365
	725	LENSAR, Inc.*		6,278
	1,168	LivaNova plc*		98,240
	647	Masimo Corp.*		156,865
	7,900	Medtronic plc		980,627
	1,464	Meridian Bioscience, Inc.*		32,472
	1,136	Merit Medical Systems, Inc.*		73,454
	982	Natus Medical, Inc.*		25,512
	1,608	Neogen Corp.*		74,032
	598	Novocure, Ltd.*		132,648
	1,066	NuVasive, Inc.*		72,253

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	2,205	OraSure Technologies, Inc.*	$	22,359
	566	Orthofix Medical, Inc.*		22,702
	466	Penumbra, Inc.*		127,712
	700	Quidel Corp.*		89,684
	1,567	ResMed, Inc.		386,297
	624	SeaSpine Holdings Corp.*		12,798
	176	Shockwave Medical, Inc.*		33,392
	1,615	Steris plc		333,175
	2,065	Stryker Corp.		536,342
	3,310	Surgalign Holdings, Inc.*		4,601
	531	Teleflex, Inc.		213,350
	227	Utah Medical Products, Inc.		19,304
	1,100	Varex Imaging Corp.*		29,502
	775	West Pharmaceutical Services, Inc.		278,303
	1,577	Zimmer Biomet Holdings, Inc.		253,613

				12,030,316

Health Care Providers & Services (2.7%):
	2,656	Acadia Healthcare Co., Inc.*		166,664
	343	Addus HomeCare Corp.*		29,923
	757	Amedisys, Inc.*		185,412
	2,183	AmerisourceBergen Corp.		249,932
	1,394	AMN Healthcare Services, Inc.*		135,190
	2,090	Anthem, Inc.		797,962
	9,264	Brookdale Senior Living, Inc.*		73,186
	5,011	Cardinal Health, Inc.		286,078
	6,961	Centene Corp.*		507,666
	297	Chemed Corp.		140,927
	4,069	Cigna Corp.		964,638
	5,028	Community Health Systems, Inc.*		77,632
	318	CorVel Corp.*		42,707
	1,589	Covetrus, Inc.*		42,903
	1,177	Cross Country Healthcare, Inc.*		19,432
	15,304	CVS Health Corp.		1,276,966
	2,780	DaVita, Inc.*		334,795
	3,099	Encompass Health Corp.		241,815
	1,585	Ensign Group, Inc. (The)		137,372
	78	Five Star Senior Living, Inc.*		449
	502	Guardant Health, Inc.*		62,343
	609	Hanger, Inc.*		15,396
	2,241	HCA Healthcare, Inc.		463,304
	786	HealthEquity, Inc.*		63,257
	2,772	Henry Schein, Inc.*		205,655
	1,395	Humana, Inc.		617,594
	1,529	InfuSystems Holdings, Inc.*		31,788
	1,433	Laboratory Corp. of America Holdings*		395,293
	742	LHC Group, Inc.*		148,593
	1,171	Magellan Health, Inc.*		110,308
	1,709	McKesson Corp.		326,829
	1,710	MEDNAX, Inc.*		51,557
	835	ModivCare, Inc.*		142,008
	1,268	Molina Healthcare, Inc.*		320,880
	575	National Healthcare Corp.		40,193
	819	National Research Corp.		37,592
	2,072	Owens & Minor, Inc.		87,708
	3,095	Patterson Cos., Inc.		94,057
	629	Petiq, Inc.*^		24,279
	2,269	Premier, Inc., Class A		78,939


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	2,229	Quest Diagnostics, Inc.	$	294,161
	1,355	RadNet, Inc.*		45,650
	2,778	Select Medical Holdings Corp.		117,398
	585	Surgery Partners, Inc.*		38,973
	2,351	Tenet Healthcare Corp.*		157,493
	792	The Pennant Group, Inc.*		32,393
	1,303	Triple-S Management Corp., Class B*		29,018
	207	U.S. Physical Therapy, Inc.		23,985
	8,278	UnitedHealth Group, Inc.		3,314,842
	2,020	Universal Health Services, Inc., Class B		295,789

				13,378,924

Health Care Technology (0.3%):
	4,097	Allscripts Healthcare Solutions, Inc.*		75,835
	5,194	Cerner Corp.		405,963
	4,924	Change Healthcare, Inc.*		113,449
	339	Computer Programs & Systems, Inc.		11,265
	1,873	Evolent Health, Inc., Class A*		39,558
	1,357	HealthStream, Inc.*		37,915
	1,430	NextGen Healthcare, Inc.*		23,724
	798	Omnicell, Inc.*		120,857
	394	Simulations Plus, Inc.		21,634
	973	Teladoc Health, Inc.*		161,800
	705	Veeva Systems, Inc., Class A*		219,220

				1,231,220

Hotels, Restaurants & Leisure (1.8%):
	5,907	Aramark		220,036
	6	Biglari Holdings, Inc., Class A*		4,674
	67	Biglari Holdings, Inc., Class B*		10,684
	492	BJ’s Restaurants, Inc.*		24,177
	1,554	Bloomin’ Brands, Inc.*		42,176
	491	Bluegreen Vacations Holding Corp.*		8,838
	970	Brinker International, Inc.*		59,995
	1,000	Caesars Entertainment, Inc.*		103,750
	6,877	Carnival Corp., Class A*		181,278
	2,943	Carrols Restaurant Group, Inc.*		17,687
	665	Cheesecake Factory, Inc. (The)*		36,030
	234	Chipotle Mexican Grill, Inc.*		362,780
	1,065	Choice Hotels International, Inc.		126,586
	428	Churchill Downs, Inc.		84,855
	429	Chuy’s Holdings, Inc.*		15,985
	613	Cracker Barrel Old Country Store, Inc.		91,006
	1,658	Darden Restaurants, Inc.		242,051
	1,410	Dave & Buster’s Entertainment, Inc.*		57,246
	2,144	Del Taco Restaurants, Inc.		21,461
	1,239	Denny’s Corp.*		20,431
	4,306	Diamond Resorts International, Inc.*		1,095
	451	Domino’s Pizza, Inc.		210,387
	1,288	El Pollo Loco Holdings, Inc.*		23,558
	1,277	Fiesta Restaurant Group, Inc.*		17,150
	1,551	Hilton Grand Vacations, Inc.*		64,196
	2,870	Hilton Worldwide Holdings, Inc.*		346,179
	1,051	Hyatt Hotels Corp., Class A*		81,600
	3,762	International Game Technology plc*		90,138
	323	Jack in the Box, Inc.		35,995
	2,311	Las Vegas Sands Corp.*		121,767
	2,136	Luby’s, Inc.*		8,202

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	2,747	Marriott International, Inc., Class A*	$	375,020
	1,091	Marriott Vacations Worldwide Corp.*		173,796
	5,769	McDonald’s Corp.		1,332,581
	6,537	MGM Resorts International		278,803
	341	Nathans Famous, Inc.		24,320
	5,162	Norwegian Cruise Line Holdings, Ltd.*^		151,814
	671	Papa John’s International, Inc.		70,079
	2,176	Penn National Gaming, Inc.*		166,442
	2,093	Planet Fitness, Inc., Class A*		157,498
	3,664	Playa Hotels & Resorts NV*		27,224
	763	Potbelly Corp.*		6,028
	878	Red Robin Gourmet Burgers*		29,071
	1,400	Red Rock Resorts, Inc.*		59,500
	3,592	Royal Caribbean Cruises, Ltd.*		306,326
	748	Ruth’s Hospitality Group, Inc.*		17,226
	1,893	Scientific Games Corp., Class A*		146,594
	2,359	SeaWorld Entertainment, Inc.*		117,808
	9,222	Starbucks Corp.		1,031,112
	1,701	Texas Roadhouse, Inc., Class A		163,636
	2,677	Travel + Leisure Co.		159,148
	690	Vail Resorts, Inc.*		218,399
	6,284	Wendy’s Co. (The)		147,171
	548	Wingstop, Inc.		86,381
	1,891	Wyndham Hotels & Resorts, Inc.		136,700
	827	Wynn Resorts, Ltd.*		101,142
	3,299	Yum! Brands, Inc.		379,484

				8,595,296

Household Durables (1.0%):
	906	Beazer Homes USA, Inc.*		17,477
	183	Cavco Industries, Inc.*		40,661
	858	Century Communities, Inc.		57,091
	5,611	DR Horton, Inc.		507,066
	730	Ethan Allen Interiors, Inc.		20,148
	431	Flexsteel Industries, Inc.		17,408
	2,816	Garmin, Ltd.		407,306
	2,761	GoPro, Inc., Class A*		32,166
	1,329	Green Brick Partners, Inc.*		30,221
	663	Helen of Troy, Ltd.*		151,244
	500	Hooker Furniture Corp.		17,320
	830	Installed Building Products, Inc.		101,559
	596	iRobot Corp.*^		55,660
	2,155	KB Home		87,752
	1,350	La-Z-Boy, Inc.		50,004
	4,086	Leggett & Platt, Inc.		211,696
	4,291	Lennar Corp., Class A		426,311
	119	Lennar Corp., Class B		9,692
	585	LGI Homes, Inc.*		94,735
	1,017	Lifetime Brands, Inc.		15,224
	1,880	M/I Homes, Inc.*		110,300
	1,985	MDC Holdings, Inc.		100,441
	1,570	Meritage Homes Corp.*		147,706
	1,286	Mohawk Industries, Inc.*		247,156
	10,746	Newell Brands, Inc.		295,193
	61	NVR, Inc.*		303,371
	6,019	PulteGroup, Inc.		328,457
	122	Roku, Inc.*		56,028
	1,139	Skyline Champion Corp.*		60,709


Shares			Value
Common Stocks, continued
Household Durables, continued
	1,307	Sonos, Inc.*	$	46,046
	3,736	Taylor Morrison Home Corp., Class A*		98,705
	3,945	Tempur Sealy International, Inc.		154,604
	2,183	Toll Brothers, Inc.		126,199
	1,121	TopBuild Corp.*		221,711
	3,273	Tri Pointe Homes, Inc.*		70,140
	905	Tupperware Brands Corp.*		21,494
	320	Universal Electronics, Inc.*		15,520
	1,592	Whirlpool Corp.		347,088

				5,101,609

Household Products (1.0%):
	2,009	Central Garden & Pet Co., Class A*		97,035
	3,773	Church & Dwight Co., Inc.		321,535
	1,732	Clorox Co. (The)		311,604
	6,660	Colgate-Palmolive Co.		541,791
	1,114	Energizer Holdings, Inc.		47,880
	3,022	Kimberly-Clark Corp.		404,283
	333	Oil-Dri Corp of America		11,382
	23,287	Procter & Gamble Co. (The)		3,142,115
	1,245	Spectrum Brands Holdings, Inc.		105,875
	218	WD-40 Co.		55,871

				5,039,371

Independent Power and Renewable Electricity Producers (0.2%):
	7,504	AES Corp. (The)		195,629
	2,247	Atlantica Sustainable Infrastructure plc		83,633
	1,323	Clearway Energy, Inc., Class A		33,366
	2,753	Clearway Energy, Inc., Class C		72,899
	6,130	NRG Energy, Inc.		247,039
	1,462	Ormat Technologies, Inc.		101,653
	11,410	Vistra Corp.		211,656

				945,875

Industrial Conglomerates (0.9%):
	8,495	3M Co.		1,687,362
	1,783	Carlisle Cos., Inc.		341,231
	53,348	General Electric Co.		718,064
	6,030	Honeywell International, Inc.		1,322,680
	746	Raven Industries, Inc.		43,156
	876	Roper Technologies, Inc.		411,895

				4,524,388

Insurance (2.9%):
	7,012	Aflac, Inc.		376,264
	275	Alleghany Corp.*		183,444
	5,849	Allstate Corp. (The)		762,944
	1,297	AMBAC Financial Group, Inc.*		20,311
	3,511	American Equity Investment Life Holding Co.		113,476
	2,196	American Financial Group, Inc.		273,885
	7,978	American International Group, Inc.		379,753
	409	American National Group , Inc.		60,757
	745	Amerisafe, Inc.		44,469
	3,033	Aon plc, Class A		724,159
	6,370	Arch Capital Group, Ltd.*		248,048
	560	Argo Group International Holdings, Ltd.		29,025
	2,833	Arthur J. Gallagher & Co.		396,847
	1,554	Assurant, Inc.		242,704
	2,447	Assured Guaranty, Ltd.		116,184
	5,206	Athene Holding, Ltd., Class A*		351,405

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Insurance, continued
	2,351	Axis Capital Holdings, Ltd.	$	115,222
	2,603	Brighthouse Financial, Inc.*		118,541
	4,672	Brown & Brown, Inc.		248,270
	3,722	Chubb, Ltd.		591,575
	2,482	Cincinnati Financial Corp.		289,451
	2,176	Citizens, Inc.*		11,511
	1,199	CNA Financial Corp.		54,542
	2,354	Crawford & Co.		20,244
	895	Crawford & Co., Class A		8,118
	1,631	Donegal Group, Inc., Class A		23,764
	800	eHealth, Inc.*		46,720
	781	Employers Holdings, Inc.		33,427
	447	Enstar Group, Ltd.*		106,797
	664	Erie Indemnity Co., Class A		128,384
	748	Everest Re Group, Ltd.		188,503
	1,054	FedNat Holding Co.		4,374
	6,772	Fidelity National Financial, Inc.		294,311
	3,746	First American Financial Corp.		233,563
	14,957	Genworth Financial, Inc., Class A*		58,332
	695	Global Indemnity Group LLC, Class A		18,313
	2,457	Globe Life, Inc.		234,029
	2,383	Greenlight Capital Re, Ltd.*		21,757
	1,469	Hallmark Financial Services, Inc.*		6,537
	1,263	Hanover Insurance Group, Inc. (The)		171,313
	5,472	Hartford Financial Services Group, Inc. (The)		339,100
	397	HCI Group, Inc.^		39,474
	387	Heritage Insurance Holdings, Inc.		3,320
	1,293	Horace Mann Educators Corp.		48,384
	497	Independence Holding Co.		23,021
	153	Investors Title Co.		26,718
	868	James River Group Holdings		32,567
	2,246	Kemper Corp.		165,979
	152	Kinsale Capital Group, Inc.		25,045
	3,278	Lincoln National Corp.		205,990
	4,276	Loews Corp.		233,683
	5,556	Maiden Holdings, Ltd.*		18,724
	222	Markel Corp.*		263,450
	4,645	Marsh & McLennan Cos., Inc.		653,459
	1,688	Mercury General Corp.	��	109,636
	6,405	MetLife, Inc.		383,339
	162	National Western Life Group, Inc., Class A		36,351
	8,176	Old Republic International Corp.		203,664
	1,479	Primerica, Inc.		226,494
	4,701	Principal Financial Group, Inc.		297,056
	1,399	ProAssurance Corp.		31,827
	6,878	Progressive Corp. (The)		675,488
	3,555	Prudential Financial, Inc.		364,281
	1,719	Reinsurance Group of America, Inc.		195,966
	830	RenaissanceRe Holdings, Ltd.		123,521
	1,252	RLI Corp.		130,947
	321	Safety Insurance Group, Inc.		25,128
	2,198	Selective Insurance Group, Inc.		178,368
	5,145	SiriusPoint, Ltd.*		51,810
	1,277	State Auto Financial Corp.		21,862
	612	Stewart Information Services Corp.		34,694
	1,767	Tiptree, Inc., Class A		16,433
	5,503	Travelers Cos., Inc. (The)		823,854


Shares			Value
Common Stocks, continued
Insurance, continued
	728	United Fire Group, Inc.	$	20,187
	2,794	United Insurance Holdings Co.		15,926
	1,869	Universal Insurance Holdings, Inc.		25,942
	5,839	Unum Group		165,828
	85	White Mountains Insurance Group, Ltd.		97,583
	1,549	Willis Towers Watson plc		356,301
	2,831	WR Berkley Corp.		210,711

				14,253,384

Interactive Media & Services (4.1%):
	2,291	Alphabet, Inc., Class A*		5,594,141
	2,199	Alphabet, Inc., Class C*		5,511,398
	1,229	Cargurus, Inc.*		32,237
	1,955	Cars.com, Inc.*		28,015
	2,881	DHI Group, Inc.*		9,738
	20,310	Facebook, Inc., Class A*		7,061,990
	359	IAC/InterActiveCorp.*		55,347
	5,384	Liberty TripAdvisor Holdings, Inc., Class A*		21,913
	2,717	Match Group, Inc.*		438,116
	2,021	Pinterest, Inc., Class A*		159,558
	1,563	QuinStreet, Inc.*		29,041
	3,067	Snap, Inc., Class A*		208,985
	1,344	Travelzoo, Inc.*		19,837
	2,514	TripAdvisor, Inc.*		101,314
	2,857	TrueCar, Inc.*		16,142
	4,229	Twitter, Inc.*		290,998
	582	Vimeo, Inc.*		28,518
	1,590	Yelp, Inc.*		63,536
	664	Zedge, Inc., Class B*		12,224
	642	Zillow Group, Inc., Class A*		78,664
	1,617	Zillow Group, Inc., Class C*		197,630

				19,959,342

Internet & Direct Marketing Retail (3.2%):
	893	1-800 Flowers.com, Inc., Class A*^		28,460
	3,788	Amazon.com, Inc.*		13,031,326
	117	Booking Holdings, Inc.*		256,007
	690	Chewy, Inc., Class A*^		55,000
	9,111	eBay, Inc.		639,683
	1,700	Etsy, Inc.*		349,928
	757	Expedia Group, Inc.*		123,928
	9,300	Just Eat Takeaway.com NV, ADR*		169,818
	2,242	Lands’ End, Inc.*		92,034
	1,736	Liquidity Services, Inc.*		44,181
	4,404	Magnite, Inc.*		149,031
	588	PetMed Express, Inc.^		18,728
	1,526	Quotient Technology, Inc.*		16,496
	8,810	Qurate Retail, Inc., Class A		115,323
	764	Shutterstock, Inc.		75,002
	385	Stamps.com, Inc.*		77,112
	838	Wayfair, Inc., Class A*		264,565

				15,506,622

IT Services (4.7%):
	6,097	Accenture plc, Class A		1,797,335
	2,369	Akamai Technologies, Inc.*		276,225
	1,974	Alliance Data Systems Corp.		205,671
	2,873	Amdocs, Ltd.		222,255
	5,457	Automatic Data Processing, Inc.		1,083,869

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
IT Services, continued
	1,957	Black Knight, Inc.*	$	152,607
	252	BM Technologies, Inc.*		3,135
	3,165	Booz Allen Hamilton Holding Corp.		269,595
	1,961	Broadridge Financial Solutions, Inc.		316,760
	843	CACI International, Inc., Class A*		215,066
	687	Cass Information Systems, Inc.		27,995
	7,162	Cognizant Technology Solutions Corp., Class A		496,040
	1,517	Concentrix Corp.*		243,934
	6,347	Conduent, Inc.*		47,603
	1,011	CSG Systems International, Inc.		47,699
	7,895	DXC Technology Co.*		307,431
	476	EPAM Systems, Inc.*		243,217
	1,164	Euronet Worldwide, Inc.*		157,547
	2,060	Evertec, Inc.		89,919
	762	Exlservice Holdings, Inc.*		80,970
	5,233	Fidelity National Information Services, Inc.		741,359
	4,458	Fiserv, Inc.*		476,516
	1,423	FleetCor Technologies, Inc.*		364,373
	1,296	Gartner, Inc.*		313,891
	6,266	Genpact, Ltd.		284,664
	2,559	Global Payments, Inc.		479,915
	2,119	GoDaddy, Inc., Class A*		184,268
	2,548	GTT Communications, Inc.*^		6,192
	1,357	Hackett Group, Inc. (The)		24,453
	13,100	International Business Machines Corp.		1,920,329
	1,038	Jack Henry & Associates, Inc.		169,723
	3,410	KBR, Inc.		130,092
	3,168	Leidos Holdings, Inc.		320,285
	2,160	Limelight Networks, Inc.*		6,804
	1,456	LiveRamp Holdings, Inc.*		68,214
	840	ManTech International Corp., Class A		72,694
	8,795	MasterCard, Inc., Class A		3,210,967
	2,057	MAXIMUS, Inc.		180,954
	262	MongoDB, Inc.*		94,718
	642	Okta, Inc.*		157,085
	4,849	Paychex, Inc.		520,298
	5,792	PayPal Holdings, Inc.*		1,688,252
	728	Perficient, Inc.*		58,546
	840	PFSweb, Inc.*		6,199
	1,873	Science Applications International Corp.		164,318
	3,035	Servicesource International, Inc.*		4,279
	1,095	Square, Inc., Class A*		266,961
	1,169	Sykes Enterprises, Inc.*		62,775
	3,331	Teradata Corp.*		166,450
	1,284	TTEC Holdings, Inc.		132,368
	702	Twilio, Inc., Class A*		276,700
	3,021	Unisys Corp.*		76,462
	1,183	VeriSign, Inc.*		269,357
	15,252	Visa, Inc., Class A		3,566,223
	6,143	Western Union Co. (The.)		141,105
	1,200	WEX, Inc.*		232,680

				23,125,342

Leisure Products (0.3%):
	1,798	Acushnet Holdings Corp.		88,821
	895	American Outdoor Brands, Inc.*		31,450
	2,521	Brunswick Corp.		251,142
	2,427	Callaway Golf Co.*		81,863


Shares			Value
Common Stocks, continued
Leisure Products, continued
	658	Escalade, Inc.	$	15,101
	2,468	Hasbro, Inc.		233,275
	303	Johnson Outdoors, Inc., Class A		36,663
	531	Malibu Boats, Inc.*		38,938
	662	Marine Products Corp.		10,221
	6,035	Mattel, Inc.*		121,304
	995	Nautilus Group, Inc.*		16,766
	909	Peloton Interactive, Inc., Class A*		112,734
	1,582	Polaris, Inc.		216,671
	1,410	Smith & Wesson Brands, Inc.		48,927
	1,612	Vista Outdoor, Inc.*		74,603
	424	YETI Holdings, Inc.*		38,932

				1,417,411

Life Sciences Tools & Services (1.1%):
	237	10X Genomics, Inc., Class A*		46,409
	2,097	Agilent Technologies, Inc.		309,958
	5,177	Avantor, Inc.*		183,835
	314	Bio-Rad Laboratories, Inc., Class A*		202,307
	384	Bio-Techne Corp.		172,900
	3,930	Bruker Corp.		298,601
	819	Charles River Laboratories International, Inc.*		302,964
	1,979	Harvard Bioscience, Inc.*		16,485
	817	Illumina, Inc.*		386,613
	1,846	IQVIA Holdings, Inc.*		447,323
	1,107	Luminex Corp.		40,738
	765	Medpace Holdings, Inc.*		135,122
	327	Mettler-Toledo International, Inc.*		453,006
	1,400	Neogenomics, Inc.*		63,238
	1,490	PerkinElmer, Inc.		230,071
	1,655	PRA Health Sciences, Inc.*		273,422
	2,622	Syneos Health, Inc.*		234,643
	2,658	Thermo Fisher Scientific, Inc.		1,340,881
	670	Waters Corp.*		231,559

				5,370,075

Machinery (2.9%):
	2,403	AGCO Corp.		313,303
	228	Alamo Group, Inc.		34,811
	737	Albany International Corp., Class A		65,785
	3,881	Allison Transmission Holdings, Inc.		154,231
	1,335	Altra Industrial Motion Corp.		86,802
	656	Astec Industries, Inc.		41,289
	1,591	Barnes Group, Inc.		81,539
	837	Blue Bird Corp.*		20,808
	5,334	Caterpillar, Inc.		1,160,838
	1,019	Chart Industries, Inc.*		149,100
	468	CIRCOR International, Inc.*		15,257
	4,064	Colfax Corp.*		186,172
	653	Columbus McKinnon Corp.		31,501
	707	Commercial Vehicle Group, Inc.*		7,515
	1,452	Crane Co.		134,121
	2,744	Cummins, Inc.		669,015
	2,953	Deere & Co.		1,041,553
	562	DMC Global, Inc.*		31,590
	3,960	Donaldson Co., Inc.		251,579
	471	Douglas Dynamics, Inc.		19,165
	2,266	Dover Corp.		341,260

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery, continued
	1,250	Enerpac Tool Group Corp.	$	33,275
	453	EnPro Industries, Inc.		44,009
	372	ESCO Technologies, Inc.		34,897
	2,747	Evoqua Water Technologies Co.*		92,794
	1,153	Federal Signal Corp.		46,385
	3,181	Flowserve Corp.		128,258
	4,210	Fortive Corp.		293,605
	983	Franklin Electric Co., Inc.		79,249
	694	FreightCar America, Inc.*^		4,115
	889	Gencor Industries, Inc.*		10,810
	606	Gorman-Rupp Co. (The)		20,871
	3,181	Graco, Inc.		240,802
	2,503	Harsco Corp.*		51,111
	650	Helios Technologies, Inc.		50,733
	2,088	Hillenbrand, Inc.		92,039
	490	Hurco Cos, Inc.		17,150
	896	Hyster-Yale Materials Handling, Inc., Class A		65,390
	930	IDEX Corp.		204,647
	3,382	Illinois Tool Works, Inc.		756,080
	5,321	Ingersoll-Rand, Inc.*		259,718
	2,338	ITT, Inc.		214,137
	957	John Bean Technologies Corp.		136,487
	286	Kadant, Inc.		50,362
	2,377	Kennametal, Inc.		85,382
	787	L.B. Foster Co., Class A*		14,670
	1,806	Lincoln Electric Holdings, Inc.		237,868
	221	Lindsay Corp.		36,527
	774	Lydall, Inc.*		46,842
	1,213	Manitex International, Inc.*		8,843
	2,529	Manitowoc Co., Inc. (The)*		61,961
	2,774	Meritor, Inc.*		64,967
	1,421	Middleby Corp. (The)*		246,202
	1,706	Mueller Industries, Inc.		73,887
	4,883	Mueller Water Products, Inc., Class A		70,413
	2,868	Navistar International Corp.*		127,626
	1,258	NN, Inc.*		9,246
	1,155	Nordson Corp.		253,534
	158	Omega Flex, Inc.		23,180
	1,742	Oshkosh Corp.		217,123
	4,844	Otis Worldwide Corp.		396,094
	4,640	PACCAR, Inc.		414,120
	1,980	Parker-Hannifin Corp.		608,078
	1,058	Park-Ohio Holdings Corp.		34,004
	5,152	Pentair plc		347,708
	524	Proto Labs, Inc.*		48,103
	660	RBC Bearings, Inc.*		131,617
	3,787	REV Group, Inc.		59,418
	3,709	Rexnord Corp.		185,598
	612	Shyft Group, Inc. (The)		22,895
	1,192	Snap-On, Inc.		266,329
	1,232	SPX Corp.*		75,251
	878	SPX FLOW, Inc.		57,281
	340	Standex International Corp.		32,269
	2,197	Stanley Black & Decker, Inc.		450,363
	537	Tennant Co.		42,879
	1,823	Terex Corp.		86,811
	863	The Greenbrier Cos., Inc.		37,610


Shares			Value
Common Stocks, continued
Machinery, continued
	2,519	Timken Co.	$	203,006
	3,046	Titan International, Inc.*		25,830
	2,013	Toro Co. (The)		221,188
	1,022	TriMas Corp.*		30,997
	3,242	Trinity Industries, Inc.		87,177
	1,510	Wabash National Corp.		24,160
	2,993	Wabtec Corp.		246,324
	615	Watts Water Technologies, Inc., Class A		89,735
	4,275	Welbilt, Inc.*		98,966
	1,534	Woodward, Inc.		188,498
	2,183	Xylem, Inc.		261,873

				14,116,611

Marine (0.1%):
	3,979	Costamare, Inc.		46,992
	239	Eagle Bulk Shipping, Inc.*		11,309
	147	Eneti, Inc.^		2,739
	1,300	Genco Shipping & Trading, Ltd.		24,544
	1,654	Kirby Corp.*		100,299
	1,541	Matson, Inc.		98,624

				284,507

Media (1.7%):
	3,595	Altice USA, Inc., Class A*		122,733
	1,413	AMC Networks, Inc., Class A*		94,388
	108	Cable One, Inc.		206,583
	1,284	Charter Communications, Inc., Class A*		926,342
	46,203	Comcast Corp., Class A		2,634,495
	2,952	comScore, Inc.*		14,760
	367	DallasNews Corp.		2,730
	4,810	Discovery Communications, Inc., Class C*		139,394
	3,389	Discovery, Inc., Class A*		103,974
	4,832	DISH Network Corp., Class A*		201,978
	4,131	E.W. Scripps Co. (The), Class A		84,231
	2,186	Emerald Holding, Inc.*		11,783
	8,164	Entercom Communications Corp.*		35,187
	4,792	Entravision Communications Corp., Class A		32,011
	5,288	Fox Corp., Class A		196,343
	4,358	Fox Corp., Class B		153,402
	7,573	Gannett Co, Inc.*		41,576
	2,788	Gray Television, Inc.		65,239
	11,906	Interpublic Group of Cos., Inc. (The)		386,826
	864	John Wiley & Sons, Inc., Class A		51,995
	192	John Wiley & Sons, Inc., Class B		11,503
	563	Liberty Broadband Corp., Class A*		94,680
	2,185	Liberty Broadband Corp., Class C*		379,447
	1,489	Liberty Latin America, Ltd.*		20,638
	5,752	Liberty Latin America, Ltd., Class C*		81,103
	3,116	Liberty Media Corp.-Liberty SiriusXM, Class C*		144,551
	1,977	Liberty Media Corp-Liberty SiriusXM, Class A*		92,089
	143	Loral Space & Communications Inc.		5,556
	131	Marchex, Inc., Class B*		401
	1,649	Meredith Corp.*		71,633
	2,059	MSG Networks, Inc., Class A*		30,020
	3,726	National CineMedia, Inc.		18,891
	3,530	New York Times Co. (The), Class A		153,731
	7,031	News Corp., Class A		181,189
	2,563	News Corp., Class B		62,409

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Media, continued
	1,767	Nexstar Media Group, Inc., Class A	$	261,304
	5,488	Omnicom Group, Inc.		438,985
	1,853	Scholastic Corp.		70,210
	10,861	Sirius XM Holdings, Inc.^		71,031
	474	TechTarget, Inc.*		36,730
	7,839	Tegna, Inc.		147,060
	445	ViacomCBS, Inc., Class A^		21,560
	8,842	ViacomCBS, Inc., Class B		399,658

				8,300,349

Metals & Mining (0.8%):
	6,163	Alcoa Corp.*		227,045
	4,528	Allegheny Technologies, Inc.*		94,409
	799	Ampco-Pittsburgh Corp.*		4,850
	3,002	Arconic Corp.*		106,931
	1,138	Carpenter Technology Corp.		45,770
	2,210	Century Aluminum Co.*		28,487
	3,567	Cleveland-Cliffs, Inc.*^		76,905
	5,449	Coeur Mining, Inc.*		48,387
	3,300	Commercial Metals Co.		101,376
	702	Compass Minerals International, Inc.		41,601
	7,323	Ferroglobe plc*		44,817
	9,823	Ferroglobe Unit*(a)		—
	841	Fortitude Gold Corp.		5,761
	14,907	Freeport-McMoRan, Inc.		553,199
	2,945	Gold Resource Corp.		7,598
	943	Haynes International, Inc.		33,363
	14,180	Hecla Mining Co.		105,499
	151	Kaiser Aluminum Corp.		18,647
	643	Materion Corp.		48,450
	12,309	McEwen Mining, Inc.*		16,986
	9,007	Newmont Corp.		570,864
	4,882	Nucor Corp.		468,330
	700	Olympic Steel, Inc.		20,573
	1,961	Reliance Steel & Aluminum Co.		295,915
	990	Royal Gold, Inc.		112,959
	1,500	Ryerson Holding Corp.*		21,900
	1,365	Schnitzer Steel Industries, Inc., Class A		66,953
	1,446	Southern Copper Corp.		93,007
	7,463	Steel Dynamics, Inc.		444,795
	3,673	SunCoke Energy, Inc.		26,225
	701	Synalloy Corp.*		7,003
	2,052	TimkenSteel Corp.*		29,036
	7,131	United States Steel Corp.		171,144
	548	Universal Stainless & Alloy Products, Inc.*		5,518
	1,489	Warrior Met Coal, Inc.		25,611
	1,135	Worthington Industries, Inc.		69,439

				4,039,353

Multiline Retail (0.7%):
	1,406	Big Lots, Inc.		92,810
	1,248	Dillard’s, Inc., Class A^		225,738
	2,684	Dollar General Corp.		580,791
	4,675	Dollar Tree, Inc.*		465,162
	4,069	Kohl’s Corp.		224,243
	11,847	Macy’s, Inc.*		224,619
	1,737	Ollie’s Bargain Outlet Holdings, Inc.*		146,134


Shares			Value
Common Stocks, continued
Multiline Retail, continued
	5,786	Target Corp.	$	1,398,708

				3,358,205

Multi-Utilities (0.6%):
	2,833	Ameren Corp.		226,753
	1,406	Avista Corp.		59,994
	1,134	Black Hills Corp.		74,424
	7,105	CenterPoint Energy, Inc.		174,215
	3,460	CMS Energy Corp.		204,417
	3,698	Consolidated Edison, Inc.		265,221
	6,617	Dominion Energy, Inc.		486,813
	2,251	DTE Energy Co.		291,730
	6,409	MDU Resources Group, Inc.		200,858
	6,003	NiSource, Inc.		147,073
	993	NorthWestern Corp.		59,798
	5,550	Public Service Enterprise Group, Inc.		331,557
	2,591	Sempra Energy		343,256
	305	Unitil Corp.		16,156
	3,038	WEC Energy Group, Inc.		270,230

				3,152,495

Oil, Gas & Consumable Fuels (3.0%):
	332	Adams Resources & Energy, Inc.		9,193
	7,652	Antero Resources Corp.*		115,010
	9,853	APA Corp.		213,120
	432	Arch Resources, Inc.*		24,615
	1,988	Berry Corp.		13,359
	1,149	Bonanza Creek Energy, Inc.		54,083
	6,877	Cabot Oil & Gas Corp.		120,072
	2,819	Callon Petroleum Co.*^		162,628
	6,243	Centennial Resource Development, Inc., Class A*^		42,328
	2,978	Cheniere Energy, Inc.*		258,312
	15,686	Chevron Corp.		1,642,952
	3,318	Cimarex Energy Co.		240,389
	7,534	Clean Energy Fuel Corp.*^		76,470
	6,372	CNX Resources Corp.*		87,042
	461	Comstock Resources, Inc.*		3,075
	15,991	ConocoPhillips		973,852
	1,846	CONSOL Energy, Inc.*		34,096
	10,215	Continental Resources, Inc.		388,476
	2,225	CVR Energy, Inc.		39,961
	2,204	Delek US Holdings, Inc.		47,650
	23,604	Devon Energy Corp.		689,001
	5,705	DHT Holdings, Inc.		37,025
	2,202	Diamondback Energy, Inc.		206,746
	58	Dorian LPG, Ltd.*		819
	5,391	Enlink Midstream LLC		34,449
	8,944	EOG Resources, Inc.		746,287
	7,807	EQT Corp.*		173,784
	2,812	Equitrans Midstream Corp.		23,930
	34,075	Exxon Mobil Corp.		2,149,451
	1,014	Green Plains, Inc.*		34,091
	4,294	Hess Corp.		374,952
	4,760	HollyFrontier Corp.		156,604
	1,180	International Seaways, Inc.		22,632
	19,091	Kinder Morgan, Inc.		348,029
	17,233	Kosmos Energy, Ltd.*		59,626
	609	Laredo Petroleum, Inc.*		56,509

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	17,859	Marathon Oil Corp.	$	243,240
	8,759	Marathon Petroleum Corp.		529,219
	3,899	Matador Resources Co.		140,403
	4,219	Murphy Oil Corp.		98,218
	1,032	New Fortress Energy, Inc.		39,092
	17,900	Occidental Petroleum Corp.		559,733
	6,100	ONEOK, Inc.		339,404
	4,281	Ovintiv, Inc.		134,723
	2,936	PAR Pacific Holdings, Inc.*		49,384
	3,458	PBF Energy, Inc., Class A*		52,907
	3,014	PDC Energy, Inc.		138,011
	4,173	Peabody Energy Corp.*		33,092
	787	Penn Virginia Corp.*		18,581
	4,501	Phillips 66		386,276
	1,401	PHX Minerals, Inc.		5,212
	3,573	Pioneer Natural Resources Co.		580,684
	6	PrimeEnergy Resources Corp.*		278
	4,715	Range Resources Corp.*		79,023
	1,426	Renewable Energy Group, Inc.*		88,897
	374	REX American Resources Corp.*		33,727
	1,682	Scorpio Tankers, Inc.		37,088
	3,507	SFL Corp., Ltd.		26,829
	6,397	SM Energy Co.		157,558
	24,131	Southwestern Energy Co.*		136,823
	3,310	Talos Energy, Inc.*		51,768
	4,483	Targa Resources Corp.		199,269
	6,407	Teekay Shipping Corp.*		23,834
	1,031	Teekay Tankers, Ltd., Class A*^		14,867
	4,537	Valero Energy Corp.		354,249
	14,709	Williams Cos., Inc.		390,524
	1,790	World Fuel Services Corp.		56,797

				14,660,328

Paper & Forest Products (0.1%):
	1,071	Boise Cascade Co.		62,493
	545	Clearwater Paper Corp.*		15,789
	1,418	Domtar Corp.*		77,933
	2,520	Glatfelter Corp.		35,204
	4,040	Louisiana-Pacific Corp.		243,571
	3,875	Mercer International, Inc.		49,406
	617	Neenah, Inc.		30,955
	2,344	Resolute Forest Products		28,597
	665	Schweitzer-Mauduit International, Inc.		26,853
	2,251	Verso Corp.		39,843

				610,644

Personal Products (0.2%):
	12,350	Coty, Inc., Class A*		115,349
	1,291	Edgewell Personal Care Co.		56,675
	854	elf Beauty, Inc.*		23,178
	1,909	Estee Lauder Co., Inc. (The), Class A		607,215
	3,138	Herbalife Nutrition, Ltd.*		165,467
	594	Inter Parfums, Inc.		42,768
	186	Medifast, Inc.		52,634
	1,236	Natures Sunshine Products, Inc.		21,469
	1,116	Nu Skin Enterprises, Inc., Class A		63,221
	340	United-Guardian, Inc.		5,097
	645	Usana Health Sciences, Inc.*		66,067

				1,219,140


Shares			Value
Common Stocks, continued
Pharmaceuticals (2.8%):
	2,003	Amphastar Pharmaceuticals, Inc.*	$	40,381
	900	ANI Pharmaceuticals, Inc.*		31,545
	885	Assembly Biosciences, Inc.*		3,434
	17,646	Bristol-Myers Squibb Co.		1,179,106
	2,125	Catalent, Inc.*		229,755
	2,976	Corcept Therapeutics, Inc.*		65,472
	1,468	Cumberland Pharmaceuticals, Inc.*		4,177
	1,054	Cymabay Therapeutics, Inc.*^		4,595
	6,155	Elanco Animal Health, Inc.*		213,517
	8,220	Eli Lilly & Co.		1,886,654
	8,827	Endo International plc*		41,310
	3,032	Horizon Therapeutics plc*		283,917
	3,292	Innoviva, Inc.*		44,146
	1,338	Intra-Cellular Therapies, Inc.*		54,617
	1,466	Jazz Pharmaceuticals plc*		260,420
	24,992	Johnson & Johnson		4,117,182
	2,281	Lannett Co., Inc.*^		10,652
	24,740	Merck & Co., Inc.		1,924,030
	3,567	Nektar Therapeutics*		61,210
	2,474	Organon & Co.*		74,863
	1,317	Otonomy, Inc.*		2,937
	3,223	Perrigo Co. plc		147,775
	45,164	Pfizer, Inc.		1,768,622
	793	Phibro Animal Health Corp., Class A		22,902
	1,580	Prestige Consumer Healthcare, Inc.*		82,318
	1,789	Supernus Pharmaceuticals, Inc.*		55,083
	923	Taro Pharmaceutical Industries, Ltd.*		66,419
	17,276	Viatris, Inc.		246,874
	4,795	Zoetis, Inc.		893,596
	1,297	Zogenix, Inc.*		22,412

				13,839,921

Professional Services (0.7%):
	1,633	ASGN, Inc.*		158,287
	494	Barrett Business Services, Inc.		35,869
	1,617	CBIZ, Inc.*		52,989
	2,160	CoStar Group, Inc.*^		178,891
	456	CRA International, Inc.		39,034
	1,098	Equifax, Inc.		262,982
	1,104	Exponent, Inc.		98,488
	825	Forrester Research, Inc.*		37,785
	1,031	FTI Consulting, Inc.*		140,845
	421	Heidrick & Struggles International, Inc.		18,755
	466	Hill International, Inc.*		1,160
	660	Huron Consulting Group, Inc.*		32,439
	329	ICF International, Inc.		28,906
	3,021	IHS Markit, Ltd.		340,346
	514	Insperity, Inc.		46,450
	1,042	Kelly Services, Inc., Class A*		24,977
	577	Kforce, Inc.		36,311
	1,558	Korn Ferry		113,033
	1,732	ManpowerGroup, Inc.		205,952
	659	Mistras Group, Inc.*		6,478
	11,810	Nielsen Holdings plc		291,353
	2,125	Resources Connection, Inc.		30,515
	3,340	Robert Half International, Inc.		297,160
	2,719	TransUnion		298,573
	2,194	TriNet Group, Inc.*		159,021

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Professional Services, continued
	1,029	Trueblue, Inc.*	$	28,925
	1,755	Verisk Analytics, Inc.		306,634
	633	Willdan Group, Inc.*		23,826

				3,295,984

Real Estate Management & Development (0.3%):
	491	BBX Capital, Inc.*		3,938
	4,608	CBRE Group, Inc., Class A*		395,044
	2,451	Cushman & Wakefield plc*		42,819
	279	Forestar Group, Inc.*		5,834
	232	FRP Holdings, Inc.*		12,918
	1,280	Howard Hughes Corp. (The)*		124,749
	323	Indus Realty Trust, Inc.		21,205
	1,491	Jones Lang LaSalle, Inc.*		291,431
	4,260	Kennedy-Wilson Holdings, Inc.		84,646
	977	Marcus & Millichap, Inc.*		37,976
	6,929	Newmark Group, Inc.		83,217
	997	Rafael Holdings, Inc., Class B*		50,897
	910	RE/MAX Holdings, Inc., Class A		30,330
	3,814	Realogy Holdings Corp.*		69,491
	681	Redfin Corp.*		43,182
	1,447	Tejon Ranch Co.*		22,009
	357	The RMR Group, Inc., Class A		13,794
	2,457	The St Joe Co.		109,607

				1,443,087

Road & Rail (1.2%):
	598	AMERCO, Inc.		352,461
	757	ArcBest Corp.		44,050
	1,730	Avis Budget Group, Inc.*		134,750
	419	Covenant Logistics Group, Inc.*		8,665
	23,430	CSX Corp.		751,634
	1,925	Heartland Express, Inc.		32,975
	2,243	J.B. Hunt Transport Services, Inc.		365,497
	1,439	Kansas City Southern		407,769
	5,109	Knight-Swift Transportation Holdings, Inc.		232,255
	1,096	Landstar System, Inc.		173,190
	422	Lyft, Inc., Class A*		25,522
	2,410	Marten Transport, Ltd.		39,741
	2,085	Norfolk Southern Corp.		553,380
	1,887	Old Dominion Freight Line, Inc.		478,921
	400	P.A.M. Transportation SVCS*		21,100
	1,902	Ryder System, Inc.		141,376
	833	Saia, Inc.*		174,505
	2,500	Schneider National, Inc., Class B		54,425
	2,809	Uber Technologies, Inc.*		140,787
	6,645	Union Pacific Corp.		1,461,435
	586	Universal Logistics Holdings, Inc.		13,654
	1,023	USA Truck, Inc.*		16,440
	2,378	Werner Enterprises, Inc.		105,868
	1,829	Yellow Corp.*		11,907

				5,742,307

Semiconductors & Semiconductor Equipment (5.0%):
	870	Advanced Energy Industries, Inc.		98,058
	8,812	Advanced Micro Devices, Inc.*		827,711
	1,120	Alpha & Omega Semiconductor, Ltd.*		34,037
	630	Ambarella, Inc.*		67,177
	9,610	Amkor Technology, Inc.		227,469


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	3,110	Analog Devices, Inc.	$	535,418
	8,896	Applied Materials, Inc.		1,266,790
	608	Axcelis Technologies, Inc.*		24,575
	1,701	AXT, Inc.*		18,677
	3,962	Broadcom, Inc.		1,889,240
	2,129	Brooks Automation, Inc.		202,851
	437	CEVA, Inc.*		20,670
	1,665	Cirrus Logic, Inc.*		141,725
	697	CMC Materials, Inc.		105,066
	2,261	Cohu, Inc.*		83,182
	1,991	Cree, Inc.*		194,979
	1,027	Diodes, Inc.*		81,924
	1,512	Entegris, Inc.		185,931
	2,557	First Solar, Inc.*		231,434
	1,662	FormFactor, Inc.*		60,597
	1,314	GSI Technology, Inc.*		7,385
	948	Ichor Holdings, Ltd.*		51,002
	51,880	Intel Corp.		2,912,543
	2,078	KLA Corp.		673,708
	1,562	Kulicke & Soffa Industries, Inc.		95,594
	1,724	Lam Research Corp.		1,121,807
	2,049	Lattice Semiconductor Corp.*		115,113
	876	MA-COM Technology Solutions Holdings, Inc.*		56,134
	10,107	Marvell Technology, Inc.		589,541
	3,942	Maxim Integrated Products, Inc.		415,329
	1,132	MaxLinear, Inc., Class A*		48,099
	2,692	Microchip Technology, Inc.		403,100
	13,186	Micron Technology, Inc.*		1,120,546
	1,341	MKS Instruments, Inc.		238,631
	421	Monolithic Power Systems, Inc.		157,222
	1,500	Neophotonics Corp.*		15,315
	150	NVE Corp.		11,107
	4,249	NVIDIA Corp.		3,399,625
	5,936	ON Semiconductor Corp.*		227,230
	1,334	Onto Innovation, Inc.*		97,435
	1,438	PDF Solutions, Inc.*		26,143
	2,358	Photronics, Inc.*		31,149
	1,520	Power Integrations, Inc.		124,731
	1,567	Qorvo, Inc.*		306,584
	11,338	Qualcomm, Inc.		1,620,540
	2,888	Rambus, Inc.*		68,474
	1,305	Semtech Corp.*		89,784
	867	Silicon Laboratories, Inc.*		132,868
	2,531	Skyworks Solutions, Inc.		485,319
	1,151	SMART Global Holdings, Inc.*		54,880
	768	SolarEdge Technologies, Inc.*		212,252
	834	Synaptics, Inc.*		129,754
	2,449	Teradyne, Inc.		328,068
	9,581	Texas Instruments, Inc.		1,842,426
	1,251	Ultra Clean Holdings, Inc.*		67,204
	885	Universal Display Corp.		196,762
	1,442	Veeco Instruments, Inc.*		34,666
	3,065	Xilinx, Inc.		443,322

				24,248,903

Software (7.2%):
	3,453	ACI Worldwide, Inc.*		128,244
	4,078	Adobe, Inc.*		2,388,240

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Software, continued
	1,142	Alarm.com Holding, Inc.*	$	96,727
	591	Alteryx, Inc., Class A*		50,838
	1,009	American Software, Inc., Class A		22,158
	1,301	Anaplan, Inc.*		69,343
	988	ANSYS, Inc.*		342,895
	1,409	Aspen Technology, Inc.*		193,794
	447	Atlassian Corp. plc, Class A*		114,816
	1,996	Autodesk, Inc.*		582,632
	852	Avalara, Inc.*		137,854
	1,879	Avaya Holdings Corp.*		50,545
	2,272	Aware, Inc.*		8,429
	313	Bill.com Holdings, Inc.*		57,335
	1,196	Blackbaud, Inc.*		91,578
	3	Blackline, Inc.*		334
	794	Bottomline Technologies, Inc.*		29,441
	2,969	Cadence Design Systems, Inc.*		406,219
	2,601	CDK Global, Inc.		129,244
	820	Cerence, Inc.*		87,502
	1,607	Ceridian HCM Holding, Inc.*		154,143
	1,606	Citrix Systems, Inc.		188,336
	519	Cloudflare, Inc., Class A*		54,931
	1,830	Cognyte Software, Ltd.*		44,835
	505	CommVault Systems, Inc.*		39,476
	387	Coupa Software, Inc.*		101,437
	487	Crowdstrike Holdings, Inc., Class A*		122,388
	400	Datadog, Inc., Class A*		41,632
	572	Digital Turbine, Inc.*		43,489
	659	DocuSign, Inc.*		184,237
	3,824	Dropbox, Inc., Class A*		115,905
	1,149	Dynatrace, Inc.*		67,125
	1,380	Ebix, Inc.		46,782
	281	Elastic NV*		40,959
	990	Envestnet, Inc.*		75,101
	429	Everbridge, Inc.*		58,378
	410	Fair Isaac Corp.*		206,099
	1,784	FireEye, Inc.*		36,072
	530	Five9, Inc.*		97,197
	2,322	Fortinet, Inc.*		553,077
	977	Globant SA*		214,139
	1,145	Guidewire Software, Inc.*		129,064
	239	HubSpot, Inc.*		139,270
	2,145	Intuit, Inc.		1,051,415
	1,775	J2 Global, Inc.*		244,151
	1,365	Manhattan Associates, Inc.*		197,707
	70,103	Microsoft Corp.		18,990,903
	166	MicroStrategy, Inc., Class A*^		110,307
	600	New Relic, Inc.*		40,182
	7,021	NortonLifeLock, Inc.		191,112
	3,699	Nuance Communications, Inc.*		201,374
	1,157	Nutanix, Inc., Class A*		44,220
	879	OneSpan, Inc.*		22,450
	18,418	Oracle Corp.		1,433,657
	2,718	Palantir Technologies, Inc., Class A*		71,646
	600	Paycom Software, Inc.*		218,082
	682	Paylocity Holding Corp.*		130,126
	963	Pegasystems, Inc.		134,040
	947	Progress Software Corp.		43,799


Shares			Value
Common Stocks, continued
Software, continued
	886	Proofpoint, Inc.*	$	153,951
	1,146	PTC, Inc.*		161,884
	389	Q2 Holdings, Inc.*		39,904
	894	Qualys, Inc.*		90,017
	2,745	RealNetworks, Inc.*		6,396
	371	RingCentral, Inc., Class A*		107,805
	4,955	salesforce.com, Inc.*		1,210,358
	1,200	Sapiens International Corp. NV		31,524
	574	ServiceNow, Inc.*		315,442
	2,514	Slack Technologies, Inc., Class A*		111,370
	585	Smartsheet, Inc., Class A*		42,307
	3,309	SolarWinds Corp.*		55,889
	967	Splunk, Inc.*		139,809
	4,289	SS&C Technologies Holdings, Inc.		309,065
	2,279	Synchronoss Technologies, Inc.*		8,182
	989	Synopsys, Inc.*		272,756
	2,670	The Trade Desk, Inc., Class A*		206,551
	409	Tyler Technologies, Inc.*		185,019
	1,022	Verint Systems, Inc.*		46,061
	742	Vmware, Inc., Class A*		118,698
	494	Workday, Inc., Class A*		117,938
	7,046	Xperi Holding Corp.		156,703
	175	Zendesk, Inc.*		25,259
	185	Zoom Video Communications, Inc., Class A*		71,601
	566	Zscaler, Inc.*		122,290

				34,974,190

Specialty Retail (2.7%):
	1,093	Aaron’s Co., Inc. (The)		34,965
	4,015	Abercrombie & Fitch Co., Class A*		186,416
	1,285	Advance Auto Parts, Inc.		263,605
	5,007	American Eagle Outfitters, Inc.		187,913
	200	America’s Car Mart, Inc.*		28,344
	534	Asbury Automotive Group, Inc.*		91,512
	1,100	At Home Group, Inc.*		40,524
	2,991	AutoNation, Inc.*		283,577
	239	AutoZone, Inc.*		356,641
	3,164	Barnes & Noble Education, Inc.*		22,812
	3,437	Bed Bath & Beyond, Inc.*		114,418
	5,628	Best Buy Co, Inc.		647,107
	1,657	Big 5 Sporting Goods Corp.^		42,552
	841	Boot Barn Holdings, Inc.*		70,686
	583	Build-A-Bear Workshop, Inc.*		10,092
	355	Burlington Stores, Inc.*		114,306
	2,280	Caleres, Inc.		62,221
	3,160	CarMax, Inc.*		408,114
	155	Carvana Co.*		46,782
	1,987	Cato Corp., Class A		33,521
	7,822	Chico’s FAS, Inc.*		51,469
	881	Citi Trends, Inc.*		76,647
	1,572	Conn’s, Inc.*		40,086
	3,425	Designer Brands, Inc., Class A*		56,684
	2,039	Dick’s Sporting Goods, Inc.		204,287
	1,234	Five Below, Inc.*		238,495
	2,381	Floor & Decor Holdings, Inc., Class A*		251,672
	3,374	Foot Locker, Inc.		207,940
	8,563	Gap, Inc. (The)		288,145
	435	Genesco, Inc.*		27,701

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	630	Group 1 Automotive, Inc.	$	97,291
	2,846	Guess?, Inc.		75,134
	583	Haverty Furniture Cos., Inc.		24,929
	499	Hibbett, Inc.*		44,725
	8,873	Home Depot, Inc. (The)		2,829,511
	1,784	L Brands, Inc.		128,555
	875	Lithia Motors, Inc., Class A		300,685
	7,062	Lowe’s Cos., Inc.		1,369,816
	527	MarineMax, Inc.*		25,686
	751	Monro, Inc.		47,696
	1,077	Murphy U.S.A., Inc.		143,640
	1,200	National Vision Holdings, Inc.*		61,356
	1,542	ODP Corp. (The)*		74,031
	770	O’Reilly Automotive, Inc.*		435,982
	2,398	Penske Automotive Group, Inc.		181,025
	1,792	Rent-A-Center, Inc.		95,101
	357	RH*		242,403
	2,006	Ross Stores, Inc.		248,744
	1,832	Sally Beauty Holdings, Inc.*		40,432
	600	Shoe Carnival, Inc.		42,954
	1,393	Signet Jewelers, Ltd.*		112,540
	472	Sleep Number Corp.*		51,896
	844	Sonic Automotive, Inc., Class A		37,761
	1,606	Sportsman’s Warehouse Holdings, Inc.*		28,539
	848	The Buckle, Inc.		42,188
	988	The Children’s Place, Inc.*		91,943
	854	Tilly’s, Inc.		13,647
	6,942	TJX Cos., Inc. (The)		468,030
	1,904	Tractor Supply Co.		354,258
	827	Ulta Beauty, Inc.*		285,952
	2,187	Urban Outfitters, Inc.*		90,148
	2,160	Williams-Sonoma, Inc.		344,844
	75	Winmark Corp.		14,406
	729	Zumiez, Inc.*		35,714

				12,970,796

Technology Hardware, Storage & Peripherals (5.1%):
	6,315	3D Systems Corp.*		252,410
	162,307	Apple, Inc.		22,229,567
	728	AstroNova, Inc.*		10,134
	2,354	Avid Technology, Inc.*		92,159
	1,874	Dell Technologies, Inc., Class C*		186,782
	19,633	Hewlett Packard Enterprise Co.		286,249
	12,288	HP, Inc.		370,975
	4,627	NCR Corp.*		211,037
	3,516	NetApp, Inc.		287,679
	4,094	Pure Storage, Inc., Class A*		79,956
	3,574	Seagate Technology Holdings plc		314,262
	1,794	Stratasys, Ltd.*		46,393
	4,585	Western Digital Corp.*		326,314
	6,671	Xerox Holdings Corp.		156,702

				24,850,619

Textiles, Apparel & Luxury Goods (1.0%):
	4,230	Capri Holdings, Ltd.*		241,914
	840	Carter’s, Inc.		86,663
	1,677	Columbia Sportswear Co.		164,950
	1,693	Crocs, Inc.*		197,268
	810	Culp, Inc.		13,203


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	713	Deckers Outdoor Corp.*	$	273,842
	1,494	Fossil Group, Inc.*		21,334
	2,480	G-III Apparel Group, Ltd.*		81,493
	9,857	Hanesbrands, Inc.		184,030
	795	Kontoor Brands, Inc.		44,846
	1,147	Lululemon Athletica, Inc.*		418,621
	1,551	Movado Group, Inc.		48,810
	10,725	Nike, Inc., Class B		1,656,905
	405	Oxford Industries, Inc.		40,030
	1,797	PVH Corp.*		193,339
	1,225	Ralph Lauren Corp.		144,317
	570	Rocky Brands, Inc.		31,692
	4,005	Skechers U.S.A., Inc., Class A*		199,569
	1,560	Steven Madden, Ltd.		68,266
	700	Superior Group of Cos., Inc.		16,737
	7,071	Tapestry, Inc.*		307,447
	3,369	Under Armour, Inc., Class A*		71,254
	3,746	Under Armour, Inc., Class C*		69,563
	1,027	Unifi, Inc.*		25,018
	802	Vera Bradley, Inc.*		9,937
	3,169	VF Corp.		259,985
	1,153	Wolverine World Wide, Inc.		38,787

				4,909,820

Thrifts & Mortgage Finance (0.4%):
	1,866	Axos Financial, Inc.*		86,564
	1,591	BankFinancial Corp.		18,201
	3,362	Capitol Federal Financial, Inc.		39,604
	2,223	Columbia Financial, Inc.*		38,280
	855	ESSA Bancorp, Inc.		14,013
	3,469	Essent Group, Ltd.		155,932
	403	Federal Agricultural Mortgage Corp.		39,857
	408	First Capital, Inc.		17,691
	1,989	Flagstar Bancorp, Inc.		84,075
	8	Greene County Bancorp, Inc.		225
	62	Hingham Institution for Savings		18,011
	628	HomeStreet, Inc.		25,585
	413	IF Bancorp, Inc.		9,499
	2,442	Kearny Financial Corp.		29,182
	1,249	Kentucky First Federal Bancorp		9,193
	750	Lake Shore Bancorp, Inc.		11,512
	194	LendingTree, Inc.*		41,105
	1,119	Meridian Bancorp, Inc.		22,895
	2,048	Meta Financial Group, Inc.		103,690
	10,413	MGIC Investment Corp.		141,617
	2,681	Mr Cooper Group, Inc.*		88,634
	13,097	New York Community Bancorp, Inc.		144,329
	2,461	NMI Holdings, Inc., Class A*		55,323
	1,501	Northfield Bancorp, Inc.		24,616
	3,456	Northwest Bancshares, Inc.		47,140
	1,932	Oceanfirst Financial Corp.		40,263
	503	Oconee Federal Financial Corp.^		11,760
	465	Ocwen Financial Corp.*		14,406
	1,369	Premier Financial Corp.		38,893
	679	Provident Financial Holdings, Inc.		11,726
	2,256	Provident Financial Services, Inc.		51,640
	6,456	Radian Group, Inc.		143,646
	420	Riverview Bancorp, Inc.		2,978

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	561	Southern Missouri Bancorp, Inc.	$	25,223
	1,764	Sterling Bancorp, Inc.*		8,026
	733	Territorial Bancorp, Inc.		19,036
	5,381	TFS Financial Corp.		109,234
	559	TrustCo Bank Corp. NY		19,218
	2,436	Washington Federal, Inc.		77,416
	728	Waterstone Financial, Inc.		14,312
	1,074	Wawlker & Dunlop, Inc.		112,104
	1,498	Western New England BanCorp, Inc.^		12,209
	1,389	WSFS Financial Corp.		64,714

				2,043,577

Tobacco (0.4%):
	19,090	Altria Group, Inc.		910,211
	12,064	Philip Morris International, Inc.		1,195,663
	518	Universal Corp.		29,510
	3,098	Vector Group, Ltd.		43,806

				2,179,190

Trading Companies & Distributors (0.7%):
	3,844	Air Lease Corp.		160,449
	948	Applied Industrial Technologies, Inc.		86,325
	2,840	Beacon Roofing Supply, Inc.*		151,230
	1,592	CAI International, Inc.		89,152
	644	DXP Enterprises, Inc.*		21,445
	8,092	Fastenal Co.		420,784
	876	GATX Corp.		77,500
	977	Global Industrial Co.		35,866
	1,243	GMS, Inc.*		59,838
	1,047	H&E Equipment Services, Inc.		34,834
	1,424	Herc Holdings, Inc.*		159,588
	1,307	Huttig Building Products, Inc.*		7,554
	870	Kaman Corp., Class A		43,848
	2,381	MRC Global, Inc.*		22,381
	1,633	MSC Industrial Direct Co., Inc., Class A		146,529
	3,189	NOW, Inc.*		30,264
	1,547	Rush Enterprises, Inc., Class A		66,892
	1,003	SiteOne Landscape Supply, Inc.*		169,768
	1,757	Textainer Group Holdings, Ltd.*		59,334
	651	Titan Machinery, Inc.*		20,142
	173	Transcat, Inc.*		9,776
	2,472	Triton International, Ltd.		129,384
	1,982	United Rentals, Inc.*		632,278
	3,997	Univar Solutions, Inc.*		97,447
	1,184	Veritiv Corp.*		72,721
	826	W.W. Grainger, Inc.		361,788
	802	Watsco, Inc.		229,885
	84	Watsco, Inc., Class B		23,778
	1,832	WESCO International, Inc.*		188,366

				3,609,146

Transportation Infrastructure (0.0%^†):
	2,859	Macquarie Infrastructure Corp.		109,414

Water Utilities (0.1%):
	830	American States Water Co.		66,035
	1,971	American Water Works Co., Inc.		303,790
	491	Artesian Resources Corp.		18,054
	1,107	California Water Service Group		61,483
	3,223	Essential Utilities, Inc.		147,291


Shares, Contracts or Principal Amount			Value
Common Stocks, continued
Water Utilities, continued
	355	Middlesex Water Co.	$	29,014
	669	Pure Cycle Corp.*		9,246
	498	SJW Group		31,523
	372	York Water Co. (The)		16,852

				683,288

Wireless Telecommunication Services (0.2%):
	1,333	Shenandoah Telecommunications Co.		64,664
	1,649	Spok Holdings, Inc.		15,863
	2,954	Telephone & Data Systems, Inc.		66,937
	6,683	T-Mobile USA, Inc.*		967,899
	1,151	United States Cellular Corp.*		41,793

				1,157,156

	Total Common Stocks (Cost $255,545,796)			486,155,363

Preferred Stocks (0.0%^†):
Internet & Direct Marketing Retail (0.0%^†):
	264	Qurate Retail, Inc., 8.00%, 3/15/31		28,578

Trading Companies & Distributors (0.0%^†):
	1,076	WESCO International, Inc., Series A, 10.63%		33,237

	Total Preferred Stocks (Cost $113,834)			61,815

Warrant (0.0%^†):
Energy Equipment & Services (0.0%^†):
	143	Nabors Industries, Ltd., 6/11/26		1,430

	Total Warrant (Cost $—)			1,430

Rights (0.0%^†):
Biotechnology (0.0%^†):
	3,743	Achillion Pharm CVR, Expires on 1/29/49*		5,427

Household Durables (0.0%^†):
	1,918	Zagg, Inc. CVR, Expires on 1/2/49*		173

Media (0.0%^†):
	9,820	Media General, Inc. CVR, Expires on 12/31/49*		554

	Total Rights (Cost $3,216)			6,154

Short-Term Security Held as Collateral for Securities on Loan (0.4%):
	1,907,764	BlackRock Liquidity FedFund, Institutional Class , 0.04%(b)(c)		1,907,764

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $1,907,764)			1,907,764

Unaffiliated Investment Company (0.2%):
Money Markets (0.2%):
	910,809	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)		910,809

	Total Unaffiliated Investment Company (Cost $910,809)			910,809

	Total Investment Securities (Cost $258,481,419) — 100.3%			489,043,335
	Net other assets (liabilities) — (0.3)%			(1,438,309	)

	Net Assets — 100.0%		$	487,605,026

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Percentages indicated are based on net assets as of June 30, 2021.

ADR—American Depository Receipt

CVR—Contingency Valued Rights

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $1,871,546.

†	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 June 30, 2021. 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 June 30, 2021.

(c)	The rate represents the effective yield at June 30, 2021.

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

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	258,481,419

Investment securities, at value(a)	$	489,043,335
Interest and dividends receivable		279,043
Receivable for investments sold		928,951
Reclaims receivable		2,700
Prepaid expenses		25,730

Total Assets		490,279,759

Liabilities:
Cash overdraft		5,856
Payable for capital shares redeemed		412,630
Payable for collateral received on loaned securities		1,907,764
Manager fees payable		216,268
Administration fees payable		4,236
Distribution fees payable		100,124
Custodian fees payable		2,281
Administrative and compliance services fees payable		969
Transfer agent fees payable		1,159
Trustee fees payable		4,918
Other accrued liabilities		18,528

Total Liabilities		2,674,733

Net Assets	$	487,605,026

Net Assets Consist of:
Paid in capital	$	191,433,195
Total distributable earnings		296,171,831

Net Assets	$	487,605,026

Shares of beneficial interest (unlimited number of shares authorized, no par value)		28,464,793
Net Asset Value (offering and redemption price per share)	$	17.13

(a)	Includes securities on loan of $1,871,546.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends	$	3,585,721
Income from securities lending		10,059
Foreign withholding tax		(763	)

Total Investment Income		3,595,017

Expenses:
Manager fees		1,940,177
Administration fees		22,270
Distribution fees		606,304
Custodian fees		8,615
Administrative and compliance services fees		3,369
Transfer agent fees		2,881
Trustee fees		12,053
Professional fees		10,610
Shareholder reports		5,577
Other expenses		5,378

Total expenses before reductions		2,617,234
Less expenses voluntarily waived/reimbursed by the Manager		(630,559	)

Net expenses		1,986,675

Net Investment Income/(Loss)		1,608,342

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		23,512,519
Change in net unrealized appreciation/depreciation on securities		52,871,910

Net realized and Change in net unrealized gains/losses on investments		76,384,429

Change in Net Assets Resulting From Operations	$	77,992,771

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,608,342			$	4,280,089
Net realized gains/(losses) on investments			23,512,519				36,138,044
Change in unrealized appreciation/depreciation on investments			52,871,910				38,192,478

Change in net assets resulting from operations			77,992,771				78,610,611

Distributions to Shareholders:
Distributions			—				(37,601,702	)

Change in net assets resulting from distributions to shareholders			—				(37,601,702	)

Capital Transactions:
Proceeds from shares issued			69,259				47,489,042
Proceeds from dividends reinvested			—				37,601,702
Value of shares redeemed			(69,237,614	)			(143,637,221	)

Change in net assets resulting from capital transactions			(69,168,355	)			(58,546,477	)

Change in net assets			8,824,416				(17,537,568	)
Net Assets:
Beginning of period			478,780,610				496,318,178

End of period		$	487,605,026			$	478,780,610

Share Transactions:
Shares issued			4,118				4,484,905
Dividends reinvested			—				2,896,895
Shares redeemed			(4,307,884	)			(11,296,601	)

Change in shares			(4,303,766	)			(3,914,801	)

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

Financial Highlights

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


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	14.61			$	13.53			$	11.32			$	12.76			$	10.74			$	9.49

Investment Activities:
Net Investment Income/(Loss)			0.05	(a)			0.12	(a)			0.13	(a)			0.16				0.15				0.13
Net Realized and Unrealized Gains/(Losses) on Investments			2.47				2.13				3.08				(1.06	)			2.04				1.21

Total from Investment Activities			2.52				2.25				3.21				(0.90	)			2.19				1.34

Distributions to Shareholders From:
Net Investment Income			—				(0.16	)			(0.15	)			(0.15	)			(0.14	)			(0.09	)
Net Realized Gains			—				(1.01	)			(0.85	)			(0.39	)			(0.03	)			—

Total Dividends			—				(1.17	)			(1.00	)			(0.54	)			(0.17	)			(0.09	)

Net Asset Value, End of Period		$	17.13			$	14.61			$	13.53			$	11.32			$	12.76			$	10.74

Total Return(b)			17.25	%(c)			17.70	%			29.36	%			(7.52	)%			20.45	%			14.25	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	487,605			$	478,781			$	496,318			$	463,537			$	584,221			$	582,088
Net Investment Income/(Loss)(d)			0.66	%			0.95	%			1.03	%			1.00	%			1.02	%			1.24	%
Expenses Before Reductions(d)(e)			1.08	%			1.11	%			1.10	%			1.10	%			1.10	%			1.10	%
Expenses Net of Reductions(d)			0.82	%			0.85	%			0.84	%			0.84	%			0.84	%			0.84	%
Portfolio Turnover Rate			1	%(c)			11	%			4	%			4	%			2	%			10	%

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

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

Foreign Currency Translation and Withholding Taxes

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 U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $982 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $1,907,764 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, 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 period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

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

*	The Manager waived, prior to any application of expense limit, the management fee to 0.54% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2022.

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	486,145,163		$	10,200		$	—	#		$	486,155,363

Preferred Stocks+			61,815			—			—				61,815

Warrant+			1,430			—			—				1,430

Rights+			—			6,154			—				6,154

Short-Term Security Held as Collateral for Securities on Loan			1,907,764			—			—				1,907,764

Unaffiliated Investment Company			910,809			—			—				910,809

Total Investment Securities		$	489,026,981		$	16,354		$	—			$	489,043,335

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2021

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	4,271,295		$	71,186,251

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $303,878,138. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	208,262,731
Unrealized (depreciation)		(32,377,913	)

Net unrealized appreciation/(depreciation)	$	175,884,818

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL DFA U.S. Core Equity Fund		$	5,306,235		$	32,295,467		$	37,601,702

(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, 2020, 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		$	5,051,616		$	37,242,626		$	—		$	175,884,818		$	218,179,060

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

AZL DFA U.S. Core Equity Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021, 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

AZL DFA U.S. Core Equity Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® DFA U.S. Small Cap Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Page 1

Page 2

Page 19

Page 19

Page 20

Page 21

Page 22

Page 27

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 30

Page 31

AZL DFA U.S. Small Cap Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA U.S. Small Cap Fund		$	1,000.00		$	1,241.60		$	5.50		0.99	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL DFA U.S. Small Cap Fund		$	1,000.00		$	1,019.89		$	4.96		0.99	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		20.0	%

Industrials		18.2

Consumer Discretionary		14.3

Health Care		13.4

Information Technology		12.9

Materials		6.3

Energy		4.5

Consumer Staples		3.8

Utilities		2.8

Communication Services		2.7

Real Estate		0.8

Corporate Bond		—	^†


Total Common Stocks and Preferred Stocks		99.7

Warrant		—	^†

Rights		—	^†

Short-Term Security Held as Collateral for Securities on Loan		1.6

Unaffiliated Investment Company		0.3


Total Investment Securities		101.6

Net other assets (liabilities)		(1.6	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (99.6%):
Aerospace & Defense (1.0%):
	1,961	AAR Corp.*	$	75,989
	5,304	Aerojet Rocketdyne Holdings, Inc.		256,130
	1,350	AeroVironment, Inc.*		135,202
	2,615	Astronics Corp.*		45,789
	392	Astronics Corp., Class B*		6,389
	869	BWX Technologies, Inc.		50,506
	685	CPI Aerostructures, Inc.*		2,432
	1,113	Curtiss-Wright Corp.		132,180
	766	Ducommun, Inc.*		41,793
	2,314	Hexcel Corp.*		144,394
	3,376	Innovative Solutions & Support, Inc.		21,167
	7,496	Kratos Defense & Security Solutions, Inc.*		213,561
	1,825	Maxar Technologies, Inc.		72,854
	1,336	Mercury Systems, Inc.*		88,550
	2,234	Moog, Inc., Class A		187,790
	685	National Presto Industries, Inc.		69,630
	2,564	Park Aerospace Corp., Class C		38,204
	1,291	Parsons Corp.*		50,814
	759	Vectrus, Inc.*		36,121

				1,669,495

Air Freight & Logistics (0.3%):
	738	Air T, Inc.*		18,269
	1,593	Air Transport Services Group, Inc.*		37,005
	743	Atlas Air Worldwide Holdings, Inc.*		50,606
	2,255	Echo Global Logistics, Inc.*		69,319
	2,021	Forward Air Corp.		181,385
	2,532	Hub Group, Inc., Class A*		167,061
	5,212	Radiant Logistics, Inc.*		36,119

				559,764

Airlines (0.5%):
	1,115	Allegiant Travel Co.*		216,310
	899	Copa Holdings SA, Class A*		67,722
	3,192	Hawaiian Holdings, Inc.*		77,789
	12,473	JetBlue Airways Corp.*		209,297
	2,017	SkyWest, Inc.*		86,872
	4,325	Spirit Airlines, Inc.*		131,653

				789,643

Auto Components (1.5%):
	5,318	Adient plc*		240,374
	4,351	American Axle & Manufacturing Holdings, Inc.*		45,033
	2,216	Cooper-Standard Holding, Inc.*		64,264
	10,571	Dana, Inc.		251,167
	2,064	Dorman Products, Inc.*		213,975
	2,662	Fox Factory Holding Corp.*		414,367
	2,652	Gentherm, Inc.*		188,424
	17,797	Goodyear Tire & Rubber Co. (The)*		305,218
	1,216	LCI Industries		159,807
	5,052	Modine Manufacturing Co.*		83,813
	1,911	Motorcar Parts of America, Inc.*		42,883
	2,091	Standard Motor Products, Inc.		90,645
	2,242	Stoneridge, Inc.*		66,139
	1,139	Tenneco, Inc.*		22,005
	472	Veoneer, Inc.*^		10,880
	2,260	Visteon Corp.*		273,324

				2,472,318


Shares			Value
Common Stocks, continued
Automobiles (0.2%):
	2,674	Harley-Davidson, Inc.	$	122,523
	140	Thor Industries, Inc.		15,820
	1,823	Winnebago Industries, Inc.		123,891

				262,234

Banks (11.7%):
	1,584	1st Constitution Bancorp		32,773
	2,159	1st Source Corp.		100,307
	410	ACNB Corp.		11,443
	880	Allegiance Bancshares, Inc.		33,827
	1,452	Altabancorp		62,886
	1,339	American National Bankshares, Inc.		41,630
	346	American River Bankshares		6,263
	4,420	Ameris Bancorp		223,785
	1,649	Ames National Corp.		40,417
	1,563	Arrow Financial Corp.		56,190
	9,870	Associated Banc-Corp.		202,138
	1,465	Atlantic Capital Bancshares, Inc.*		37,299
	4,025	Atlantic Union Bankshares Corp.		145,785
	13	Auburn National Bancorp, Inc.		461
	3,062	Banc of California, Inc.		53,707
	2,288	BancFirst Corp.		142,840
	4,986	Bancorp, Inc. (The)*		114,728
	6,784	BancorpSouth Bank		192,191
	2,653	Bank of Commerce Holdings		39,848
	2,496	Bank of Hawaii Corp.		210,213
	993	Bank of Marin Bancorp		31,677
	3,717	Bank of Nt Butterfield & Son, Ltd. (The)		131,768
	485	Bank of South Carolina Corp.		9,942
	7,825	Bank OZK		329,902
	5,871	BankUnited, Inc.		250,633
	1,789	Banner Corp.		96,982
	872	Bar Harbor Bankshares		24,957
	1,217	Baycom Corp.*		21,845
	595	BCB Bancorp, Inc.		8,003
	3,918	Berkshire Hills Bancorp, Inc.		107,392
	2,278	BOK Financial Corp.		197,275
	6,599	Boston Private Financial Holdings, Inc.		97,335
	4,406	Brookline Bancorp, Inc.		65,870
	1,666	Bryn Mawr Bank Corp.		70,289
	667	Business First Bancshares, Inc.		15,308
	2,546	Byline BanCorp, Inc.		57,616
	227	C&F Financial Corp.		11,577
	8,434	Cadence Bancorp		176,102
	436	Cambridge Bancorp		36,184
	1,359	Camden National Corp.		64,906
	1,471	Capital City Bank Group, Inc.		37,937
	4,300	Cathay General Bancorp		169,248
	1,646	CBTX, Inc.		44,952
	2,313	Central Pacific Financial Corp.		60,277
	1,141	Central Valley Community Bancorp		22,991
	419	Century Bancorp, Inc.		47,766
	668	Chemung Financial Corp.		29,599
	6,348	CIT Group, Inc.		327,493
	1,509	Citizens & Northern Corp.		36,970
	718	Citizens Holding Co.		13,254
	1,081	City Holding Co.		81,334
	822	Civista Bancshares, Inc.		18,166

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Banks, continued
	2,165	CNB Financial Corp.	$	49,405
	85	Codorus Valley Bancorp, Inc.		1,703
	56	Colony Bankcorp, Inc.		1,000
	3,942	Columbia Banking System, Inc.		152,004
	2,562	Community Bank System, Inc.		193,815
	3,296	Community Bankers Trust Corp.		37,377
	1,343	Community Trust Bancorp, Inc.		54,230
	525	Community West Bancshares		6,867
	2,880	ConnectOne Bancorp, Inc.		75,370
	2,253	CrossFirst Bankshares, Inc.*		30,979
	361	Cullen/Frost Bankers, Inc.		40,432
	3,141	Customers Bancorp, Inc.		122,468
	8,492	CVB Financial Corp.		174,850
	4,420	Dime Community Bancshares, Inc.		148,600
	609	Eagle Bancorp Montana, Inc.		14,007
	2,205	Eagle Bancorp, Inc.		123,656
	1,147	East West Bancorp, Inc.		82,228
	2,149	Enterprise Financial Services Corp.		99,692
	924	Equity Bancshares, Inc.*		28,173
	534	Evans Bancorp, Inc.		19,811
	20,280	F.N.B. Corp.		250,052
	2,582	Farmers National Banc Corp.		40,047
	2,391	FB Financial Corp.		89,232
	1,568	Financial Institutions, Inc.		47,040
	13,577	First Bancorp		161,838
	1,491	First Bancorp, Inc.		43,910
	2,293	First Bancorp/Southern Pines NC		93,807
	1,053	First Bancshares, Inc. (The)		39,414
	3,647	First Busey Corp.		89,935
	940	First Business Financial Services, Inc.		25,446
	91	First Citizens BancShares, Inc., Class A		75,779
	6,311	First Commonwealth Financial Corp.		88,796
	1,819	First Community Bankshares		54,297
	6,753	First Financial Bancorp		159,573
	4,886	First Financial Bankshares, Inc.		240,049
	812	First Financial Corp.		33,146
	1,717	First Financial Northwest, Inc.		26,013
	3,058	First Foundation, Inc.		68,836
	6,483	First Hawaiian, Inc.		183,728
	1,349	First Horizon Corp.		23,311
	402	First Internet BanCorp		12,454
	3,002	First Interstate BancSystem, Class A		125,574
	3,084	First Merchants Corp.		128,510
	720	First Mid Bancshares, Inc.		29,167
	6,306	First Midwest Bancorp, Inc.		125,048
	2,407	First of Long Island Corp. (The)		51,101
	28	First Savings Financial Group		2,048
	234	First United Corp.		4,079
	908	First US Bancshares, Inc.		9,779
	2,675	Flushing Financial Corp.		57,325
	8,311	Fulton Financial Corp.		131,148
	2,237	German American Bancorp, Inc.		83,216
	5,861	Glacier Bancorp, Inc.		322,824
	1,038	Great Southern Bancorp, Inc.		55,948
	3,789	Great Western Bancorp, Inc.		124,241
	440	Guaranty Bancshares, Inc.		14,991
	5,532	Hancock Whitney Corp.		245,842


Shares			Value
Common Stocks, continued
Banks, continued
	2,483	Hanmi Financial Corp.	$	47,326
	3,865	HarborOne BanCorp, Inc.		55,424
	44	Hawthorn Bancshares, Inc.		1,002
	2,024	Heartland Financial USA, Inc.		95,108
	2,978	Heritage Financial Corp.		74,510
	4,406	Hertiage Commerce Corp.		49,039
	4,502	Hilltop Holdings, Inc.		163,873
	9,825	Home Bancshares, Inc.		242,481
	1,918	Hometrust Bancshares, Inc.		53,512
	9,043	Hope BanCorp, Inc.		128,230
	3,456	Horizon Bancorp		60,238
	1,742	Independent Bank Corp.		131,521
	2,159	Independent Bank Group, Inc.		159,723
	4,168	International Bancshares Corp.		178,974
	15,596	Investors Bancorp, Inc.		222,399
	3,767	Lakeland Bancorp, Inc.		65,847
	1,694	Lakeland Financial Corp.		104,418
	905	Landmark Bancorp, Inc.		24,444
	1,512	LCNB Corp.		24,751
	2,612	Live Oak Bancshares, Inc.		154,108
	5,225	Macatawa Bank Corp.		45,719
	1,048	Mackinac Financial Corp.		20,708
	2,059	Mercantile Bank Corp.		62,182
	2,051	Midland States BanCorp, Inc.		53,880
	1,441	MidWestone Financial Group, Inc.		41,458
	2,052	National Bank Holdings Corp.		77,442
	769	National Bankshares, Inc.^		26,923
	3,226	NBT Bancorp, Inc.		116,039
	744	Nicolet Bankshares, Inc.*		52,333
	1,136	Northeast Bank		33,932
	657	Northrim Bancorp, Inc.		28,087
	609	Norwood Financial Corp.		15,834
	2,428	OFG Bancorp		53,707
	183	Ohio Valley Banc Corp.		4,474
	9,092	Old National Bancorp		160,110
	1,004	Old Point Financial Corp.		24,357
	3,314	Old Second Bancorp, Inc.		41,094
	1,182	Origin Bancorp, Inc.		50,188
	1,765	Orrstown Financial Services, Inc.		40,719
	1,718	Pacific Mercantile Bancorp*		14,775
	6,208	Pacific Premier Bancorp, Inc.		262,536
	7,685	PacWest Bancorp		316,315
	534	Park National Corp.		62,702
	1,636	Parke Bancorp, Inc.		32,000
	1,940	Peapack-Gladstone Financial Corp.		60,276
	1,452	Penns Woods Bancorp, Inc.		34,587
	434	Peoples Bancorp of NC		11,197
	1,794	Peoples Bancorp, Inc.		53,138
	3,628	People’s United Financial, Inc.		62,184
	2,578	Pinnacle Financial Partners, Inc.		227,612
	3,166	Popular, Inc.		237,608
	1,177	Preferred Bank Los Angeles		74,469
	1,193	Premier Financial Bancorp, Inc.		20,102
	2,309	Primis Financial Corp.		35,235
	474	Prosperity Bancshares, Inc.		34,033
	1,118	QCR Holdings, Inc.		53,765
	351	Rbb BanCorp		8,501

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Banks, continued
	2,844	Renasant Corp.	$	113,760
	1,482	Republic Bancorp, Inc., Class A		68,365
	6,466	Republic First Bancorp, Inc.*		25,799
	2,862	S & T Bancorp, Inc.		89,581
	320	Salisbury Bancorp, Inc.		16,256
	3,392	Sandy Spring Bancorp, Inc.		149,689
	552	SB Financial Group, Inc.		10,212
	3,087	Seacoast Banking Corp of Florida		105,421
	1,252	Select Bancorp, Inc.*		20,182
	3,948	ServisFirst Bancshares, Inc.		268,385
	1,022	Shore Bancshares, Inc.		17,118
	1,946	Sierra Bancorp		49,526
	6,833	Simmons First National Corp., Class A		200,480
	3,064	South State Corp.		250,513
	562	Southern First Bancshares, Inc.*		28,752
	2,061	Southside Bancshares, Inc.		78,792
	1,629	Spirit of Texas Bancshares, Inc.		37,206
	11,470	Sterling Bancorp		284,341
	1,444	Stock Yards Bancorp, Inc.		73,485
	682	Summit Financial Group, Inc.		15,011
	1,203	Summit State Bank		18,695
	4,275	Synovus Financial Corp.		187,587
	2,562	Texas Capital Bancshares, Inc.*		162,661
	1,140	Tompkins Financial Corp.		88,418
	5,191	TowneBank		157,910
	1,824	TriCo Bancshares		77,666
	2,571	Tristate Capital Holdings, Inc.*		52,423
	1,894	Triumph BanCorp, Inc.*		140,629
	4,644	Trustmark Corp.		143,035
	3,080	UMB Financial Corp.		286,625
	13,518	Umpqua Holdings Corp.		249,407
	249	Union Bankshares, Inc.		9,014
	450	United Bancshares, Inc.		16,205
	7,064	United Bankshares, Inc.		257,836
	4,792	United Community Banks, Inc.		153,392
	916	United Security Bancshares		7,484
	42	Unity Bancorp, Inc.		926
	1,651	Univest Financial Corp.		43,537
	24,217	Valley National Bancorp		325,234
	1,563	Veritex Holdings, Inc.		55,346
	1,461	Washington Trust Bancorp		75,022
	5,439	Webster Financial Corp.		290,116
	3,853	WesBanco, Inc.		137,282
	1,569	West Bancorp		43,540
	1,980	Westamerica Bancorp		114,899
	2,359	Western Alliance Bancorp		219,033
	3,614	Wintrust Financial Corp.		273,327

				19,335,764

Beverages (0.2%):
	321	Celsius Holdings, Inc.*		24,425
	557	Coca-Cola Consolidated, Inc.		223,986
	1,140	MGP Ingredients, Inc.		77,109
	1,268	National Beverage Corp.		59,888
	3,800	NewAge, Inc.*		8,474
	985	Willamette Valley Vineyards, Inc.*		13,475

				407,357


Shares			Value
Common Stocks, continued
Biotechnology (3.7%):
	2,838	Abeona Therapeutics, Inc.*	$	4,427
	1,733	AC Immune SA*		13,743
	3,308	Adverum Biotechnologies, Inc.*		11,578
	3,984	Aeglea BioTherapeutics, Inc.*		27,729
	1,728	Agios Pharmaceuticals, Inc.*		95,230
	13,598	Akebia Therapeutics, Inc.*		51,536
	1,610	Akero Therapeutics, Inc.*		39,944
	1,262	Albireo Pharma, Inc.*		44,397
	8,637	Alkermes plc*		211,779
	2,056	AnaptysBio, Inc.*		53,312
	1,103	Applied Genetic Technologies Corp.*		4,313
	418	Arcutis Biotherapeutics, Inc.*		11,407
	6,613	Ardelyx, Inc.*		50,127
	3,297	Arena Pharmaceuticals, Inc.*		224,855
	2,982	Atara Biotherapeutics, Inc.*		46,370
	2,342	Atreca, Inc., Class A*^		19,954
	2,657	Avid Bioservices, Inc.*		68,152
	1,944	Axcella Health, Inc.*^		7,795
	926	Bluebird Bio, Inc.*		29,613
	4,360	Calithera Biosciences, Inc.*		9,112
	2,139	Cara Therapeutics, Inc.*		30,524
	1,034	Caredx, Inc.*		94,632
	1,421	CASI Pharmaceuticals, Inc.*		2,203
	1,053	Catalyst Biosciences, Inc.*		4,560
	5,557	Catalyst Pharmaceuticals, Inc.*		31,953
	488	Celcuity, Inc.*^		11,712
	236	ChemoCentryx, Inc.*		3,160
	10,291	Chimerix, Inc.*		82,328
	1,393	Chinook Therapeutics, Inc.*		19,669
	3,561	Concert Pharmaceuticals, Inc.*		15,027
	1,425	Crinetics Pharmaceuticals, Inc.*		26,861
	1,634	Cue Biopharma, Inc.*		19,036
	2,539	Cytomx Therapeutics, Inc.*		16,072
	795	Deciphera Pharmaceuticals, Inc.*		29,105
	1,115	Eagle Pharmaceuticals, Inc.*		47,722
	3,146	Editas Medicine, Inc.*^		178,189
	1,660	Eiger BioPharmaceuticals, Inc.*		14,143
	2,263	Emergent BioSolutions, Inc.*		142,546
	1,500	Enanta Pharmaceuticals, Inc.*		66,015
	1,575	Fibrogen, Inc.*		41,942
	2,705	G1 Therapeutics, Inc.*		59,348
	1,199	Global Blood Therapeutics, Inc.*		41,989
	1,738	Glycomimetics Industries*		4,032
	2,547	Gritstone bio, Inc.*^		23,254
	7,584	Halozyme Therapeutics, Inc.*		344,389
	1,570	Harpoon Therapeutics, Inc.*		21,776
	2,828	Heron Therapeutics, Inc.*		43,891
	592	ImmuCell Corp.*		5,624
	5,536	ImmunoGen, Inc.*		36,482
	3,325	Infinity Pharmaceuticals, Inc.*		9,942
	4,448	Intellia Therapeutics, Inc.*		720,176
	9,256	Ironwood Pharmaceuticals, Inc.*		119,125
	4,709	IVERIC Bio, Inc.*		29,714
	3,800	Jounce Therapeutics, Inc.*		25,840
	856	KalVista Pharmaceuticals, Inc.*		20,510
	1,550	Karuna Therapeutics, Inc.*		176,685
	2,769	Kindred Biosciences, Inc.*		25,392

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Biotechnology, continued
	514	Kiniksa Pharmaceuticals, Ltd., Class A*	$	7,160
	885	Krystal Biotech, Inc.*		60,180
	2,093	Kura Oncology, Inc.*		43,639
	2,037	Lexicon Pharmaceuticals, Inc.*^		9,350
	981	Ligand Pharmaceuticals, Inc., Class B*		128,697
	3,011	Macrogenics, Inc.*		80,875
	424	Madrigal Pharmaceuticals, Inc.*		41,302
	2,522	Magenta Therapeutics, Inc.*		24,665
	900	MediciNova, Inc.*^		3,825
	2,101	MeiraGTx Holdings plc*		32,566
	1,038	Mersana Therapeutics, Inc.*		14,096
	1,300	Minerva Neurosciences, Inc.*		3,016
	711	Molecular Templates, Inc.*		5,560
	710	Morphic Holding, Inc.*		40,747
	5,691	Myriad Genetics, Inc.*		174,031
	1,223	Oncocyte Corp.*		7,020
	26,516	OPKO Health, Inc.*		107,390
	14,857	PDL BioPharma, Inc.		13,762
	2,098	Protagonist Therapeutics, Inc.*		94,158
	3,479	Prothena Corp. plc*		178,855
	380	PTC Therapeutics, Inc.*		16,063
	2,449	REGENXBIO, Inc.*		95,144
	333	Replimune Group, Inc.*		12,794
	1,106	Rhythm Pharmaceuticals, Inc.*		21,655
	9,636	Rigel Pharmaceuticals, Inc.*		41,820
	2,629	Rocket Pharmaceuticals, Inc.*		116,438
	2,335	Sage Therapeutics, Inc.*		132,651
	6,755	Sangamo Therapeutics, Inc.*		80,857
	374	Scholar Rock Holding Corp.*^		10,809
	9,500	Spectrum Pharmaceuticals, Inc.*		35,625
	1,478	Spero Therapeutics, Inc.*		20,633
	1,098	SpringWorks Therapeutics, Inc.*		90,486
	1,866	Surface Oncology, Inc.*		13,920
	464	Sutro Biopharma, Inc.*		8,626
	1,000	Syndax Pharmaceuticals, Inc.*		17,170
	905	Syros Pharmaceuticals, Inc.*		4,932
	1,755	TCR2 Therapeutics, Inc.*		28,800
	2,757	Travere Therapeutics, Inc.*		40,225
	533	Turning Point Therapeutics, Inc.*		41,585
	920	United Therapeutics Corp.*		165,057
	3,525	Vanda Pharmaceuticals, Inc.*		75,823
	8,204	Verastem, Inc.*		33,390
	2,783	Vericel Corp.*		146,108
	4,488	Viking Therapeutics, Inc.*^		26,883
	1,685	Voyager Therapeutics, Inc.*		6,959
	3,110	Xencor, Inc.*		107,264

				6,073,552

Building Products (1.3%):
	3,846	AAON, Inc.		240,721
	1,466	Advanced Drainage Systems, Inc.		170,892
	824	American Woodmark Corp.*		67,313
	2,007	Apogee Enterprises, Inc.		81,745
	3,226	Armstrong Flooring, Inc.*		19,969
	2,909	Armstrong World Industries, Inc.		312,019
	3,446	Cornerstone Building Brands, Inc.*		62,648
	815	Csw Industrials, Inc.		96,545
	1,452	Gibraltar Industries, Inc.*		110,802


Shares			Value
Common Stocks, continued
Building Products, continued
	1,043	Griffon Corp.	$	26,732
	1,762	Insteel Industries, Inc.		56,648
	3,941	Jeld-Wen Holding, Inc.*		103,491
	871	Masonite International Corp.*		97,369
	928	Patrick Industries, Inc.		67,744
	4,557	PGT Innovations, Inc.*		105,859
	2,436	Quanex Building Products Corp.		60,510
	3,705	Resideo Technologies, Inc.*		111,150
	2,222	Simpson Manufacturing Co., Inc.		245,398
	2,113	UFP Industries, Inc.		157,081

				2,194,636

Capital Markets (2.1%):
	2,265	Affiliated Managers Group, Inc.		349,286
	4,154	Artisan Partners Asset Management, Inc., Class A		211,106
	866	Assetmark Financial Holdings, Inc.*		21,702
	16,135	BGC Partners, Inc., Class A		91,485
	1,300	Blucora, Inc.*		22,503
	5,040	Brightsphere Investment Group, Inc.		118,087
	3,094	Cohen & Steers, Inc.		253,986
	239	Diamond Hill Investment Group		39,987
	2,638	Donnelley Financial Solutions, Inc.*		87,054
	4,076	Federated Hermes, Inc., Class B		138,217
	1,776	GAMCO Investors, Inc., Class A		44,578
	2,595	Greenhill & Co., Inc.		40,378
	1,753	Hamilton Lane, Inc.		159,733
	211	Hennessy Advisors, Inc.		1,967
	2,282	Houlihan Lokey, Inc.		186,645
	1,879	Janus Henderson Group plc		72,924
	6,326	Lazard, Ltd., Class A		286,252
	2,775	Manning & Napier, Inc.*		21,839
	3,592	Moelis & Co., Class A		204,349
	1,441	Oppenheimer Holdings, Class A		73,260
	671	Piper Jaffray Cos., Inc.		86,935
	1,393	PJT Partners, Inc.		99,432
	2,624	Pzena Investment Management, Inc.		28,890
	3,824	Safeguard Scientifics, Inc.*		29,674
	1,619	Silvercrest Asset Management Group, Inc., Class A		24,350
	5,103	Stifel Financial Corp.		330,981
	1,197	StoneX Group, Inc.*		72,622
	207	Value Line, Inc.		6,417
	5,549	Virtu Financial, Inc., Class A		153,319
	645	Virtus Investment Partners, Inc.		179,162
	1,478	Westwood Holdings, Inc.		32,161
	10,429	WisdomTree Investments, Inc.		64,660

				3,533,941

Chemicals (3.3%):
	1,064	Advanced Emmissions Solutions*		7,884
	2,739	AdvanSix, Inc.*		81,787
	1,429	Agrofresh Solutions, Inc.*		2,972
	2,805	American Vanguard Corp.		49,116
	2,989	Ashland Global Holdings, Inc.		261,537
	4,531	Avient Corp.		222,744
	2,404	Balchem Corp.		315,549
	2,535	Cabot Corp.		144,318
	639	Chase Corp.		65,568
	8,006	Chemours Co. (The)		278,609

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Chemicals, continued
	1,403	Core Molding Technologies, Inc.*	$	21,648
	15,410	Element Solutions, Inc.		360,286
	4,923	Ferro Corp.*		106,189
	2,318	Flotek Industries, Inc.*		4,010
	3,777	Futurefuel Corp.		36,259
	3,684	GCP Applied Technologies, Inc.*		85,690
	3,867	H.B. Fuller Co.		245,980
	2,170	Hawkins, Inc.		71,068
	2,520	Huntsman Corp.		66,830
	1,866	Ingevity Corp.*		151,818
	1,882	Innospec, Inc.		170,528
	1,447	Intrepid Potash, Inc.*		46,101
	1,147	Koppers Holdings, Inc.*		37,105
	1,259	Kraton Corp.*		40,653
	5,083	Kronos Worldwide, Inc.		72,789
	9,357	Livent Corp.*		181,152
	4,373	LSB Industries, Inc.*		26,457
	2,993	Minerals Technologies, Inc.		235,459
	389	NewMarket Corp.		125,250
	1,786	Northern Technologies International Corp.		31,076
	6,319	Olin Corp.		292,317
	8,061	PQ Group Holdings, Inc.		123,817
	241	Quaker Chemical Corp.		57,163
	5,893	Rayonier Advanced Materials, Inc.*		39,424
	2,468	Sensient Technologies Corp.		213,630
	1,681	Stepan Co.		202,174
	3,421	Trecora Resources*		28,463
	2,589	Tredegar Corp.		35,651
	2,135	Trinseo SA		127,758
	10,917	Tronox Holdings plc, Class A		244,541
	9,070	Valvoline, Inc.		294,412
	8,372	Venator Materials plc*		39,683
	4,062	W.R. Grace & Co.		280,765

				5,526,230

Commercial Services & Supplies (2.3%):
	4,656	ABM Industries, Inc.		206,494
	9,970	ACCO Brands Corp.		86,041
	675	Acme United Corp.		30,078
	1,580	AMREP Corp.*		18,423
	3,857	Brady Corp., Class A		216,146
	3,882	BrightView Holdings, Inc.*		62,578
	3,578	Brink’s Co. (The)		274,933
	3,082	Casella Waste Systems, Inc.*		195,491
	4,565	CECO Environmental Corp.*		32,685
	1,426	Cimpress plc*		154,593
	436	Civeo Corp.*		7,761
	2,550	Clean Harbors, Inc.*		237,507
	325	CompX International, Inc.		6,750
	8,739	Covanta Holding Corp.		153,894
	1,356	Deluxe Corp.		64,776
	2,494	Ennis, Inc.		53,671
	3,751	Healthcare Services Group, Inc.		118,419
	500	Heritage-Crystal Clean, Inc.*		14,840
	3,619	Herman Miller, Inc.		170,600
	2,378	HNI Corp.		104,561
	4,634	Interface, Inc.		70,900
	3,764	KAR Auction Services, Inc.*		66,058


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	4,148	Kimball International, Inc., Class B	$	54,546
	4,931	Knoll, Inc.		128,157
	2,508	Matthews International Corp., Class A		90,188
	1,662	McGrath Rentcorp		135,569
	276	MSA Safety, Inc.		45,700
	2,566	NL Industries, Inc.		16,679
	2,198	Perma-Fix Environmental Services, Inc.*		15,716
	12,465	Pitney Bowes, Inc.		109,318
	5,379	Quad Graphics, Inc.*		22,323
	8,004	RR Donnelley & Sons Co.*		50,265
	1,749	SP Plus Corp.*		53,502
	4,831	Steelcase, Inc., Class A		72,996
	4,115	Team, Inc.*		27,570
	765	Tetra Tech, Inc.		93,361
	1,089	UniFirst Corp.		255,523
	3,000	US Ecology, Inc.*		112,560
	981	Viad Corp.*		48,903
	3,566	Vidler Water Resouces, Inc.*		47,428
	3,364	Virco Manufacturing Co.*		11,471
	1,177	Vse Corp.		58,273

				3,797,247

Communications Equipment (1.1%):
	3,614	ADTRAN, Inc.		74,629
	1,444	Applied Optoelectronics, Inc.*^		12,231
	900	BK Technologies Corp.		2,835
	3,195	CalAmp Corp.*		40,640
	6,143	Calix, Inc.*		291,792
	3,508	Casa Systems, Inc.*		31,116
	980	Clearfield, Inc.*		36,701
	3,616	ClearOne, Inc.*		9,908
	1,300	CommScope Holding Co., Inc.*		27,703
	316	Communications Systems, Inc.*		2,269
	1,983	Comtech Telecommunications Corp.		47,909
	2,559	Digi International, Inc.*		51,461
	1,222	DZS, Inc.*		25,357
	3,591	EchoStar Corp., Class A*		87,225
	6,028	EMCORE Corp.*		55,578
	8,419	Harmonic, Inc.*		71,730
	9,258	Infinera Corp.*		94,432
	1,957	InterDigital, Inc.		142,920
	2,325	KVH Industries, Inc.*		28,598
	783	Lumentum Holdings, Inc.*		64,229
	1,769	NETGEAR, Inc.*		67,788
	4,188	NetScout Systems, Inc.*		119,526
	2,391	Network-1 Technologies, Inc.		7,795
	131	Optical Cable Corp.*		500
	7,260	Ribbon Communications, Inc.*		55,249
	3,617	ViaSat, Inc.*		180,271
	9,904	Viavi Solutions, Inc.*		174,905

				1,805,297

Construction & Engineering (1.6%):
	2,549	Ameresco, Inc., Class A*		159,873
	8,748	API Group Corp.*(a)		182,746
	3,564	Arcosa, Inc.		209,349
	952	Argan, Inc.		45,496
	1,799	Comfort Systems USA, Inc.		141,743

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares				Value
Common Stocks, continued
Construction & Engineering, continued
	999		Construction Partners, Inc., Class A*	$	31,369
	1,242		Dycom Industries, Inc.*		92,566
	875		EMCOR Group, Inc.		107,791
	3,647		Granite Construction, Inc.		151,460
	4,498		Great Lakes Dredge & Dock Co.*		65,716
	1,979		IES Holdings, Inc.*		101,641
	3,105		MasTec, Inc.*		329,441
	1,083		MYR Group, Inc.*		98,466
	1,479		Northwest Pipe Co.*		41,782
	949	��	NV5 Global, Inc.*		89,690
	5,203		Orion Group Holdings, Inc.*		29,917
	1,563		Primoris Services Corp.		45,999
	2,151		Sterling Construction Co., Inc.*		51,904
	2,090		Tutor Perini Corp.*		28,947
	1,408		Valmont Industries, Inc.		332,358
	8,999		WillScot Mobile Mini Holdings Corp.*		250,802

					2,589,056

Construction Materials (0.4%):
	1,908		Eagle Materials, Inc., Class A		271,146
	1,261		Forterra, Inc.*		29,646
	5,455		Summit Materials, Inc., Class A*		190,107
	1,499		U.S. Concrete, Inc.*		110,626
	631		U.S. Lime & Minerals, Inc.		87,766

					689,291

Consumer Finance (1.1%):
	2,006		Atlanticus Holdings Corp.*		79,638
	5,088		Consumer Portfolio Services, Inc.*		22,896
	3,041		Curo Group Holdings Corp.		51,697
	1,249		Encore Capital Group, Inc.*		59,190
	1,566		Enova International, Inc.*		53,573
	5,775		EZCORP, Inc., Class A*		34,823
	2,530		Firstcash, Inc.		193,393
	2,615		Green Dot Corp., Class A*		122,513
	5,920		LendingClub Corp.*		107,330
	6,374		Navient Corp.		123,209
	1,807		Nelnet, Inc., Class A		135,941
	1,556		Nicholas Financial, Inc.*		17,458
	3,211		PRA Group, Inc.*		123,527
	5,461		PROG Holdings, Inc.*		262,838
	1,376		Regional Mgmt Corp.		64,039
	11,202		SLM Corp.		234,570
	638		World Acceptance Corp.*		102,233

					1,788,868

Containers & Packaging (0.5%):
	13,394		Graphic Packaging Holding Co.		242,967
	1,645		Greif, Inc., Class A		99,605
	1,065		Greif, Inc., Class B		62,835
	2,948		Myers Industries, Inc.		61,908
	7,172		O-I Glass, Inc.*		117,119
	613		Ranpak Holdings Corp.*		15,343
	4,885		Silgan Holdings, Inc.		202,727
	671		UFP Technologies, Inc.*		38,529

					841,033

Distributors (0.1%):
	12		AMCON Distributing Co.		1,837
	3,047		Core Markt Holdngs Co., Inc.		137,146


Shares			Value
Common Stocks, continued
Distributors, continued
	1,626	Educational Development Corp.	$	20,276
	978	Funko, Inc., Class A*^		20,812
	1,655	Weyco Group, Inc.		37,022

				217,093

Diversified Consumer Services (1.0%):
	3,764	Adtalem Global Education, Inc.*		134,149
	1,366	American Public Education, Inc.*		38,712
	1,743	Carriage Services, Inc.		64,439
	4,869	Frontdoor, Inc.*		242,573
	201	Graham Holdings Co., Class B		127,414
	2,885	Grand Canyon Education, Inc.*		259,563
	8,298	H&R Block, Inc.		194,837
	11,941	Houghton Mifflin Harcourt Co.*		131,829
	2,311	Laureate Education, Inc.*		33,533
	2,747	OneSpaWorld Holdings, Ltd.*		26,618
	4,264	Perdoceo Education Corp.*		52,319
	2,561	Regis Corp.*		23,971
	1,432	Strategic Education, Inc.		108,918
	3,468	Stride, Inc.*		111,427
	5,156	Universal Technical Institute, Inc.*		33,462
	2,647	WW International, Inc.*		95,663
	3,362	Zovio, Inc.*		8,708

				1,688,135

Diversified Financial Services (0.1%):
	500	Alerus Financial Corp.		14,505
	646	A-Mark Precious Metals, Inc.		30,039
	3,167	Cannae Holdings, Inc.*		107,393
	6,056	First Eagle Private Credit LLC*		615
	873	Jefferies Financial Group, Inc.		29,857
	1,617	Marlin Business Services, Inc.		36,803

				219,212

Diversified Telecommunication Services (0.6%):
	1,146	Anterix, Inc.*		68,749
	1,599	ATN International, Inc.		72,738
	3,222	Cincinnati Bell, Inc.*		49,683
	2,189	Cogent Communications Holdings, Inc.		168,312
	5,491	Consolidated Communications Holdings, Inc.*		48,266
	3,588	IDT Corp.*		132,612
	6,647	Iridium Communications, Inc.*		265,814
	7,741	Orbcomm, Inc.*		87,009
	5,538	Vonage Holdings Corp.*		79,803

				972,986

Electric Utilities (0.7%):
	1,005	ALLETE, Inc.		70,330
	3,043	Genie Energy, Ltd., Class B		19,232
	5,125	Hawaiian Electric Industries, Inc.		216,685
	817	IDACORP, Inc.		79,657
	2,874	MGE Energy, Inc.		213,941
	3,078	Otter Tail Corp.		150,237
	6,951	PNM Resources, Inc.		339,000
	2,371	Portland General Electric Co.		109,256
	2,565	Spark Energy, Inc.^		29,061

				1,227,399

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electrical Equipment (1.0%):
	1,515	Acuity Brands, Inc.	$	283,350
	1,513	Allied Motion Technologies, Inc.		52,244
	3,364	American Superconductor Corp.*		58,500
	634	Atkore, Inc.*		45,014
	1,354	AZZ, Inc.		70,110
	1,427	Encore Wire Corp.		108,152
	2,929	EnerSys		286,251
	411	Espey Manufacturing & Electronics Corp.		6,091
	9,534	GrafTech International, Ltd.		110,785
	2,834	LSI Industries, Inc.		22,700
	5,549	nVent Electric plc		173,351
	569	Powell Industries, Inc.		17,611
	690	Preformed Line Products Co.		51,198
	1,663	Regal-Beloit Corp.		222,027
	75	Servotronics, Inc.*		641
	2,714	Thermon Group Holdings, Inc.*		46,247
	3,104	Ultralife Corp.*		26,012
	1,134	Vicor Corp.*		119,909

				1,700,193

Electronic Equipment, Instruments & Components (2.6%):
	6,544	Arlo Technologies, Inc.*		44,303
	5,149	Avnet, Inc.		206,372
	1,818	Badger Meter, Inc.		178,382
	254	Bel Fuse, Inc., Class A		3,637
	1,595	Bel Fuse, Inc., Class B		22,968
	3,057	Belden, Inc.		154,593
	896	Benchmark Electronics, Inc.		25,500
	543	Coherent, Inc.*		143,537
	1,611	CTS Corp.		59,865
	6,442	Daktronics, Inc.*		42,453
	1,365	Data I/O Corp.*		9,296
	331	ePlus, Inc.*		28,694
	2,671	Fabrinet*		256,069
	1,055	FARO Technologies, Inc.*		82,047
	640	Frequency Electronics, Inc.*		6,272
	646	IEC Electronics Corp.*		6,789
	2,502	Insight Enterprises, Inc.*		250,225
	2,532	Itron, Inc.*		253,149
	2,556	Kimball Electronics, Inc.*		55,567
	4,627	Knowles Corp.*		91,337
	475	Littlelfuse, Inc.		121,025
	1,600	Luna Innovations, Inc.*		17,328
	98	Mesa Laboratories, Inc.		26,575
	2,596	Methode Electronics, Inc., Class A		127,749
	2,108	Napco Security Technologies, Inc.*		76,668
	2,994	National Instruments Corp.		126,586
	2,576	Novanta, Inc.*		347,142
	1,320	OSI Systems, Inc.*		134,165
	1,564	PAR Technology Corp.*^		109,386
	1,667	PC Connection, Inc.		77,132
	2,132	Plexus Corp.*		194,886
	1,162	Rogers Corp.*		233,330
	5,482	Sanmina Corp.*		213,579
	1,880	ScanSource, Inc.*		52,884
	1,582	SYNNEX Corp.		192,624
	5,308	TTM Technologies, Inc.*		75,904
	9,022	Vishay Intertechnology, Inc.		203,446


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	999	Vishay Precision Group, Inc.*	$	34,006
	989	Wayside Technology Group, Inc.		24,765
	3,952	Wireless Telecom Group, Inc.*		16,085

				4,326,320

Energy Equipment & Services (1.2%):
	7,188	Archrock, Inc.		64,045
	2,431	Aspen Aerogels, Inc.*		72,736
	412	Bristow Group, Inc.*		10,551
	2,978	Cactus, Inc., Class A		109,352
	4,868	ChampionX Corp.*		124,864
	2,103	Core Laboratories NV		81,912
	1,457	Dawson Geophysical Co.*		3,803
	2,539	Dril-Quip, Inc.*		85,894
	4,307	Exterran Corp.*		20,501
	16,167	Frank’s International NV*		48,986
	1,260	Geospace Technologies Corp.*		10,194
	2,641	Gulf Island Fabrication, Inc.*		11,937
	7,520	Helix Energy Solutions Group, Inc.*		42,939
	5,207	Helmerich & Payne, Inc.		169,905
	531	KLX Energy Services Holdings, Inc.*^		5,071
	1,238	Liberty Oilfield Services, Inc., Class A*		17,530
	595	Mammoth Energy Services, Inc.*		2,731
	3,068	Matrix Service Co.*		32,214
	494	Nabors Industries, Ltd.*		56,435
	725	National Energy Services Reunited Corp.*		10,331
	1,299	Natural Gas Services Group*		13,354
	11,883	Newpark Resources, Inc.*		41,115
	6,877	NexTier Oilfield Solutions, Inc.*		32,735
	9,464	NOV, Inc.*		144,989
	6,841	Oceaneering International, Inc.*		106,514
	3,039	Oil States International, Inc.*		23,856
	9,819	Patterson-UTI Energy, Inc.		97,601
	7,231	Propetro Holding Corp.*		66,236
	8,632	RPC, Inc.*		42,729
	1,598	SEACOR Marine Holdings, Inc.*		7,047
	4,229	Select Energy Services, Inc.*		25,543
	1,537	Solaris Oilfield Infrastructure, Inc.		14,970
	1,803	Technip Energies NV, ADR*		24,593
	15,066	TechnipFMC plc		136,347
	5,480	TETRA Technologies, Inc.*		23,783
	1,075	Tidewater, Inc.*		12,954
	20,620	Transocean, Ltd.*^		93,202
	5,730	U.S. Silica Holdings, Inc.*		66,239

				1,955,738

Entertainment (0.4%):
	2,527	Ballantyne Strong, Inc.*^		12,104
	4,904	Cinemark Holdings, Inc.*		107,643
	2,242	Eros STX Global Corp.*		3,430
	2,533	Imax Corp.*		54,460
	783	Liberty Media Corp.-Liberty Braves, Class A*		22,096
	1,825	Liberty Media Corp.-Liberty Braves, Class C*		50,680
	7,207	Lions Gate Entertainment Corp., Class A*		149,185
	7,603	Lions Gate Entertainment Corp., Class B*		139,135
	870	Marcus Corp.*^		18,453
	2,715	Reading International, Inc., Class A*		18,924
	951	World Wrestling Entertainment, Inc., Class A^		55,053

				631,163

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Equity Real Estate Investment Trusts (0.1%):
	3,291	Brookfield Renewable Corp., Class A	$	138,024
	261	CTO Realty Growth, Inc.		13,969

				151,993

Food & Staples Retailing (0.8%):
	7,678	BJ’s Wholesale Club Holdings, Inc.*		365,319
	2,742	Grocery Outlet Holding Corp.*		95,038
	661	Ingles Markets, Inc., Class A		38,516
	2,814	Natural Grocers by Vitamin Cottage, Inc.		30,222
	799	Performance Food Group Co.*		38,744
	2,298	PriceSmart, Inc.		209,141
	305	Rite Aid Corp.*		4,971
	2,176	SpartanNash Co.		42,019
	4,696	Sprouts Farmers Market, Inc.*		116,696
	2,872	The Andersons, Inc.		87,682
	2,406	The Chefs’ Warehouse, Inc.*		76,583
	3,444	United Natural Foods, Inc.*		127,359
	1,419	Village Super Market, Inc., Class A		33,361
	2,268	Weis Markets, Inc.		117,165

				1,382,816

Food Products (1.5%):
	444	Alico, Inc.		15,806
	2,325	B&G Foods, Inc.^		76,260
	1,273	Calavo Growers, Inc.		80,734
	2,146	Cal-Maine Foods, Inc.		77,707
	1,318	Coffee Holding Co., Inc.*		7,078
	5,683	Darling Ingredients, Inc.*		383,602
	2,411	Farmer Brothers Co.*		30,596
	5,876	Flowers Foods, Inc.		142,199
	2,300	Fresh Del Monte Produce, Inc.		75,624
	3,206	Hain Celestial Group, Inc. (The)*		128,625
	6,361	Hostess Brands, Inc.*		102,985
	1,040	J & J Snack Foods Corp.		181,386
	519	John B Sanfilippo And Son, Inc.		45,968
	1,792	Lancaster Colony Corp.		346,770
	2,754	Landec Corp.*		30,982
	2,175	Limoneira Co.		38,171
	1,220	Rocky Mountain Chocolate Factory, Inc.*		9,309
	1,074	Sanderson Farms, Inc.		201,880
	46	Seaboard Corp.		177,962
	708	Seneca Foods Corp., Class A*		36,165
	12	Seneca Foods Corp., Class B*		628
	4,807	Simply Good Foods Co. (The)*		175,503
	2,229	Tootsie Roll Industries, Inc.		75,585
	1,779	TreeHouse Foods, Inc.*		79,201

				2,520,726

Gas Utilities (0.8%):
	1,204	Chesapeake Utilities Corp.		144,877
	1,610	National Fuel Gas Co.		84,122
	5,705	New Jersey Resources Corp.		225,747
	2,176	Northwest Natural Holding Co.		114,284
	2,605	ONE Gas, Inc.		193,083
	873	RGC Resources, Inc.		22,008
	6,748	South Jersey Industries, Inc.		174,976
	2,172	Southwest Gas Holdings, Inc.		143,765
	3,801	Spire, Inc.		274,698

				1,377,560


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies (3.2%):
	6,691	Accuray, Inc.*	$	30,243
	3,723	AngioDynamics, Inc.*		101,005
	1,309	Anika Therapeutics, Inc.*		56,667
	2,944	Antares Pharma, Inc.*		12,836
	2,193	Apyx Medical Corp.*		22,610
	2,715	AtriCure, Inc.*		215,381
	126	Atrion Corp.		78,237
	2,708	Avanos Medical, Inc.*		98,490
	2,841	Axogen, Inc.*		61,394
	2,250	Axonics, Inc.*^		142,672
	2,280	Cardiovascular Systems, Inc.*		97,242
	1,622	CONMED Corp.		222,911
	2,181	CryoLife, Inc.*		61,940
	483	CytoSorbents Corp.*		3,647
	1,118	Elctromed, Inc.*		12,622
	4,664	Envista Holdings Corp.*		201,531
	427	Fonar Corp.*		7,549
	2,248	Glaukos Corp.*		190,698
	636	Haemonetics Corp.*		42,383
	682	Heska Corp.*		156,676
	1,151	ICU Medical, Inc.*		236,876
	1,357	Inogen, Inc.*		88,436
	2,136	Integer Holdings Corp.*		201,211
	4,796	Integra LifeSciences Holdings Corp.*		327,279
	199	IntriCon Corp.*		4,474
	4,509	Invacare Corp.*		36,388
	850	iRadimed Corp.*		24,998
	2,006	IRIDEX Corp.*		14,162
	249	Kewaunee Scientific CP*		3,583
	3,601	Lantheus Holdings, Inc.*		99,532
	1,847	LeMaitre Vascular, Inc.		112,704
	1,127	LENSAR, Inc.*		9,760
	2,843	LivaNova plc*		239,125
	3,167	Meridian Bioscience, Inc.*		70,244
	3,244	Merit Medical Systems, Inc.*		209,757
	2,205	Natus Medical, Inc.*		57,286
	6,136	Neogen Corp.*		282,501
	216	Nevro Corp.*		35,811
	3,688	NuVasive, Inc.*		249,973
	4,178	OraSure Technologies, Inc.*		42,365
	1,375	Orthofix Medical, Inc.*		55,151
	825	Orthopediatrics Corp.*		52,123
	2,363	SeaSpine Holdings Corp.*		48,465
	200	Shockwave Medical, Inc.*		37,946
	1,010	SI-BONE, Inc.*		31,785
	2,472	STAAR Surgical Co.*		376,980
	10,930	Surgalign Holdings, Inc.*		15,193
	1,379	Surmodics, Inc.*		74,811
	1,169	Tactile Systems Technology, Inc.*		60,788
	1,772	Tandem Diabetes Care, Inc.*		172,593
	1,583	TransMedics Group, Inc.*		52,524
	554	Utah Medical Products, Inc.		47,112
	2,566	Varex Imaging Corp.*		68,820
	8,600	ViewRay, Inc.*		56,760
	686	Zynex, Inc.*		10,654

				5,324,904

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Providers & Services (3.8%):
	7,202	Acadia Healthcare Co., Inc.*	$	451,926
	1,177	Addus HomeCare Corp.*		102,682
	2,776	AMN Healthcare Services, Inc.*		269,216
	1,143	Apollo Medical Holdings, Inc.*		71,792
	15,391	Brookdale Senior Living, Inc.*		121,589
	10,972	Community Health Systems, Inc.*		169,408
	1,627	CorVel Corp.*		218,506
	8,309	Covetrus, Inc.*		224,343
	2,958	Cross Country Healthcare, Inc.*		48,837
	3,482	Ensign Group, Inc. (The)		301,785
	190	Five Star Senior Living, Inc.*		1,094
	2,033	Hanger, Inc.*		51,394
	2,687	HealthEquity, Inc.*		216,250
	1,999	InfuSystems Holdings, Inc.*		41,559
	1,543	Joint Corp. (The)*		129,489
	1,298	LHC Group, Inc.*		259,937
	1,752	Magellan Health, Inc.*		165,038
	6,017	MEDNAX, Inc.*		181,413
	624	ModivCare, Inc.*		106,124
	887	National Healthcare Corp.		62,001
	2,297	National Research Corp.		105,432
	5,588	Option Care Health, Inc.*		122,210
	6,622	Owens & Minor, Inc.		280,309
	6,106	Patterson Cos., Inc.		185,561
	1,785	Petiq, Inc.*^		68,901
	5,842	Premier, Inc., Class A		203,243
	4,936	Progyny, Inc.*		291,224
	1,080	Psychemedics Corp.*		7,517
	15,289	R1 RCM, Inc.*		340,027
	4,673	RadNet, Inc.*		157,433
	7,741	Select Medical Holdings Corp.		327,135
	4,611	Surgery Partners, Inc.*		307,185
	7,377	Tenet Healthcare Corp.*		494,185
	2,378	The Pennant Group, Inc.*		97,260
	1,778	Tivity Health, Inc.*		46,779
	1,995	Triple-S Management Corp., Class B*		44,429
	895	U.S. Physical Therapy, Inc.		103,704

				6,376,917

Health Care Technology (0.9%):
	13,549	Allscripts Healthcare Solutions, Inc.*		250,792
	3,434	Castlight Health, Inc., Class B*		9,031
	1,296	Change Healthcare, Inc.*		29,860
	1,388	Computer Programs & Systems, Inc.		46,123
	5,645	Evolent Health, Inc., Class A*		119,222
	2,021	Health Catalyst, Inc.*		112,186
	2,627	HealthStream, Inc.*		73,398
	1,239	iCAD, Inc.*		21,447
	5,440	Inovalon Holdings, Inc., Class A*		185,395
	4,954	NextGen Healthcare, Inc.*		82,187
	2,585	Omnicell, Inc.*		391,498
	445	OptimizeRx Corp.*		27,546
	2,790	Vocera Communications, Inc.*		111,182

				1,459,867

Hotels, Restaurants & Leisure (2.4%):
	224	Bally’s Corp.*		12,121
	1,724	BBQ Holdings, Inc.*		32,722
	3	Biglari Holdings, Inc., Class A*		2,337


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	168	Biglari Holdings, Inc., Class B*	$	26,791
	2,281	BJ’s Restaurants, Inc.*		112,088
	6,174	Bloomin’ Brands, Inc.*		167,562
	950	Bluegreen Vacations Holding Corp.*		17,100
	1,994	Brinker International, Inc.*		123,329
	4,497	Carrols Restaurant Group, Inc.*		27,027
	2,820	Cheesecake Factory, Inc. (The)*		152,788
	1,698	Choice Hotels International, Inc.		201,824
	2,063	Chuy’s Holdings, Inc.*		76,867
	1,492	Cracker Barrel Old Country Store, Inc.		221,502
	3,275	Dave & Buster’s Entertainment, Inc.*		132,965
	2,980	Del Taco Restaurants, Inc.		29,830
	3,256	Denny’s Corp.*		53,692
	10,097	Diamond Resorts International, Inc.*		2,567
	3,712	Dover Motorsports, Inc.		8,352
	2,394	El Pollo Loco Holdings, Inc.*		43,786
	2,608	Fiesta Restaurant Group, Inc.*		35,026
	100	Flanigan’s Enterprises, Inc.*		4,031
	4,318	Hilton Grand Vacations, Inc.*		178,722
	4,444	International Game Technology plc*		106,478
	1,031	Jack in the Box, Inc.		114,895
	2,108	Lindblad Expeditions Holdings, Inc.*^		33,749
	809	Marriott Vacations Worldwide Corp.*		128,874
	597	Nathans Famous, Inc.		42,578
	1,669	Noodles & Co.*		20,829
	1,908	Papa John’s International, Inc.		199,272
	3,630	Playa Hotels & Resorts NV*		26,971
	1,540	Playags, Inc.*		15,246
	1,569	Potbelly Corp.*		12,395
	300	RCI Hospitality Holdings, Inc.		19,860
	1,368	Red Robin Gourmet Burgers*		45,295
	662	Red Rock Resorts, Inc.*		28,135
	2,239	Ruth’s Hospitality Group, Inc.*		51,564
	3,369	Scientific Games Corp., Class A*		260,895
	3,059	SeaWorld Entertainment, Inc.*		152,767
	1,613	Shake Shack, Inc., Class A*		172,623
	2,192	Texas Roadhouse, Inc., Class A		210,870
	3,865	Travel + Leisure Co.		229,774
	10,098	Wendy’s Co. (The)		236,495
	1,375	Wingstop, Inc.		216,741
	956	Wyndham Hotels & Resorts, Inc.		69,109

				4,058,444

Household Durables (2.3%):
	608	Bassett Furniture Industries, Inc.		14,805
	738	Beazer Homes USA, Inc.*		14,236
	582	Cavco Industries, Inc.*		129,315
	2,344	Century Communities, Inc.		155,970
	2,480	Ethan Allen Interiors, Inc.		68,448
	820	Flexsteel Industries, Inc.		33,120
	1,624	Green Brick Partners, Inc.*		36,930
	1,634	Helen of Troy, Ltd.*		372,748
	670	Hooker Furniture Corp.		23,209
	2,064	Installed Building Products, Inc.		252,551
	1,861	iRobot Corp.*^		173,799
	6,985	KB Home		284,429
	1,138	Koss Corp.*^		26,424
	3,650	La-Z-Boy, Inc.		135,196

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Household Durables, continued
	1,096	LGI Homes, Inc.*	$	177,486
	2,522	Lifetime Brands, Inc.		37,754
	4,157	M/I Homes, Inc.*		243,891
	5,856	MDC Holdings, Inc.		296,314
	1,818	Meritage Homes Corp.*		171,037
	723	P & F Industries, Inc., Class A*		4,844
	2,534	Purple Innovation, Inc.*		66,923
	3,692	Skyline Champion Corp.*		196,784
	4,300	Sonos, Inc.*		151,489
	9,383	Taylor Morrison Home Corp., Class A*		247,899
	2,280	Tempur Sealy International, Inc.		89,353
	8,642	Tri Pointe Homes, Inc.*		185,198
	3,274	Tupperware Brands Corp.*		77,757
	600	Turtle Beach Corp.*		19,152
	1,460	Universal Electronics, Inc.*		70,810

				3,757,871

Household Products (0.5%):
	636	Central Garden & Pet Co.*		33,664
	3,036	Central Garden & Pet Co., Class A*		146,639
	4,183	Energizer Holdings, Inc.		179,785
	1,767	Ocean Bio-Chem, Inc.		21,557
	640	Oil-Dri Corp of America		21,875
	1,701	Spectrum Brands Holdings, Inc.		144,653
	1,014	WD-40 Co.		259,878

				808,051

Independent Power and Renewable Electricity Producers (0.3%):
	4,220	Atlantica Sustainable Infrastructure plc		157,068
	703	Clearway Energy, Inc., Class A		17,730
	2,596	Clearway Energy, Inc., Class C		68,742
	3,474	Ormat Technologies, Inc.		241,547
	2,332	Sunnova Energy International, Inc.*		87,823

				572,910

Industrial Conglomerates (0.1%):
	2,471	Raven Industries, Inc.		142,947

Insurance (3.0%):
	2,802	AMBAC Financial Group, Inc.*		43,879
	3,895	American Equity Investment Life Holding Co.		125,886
	1,583	American National Group , Inc.		235,155
	1,428	Amerisafe, Inc.		85,237
	2,103	Argo Group International Holdings, Ltd.		108,999
	4,928	Assured Guaranty, Ltd.		233,981
	2,314	Axis Capital Holdings, Ltd.		113,409
	4,835	Brighthouse Financial, Inc.*		220,186
	5,374	Citizens, Inc.*		28,428
	3,445	Crawford & Co.		29,627
	2,876	Crawford & Co., Class A		26,085
	2,691	Donegal Group, Inc., Class A		39,208
	1,337	eHealth, Inc.*		78,081
	2,020	Employers Holdings, Inc.		86,456
	1,137	Enstar Group, Ltd.*		271,652
	2,111	FedNat Holding Co.		8,761
	10,826	Genworth Financial, Inc., Class A*		42,221
	1,050	Global Indemnity Group LLC, Class A		27,668
	3,055	Greenlight Capital Re, Ltd.*		27,892
	1,752	Hallmark Financial Services, Inc.*		7,796
	2,024	Hanover Insurance Group, Inc. (The)		274,535


Shares			Value
Common Stocks, continued
Insurance, continued
	489	HCI Group, Inc.^	$	48,621
	1,369	Heritage Insurance Holdings, Inc.		11,746
	2,432	Horace Mann Educators Corp.		91,005
	1,411	Independence Holding Co.		65,358
	253	Investors Title Co.		44,181
	1,855	James River Group Holdings		69,600
	2,661	Kemper Corp.		196,648
	1,473	Kingstone Co., Inc.		11,489
	714	Kinsale Capital Group, Inc.		117,646
	12,677	Maiden Holdings, Ltd.*		42,722
	2,856	Mercury General Corp.		185,497
	198	National Western Life Group, Inc., Class A		44,429
	929	NI Holdings, Inc.*		17,660
	2,112	Old Republic International Corp.		52,610
	1,464	Primerica, Inc.		224,197
	4,148	ProAssurance Corp.		94,367
	2,350	RLI Corp.		245,787
	1,234	Safety Insurance Group, Inc.		96,598
	2,998	Selective Insurance Group, Inc.		243,288
	6,247	SiriusPoint, Ltd.*		62,907
	3,755	State Auto Financial Corp.		64,286
	1,966	Stewart Information Services Corp.		111,453
	204	The National Security Group, Inc.		2,244
	2,849	Tiptree, Inc., Class A		26,496
	232	Trupanion, Inc.*		26,703
	2,000	United Fire Group, Inc.		55,460
	4,002	United Insurance Holdings Co.		22,811
	2,274	Universal Insurance Holdings, Inc.		31,563
	10,427	Unum Group		296,127
	204	White Mountains Insurance Group, Ltd.		234,198

				4,952,839

Interactive Media & Services (0.4%):
	5,278	Cargurus, Inc.*		138,442
	4,413	Cars.com, Inc.*		63,238
	6,181	DHI Group, Inc.*		20,892
	3,238	QuinStreet, Inc.*		60,162
	2,073	Travelzoo, Inc.*		30,597
	4,246	TripAdvisor, Inc.*		171,114
	11,137	TrueCar, Inc.*		62,924
	3,909	Yelp, Inc.*		156,204
	1,473	Zedge, Inc., Class B*		27,118

				730,691

Internet & Direct Marketing Retail (0.7%):
	1,021	1-800 Flowers.com, Inc., Class A*^		32,539
	8,177	Just Eat Takeaway.com NV, ADR*		149,312
	1,300	Lands’ End, Inc.*		53,365
	3,018	Liquidity Services, Inc.*		76,808
	1,834	Magnite, Inc.*		62,063
	1,724	PetMed Express, Inc.^		54,909
	3,615	Quotient Technology, Inc.*		39,078
	16,641	Qurate Retail, Inc., Class A		217,831
	2,899	Shutterstock, Inc.		284,595
	1,086	Stamps.com, Inc.*		217,515

				1,188,015

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
IT Services (2.4%):
	2,017	Alliance Data Systems Corp.	$	210,151
	622	BM Technologies, Inc.*		7,738
	1,700	Brightcove, Inc.*		24,395
	403	CACI International, Inc., Class A*		102,813
	1,474	Cass Information Systems, Inc.		60,065
	1,016	Concentrix Corp.*		163,373
	9,103	Conduent, Inc.*		68,272
	1,673	CSG Systems International, Inc.		78,932
	758	CSP, Inc.*		8,111
	5,345	DXC Technology Co.*		208,134
	4,623	Evertec, Inc.		201,794
	1,270	Evo Payments, Inc.*		35,230
	2,811	Exlservice Holdings, Inc.*		298,697
	1,053	Greensky, Inc.*		5,844
	4,964	GTT Communications, Inc.*^		12,062
	2,654	Hackett Group, Inc. (The)		47,825
	439	I3 Verticals, Inc.*		13,267
	6,887	KBR, Inc.		262,739
	10,373	Limelight Networks, Inc.*		32,675
	3,634	LiveRamp Holdings, Inc.*		170,253
	1,830	ManTech International Corp., Class A		158,368
	2,575	MAXIMUS, Inc.		226,523
	862	Paysign, Inc.*		2,741
	2,404	Perficient, Inc.*		193,330
	3,168	PFSweb, Inc.*		23,380
	1,557	Science Applications International Corp.		136,596
	8,429	Servicesource International, Inc.*		11,885
	1,555	StarTek, Inc.*		11,087
	4,816	Switch, Inc., Class A		101,666
	3,084	Sykes Enterprises, Inc.*		165,611
	6,624	Teradata Corp.*		331,001
	3,462	TTEC Holdings, Inc.		356,898
	4,235	Unisys Corp.*		107,188
	3,544	Verra Mobility Corp.*		54,471

				3,893,115

Leisure Products (0.7%):
	4,501	Acushnet Holdings Corp.		222,349
	2,004	American Outdoor Brands, Inc.*		70,421
	5,416	Callaway Golf Co.*		182,682
	1,661	Clarus Corp.		42,688
	1,402	Escalade, Inc.		32,176
	723	Johnson Outdoors, Inc., Class A		87,483
	1,264	Malibu Boats, Inc.*		92,689
	2,419	Marine Products Corp.		37,349
	850	Mastercraft Boat Holdings, Inc.*		22,346
	3,780	Mattel, Inc.*		75,978
	2,293	Nautilus Group, Inc.*		38,637
	1,853	Smith & Wesson Brands, Inc.		64,299
	1,645	Vista Outdoor, Inc.*		76,131
	421	YETI Holdings, Inc.*		38,656

				1,083,884

Life Sciences Tools & Services (0.7%):
	2,937	Codexis, Inc.*		66,553
	7,407	Enzo Biochem, Inc.*^		23,480
	6,099	Fluidigm Corp.*^		37,570
	7,018	Harvard Bioscience, Inc.*		58,460


Shares			Value
Common Stocks, continued
Life Sciences Tools & Services, continued
	447	Inotiv, Inc.*	$	11,926
	2,082	Luminex Corp.		76,618
	2,072	Medpace Holdings, Inc.*		365,977
	2,010	NanoString Technologies, Inc.*		130,228
	5,166	Neogenomics, Inc.*		233,348
	647	Personalis, Inc.*		16,369
	1,700	Quanterix Corp.*		99,722

				1,120,251

Machinery (5.2%):
	858	Alamo Group, Inc.		130,999
	1,494	Albany International Corp., Class A		133,354
	6,903	Allison Transmission Holdings, Inc.		274,325
	1,910	Altra Industrial Motion Corp.		124,188
	806	Art’s-Way Manufacturing Co.*		2,740
	1,143	Astec Industries, Inc.		71,940
	3,724	Barnes Group, Inc.		190,855
	2,530	Blue Bird Corp.*		62,896
	2,461	Chart Industries, Inc.*		360,094
	1,959	CIRCOR International, Inc.*		63,863
	7,070	Colfax Corp.*		323,877
	1,856	Columbus McKinnon Corp.		89,533
	5,525	Commercial Vehicle Group, Inc.*		58,731
	2,638	Crane Co.		243,672
	1,256	DMC Global, Inc.*		70,600
	1,772	Douglas Dynamics, Inc.		72,103
	500	Eastern Co. (The)		15,165
	3,670	Energy Recovery, Inc.*		83,603
	3,354	Enerpac Tool Group Corp.		89,284
	1,044	EnPro Industries, Inc.		101,425
	1,698	ESCO Technologies, Inc.		159,289
	5,060	Evoqua Water Technologies Co.*		170,927
	4,302	Federal Signal Corp.		173,069
	5,909	Flowserve Corp.		238,251
	3,333	Franklin Electric Co., Inc.		268,706
	2,281	FreightCar America, Inc.*^		13,526
	5,795	Gates Industrial Corp. plc*		104,716
	1,765	Gencor Industries, Inc.*		21,462
	2,530	Gorman-Rupp Co. (The)		87,133
	459	Graham Corp.		6,316
	6,069	Harsco Corp.*		123,929
	2,380	Helios Technologies, Inc.		185,759
	2,413	Hillenbrand, Inc.		106,365
	785	Hurco Cos, Inc.		27,475
	1,014	Hyster-Yale Materials Handling, Inc., Class A		74,002
	219	ITT, Inc.		20,058
	2,162	John Bean Technologies Corp.		308,344
	472	Kadant, Inc.		83,114
	3,498	Kennametal, Inc.		125,648
	1,529	L.B. Foster Co., Class A*		28,501
	238	Lincoln Electric Holdings, Inc.		31,347
	755	Lindsay Corp.		124,786
	1,589	Lydall, Inc.*		96,166
	3,228	Manitex International, Inc.*		23,532
	2,653	Manitowoc Co., Inc. (The)*		64,999
	2,606	Meritor, Inc.*		61,033
	728	Miller Industries, Inc.		28,712
	3,522	Mueller Industries, Inc.		152,538

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery, continued
	9,487	Mueller Water Products, Inc., Class A	$	136,803
	2,020	Navistar International Corp.*		89,890
	3,562	NN, Inc.*		26,181
	738	Omega Flex, Inc.		108,272
	1,229	Park-Ohio Holdings Corp.		39,500
	1,599	Proto Labs, Inc.*		146,788
	1,578	RBC Bearings, Inc.*		314,685
	3,472	REV Group, Inc.		54,476
	6,630	Rexnord Corp.		331,765
	2,848	Shyft Group, Inc. (The)		106,544
	1,692	SPX Corp.*		103,347
	1,560	SPX FLOW, Inc.		101,774
	1,076	Standex International Corp.		102,123
	466	Taylor Devices, Inc.*		5,471
	1,269	Tennant Co.		101,330
	5,787	Terex Corp.		275,577
	800	The Exone Co.*		17,312
	1,867	The Greenbrier Cos., Inc.		81,364
	962	Timken Co.		77,528
	7,930	Titan International, Inc.*		67,246
	3,126	TriMas Corp.*		94,812
	4,025	Trinity Industries, Inc.		108,232
	1,747	Twin Disc, Inc.*		24,860
	3,327	Wabash National Corp.		53,232
	2,027	Watts Water Technologies, Inc., Class A		295,760
	13,695	Welbilt, Inc.*		317,039
	282	Woodward, Inc.		34,652

				8,689,513

Marine (0.3%):
	7,920	Costamare, Inc.		93,535
	315	Eneti, Inc.^		5,869
	4,337	Genco Shipping & Trading, Ltd.		81,883
	2,099	Kirby Corp.*		127,283
	2,096	Matson, Inc.		134,144

				442,714

Media (1.0%):
	1,560	AMC Networks, Inc., Class A*		104,208
	478	Beasley Broadcast Group, Inc., Class A*		1,381
	2,323	Boston Omaha Corp.*		73,662
	7,836	comScore, Inc.*		39,180
	144	Daily Journal Corp.*		48,744
	976	DallasNews Corp.		7,261
	4,914	E.W. Scripps Co. (The), Class A		100,197
	6,123	Entercom Communications Corp.*		26,390
	8,365	Entravision Communications Corp., Class A		55,878
	5,880	Gannett Co, Inc.*		32,281
	3,567	Gray Television, Inc.		83,468
	2,892	Hemisphere Media Group*		34,126
	2,165	John Wiley & Sons, Inc., Class A		130,290
	2,864	Liberty Latin America, Ltd.*		39,695
	10,761	Liberty Latin America, Ltd., Class C*		151,730
	500	Loral Space & Communications Inc.		19,425
	348	Marchex, Inc., Class B*		1,065
	3,285	Meredith Corp.*		142,700
	3,571	MSG Networks, Inc., Class A*		52,065
	6,073	National CineMedia, Inc.		30,790


Shares			Value
Common Stocks, continued
Media, continued
	155	Nexstar Media Group, Inc., Class A	$	22,921
	1,732	Scholastic Corp.		65,626
	2,342	TechTarget, Inc.*		181,482
	10,206	Tegna, Inc.		191,465

				1,636,030

Metals & Mining (1.4%):
	9,730	Alcoa Corp.*		358,453
	7,802	Allegheny Technologies, Inc.*		162,672
	2,124	Ampco-Pittsburgh Corp.*		12,893
	3,338	Carpenter Technology Corp.		134,254
	3,100	Century Aluminum Co.*		39,959
	8,414	Coeur Mining, Inc.*		74,716
	6,250	Commercial Metals Co.		192,000
	2,311	Compass Minerals International, Inc.		136,950
	13,641	Ferroglobe plc*		83,483
	13,641	Ferroglobe Unit*(b)		—
	515	Fortitude Gold Corp.		3,528
	1,805	Gold Resource Corp.		4,657
	1,557	Haynes International, Inc.		55,087
	28,485	Hecla Mining Co.		211,928
	931	Kaiser Aluminum Corp.		114,969
	1,117	Materion Corp.		84,166
	9,373	McEwen Mining, Inc.*		12,935
	2,868	Ryerson Holding Corp.*		41,873
	1,487	Schnitzer Steel Industries, Inc., Class A		72,937
	3,318	SunCoke Energy, Inc.		23,691
	1,789	Synalloy Corp.*		17,872
	4,467	TimkenSteel Corp.*		63,208
	6,784	United States Steel Corp.		162,816
	1,458	Universal Stainless & Alloy Products, Inc.*		14,682
	2,207	Warrior Met Coal, Inc.		37,960
	2,997	Worthington Industries, Inc.		183,356

				2,301,045

Multiline Retail (0.3%):
	1,321	Big Lots, Inc.		87,199
	654	Dillard’s, Inc., Class A^		118,295
	1,715	Kohl’s Corp.		94,514
	4,638	Macy’s, Inc.*		87,936
	1,243	Ollie’s Bargain Outlet Holdings, Inc.*		104,574

				492,518

Multi-Utilities (0.4%):
	4,514	Avista Corp.		192,612
	2,243	Black Hills Corp.		147,208
	2,725	MDU Resources Group, Inc.		85,402
	2,992	NorthWestern Corp.		180,178
	1,351	Unitil Corp.		71,563

				676,963

Oil, Gas & Consumable Fuels (3.4%):
	16,040	Antero Midstream Corp.		166,656
	11,771	Antero Resources Corp.*		176,918
	1,558	APA Corp.		33,700
	1,338	Arch Resources, Inc.*		76,239
	1,954	Ardmore Shipping Corp.*		8,246
	4,767	Berry Corp.		32,034
	1,822	Bonanza Creek Energy, Inc.		85,762
	2,330	Callon Petroleum Co.*^		134,418

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	3,036	Centennial Resource Development, Inc., Class A*^	$	20,584
	3,046	Cimarex Energy Co.		220,683
	16,914	Clean Energy Fuel Corp.*^		171,677
	12,514	CNX Resources Corp.*		170,941
	1,569	Comstock Resources, Inc.*		10,465
	2,015	CONSOL Energy, Inc.*		37,217
	4,374	CVR Energy, Inc.		78,557
	6,171	Delek US Holdings, Inc.		133,417
	8,834	DHT Holdings, Inc.		57,333
	2,156	Dorian LPG, Ltd.*		30,443
	416	Earthstone Energy, Inc.*		4,605
	17,427	Enlink Midstream LLC		111,359
	18,706	EQT Corp.*		416,396
	13,891	Equitrans Midstream Corp.		118,212
	2,943	Evolution Petroleum Corp.		14,597
	4,653	Gevo, Inc.*^		33,827
	2,611	Green Plains, Inc.*		87,782
	5,385	HollyFrontier Corp.		177,166
	1,720	International Seaways, Inc.		32,990
	34,496	Kosmos Energy, Ltd.*		119,356
	725	Laredo Petroleum, Inc.*		67,273
	4,191	Magnolia Oil & Gas Corp., Class A*		65,505
	21,356	Marathon Oil Corp.		290,869
	9,030	Matador Resources Co.		325,170
	6,809	Murphy Oil Corp.		158,514
	9,513	Nordic American Tankers, Ltd.		31,203
	5,300	Overseas Shipholding Group, Inc.*		11,077
	2,838	PAR Pacific Holdings, Inc.*		47,735
	6,480	PBF Energy, Inc., Class A*		99,144
	7,105	PDC Energy, Inc.		325,338
	5,636	Peabody Energy Corp.*		44,693
	523	Penn Virginia Corp.*		12,348
	2,410	PHX Minerals, Inc.		8,965
	6	PrimeEnergy Resources Corp.*		278
	17,188	Range Resources Corp.*		288,071
	3,607	Renewable Energy Group, Inc.*		224,860
	300	REX American Resources Corp.*		27,054
	1,533	SandRidge Energy, Inc.*		9,627
	3,705	Scorpio Tankers, Inc.		81,695
	8,803	SFL Corp., Ltd.		67,343
	7,278	SM Energy Co.		179,257
	29,966	Southwestern Energy Co.*		169,907
	2,952	Talos Energy, Inc.*		46,169
	1,980	Teekay Shipping Corp.*		7,366
	2,363	Teekay Tankers, Ltd., Class A*^		34,074
	8,709	W&T Offshore, Inc.*		42,239
	931	Whiting Petroleum Corp.*		50,786
	3,425	World Fuel Services Corp.		108,675

				5,586,815

Paper & Forest Products (0.7%):
	1,324	Boise Cascade Co.		77,255
	1,565	Clearwater Paper Corp.*		45,338
	3,735	Domtar Corp.*		205,276
	3,299	Glatfelter Corp.		46,087
	5,601	Louisiana-Pacific Corp.		337,684
	5,170	Mercer International, Inc.		65,918
	1,384	Neenah, Inc.		69,435


Shares			Value
Common Stocks, continued
Paper & Forest Products, continued
	8,894	Resolute Forest Products	$	108,507
	2,103	Schweitzer-Mauduit International, Inc.		84,919
	3,241	Verso Corp.		57,366

				1,097,785

Personal Products (0.6%):
	7,024	Coty, Inc., Class A*		65,604
	2,807	Edgewell Personal Care Co.		123,227
	3,582	elf Beauty, Inc.*		97,216
	1,964	Inter Parfums, Inc.		141,408
	900	Lifevantage Corp.*		6,615
	537	Mannatech, Inc.		14,821
	844	Medifast, Inc.		238,835
	1,387	Natural Alternatives International, Inc.*		23,496
	369	Natural Health Trends Corp.		2,579
	2,257	Natures Sunshine Products, Inc.		39,204
	1,929	Nu Skin Enterprises, Inc., Class A		109,278
	340	United-Guardian, Inc.		5,097
	1,070	Usana Health Sciences, Inc.*		109,600

				976,980

Pharmaceuticals (1.1%):
	900	Adicet Bio, Inc.*		9,261
	7,736	Amneal Pharmaceuticals, Inc.*		39,608
	2,002	Amphastar Pharmaceuticals, Inc.*		40,360
	877	ANI Pharmaceuticals, Inc.*		30,739
	1,496	Aratana Therapeutics-CVR*(b)		—
	555	Arvinas, Inc.*		42,735
	1,561	Assembly Biosciences, Inc.*		6,057
	4,700	BioDelivery Sciences International, Inc.*		16,826
	4,206	Chiasma, Inc.*^		19,894
	2,268	Collegium Pharmaceutical, Inc.*		53,616
	5,074	Corcept Therapeutics, Inc.*		111,628
	3,415	Cumberland Pharmaceuticals, Inc.*		9,716
	5,512	Cymabay Therapeutics, Inc.*^		24,032
	14,088	Endo International plc*		65,932
	1,163	EyePoint Pharmaceuticals, Inc.*		10,455
	1,224	Harrow Health, Inc.*		11,371
	4,514	Innoviva, Inc.*		60,533
	2,128	Intra-Cellular Therapies, Inc.*		86,865
	1,144	Kala Pharmaceuticals, Inc.*^		6,063
	4,227	Lannett Co., Inc.*^		19,740
	10,744	Nektar Therapeutics*		184,367
	882	NGM Biopharmaceuticals, Inc.*		17,393
	2,308	Otonomy, Inc.*		5,147
	2,529	Pacira BioSciences, Inc.*		153,460
	2,916	Perrigo Co. plc		133,699
	322	Phathom Pharmaceuticals, Inc.*		10,900
	1,714	Phibro Animal Health Corp., Class A		49,500
	4,069	Prestige Consumer Healthcare, Inc.*		211,995
	911	scPharmaceuticals, Inc.*		5,566
	6,222	SIGA Technologies, Inc.*		39,074
	8,452	Strongbridge Biopharma plc*		25,102
	3,556	Supernus Pharmaceuticals, Inc.*		109,489
	1,805	Taro Pharmaceutical Industries, Ltd.*		129,888
	4,418	Xeris Pharmaceuticals, Inc.*		17,981
	2,123	Zogenix, Inc.*		36,686

				1,795,678

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Professional Services (1.7%):
	1,888	Acacia Research Corp.*	$	12,763
	3,554	ASGN, Inc.*		344,489
	848	Barrett Business Services, Inc.		61,573
	3,846	CBIZ, Inc.*		126,033
	490	CRA International, Inc.		41,944
	3,450	Exponent, Inc.		307,775
	1,473	Forrester Research, Inc.*		67,463
	1,595	Franklin Covey Co.*		51,598
	2,238	FTI Consulting, Inc.*		305,733
	2,202	GP Strategies Corp.*		34,616
	1,590	Heidrick & Struggles International, Inc.		70,835
	1,454	Huron Consulting Group, Inc.*		71,464
	1,347	ICF International, Inc.		118,347
	1,783	Insperity, Inc.		161,130
	2,940	Kelly Services, Inc., Class A*		70,472
	1,713	Kforce, Inc.		107,799
	3,488	Korn Ferry		253,054
	958	ManpowerGroup, Inc.		113,916
	1,332	Mastech Digital, Inc.*		19,913
	3,943	Mistras Group, Inc.*		38,760
	2,833	Resources Connection, Inc.		40,682
	4,127	TriNet Group, Inc.*		299,125
	2,813	Trueblue, Inc.*		79,074
	1,352	Upwork, Inc.*		78,808
	505	Willdan Group, Inc.*		19,008

				2,896,374

Real Estate Management & Development (0.8%):
	950	BBX Capital, Inc.*		7,619
	395	CKX Lands, Inc.*		4,914
	5,594	Cushman & Wakefield plc*		97,727
	1,468	eXp World Holdings, Inc.*		56,914
	1,627	Five Point Holdings LLC, Class A*		13,146
	1,972	Forestar Group, Inc.*		41,235
	504	FRP Holdings, Inc.*		28,063
	2,119	Howard Hughes Corp. (The)*		206,518
	382	Indus Realty Trust, Inc.		25,078
	10	J.W. Mays, Inc.*		308
	7,966	Kennedy-Wilson Holdings, Inc.		158,284
	2,754	Marcus & Millichap, Inc.*		107,048
	1,035	Maui Land & Pineapple Co.*^		11,106
	8,443	Newmark Group, Inc.		101,400
	1,207	Rafael Holdings, Inc., Class B*		61,617
	688	RE/MAX Holdings, Inc., Class A		22,931
	3,140	Realogy Holdings Corp.*		57,211
	308	Stratus Properties, Inc.*		7,598
	3,421	Tejon Ranch Co.*		52,033
	1,076	The RMR Group, Inc., Class A		41,577
	3,509	The St Joe Co.		156,537

				1,258,864

Road & Rail (0.9%):
	1,803	ArcBest Corp.		104,917
	4,972	Avis Budget Group, Inc.*		387,269
	2,278	Covenant Logistics Group, Inc.*		47,109
	4,045	Heartland Express, Inc.		69,291
	279	Landstar System, Inc.		44,088
	2,692	Marten Transport, Ltd.		44,391


Shares			Value
Common Stocks, continued
Road & Rail, continued
	1,507	Ryder System, Inc.	$	112,015
	2,149	Saia, Inc.*		450,194
	2,170	Schneider National, Inc., Class B		47,241
	1,170	Universal Logistics Holdings, Inc.		27,261
	1,009	US Xpress Enterprises, Inc., Class A*		8,677
	988	USA Truck, Inc.*		15,877
	2,850	Werner Enterprises, Inc.		126,882
	2,752	Yellow Corp.*		17,916

				1,503,128

Semiconductors & Semiconductor Equipment (3.3%):
	2,035	Advanced Energy Industries, Inc.		229,365
	2,430	Alpha & Omega Semiconductor, Ltd.*		73,848
	1,892	Ambarella, Inc.*		201,744
	12,720	Amkor Technology, Inc.		301,082
	1,301	Amtech Systems, Inc.*		12,542
	2,581	Axcelis Technologies, Inc.*		104,324
	2,777	AXT, Inc.*		30,491
	3,630	Brooks Automation, Inc.		345,866
	1,210	CEVA, Inc.*		57,233
	3,613	Cirrus Logic, Inc.*		307,539
	1,496	CMC Materials, Inc.		225,507
	2,356	Cohu, Inc.*		86,677
	522	Cyberoptics Corp.*		21,381
	3,604	Diodes, Inc.*		287,491
	1,256	DSP Group, Inc.*		18,589
	5,632	FormFactor, Inc.*		205,343
	4,679	GSI Technology, Inc.*		26,296
	1,254	Ichor Holdings, Ltd.*		67,465
	1,349	inTest Corp.*		22,623
	2,631	Kulicke & Soffa Industries, Inc.		161,017
	6,714	Lattice Semiconductor Corp.*		377,192
	1,636	MagnaChip Semiconductor Corp.*		39,035
	4,167	MaxLinear, Inc., Class A*		177,056
	4,238	Neophotonics Corp.*		43,270
	557	NVE Corp.		41,246
	2,709	Onto Innovation, Inc.*		197,865
	2,739	PDF Solutions, Inc.*		49,795
	6,256	Photronics, Inc.*		82,642
	2,109	Pixelworks, Inc.*^		7,192
	4,166	Power Integrations, Inc.		341,862
	7,453	Rambus, Inc.*		176,711
	3,935	Semtech Corp.*		270,728
	1,263	Silicon Laboratories, Inc.*		193,555
	726	SMART Global Holdings, Inc.*		34,616
	2,469	Synaptics, Inc.*		384,127
	3,049	Ultra Clean Holdings, Inc.*		163,792
	2,559	Veeco Instruments, Inc.*		61,518

				5,428,625

Software (3.0%):
	2,828	2u, Inc.*^		117,843
	3,492	A10 Networks, Inc.*		39,320
	5,809	ACI Worldwide, Inc.*		215,746
	994	Agilysys, Inc.*		56,529
	2,538	Alarm.com Holding, Inc.*		214,969
	1,546	Altair Engineering, Inc.*		106,628
	2,994	American Software, Inc., Class A		65,748

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Software, continued
	746	Appfolio, Inc.*	$	105,335
	935	Asure Software, Inc.*		8,293
	2,721	Avaya Holdings Corp.*		73,195
	2,785	Aware, Inc.*		10,332
	3,147	Blackbaud, Inc.*		240,966
	2,226	Bottomline Technologies, Inc.*		82,540
	2,350	BSQUARE Corp.*		11,210
	440	Cerence, Inc.*		46,952
	900	ChannelAdvisor Corp.*		22,059
	10,904	Cloudera, Inc.*		172,937
	3,799	Cognyte Software, Ltd.*		93,076
	2,347	CommVault Systems, Inc.*		183,465
	693	Cornerstone OnDemand, Inc.*		35,745
	4,020	Digital Turbine, Inc.*		305,641
	2,615	Ebix, Inc.		88,649
	1,549	Envestnet, Inc.*		117,507
	4,947	FireEye, Inc.*		100,028
	2,347	J2 Global, Inc.*		322,830
	562	MicroStrategy, Inc., Class A*^		373,449
	3,326	Mimecast, Ltd.*		176,444
	2,038	Mitek Systems, Inc.*		39,252
	1,064	New Relic, Inc.*		71,256
	2,582	OneSpan, Inc.*		65,944
	2,616	Progress Software Corp.		120,990
	1,068	QAD, Inc.		92,937
	2,317	Qualys, Inc.*		233,299
	5,408	Sailpoint Technologies Holdings, Inc.*		276,187
	769	Sapiens International Corp. NV		20,202
	539	Shotspotter, Inc.*		26,287
	684	Sps Commerce, Inc.*		68,297
	3,280	Synchronoss Technologies, Inc.*		11,775
	870	Upland Software, Inc.*		35,818
	3,799	Verint Systems, Inc.*		171,221
	11,535	Xperi Holding Corp.		256,538
	1,800	Zix Corp.*		12,690

				4,890,129

Specialty Retail (3.9%):
	2,730	Aaron’s Co., Inc. (The)		87,333
	3,905	Abercrombie & Fitch Co., Class A*		181,309
	14,139	American Eagle Outfitters, Inc.		530,637
	422	America’s Car Mart, Inc.*		59,806
	1,192	Asbury Automotive Group, Inc.*		204,273
	3,093	At Home Group, Inc.*		113,946
	1,943	AutoNation, Inc.*		184,216
	7,305	Barnes & Noble Education, Inc.*		52,669
	7,174	Bed Bath & Beyond, Inc.*		238,822
	4,102	Big 5 Sporting Goods Corp.^		105,339
	1,202	Boot Barn Holdings, Inc.*		101,028
	1,732	Build-A-Bear Workshop, Inc.*		29,981
	3,926	Caleres, Inc.		107,140
	2,599	Cato Corp., Class A		43,845
	16,720	Chico’s FAS, Inc.*		110,018
	1,594	Citi Trends, Inc.*		138,678
	3,051	Conn’s, Inc.*		77,800
	4,771	Designer Brands, Inc., Class A*		78,960
	6,400	Foot Locker, Inc.		394,432
	1,362	Genesco, Inc.*		86,732


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	753	Group 1 Automotive, Inc.	$	116,286
	4,311	Guess?, Inc.		113,810
	1,718	Haverty Furniture Cos., Inc.		73,462
	849	Hibbett, Inc.*		76,096
	1,529	Lumber Liquidators Holdings, Inc.*		32,262
	1,251	MarineMax, Inc.*		60,974
	2,527	Monro, Inc.		160,490
	1,222	Murphy U.S.A., Inc.		162,978
	4,523	National Vision Holdings, Inc.*		231,261
	3,614	ODP Corp. (The)*		173,508
	3,794	Penske Automotive Group, Inc.		286,409
	3,598	Rent-A-Center, Inc.		190,946
	7,968	Sally Beauty Holdings, Inc.*		175,854
	909	Shoe Carnival, Inc.		65,075
	4,149	Signet Jewelers, Ltd.*		335,198
	2,165	Sleep Number Corp.*		238,042
	1,462	Sonic Automotive, Inc., Class A		65,410
	2,363	Sportsman’s Warehouse Holdings, Inc.*		41,990
	4,333	The Buckle, Inc.		215,567
	1,798	The Children’s Place, Inc.*		167,322
	5,372	The Container Store Group, Inc.*		70,051
	2,271	Tilly’s, Inc.		36,291
	5,052	Urban Outfitters, Inc.*		208,243
	399	Winmark Corp.		76,640
	1,833	Zumiez, Inc.*		89,799

				6,390,928

Technology Hardware, Storage & Peripherals (0.6%):
	6,969	3D Systems Corp.*		278,551
	1,308	AstroNova, Inc.*		18,207
	4,957	Avid Technology, Inc.*		194,067
	6,556	NCR Corp.*		299,019
	3,811	Stratasys, Ltd.*		98,553
	2,418	Super Micro Computer, Inc.*		85,065
	1,590	TransAct Technologies, Inc.*		21,831
	2,682	Xerox Holdings Corp.		63,000

				1,058,293

Textiles, Apparel & Luxury Goods (1.2%):
	1,302	Capri Holdings, Ltd.*		74,461
	2,061	Carter’s, Inc.		212,633
	535	Columbia Sportswear Co.		52,623
	4,877	Crocs, Inc.*		568,268
	2,291	Culp, Inc.		37,343
	1,291	Fossil Group, Inc.*		18,436
	3,034	G-III Apparel Group, Ltd.*		99,697
	1,322	Hanesbrands, Inc.		24,682
	3,853	Kontoor Brands, Inc.		217,348
	816	Lakeland Industries, Inc.*^		18,221
	544	Movado Group, Inc.		17,120
	1,357	Oxford Industries, Inc.		134,126
	348	PVH Corp.*		37,441
	1,115	Rocky Brands, Inc.		61,994
	746	Skechers U.S.A., Inc., Class A*		37,173
	4,945	Steven Madden, Ltd.		216,393
	418	Superior Group of Cos., Inc.		9,995
	957	Unifi, Inc.*		23,313

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	1,916	Vera Bradley, Inc.*	$	23,739
	5,461	Wolverine World Wide, Inc.		183,708

				2,068,714

Thrifts & Mortgage Finance (2.0%):
	3,799	Axos Financial, Inc.*		176,236
	2,838	BankFinancial Corp.		32,467
	2,024	Bridgewater Bancshares, Inc.*		32,688
	7,770	Capitol Federal Financial, Inc.		91,531
	280	Citizens Community Bancorp, Inc.		3,830
	5,449	Columbia Financial, Inc.*		93,832
	1,537	ESSA Bancorp, Inc.		25,191
	4,677	Essent Group, Ltd.		210,231
	696	Federal Agricultural Mortgage Corp.		68,834
	242	First Capital, Inc.		10,493
	1,936	Flagstar Bancorp, Inc.		81,835
	493	FS Bancorp, Inc.		35,136
	195	Guaranty Federal Bankshares, Inc.		4,748
	206	Hingham Institution for Savings		59,843
	629	HMN Financial, Inc.*		13,398
	973	Home Bancorp, Inc.		37,081
	86	Home Federal Bancorp, Inc.		1,656
	1,829	HomeStreet, Inc.		74,514
	869	IF Bancorp, Inc.		19,987
	3,933	Kearny Financial Corp.		46,999
	390	Kentucky First Federal Bancorp		2,870
	289	LendingTree, Inc.*		61,233
	1,892	Luther Burbank Corp.		22,439
	940	Malvern Bancorp, Inc.*		17,381
	1,234	Merchants BanCorp		48,422
	3,912	Meridian Bancorp, Inc.		80,040
	2,498	Meta Financial Group, Inc.		126,474
	2,242	MGIC Investment Corp.		30,491
	3,941	Mr Cooper Group, Inc.*		130,289
	18,699	New York Community Bancorp, Inc.		206,063
	4,642	NMI Holdings, Inc., Class A*		104,352
	3,578	Northfield Bancorp, Inc.		58,679
	6,541	Northwest Bancshares, Inc.		89,219
	3,132	Oceanfirst Financial Corp.		65,271
	198	Oconee Federal Financial Corp.^		4,629
	1,129	Ocwen Financial Corp.*		34,976
	2,010	PCSB Financial Corp.		36,522
	1,668	Premier Financial Corp.		47,388
	1,677	Provident Financial Holdings, Inc.		28,962
	3,721	Provident Financial Services, Inc.		85,174
	1,685	Prudential Bancorp, Inc.		23,337
	4,780	Radian Group, Inc.		106,355
	1,982	Riverview Bancorp, Inc.		14,052
	3,255	Security National Financial Corp., Class A*		28,481
	671	Severn Bancorp, Inc.		7,985
	707	Southern Missouri Bancorp, Inc.		31,787
	1,053	Sterling Bancorp, Inc.*		4,791
	1,409	Territorial Bancorp, Inc.		36,592
	1,816	TFS Financial Corp.		36,865
	1,462	TrustCo Bank Corp. NY		50,264
	3,395	Washington Federal, Inc.		107,893
	1,247	Waterstone Financial, Inc.		24,516
	2,226	Wawlker & Dunlop, Inc.		232,350


Shares			Value
Common Stocks, continued
Thrifts & Mortgage Finance, continued
	3,601	Western New England BanCorp, Inc.^	$	29,348
	2,314	WSFS Financial Corp.		107,809
	35	WVS Financial Corp.		578

				3,244,407

Tobacco (0.1%):
	491	Turning Point Brands, Inc.		22,473
	975	Universal Corp.		55,546
	9,542	Vector Group, Ltd.		134,924

				212,943

Trading Companies & Distributors (1.7%):
	6,404	Air Lease Corp.		267,303
	1,927	Applied Industrial Technologies, Inc.		175,473
	3,172	Beacon Roofing Supply, Inc.*		168,909
	1,606	CAI International, Inc.		89,936
	2,002	DXP Enterprises, Inc.*		66,667
	1,463	EVI Industries, Inc.*^		41,549
	1,550	GATX Corp.		137,129
	3,203	Global Industrial Co.		117,582
	573	GMS, Inc.*		27,584
	1,299	H&E Equipment Services, Inc.		43,218
	1,516	Herc Holdings, Inc.*		169,898
	1,475	Kaman Corp., Class A		74,340
	989	Lawson Products, Inc.*		52,921
	4,569	MRC Global, Inc.*		42,949
	2,121	MSC Industrial Direct Co., Inc., Class A		190,317
	7,964	NOW, Inc.*		75,578
	1,839	Rush Enterprises, Inc., Class A		79,518
	195	SiteOne Landscape Supply, Inc.*		33,006
	2,140	Textainer Group Holdings, Ltd.*		72,268
	2,765	Titan Machinery, Inc.*		85,549
	577	Transcat, Inc.*		32,606
	3,118	Triton International, Ltd.		163,196
	5,651	Univar Solutions, Inc.*		137,771
	1,585	Veritiv Corp.*		97,351
	3,051	WESCO International, Inc.*		313,704

				2,756,322

Transportation Infrastructure (0.1%):
	5,836	Macquarie Infrastructure Corp.		223,344

Water Utilities (0.5%):
	2,746	American States Water Co.		218,472
	1,221	Artesian Resources Corp.		44,896
	4,259	California Water Service Group		236,545
	1,256	Consolidated Water Co., Ltd.^		14,733
	1,275	Middlesex Water Co.		104,206
	2,502	Pure Cycle Corp.*		34,577
	1,815	SJW Group		114,889
	1,259	York Water Co. (The)		57,033

				825,351

Wireless Telecommunication Services (0.3%):
	2,895	Shenandoah Telecommunications Co.		140,437
	2,722	Spok Holdings, Inc.		26,186
	9,308	Telephone & Data Systems, Inc.		210,919
	2,672	United States Cellular Corp.*		97,020

				474,562

	Total Common Stocks (Cost $111,956,459)			165,105,791

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares or Contracts			Value
Preferred Stocks (0.1%):
Internet & Direct Marketing Retail (0.0%^†):
	499	Qurate Retail, Inc., 8.00%, 3/15/31	$	54,017

Media (0.0%^†):
	430	Liberty Broadband Corp., Series A, 7.00%		12,126

Trading Companies & Distributors (0.1%):
	2,540	WESCO International, Inc., Series A, 10.63%		78,460

	Total Preferred Stocks (Cost $115,109)			144,603

Warrant (0.0%^†):
Energy Equipment & Services (0.0%^†):
	197	Nabors Industries, Ltd., 6/11/26		1,970

	Total Warrant (Cost $–)			1,970

Rights (0.0%^†):
Biotechnology (0.0%^†):
	8,857	Achillion Pharm CVR, Expires on 1/29/49*		12,843
	2,004	Chinook Therapeutics-CVR, Expires on 12/31/49*		1,924
	1,429	Pfenex, Inc. CVR, Expires on 1/3/22*^		1,072
	4,400	Progenics Pharmaceuticals, Inc., Expires on 1/3/22*		233

				16,072

Household Durables (0.0%^†):
	4,044	Zagg, Inc. CVR, Expires on 1/2/49*		364

Media (0.0%^†):
	21,894	Media General, Inc. CVR, Expires on 12/31/49*		1,235

	Total Rights (Cost $8,221)			17,671


Shares or Principal Amount			Value
Corporate Bond (0.0%^†):
Capital Markets (0.0%^†):
$	3	GAMCO Investors, Inc., 4.00%, 6/15/23, Callable 8/9/21 @ 100	$	3

	Total Corporate Bond (Cost $–)			3

Short-Term Security Held as Collateral for Securities on Loan (1.6%):
	2,601,774	BlackRock Liquidity FedFund, Institutional Class, 0.04%(c)(d)		2,601,774

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,601,774)			2,601,774

Unaffiliated Investment Company (0.3%):
Money Markets (0.3%):
	477,166	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(d)		477,166

	Total Unaffiliated Investment Company (Cost $477,166)			477,166

	Total Investment Securities (Cost $115,158,729) — 101.6%			168,348,978
	Net other assets (liabilities) — (1.6)%			(2,709,867	)

	Net Assets — 100.0%		$	165,639,111

Percentages indicated are based on net assets as of June 30, 2021.

ADR—American Depository Receipt

CVR—Contingency Valued Rights

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $2,564,188.

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-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 June 30, 2021. 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 June 30, 2021.

(d)	The rate represents the effective yield at June 30, 2021.

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

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	115,158,729

Investment securities, at value(a)	$	168,348,978
Cash		570
Interest and dividends receivable		99,411
Receivable for investments sold		29,181
Reclaims receivable		100
Prepaid expenses		8,886

Total Assets		168,487,126

Liabilities:
Payable for investments purchased		101,490
Payable for collateral received on loaned securities		2,601,774
Manager fees payable		96,013
Administration fees payable		3,500
Distribution fees payable		34,290
Custodian fees payable		1,479
Administrative and compliance services fees payable		314
Transfer agent fees payable		1,072
Trustee fees payable		1,619
Other accrued liabilities		6,464

Total Liabilities		2,848,015

Net Assets	$	165,639,111

Net Assets Consist of:
Paid in capital	$	78,775,380
Total distributable earnings		86,863,731

Net Assets	$	165,639,111

Shares of beneficial interest (unlimited number of shares authorized, no par value)		10,709,042
Net Asset Value (offering and redemption price per share)	$	15.47

(a)	Includes securities on loan of $2,564,188.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends	$	1,150,050
Income from securities lending		14,585
Foreign withholding tax		(886	)

Total Investment Income		1,163,749

Expenses:
Manager fees		720,291
Administration fees		16,195
Distribution fees		211,849
Custodian fees		6,065
Administrative and compliance services fees		1,169
Transfer agent fees		2,751
Trustee fees		4,168
Professional fees		3,663
Shareholder reports		1,928
Other expenses		2,217

Total expenses before reductions		970,296
Less expenses voluntarily waived/reimbursed by the Manager		(127,110	)

Net expenses		843,186

Net Investment Income/(Loss)		320,563

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		20,846,896
Change in net unrealized appreciation/depreciation on securities		16,365,205

Net realized and Change in net unrealized gains/losses on investments		37,212,101

Change in Net Assets Resulting From Operations	$	37,532,664

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	320,563			$	827,180
Net realized gains/(losses) on investments			20,846,896				11,486,293
Change in unrealized appreciation/depreciation on investments			16,365,205				12,542,256

Change in net assets resulting from operations			37,532,664				24,855,729

Distributions to Shareholders:
Distributions			—				(5,590,083	)

Change in net assets resulting from distributions to shareholders			—				(5,590,083	)

Capital Transactions:
Proceeds from shares issued			56,949				24,620,324
Proceeds from dividends reinvested			—				5,590,083
Value of shares redeemed			(39,740,142	)			(52,022,348	)

Change in net assets resulting from capital transactions			(39,683,193	)			(21,811,941	)

Change in net assets			(2,150,529	)			(2,546,295	)
Net Assets:
Beginning of period			167,789,640				170,335,935

End of period		$	165,639,111			$	167,789,640

Share Transactions:
Shares issued			3,717				3,060,070
Dividends reinvested			—				536,476
Shares redeemed			(2,759,147	)			(5,166,278	)

Change in shares			(2,755,430	)			(1,569,732	)

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

Financial Highlights

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


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	12.46			$	11.33			$	10.19			$	12.40			$	11.42			$	9.20

Investment Activities:
Net Investment Income/(Loss)			0.03	(a)			0.05	(a)			0.05	(a)			0.07				0.07				0.07
Net Realized and Unrealized Gains/(Losses) on Investments			2.98				1.46				2.00				(1.53	)			1.16				2.21

Total from Investment Activities			3.01				1.51				2.05				(1.46	)			1.23				2.28

Distributions to Shareholders From:
Net Investment Income			—				(0.05	)			(0.06	)			(0.07	)			(0.07	)			(0.04	)
Net Realized Gains			—				(0.33	)			(0.85	)			(0.68	)			(0.18	)			(0.02	)

Total Dividends			—				(0.38	)			(0.91	)			(0.75	)			(0.25	)			(0.06	)

Net Asset Value, End of Period		$	15.47			$	12.46			$	11.33			$	10.19			$	12.40			$	11.42

Total Return(b)			24.16	%(c)			13.97	%			21.10	%			(12.64	)%			10.87	%			24.90	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	165,639			$	167,790			$	170,336			$	149,873			$	198,419			$	208,012
Net Investment Income/(Loss)(d)			0.38	%			0.54	%			0.46	%			0.48	%			0.55	%			0.56	%
Expenses Before Reductions(d)(e)			1.14	%			1.19	%			1.17	%			1.16	%			1.16	%			1.14	%
Expenses Net of Reductions(d)			0.99	%			1.04	%			1.02	%			1.01	%			1.01	%			0.99	%
Portfolio Turnover Rate			6	%(c)			22	%			10	%			9	%			9	%			9	%

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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

June 30, 2021 (Unaudited)

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,430 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,601,774 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, 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 period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL DFA U.S. Small Cap Fund		0.85	%		1.35	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.70% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2022.

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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.”

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 $191,625 annual Board retainer, the Lead Director receives an additional $37,500 the Chair of the Nominating and Corporate Governance Committee receives an additional $7,500 annually, the Co-Chairs of the Investment Committee receive $3,750 annually and the Chair of the Audit Committee receives an additional $11,250 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 period ended June 30, 2021, actual Trustee compensation was $702,562 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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	165,088,847		$	16,944		$	—	#		$	165,105,791
Preferred Stocks+			144,603			—			—				144,603
Warrant+			1,970			—			—				1,970
Rights+			—			17,671			—				17,671
Corporate Bond+			—			3			—				3
Short-Term Security Held as Collateral for Securities on Loan			2,601,774			—			—				2,601,774
Unaffiliated Investment Company			477,166			—			—				477,166

Total Investment Securities		$	168,314,360		$	34,618		$	—			$	168,348,978

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2021.

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	10,119,845		$	49,307,780

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 30, 2021 was $133,281,192. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	55,556,051
Unrealized (depreciation)		(18,727,388	)

Net unrealized appreciation/(depreciation)	$	36,828,663

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL DFA U.S. Small Cap Fund		$	1,043,366		$	4,546,717		$	5,590,083

(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, 2020, 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		$	7,012,699		$	5,489,705		$	—		$	36,828,663		$	49,331,067

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

AZL DFA U.S. Small Cap Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

10. Subsequent Events

AZL DFA U.S. Small Cap Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0620 08/20

AZL^® Enhanced Bond Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 27

Page 27

Page 28

Page 29

Page 30

Page 38

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 40

Page 41

AZL Enhanced Bond Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Enhanced Bond Index Fund		$	1,000.00		$	982.20		$	3.10		0.63	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Enhanced Bond Index Fund		$	1,000.00		$	1,021.67		$	3.16		0.63	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

U.S. Treasury Obligations		31.5	%

U.S. Government Agency Mortgages		27.8

Corporate Bonds		24.0

Unaffiliated Investment Company		16.6

Yankee Debt Obligations		5.2

Collateralized Mortgage Obligations		4.0

Foreign Bonds		3.8

Asset Backed Securities		2.6

Short-Term Security Held as Collateral for Securities on Loan		2.4

Commercial Paper		0.5

Municipal Bonds		0.2


Total Investment Securities		118.6

Net other assets (liabilities)		(18.6	)


Net Assets		100.0	%

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Asset Backed Securities (2.6%):
$	2,321,292	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36(a)	$	2,472,083
	1,640,000	Benchmark Mortgage Trust, Class A4, Series 2018-B7, 4.51%, 11/15/51, Callable 10/15/28 @ 100		1,931,330
	1,576,949	Chesapeake Funding II LLC, Class A1, Series 2018-1A, 3.04%, 4/15/30, Callable 7/15/21 @ 100(a)		1,580,465
	885,000	Citibank Credit Card Issuance Trust, Class A7, Series 2018-A7, 3.96%, 10/15/30		1,036,381
	221,987	College Ave Student Loans LLC, Class A1, Series 2021-A, 1.19%(US0001M+110bps), 7/25/51, Callable 2/25/32 @ 100(a)		222,009
	1,410,000	College Avenue Student Loans LLC, Class A2, Series 2021-B, 1.76%, 6/25/52, Callable 1/25/34 @ 100(a)		1,408,201
	3,640,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-2A, 0.96%, 2/15/30, Callable 12/15/24 @ 100(a)		3,641,981
	1,880,000	Credit Acceptance Auto Loan Trust, Class A, Series 2021-3A, 1.00%, 5/15/30, Callable 11/15/24 @ 100(a)		1,883,826
	160,000	Credit Acceptance Auto Loan Trust, Class A, Series 20-2A, 1.37%, 7/16/29, Callable 1/15/24 @ 100(a)		161,888
	597,276	EDvestinU Private Education Loan Issue No 3 LLC, Class A, Series 2021-A, 1.80%, 11/25/45(a)		598,838
	1,390,000	Lendmark Funding Trust, Class A, Series 2021-1A, 1.90%, 11/20/31, Callable 5/20/26 @ 100(a)		1,403,391
	1,176,962	LoanCore Issuer, Ltd., Class A, Series 2018-CRE1, 1.20%(US0001M+113bps), 5/15/28, Callable 7/15/21 @ 100(a)		1,176,962
	1,200,000	Mariner Finance Issuance Trust, Class A, Series 2021-AA, 1.86%, 3/20/36, Callable 3/20/26 @ 100(a)		1,206,230
	1,517,637	Navient Private Education Loan Trust, Class A1B, Series 2020-lA, 1.07%(US0001M+100bps), 4/15/69, Callable 7/15/30 @ 100(a)		1,529,312
	3,580,000	Navient Private Education Refi Loan Trust, Class A, Series 2021-DA(PRIME-(199)bps), 4/15/60(a)		3,580,004
	3,793,238	Navient Private Education Refi Loan Trust, Class A, Series 20-FA, 1.22%, 7/15/69, Callable 4/15/27 @ 100(a)		3,810,391
	829,345	Navient Private Education Refi Loan Trust, Class A, Series 2021-A, 0.84%, 5/15/69, Callable 4/15/28 @ 100(a)		826,685
	1,000,000	Navient Student Loan Trust, Class A2B, Series 2020-CA, 1.67%(US0001M+160bps), 11/15/68, Callable 5/15/30 @ 100(a)		1,033,819
	2,332,866	Navient Student Loan Trust, Class A2B, Series 2019-D, 1.12%(US0001M+105bps), 12/15/59, Callable 7/15/30 @ 100(a)		2,352,128
	301,505	Navient Student Loan Trust, Class A2, Series 2018-EA, 4.00%, 12/15/59, Callable 7/15/25 @ 100(a)		309,428


Principal Amount			Value
Asset Backed Securities, continued
$	4,890,000	Nelnet Student Loan Trust, Class APT2, Series 2021-A, 1.36%, 4/20/62, Callable 9/20/29 @ 100(a)	$	4,890,921
	9,080,000	Nelnet Student Loan Trust, Class AFL, Series 2021-BA, 0.88%(US0001M+78bps), 4/20/62, Callable 7/20/29 @ 100(a)		9,080,000
	2,440,000	Nissan Master Owner Trust Receivables, Class A, Series 2019-B, 0.50%(US0001M+43bps), 11/15/23		2,443,569
	1,400,000	PFS Financing Corp., Class A, Series 2021-A, 0.71%, 4/15/26(a)		1,394,956
	537,351	SMB Private Education Loan Trust, Class A2B, Series 2017-B, 0.85%(US0001M+75bps), 10/15/35(a)		538,630
	4,250,000	SMB Private Education Loan Trust, Class A2A1, Series 2021-A, 0.83%(US0001M+73bps), 1/15/53(a)		4,232,846
	490,000	SMB Private Education Loan Trust, Class B, Series 2021-A, 2.31%, 1/15/53(a)		497,858
	100,422	SMB Private Education Loan Trust, Class A2A, Series 2015-B, 2.98%, 7/15/27, Callable 4/15/28 @ 100(a)		101,443
	1,870,000	SMB Private Education Loan Trust, Class APT1, Series 2021-C, 1.39%, 1/15/53(a)		1,861,574
	410,000	SMB Private Education Loan Trust, Class A2B, Series 2020-A, 0.93%(US0001M+83bps), 9/15/37(a)		409,693
	2,751,337	SMB Private Education Loan Trust, Class A1A, Series BA, 1.29%, 7/15/53(a)		2,759,449
	30,972	SoFi Professional Loan Program, Class A2B, Series 2016-D, 2.34%, 4/25/33, Callable 9/25/24 @ 100(a)		31,464
	942,163	SoFi Professional Loan Program, Class A2FX, Series 2019-B, 3.09%, 8/17/48, Callable 1/15/27 @ 100(a)		965,820
	636,626	SoFi Professional Loan Program, Class A2, Series 2015-d, 2.72%, 10/27/36, Callable 7/25/22 @ 100(a)		643,666
	3,021,403	SoFi Professional Loan Program, Class A2FX, Series 2017-F, 2.84%, 1/25/41, Callable 10/25/25 @ 100(a)		3,087,391
	1,034,905	SoFi Professional Loan Program, Class AFX, Series 2020-C, 1.95%, 2/15/46, Callable 9/15/28 @ 100(a)		1,049,501
	1,700,000	SoFi Professional Loan Program, Class A2FX, Series 2020-A, 2.54%, 5/15/46, Callable 11/15/27 @ 100(a)		1,756,904
	3,348,048	Westlake Automobile Receivables Trust, Class A2, Series 2020-1A, 1.44%, 9/15/23, Callable 5/15/23 @ 100(a)		3,359,821

	Total Asset Backed Securities (Cost $70,375,602)			71,270,858

Collateralized Mortgage Obligations (4.0%):
	2,000,000	AIMCO CLO, Class AR, Series 2017-AA, 1.24%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)		2,000,718
	2,810,000	Alen Mortgage Trust, Class A, Series 2021-ACEN, 1.22%(US0001M+115bps), 4/15/38(a)		2,811,321

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	1,000,000	Anchorage Capital CLO 7, Ltd., Class AR2, Series 2015-7A, 1.27%(US0003M+109bps), 1/28/31, Callable 7/28/21 @ 100(a)	$	999,732
	1,735,000	Arbor Multifamily Mortgage Securities Trust, Class A5, Series 2020-MF1, 2.76%, 5/15/53, Callable 2/15/30 @ 100(a)		1,844,917
	3,850,000	Barclays Commercial Mortgage Trust, Class A, Series 2018-TALL, 0.79%(US0001M+72bps), 3/15/37(a)		3,826,246
	1,250,000	Battalion CLO VIII, Ltd., Class A1R2, Series 2015-8A, 1.26%(US0003M+107bps), 7/18/30, Callable 7/18/21 @ 100(a)		1,249,996
	2,290,000	Battalion CLO X, Ltd., Class A1R2, Series 2016-10A, 1.35%(US0003M+117bps), 1/25/35, Callable 1/25/23 @ 100(a)		2,290,714
	1,250,000	Benchmark Mortgage Trust, Class B, Series 2019-B15, 3.56%, 12/15/72		1,348,388
	668,000	Benchmark Mortgage Trust, Class C, Series 2019-B15, 3.84%, 12/15/72		710,024
	1,332,000	BF Mortgage Trust, Class B, Series 2019-NYT, 1.47%(US0001M+140bps), 11/15/35(a)		1,331,427
	1,120,000	BX, Class A, Series 2021-MFM1, 0.77%(US0001M+70bps), 1/15/34(a)		1,120,504
	4,003,263	BX Commercial Mortgage Trust, Class A, Series 2020-BXLP, 0.87%(US0001M+80bps), 12/15/29(a)		4,008,788
	3,350,000	BX Commercial Mortgage Trust, Class A, Series 2020-ViV4, 2.84%, 3/9/44(a)		3,521,285
	2,178,069	BX Commercial Mortgage Trust, Class A, Series 2019-XL, 0.99%(US0001M+92bps), 10/15/36(a)		2,180,922
	551,000	BX Trust, Class D, Series 2019-OC11, 4.08%, 12/9/41(a)		590,314
	615,000	Cantor Commercial Real Estate Lending, Class A4, Series 2019-CF2, 2.62%, 11/15/52, Callable 8/15/29 @ 100		642,675
	603,000	Cantor Commercial Real Estate Lending, Class B, Series 2019-CF3, 3.50%, 1/15/53, Callable 12/15/29 @ 100(b)		651,493
	3,225,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 1.24%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)		3,227,909
	760,000	CGRBS Commercial Mortgage Trust, Class A, Series 2013-VN05, 3.37%, 3/13/35(a)		796,510
	505,757	Chase Home Lending Mortgage Trust, Class A11, Series 2019-ATR2, 0.99%(US0001M+90bps), 7/25/49, Callable 11/25/22 @ 100(a)		506,987
	1,526,188	CIM Trust, Class A11, Series 2019-INV3, 1.04%(US0001M+100bps), 8/25/49, Callable 9/25/24 @ 100(a)		1,528,718
	3,360,000	Cityline Commercial Mortgage Trust, Class A, Series 2016-CLNE, 2.87%, 11/10/31(a)(b)		3,520,978
	667,000	Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48, Callable 7/10/25 @ 100		729,658
	1,279,058	Commercial Mortgage Loan Trust, Class AM, Series 2013-CR7, 3.31%, 3/10/46, Callable 4/6/23 @ 100(a)		1,326,946


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	3,075,000	Commercial Mortgage Loan Trust, Class A4, Series 2015-CCRE26, 3.63%, 10/10/48, Callable 8/10/25 @ 100	$	3,364,911
	1,015,000	Commercial Mortgage Loan Trust, Class D, Series 2013-WWP, 3.90%, 3/10/31, Callable 3/10/23 @ 100(a)		1,074,296
	3,870,000	Cosmopolitan Hotel Trust, Class A, Series 2017-CSMO, 1.00%(US0001M+93bps), 11/15/36(a)		3,873,676
	2,306,000	Credit Suisse Mortgage Capital Certificates, Class A, Series 20-NET, 2.26%, 8/15/37(a)		2,380,276
	210,000	CSAIL Commercial Mortgage Trust, Class A5, Series 2018-CX11, 4.03%, 4/15/51, Callable 3/15/28 @ 100(b)		237,342
	2,095,000	Dryden 43 Senior Loan Fund, Class AR2, Series 2016-43A, 1.23%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a)		2,095,752
	4,750,000	Elmwood CLO II, Ltd., Class AR, Series 2019-2A, 1.34%(US0003M+115bps), 4/20/34(a)		4,754,275
	5,410,000	Extended Stay America Trust, Class A, Series 2021-ESH, 1.16%(US0001M+108bps), 7/15/38(a)		5,425,206
	1,038,457	Flagstar Mortgage Trust, Class A11, Series 2019-1, 1.04%(US0001M+95bps), 10/25/49, Callable 5/25/24 @ 100(a)		1,040,651
	1,312,316	FRESB Multifamily Mortgage Pass Through, Class A10H, Series 2019-SB60, 3.50%(US0001M+350bps), 1/25/39, Callable 12/1/28 @ 100		1,390,110
	1,230,000	FS RIALTO, Class A, Series 2021-FL2, 1.29%(US0001M+122bps), 4/16/28, Callable 4/16/23 @ 100		1,230,382
	2,315,000	GS Mortgage Securities Trust, Class B, Series 2019-SOHO, 1.22%(US0001M+115bps), 6/15/36(c)		2,314,630
	1,525,000	IMT Trust, Class BFX, Series 2017-APTS, 3.61%, 6/15/34(a)(b)		1,605,657
	585,836	JP Morgan Chase Commercial Mortgage Securities Corp., Class A, Series 2021-MHC, 0.87%(US0001M+80bps), 4/15/38(a)		586,571
	1,168,162	JP Morgan Mortgage Trust, Class A11, Series 2019-INV2, 0.99%(US0001M+90bps), 2/25/50, Callable 3/25/24 @ 100(a)		1,170,521
	388,847	JP Morgan Mortgage Trust, Class A11, Series 2019-7, 0.99%(US0001M+90bps), 2/25/50, Callable 12/25/22 @ 100(a)		389,504
	901,706	JP Morgan Mortgage Trust, Class A11, Series 2019-INV3, 1.09%(US0001M+100bps), 5/25/50, Callable 7/25/24 @ 100(a)		903,675
	765,043	JP Morgan Mortgage Trust, Class A11, Series 2020-LTV1, 1.09%(US0001M+100bps), 6/25/50, Callable 5/25/23 @ 100(a)		767,486
	945,490	JP Morgan Mortgage Trust, Class A11, Series 2019-LTV3, 0.94%(US0001M+85bps), 2/25/50, Callable 1/25/23 @ 100(a)		946,787
	1,120,000	JP Morgan Mortgage Trust, Class A5, Series 2019-LTV3, 3.50%, 2/25/50, Callable 1/25/23 @ 100(a)(b)		1,128,834

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	700,000	JPMDB Commercial Mortgage Securities Trust, Class A5, Series 2017-C5, 3.69%, 3/15/50, Callable 1/15/27 @ 100	$	774,508
	2,661,241	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4FX, Series 2012-CBX, 3.48%, 6/15/45, Callable 6/15/22 @ 100(a)		2,687,348
	2,904,000	KNDL Mortgage Trust, Class A, Series 2019-KNSQ, 0.87%(US0001M+80bps), 5/15/36(a)		2,906,672
	1,530,000	Life Mortgage Trust, Class A, Series 2021-BMR, 0.77%(US0001M+70bps), 3/15/38(a)		1,532,142
	1,279,462	Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series 2015-C24, 3.48%, 5/15/48, Callable 5/15/25 @ 100		1,373,694
	1,540,000	Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49, Callable 10/15/26 @ 100		1,662,815
	1,563,000	Morgan Stanley Capital I Trust, Class A, Series 2019-NUGS, 2.45%(US0001M+95bps), 12/15/36(a)		1,566,798
	1,200,000	Octagon Investment Partners XVII, Ltd., Class A2R2, Series 2013-1A, 1.28%(US0003M+110bps), 1/25/31, Callable 7/25/21 @ 100(a)		1,189,254
	3,247,075	One Lincoln Street Commercial Mortgage, Class A1, Series 2004-C3, 5.72%, 10/15/30(a)(b)		3,508,854
	1,510,000	One New York Plaza Trust, Class A, Series 2020-1NYP, 1.02%(US0001M+95bps), 1/15/26(a)		1,519,528
	1,250,000	RR 3, Ltd., Class A1R2, Series 2018-3A, 1.27%(US0003M+109bps), 1/15/30, Callable 7/15/21 @ 100(a)		1,248,562
	965,322	Seasoned Credit Risk Transfer Trust, Class MA, Series 2018-2, 3.50%, 11/25/57, Callable 7/25/31 @ 100		1,013,221
	2,166,561	Seasoned Credit Risk Transfer Trust, Class MA, Series 2019-2, 3.50%, 8/25/58, Callable 5/25/53 @ 100		2,300,937
	125,000	SG Commercial Mortgage Securities Trust, Class A4, Series 2016-C5, 3.06%, 10/10/48, Callable 6/10/26 @ 100		131,311
	1,000,000	Signal Peak CLO 8, Ltd., Class A, Series 2020-8A, 1.46%(US0003M+127bps), 4/20/33, Callable 4/20/22 @ 100(a)		1,003,189
	388,839	Tharaldson Hotel Portfolio Trust, Class A, Series 2018-THL, 0.98%(US0001M+75bps), 11/11/34(a)		389,014
	1,000,000	Voya CLO, Ltd., Class A1R, Series 2017-3A, 1.23%(US0003M+104bps), 4/20/34, Callable 4/20/23 @ 100(a)		998,804
	9,966,488	Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 1.11%, 12/15/59, Callable 8/15/26 @ 100(b)		341,153
	775,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-C28, 3.54%, 5/15/48, Callable 4/15/25 @ 100		842,913
	1,015,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48		1,117,292


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	1,250,000	Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48, Callable 4/15/25 @ 100	$	1,320,700
	940,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2018-C46, 4.15%, 8/15/51		1,080,699

	Total Collateralized Mortgage Obligations (Cost $108,540,286)			109,957,120

Corporate Bonds (24.0%):
Aerospace & Defense (1.1%):
	2,642,000	BAE Systems Holdings, Inc., 3.80%, 10/7/24(a)		2,876,942
	647,000	BAE Systems Holdings, Inc., 3.85%, 12/15/25, Callable 9/15/25 @ 100(a)		712,738
	2,398,000	Boeing Co. (The), 4.88%, 5/1/25, Callable 4/1/25 @ 100		2,687,501
	1,062,000	General Dynamics Corp., 3.50%, 4/1/27, Callable 2/1/27 @ 100		1,179,730
	763,000	General Dynamics Corp., 3.75%, 5/15/28, Callable 2/15/28 @ 100		867,696
	1,476,000	Harris Corp., 4.40%, 6/15/28, Callable 3/15/28 @ 100		1,714,280
	378,000	Huntington Ingalls Industries, Inc., 3.84%, 5/1/25, Callable 4/1/25 @ 100		412,558
	1,263,000	Huntington Ingalls Industries, Inc., 3.48%, 12/1/27, Callable 9/1/27 @ 100		1,376,670
	1,315,000	L3Harris Technologies, Inc., 3.85%, 12/15/26, Callable 9/15/26 @ 100		1,475,153
	1,383,000	L3Harris Technologies, Inc., 4.40%, 6/15/28, Callable 3/15/28 @ 100		1,606,949
	391,000	Lockheed Martin Corp., Series B, 6.15%, 9/1/36		562,351
	1,051,000	Lockheed Martin Corp., 3.80%, 3/1/45, Callable 9/1/44 @ 100		1,228,426
	3,089,000	Northrop Grumman Corp., 2.93%, 1/15/25, Callable 11/15/24 @ 100		3,292,766
	214,000	Northrop Grumman Corp., 4.75%, 6/1/43		274,061
	1,503,000	Northrop Grumman Corp., 4.03%, 10/15/47, Callable 4/15/47 @ 100		1,781,785
	115,000	Raytheon Technologies Corp., 7.20%, 8/15/27		150,857
	115,000	Raytheon Technologies Corp., 7.00%, 11/1/28		150,576
	1,879,000	Raytheon Technologies Corp., 4.13%, 11/16/28, Callable 8/16/28 @ 100		2,162,671
	559,000	Raytheon Technologies Corp., 2.15%, 5/18/30, Callable 2/18/30 @ 100		740,343
	415,000	Raytheon Technologies Corp., 4.20%, 12/15/44, Callable 6/15/44 @ 100		464,761
	936,000	Raytheon Technologies Corp., 4.35%, 4/15/47, Callable 10/15/46 @ 100		1,145,923
	264,000	Textron, Inc., 3.65%, 3/15/27, Callable 12/15/26 @ 100		292,333
	1,098,000	Textron, Inc., 3.90%, 9/17/29, Callable 6/17/29 @ 100		1,219,015
	485,000	United Technologies Corp., 7.50%, 9/15/29		676,999
	1,162,000	United Technologies Corp., 4.15%, 5/15/45, Callable 11/16/44 @ 100		1,379,980

				30,433,064

Air Freight & Logistics (0.4%):
	620,000	FedEx Corp., 0.45%, 5/4/29, Callable 2/4/29 @ 100		731,541

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Air Freight & Logistics, continued
$	3,157,000	FedEx Corp., 4.25%, 5/15/30, Callable 2/15/30 @ 100	$	3,676,301
	1,727,000	FedEx Corp., 2.40%, 5/15/31, Callable 2/15/31 @ 100		1,754,825
	695,000	United Parcel Service, Inc., 0.38%, 11/15/23, Callable 8/15/23 @ 100		835,483
	1,485,000	United Parcel Service, Inc., 3.40%, 3/15/29, Callable 12/15/28 @ 100		1,667,857
	985,000	United Parcel Service, Inc., 4.45%, 4/1/30, Callable 1/1/30 @ 100		1,193,180

				9,859,187

Airlines (0.3%):
	897,353	American Airlines Pass Through Trust, Series 2015-2, Class B, 4.40%, 3/22/25		865,096
	347,780	American Airlines Pass Through Trust, Series 2016-1, Class B, 5.25%, 7/15/25		342,564
	80,104	American Airlines Pass Through Trust, Series 2017-1, Class B, 4.95%, 8/15/26		78,902
	505,981	American Airlines Pass Through Trust, Series 2015-2, Class AA, 3.60%, 3/22/29		520,186
	213,277	American Airlines Pass Through Trust, Series 2016-2, Class AA, 3.20%, 12/15/29		216,094
	424,604	American Airlines Pass Through Trust, Series 2016-3, Class AA, 3.00%, 4/15/30		425,972
	174,685	American Airlines Pass Through Trust, Series 2017-1, Class AA, 3.65%, 8/15/30		180,450
	695,207	American Airlines Pass Through Trust, Series 2019-1, 3.15%, 8/15/33		713,350
	505,000	Delta Airlines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25		533,945
	122,000	Southwest Airlines Co., 2.75%, 11/16/22, Callable 10/16/22 @ 100		125,269
	9,120	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23		9,257
	49,479	United Airlines Pass Through Trust, Series 2014-2, Class B, 4.63%, 3/3/24		50,345
	7,002	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.65%, 4/7/27		6,931
	287,045	United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, 9/1/27		295,557
	1,237,145	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29		1,377,201
	11,374	United Airlines Pass Through Trust, Series 2015-1, Class AA, 3.45%, 6/1/29		11,948
	413,853	United Airlines Pass Through Trust, Series 2019-2, Class B, 3.50%, 11/1/29		409,651
	47,288	United Airlines Pass Through Trust, Series 2016-2, Class AA, 3.10%, 1/7/30		49,842
	183,371	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.88%, 4/7/30		187,790
	220,865	United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 9/1/31		230,989
	353,884	United Airlines Pass Through Trust, Series 2016-1, Class AA, 4.15%, 2/25/33		387,895
	485,358	United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/1/33		485,532

				7,504,766


Principal Amount			Value
Corporate Bonds, continued
Auto Components (0.0%^†):
$	520,000	BorgWarner, Inc., 1.00%, 5/19/31, Callable 2/19/31 @ 100	$	620,313

Automobiles (0.2%):
	687,000	Daimler Finance North America LLC, 3.40%, 2/22/22(a)		700,759
	1,577,000	Daimler Finance North America LLC, 2.13%, 3/10/25(a)		1,632,171
	1,263,000	Daimler Finance North America LLC, 3.30%, 5/19/25(a)		1,361,106
	150,000	Daimler Finance North America LLC, 3.50%, 8/3/25(a)		163,331
	672,000	Daimler Finance North America LLC, 1.45%, 3/2/26(a)		675,440
	1,025,000	Nissan Motor Acceptance Corp., 2.75%, 3/9/28, Callable 1/9/28 @ 100(a)		1,036,306
	520,000	Volkswagen Group of America Finance LLC, 2.50%, 9/24/21(a)		522,548

				6,091,661

Banks (4.1%):
	3,067,000	Bank of America Corp., 3.55% (US0003M+78 bps), 3/5/24, Callable 3/5/23 @ 100		3,236,375
	880,000	Bank of America Corp., 4.20%, 8/26/24, MTN		962,746
	1,283,000	Bank of America Corp., 4.00%, 1/22/25, MTN		1,405,053
	3,355,000	Bank of America Corp., 0.98% (SOFR+69 bps), 4/22/25, Callable 4/22/24 @ 100		3,366,464
	499,000	Bank of America Corp., 2.46% (US0003M+87 bps), 10/22/25, Callable 10/22/24 @ 100, MTN		520,690
	1,223,000	Bank of America Corp., 3.37% (US0003M+81 bps), 1/23/26, Callable 1/23/25 @ 100		1,318,119
	748,000	Bank of America Corp., Series G, 4.45%, 3/3/26		847,755
	6,244,000	Bank of America Corp., 1.32% (SOFR+115 bps), 6/19/26, Callable 6/19/25 @ 100, MTN		6,243,413
	4,707,000	Bank of America Corp., 1.20% (SOFR+101 bps), 10/24/26, Callable 10/24/25 @ 100, MTN		4,670,662
	329,000	Bank of America Corp., 1.66% (SOFR+91 bps), 3/11/27, Callable 3/11/26 @ 100		331,809
	5,808,000	Bank of America Corp., 3.56% (US0003M+106 bps), 4/23/27, Callable 4/23/26 @ 100, MTN		6,364,273
	2,927,000	Bank of America Corp., 1.73% (SOFR+96 bps), 7/22/27, Callable 7/22/26 @ 100		2,940,745
	2,144,000	Bank of America Corp., 3.82% (US0003M+158 bps), 1/20/28, Callable 1/20/27 @ 100, MTN		2,376,463
	1,535,000	Bank of America Corp., 4.27% (US0003M+131 bps), 7/23/29, Callable 7/23/28 @ 100		1,763,770
	735,000	Bank of America Corp., 3.97% (US0003M+121 bps), 2/7/30, Callable 2/7/29 @ 100, MTN		833,860
	1,315,000	Bank of America Corp., 3.19% (US0003M+118 bps), 7/23/30, Callable 7/23/29 @ 100, MTN		1,417,236
	5,458,000	Bank of America Corp., 2.88% (US0003M+119 bps), 10/22/30, Callable 10/22/29 @ 100, MTN		5,739,142
	472,000	Bank of America Corp., 2.50% (US0003M+99 bps), 2/13/31, Callable 2/13/30 @ 100, MTN		481,535
	580,000	Bank of America Corp., 0.65% (EUR003M+94 bps), 10/26/31, Callable 10/26/30 @ 100, MTN(a)		680,301
	975,000	Bank of America Corp., 4.08% (US0003M+132 bps), 4/23/40, Callable 4/23/39 @ 100, MTN		1,143,989

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	757,000	Bank of America Corp., 5.88%, 2/7/42	$	1,086,527
	1,334,000	Bank of America Corp., 3.31% (SOFR+158 bps), 4/22/42, Callable 4/22/41 @ 100		1,417,024
	905,000	Bank of America Corp., 5.87% (US0003M+293 bps), 12/31/99, Callable 3/15/28 @ 100		1,033,963
	1,228,000	Citigroup, Inc., 4.40%, 6/10/25		1,369,428
	4,353,000	Citigroup, Inc., 3.98% (US0003M+134 bps), 3/20/30, Callable 3/20/29 @ 100		4,928,310
	4,621,000	Citigroup, Inc., 2.98% (SOFR+142 bps), 11/5/30, Callable 11/5/29 @ 100		4,892,544
	2,475,000	Citigroup, Inc., 2.67% (SOFR+115 bps), 1/29/31, Callable 1/29/30 @ 100		2,550,938
	2,256,000	Citigroup, Inc., 2.57% (SOFR+211 bps), 6/3/31, Callable 6/3/30 @ 100		2,318,058
	480,000	Citigroup, Inc., 4.00% (H15T5Y+4 bps), 12/31/99, Callable 12/10/25 @ 100		496,320
	6,148,000	JPMorgan Chase & Co., 4.02% (US0003M+100 bps), 12/5/24, Callable 12/5/23 @ 100		6,618,291
	309,000	JPMorgan Chase & Co., 3.90%, 7/15/25, Callable 4/15/25 @ 100		341,832
	557,000	JPMorgan Chase & Co., 2.30% (SOFR+116 bps), 10/15/25, Callable 10/15/24 @ 100		580,354
	1,385,000	JPMorgan Chase & Co., 2.01% (SOFR+159 bps), 3/13/26, Callable 3/13/25 @ 100		1,429,905
	406,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100		441,748
	2,303,000	JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100		2,478,417
	2,230,000	JPMorgan Chase & Co., 3.96% (US0003M+125 bps), 1/29/27, Callable 1/29/26 @ 100		2,480,320
	1,361,000	JPMorgan Chase & Co., 1.58% (SOFR+89 bps), 4/22/27, Callable 4/22/26 @ 100		1,364,253
	7,082,000	JPMorgan Chase & Co., 3.78% (US0003M+134 bps), 2/1/28, Callable 2/1/27 @ 100		7,877,372
	708,000	JPMorgan Chase & Co., 3.54% (US0003M+138 bps), 5/1/28, Callable 5/1/27 @ 100		779,553
	1,750,000	JPMorgan Chase & Co., 4.00% (US0003M+112 bps), 4/23/29, Callable 4/23/28 @ 100		1,974,648
	1,318,000	JPMorgan Chase & Co., 3.70% (US0003M+116 bps), 5/6/30, Callable 5/6/29 @ 100		1,473,272
	977,000	JPMorgan Chase & Co., 2.74% (SOFR+151 bps), 10/15/30, Callable 10/15/29 @ 100		1,020,724
	202,000	JPMorgan Chase & Co., 6.40%, 5/15/38		296,803
	1,346,000	JPMorgan Chase & Co., 3.11% (SOFR+246 bps), 4/22/41, Callable 4/22/40 @ 100		1,389,509
	1,468,000	JPMorgan Chase & Co., 4.26% (US0003M+158 bps), 2/22/48, Callable 2/22/47 @ 100		1,785,725
	400,000	JPMorgan Chase & Co., 4.03% (US0003M+146 bps), 7/24/48, Callable 7/24/47 @ 100		472,769
	224,000	JPMorgan Chase & Co., 3.96% (US0003M+138 bps), 11/15/48, Callable 11/15/47 @ 100		263,107
	564,000	JPMorgan Chase & Co., 3.90% (US0003M+122 bps), 1/23/49, Callable 1/23/48 @ 100		655,503
	356,000	Synovus Financial Corp., 3.13%, 11/1/22, Callable 10/1/22 @ 100		366,233
	10,000	Truist Bank, 3.50% (US0003M+59 bps), 8/2/22, Callable 8/2/21 @ 100		10,027


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	900,000	Wells Fargo & Co., 1.13%, 10/29/21, MTN(a)	$	1,072,595
	290,000	Wells Fargo & Co., 1.34% (EUR003M+167 bps), 5/4/25, Callable 5/4/24 @ 100, MTN(a)		356,379
	1,830,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		1,914,605
	2,524,000	Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN		2,775,966
	2,383,000	Wells Fargo & Co., 2.88% (US0003M+117 bps), 10/30/30, Callable 10/30/29 @ 100, MTN		2,525,024
	2,129,000	Wells Fargo & Co., 3.07% (SOFR+253 bps), 4/30/41, Callable 4/30/40 @ 100		2,182,133

				111,664,579

Beverages (0.4%):
	7,123,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		8,742,649
	298,000	Anheuser-Busch InBev Finance, Inc., 4.00%, 1/17/43		334,726
	1,199,000	Anheuser-Busch InBev Worldwide, Inc., 4.95%, 1/15/42		1,516,749
	490,000	Coca-Cola Co. (The), 1.00%, 3/9/41		566,430
	489,000	Keurig Dr Pepper, Inc., 3.20%, 5/1/30, Callable 2/1/30 @ 100		529,013

				11,689,567

Biotechnology (0.4%):
	160,000	AbbVie, Inc., 1.38%, 5/17/24, Callable 2/17/24 @ 100		196,870
	140,000	AbbVie, Inc., 1.25%, 6/1/24, Callable 3/1/24 @ 100		171,708
	1,993,000	AbbVie, Inc., 4.55%, 3/15/35, Callable 9/15/34 @ 100		2,409,246
	1,789,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		2,156,707
	864,000	AbbVie, Inc., 4.63%, 10/1/42, Callable 4/1/42 @ 100		1,063,466
	499,000	Amgen, Inc., 3.15%, 2/21/40, Callable 8/21/39 @ 100		519,384
	672,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		812,562
	970,000	Biogen, Inc., 3.15%, 5/1/50, Callable 11/1/49 @ 100		954,527
	890,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100		1,129,516
	494,000	Gilead Sciences, Inc., 4.75%, 3/1/46, Callable 9/1/45 @ 100		626,879

				10,040,865

Building Products (0.1%):
	2,043,000	Carrier Global Corp., 2.24%, 2/15/25, Callable 1/15/25 @ 100		2,126,242

Capital Markets (2.4%):
	2,221,000	Ares Capital Corp., 4.25%, 3/1/25, Callable 1/1/25 @ 100		2,398,829
	434,000	Ares Capital Corp., 2.15%, 7/15/26, Callable 6/15/26 @ 100		430,682

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	509,000	Bank of New York Mellon Corp. (The), 3.44% (US0003M+107 bps), 2/7/28, Callable 2/7/27 @ 100, MTN	$	560,298
	370,000	Bank of New York Mellon Corp. (The), 4.62% (US0003M+313 bps), 12/29/49, Callable 9/20/26 @ 100		407,925
	1,150,000	Bank of New York Mellon Corp. (The), 3.70% (H15T5Y+335 bps), 12/31/99, Callable 3/20/26 @ 100		1,203,187
	1,435,000	Charles Schwab Corp. (The), Series E, 4.62% (US0003M+332 bps), 12/29/49, Callable 3/1/22 @ 100		1,456,525
	1,265,000	Charles Schwab Corp. (The), 4.00% (H15T5Y+317 bps), 12/31/99, Callable 6/1/26 @ 100		1,318,762
	5,126,000	Goldman Sachs Group, Inc. (The), 2.88% (US0003M+82 bps), 10/31/22, Callable 10/31/21 @ 100		5,164,712
	1,460,000	Goldman Sachs Group, Inc. (The), 0.01% (EUR003M+55 bps), 4/21/23, Callable 4/21/22 @ 100, MTN(a)		1,734,500
	394,000	Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25, Callable 10/23/24 @ 100		424,668
	7,355,000	Goldman Sachs Group, Inc. (The), 3.50%, 4/1/25, Callable 3/1/25 @ 100		7,975,637
	1,633,000	Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25, Callable 2/22/25 @ 100		1,781,959
	4,438,000	Goldman Sachs Group, Inc. (The), 3.75%, 2/25/26, Callable 11/25/25 @ 100		4,911,228
	624,000	Goldman Sachs Group, Inc. (The), 1.33% (US0003M+117 bps), 5/15/26, Callable 5/15/25 @ 100		639,928
	547,000	Goldman Sachs Group, Inc. (The), 3.85%, 1/26/27, Callable 1/26/26 @ 100		601,513
	2,302,000	Goldman Sachs Group, Inc. (The), 4.41% (US0003M+143 bps), 4/23/39, Callable 4/23/38 @ 100		2,799,969
	531,000	Goldman Sachs Group, Inc. (The), 3.21% (SOFR+151 bps), 4/22/42, Callable 4/22/41 @ 100		555,775
	1,657,000	Intercontinental Exchange, Inc., 2.10%, 6/15/30, Callable 3/15/30 @ 100		1,645,408
	1,648,000	Morgan Stanley, 0.99% (SOFRRATE+72 bps), 12/10/26, Callable 12/10/25 @ 100		1,623,773
	3,871,000	Morgan Stanley, 3.63%, 1/20/27		4,294,607
	7,147,000	Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100		7,173,058
	3,464,000	Morgan Stanley, 3.59% (US0003M+134 bps), 7/22/28, Callable 7/22/27 @ 100		3,830,453
	6,959,000	Morgan Stanley, 2.70% (SOFR+114 bps), 1/22/31, Callable 1/22/30 @ 100, MTN		7,299,984
	1,222,000	Morgan Stanley, 1.79% (SOFRRATE+1 bps), 2/13/32, Callable 2/13/31 @ 100, MTN		1,175,647
	358,000	Morgan Stanley, 3.97% (US0003M+146 bps), 7/22/38, Callable 7/22/37 @ 100		420,680
	586,000	Morgan Stanley, 6.38%, 7/24/42		897,462
	196,000	State Street Corp., 2.90% (SOFR+3 bps), 3/30/26, Callable 3/30/25 @ 100		209,381


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	661,000	State Street Corp., Series F, 3.72% (US0003M+360 bps), Callable 9/15/21 @ 100	$	661,826
	1,415,000	State Street Corp., Series H, 5.62% (US0003M+254 bps), 12/31/99, Callable 12/15/23 @ 100		1,510,512

				65,108,888

Chemicals (0.2%):
	570,000	Air Products and Chemicals, Inc., 2.80%, 5/15/50, Callable 11/15/49 @ 100		571,043
	503,000	Dow Chemical Co. (The), 1.13%, 3/15/32, Callable 12/15/31 @ 100		609,349
	311,000	Dow Chemical Co. (The), 5.55%, 11/30/48, Callable 5/30/48 @ 100		436,283
	180,000	Dow Chemical Co. (The), 3.60%, 11/15/50, Callable 5/15/50 @ 100		194,171
	3,116,000	DowDuPont, Inc., 4.49%, 11/15/25, Callable 9/15/25 @ 100		3,542,674
	398,000	LYB International Finance III LLC, 4.20%, 5/1/50, Callable 11/1/49 @ 100		456,462
	440,000	Sherwin-Williams Co. (The), 4.20%, 1/15/22, Callable 10/15/21 @ 100		445,811

				6,255,793

Commercial Services & Supplies (0.0%^†):
	231,000	Republic Services, Inc., 3.95%, 5/15/28, Callable 2/15/28 @ 100		262,534
	824,000	Waste Management, Inc., 2.00%, 6/1/29, Callable 4/1/29 @ 100		831,950
	107,000	Waste Management, Inc., 2.95%, 6/1/41, Callable 12/1/40 @ 100		110,363

				1,204,847

Communications Equipment (0.2%):
	1,662,000	Motorola Solutions, Inc., 4.60%, 5/23/29, Callable 2/23/29 @ 100		1,932,452
	493,000	Motorola Solutions, Inc., 2.30%, 11/15/30, Callable 8/15/30 @ 100		485,607
	1,513,000	Motorola Solutions, Inc., 2.75%, 5/24/31, Callable 2/24/31 @ 100		1,537,831
	187,000	Motorola Solutions, Inc., 5.50%, 9/1/44		242,498

				4,198,388

Consumer Finance (0.7%):
	740,000	American Honda Finance Corp., 1.38%, 11/10/22		898,011
	110,000	American Honda Finance Corp., 0.55%, 3/17/23		132,180
	1,000,000	Capital One Financial Corp., 1.65%, 6/12/29		1,253,803
	473,000	General Motors Financial Co., Inc., 4.38%, 9/25/21		477,142
	1,620,000	General Motors Financial Co., Inc., 4.20%, 11/6/21		1,640,253
	3,738,000	General Motors Financial Co., Inc., 5.20%, 3/20/23		4,022,282
	1,394,000	General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		1,519,535
	3,082,000	General Motors Financial Co., Inc., 4.35%, 4/9/25, Callable 2/9/25 @ 100		3,402,670
	1,268,000	General Motors Financial Co., Inc., 4.35%, 1/17/27, Callable 10/17/26 @ 100		1,422,964

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Consumer Finance, continued
$	1,420,000	Hyundai Capital America, 3.95%, 2/1/22(a)	$	1,448,289
	2,065,000	Hyundai Capital America, 2.38%, 2/10/23(a)		2,119,089
	1,274,000	Toyota Motor Credit Corp., 3.00%, 4/1/25, MTN		1,368,910

				19,705,128

Containers & Packaging (0.1%):
	1,854,000	Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100		1,888,938
	470,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100		599,755

				2,488,693

Diversified Consumer Services (0.0%^†):
	145,000	California Institute of Technology, 4.32%, 8/1/45		184,460
	360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		527,099

				711,559

Diversified Financial Services (0.2%):
	775,000	BMW US Capital LLC, 4.15%, 4/9/30, Callable 1/9/30 @ 100(a)		904,032
	741,000	BMW US Capital LLC, 2.55%, 4/1/31, Callable 1/1/31 @ 100(a)		774,619
	254,000	BP Capital Markets America, Inc., 3.38%, 2/8/61, Callable 8/8/60 @ 100		255,395
	3,539,000	Glencore Funding LLC, 1.63%, 4/27/26, Callable 3/27/26 @ 100(a)		3,547,154
	32,000	Glencore Funding LLC, 2.50%, 9/1/30, Callable 6/1/30 @ 100(a)		31,936
	798,000	Glencore Funding LLC, 2.85%, 4/27/31, Callable 1/27/31 @ 100^(a)		812,095

				6,325,231

Diversified Telecommunication Services (1.4%):
	2,000,000	AT&T, Inc., 0.59%, 11/27/22(a)(d)		1,983,284
	1,251,000	AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100		1,449,445
	2,009,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		2,315,662
	198,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		231,865
	190,000	AT&T, Inc., 3.15%, 9/4/36, Callable 6/4/36 @ 100		273,519
	490,000	AT&T, Inc., 2.60%, 5/19/38, Callable 11/19/37 @ 100		665,005
	492,000	AT&T, Inc., 5.15%, 3/15/42		616,208
	694,000	AT&T, Inc., 4.90%, 6/15/42		850,797
	257,000	AT&T, Inc., 4.30%, 12/15/42, Callable 6/15/42 @ 100		293,480
	910,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		1,104,487
	813,000	AT&T, Inc., 4.50%, 3/9/48, Callable 9/9/47 @ 100		954,154
	999,000	AT&T, Inc., 3.30%, 2/1/52, Callable 8/1/51 @ 100		973,493
	786,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100(a)		816,430
	1,778,000	AT&T, Inc., 3.50%, 2/1/61, Callable 8/1/60 @ 100		1,745,678
	326,000	Verizon Communications, Inc., 4.13%, 3/16/27		370,110
	276,000	Verizon Communications, Inc., 3.00%, 3/22/27, Callable 1/22/27 @ 100		296,653


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	3,888,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100	$	3,961,938
	1,137,000	Verizon Communications, Inc., 4.33%, 9/21/28		1,317,171
	679,000	Verizon Communications, Inc., 4.02%, 12/3/29, Callable 9/3/29 @ 100		776,744
	5,031,000	Verizon Communications, Inc., 3.15%, 3/22/30, Callable 12/22/29 @ 100		5,423,126
	995,000	Verizon Communications, Inc., 1.50%, 9/18/30, Callable 6/18/30 @ 100		946,493
	1,517,000	Verizon Communications, Inc., 1.75%, 1/20/31, Callable 10/20/30 @ 100		1,451,886
	875,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		892,841
	1,049,000	Verizon Communications, Inc., 4.40%, 11/1/34, Callable 5/1/34 @ 100		1,246,857
	2,534,000	Verizon Communications, Inc., 4.27%, 1/15/36		3,025,680
	253,000	Verizon Communications, Inc., 4.86%, 8/21/46		327,553
	390,000	Verizon Communications, Inc., 2.88%, 11/20/50, Callable 5/20/50 @ 100		371,934
	1,005,000	Verizon Communications, Inc., 3.55%, 3/22/51, Callable 9/22/50 @ 100		1,070,751
	1,304,000	Verizon Communications, Inc., 2.99%, 10/30/56, Callable 4/30/56 @ 100		1,226,592

				36,979,836

Electric Utilities (1.9%):
	430,000	AEP Texas, Inc., 2.40%, 10/1/22, Callable 9/1/22 @ 100		439,652
	527,000	AEP Texas, Inc., Series H, 3.45%, 1/15/50, Callable 7/15/49 @ 100		544,280
	1,185,000	AEP Texas, Inc., 3.45%, 5/15/51, Callable 11/15/50 @ 100		1,226,176
	565,000	AEP Transmission Co. LLC, 3.15%, 9/15/49, Callable 3/15/49 @ 100		587,085
	912,000	AEP Transmission Co. LLC, 3.65%, 4/1/50, Callable 10/1/49 @ 100		1,028,126
	1,010,000	Alabama Power Co., 3.45%, 10/1/49, Callable 4/1/49 @ 100		1,093,076
	242,000	Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100		248,109
	198,000	Baltimore Gas & Electric Co., 3.50%, 8/15/46, Callable 2/15/46 @ 100		216,970
	900,000	Baltimore Gas & Electric Co., 3.75%, 8/15/47, Callable 2/15/47 @ 100		1,032,878
	335,000	Baltimore Gas & Electric Co., 3.20%, 9/15/49, Callable 3/15/49 @ 100		349,319
	310,000	Baltimore Gas and Electric Co., 2.25%, 6/15/31, Callable 3/15/31 @ 100		312,642
	750,000	Commonwealth Edison Co., 3.13%, 3/15/51, Callable 9/15/50 @ 100		783,558
	119,000	DTE Electric Co., Series A, 4.05%, 5/15/48, Callable 11/15/47 @ 100		144,031
	869,000	DTE Electric Co., 3.95%, 3/1/49, Callable 9/1/48 @ 100		1,045,078
	265,000	DTE Electric Co., 3.25%, 4/1/51, Callable 10/1/50 @ 100		286,896

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	118,000	Duke Energy Carolinas LLC, 3.75%, 6/1/45, Callable 12/1/44 @ 100	$	132,232
	976,000	Duke Energy Carolinas LLC, 3.88%, 3/15/46, Callable 9/15/45 @ 100		1,124,817
	219,000	Duke Energy Carolinas LLC, 3.70%, 12/1/47, Callable 6/1/47 @ 100		246,302
	287,000	Duke Energy Carolinas LLC, 3.20%, 8/15/49, Callable 2/15/49 @ 100		299,700
	2,718,000	Duke Energy Florida LLC, 2.50%, 12/1/29, Callable 9/1/29 @ 100		2,848,896
	955,000	Duke Energy Florida LLC, 1.75%, 6/15/30, Callable 3/15/30 @ 100		934,412
	397,000	Duke Energy Florida LLC, 3.40%, 10/1/46, Callable 4/1/46 @ 100		428,448
	555,000	Duke Energy Ohio, Inc., 3.65%, 2/1/29, Callable 11/1/28 @ 100		618,221
	95,000	Duke Energy Progress LLC, 3.45%, 3/15/29, Callable 12/15/28 @ 100		105,207
	606,000	Duke Energy Progress LLC, 4.20%, 8/15/45, Callable 2/15/45 @ 100		726,017
	220,000	Duke Energy Progress, Inc., 5.70%, 4/1/35		290,764
	471,000	Duke Energy Progress, Inc., 4.10%, 5/15/42, Callable 11/15/41 @ 100		555,307
	757,000	Duke Energy Progress, Inc., 4.10%, 3/15/43, Callable 9/15/42 @ 100		897,719
	2,153,000	Edison International, 2.40%, 9/15/22, Callable 8/15/22 @ 100		2,189,713
	258,000	Edison International, 4.95%, 4/15/25, Callable 3/15/25 @ 100		285,761
	258,000	Entergy Arkansas LLC, 3.35%, 6/15/52, Callable 12/15/51 @ 100		276,382
	754,000	Entergy Louisiana LLC, 1.60%, 12/15/30, Callable 9/15/30 @ 100		721,718
	326,000	Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100		382,013
	265,000	Entergy Louisiana LLC, 2.90%, 3/15/51, Callable 9/15/50 @ 100		260,487
	4,000	Exelon Corp., 4.95%, 6/15/35, Callable 12/15/34 @ 100		4,911
	382,000	Exelon Corp., 5.63%, 6/15/35		502,333
	898,000	Exelon Corp., 4.70%, 4/15/50, Callable 10/15/49 @ 100		1,134,970
	193,000	FirstEnergy Corp., 2.05%, 3/1/25, Callable 2/1/25 @ 100		194,667
	517,000	FirstEnergy Corp., 2.65%, 3/1/30, Callable 12/1/29 @ 100		513,647
	203,000	FirstEnergy Corp., 7.38%, 11/15/31		277,451
	636,000	FirstEnergy Corp., Series C, 3.40%, 3/1/50, Callable 9/1/49 @ 100		612,607
	505,000	FirstEnergy Transmission LLC, 4.35%, 1/15/25, Callable 10/15/24 @ 100(a)		551,753
	303,000	FirstEnergy Transmission LLC, 5.45%, 7/15/44, Callable 1/15/44 @ 100(a)		376,099
	990,000	FirstEnergy Transmission LLC, 4.55%, 4/1/49, Callable 10/1/48 @ 100(a)		1,143,450
	14,000	Florida Power & Light Co., 4.05%, 10/1/44, Callable 4/1/44 @ 100		17,041


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	817,000	Florida Power & Light Co., 3.70%, 12/1/47, Callable 6/1/47 @ 100	$	956,604
	167,000	Florida Power & Light Co., 3.95%, 3/1/48, Callable 9/1/47 @ 100		203,021
	449,000	Florida Power & Light Co., 3.99%, 3/1/49, Callable 9/1/48 @ 100		547,780
	1,399,000	Florida Power & Light Co., 3.15%, 10/1/49, Callable 4/1/49 @ 100		1,506,440
	658,000	MidAmerican Energy Co., 3.10%, 5/1/27, Callable 2/1/27 @ 100		717,134
	1,639,000	MidAmerican Energy Co., 3.65%, 4/15/29, Callable 1/15/29 @ 100		1,853,489
	399,000	MidAmerican Energy Co., 3.15%, 4/15/50, Callable 10/15/49 @ 100		424,094
	140,000	Mid-Atlantic Interstate Transmission LLC, 4.10%, 5/15/28, Callable 2/15/28 @ 100(a)		157,494
	327,000	Northern States Power Co., 3.60%, 9/15/47, Callable 3/15/47 @ 100		370,053
	705,000	Northern States Power Co., 2.90%, 3/1/50, Callable 9/1/49 @ 100		720,674
	507,000	Northern States Power Co., 2.60%, 6/1/51, Callable 12/1/50 @ 100		487,864
	174,000	Northern States Power Co., 3.20%, 4/1/52, Callable 10/1/51 @ 100		186,533
	451,000	Ohio Power Co., 1.63%, 1/15/31, Callable 10/15/30 @ 100		432,854
	362,000	Ohio Power Co., 4.00%, 6/1/49, Callable 12/1/48 @ 100		427,761
	1,406,000	Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28, Callable 8/15/28 @ 100^		1,590,164
	10,000	Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29, Callable 12/15/28 @ 100		12,558
	271,000	Oncor Electric Delivery Co. LLC, 3.80%, 9/30/47, Callable 3/30/47 @ 100		314,447
	410,000	Oncor Electric Delivery Co. LLC, 4.10%, 11/15/48, Callable 5/15/48 @ 100		497,330
	356,000	PECO Energy Co., 3.00%, 9/15/49, Callable 3/15/49 @ 100		370,886
	313,000	PECO Energy Co., 3.05%, 3/15/51, Callable 9/15/50 @ 100		326,972
	535,000	Public Service Electric & Gas Co., 3.65%, 9/1/28, Callable 6/1/28 @ 100		601,302
	340,000	Public Service Electric & Gas Co., 2.05%, 8/1/50, Callable 2/1/50 @ 100, MTN		293,911
	3,823,000	Southern California Edison Co., Series E, 3.70%, 8/1/25, Callable 6/1/25 @ 100		4,161,794
	1,215,000	Southern California Edison Co., Series 20C, 1.20%, 2/1/26, Callable 1/1/26 @ 100		1,201,315
	423,000	Southern California Edison Co., Series A, 4.20%, 3/1/29, Callable 12/1/28 @ 100		475,864
	869,000	Southwestern Public Service Co., 3.15%, 5/1/50, Callable 11/1/49 @ 100		908,315
	215,000	Tampa Electric Co., 4.20%, 5/15/45, Callable 11/15/44 @ 100		248,854
	335,000	Tampa Electric Co., 4.30%, 6/15/48, Callable 12/15/47 @ 100		410,451

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	3,000	Tampa Electric Co., 4.45%, 6/15/49, Callable 12/15/48 @ 100	$	3,779
	500,000	Virginia Electric & Power Co., 3.45%, 9/1/22, Callable 6/1/22 @ 100		513,692
	381,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		527,662
	451,000	Virginia Electric & Power Co., Series D, 4.65%, 8/15/43, Callable 2/15/43 @ 100		571,034
	749,000	Virginia Electric & Power Co., 3.30%, 12/1/49, Callable 6/1/49 @ 100		804,236
	1,490,000	Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100(a)		1,614,788

				52,432,070

Electronic Equipment, Instruments & Components (0.0%^†):
	198,000	Corning, Inc., 4.38%, 11/15/57, Callable 5/15/57 @ 100		234,729

Entertainment (0.3%):
	1,457,000	Activision Blizzard, Inc., 3.40%, 9/15/26, Callable 6/15/26 @ 100		1,603,020
	889,000	Activision Blizzard, Inc., 2.50%, 9/15/50, Callable 3/15/50 @ 100		797,616
	2,373,000	Electronic Arts, Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100		2,288,519
	517,000	ViacomCBS, Inc., 6.88%, 4/30/36		742,835
	597,000	ViacomCBS, Inc., 5.85%, 9/1/43, Callable 3/1/43 @ 100		819,405
	1,093,000	Walt Disney Co. (The), 2.00%, 9/1/29, Callable 6/1/29 @ 100		1,104,058

				7,355,453

Equity Real Estate Investment Trusts (0.5%):
	1,429,000	American Tower Corp., 1.50%, 1/31/28, Callable 11/30/27 @ 100		1,389,788
	290,000	American Tower Corp., 3.95%, 3/15/29, Callable 12/15/28 @ 100		325,394
	1,434,000	American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100		1,598,699
	907,000	American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100		889,763
	430,000	Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100		472,879
	2,244,000	Crown Castle International Corp., 3.10%, 11/15/29, Callable 8/15/29 @ 100		2,366,886
	1,023,000	Crown Castle International Corp., 3.30%, 7/1/30, Callable 4/1/30 @ 100		1,093,299
	529,000	Crown Castle International Corp., 5.20%, 2/15/49, Callable 8/15/48 @ 100		686,958
	1,136,000	Duke Realty LP, 1.75%, 2/1/31, Callable 11/1/30 @ 100		1,093,624
	484,000	Equinix, Inc., 1.55%, 3/15/28, Callable 1/15/28 @ 100		475,577
	929,000	Equinix, Inc., 2.00%, 5/15/28, Callable 3/15/28 @ 100		933,263
	697,000	Equinix, Inc., 3.20%, 11/18/29, Callable 8/18/29 @ 100		749,592
	593,000	National Retail Properties, Inc., 3.10%, 4/15/50, Callable 10/15/49 @ 100		571,398


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	801,000	National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100	$	839,487
	775,000	Prologis Euro Finance LLC, 1.50%, 9/10/49, Callable 3/10/49 @ 100		904,842
	611,000	Realty Income Corp., 3.25%, 1/15/31, Callable 10/15/30 @ 100		660,644

				15,052,093

Food Products (0.0%^†):
	420,000	General Mills, Inc., 0.45%, 1/15/26, Callable 10/15/25 @ 100		506,066

Gas Utilities (0.1%):
	513,000	Atmos Energy Corp., 3.38%, 9/15/49, Callable 3/15/49 @ 100		554,032
	461,000	Piedmont Natural Gas Co, Inc., 3.50%, 6/1/29, Callable 3/1/29 @ 100		507,540
	500,000	Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31, Callable 12/15/30 @ 100		505,842

				1,567,414

Health Care Equipment & Supplies (0.1%):
	525,000	Becton Dickinson & Co., 1.40%, 5/24/23, Callable 4/24/23 @ 100		639,063
	150,000	Boston Scientific Corp., 2.65%, 6/1/30, Callable 3/1/30 @ 100		155,234
	500,000	DH Europe Finance II Sarl, 1.80%, 9/18/49, Callable 3/18/49 @ 100		620,268
	500,000	Medtronic Global Holdings SCA, 1.75%, 7/2/49, Callable 1/2/49 @ 100		629,723

				2,044,288

Health Care Providers & Services (0.9%):
	232,000	Aetna, Inc., 4.50%, 5/15/42, Callable 11/15/41 @ 100		277,154
	275,000	AHS Hospital Corp., 2.78%, 7/1/51, Callable 1/1/51 @ 100		274,735
	201,000	Anthem, Inc., 5.10%, 1/15/44		263,692
	611,000	Anthem, Inc., 4.38%, 12/1/47, Callable 6/1/47 @ 100		744,257
	211,000	Anthem, Inc., 4.55%, 3/1/48, Callable 9/1/47 @ 100		264,459
	3,293,000	Cigna Corp., 4.13%, 11/15/25, Callable 9/15/25 @ 100		3,705,412
	1,520,000	Cigna Corp., 3.40%, 3/1/27, Callable 12/1/26 @ 100		1,658,230
	350,000	CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100		362,717
	498,000	CVS Health Corp., 5.00%, 12/1/24, Callable 9/1/24 @ 100		559,349
	5,000	CVS Health Corp., 2.88%, 6/1/26, Callable 3/1/26 @ 100		5,373
	1,845,000	CVS Health Corp., 3.00%, 8/15/26, Callable 6/15/26 @ 100		1,989,220
	1,470,000	CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100		1,627,477
	724,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100		832,360
	230,000	CVS Health Corp., 3.25%, 8/15/29, Callable 5/15/29 @ 100		249,531

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	1,512,000	CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100	$	1,968,387
	4,104,000	HCA, Inc., 5.25%, 4/15/25		4,699,080
	1,847,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		2,137,903
	276,000	MidMichigan Health, 3.41%, 6/1/50, Callable 12/1/49 @ 100		296,606
	937,000	The New York and Presbyterian Hospital, Series 2019, 3.95%, 8/1/19, Callable 2/1/19 @ 100		1,126,540
	567,000	UnitedHealth Group, Inc., 4.75%, 7/15/45		744,700
	957,000	UnitedHealth Group, Inc., 4.20%, 1/15/47, Callable 7/15/46 @ 100		1,168,801
	530,000	UnitedHealth Group, Inc., 3.75%, 10/15/47, Callable 4/15/47 @ 100		607,125
	206,000	UnitedHealth Group, Inc., 4.25%, 6/15/48, Callable 12/15/47 @ 100		255,990

				25,819,098

Hotels, Restaurants & Leisure (0.2%):
	610,000	Booking Holdings, Inc., 0.10%, 3/8/25, Callable 2/8/25 @ 100		725,202
	170,000	Marriott International, Inc., 4.63%, 6/15/30, Callable 3/15/30 @ 100		195,936
	1,200,000	McDonald’s Corp., Series G, 1.00%, 11/15/23, MTN(a)		1,462,764
	1,656,000	McDonald’s Corp., 2.13%, 3/1/30, Callable 12/1/29 @ 100		1,675,683
	921,000	McDonald’s Corp., 4.88%, 12/9/45, Callable 6/9/45 @ 100, MTN		1,187,927
	893,000	Starbucks Corp., 2.25%, 3/12/30, Callable 12/12/29 @ 100		904,695

				6,152,207

Independent Power and Renewable Electricity Producers (0.1%):
	1,398,000	NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100(a)		1,541,295

Industrial Conglomerates (0.2%):
	785,000	3M Co., Series E, 0.95%, 5/15/23		953,416
	1,182,000	General Electric Co., Series A, 6.75%, 3/15/32, MTN		1,638,718
	962,000	Georgia-Pacific LLC, 3.60%, 3/1/25, Callable 12/1/24 @ 100(a)		1,046,409
	1,653,000	Georgia-Pacific LLC, 0.95%, 5/15/26, Callable 4/15/26 @ 100(a)		1,627,828
	906,000	Roper Technologies, Inc., 1.00%, 9/15/25, Callable 8/15/25 @ 100		899,770

				6,166,141

Insurance (0.4%):
	1,043,000	American International Group, Inc., 4.50%, 7/16/44, Callable 1/16/44 @ 100		1,266,803
	555,000	American International Group, Inc., 4.80%, 7/10/45, Callable 1/10/45 @ 100		693,717
	572,000	Aon Corp., 4.50%, 12/15/28, Callable 9/15/28 @ 100		667,607
	2,672,000	Aon Corp., 2.80%, 5/15/30, Callable 2/15/30 @ 100		2,801,533


Principal Amount			Value
Corporate Bonds, continued
Insurance, continued
$	195,000	Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36	$	267,315
	103,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		122,157
	480,000	Marsh & McLennan Cos., Inc., 1.35%, 9/21/26, Callable 6/21/26 @ 100		600,903
	803,000	Marsh & McLennan Cos., Inc., 1.98%, 3/21/30, Callable 12/21/29 @ 100		1,058,509
	708,000	Marsh & McLennan Cos., Inc., 2.25%, 11/15/30, Callable 8/15/30 @ 100		716,909
	640,000	Metropolitan Life Global Funding I, 1.25%, 9/17/21(a)		761,497
	290,000	Metropolitan Life Global Funding I, -0.35%, 9/23/22(a)		345,335
	404,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		519,800
	198,000	Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47, Callable 11/15/46 @ 100(a)		236,589

				10,058,674

Internet & Direct Marketing Retail (0.1%):
	1,135,000	eBay, Inc., 1.40%, 5/10/26, Callable 4/10/26 @ 100		1,138,391
	1,057,000	Expedia Group, Inc., 5.00%, 2/15/26, Callable 11/15/25 @ 100		1,202,053
	774,000	Expedia Group, Inc., 3.25%, 2/15/30, Callable 11/15/29 @ 100		808,870

				3,149,314

IT Services (0.8%):
	600,000	Fidelity National Information Services, Inc., 2.95%, 5/21/39, Callable 2/21/39 @ 100		867,075
	285,000	Fiserv, Inc., 2.25%, 6/1/27, Callable 4/1/27 @ 100		295,611
	4,122,000	Fiserv, Inc., 3.50%, 7/1/29, Callable 4/1/29 @ 100		4,533,969
	2,345,000	Global Payments, Inc., 3.20%, 8/15/29, Callable 5/15/29 @ 100		2,503,424
	315,000	Global Payments, Inc., 2.90%, 5/15/30, Callable 2/15/30 @ 100		327,451
	935,000	IBM Corp., 2.85%, 5/15/40, Callable 11/15/39 @ 100		946,017
	1,810,000	International Business Machines Corp., 0.50%, 9/7/21		2,149,575
	2,542,000	International Business Machines Corp., 3.30%, 5/15/26		2,795,196
	211,000	International Business Machines Corp., 4.15%, 5/15/39		250,033
	3,602,000	Leidos, Inc., 4.38%, 5/15/30, Callable 2/15/30 @ 100		4,088,270
	599,000	Mastercard, Inc., 2.95%, 6/1/29, Callable 3/1/29 @ 100		654,493
	1,725,000	MasterCard, Inc., 1.10%, 12/1/22, Callable 9/1/22 @ 100		2,079,571
	934,000	Visa, Inc., 4.15%, 12/14/35, Callable 6/14/35 @ 100		1,145,956

				22,636,641

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Leisure Products (0.0%^†):
$	318,000	Hasbro, Inc., 2.60%, 11/19/22	$	327,185

Life Sciences Tools & Services (0.1%):
	866,000	Agilent Technologies, Inc., 2.30%, 3/12/31, Callable 12/12/30 @ 100		864,704
	1,000,000	Thermo Fisher Scientific, Inc., Series E, 1.88%, 10/1/49, Callable 4/1/49 @ 100, MTN		1,259,150

				2,123,854

Machinery (0.0%^†):
	663,000	Parker-Hannifin Corp., 3.25%, 6/14/29, Callable 3/14/29 @ 100		726,033

Media (0.7%):
	493,000	Comcast Corp., 3.30%, 4/1/27, Callable 2/1/27 @ 100		542,926
	1,368,000	Comcast Corp., 4.15%, 10/15/28, Callable 7/15/28 @ 100		1,584,932
	5,267,000	Comcast Corp., 2.65%, 2/1/30, Callable 11/1/29 @ 100		5,534,269
	993,000	Comcast Corp., 3.40%, 4/1/30, Callable 1/1/30 @ 100		1,096,764
	694,000	Comcast Corp., 4.60%, 10/15/38, Callable 4/15/38 @ 100		860,125
	406,000	Comcast Corp., 4.50%, 1/15/43		502,283
	937,000	Comcast Corp., 3.40%, 7/15/46, Callable 1/15/46 @ 100		1,002,244
	2,688,000	Comcast Corp., 4.70%, 10/15/48, Callable 4/15/48 @ 100		3,485,707
	223,000	Comcast Corp., 4.00%, 11/1/49, Callable 5/1/49 @ 100		262,627
	440,000	Cox Communications, Inc., 3.60%, 6/15/51, Callable 12/15/50 @ 100(a)		463,534
	724,000	COX Communications, Inc., 3.15%, 8/15/24, Callable 6/15/24 @ 100(a)		772,189
	80,000	COX Communications, Inc., 3.35%, 9/15/26, Callable 6/15/26 @ 100(a)		86,974
	1,153,000	Discovery Communications LLC, 1.90%, 3/19/27, Callable 12/19/26 @ 100		1,462,039
	101,000	NBCUniversal Media LLC, 5.95%, 4/1/41		145,515
	493,000	NBCUniversal Media LLC, 4.45%, 1/15/43		605,759

				18,407,887

Metals & Mining (0.0%^†):
	176,000	Newmont Mining Corp., 4.88%, 3/15/42, Callable 9/15/41 @ 100		222,699

Multi-Utilities (0.2%):
	5,000	Ameren Illinois Co., 4.15%, 3/15/46, Callable 9/15/45 @ 100		6,065
	762,000	Ameren Illinois Co., 3.25%, 3/15/50, Callable 9/15/49 @ 100		820,404
	176,000	CenterPoint Energy Houston Electric LLC, 3.95%, 3/1/48, Callable 9/1/47 @ 100		209,119
	968,000	CenterPoint Energy Houston Electric LLC, 3.35%, 4/1/51, Callable 10/1/50 @ 100		1,061,162
	1,542,000	CenterPoint Energy Resources Corp., 1.75%, 10/1/30, Callable 7/1/30 @ 100		1,477,396
	301,000	Consumers Energy Co., 3.80%, 11/15/28, Callable 8/15/28 @ 100		346,985


Principal Amount			Value
Corporate Bonds, continued
Multi-Utilities, continued
$	430,000	Consumers Energy Co., 4.05%, 5/15/48, Callable 11/15/47 @ 100	$	519,544
	531,000	Consumers Energy Co., 3.75%, 2/15/50, Callable 8/15/49 @ 100		621,113
	1,137,000	Consumers Energy Co., 3.10%, 8/15/50, Callable 2/15/50 @ 100		1,194,955
	180,000	Consumers Energy Co., 3.50%, 8/1/51, Callable 2/1/51 @ 100		202,869

				6,459,612

Oil, Gas & Consumable Fuels (1.4%):
	1,335,000	Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100(a)		1,430,869
	575,000	Cameron LNG LLC, 3.40%, 1/15/38, Callable 7/15/37 @ 100(a)		605,711
	771,000	Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24, Callable 1/1/24 @ 100		882,795
	805,000	Cheniere Corpus Christi Holdings LLC, 5.88%, 3/31/25, Callable 10/2/24 @ 100		923,496
	811,000	Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/27, Callable 1/1/27 @ 100		944,515
	195,000	Chevron USA, Inc., 6.00%, 3/1/41, Callable 9/1/40 @ 100		285,359
	207,000	Chevron USA, Inc., 5.05%, 11/15/44, Callable 5/15/44 @ 100		277,819
	1,007,000	Energy Transfer LP, 5.88%, 1/15/24, Callable 10/15/23 @ 100		1,115,252
	1,064,000	Energy Transfer LP, 5.95%, 12/1/25, Callable 9/1/25 @ 100		1,246,210
	587,000	Energy Transfer LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		688,991
	230,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		266,225
	577,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		680,860
	857,000	Energy Transfer Operating LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100		929,845
	1,227,000	Energy Transfer Partners LP, 4.20%, 4/15/27, Callable 1/15/27 @ 100		1,357,369
	1,090,000	Exxon Mobil Corp., 1.41%, 6/26/39, Callable 12/26/38 @ 100		1,270,510
	532,000	Kinder Morgan Energy Partners LP, 6.95%, 1/15/38, MTN		758,295
	157,000	Kinder Morgan Energy Partners LP, 7.50%, 11/15/40		230,970
	1,372,000	Marathon Petroleum Corp., 4.50%, 5/1/23, Callable 4/1/23 @ 100		1,462,895
	1,696,000	NGPL PipeCo LLC, 3.25%, 7/15/31, Callable 4/15/31 @ 100(a)		1,744,080
	879,000	NGPL PipeCo. LLC, 4.88%, 8/15/27, Callable 2/15/27 @ 100(a)		1,006,455
	770,000	Northern Natural Gas Co., 4.30%, 1/15/49, Callable 7/15/48 @ 100(a)		912,120
	228,000	Northern Natural Gas Co., 3.40%, 10/16/51, Callable 4/16/51 @ 100(a)		233,363
	1,718,000	Northwest Pipeline LLC, 4.00%, 4/1/27, Callable 1/1/27 @ 100		1,919,221

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	1,268,000	Sabine Pass Liquefaction LLC, 5.63%, 3/1/25, Callable 12/1/24 @ 100	$	1,448,690
	1,255,000	Sabine Pass Liquefaction LLC, 5.00%, 3/15/27, Callable 9/15/26 @ 100		1,449,525
	1,601,000	Sabine Pass Liquefaction LLC, 4.20%, 3/15/28, Callable 9/15/27 @ 100		1,805,127
	1,480,000	Sunoco Logistics Partners Operations LP, 4.00%, 10/1/27, Callable 7/1/27 @ 100		1,629,850
	220,000	Texas Eastern Transmission LP, 2.80%, 10/15/22, Callable 7/15/22 @ 100(a)		224,396
	1,373,000	Texas Eastern Transmission LP, 3.50%, 1/15/28, Callable 10/15/27 @ 100(a)		1,492,940
	1,119,000	Texas Eastern Transmission LP, 4.15%, 1/15/48, Callable 7/15/47 @ 100(a)		1,243,424
	2,610,000	Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26, Callable 11/1/25 @ 100		3,314,541
	2,198,000	Transcontinental Gas Pipe Line Co. LLC, 4.00%, 3/15/28, Callable 12/15/27 @ 100		2,483,566
	553,000	Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50, Callable 11/15/49 @ 100		621,034
	240,000	Williams Cos., Inc., Series A, 7.50%, 1/15/31		328,167

				37,214,485

Pharmaceuticals (0.0%^†):
	500,000	Eli Lilly & Co., 1.70%, 11/1/49, Callable 5/1/49 @ 100		657,200

Professional Services (0.2%):
	3,657,000	RELX Capital, Inc., 3.50%, 3/16/23, Callable 2/16/23 @ 100		3,835,436
	1,488,000	RELX Capital, Inc., 3.00%, 5/22/30, Callable 2/22/30 @ 100		1,588,468

				5,423,904

Real Estate Management & Development (0.2%):
	3,340,000	CC Holdings GS V LLC, 3.85%, 4/15/23		3,539,371
	915,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		940,756

				4,480,127

Road & Rail (0.6%):
	1,353,000	Burlington Northern Santa Fe LLC, 4.15%, 12/15/48, Callable 6/15/48 @ 100		1,663,561
	1,532,000	CSX Corp., 2.60%, 11/1/26, Callable 8/1/26 @ 100		1,631,208
	489,000	CSX Corp., 4.25%, 3/15/29, Callable 12/15/28 @ 100		568,982
	534,000	CSX Corp., 4.10%, 3/15/44, Callable 9/15/43 @ 100		626,150
	461,000	Norfolk Southern Corp., 2.90%, 6/15/26, Callable 3/15/26 @ 100		496,181
	910,000	Norfolk Southern Corp., 2.55%, 11/1/29, Callable 8/1/29 @ 100		954,049
	496,000	Norfolk Southern Corp., 2.30%, 5/15/31, Callable 2/15/31 @ 100		502,706
	243,000	Norfolk Southern Corp., 3.40%, 11/1/49, Callable 5/1/49 @ 100		257,061
	351,000	Norfolk Southern Corp., 3.05%, 5/15/50, Callable 11/15/49 @ 100		350,347


Principal Amount			Value
Corporate Bonds, continued
Road & Rail, continued
$	478,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 3.95%, 3/10/25, Callable 1/10/25 @ 100(a)	$	522,255
	1,490,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 1.20%, 11/15/25, Callable 10/15/25 @ 100(a)		1,477,481
	397,000	Penske Truck Leasing Co. LP / PTL Finance Corp., 4.45%, 1/29/26, Callable 11/29/25 @ 100(a)		446,320
	633,000	Ryder System, Inc., 4.63%, 6/1/25, Callable 5/1/25 @ 100, MTN		713,633
	1,566,000	Ryder System, Inc., 3.35%, 9/1/25, Callable 8/1/25 @ 100, MTN		1,693,800
	349,000	Ryder System, Inc., 2.90%, 12/1/26, Callable 10/1/26 @ 100		373,903
	1,707,000	Union Pacific Corp., 2.89%, 4/6/36, Callable 1/6/36 @ 100(a)		1,770,729
	2,000	Union Pacific Corp., 4.50%, 9/10/48, Callable 3/10/48 @ 100		2,486
	880,000	Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100		928,691
	606,000	Union Pacific Corp., 3.88%, 2/1/55, Callable 8/1/54 @ 100		683,756
	383,397	Union Pacific Railroad Co., Series 2014-1, 3.23%, 5/14/26		411,451

				16,074,750

Semiconductors & Semiconductor Equipment (0.6%):
	287,000	Applied Materials, Inc., 4.35%, 4/1/47, Callable 10/1/46 @ 100		364,941
	1,271,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, 1/15/27, Callable 10/15/26 @ 100		1,403,818
	2,663,000	Broadcom, Inc., 4.75%, 4/15/29, Callable 1/15/29 @ 100		3,097,317
	296,000	Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100		349,667
	2,032,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100		2,279,390
	319,000	Broadcom, Inc., 4.30%, 11/15/32, Callable 8/15/32 @ 100		363,380
	1,145,000	Broadcom, Inc., 3.47%, 4/15/34, Callable 1/15/34 @ 100(a)		1,208,961
	486,000	KLA Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100		542,348
	943,000	KLA Corp., 3.30%, 3/1/50, Callable 8/28/49 @ 100		1,000,460
	2,110,000	KLA-Tencor Corp., 4.10%, 3/15/29, Callable 12/15/28 @ 100		2,434,706
	155,000	Lam Research Corp., 3.75%, 3/15/26, Callable 1/15/26 @ 100		173,589
	303,000	Lam Research Corp., 4.88%, 3/15/49, Callable 9/15/48 @ 100		408,717
	627,000	Lam Research Corp., 2.88%, 6/15/50, Callable 12/15/49 @ 100		633,762
	507,000	NVIDIA Corp., 3.20%, 9/16/26, Callable 6/16/26 @ 100		558,301
	1,622,000	NVIDIA Corp., 1.55%, 6/15/28, Callable 4/15/28 @ 100		1,617,275
	479,000	NVIDIA Corp., 3.50%, 4/1/50, Callable 10/1/49 @ 100		542,061

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Semiconductors & Semiconductor Equipment, continued
$	636,000	QUALCOMM, Inc., 4.30%, 5/20/47, Callable 11/20/46 @ 100	$	798,849

				17,777,542

Software (0.9%):
	1,438,000	Autodesk, Inc., 2.85%, 1/15/30, Callable 10/15/29 @ 100		1,517,984
	1,869,000	Citrix Systems, Inc., 3.30%, 3/1/30, Callable 12/1/29 @ 100		1,965,719
	3,721,000	Oracle Corp., 2.80%, 4/1/27, Callable 2/1/27 @ 100		3,949,935
	874,000	Oracle Corp., 3.25%, 11/15/27, Callable 8/15/27 @ 100		948,984
	3,692,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		3,788,243
	2,859,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		3,313,953
	286,000	Oracle Corp., 3.90%, 5/15/35, Callable 11/15/34 @ 100		318,784
	724,000	Oracle Corp., 3.85%, 7/15/36, Callable 1/15/36 @ 100		800,346
	2,690,000	Oracle Corp., 3.80%, 11/15/37, Callable 5/15/37 @ 100		2,956,555
	1,071,000	Oracle Corp., 6.13%, 7/8/39		1,485,119
	1,628,000	Oracle Corp., 3.60%, 4/1/40, Callable 10/1/39 @ 100		1,715,990
	1,714,000	Oracle Corp., 5.38%, 7/15/40		2,223,807
	491,000	Oracle Corp., 3.65%, 3/25/41, Callable 9/25/40 @ 100		519,148
	119,000	salesforce.com, Inc., 3.05%, 7/15/61, Callable 1/15/61 @ 100		119,639

				25,624,206

Specialty Retail (0.2%):
	296,000	Home Depot, Inc. (The), 4.20%, 4/1/43, Callable 10/1/42 @ 100		362,061
	1,928,000	Lowe’s Cos., Inc., 4.00%, 4/15/25, Callable 3/15/25 @ 100		2,132,599
	1,074,000	Lowe’s Cos., Inc., 1.30%, 4/15/28, Callable 2/15/28 @ 100		1,045,892
	756,000	Lowe’s Cos., Inc., 3.65%, 4/5/29, Callable 1/5/29 @ 100		847,080

				4,387,632

Technology Hardware, Storage & Peripherals (0.1%):
	489,000	Apple, Inc., 2.80%, 2/8/61, Callable 8/8/60 @ 100		478,681
	445,000	Dell International LLC/EMC Corp., 8.35%, 7/15/46, Callable 1/15/46 @ 100		726,122
	1,385,000	Hewlett Packard Enterprise Co., 4.65%, 10/1/24, Callable 9/1/24 @ 100		1,538,595

				2,743,398

Tobacco (0.5%):
	415,000	Altria Group, Inc., 2.20%, 6/15/27, Callable 4/15/27 @ 100		531,182
	341,000	Altria Group, Inc., 4.80%, 2/14/29, Callable 11/14/28 @ 100		395,685
	1,320,000	Altria Group, Inc., 3.13%, 6/15/31, Callable 3/15/31 @ 100		1,799,438


Principal Amount			Value
Corporate Bonds, continued
Tobacco, continued
$	3,105,000	Altria Group, Inc., 5.80%, 2/14/39, Callable 8/14/38 @ 100	$	3,824,416
	368,000	Altria Group, Inc., 4.25%, 8/9/42		384,915
	84,000	Altria Group, Inc., 6.20%, 2/14/59, Callable 8/14/58 @ 100		109,076
	1,496,000	BAT Capital Corp., 3.22%, 9/6/26, Callable 7/6/26 @ 100		1,587,789
	174,000	BAT Capital Corp., 4.91%, 4/2/30, Callable 1/2/30 @ 100		199,669
	211,000	BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100		221,924
	833,000	BAT Capital Corp., 4.76%, 9/6/49, Callable 3/6/49 @ 100		897,244
	700,000	Philip Morris International, Inc., 1.45%, 8/1/39, Callable 5/1/39 @ 100		804,471
	1,411,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		1,562,606
	1,180,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		1,446,189

				13,764,604

Trading Companies & Distributors (0.0%^†):
	3,000	Air Lease Corp., 1.88%, 8/15/26, Callable 7/15/26 @ 100		3,004

Wireless Telecommunication Services (0.5%):
	1,291,875	Sprint Spectrum Co. LLC, 3.36%, 9/20/21(a)		1,299,368
	10,320,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		11,399,926

				12,699,294

	Total Corporate Bonds (Cost $642,320,914)			656,841,506

Foreign Bonds (3.8%):
Aerospace & Defense (0.2%):
	1,100,000	Airbus SE, 2.00%, 4/7/28, Callable 1/7/28 @ 100+(a)		1,441,926
	1,000,000	Thales SA, -0.35%, 5/31/22, Callable 4/30/22 @ 100, MTN+(a)		1,189,401
	1,200,000	Thales SA, 0.75%, 6/7/23, Callable 3/7/23 @ 100, MTN+(a)		1,446,744
	100,000	Thales SA, 0.75%, 1/23/25, Callable 10/23/24 @ 100, MTN+(a)		121,666

				4,199,737

Auto Components (0.0%^†):
	630,000	Conti-Gummi Finance BV, 1.13%, 9/25/24, Callable 6/25/24 @ 100+(a)		771,476

Automobiles (0.2%):
	995,000	Daimler International Finance BV, Series E, 0.25%, 8/9/21, MTN+(a)		1,180,434
	310,000	Daimler International Finance BV, Series E, 0.25%, 11/6/23, MTN+(a)		370,596
	870,000	Stellantis NV, 1.25%, 6/20/33, Callable 3/20/33 @ 100, MTN+(a)		1,012,560
	710,000	Volkswagen Financial Services AG, Series E, 0.75%, 10/14/21+(a)		844,323
	300,000	Volkswagen International Finance NV, 4.13%, 11/16/38+(a)		495,579

				3,903,492

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Foreign Bonds, continued
Banks (0.4%):
$	900,000	Banco de Sabadell SA, 1.12%(EUSA1+155bps), 3/11/27, Callable 3/11/26 @ 100+(a)	$	1,095,739
	1,100,000	Banque Federative du Credit Mutuel SA, Series E, 0.13%, 8/30/21, MTN+(a)		1,305,459
	600,000	Banque Federative du Credit Mutuel SA, Series E, 0.75%, 6/15/23, MTN+(a)		726,310
	2,000,000	BNP Paribas SA, 0.25%(EUR003M+70bps), 4/13/27, Callable 4/13/26 @ 100, MTN+(a)		2,353,666
	800,000	BNP Paribas SA, 0.50%(EUR0003M+83bps), 1/19/30, Callable 1/19/29 @ 100, MTN+(a)		931,801
	500,000	BPCE SA, 0.25%, 1/15/26+(a)		598,145
	300,000	de Volksbank NV, 1.75%(EUSA5+2.1bps), 10/22/30, Callable 10/22/25 @ 100, MTN+(a)		373,021
	300,000	Erste Group Bank AG, 1.63%(EUAMDB05+210bps), 9/8/31, Callable 6/8/26 @ 100+(a)		368,131
	540,000	FCA Bank SpA, 0.50%, 9/18/23, Callable 6/18/23 @ 100+(a)		646,905
	400,000	KBC Group NV, Series E, 1.13%, 1/25/24, MTN+(a)		489,888
	440,000	Mizuho Financial Group, Inc., Series E, 0.52%, 6/10/24, MTN+(a)		530,713
	435,000	Simon International Finance SCA, 1.38%, 11/18/22, Callable 8/18/22 @ 100+(a)		524,754
	1,000,000	Toronto-Dominion Bank (The), Series E, 0.38%, 4/25/24+(a)		1,202,324

				11,146,856

Beverages (0.1%):
	180,000	Asahi Group Holdings, Ltd., 0.01%, 4/19/24, Callable 3/19/24 @ 100+(a)		213,925
	360,000	Asahi Group Holdings, Ltd., 0.16%, 10/23/24, Callable 9/23/24 @ 100+(a)		429,452
	600,000	Pernod Ricard SA, -0.20%, 10/24/23, Callable 9/24/23 @ 100+(a)		714,608

				1,357,985

Capital Markets (0.2%):
	900,000	Credit Suisse Group AG, 3.25%(EUAMDB01+350bps), 4/2/26, Callable 4/2/25 @ 100, MTN+(a)		1,175,714
	700,000	Deutsche Bank AG, 1.00%(EUR003M+1.6bps), 11/19/25, Callable 11/19/24 @ 100+(a)		846,747
	670,000	SELP Finance Sarl, 0.88%, 5/27/29, Callable 2/27/29 @ 100+(a)		795,151
	1,170,000	UBS Group AG, 0.25%(EUSA1+55bps), 1/29/26, Callable 1/29/25 @ 100, MTN+(a)		1,392,362
	240,000	UBS Group AG, 0.25%(EUSA1+0.77bps), 11/5/28, Callable 11/5/27 @ 100, MTN+(a)		281,353

				4,491,327

Chemicals (0.1%):
	800,000	Air Liquide Finance SA, Series E, 0.38%, 4/18/22, Callable 1/18/22 @ 100+(a)		952,393
	100,000	Arkema SA, 0.13%, 10/14/26, Callable 7/14/26 @ 100, MTN+(a)		119,330
	390,000	Covestro AG, 0.88%, 2/3/26, Callable 11/3/25 @ 100, MTN+(a)		477,331

				1,549,054


Principal Amount			Value
Foreign Bonds, continued
Consumer Finance (0.0%^†):
$	570,000	Toyota Motor Finance Netherlands BV, Series E, 0.25%, 1/10/22, MTN+(a)	$	678,364

Diversified Consumer Services (0.0%^†):
	320,000	Motability Operations Group plc, 0.13%, 7/20/28, MTN+(a)		376,287

Diversified Financial Services (1.1%):
	660,000	BAT International Finance plc, Series E, 0.88%, 10/13/23, Callable 7/13/23 @ 100+(a)		795,443
	515,000	BAT International Finance plc, 1.25%, 3/13/27, Callable 12/13/26 @ 100, MTN+(a)		627,195
	825,000	BP Capital Matkets plc, 3.25%(EUSA5+388bps), Callable 3/22/26 @ 100+(a)		1,044,149
	330,000	Enel Finance International NV, -0.19%, 6/17/24, Callable 5/17/24 @ 100, MTN+(a)		393,500
	7,965,000	European Investment Bank, 0.00%, 9/9/30+(a)		9,453,651
	600,000	Holcim Finance Luxembourg SA, 0.13%, 7/19/27, MTN+(a)		703,859
	320,000	Holcim Finance Luxembourg SA, 0.50%, 4/23/31, Callable 1/23/31 @ 100+(a)		370,717
	8,155,000	Kreditanstalt fuer Wiederaufbau, 0.00%, 1/10/31, MTN+(a)		9,685,640
	600,000	PSA Banque France SA, 0.07%, 1/22/25, Callable 10/22/24 @ 100, MTN+(a)		709,507
	400,000	Total Capital International SA, Series E, 2.13%, 11/19/21+(a)		478,890
	400,000	Total Capital International SA, Series E, 2.13%, 3/15/23, MTN+(a)		494,498
	1,200,000	Volvo Treasury AB, 0.11%(EUR003M+65bps), 9/13/21+(a)		1,423,881
	300,000	Volvo Treasury AB, -0.27%, 2/11/23, MTN+(a)		357,226
	700,000	Vonovia Finance BV, 0.75%, 1/25/22, MTN+(a)		834,979
	1,500,000	Vonovia Finance BV, Series E, 0.13%, 4/6/23, Callable 3/6/23 @ 100, MTN+(a)		1,786,555

				29,159,690

Diversified Telecommunication Services (0.1%):
	200,000	Orange SA, Series E, 0.75%, 9/11/23, Callable 6/11/23 @ 100, MTN+(a)		241,947
	1,705,000	Telstra Corp., Ltd., Series E, 3.50%, 9/21/22, MTN+(a)		2,115,134

				2,357,081

Electric Utilities (0.1%):
	1,200,000	Iberdrola International BV, 1.87%(EUSA5+232.1bps), 12/31/99, Callable 1/28/26 @ 100+(a)		1,465,410
	470,000	National Grid Electricity Transmission, 0.19%, 1/20/25, Callable 10/20/24 @ 100+(a)		560,974

				2,026,384

Electrical Equipment (0.0%^†):
	400,000	Schneider Electric SE, -0.31%, 6/12/23, Callable 5/12/23 @ 100, MTN+(a)		477,126
	400,000	Schneider Electric SE, Series E, 0.25%, 9/9/24, Callable 6/9/24 @ 100, MTN+(a)		480,802

				957,928

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Foreign Bonds, continued
Electronic Equipment, Instruments & Components (0.0%^†):
$	750,000	Amphenol Technologies Holding GmbH, 0.75%, 5/4/26, Callable 2/4/26 @ 100+(a)	$	916,646

Equity Real Estate Investment Trusts (0.1%):
	200,000	Icade Sante SAS, 1.38%, 9/17/30, Callable 6/17/30 @ 100+(a)		248,660
	1,500,000	Merlin Properties Socimi SA, 1.88%, 12/4/34, Callable 9/4/34 @ 100+(a)		1,757,496

				2,006,156

Food & Staples Retailing (0.0%^†):
	240,000	Tesco Corporate Treasury Services plc, 0.38%, 7/27/29, Callable 4/27/29 @ 100, MTN+(a)		277,517

Health Care Equipment & Supplies (0.1%):
	730,000	DH Europe Finance II Sarl, 0.20%, 3/18/26, Callable 12/18/25 @ 100+		869,684
	320,000	Medtronic Global Holdings SCA, 1.38%, 10/15/40, Callable 4/15/40 @ 100+		385,696

				1,255,380

Health Care Providers & Services (0.0%^†):
	390,000	Fresenius Finance Ireland plc, 0.88%, 10/1/31, Callable 7/1/31 @ 100, MTN+(a)		460,347

Industrial Conglomerates (0.1%):
	2,215,000	Siemens Financieringsmaatschappij NV, -0.41%, 9/5/21, MTN+(a)		2,628,115

IT Services (0.0%^†):
	700,000	Amadeus IT Group SA, 2.88%, 5/20/27, Callable 2/20/27 @ 100, MTN+(a)		934,279
	100,000	Amadeus IT Group SA, 1.88%, 9/24/28, Callable 6/24/28 @ 100, MTN+(a)		126,662

				1,060,941

Machinery (0.0%^†):
	400,000	KION Group AG, 1.63%, 9/24/25, Callable 6/24/25 @ 100, MTN+(a)		493,701

Media (0.1%):
	870,000	Informa plc, 2.13%, 10/6/25, Callable 7/6/25 @ 100, MTN+(a)		1,098,297
	610,000	SES SA, 2.00%, 7/2/28, Callable 4/2/28 @ 100+(a)		782,322
	495,000	Sky, Ltd., Series E, 1.50%, 9/15/21+(a)		588,947
	160,000	WPP Finance SA, 2.38%, 5/19/27, MTN+(a)		212,648

				2,682,214

Multi-Utilities (0.2%):
	1,300,000	E.ON SE, -0.28%, 10/24/22, Callable 9/24/22 @ 100, MTN+(a)		1,547,007
	395,000	ESB Finance DAC, Series E, 3.49%, 1/12/24+(a)		510,130
	280,000	Innogy Finance BV, Series E, 0.75%, 11/30/22, Callable 8/30/22 @ 100, MTN+(a)		335,884
	200,000	Redexis Gas Finance BV, 1.88%, 5/28/25, Callable 2/28/25 @ 100, MTN+(a)		251,235
	100,000	Suez SA, 1.63%(EUAMDB05+215.1bps), Callable 6/1/26 @ 100+(a)		119,153
	1,300,000	Veolia Environnement SA, Series E, 0.67%, 3/30/22, Callable 12/30/21 @ 100+(a)		1,549,011
	200,000	Veolia Environnement SA, 1.59%, 1/10/28, Callable 10/10/27 @ 100, MTN+(a)		257,372


Principal Amount			Value
Foreign Bonds, continued
Multi-Utilities, continued
$	100,000	Veolia Environnement SA, 0.80%, 1/15/32, Callable 10/15/31 @ 100, MTN+(a)	$	119,534

				4,689,326

Oil, Gas & Consumable Fuels (0.1%):
	330,000	Aker BP ASA, 1.13%, 5/12/29, Callable 2/12/29 @ 100, MTN+(a)		391,567
	720,000	Digital Dutch Finco BV, 1.50%, 3/15/30, Callable 12/15/29 @ 100+(a)		900,211
	600,000	Digital Dutch Finco BV, 1.00%, 1/15/32, Callable 10/15/31 @ 100+(a)		704,186
	800,000	Repsol Europe Finance Sarl, 0.88%, 7/6/33, Callable 1/6/33 @ 100, MTN+(a)		944,360
	645,000	TotalEnergies SE, 2.63%(EUSA5+214.8bps), Callable 2/26/25 @ 100, MTN+(a)		807,732

				3,748,056

Pharmaceuticals (0.2%):
	475,000	Abbott Ireland Financing DAC, 0.88%, 9/27/23, Callable 8/27/23 @ 100+(a)		577,085
	490,000	Abbott Ireland Financing DAC, 0.10%, 11/19/24, Callable 10/19/24 @ 100+(a)		585,438
	500,000	Merck Financial Services GmbH, 0.13%, 7/16/25, Callable 4/16/25 @ 100, MTN+(a)		598,103
	200,000	Merck KGaA, 1.63%(EUAMDB05+194.8bps), 6/25/79, Callable 9/18/24 @ 100+(a)		244,531
	1,125,000	Takeda Pharmaceutical Co., Ltd., 2.00%, 7/9/40, Callable 1/9/40 @ 100+		1,432,389
	840,000	Upjohn Finance BV, 1.02%, 6/23/24, Callable 5/23/24 @ 100+(a)		1,023,297

				4,460,843

Professional Services (0.0%^†):
	520,000	RELX Finance BV, -0.13%, 3/18/24, Callable 2/18/24 @ 100+(a)		618,673
	220,000	Wolters Kluwer NV, 0.75%, 7/3/30, Callable 4/3/30 @ 100+(a)		266,178

				884,851

Real Estate Management & Development (0.0%^†):
	280,000	Kojamo Oyj, 0.88%, 5/28/29, Callable 2/28/29 @ 100, MTN+(a)		332,405
	600,000	Vonovia SE, 0.63%, 12/14/29, Callable 9/14/29 @ 100, MTN+(a)		711,655

				1,044,060

Road & Rail (0.0%^†):
	600,000	Traton Finance Luxembourg SA, 0.00%, 6/14/24, Callable 5/14/24 @ 100, MTN+(a)		711,706

Sovereign Bond (0.4%):
	8,410,000	European Union, 0.00%, 10/4/30, MTN+(a)		9,993,487
	1,725,000	Mexico Government International Bond, 1.45%, 10/25/33, Callable 7/25/33 @ 100, MTN+		1,949,008

				11,942,495

Textiles, Apparel & Luxury Goods (0.0%^†):
	100,000	Kering SA, 0.75%, 5/13/28, Callable 2/13/28 @ 100, MTN+(a)		123,322

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			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, MTN+(a)	$	822,208

				945,530

Tobacco (0.0%^†):
	410,000	Imperial Brands Finance Netherlands BV, 1.75%, 3/18/33, Callable 12/18/32 @ 100, MTN+(a)		489,521

	Total Foreign Bonds (Cost $100,544,621)			103,673,066

Yankee Debt Obligations (5.2%):
Airlines (0.0%^†):
	292,120	Air Canada Pass Through Trust, Series 2017-1, Class A, 3.30%, 7/15/31(a)		295,234

Auto Components (0.1%):
	1,803,000	Magna International, Inc., 2.45%, 6/15/30, Callable 3/15/30 @ 100		1,844,990

Automobiles (0.1%):
	1,122,000	Nissan Motor Co., Ltd., 4.81%, 9/17/30, Callable 6/17/30 @ 100(a)		1,263,481

Banks (1.6%):
	2,800,000	Banco Santander SA, 2.71%, 6/27/24		2,944,124
	405,000	Barclays plc, 3.68%, 1/10/23, Callable 1/10/22 @ 100		411,895
	1,576,000	Barclays plc, 4.61% (US0003M+140 bps), 2/15/23, Callable 2/15/22 @ 100		1,615,991
	2,114,000	Barclays plc, 2.67% (H15T1Y+120 bps), 3/10/32, Callable 3/10/31 @ 100		2,121,632
	2,084,000	BNP Paribas SA, 2.82% (US0003M+1 bps), 11/19/25, Callable 11/19/24 @ 100(a)		2,191,430
	922,000	BPCE SA, 2.70%, 10/1/29(a)		960,569
	772,000	Danske Bank A/S, 5.00%, 1/12/22(a)		789,677
	854,000	Danske Bank A/S, 3.88%, 9/12/23(a)		909,078
	1,389,000	Danske Bank A/S, 5.38%, 1/12/24(a)		1,537,744
	3,787,000	Danske Bank A/S, 1.23%, 6/22/24, Callable 6/22/23 @ 100(a)		3,812,191
	856,000	Danske Bank A/S, 3.24% (US0003M+159 bps), 12/20/25, Callable 12/20/24 @ 100(a)		911,020
	2,053,000	HSBC Holdings plc, 3.26% (US0003M+106 bps), 3/13/23, Callable 3/13/22 @ 100		2,094,031
	1,123,000	HSBC Holdings plc, 4.58% (US0003M+153 bps), 6/19/29, Callable 6/19/28 @ 100		1,298,614
	388,000	HSBC Holdings plc, 3.97% (US0003M+161 bps), 5/22/30, Callable 5/22/29 @ 100		433,884
	612,000	HSBC Holdings plc, 2.80% (SOFR+119 bps), 5/24/32, Callable 5/24/31 @ 100		625,547
	875,000	ING Groep NV, 4.63%, 1/6/26(a)		997,200
	1,330,000	Lloyds Banking Group plc, 2.91% (US0003M+81 bps), 11/7/23, Callable 11/7/22 @ 100		1,371,306
	1,710,000	Lloyds Banking Group plc, 4.38%, 3/22/28		1,965,471
	283,000	Lloyds Banking Group plc, 3.57% (US0003M+121 bps), 11/7/28, Callable 11/7/27 @ 100		308,660
	3,161,000	Mitsubishi UFJ Financial Group, Inc., 3.20%, 7/18/29		3,416,311
	2,395,000	Mizuho Financial Group, Inc., 2.84% (US0003M+98 bps), 7/16/25, Callable 7/16/24 @ 100		2,526,071


Principal Amount			Value
Yankee Debt Obligations, continued
Banks, continued
$	1,015,000	Mizuho Financial Group, Inc., 2.55% (US0003M+110 bps), 9/13/25, Callable 9/13/24 @ 100	$	1,062,997
	352,000	Mizuho Financial Group, Inc., 2.23% (US0003M+83 bps), 5/25/26, Callable 5/25/25 @ 100		363,871
	799,000	Mizuho Financial Group, Inc., 1.23% (H15T1Y+67 bps), 5/22/27, Callable 5/22/26 @ 100		785,467
	924,000	Mizuho Financial Group, Inc., 2.20% (US0003M+151 bps), 7/10/31, Callable 7/10/30 @ 100		922,244
	2,242,000	Mizuho Financial Group, Inc., 1.98% (US0003M+127 bps), 9/8/31, Callable 9/8/30 @ 100		2,176,464
	375,000	Santander UK Group Holdings plc, 4.80% (US0003M+157 bps), 11/15/24, Callable 11/15/23 @ 100		409,873
	1,850,000	Santander UK Group Holdings plc, 1.09% (SOFR+79 bps), 3/15/25, Callable 3/15/24 @ 100		1,853,763
	1,174,000	Santander UK Group Holdings plc, 1.53% (H15T1Y+125 bps), 8/21/26, Callable 8/21/25 @ 100		1,177,067
	398,000	Societe Generale SA, 1.79% (H15T1Y+100 bps), 6/9/27, Callable 6/9/26 @ 100(a)		397,194
	278,000	Societe Generale SA, 2.89% (H15T1Y+130 bps), 6/9/32, Callable 6/9/31 @ 100(a)		281,474
	1,172,000	Sumitomo Mitsui Financial Group, Inc., 3.04%, 7/16/29		1,256,860

				43,929,720

Beverages (0.1%):
	2,250,000	Suntory Holdings, Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100(a)		2,331,092

Biotechnology (0.1%):
	1,560,000	Shire Acquisitions Investments, 3.20%, 9/23/26, Callable 6/23/26 @ 100		1,689,715

Capital Markets (0.4%):
	2,175,000	Credit Suisse Group AG, 3.09% (SOFR+173 bps), 5/14/32, Callable 5/14/31 @ 100(a)		2,237,844
	1,145,000	Deutsche Bank AG, 4.25%, 10/14/21		1,157,411
	278,000	Deutsche Bank AG, 0.90%, 5/28/24		276,630
	1,892,000	Deutsche Bank AG, 1.45% (SOFR+113 bps), 4/1/25, Callable 4/1/24 @ 100		1,901,651
	331,000	Deutsche Bank AG, 3.96% (SOFR+258 bps), 11/26/25, Callable 11/26/24 @ 100		357,332
	206,000	Deutsche Bank AG, 4.10%, 1/13/26		225,911
	2,173,000	Deutsche Bank AG, 1.69%, 3/19/26		2,184,886
	959,000	Deutsche Bank AG, 2.13% (SOFR+187 bps), 11/24/26, Callable 11/24/25 @ 100		970,765
	2,000	Macquarie Group, Ltd., 4.65% (US0003M+173 bps), 3/27/29, Callable 3/27/28 @ 100^(a)		2,303
	650,000	SA Global Sukuk, Ltd., 2.69%, 6/17/31, Callable 3/17/31 @ 100^(a)		656,093
	1,888,000	UBS Group AG, 2.86% (US0003M+95 bps), 8/15/23, Callable 8/15/22 @ 100(a)		1,937,343

				11,908,169

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Yankee Debt Obligations, continued
Chemicals (0.0%^†):
$	244,000	LYB International Finance BV, 4.00%, 7/15/23	$	260,503

Consumer Finance (0.1%):
	1,675,000	Hyundai Capital Services, Inc., 3.00%, 8/29/22(a)		1,719,890
	1,390,000	Hyundai Capital Services, Inc., 3.75%, 3/5/23(a)		1,459,069

				3,178,959

Diversified Financial Services (0.4%):
	1,760,000	GE Capital International Funding, 4.42%, 11/15/35		2,110,369
	1,077,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.15%, 5/1/27, Callable 3/1/27 @ 100(a)		1,154,339
	3,008,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 6/18/29, Callable 3/18/29 @ 100(a)		3,452,976
	1,785,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, 5/11/31, Callable 2/11/31 @ 100(a)		1,802,638
	1,040,000	ORIX Corp., 2.90%, 7/18/22		1,066,072
	1,755,000	Shell International Finance BV, 2.38%, 11/7/29, Callable 8/7/29 @ 100		1,820,058
	289,000	Shell International Finance BV, 4.55%, 8/12/43		361,467

				11,767,919

Diversified Telecommunication Services (0.0%^†):
	389,000	Deutsche Telekom International Finance BV, 2.49%, 9/19/23, Callable 7/19/23 @ 100(a)		404,133

Food & Staples Retailing (0.0%^†):
	850,000	Seven & I Holdings Co., Ltd., 3.35%, 9/17/21(a)		855,225

Interactive Media & Services (0.1%):
	490,000	Baidu, Inc., 4.38%, 5/14/24, Callable 4/14/24 @ 100		534,725
	475,000	Baidu, Inc., 4.38%, 3/29/28, Callable 12/29/27 @ 100		540,847
	1,511,000	Tencent Holdings, Ltd., 2.99%, 1/19/23, Callable 12/19/22 @ 100(a)		1,560,065
	515,000	Tencent Holdings, Ltd., 3.60%, 1/19/28, Callable 10/19/27 @ 100(a)		562,711

				3,198,348

Internet & Direct Marketing Retail (0.0%^†):
	320,000	Alibaba Group Holding, Ltd., 2.80%, 6/6/23, Callable 5/6/23 @ 100		332,415

Machinery (0.0%^†):
	670,000	Trane Technologies Luxembourg Finance SA, 3.50%, 3/21/26, Callable 1/21/26 @ 100		733,565

Metals & Mining (0.2%):
	2,257,000	Anglo American Capital plc, 4.75%, 4/10/27(a)		2,594,372
	365,000	Anglo American Capital plc, 4.00%, 9/11/27(a)		404,053
	1,559,000	Anglo American Capital plc, 2.25%, 3/17/28, Callable 1/17/28 @ 100(a)		1,574,721

				4,573,146

Oil, Gas & Consumable Fuels (0.1%):
	555,000	Ecopetrol SA, 4.13%, 1/16/25		584,138
	298,000	Suncor Energy, Inc., 6.80%, 5/15/38		426,748

				1,010,886

Pharmaceuticals (0.1%):
	941,000	AstraZeneca plc, 3.38%, 11/16/25		1,028,968
	1,487,000	AstraZeneca plc, 1.38%, 8/6/30, Callable 5/6/30 @ 100		1,408,836


Principal Amount			Value
Yankee Debt Obligations, continued
Pharmaceuticals, continued
$	379,000	Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30, Callable 12/31/29 @ 100	$	376,201

				2,814,005

Real Estate Management & Development (0.0%^†):
	250,000	Mitsui Fudosan Co., Ltd., 2.95%, 1/23/23, Callable 12/23/22 @ 100(a)		258,463

Road & Rail (0.0%^†):
	2,000	Canadian Pacific Railway, Ltd., 2.05%, 3/5/30, Callable 12/5/29 @ 100		1,985

Sovereign Bond (1.6%):
	1,560,000	Chile Government International Bond, 2.55%, 1/27/32, Callable 10/27/31 @ 100		1,595,989
	1,905,000	Colombia Government International Bond, 3.13%, 4/15/31, Callable 1/15/31 @ 100		1,864,267
	860,000	Colombia Government International Bond, 3.25%, 4/22/32, Callable 1/22/32 @ 100		841,838
	5,119,000	Mexico Government International Bond, 4.15%, 3/28/27^		5,789,451
	910,000	Mexico Government International Bond, 3.75%, 1/11/28		993,866
	3,250,000	Mexico Government International Bond, 2.66%, 5/24/31, Callable 2/24/31 @ 100		3,186,839
	589,561	Oriental Republic of Uruguay, 4.50%, 8/14/24^		637,614
	2,175,000	Oriental Republic of Uruguay, 4.38%, 10/27/27		2,495,813
	655,000	Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100		686,112
	540,000	Panama Government International Bond, 4.50%, 4/1/56, Callable 10/1/55 @ 100		609,525
	689,000	Province of Manitoba, 3.05%, 5/14/24		735,784
	704,000	Republic of Chile, 3.24%, 2/6/28, Callable 11/6/27 @ 100		766,445
	3,516,000	Republic of Colombia, 3.88%, 4/25/27, Callable 1/25/27 @ 100		3,735,001
	275,000	Republic of Colombia, 4.50%, 3/15/29, Callable 12/15/28 @ 100		300,024
	567,000	Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100		555,607
	581,000	Republic of Indonesia, 4.10%, 4/24/28		656,539
	2,840,000	Republic of Indonesia, 2.85%, 2/14/30		2,942,941
	327,000	Republic of Panama, 4.00%, 9/22/24, Callable 6/22/24 @ 100		356,839
	420,000	Republic of Panama, 3.88%, 3/17/28, Callable 12/17/27 @ 100		461,475
	540,000	Republic of Panama, 4.50%, 5/15/47		611,550
	980,000	Republic of Peru, 4.13%, 8/25/27		1,096,296
	1,031,000	Republic of Peru, 5.63%, 11/18/50^		1,413,282
	3,200,000	Republic of Philippines, 3.00%, 2/1/28		3,452,893
	2,741,000	United Mexican States, 4.50%, 4/22/29		3,100,542
	3,910,000	United Mexican States, 3.25%, 4/16/30, Callable 1/16/30 @ 100^		4,040,614
	1,000,000	Uruguay Government International Bond, 4.38%, 1/23/31, Callable 10/23/30 @ 100		1,165,000

				44,092,146

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Yankee Debt Obligations, continued
Trading Companies & Distributors (0.1%):
$	1,128,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.50%, 1/15/25, Callable 11/15/24 @ 100	$	1,196,127

Wireless Telecommunication Services (0.1%):
	2,168,000	Vodafone Group plc, 4.13%, 5/30/25		2,419,471
	189,000	Vodafone Group plc, 5.25%, 5/30/48		248,776
	489,000	Vodafone Group plc, 4.88%, 6/19/49		616,108

				3,284,355

	Total Yankee Debt Obligations (Cost $136,816,787)			141,224,581

Municipal Bonds (0.2%):
California (0.0%^†):
	347,000	University of California Revenue, 4.77%, 5/15/15		491,349
	50,000	University of California Revenue, 4.86%, 5/15/12		69,660

				561,009

New Jersey (0.1%):
	575,000	New Jersey State Transportation Authority Revenue, Build America Bonds, GO, 6.56%, 12/15/40		844,284
	270,000	New Jersey Transportation Trust Fund Authority Revenue, 4.13%, 6/15/42		309,768
	165,000	New Jersey Turnpike Authority Revenue, Series B, 2.78%, 1/1/40, Continuously Callable @ 100		164,644

				1,318,696

New York (0.1%):
	1,160,000	New York State Dormitory Authority Revenue, 5.00%, 2/15/31, Continuously Callable @ 100		1,532,720
	440,000	New York State Thruway Authority Revenue, 2.90%, 1/1/35		473,290

				2,006,010

Ohio (0.0%^†):
	490,000	City of Cleveland Airport System Revenue, 2.88%, 1/1/31		511,011

	Total Municipal Bonds (Cost $3,936,573)			4,396,726

U.S. Government Agency Mortgages (27.8%):
Government National Mortgage Association (6.3%)
	12,678	4.50%, 9/15/33, Pool #615516		14,246
	46,432	5.00%, 12/15/33, Pool #783571		53,226
	13,757	6.50%, 8/20/38, Pool #4223		16,466
	12,243	6.50%, 10/15/38, Pool #673213		13,944
	7,752	6.50%, 11/20/38, Pool #4292		9,281
	14,077	6.50%, 12/15/38, Pool #782510		15,994
	158,212	5.00%, 1/15/39, Pool #782557		179,837
	59,606	5.00%, 4/15/39, Pool #711939		69,097
	95,321	5.00%, 4/15/39, Pool #782619		109,208
	10,268	4.00%, 4/20/39, Pool #4422		10,953
	9,474	5.00%, 6/15/39, Pool #782696		10,855
	34,269	4.00%, 7/20/39, Pool #4494		37,161
	58,910	5.00%, 10/20/39, Pool #4559		65,818
	6,655	4.50%, 12/20/39, Pool #G24598		7,307
	17,277	4.50%, 1/15/40, Pool #728627		19,445
	8,137	4.50%, 1/20/40, Pool #4617		8,933
	6,547	4.50%, 2/20/40, Pool #G24636		7,340
	48,375	5.00%, 5/15/40, Pool #782958		55,410


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	427	4.50%, 5/20/40, Pool #G24696	$	467
	36,968	5.00%, 6/15/40, Pool #697862		43,086
	42,114	4.50%, 7/15/40, Pool #745793		46,779
	344,347	4.50%, 7/15/40, Pool #733795		394,557
	16,547	4.50%, 7/20/40, Pool #4746		18,168
	30,656	4.50%, 8/20/40, Pool #4771		33,660
	17,656	4.50%, 9/20/40, Pool #748948		19,667
	9,148	4.00%, 9/20/40, Pool #G24800		9,957
	72,428	4.50%, 10/15/40, Pool #783609		80,547
	29,742	4.50%, 10/20/40, Pool #4834		32,665
	239,741	4.00%, 10/20/40, Pool #G24833		260,945
	443,988	4.00%, 11/20/40, Pool #4853		487,972
	216,047	4.00%, 12/20/40, Pool #G24882		235,139
	101,674	4.00%, 1/15/41, Pool #759138		110,386
	195,546	4.00%, 1/20/41, Pool #4922		212,849
	20,892	4.50%, 2/15/41, Pool #738019		23,903
	873,042	4.00%, 2/20/41, Pool #742887		948,652
	3,349	4.00%, 2/20/41, Pool #4945		3,645
	59,102	4.00%, 3/15/41, Pool #762838		64,164
	4,883	5.00%, 4/20/41, Pool #5018		5,400
	75,737	4.50%, 6/20/41, Pool #783590		81,315
	10,704	5.00%, 6/20/41, Pool #5083		11,840
	179,071	4.50%, 7/20/41, Pool #5115		202,510
	53,133	4.50%, 7/20/41, Pool #783584		57,049
	310,469	4.00%, 7/20/41, Pool #742895		337,592
	5,495	5.00%, 7/20/41, Pool #5116		6,078
	29,430	4.50%, 7/20/41, Pool #754367		31,941
	52,662	4.50%, 11/15/41, Pool #783610		59,034
	152,704	3.50%, 1/15/42, Pool #553461		163,702
	212,430	4.00%, 4/20/42, Pool #MA0023		228,887
	90,576	5.00%, 7/20/42, Pool #MA0223		101,167
	226,023	3.50%, 4/15/43, Pool #AD2334		245,719
	402,695	3.50%, 4/20/43, Pool #MA0934		435,672
	228,975	3.50%, 5/20/43, Pool #MA1012		247,760
	19,686	4.00%, 7/20/43, Pool #MA1158		21,212
	804,230	4.50%, 6/20/44, Pool #MA1997		883,095
	4,214	4.00%, 8/20/44, Pool #AI4166		4,461
	15,090	4.00%, 8/20/44, Pool #AJ2723		16,618
	677,673	4.00%, 8/20/44, Pool #MA2149		737,417
	17,953	4.00%, 8/20/44, Pool #AI4167		19,947
	13,630	4.00%, 8/20/44, Pool #AJ4687		15,157
	345,677	5.00%, 12/20/44, Pool #MA2448		386,227
	33,456	3.00%, 12/20/44, Pool #MA2444		35,512
	353,985	3.00%, 2/15/45, Pool #784439		368,409
	1,871,071	3.50%, 5/20/45, Pool #MA2826		1,996,063
	217,718	5.00%, 12/20/45, Pool #MA3313		246,724
	9,564,890	3.50%, 3/20/46, Pool #MA3521		10,176,913
	1,871,266	3.50%, 5/20/46, Pool #MA3663		1,982,458
	638,368	3.50%, 7/20/46, Pool #MA3803		679,216
	2,574,604	3.50%, 9/20/46, Pool #MA3937		2,732,711
	14,461	4.00%, 10/20/46, Pool #AQ0542		15,346
	89,166	3.50%, 10/20/46, Pool #AX4341		98,181
	101,841	3.50%, 10/20/46, Pool #AX4342		109,845
	72,009	3.50%, 10/20/46, Pool #AX4343		76,861
	198,432	3.50%, 10/20/46, Pool #AX4344		211,715
	147,147	3.50%, 10/20/46, Pool #AX4345		160,467

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	122,364	4.50%, 3/15/47, Pool #AZ8560	$	139,324
	114,387	4.50%, 4/15/47, Pool #AZ8597		131,132
	159,124	4.50%, 4/15/47, Pool #AZ8596		177,660
	97,804	4.50%, 5/15/47, Pool #BA7888		109,450
	2,601,604	4.00%, 6/20/47, Pool #MA4511		2,795,219
	21,251	4.00%, 9/15/47, Pool #BC5919		22,908
	26,910	4.00%, 10/15/47, Pool #BD3187		29,078
	27,631	4.00%, 10/15/47, Pool #BE1031		29,797
	19,857	4.00%, 11/15/47, Pool #BE1030		21,403
	2,088,183	4.00%, 11/20/47, Pool #MA4838		2,234,185
	29,181	4.00%, 12/15/47, Pool #BE4664		31,449
	1,026,863	4.00%, 12/20/47, Pool #MA4901		1,098,659
	28,838	4.00%, 1/15/48, Pool #BE0143		31,093
	21,863	4.00%, 1/15/48, Pool #BE0204		23,485
	495,187	4.50%, 9/20/48, Pool #BD0560		538,434
	991,108	4.50%, 3/20/49, Pool #MA5818		1,062,814
	41,599	4.50%, 4/20/49, Pool #MA5877		44,448
	454,851	4.50%, 5/20/49, Pool #MA5932		484,775
	4,686,041	3.50%, 3/20/50, Pool #MA6542		4,936,971
	795,740	4.50%, 4/20/50, Pool #MA6602		848,092
	140,269	3.00%, 5/20/50, Pool #MA6656		146,752
	596,368	4.00%, 5/20/50, Pool #MA6658		634,435
	1,556,757	3.00%, 6/20/50, Pool #MA6710		1,628,135
	355,000	5.00%, 7/15/51, TBA		395,880
	33,231,000	2.50%, 7/20/51, TBA		34,399,277
	25,729,346	3.00%, 7/20/51, TBA		26,842,944
	4,478,000	4.50%, 7/20/51, TBA		4,770,469
	36,055,000	2.00%, 7/20/51, TBA		36,747,932
	8,852,797	3.50%, 7/20/51, TBA		9,277,455
	5,533,000	4.00%, 7/20/51, TBA		5,841,638
	8,700,000	3.00%, 8/20/51, TBA		9,072,809

				171,470,052

Federal National Mortgage Association (17.8%)
	106,676	2.50%, 9/1/27, Pool #AB6194		111,549
	71,082	2.50%, 9/1/27, Pool #AP5205		74,133
	26,079	2.50%, 2/1/28, Pool #AB8446		27,201
	60,397	2.50%, 4/1/28, Pool #AB8870		63,264
	40,154	3.00%, 4/1/28, Pool #AT3121		42,624
	42,449	3.00%, 5/1/28, Pool #AT6033		45,050
	167,254	2.50%, 8/1/28, Pool #AS0190		175,194
	10,023	3.00%, 10/1/28, Pool #AQ4132		10,610
	97,777	3.00%, 10/1/28, Pool #AU8774		103,786
	193,371	3.50%, 10/1/28, Pool #AV0198		207,493
	339,282	3.50%, 11/1/28, Pool #AV1360		364,933
	10,681	3.00%, 11/1/28, Pool #AV0298		11,304
	248,885	3.00%, 4/1/29, Pool #AW0937		265,268
	191,804	3.00%, 5/1/29, Pool #AW2544		205,731
	345,680	3.00%, 6/1/29, Pool #AS2676		368,447
	86,221	3.00%, 7/1/29, Pool #AW1281		91,657
	453,580	3.00%, 7/1/29, Pool #AW4229		486,448
	110,786	3.50%, 9/1/29, Pool #AX0105		118,853
	218,263	3.00%, 9/1/29, Pool #AS3220		232,610
	708,522	3.00%, 9/1/29, Pool #AL6897		758,196
	28,686	3.50%, 10/1/29, Pool #AX2741		30,592
	131,666	3.00%, 10/1/29, Pool #AS3594		141,203
	499,223	3.00%, 1/1/30, Pool #AL6144		532,140


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	2,605,000	, 1/15/30(d)	$	2,272,743
	67,518	2.50%, 2/1/30, Pool #BM3403		70,489
	19,670	2.50%, 2/1/30, Pool #AS4488		20,603
	17,650	2.50%, 2/1/30, Pool #AS4485		18,492
	130,509	2.50%, 3/1/30, Pool #AS4688		136,692
	100,040	3.00%, 3/1/30, Pool #AL6583		106,351
	57,899	2.50%, 4/1/30, Pool #AY3416		60,636
	81,452	3.00%, 4/1/30, Pool #AL6584		86,174
	32,255	2.50%, 5/1/30, Pool #AY0828		34,006
	48,818	3.00%, 5/1/30, Pool #AL6761		52,352
	3,901,000	, 5/15/30(d)		3,376,436
	264,291	3.00%, 6/1/30, Pool #AL9381		282,993
	84,299	3.00%, 7/1/30, Pool #AX9701		89,196
	18,436	3.00%, 7/1/30, Pool #AX9700		19,598
	106,063	2.50%, 7/1/30, Pool #AS5403		111,128
	18,581	2.50%, 7/1/30, Pool #AS5405		19,446
	31,587	2.50%, 7/1/30, Pool #AZ2170		33,080
	12,174	3.00%, 7/1/30, Pool #AZ2297		12,946
	67,886	3.00%, 7/1/30, Pool #AL7139		71,823
	7,446	3.00%, 8/1/30, Pool #AZ8597		7,914
	16,429	3.00%, 8/1/30, Pool #AZ7833		17,470
	122,418	3.00%, 8/1/30, Pool #AL7225		129,503
	119,074	2.50%, 8/1/30, Pool #AS5616		124,764
	106,176	3.00%, 8/1/30, Pool #AL7227		113,106
	52,804	2.50%, 8/1/30, Pool #AS5548		55,336
	86,671	3.00%, 8/1/30, Pool #AS5622		91,697
	70,973	3.50%, 8/1/30, Pool #AS5708		76,491
	67,448	2.50%, 8/1/30, Pool #AS5614		70,626
	93,222	3.00%, 8/1/30, Pool #AS5623		99,315
	199,234	2.50%, 8/1/30, Pool #BM3552		207,863
	18,432	3.00%, 8/1/30, Pool #AX3298		19,604
	86,985	3.00%, 9/1/30, Pool #AS5728		92,482
	23,591	3.00%, 9/1/30, Pool #AL7320		25,297
	69,487	3.00%, 9/1/30, Pool #AS5714		73,524
	36,108	3.00%, 9/1/30, Pool #AZ5719		38,394
	62,686	2.50%, 9/1/30, Pool #AS5786		65,677
	79,319	2.50%, 9/1/30, Pool #AS5872		83,082
	77,895	2.50%, 11/1/30, Pool #AS6141		81,600
	65,894	2.50%, 11/1/30, Pool #AS6116		68,956
	70,942	2.50%, 11/1/30, Pool #AS6115		74,358
	10,438	2.50%, 11/1/30, Pool #AL7800		10,939
	69,160	2.50%, 11/1/30, Pool #AS6142		72,460
	1,329,418	3.00%, 1/1/31, Pool #BM3537		1,411,358
	111,885	2.50%, 3/1/31, Pool #BM1595		116,731
	119,227	2.50%, 6/1/31, Pool #AS7320		125,017
	207,973	2.50%, 7/1/31, Pool #AS7617		218,044
	195,008	2.50%, 7/1/31, Pool #AS7605		204,485
	1,499,909	3.00%, 8/1/31, Pool #AL9376		1,608,385
	30,017	4.00%, 8/1/31, Pool #AY4688		32,516
	8,258	2.50%, 8/1/31, Pool #BC2777		8,659
	47,227	4.00%, 8/1/31, Pool #AY4707		51,823
	132,467	3.00%, 9/1/31, Pool #AL9378		140,695
	267,750	2.50%, 10/1/31, Pool #AS8009		280,680
	344,238	2.50%, 10/1/31, Pool #AS8193		360,843
	877,149	2.50%, 10/1/31, Pool #AS8195		927,322
	486,224	2.50%, 10/1/31, Pool #AS8208		509,824

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	74,410	2.00%, 10/1/31, Pool #MA2774	$	76,784
	1,725,241	2.50%, 10/1/31, Pool #BC4773		1,824,187
	162,705	2.50%, 11/1/31, Pool #BC2628		172,077
	130,120	2.50%, 11/1/31, Pool #BC2629		136,419
	191,833	2.50%, 11/1/31, Pool #AS8241		201,071
	144,664	2.50%, 11/1/31, Pool #AS8245		152,948
	404,244	2.00%, 11/1/31, Pool #BM3054		417,087
	119,206	2.00%, 11/1/31, Pool #BC9040		123,007
	293,099	2.50%, 11/1/31, Pool #AS8240		307,341
	356,640	2.00%, 11/1/31, Pool #AS8251		368,020
	22,272	2.00%, 11/1/31, Pool #AS8291		22,981
	249,211	2.50%, 11/1/31, Pool #BC2631		262,498
	98,625	2.00%, 12/1/31, Pool #MA2845		101,768
	25,790	2.50%, 2/1/32, Pool #BM1036		27,067
	15,116	3.00%, 2/1/32, Pool #BE5670		16,084
	618,060	2.00%, 3/1/32, Pool #BM3061		637,762
	404,610	3.00%, 3/1/32, Pool #AS9327		430,189
	435,377	2.50%, 3/1/32, Pool #AS9321		460,390
	250,713	2.50%, 3/1/32, Pool #AS9317		263,319
	468,680	2.50%, 3/1/32, Pool #AS9318		492,340
	503,798	2.50%, 3/1/32, Pool #AS9319		528,725
	281,626	2.50%, 3/1/32, Pool #AS9316		295,762
	1,924,187	3.50%, 4/1/32, Pool #BM3503		2,096,827
	1,463,074	3.50%, 5/1/32, Pool #BM1602		1,588,346
	2,064,966	3.00%, 6/1/32, Pool #BM1791		2,194,735
	622,193	2.50%, 8/1/32, Pool #BM3578		653,478
	249,263	3.00%, 9/1/32, Pool #BM3240		266,409
	74,370	3.50%, 11/1/32, Pool #BJ2054		81,071
	49,650	3.50%, 1/1/33, Pool #BJ2096		53,345
	76,793	5.50%, 1/1/33, Pool #676661		88,357
	1,225,837	2.50%, 2/1/33, Pool #BM3793		1,285,849
	56,231	5.50%, 5/1/33, Pool #555424		64,924
	2,857,205	3.00%, 5/1/33, Pool #FM1880		3,017,477
	80,029	4.00%, 9/1/33, Pool #BK7642		85,537
	252,289	4.00%, 10/1/33, Pool #CA2527		274,230
	244,588	4.00%, 11/1/33, Pool #CA2555		267,090
	500,701	2.50%, 12/1/33, Pool #FM1680		523,507
	447,084	5.00%, 2/1/35, Pool #735226		504,647
	139,689	5.50%, 2/1/35, Pool #735989		163,565
	33,613	5.00%, 3/1/35, Pool #735288		38,370
	12,819	6.00%, 4/1/35, Pool #735504		15,033
	246,792	3.00%, 8/1/35, Pool #CA6876		264,121
	228,819	3.00%, 8/1/35, Pool #CA6849		244,074
	64,233	5.00%, 9/1/35, Pool #889974		73,570
	135,516	3.00%, 12/1/35, Pool #CA8389		145,018
	70,333	3.00%, 12/1/35, Pool #CA8391		75,005
	1,371,398	2.50%, 12/1/35, Pool #CA8388		1,447,068
	1,212,554	2.50%, 12/1/35, Pool #CA8387		1,278,188
	146,838	4.00%, 1/1/36, Pool #AB0686		164,158
	16,856,000	1.50%, 7/25/36, TBA		17,061,432
	2,999,000	2.50%, 7/25/36, TBA		3,127,395
	26,603,000	2.00%, 7/25/36, TBA		27,446,814
	1,501,000	3.00%, 7/25/36, TBA		1,576,988
	1,596,234	3.50%, 7/25/36, TBA		1,704,728
	320,634	5.50%, 9/1/36, Pool #995113		373,008
	35,753	3.00%, 10/1/36, Pool #AL9227		37,300


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	108,395	3.00%, 11/1/36, Pool #AS8349	$	114,679
	274,440	3.00%, 11/1/36, Pool #AS8348		296,269
	238,883	3.00%, 12/1/36, Pool #BE1896		254,974
	338,594	3.00%, 12/1/36, Pool #AS8553		369,317
	17,951	5.50%, 2/1/38, Pool #961545		20,308
	11,317	6.00%, 3/1/38, Pool #889529		13,490
	60,932	5.50%, 5/1/38, Pool #889441		69,347
	73,060	5.50%, 5/1/38, Pool #889692		84,101
	33,003	6.00%, 5/1/38, Pool #889466		39,133
	49,118	5.50%, 6/1/38, Pool #995018		56,344
	14,103	5.50%, 9/1/38, Pool #889995		16,131
	34,426	6.00%, 10/1/38, Pool #889983		40,830
	177,249	5.50%, 1/1/39, Pool #AB0200		207,910
	66,279	4.50%, 4/1/39, Pool #930922		73,302
	71,614	3.50%, 5/1/39, Pool #MA3660		75,955
	79,071	4.50%, 5/1/39, Pool #AL1472		87,618
	782,986	5.00%, 6/1/39, Pool #AL7521		896,787
	516,626	6.00%, 7/1/39, Pool #BF0056		605,361
	35,763	5.50%, 10/1/39, Pool #AD0362		40,639
	277,462	3.50%, 12/1/39, Pool #MA3869		294,284
	247,628	5.50%, 12/1/39, Pool #AC6680		284,441
	31,056	5.50%, 12/1/39, Pool #AD0571		35,259
	130,226	3.50%, 1/1/40, Pool #MA3891		138,122
	3,813,200	4.50%, 1/1/40, Pool #AC8568		4,200,778
	218,753	3.50%, 2/1/40, Pool #MA3935		232,016
	32,015	5.50%, 3/1/40, Pool #AL5304		36,782
	25,139	4.50%, 4/1/40, Pool #AD4038		27,861
	228,227	6.00%, 4/1/40, Pool #AL4141		269,538
	44,385	6.50%, 5/1/40, Pool #AL1704		51,706
	43,611	4.50%, 7/1/40, Pool #AB1226		48,038
	58,540	4.50%, 7/1/40, Pool #AD7127		64,295
	24,780	6.00%, 9/1/40, Pool #AE0823		28,797
	2,680,000	Class CY , Series 2010-1364.00%, 12/25/40		2,953,738
	30,295	4.00%, 1/1/41, Pool #AL7167		32,690
	4,374,601	Class ZA , Series 2011-84.00%, 2/25/41		4,711,801
	54,556	6.00%, 6/1/41, Pool #AL4142		63,250
	23,154	4.50%, 7/1/41, Pool #AB3314		25,897
	454,749	5.00%, 7/1/41, Pool #AL7524		515,583
	654,644	5.50%, 9/1/41, Pool #AL8430		749,118
	36,907	4.50%, 9/1/41, Pool #AI8961		41,095
	190,624	3.50%, 1/1/42, Pool #AW8154		206,967
	788,851	4.00%, 1/1/42, Pool #AB4307		870,443
	25,493	3.50%, 4/1/42, Pool #AK7510		27,704
	80,279	3.50%, 4/1/42, Pool #AO0777		84,498
	59,500	4.00%, 5/1/42, Pool #A02114		64,845
	13,430	3.50%, 5/1/42, Pool #AO2881		14,600
	171,707	4.00%, 5/1/42, Pool #AO2961		187,049
	13,877	3.50%, 6/1/42, Pool #AO3048		15,069
	19,186	3.50%, 6/1/42, Pool #AK9225		20,824
	39,673	3.50%, 7/1/42, Pool #AO9707		43,092
	172,133	4.50%, 9/1/42, Pool #AL2482		190,922
	1,085,938	4.50%, 1/1/43, Pool #AL8206		1,200,142
	63,497	3.00%, 3/1/43, Pool #AR7568		67,849
	70,895	3.00%, 3/1/43, Pool #AR7576		74,006
	84,343	3.00%, 3/1/43, Pool #AR9218		87,968
	63,814	3.00%, 4/1/43, Pool #AB8924		66,613

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	32,912	3.00%, 4/1/43, Pool #AT2037	$	35,153
	124,992	3.00%, 4/1/43, Pool #AT2040		130,334
	79,056	3.00%, 4/1/43, Pool #AT2043		82,554
	76,208	3.00%, 4/1/43, Pool #AB8923		79,452
	989	3.50%, 4/1/43, Pool #CA1530		1,047
	89,059	3.00%, 4/1/43, Pool #AR8630		92,842
	10,078	3.00%, 6/1/43, Pool #AB9564		10,868
	722,415	5.00%, 12/1/43, Pool #AL7777		814,222
	401,283	5.00%, 11/1/44, Pool #AL8878		457,835
	271,913	3.50%, 2/1/45, Pool #BM1100		294,801
	891,364	3.50%, 2/1/45, Pool #FM5294		956,996
	220,006	5.00%, 6/1/45, Pool #BM3784		247,742
	142,813	4.50%, 9/1/45, Pool #AL7936		161,047
	8,733,133	3.50%, 11/1/45, Pool #FM6411		9,337,830
	5,112	4.50%, 11/1/45, Pool #AS6233		5,616
	75,834	4.50%, 11/1/45, Pool #AL9501		85,530
	210,480	4.50%, 12/1/45, Pool #BM1756		233,872
	20,269	3.00%, 6/1/46, Pool #AS7365		21,672
	596,605	4.50%, 7/1/46, Pool #BM1920		672,930
	1,478,600	3.50%, 7/1/46, Pool #BA7748		1,592,123
	464,579	4.50%, 7/1/46, Pool #BM3053		527,630
	25,127	3.00%, 8/1/46, Pool #AL9031		27,064
	823,604	Class UF , Series 2016-480.49%(US0001M+40bps), 8/25/46		825,359
	1,341,328	3.00%, 9/1/46, Pool #BD1469		1,432,327
	122,259	3.00%, 11/1/46, Pool #BD9643		130,614
	268,920	3.00%, 11/1/46, Pool #BD9645		286,163
	365,941	3.00%, 11/1/46, Pool #BD9644		390,597
	1,240,760	3.00%, 12/1/46, Pool #AS8486		1,325,289
	293,025	3.50%, 12/1/46, Pool #BE2103		318,721
	392,007	3.50%, 2/1/47, Pool #BE1534		424,949
	1,149,526	3.50%, 2/1/47, Pool #AL9920		1,249,780
	74,679	3.50%, 3/1/47, Pool #BH0158		80,900
	216,234	3.50%, 5/1/47, Pool #BE9375		234,251
	410,622	4.00%, 5/1/47, Pool #BH0398		445,580
	688,826	3.50%, 5/1/47, Pool #BD2417		746,771
	558,710	3.50%, 5/1/47, Pool #BM1174		609,225
	187,844	3.50%, 6/1/47, Pool #BH0567		203,510
	403,826	4.00%, 7/1/47, Pool #BH3401		438,162
	498,402	4.00%, 8/1/47, Pool #BM1619		540,881
	254,798	4.50%, 10/1/47, Pool #BM3052		287,245
	1,119,031	3.50%, 11/1/47, Pool #MA3182		1,186,021
	1,109,803	3.50%, 12/1/47, Pool #MA3210		1,176,241
	311,833	4.50%, 12/1/47, Pool #BH7067		344,865
	662,113	3.50%, 1/1/48, Pool #MA3238		701,751
	2,073,700	3.50%, 1/1/48, Pool #FM5293		2,239,393
	92,725	4.00%, 2/1/48, Pool #BJ9057		100,490
	491,236	3.50%, 2/1/48, Pool #BH9277		519,754
	118,709	4.00%, 2/1/48, Pool #BJ9058		130,967
	340,416	3.50%, 3/1/48, Pool #BJ0648		360,179
	687,309	3.50%, 3/1/48, Pool #BJ4916		727,210
	220,343	3.50%, 3/1/48, Pool #BK1958		233,134
	223,428	4.50%, 4/1/48, Pool #BM3846		253,862
	331,430	3.50%, 4/1/48, Pool #FM5295		362,608
	6,291,000	4.50%, 4/1/48, Pool #FM7783		6,827,748
	22,948	3.50%, 5/1/48, Pool #MA3356		24,281


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	3,454,928	4.50%, 5/1/48, Pool #CA1704	$	3,828,409
	333,403	5.00%, 6/1/48, Pool #CA2317		366,826
	19,337	4.50%, 7/1/48, Pool #BK4471		21,515
	132,190	4.50%, 7/1/48, Pool #BK6113		150,959
	1,437,033	5.00%, 9/1/48, Pool #MA3472		1,572,012
	200,000	4.00%, 9/1/48, Pool #CA2374		215,395
	131,747	5.00%, 10/1/48, Pool #MA3501		144,122
	260,860	5.00%, 10/1/48, Pool #BK7881		285,363
	217,593	5.00%, 11/1/48, Pool #MA3527		238,031
	14,871	3.50%, 11/1/48, Pool #FM1543		15,856
	87,963	5.00%, 12/1/48, Pool #BN4404		96,226
	215,587	5.00%, 1/1/49, Pool #BN3949		235,837
	127,141	5.00%, 1/1/49, Pool #BN4430		139,084
	1,979,574	4.00%, 1/1/49, Pool #FM5296		2,153,158
	482,773	3.50%, 6/1/49, Pool #FM5315		512,554
	6,810,455	3.00%, 3/1/50, Pool #FM5290		7,235,006
	1,000,099	4.00%, 3/1/50, Pool #FM5036		1,064,718
	562,927	4.00%, 8/1/50, Pool #FM7703		599,980
	775,941	4.00%, 8/1/50, Pool #FM7461		828,666
	2,610,288	3.00%, 8/1/50, Pool #FM5292		2,776,284
	2,000,000	4.00%, 9/1/50, Pool #FM4129		2,132,481
	4,999,904	4.00%, 3/1/51, Pool #FM7460		5,330,517
	7,482,160	3.00%, 6/1/51, Pool #CB0848		7,964,506
	11,958,000	2.50%, 7/25/51, TBA		12,372,793
	35,966,832	3.00%, 7/25/51, TBA		37,501,042
	13,843,055	3.50%, 7/25/51, TBA		14,571,978
	3,496,000	2.00%, 7/25/51, TBA		3,534,237
	150,000	4.50%, 7/25/51, TBA		161,484
	8,433,000	4.00%, 7/25/51, TBA		8,982,463
	25,269,226	2.00%, 8/25/51, TBA		25,494,280
	123,084,854	2.50%, 8/25/51, TBA		127,118,768
	62,900,000	2.00%, 9/25/51, TBA		63,322,609

				488,025,122

Federal Home Loan Mortgage Corporation (3.5%)
	3,650,000	Class A2 , Series KC023.37%, 7/25/25, Callable 7/25/25 @ 100.00		3,879,256
	140,573	3.00%, 9/1/27, Pool #U70060		147,442
	83,112	3.00%, 7/1/28, Pool #U79018		87,373
	591,000	, 9/15/29(d)		520,065
	4,510,000	Class XFX , Series KL061.36%, 12/25/29		414,334
	38,382	3.00%, 1/1/30, Pool #V60724		40,680
	30,540	3.00%, 1/1/30, Pool #V60696		32,159
	62,265	2.50%, 3/1/30, Pool #V60770		65,261
	156,024	2.50%, 5/1/30, Pool #J31728		163,411
	69,899	2.50%, 5/1/30, Pool #J31418		73,295
	138,660	3.00%, 5/1/30, Pool #J31689		146,091
	99,715	2.50%, 5/1/30, Pool #V60796		104,611
	266,473	3.00%, 6/1/30, Pool #V60840		281,966
	24,632	2.50%, 7/1/30, Pool #J32209		25,826
	17,520	3.00%, 7/1/30, Pool #J32181		18,466
	7,046	2.50%, 7/1/30, Pool #V60905		7,390
	128,497	3.00%, 7/1/30, Pool #G15520		136,973
	6,276	2.50%, 7/1/30, Pool #J32491		6,574
	25,102	2.50%, 7/1/30, Pool #J32204		26,294
	110,421	2.50%, 8/1/30, Pool #V60886		115,955
	91,859	2.50%, 8/1/30, Pool #V60902		96,469

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	26,982	3.00%, 8/1/30, Pool #V60909	$	28,559
	16,171	3.00%, 8/1/30, Pool #J32436		17,236
	269,391	2.50%, 9/1/30, Pool #V60904		282,589
	86,398	2.50%, 9/1/30, Pool #V60903		90,487
	7,293,186	Class X1 , Series K1211.12%, 10/25/30, Callable 7/25/30 @ 100.00		593,446
	197,000	, 3/15/31(d)		166,762
	190,000	6.75%, 3/15/31		279,684
	456,805	2.50%, 4/1/31, Pool #G16186		481,493
	9,929	3.00%, 10/1/32, Pool #J37706		10,475
	12,580	3.00%, 11/1/32, Pool #J37835		13,270
	11,539	3.00%, 12/1/32, Pool #J38060		12,172
	3,432,098	2.50%, 4/1/33, Pool #ZS8087		3,587,356
	147,681	3.50%, 1/1/34, Pool #ZS9068		160,563
	92,618	5.50%, 2/1/35, Pool #G04692		107,686
	571,219	3.50%, 5/1/35, Pool #SC0063		612,134
	72,359	3.00%, 9/1/37, Pool #ZA2471		76,330
	1,415,000	3.00%, 6/1/38, Pool #SC0111		1,492,445
	145,360	6.00%, 4/1/39, Pool #G07613		172,578
	21,073	4.50%, 12/1/39, Pool #A90196		23,255
	865,580	3.50%, 1/1/40, Pool #RB5028		918,060
	108,696	3.50%, 2/1/40, Pool #RB5034		115,286
	20,978	4.50%, 7/1/40, Pool #A93010		23,125
	25,229	4.00%, 8/1/40, Pool #A93534		27,555
	158,465	4.00%, 9/1/40, Pool #A93851		177,825
	437,990	4.50%, 9/1/40, Pool #A93700		485,550
	32,049	4.00%, 10/1/40, Pool #A95923		35,695
	28,672	4.00%, 11/1/40, Pool #A95144		31,892
	22,556	4.00%, 11/1/40, Pool #A94977		24,892
	19,009	4.00%, 11/1/40, Pool #A94779		21,156
	1,499	4.00%, 4/1/41, Pool #Q00093		1,637
	55,969	4.50%, 5/1/41, Pool #Q00804		62,213
	60,552	4.50%, 5/1/41, Pool #Q00959		67,286
	324,782	Class FL , Series 42480.52%(US0001M+45bps), 5/15/41		326,986
	365,289	5.50%, 6/1/41, Pool #G07553		418,266
	40,976	4.00%, 10/1/41, Pool #Q04022		44,959
	30,379	4.00%, 10/1/41, Pool #Q03841		33,377
	75,339	5.00%, 10/1/41, Pool #G07642		84,608
	186,975	3.50%, 4/1/42, Pool #C03811		202,932
	176,447	3.50%, 4/1/42, Pool #Q07417		193,576
	17,466	3.50%, 5/1/42, Pool #Q08239		19,071
	5,674	3.50%, 5/1/42, Pool #Q08306		6,196
	22,894	3.50%, 8/1/42, Pool #Q12162		25,130
	160,966	3.50%, 8/1/42, Pool #G07106		176,625
	9,684	3.50%, 10/1/42, Pool #Q11909		10,504
	217,093	3.00%, 1/1/43, Pool #Q14866		230,818
	120,819	3.00%, 3/1/43, Pool #Q16403		128,111
	179,912	3.00%, 3/1/43, Pool #Q16673		190,747
	109,027	3.50%, 6/1/43, Pool #Q18718		119,052
	154,992	3.50%, 7/1/43, Pool #Q20206		170,758
	75,478	4.00%, 9/1/43, Pool #Q21579		84,378
	154,648	4.50%, 12/1/43, Pool #G60018		167,888
	211,379	3.00%, 12/1/43, Pool #SD0497		227,496
	177,991	4.50%, 12/1/43, Pool #Q23779		192,676
	18,604	3.50%, 1/1/44, Pool #Q24368		20,514


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	962,517	Class XZ , Series 43164.50%, 3/15/44	$	1,134,243
	746,423	3.50%, 4/1/44, Pool #G07848		822,735
	74,619	4.00%, 4/1/44, Pool #Q25643		83,171
	1,401,865	Class ZX , Series 43524.00%, 4/15/44		1,554,724
	20,491	3.50%, 5/1/44, Pool #Q26218		22,779
	91,066	3.50%, 6/1/44, Pool #Q28764		99,934
	2,415,955	3.00%, 6/1/44, Pool #SD0498		2,585,573
	17,217	3.50%, 7/1/44, Pool #Q27319		19,143
	99,983	4.00%, 7/1/44, Pool #G60901		108,901
	27,536	3.50%, 9/1/44, Pool #Q28604		30,590
	2,542,013	3.50%, 9/1/44, Pool #SD0481		2,791,098
	2,643,332	4.00%, 1/1/45, Pool #SD0478		2,924,351
	3,181,180	4.00%, 1/1/45, Pool #SD0490		3,471,739
	9,656	4.00%, 2/1/45, Pool #Q31128		10,634
	23,504	4.00%, 2/1/45, Pool #Q31338		26,117
	21,337	3.50%, 9/1/45, Pool #Q36302		23,682
	3,787,283	4.00%, 9/1/45, Pool #SD0507		4,230,436
	27,605	4.00%, 12/1/45, Pool #Q37955		30,683
	25,500	4.00%, 12/1/45, Pool #Q37957		28,236
	1,873,640	3.50%, 3/1/46, Pool #SD0485		2,025,823
	552,506	Class FB , Series 46060.57%(US0001M+50bps), 8/15/46		560,490
	331,473	3.00%, 9/1/46, Pool #G60718		353,455
	885,337	3.00%, 9/1/46, Pool #Q42979		944,007
	397,066	3.50%, 9/1/46, Pool #SD0486		425,283
	95,005	3.00%, 12/1/46, Pool #Q45083		102,362
	182,998	3.00%, 12/1/46, Pool #Q45080		195,971
	323,321	3.00%, 12/1/46, Pool #Q45064		344,749
	1,116,437	3.00%, 12/1/46, Pool #V82781		1,187,496
	873,489	3.00%, 2/1/47, Pool #SD0496		936,935
	576,142	3.50%, 3/1/47, Pool #G60968		643,063
	1,077,060	4.00%, 7/1/47, Pool #SD0504		1,174,078
	1,432,166	4.50%, 7/1/47, Pool #G61047		1,600,467
	478,193	3.50%, 10/1/47, Pool #G61178		530,293
	607,633	3.50%, 12/1/47, Pool #G61208		673,704
	131,764	3.50%, 1/1/48, Pool #Q53648		142,129
	79,236	3.50%, 1/1/48, Pool #Q53630		87,892
	687,922	3.50%, 1/1/48, Pool #ZS4751		729,104
	2,540,547	3.50%, 1/1/48, Pool #SD0508		2,757,343
	660,711	3.50%, 2/1/48, Pool #ZT1353		701,467
	860,797	4.00%, 4/1/48, Pool #SD0489		960,847
	1,488,199	3.50%, 6/1/48, Pool #SD0493		1,609,408
	1,587,053	4.50%, 8/1/48, Pool #G67715		1,772,235
	4,239,827	4.00%, 8/1/48, Pool #SD0492		4,688,895
	3,828,686	4.00%, 5/1/49, Pool #SD0488		4,159,525
	5,377,581	3.50%, 6/1/49, Pool #SD0494		5,882,360
	4,341,480	3.50%, 8/1/49, Pool #SD0491		4,786,397
	16,397	3.00%, 7/1/50, Pool #QB1158		17,496
	150,117	3.00%, 7/1/50, Pool #QB1479		160,862
	35,358	3.00%, 7/1/50, Pool #QB1486		38,111
	16,297	3.00%, 7/1/50, Pool #QB1488		17,555
	4,473,313	3.00%, 8/1/50, Pool #SD0500		4,775,544
	4,479,728	3.00%, 8/1/50, Pool #SD0501		4,679,544
	1,121,244	3.00%, 8/1/50, Pool #RA3282		1,193,818
	110,735	3.00%, 8/1/50, Pool #QB2339		119,347
	783,810	3.50%, 8/1/50, Pool #SD0487		832,046

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	1,261,698	3.00%, 8/1/50, Pool #RA3313	$	1,335,950
	1,430,213	4.00%, 12/1/50, Pool #SD0520		1,557,280
	1,375,611	3.00%, 12/1/50, Pool #SD0519		1,445,327

				95,812,678

Federal Home Loan Bank (0.2%)
	4,080,000	3.56%, 5/16/33		4,890,765

	Total U.S. Government Agency Mortgages (Cost $752,825,276)			760,198,617

U.S. Treasury Obligations (31.5%):
U.S. Treasury Notes (18.9%)
	47,525,000	0.13%, 3/31/23		47,450,742
	84,485,000	0.13%, 4/30/23		84,339,791
	39,200,000	0.38%, 4/15/24		39,157,125
	5,570,000	2.00%, 5/31/24		5,820,650
	108,825,000	0.25%, 6/15/24		108,178,852
	1,700,000	1.50%, 11/30/24		1,754,188
	5,615,000	1.75%, 12/31/24		5,843,987
	1,140,000	1.38%, 1/31/25		1,171,350
	20,065,000	1.13%, 2/28/25		20,434,948
	3,164,000	0.50%, 3/31/25		3,149,169
	16,246,000	0.38%, 4/30/25^		16,078,463
	13,710,000	0.25%, 5/31/25		13,485,070
	890,000	3.00%, 10/31/25		975,384
	1,550,000	2.88%, 11/30/25		1,691,922
	7,810,000	0.38%, 12/31/25		7,663,562
	4,310,000	0.50%, 2/28/26		4,246,697
	37,085,000	0.75%, 3/31/26		36,934,342
	8,275,000	2.25%, 3/31/26		8,823,219
	2,435,000	2.38%, 4/30/26		2,611,918
	7,832,000	0.75%, 4/30/26		7,795,287
	19,654,000	0.75%, 5/31/26^		19,549,588
	1,520,000	2.13%, 5/31/26		1,612,863
	2,407,000	1.88%, 6/30/26		2,525,470
	2,430,000	1.88%, 7/31/26		2,550,361
	10,580,000	0.38%, 7/31/27		10,146,881
	3,345,000	0.50%, 8/31/27		3,227,925
	4,620,000	0.38%, 9/30/27		4,417,153
	10,210,000	1.25%, 6/30/28		10,235,525
	4,113,000	2.88%, 8/15/28		4,576,998
	255,000	2.38%, 5/15/29		275,400
	11,880,000	0.63%, 5/15/30		11,117,081
	12,795,000	0.63%, 8/15/30		11,935,336
	18,291,000	1.63%, 5/15/31^		18,593,945

				518,371,192

U.S. Treasury Bonds (12.6%)
	2,480,000	5.38%, 2/15/31		3,372,025
	14,025,000	4.75%, 2/15/37		19,919,883


Principal Amount or Shares			Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds, continued
$	10,000,000	5.00%, 5/15/37	$	14,581,250
	43,030,000	1.13%, 8/15/40(e)		37,052,864
	32,220,000	1.38%, 11/15/40		28,967,794
	35,585,000	1.88%, 2/15/41		34,873,300
	29,385,000	3.13%, 11/15/41		35,027,838
	7,022,500	3.63%, 8/15/43		9,042,566
	1,205,000	3.13%, 8/15/44		1,446,377
	15,000	2.50%, 2/15/45		16,233
	955,000	3.00%, 5/15/45		1,126,602
	1,770,000	2.88%, 8/15/45		2,046,839
	12,235,000	3.00%, 11/15/45		14,467,887
	22,700,000	2.25%, 8/15/46		23,473,219
	6,855,000	2.88%, 11/15/46		7,956,084
	3,293,000	3.00%, 2/15/47		3,912,496
	3,105,000	2.75%, 11/15/47		3,535,334
	5,645,000	3.00%, 2/15/48		6,729,016
	30,570,000	3.13%, 5/15/48(e)		37,300,177
	4,055,000	3.38%, 11/15/48		5,178,995
	8,700,000	3.00%, 2/15/49		10,418,250
	125,000	2.88%, 5/15/49		146,426
	11,495,000	1.25%, 5/15/50		9,393,570
	16,515,000	1.38%, 8/15/50		13,929,370
	14,919,000	1.63%, 11/15/50		13,403,789
	6,357,000	2.38%, 5/15/51		6,792,057

				344,110,241

	Total U.S. Treasury Obligations (Cost $852,043,349)			862,481,433

Commercial Paper (0.5%):
(0.5%):
	13,095,000	DBS Bank, Ltd., 0.14%, 11/22/21(d)		13,087,798

	Total Commercial Paper (Cost $13,087,667)			13,087,798

Short-Term Security Held as Collateral for Securities on Loan (2.4%):
	64,515,973	BlackRock Liquidity FedFund, Institutional Class, 0.04%(d)(f)		64,515,973

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $64,515,973)			64,515,973

Unaffiliated Investment Company (16.6%):
Money Markets (16.6%):
	455,016,727	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(d)		455,016,727

	Total Unaffiliated Investment Company (Cost $455,016,727)			455,016,727

	Total Investment Securities (Cost $3,200,023,775) — 118.6%			3,242,664,405
	Net other assets (liabilities) — (18.6)%			(509,327,550	)

	Net Assets — 100.0%		$	2,733,336,855

Percentages indicated are based on net assets as of June 30, 2021.

EUR003M—3 Month EUR LIBOR

EUAMDB01—1 Year EUR LIBOR

EUSA1—Euro 1 Year Swap Rate

EUSA5—Euro 5 Year Swap Rate

GO—General Obligation

H15T1Y—1 Year Treasury Constant Maturity Rate

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

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

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $63,115,077.

+	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. The sub-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 June 30, 2021.

(c)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2021, these securities represent 0.09% of the net assets of the fund.

(d)	The rate represents the effective yield at June 30, 2021.

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

(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 June 30, 2021.

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

90Day Euro$ December Futures (U.S. Dollar)		12/13/21		542	$	(135,222,225	)	$	(3,836	)
Euro Buxl 30-Year Bond September Futures (Euro)		9/8/21		46		(11,084,285	)		(184,661	)
Euro Schatz Index September Futures (Euro)		9/8/21		139		(18,480,598	)		1,446
Euro-Bobl September Futures (Euro)		9/8/21		140		(22,266,880	)		(17,551	)
Euro-Bund September Futures (Euro)		9/8/21		251		(51,366,542	)		(142,071	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		53		(7,801,766	)		(6,008	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/21		431		(57,107,500	)		(12,148	)
U.S. Treasury 30-Year Bond September Futures (U.S. Dollar)		9/21/21		56		(9,002,000	)		(205,267	)
Ultra Long Term U.S. Treasury Bond September Futures (U.S. Dollar)		9/21/21		23		(4,431,813	)		(51,685	)

								$	(621,781	)

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

90Day Euro$ December Futures (U.S. Dollar)		12/19/22		543	$	135,044,100	$	(27,589	)
U.S. Treasury 2-Year Note September Futures (U.S. Dollar)		9/30/21		957		210,846,539		(288,366	)
U.S. Treasury 5-Year Note September Futures (U.S. Dollar)		9/30/21		503		62,085,133		(177,626	)

							$	(493,581	)

Total Net Futures Contracts							$	(1,115,362	)

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Forward Currency Contracts

At June 30, 2021, the Fund’s open forward currency contracts were as follows:


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Net Unrealized Appreciation/ (Depreciation)

U.S. Dollar	127,890,759	European Euro	105,501,000	Bank National Paribas		7/2/21	$	2,606,433
U.S. Dollar	25,050,341	European Euro	20,625,000	Bank of New York		9/15/21		557,785
U.S. Dollar	382,625	European Euro	315,000	Bank of New York		9/15/21		8,557

Total Net Forward Currency Contracts							$	3,172,775

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


	Unrealized Appreciation		Unrealized Depreciation

Forward currency contracts	$	3,172,775	$	—

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	3,200,023,775

Investment securities, at value(a)	$	3,242,664,405
Cash		244
Interest and dividends receivable		11,197,033
Foreign currency, at value (cost $15,577,822)		15,499,731
Unrealized appreciation on forward currency contracts		3,172,775
Receivable for capital shares issued		2,442
Receivable for investments sold		32,553,167
Receivable for TBA investments sold		362,766,242
Prepaid expenses		102,329

Total Assets		3,667,958,368

Liabilities:
Payable for investments purchased		34,000,327
Payable for TBA investments purchased		834,323,087
Payable for capital shares redeemed		89,044
Payable for collateral received on loaned securities		64,515,973
Payable for variation margin on futures contracts		401,658
Manager fees payable		668,911
Administration fees payable		16,440
Distribution fees payable		477,795
Custodian fees payable		11,768
Administrative and compliance services fees payable		4,637
Transfer agent fees payable		1,513
Trustee fees payable		23,654
Other accrued liabilities		86,706

Total Liabilities		934,621,513

Net Assets	$	2,733,336,855

Net Assets Consist of:
Paid in capital	$	2,586,978,489
Total distributable earnings		146,358,366

Net Assets	$	2,733,336,855

Shares of beneficial interest (unlimited number of shares authorized, no par value)		236,198,628
Net Asset Value (offering and redemption price per share)	$	11.57

(a)	Includes securities on loan of $63,115,077.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	17,057,443
Dividends		11,574
Income from securities lending		24,541
Foreign withholding tax		(634	)

Total Investment Income		17,092,924

Expenses:
Manager fees		3,756,873
Administration fees		89,185
Distribution fees		2,683,487
Custodian fees		42,794
Administrative and compliance services fees		15,836
Transfer agent fees		3,685
Trustee fees		56,520
Professional fees		49,769
Shareholder reports		26,840
Other expenses		22,087

Total expenses		6,747,076

Net Investment Income/(Loss)		10,345,848

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(3,303,051	)
Net realized gains/(losses) on forward currency contracts		(1,130,028	)
Net realized gains/(losses) on futures contracts		11,778,656
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(57,483,954	)
Change in net unrealized appreciation/depreciation on forward currency contracts		6,540,972
Change in net unrealized appreciation/depreciation on futures contracts		(1,717,467	)

Net realized and Change in net unrealized gains/losses on investments		(45,314,872	)

Change in Net Assets Resulting From Operations	$	(34,969,024	)

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	10,345,848			$	29,818,819
Net realized gains/(losses) on investments			7,345,577				79,683,517
Change in unrealized appreciation/depreciation on investments			(52,660,449	)			40,761,778

Change in net assets resulting from operations			(34,969,024	)			150,264,114

Distributions to Shareholders:
Distributions			—				(46,897,494	)

Change in net assets resulting from distributions to shareholders			—				(46,897,494	)

Capital Transactions:
Proceeds from shares issued			689,905,867				174,282,361
Proceeds from dividends reinvested			—				46,897,494
Value of shares redeemed			(3,030,469	)			(482,673,018	)

Change in net assets resulting from capital transactions			686,875,398				(261,493,163	)

Change in net assets			651,906,374				(158,126,543	)
Net Assets:
Beginning of period			2,081,430,481				2,239,557,024

End of period		$	2,733,336,855			$	2,081,430,481

Share Transactions:
Shares issued			59,705,591				14,838,788
Dividends reinvested			—				4,015,197
Shares redeemed			(263,093	)			(41,915,324	)

Change in shares			59,442,498				(23,061,339	)

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	11.78			$	11.21			$	10.59			$	10.89			$	10.67			$	10.78

Investment Activities:
Net Investment Income/(Loss)			0.06	(a)			0.17	(a)			0.25	(a)			0.28				0.20				0.09
Net Realized and Unrealized Gains/(Losses) on Investments			(0.27	)			0.67				0.64				(0.35	)			0.12				0.16

Total from Investment Activities			(0.21	)			0.84				0.89				(0.07	)			0.32				0.25

Distributions to Shareholders From:
Net Investment Income			—				(0.27	)			(0.27	)			(0.23	)			(0.10	)			(0.22	)
Net Realized Gains			—				—				—				—				—				(0.14	)

Total Dividends			—				(0.27	)			(0.27	)			(0.23	)			(0.10	)			(0.36	)

Net Asset Value, End of Period		$	11.57			$	11.78			$	11.21			$	10.59			$	10.89			$	10.67

Total Return(b)			(1.78	)%(c)			7.53	%			8.38	%			(0.58	)%			3.01	%			2.28	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,733,337			$	2,081,430			$	2,239,557			$	1,936,318			$	2,048,679			$	2,009,721
Net Investment Income/(Loss)(d)			0.96	%			1.45	%			2.28	%			2.41	%			1.87	%			1.93	%
Expenses Before Reductions(d)(e)			0.63	%			0.66	%			0.65	%			0.65	%			0.65	%			0.67	%
Expenses Net of Reductions(d)			0.63	%			0.66	%			0.65	%			0.65	%			0.65	%			0.67	%
Portfolio Turnover Rate			85	%(c)			140	%			119	%			144	%			214	%			288	%

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Foreign Currency Translation and Withholding Taxes

Securities Purchased on a When-Issued Basis

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

changes in the general level of interest rates. The Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

Short Sales

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

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold.

Distributions to Shareholders

Expense Allocation

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,437 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $64,515,973 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

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

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of June 30, 2021, no collateral had been posted by the Fund to counterparties for TBAs.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act (the “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 period ended June 30, 2021, the Fund participated in the following cross-trade transactions:


	Purchases			Sales			Realized Gains/(Losses)

AZL Enhanced Bond Index Fund		$	1,604,625		$	—		$	56,971

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Derivative Instruments

Forward Currency Contracts

During the period ended June 30, 2021, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $14.3 million and the monthly average notional amount for short contracts was $150 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $335.2 million, and the monthly average notional amount for short contracts was $286.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

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*

1,446

Payable for variation margin on
futures contracts*

1,116,808

Foreign Exchange Risk

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

3,172,775

Unrealized depreciation on forward
currency contracts

—

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

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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		$11,778,656		$(1,717,467)

Foreign Exchange Risk

Forward Currency Contracts	Net realized gains/(losses) on forward currency contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(1,130,028	)	6,540,972

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

As of June 30, 2021, the Fund’s derivative assets and liabilities by type were as follows:


	Assets			Liabilities

Derivative Financial Instruments:
Forward currency contracts		$	3,172,775		$	—
Futures contracts			—			401,658

Total derivative assets and liabilities in the Statement of Assets and Liabilities			3,172,775			401,658
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			—			(401,658	)

Total assets and liabilities subject to a MNA		$	3,172,775		$	—

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2021:


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 National Paribas		$	2,606,434		$	—		$	—		$	—		$	2,606,434
Bank of New York			566,342			—			—			—			566,342

Total		$	3,172,775		$	—		$	—		$	—		$	3,172,775

*	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, 2022.

For the period ended June 30, 2021, 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	%

+ 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 period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2021, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $191,625 annual Board retainer, the Lead Director receives an additional $37,500, the Co-Chairs of the Investment Committee receive $3,750 annually, the Chair of the Nominating and Corporate Governance Committee receives an additional $7,500 annually and the Chair of the Audit Committee receives an additional $11,250 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 period ended June 30, 2021, actual Trustee compensation was $702,562 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. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

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 June 30, 2021 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		$	—		$	71,270,858		$	—		$	71,270,858
Collateralized Mortgage Obligations			—			109,957,120			—			109,957,120
Corporate Bonds+			—			656,841,506			—			656,841,506
Foreign Bonds+			—			103,673,066			—			103,673,066
Yankee Debt Obligations+			—			141,224,581			—			141,224,581
Municipal Bonds			—			4,396,726			—			4,396,726
U.S. Government Agency Mortgages			—			760,198,617			—			760,198,617
U.S. Treasury Obligations			—			862,481,433			—			862,481,433
Commercial Paper			—			13,087,798			—			13,087,798
Short-Term Security Held as Collateral for Securities on Loan			64,515,973			—			—			64,515,973
Unaffiliated Investment Company			455,016,727			—			—			455,016,727

Total Investment Securities			519,532,700			2,723,131,705			—			3,242,664,405

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)


Investment Securities:	Level 1				Level 2			Level 3			Total

Other Financial Instruments:*
Futures Contracts		$	(1,115,362	)		$	—		$	—		$	(1,115,362	)
Forward Currency Contracts			—				3,172,775			—			3,172,775

Total Investments		$	518,417,338			$	2,726,304,480		$	—		$	3,244,721,818

+	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 contracts.

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	2,009,197,187		$	1,642,844,689

For the period ended June 30, 2021, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL Enhanced Bond Index Fund		$	1,213,133,739		$	993,445,802

6. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2021 are identified below.


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount		Value			Percentage of Net Assets

GSM 2019 VRN 06/15/2036		1/23/20		$	2,316,447		2,315,000		$	2,314,630		0.08	%

(a)	Acquisition date represents the initial purchase date of the security.

7. Investment Risks

AZL Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

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

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

8. Coronavirus (COVID-19) Pandemic

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $1,946,372,995. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	101,110,786
Unrealized (depreciation)		(5,680,871	)

Net unrealized appreciation/(depreciation)	$	95,429,915

During the year ended December 31, 2020, the Fund utilized $19,792,377 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Enhanced Bond Index Fund		$	46,897,494		$	—		$	46,897,494

(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 Enhanced Bond Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

At December 31, 2020, 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		$	74,371,939		$	14,951,858		$	—		$	97,077,977		$	186,401,774

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

10. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

11. Subsequent Events

AZL Enhanced Bond Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD
Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
	% of votes entitled to be cast	95.876%	4.124%
Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
	% of votes entitled to be cast	96.160%	3.840%
Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
	% of votes entitled to be cast	96.210%	3.790%
Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
	% of votes entitled to be cast	96.133%	3.867%
Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
	% of votes entitled to be cast	96.177%	3.823%
Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
	% of votes entitled to be cast	95.860%	4.140%
Brian Muench	Votes	15,605,407,154.653	627,318,010.671
	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
	% of votes entitled to be cast	97.087%	2.453%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
	% of votes entitled to be cast	91.923%	3.014%	5.063%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%
AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
	% of votes entitled to be cast	92.878%	3.614%	3.508%
AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
	% of votes entitled to be cast	87.262%	3.107%	9.631%
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
	% of votes entitled to be cast	90.034%	3.128%	6.838%
AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
	% of votes entitled to be cast	87.286%	6.218%	6.496%
AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
	% of votes entitled to be cast	89.004%	3.983%	7.013%
AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
	% of votes entitled to be cast	90.144%	2.259%	7.598%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
	% of votes entitled to be cast	90.671%	2.764%	6.565%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
	% of votes entitled to be cast	95.792%	0.00%	4.207%


FUND		FOR	AGAINST	ABSTAIN
AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
	% of votes entitled to be cast	90.561%	2.829%	6.610%
AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
	% of votes entitled to be cast	90.103%	2.577%	7.320%
AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
	% of votes entitled to be cast	90.899%	2.590%	6.511%
AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
	% of votes entitled to be cast	89.239%	3.094%	7.667%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
	% of votes entitled to be cast	96.136%	3.404%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
	% of votes entitled to be cast	91.505%	3.381%	5.113%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%
AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
	% of votes entitled to be cast	91.920%	4.210%	3.870%
AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
	% of votes entitled to be cast	85.982%	3.370%	10.648%
AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
	% of votes entitled to be cast	88.771%	3.355%	7.874%
AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
	% of votes entitled to be cast	87.576%	6.692%	5.732%
AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
	% of votes entitled to be cast	88.397%	3.825%	7.778%
AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
	% of votes entitled to be cast	88.324%	2.566%	9.110%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
	% of votes entitled to be cast	90.507%	2.857%	6.636%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
	% of votes entitled to be cast	95.792%	3.755%	0.452%
AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
	% of votes entitled to be cast	89.724%	3.620%	6.656%
AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
	% of votes entitled to be cast	88.800%	3.711%	7.489%
AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
	% of votes entitled to be cast	90.479%	2.565%	6.956%
AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
	% of votes entitled to be cast	88.392%	3.927%	7.682%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Fidelity Institutional Asset Management Multi-Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 26

Page 26

Page 27

Page 28

Page 29

Page 36

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 38

Page 39

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1**		$	1,000.00		$	1,013.00		$	0.13		0.47	%

AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2		$	1,000.00		$	1,067.90		$	3.64		0.71	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1		$	1,000.00		$	1,022.46		$	2.36		0.47	%

AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2		$	1,000.00		$	1,021.27		$	3.56		0.71	%

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

Information on this line is given for the stub period 6/21/2021 (commencement of operations for Class 1) through 6/30/2021. Expenses are equal to the average account value for the stub period multiplied by the Fund’s annualized expense ratio for the stub period multiplied by 10/365 to reflect the number of days included in the stub period.

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Common Stocks		40.6	%

U.S. Treasury Obligations		20.2

Corporate Bonds		18.1

Unaffiliated Investment Company		12.4

Short-Term Security Held as Collateral for Securities on Loan		7.3

U.S. Government Agency Mortgages		6.6

Yankee Debt Obligations		5.4

Collateralized Mortgage Obligations		2.8

Asset Backed Securities		0.7

Municipal Bonds		0.2

Convertible Bonds		—	^†

Bank Loans		—	^†

Preferred Stock		—	^†

Warrants		—	^†


Total Investment Securities		114.3

Net other assets (liabilities)		(14.3	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (40.6%):
Aerospace & Defense (0.8%):
	11,533	Curtiss-Wright Corp.	$	1,369,659
	12,392	Lockheed Martin Corp.		4,688,513
	31,536	Moog, Inc., Class A		2,650,916
	6,446	Northrop Grumman Corp.		2,342,670
	9,908	Teledyne Technologies, Inc.*		4,149,768

				15,201,526

Air Freight & Logistics (0.2%):
	14,958	United Parcel Service, Inc., Class B		3,110,815

Airlines (0.1%):
	21,484	American Airlines Group, Inc.*		455,676
	43,402	Southwest Airlines Co.*		2,304,212

				2,759,888

Automobiles (0.6%):
	167,214	Ford Motor Co.*		2,484,800
	14,091	Tesla, Inc.*		9,577,653

				12,062,453

Banks (1.8%):
	164,020	Bank of America Corp.		6,762,544
	95,712	Citigroup, Inc.		6,771,624
	65,184	Citizens Financial Group, Inc.		2,989,990
	17,961	Eastern Bankshares, Inc.		369,458
	4,076	Fifth Third Bancorp		155,825
	10,346	First Republic Bank		1,936,461
	2,429	Hancock Whitney Corp.		107,945
	23,125	Huntington Bancshares, Inc.		329,994
	45,037	JPMorgan Chase & Co.		7,005,055
	58,946	KeyCorp		1,217,235
	13,206	PNC Financial Services Group, Inc. (The)		2,519,176
	81,093	Regions Financial Corp.		1,636,457
	91,444	Wells Fargo & Co.		4,141,499

				35,943,263

Beverages (0.5%):
	142,230	Coca-Cola Co. (The)		7,696,065
	13,105	PepsiCo, Inc.		1,941,768

				9,637,833

Biotechnology (0.9%):
	16,062	AbbVie, Inc.		1,809,224
	285	Alexion Pharmaceuticals, Inc.*		52,358
	8,865	Amgen, Inc.		2,160,844
	10,681	Biogen, Inc.*		3,698,510
	84,621	Gilead Sciences, Inc.		5,827,002
	14,594	Incyte Corp.*		1,227,793
	4,071	Regeneron Pharmaceuticals, Inc.*		2,273,816
	4,825	United Therapeutics Corp.*		865,653

				17,915,200

Building Products (0.2%):
	40,086	Johnson Controls International plc		2,751,102
	26,357	UFP Industries, Inc.		1,959,380

				4,710,482

Capital Markets (0.8%):
	7,369	Ameriprise Financial, Inc.		1,833,997
	4,890	Artisan Partners Asset Management, Inc., Class A		248,510
	1,889	BlackRock, Inc., Class A		1,652,818
	7,985	Charles Schwab Corp. (The)		581,388


Shares			Value
Common Stocks, continued
Capital Markets, continued
	9,605	Goldman Sachs Group, Inc. (The)	$	3,645,385
	10,914	LPL Financial Holdings, Inc.		1,473,172
	62,461	Morgan Stanley		5,727,049
	3,378	Raymond James Financial, Inc.		438,802
	6,067	SEI Investments Co.		375,972

				15,977,093

Chemicals (0.3%):
	49,661	CF Industries Holdings, Inc.		2,555,059
	16,441	Dow, Inc.		1,040,387
	12,359	DuPont de Nemours, Inc.		956,710
	2,079	NewMarket Corp.		669,396
	15,517	Olin Corp.		717,816

				5,939,368

Commercial Services & Supplies (0.2%):
	8,513	Clean Harbors, Inc.*		792,901
	20,723	Republic Services, Inc., Class A		2,279,737

				3,072,638

Communications Equipment (0.4%):
	3,985	Ciena Corp.*		226,707
	129,289	Cisco Systems, Inc.		6,852,317

				7,079,024

Construction & Engineering (0.2%):
	27,989	EMCOR Group, Inc.		3,447,965

Construction Materials (0.1%):
	6,838	Vulcan Materials Co.		1,190,291

Consumer Finance (0.4%):
	25,090	Capital One Financial Corp.		3,881,172
	39,944	SLM Corp.		836,427
	43,496	Synchrony Financial		2,110,426

				6,828,025

Containers & Packaging (0.0%^†):
	9,759	International Paper Co.		598,324

Diversified Financial Services (0.8%):
	52,788	Berkshire Hathaway, Inc., Class B*		14,670,841
	40,308	Jefferies Financial Group, Inc.		1,378,534

				16,049,375

Diversified Telecommunication Services (0.4%):
	26,829	AT&T, Inc.		772,139
	1,791	Frontier Communications Parent, Inc.*		47,282
	127,820	Verizon Communications, Inc.		7,161,755

				7,981,176

Electric Utilities (0.3%):
	17,474	Hawaiian Electric Industries, Inc.		738,801
	7,787	IDACORP, Inc.		759,233
	47,675	NextEra Energy, Inc.		3,493,624
	9,154	Portland General Electric Co.		421,816
	4,846	Southern Co. (The)		293,231

				5,706,705

Electrical Equipment (0.4%):
	13,388	AMETEK, Inc.		1,787,298
	12,132	Eaton Corp. plc		1,797,720
	48,340	Emerson Electric Co.		4,652,241

				8,237,259

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components (0.1%):
	23,977	National Instruments Corp.	$	1,013,748
	46,037	Vontier Corp.		1,499,885

				2,513,633

Energy Equipment & Services (0.3%):
	105,665	Halliburton Co.		2,442,975
	125,061	Schlumberger, Ltd.		4,003,202

				6,446,177

Entertainment (0.9%):
	33,191	Activision Blizzard, Inc.		3,167,749
	27,424	Electronic Arts, Inc.		3,944,394
	14,041	Netflix, Inc.*		7,416,597
	17,281	Walt Disney Co. (The)*		3,037,481

				17,566,221

Equity Real Estate Investment Trusts (1.0%):
	14,386	American Tower Corp.		3,886,234
	2,447	Camden Property Trust		324,643
	3,444	Corporate Office Properties Trust		96,397
	1,172	Crown Castle International Corp.		228,657
	946	Extra Space Storage, Inc.		154,974
	14,410	Healthcare Realty Trust, Inc.		435,182
	27,960	National Storage Affiliates Trust		1,413,658
	2,760	Prologis, Inc.		329,903
	8,753	PS Business Parks, Inc.		1,296,144
	13,084	Public Storage, Inc.		3,934,228
	16,185	Realty Income Corp.		1,080,187
	5,860	SBA Communications Corp.		1,867,582
	825	Simon Property Group, Inc.		107,646
	3,781	STAG Industrial, Inc.		141,523
	936	Terreno Realty Corp.		60,391
	1,877	Ventas, Inc.		107,177
	94,025	Weyerhaeuser Co.		3,236,340

				18,700,866

Food & Staples Retailing (0.6%):
	12,565	Costco Wholesale Corp.		4,971,593
	52,542	Walmart, Inc.		7,409,473

				12,381,066

Food Products (0.5%):
	1,865	JM Smucker Co. (The)		241,648
	38,394	Kraft Heinz Co. (The)		1,565,707
	64,076	Mondelez International, Inc., Class A		4,000,906
	40,572	Tyson Foods, Inc., Class A		2,992,591

				8,800,852

Health Care Equipment & Supplies (0.8%):
	38,968	Abbott Laboratories		4,517,560
	30,160	Baxter International, Inc.		2,427,880
	11,645	Edwards Lifesciences Corp.*		1,206,073
	12,474	Hill-Rom Holdings, Inc.		1,416,922
	2,525	IDEXX Laboratories, Inc.*		1,594,664
	978	Intuitive Surgical, Inc.*		899,408
	22,699	Medtronic plc		2,817,627
	1,612	Quidel Corp.*		206,529
	4,939	Stryker Corp.		1,282,806

				16,369,469


Shares			Value
Common Stocks, continued
Health Care Providers & Services (1.2%):
	15,647	Anthem, Inc.	$	5,974,024
	26,820	CVS Health Corp.		2,237,861
	3,790	Humana, Inc.		1,677,909
	4,245	Laboratory Corp. of America Holdings*		1,170,983
	3,024	Select Medical Holdings Corp.		127,794
	30,172	UnitedHealth Group, Inc.		12,082,076

				23,270,647

Health Care Technology (0.1%):
	4,922	Veeva Systems, Inc., Class A*		1,530,496

Hotels, Restaurants & Leisure (1.4%):
	112,639	Carnival Corp., Class A*		2,969,164
	9,468	Darden Restaurants, Inc.		1,382,233
	27,863	Hilton Worldwide Holdings, Inc.*		3,360,835
	23,361	International Game Technology plc*		559,730
	32,363	McDonald’s Corp.		7,475,530
	37,162	Royal Caribbean Cruises, Ltd.*		3,169,175
	27,648	Scientific Games Corp., Class A*		2,141,061
	16,148	Starbucks Corp.		1,805,508
	55,887	Travel + Leisure Co.		3,322,482
	69,995	Wendy’s Co. (The)		1,639,283

				27,825,001

Household Durables (0.6%):
	19,820	DR Horton, Inc.		1,791,134
	14,601	Lennar Corp., Class A		1,450,609
	23,914	Meritage Homes Corp.*		2,249,829
	394	NVR, Inc.*		1,959,480
	69,034	PulteGroup, Inc.		3,767,185
	6,459	Toll Brothers, Inc.		373,395

				11,591,632

Household Products (0.3%):
	15,710	Colgate-Palmolive Co.		1,278,009
	31,152	Procter & Gamble Co. (The)		4,203,339

				5,481,348

Industrial Conglomerates (0.3%):
	4,302	3M Co.		854,506
	191,409	General Electric Co.		2,576,365
	5,136	Honeywell International, Inc.		1,126,582
	2,496	Roper Technologies, Inc.		1,173,619

				5,731,072

Insurance (0.3%):
	10,014	Allstate Corp. (The)		1,306,226
	22,569	First American Financial Corp.		1,407,177
	5,912	MetLife, Inc.		353,833
	1,208	Primerica, Inc.		184,993
	7,990	Progressive Corp. (The)		784,698
	3,552	Selective Insurance Group, Inc.		288,245
	1,014	Travelers Cos., Inc. (The)		151,806
	6,598	Trupanion, Inc.*		759,430
	20,980	WR Berkley Corp.		1,561,541

				6,797,949

Interactive Media & Services (2.7%):
	6,520	Alphabet, Inc., Class A*		15,920,471
	6,345	Alphabet, Inc., Class C*		15,902,601
	57,809	Facebook, Inc., Class A*		20,100,767

				51,923,839

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Internet & Direct Marketing Retail (1.7%):
	9,214	Amazon.com, Inc.*	$	31,697,634
	15,131	eBay, Inc.		1,062,348

				32,759,982

IT Services (2.2%):
	14,087	Accenture plc, Class A		4,152,707
	83	Alliance Data Systems Corp.		8,648
	48,595	Amdocs, Ltd.		3,759,309
	8,175	Automatic Data Processing, Inc.		1,623,719
	30,636	Black Knight, Inc.*		2,388,995
	6,479	CACI International, Inc., Class A*		1,652,922
	21,665	Cognizant Technology Solutions Corp., Class A		1,500,518
	907	EPAM Systems, Inc.*		463,441
	4,477	FleetCor Technologies, Inc.*		1,146,381
	13,363	GoDaddy, Inc., Class A*		1,162,046
	36,490	International Business Machines Corp.		5,349,069
	847	Jack Henry & Associates, Inc.		138,493
	15,028	MasterCard, Inc., Class A		5,486,573
	27,667	PayPal Holdings, Inc.*		8,064,377
	24,593	Visa, Inc., Class A		5,750,335
	29,057	Western Union Co. (The.)		667,439

				43,314,972

Leisure Products (0.0%^†):
	4,825	Polaris, Inc.		660,832

Life Sciences Tools & Services (0.7%):
	23,569	Agilent Technologies, Inc.		3,483,734
	192	Bio-Rad Laboratories, Inc., Class A*		123,704
	6,435	Illumina, Inc.*		3,045,106
	15,269	Thermo Fisher Scientific, Inc.		7,702,752

				14,355,296

Machinery (0.7%):
	27,320	AGCO Corp.		3,561,982
	23,043	Caterpillar, Inc.		5,014,848
	14,247	Deere & Co.		5,025,059

				13,601,889

Media (0.3%):
	90,240	Comcast Corp., Class A		5,145,485

Metals & Mining (0.5%):
	61,738	Alcoa Corp.*		2,274,428
	98,644	Freeport-McMoRan, Inc.		3,660,679
	7,235	Nucor Corp.		694,053
	19,343	Reliance Steel & Aluminum Co.		2,918,859

				9,548,019

Multiline Retail (0.4%):
	15,113	Dollar General Corp.		3,270,302
	17,323	Target Corp.		4,187,662

				7,457,964

Multi-Utilities (0.2%):
	43,722	MDU Resources Group, Inc.		1,370,247
	19,793	Public Service Enterprise Group, Inc.		1,182,434
	11,767	WEC Energy Group, Inc.		1,046,675

				3,599,356

Oil, Gas & Consumable Fuels (1.4%):
	178	California Resources Corp.*^		5,365
	188	California Resources Corp.*		5,666


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	39,043	Chevron Corp.	$	4,089,364
	71,741	ConocoPhillips		4,369,027
	5,526	Denbury, Inc.*		424,286
	2,591	Diamondback Energy, Inc.		243,269
	50,865	EOG Resources, Inc.		4,244,176
	118,392	Exxon Mobil Corp.		7,468,167
	6,167	Hess Corp.		538,503
	139,004	Marathon Oil Corp.		1,893,235
	18,275	Ovintiv, Inc.		575,114
	7,218	PDC Energy, Inc.		330,512
	14,781	Pioneer Natural Resources Co.		2,402,208
	4,011	Sanchez Energy Corp.*		145,287
	499	Texas Pacific Land Corp.		798,270

				27,532,449

Pharmaceuticals (1.7%):
	107,471	Bristol-Myers Squibb Co.		7,181,212
	11,635	Eli Lilly & Co.		2,670,465
	69,957	Johnson & Johnson		11,524,716
	67,674	Merck & Co., Inc.		5,263,007
	8,877	Organon & Co.*		268,618
	147,134	Pfizer, Inc.		5,761,768

				32,669,786

Professional Services (0.0%^†):
	97	IHS Markit, Ltd.		10,928
	4,204	TriNet Group, Inc.*		304,706

				315,634

Road & Rail (0.3%):
	8,203	Old Dominion Freight Line, Inc.		2,081,921
	12,632	Union Pacific Corp.		2,778,156

				4,860,077

Semiconductors & Semiconductor Equipment (2.4%):
	13,444	Applied Materials, Inc.		1,914,426
	11,005	Broadcom, Inc.		5,247,624
	158,095	Intel Corp.		8,875,453
	2,242	Lam Research Corp.		1,458,869
	17,086	NVIDIA Corp.		13,670,509
	1,962	NXP Semiconductors NV		403,623
	53,375	Qualcomm, Inc.		7,628,889
	3,359	Semtech Corp.*		231,099
	40,505	Texas Instruments, Inc.		7,789,111

				47,219,603

Software (4.0%):
	15,178	Adobe, Inc.*		8,888,844
	71,758	Box, Inc.*		1,833,417
	1,027	Cadence Design Systems, Inc.*		140,514
	4,794	Citrix Systems, Inc.		562,192
	136,898	Dropbox, Inc., Class A*		4,149,379
	22,538	FireEye, Inc.*		455,718
	168,943	Microsoft Corp.		45,766,659
	14,012	Nutanix, Inc., Class A*		535,539
	58,523	Oracle Corp.		4,555,430
	2,788	salesforce.com, Inc.*		681,025
	1,607	ServiceNow, Inc.*		883,127
	21,070	SS&C Technologies Holdings, Inc.		1,518,304
	18,334	Synopsys, Inc.*		5,056,334

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares, Contracts or Principal Amount			Value
Common Stocks, continued
Software, continued
	9,115	Workday, Inc., Class A*	$	2,176,115

				77,202,597

Specialty Retail (0.8%):
	6,717	AutoNation, Inc.*		636,839
	521	Dick’s Sporting Goods, Inc.		52,199
	21,823	Home Depot, Inc. (The)		6,959,136
	10,438	L Brands, Inc.		752,162
	34,848	Lowe’s Cos., Inc.		6,759,467
	2,217	O’Reilly Automotive, Inc.*		1,255,288

				16,415,091

Technology Hardware, Storage & Peripherals (2.5%):
	332,351	Apple, Inc.		45,518,793
	23,183	NetApp, Inc.		1,896,833
	7,654	Seagate Technology Holdings plc		673,016
	1,518	Western Digital Corp.*		108,036

				48,196,678

Textiles, Apparel & Luxury Goods (0.1%):
	14,598	Nike, Inc., Class B		2,255,245

Tobacco (0.2%):
	16,959	Altria Group, Inc.		808,605
	24,282	Philip Morris International, Inc.		2,406,589

				3,215,194

Wireless Telecommunication Services (0.0%^†):
	11,808	United States Cellular Corp.*		428,748

	Total Common Stocks (Cost $707,356,728)			791,133,868

Preferred Stock (0.0%^†):
Electric Utilities (0.0%^†):
	1,000	PG&E Corp., 5.50%, 8/16/23		101,370

	Total Preferred Stock (Cost $117,395)			101,370

Warrants (0.0%^†):
Oil, Gas & Consumable Fuels (0.0%^†):
	63	California Resources Corp., 10/27/24		484
	5,233	Occidental Petroleum Corp., 8/3/27		72,791

				73,275

	Total Warrants (Cost $50,290)			73,275

Asset Backed Securities (0.7%):
$	244,877	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(a)		171,837
	230,858	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(a)		228,092
	974,048	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(a)		963,594
	141,711	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(a)		136,062
	270,053	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(a)		264,056
	180,774	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(a)		178,070
	1,177,000	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(a)		1,176,968


Principal Amount			Value
Asset Backed Securities, continued
$	561,792	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(a)(b)	$	554,546
	111,979	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		112,648
	216,990	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(a)		207,711
	265,846	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(a)		265,482
	222,623	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(a)		226,438
	278,605	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(a)		277,605
	381,000	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(a)		383,726
	5,050,350	DB Master Finance LLC, Class A2I, Series 2017-1A, 3.63%, 11/20/47, Callable 11/20/21 @ 100(a)		5,112,789
	356,040	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(a)		379,765
	215,384	Horizon Aircraft Finance, Ltd., Class A, Series 2018-1, 4.46%, 12/15/38(a)		218,538
	222,332	Horizon Aircraft Finance, Ltd., Class A, Series 2019-1, 3.72%, 7/15/39(a)		218,608
	216,700	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(a)		219,142
	244,115	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(a)		239,335
	251,185	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(a)		249,874
	233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(a)		204,574
	358,388	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(a)		355,303
	356,092	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(a)(b)		354,247
	251,745	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(a)(b)		253,722

	Total Asset Backed Securities (Cost $13,076,854)			12,952,732

Collateralized Mortgage Obligations (2.8%):
	250,000	AIMCO CLO 11, Ltd., Class A, Series 2020-11A, 1.56%(US0003M+138bps), 10/15/31, Callable 10/15/21 @ 100(a)		250,455
	310,000	Aimco CLO 12, Ltd., Class A, Series 2020-12A, 1.44%(US0003M+121bps), 1/17/32, Callable 1/17/22 @ 100(a)		309,752
	387,000	Aimco CLO 14, Ltd., Class A, Series 2021-14A(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(a)		386,718
	324,000	AIMCO CLO, Ltd., Class A, Series 2019-10A, 1.50%(US0003M+132bps), 7/22/32, Callable 7/22/21 @ 100(a)		324,025

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	250,000	Allegany Park CLO, Ltd., Class A, Series 2019-1A, 1.52%(US0003M+133bps), 1/20/33, Callable 1/20/22 @ 100(a)	$	250,409
	250,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A(US0003M+114bps), 7/20/34(a)		250,501
	256,000	Ares CLO, Ltd., Class A, Series 2019-54A, 1.50%(US0003M+132bps), 10/15/32, Callable 10/15/21 @ 100(a)		256,098
	853,000	Ares LV CLO, Ltd., Class A1R, Series 2020-55A(US0003M+113bps), 7/15/34(a)		853,000
	250,000	Ares LV CLO, Ltd., Class A1, Series 2020-55A, 1.88%(US0003M+170bps), 4/15/31, Callable 7/15/21 @ 100(a)		250,000
	250,000	Ares LVIII CLO, Ltd., Class A, Series 2020-58A, 1.46%(US0003M+122bps), 1/15/33, Callable 1/15/22 @ 100(a)		250,335
	273,000	Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 1.67%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(a)		273,049
	177,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(a)		184,301
	233,000	BAMLL Commercial Mortgage Securities Trust, Class A, Series 2020-JGDN, 2.82%(US0001M+275bps), 11/15/25(a)		236,225
	30,000	Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 9/15/29 @ 100		32,070
	310,000	Barings CLO, Ltd., Class A, Series 2020-4A, 1.44%(US0003M+122bps), 1/20/32, Callable 1/20/22 @ 100(a)		310,016
	305,000	Barings CLO, Ltd., Class A1, Series 2020-1A, 1.58%(US0003M+140bps), 10/15/32, Callable 10/15/21 @ 100(a)		305,359
	265,000	Beechwood Park CLO, Ltd., Class A1, Series 2019-1A, 1.52%(US0003M+133bps), 1/17/33, Callable 1/17/22 @ 100(a)		265,547
	34,000	Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51(b)		39,034
	139,000	BFLD Trust, Class A, Series 2020-OBRK, 2.12%(US0001M+205bps), 11/15/28(a)		140,738
	309,000	Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 1.17%(US0003M+99bps), 4/15/29, Callable 7/15/21 @ 100(a)		308,163
	172,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 1.37%(US0001M+130bps), 4/15/34(a)		171,897
	138,780	BX Commercial Mortgage Trust, Class E, Series 2020-BXLP, 1.67%(US0001M+160bps), 12/15/29(a)		138,780
	181,481	BX Commercial Mortgage Trust, Class D, Series 2020-BXLP, 1.32%(US0001M+125bps), 12/15/29(a)		181,481
	165,664	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 1.32%(US0001M+125bps), 10/15/36(a)		165,826
	117,429	BX Commercial Mortgage Trust, Class C, Series 2020-BXLP, 1.19%(US0001M+112bps), 12/15/36(a)		117,429


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	329,517	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 1.87%(US0001M+180bps), 10/15/36(a)	$	329,836
	132,169	BX Commercial Mortgage Trust, Class B, Series 2019-XL, 1.15%(US0001M+108bps), 10/15/36(a)		132,298
	148,485	BX Commercial Mortgage Trust, Class B, Series 2020-BXLP, 1.07%(US0001M+100bps), 12/15/29(a)		148,485
	90,293	BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 2.70%(US0001M+263bps), 9/15/37(a)		67,932
	234,464	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 1.52%(US0001M+145bps), 10/15/36(a)		234,691
	119,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 1.97%(US0001M+190bps), 4/15/34(a)		118,348
	198,447	BX Commercial Mortgage Trust, Class A, Series 2020-FOX, 1.07%(US0001M+100bps), 11/15/32(a)		199,048
	411,487	BX Commercial Mortgage Trust, Class A, Series 2020-BXLP, 0.87%(US0001M+80bps), 12/15/29(a)		412,055
	113,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 1.67%(US0001M+160bps), 4/15/34(a)		112,649
	94,500	BX Commercial Mortgage Trust, Class F, Series 2018-IND, 1.87%(US0001M+180bps), 11/15/35(a)		94,522
	5,017,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 1.07%(US0001M+100bps), 4/15/34(a)		5,016,999
	5,000,000	BX Trust, Class A, Series 2021-SOAR, 0.77%(US0001M+67bps), 6/15/38(a)		5,004,950
	700,000	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 6/25/22 @ 100(a)(b)		700,000
	250,000	Cedar Funding CLO, Ltd., Class A, Series 2019-10A, 1.53%(US0003M+134bps), 10/20/32, Callable 10/20/21 @ 100(a)		250,496
	235,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 1.24%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)		235,212
	250,000	Cedar Funding XII CLO, Ltd., Class A, Series 2020-12A, 1.45%(US0003M+127bps), 10/25/32, Callable 10/25/21 @ 100(a)		250,088
	99,275	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 1.82%(US0001M+175bps), 6/15/34(a)		98,527
	99,275	CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 1.57%(US0001M+150bps), 6/15/34(a)		99,014
	403,058	CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 1.19%(US0001M+112bps), 6/15/34(a)		403,311

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	247,000	Columbia Cent CLO 29, Ltd., Class A1N, Series 2020-29A, 1.89%(US0003M+170bps), 7/20/31, Callable 1/20/22 @ 100(a)	$	247,968
	410,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 1.53%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(a)		410,441
	310,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 1.35%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(a)		309,280
	57,000	Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 6/15/24 @ 100		61,565
	3,766,000	Credit Suisse Mortgage Capital Certificates, Class A, Series 20-NET, 2.26%, 8/15/37(a)		3,887,303
	140,000	Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 1.30%(US0001M+123bps), 5/15/36(a)		140,200
	205,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(a)		213,387
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(a)		100,718
	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(a)		98,704
	100,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(a)		86,698
	860,000	CSMC Trust, Class D, Series 2017-PFHP, 2.32%(US0001M+225bps), 12/15/30(a)		839,265
	290,000	Dryden 68 CLO, Ltd., Class A, Series 2019-68A, 1.49%(US0003M+131bps), 7/15/32, Callable 7/15/21 @ 100(a)		289,713
	250,000	Dryden 76 CLO, Ltd., Class A1, Series 2019-76A, 1.52%(US0003M+133bps), 10/20/32, Callable 10/20/21 @ 100(a)		250,364
	250,000	Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 1.46%(US0003M+122bps), 1/18/32, Callable 1/18/22 @ 100(a)		250,210
	250,000	Dryden 85 CLO, Ltd., Class A1, Series 2020-85A, 1.53%(US0003M+135bps), 10/15/32, Callable 10/15/21 @ 100(a)		250,192
	250,000	Dryden CLO, Ltd., Class A, Series 2020-78A, 1.37%(US0003M+118bps), 4/17/33, Callable 4/17/22 @ 100(a)		250,261
	300,000	Eaton Vance CLO, Ltd., Class A, Series 2020-1A, 1.83%(US0003M+165bps), 10/15/30, Callable 10/15/21 @ 100(a)		300,470
	310,000	Eaton Vance CLO, Ltd., Class A1, Series 2020-2A, 1.55%(US0003M+137bps), 10/15/32, Callable 1/15/22 @ 100(a)		310,414
	250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 1.43%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(a)		251,316
	336,000	Extended Stay America Trust, Class D, Series 2021-ESH, 2.33%(US0001M+225bps), 7/15/38(a)		338,414
	305,000	Extended Stay America Trust, Class B, Series 2021-ESH, 1.46%(US0001M+138bps), 7/15/38(a)		306,048


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	535,000	Extended Stay America Trust, Class A, Series 2021-ESH, 1.16%(US0001M+108bps), 7/15/38(a)	$	536,504
	225,000	Extended Stay America Trust, Class C, Series 2021-ESH, 1.78%(US0001M+170bps), 7/15/38(a)		225,914
	300,000	Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 1.46%(US0003M+130bps), 11/20/33, Callable 11/20/22 @ 100(a)		300,460
	250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 1.26%(US0003M+111bps), 7/19/34(a)		250,025
	286,000	Flatiron CLO, Ltd., Class A, Series 2019-1A, 1.48%(US0003M+132bps), 11/16/32, Callable 11/16/21 @ 100(a)		286,351
	210,000	GB Trust, Class A, Series 2020-FLIX, 1.19%(US0001M+112bps), 8/25/37(a)		210,170
	2,500,000	GB Trust, Class C, Series 2020-FLIX, 1.67%(US0001M+160bps), 8/15/37(a)		2,502,025
	87,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23(a)		89,787
	64,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23(a)		67,322
	41,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23(a)		43,135
	100,000	Life Mortgage Trust, Class C, Series 2021-BMR, 1.17%(US0001M+110bps), 3/15/38(a)		100,185
	285,000	Life Mortgage Trust, Class A, Series 2021-BMR, 0.77%(US0001M+70bps), 3/15/38(a)		285,399
	100,000	Life Mortgage Trust, Class D, Series 2021-BMR, 1.47%(US0001M+140bps), 3/15/38(a)		100,369
	100,000	Life Mortgage Trust, Class E, Series 2021-BMR, 1.82%(US0001M+175bps), 3/15/38(a)		100,320
	100,000	Life Mortgage Trust, Class B, Series 2021-BMR, 0.95%(US0001M+88bps), 3/15/38(a)		100,140
	250,000	Lucali CLO, Ltd., Class A, Series 2020-1A, 1.45%(US0003M+121bps), 1/15/32, Callable 1/15/22 @ 100(a)		250,314
	320,000	Madison Park Funding L, Ltd., Class A, Series 2021-50A, 1.34%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(a)		320,832
	250,000	Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A(US0003M+112bps), 7/15/34(a)		250,000
	330,000	Madison Park Funding XLV, Ltd., Class A, Series 2020-45A, 1.83%(US0003M+165bps), 7/15/31, Callable 7/15/21 @ 100(a)		330,000
	324,000	Madison Park Funding, Ltd., Class A1, Series 2019-37A, 1.48%(US0003M+130bps), 7/15/32(a)		324,099
	250,000	Madison Park Funding, Ltd., Class A, Series 2019-33A, 1.51%(US0003M+133bps), 10/15/32, Callable 1/15/22 @ 100(a)		250,698
	248,786	Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 1.10%(US0003M+92bps), 1/22/28, Callable 7/22/21 @ 100(a)		248,623

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	250,000	Magnetite XXI, Ltd., Class AR, Series 2019-21A, 1.21%(US0003M+102bps), 4/20/34, Callable 4/20/22 @ 100(a)	$	249,809
	280,000	Magnetite Xxix, Ltd., Class A, Series 2021-29A, 1.09%(US0003M+99bps), 1/15/34, Callable 1/15/22 @ 100(a)		279,888
	500,000	Magnetite, Ltd., Class A, Series 24, 1.51%(US0003M+133bps), 1/15/33, Callable 1/15/22 @ 100(a)		500,418
	260,000	MHC Commercial Mortgage Trust, Class A, Series 2021-MHC, 0.87%(US0001M+80bps), 4/15/38(a)		260,135
	315,000	Milos CLO, Ltd., Class AR, Series 2017-1A, 1.26%(US0003M+107bps), 10/20/30, Callable 7/20/21 @ 100(a)		314,268
	53,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.28%, 11/10/36, Callable 11/10/24 @ 100(a)(b)		53,730
	56,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(a)		57,581
	236,041	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 1.32%(US0001M+125bps), 6/15/35(a)		236,792
	132,000	Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 12/15/28 @ 100		152,336
	567,462	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 1.57%(US0001M+150bps), 6/15/35(a)		567,462
	385,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(a)		404,269
	324,000	Niagara Park CLO, Ltd., Class A, Series 2019-1A, 1.49%(US0003M+130bps), 7/17/32, Callable 7/17/21 @ 100(a)		324,000
	147,557	Prima Capital CRE Securitization, Class A, Series 2021-9A, 1.54%(US0001M+145bps), 12/15/37(a)		147,557
	170,672	RETL, Class C, Series 2019-RVP, 2.17%(US0001M+210bps), 3/15/36(a)		170,223
	333,000	Rockland Park CLO, Ltd., Class A, Series 2021-1A(US0003M+112bps), 4/20/34(a)		333,300
	250,000	Symphony CLO XXIII, Ltd., Class A, Series 2020-23A, 1.50%(US0003M+132bps), 1/15/34, Callable 1/15/22 @ 100(a)		250,279
	250,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 1.19%(US0003M+108bps), 4/20/33, Callable 4/20/22 @ 100(a)		249,691
	10,250,000	Taconic Park CLO, Ltd., Class A1R, Series 2016-1A, 1.19%(US0003M+100bps), 1/20/29, Callable 7/20/21 @ 100(a)		10,255,053
	20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(a)		20,290
	285,000	VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(a)		286,197


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	300,000	Voya CLO, Ltd., Class A1, Series 2020-2A, 1.79%(US0003M+160bps), 7/19/31, Callable 7/19/21 @ 100(a)	$	300,067
	390,000	Voya CLO, Ltd., Class A1, Series 2020-3A, 1.49%(US0003M+130bps), 10/20/31, Callable 10/20/21 @ 100(a)		390,156
	283,000	Voya CLO, Ltd., Class A, Series 2020-1A, 1.88%(US0003M+170bps), 7/16/31, Callable 7/16/21 @ 100(a)		283,067
	335,000	Voya CLO, Ltd., Class A, Series 2019-2, 1.46%(US0003M+127bps), 7/20/32, Callable 7/20/21 @ 100(a)		335,012
	185,000	Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 1.27%(US0001M+120bps), 5/15/31(a)		185,465
	155,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100		180,397

	Total Collateralized Mortgage Obligations (Cost $53,297,059)			53,312,714

Convertible Bonds (0.0%^†):
Entertainment (0.0%^†):
	25,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		27,974

Hotels, Restaurants & Leisure (0.0%^†):
	37,000	Booking Holdings, Inc., 0.75%, 5/1/25		52,379
	27,000	Vail Resorts, Inc., 0.00%, 1/1/26(a)		27,948

				80,327

Leisure Products (0.0%^†):
	19,000	Callaway Golf Co., 2.75%, 5/1/26		38,728

Oil, Gas & Consumable Fuels (0.0%^†):
	49,049	Mesquite Energy, Inc., 15.00%, 7/15/23(a)		166,767
	28,350	Mesquite Energy, Inc., 15.00%, 7/15/23(a)		106,312

				273,079

Professional Services (0.0%^†):
	16,000	FTI Consulting, Inc., 2.00%, 8/15/23		22,865
	23,000	KBR, Inc., 2.50%, 11/1/23		35,896

				58,761

Semiconductors & Semiconductor Equipment (0.0%^†):
	8,000	ON Semiconductor Corp., 1.63%, 10/15/23		15,163

	Total Convertible Bonds (Cost $279,408)			494,032

Bank Loans (0.0%^†):
Chemicals (0.0%^†):
	15,000	Consolidated Energy Term Loan, 0.04%, 5/7/25		14,625

Construction & Engineering (0.0%^†):
	866	Convergint Tech Term 1 Loan, 0.00%, 3/17/28		868
	35,000	Convergint Tech Term 2 Loan, 0.00%, 3/18/29		34,869
	4,134	Convergint Tech Term B 1 Loan, 0.00%, 3/31/28		4,146

				39,883

Diversified Financial Services (0.0%^†):
	96,022	Intelsat Jackson Holdings SA, 0.06%, 7/13/22		96,562
	10,000	Intelsat Jackson Holdings SA, 0.06%, 1/2/24		10,169

				106,731

IT Services (0.0%^†):
	169,564	GTT Communications Term B, 0.00%, 5/31/25		133,193

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Bank Loans, continued
Software (0.0%^†):
$	3,385	Ion Analytics, Inc., 0.00%, 2/4/28	$	3,394
	54,725	Ultimate Software Group, Inc. (The), 0.03%, 5/4/26, Callable 8/6/21 @ 100		54,731

				58,125

	Total Bank Loans (Cost $351,061)			352,557

Corporate Bonds (18.1%):
Aerospace & Defense (0.4%):
	1,145,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100		1,320,805
	145,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100		171,686
	1,100,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		1,419,009
	100,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100		134,431
	1,150,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100		1,588,854
	310,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(a)		315,425
	445,000	BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(a)		451,675
	5,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		6,025
	145,000	Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(a)		150,075
	40,000	TransDigm, Inc., 6.88%, 5/15/26, Callable 8/9/21 @ 105.16		42,200
	40,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 8/9/21 @ 103.19		41,400
	35,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 3/15/22 @ 103.75		37,231
	1,655,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 11/15/22 @ 102.75		1,727,406
	310,000	TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(a)		313,100

				7,719,322

Air Freight & Logistics (0.0%^†):
	255,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(a)		260,419
	525,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 5/1/22 @ 103.13(a)		557,156

				817,575

Automobiles (0.0%^†):
	40,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(a)		41,050
	270,000	Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(a)		278,100
	240,000	Volkswagen Group of America Finance LLC, 2.90%, 5/13/22(a)		245,110
	209,000	Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(a)		218,128

				782,388

Banks (1.9%):
	3,840,000	Bank of America Corp., 4.20%, 8/26/24, MTN		4,201,071
	410,000	Bank of America Corp., Series L, 3.95%, 4/21/25		450,323


Principal Amount			Value
Corporate Bonds, continued
Banks, continued
$	151,000	Bank of America Corp., Series G, 4.45%, 3/3/26	$	171,138
	3,200,000	Bank of America Corp., 3.42% (US0003M+104 bps), 12/20/28, Callable 12/20/27 @ 100		3,476,349
	70,000	CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100		73,763
	165,000	CIT Group, Inc., 6.13%, 3/9/28		201,712
	730,000	Citigroup, Inc., Series V, 4.05%, 7/30/22		758,294
	2,455,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		2,612,012
	1,098,000	Citigroup, Inc., 4.30%, 11/20/26		1,241,676
	3,456,000	Citigroup, Inc., 4.41% (SOFR+391 bps), 3/31/31, Callable 3/31/30 @ 100		4,046,782
	4,105,000	JPMorgan Chase & Co., 3.88%, 9/10/24		4,465,054
	4,000,000	JPMorgan Chase & Co., 4.49% (SOFR+379 bps), 3/24/31, Callable 3/24/30 @ 100		4,734,168
	181,000	JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100		189,779
	3,705,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		3,876,290
	2,645,000	Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN		3,127,707
	1,800,000	Wells Fargo & Co., 5.01% (US0003M+424 bps), 4/4/51, Callable 4/4/50 @ 100, MTN		2,467,611

				36,093,729

Beverages (0.6%):
	2,400,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36, Callable 8/1/35 @ 100		2,945,719
	3,100,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		3,447,550
	150,000	Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100		177,705
	400,000	Anheuser-Busch InBev Worldwide, Inc., 4.50%, 6/1/50, Callable 12/1/49 @ 100		487,889
	333,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		418,340
	2,445,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		3,526,920
	20,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(a)		20,125

				11,024,248

Biotechnology (0.1%):
	1,050,000	AbbVie, Inc., 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,067,509

Building Products (0.0%^†):
	795,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 9/30/22 @ 102.5(a)		829,781

Capital Markets (1.2%):
	457,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		490,704
	2,707,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		2,896,964
	2,880,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		3,235,559
	128,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		186,534

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Capital Markets, continued
$	50,000	HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(a)	$	50,250
	1,100,000	Moody’s Corp., 3.75%, 3/24/25, Callable 2/24/25 @ 100		1,205,556
	1,100,000	Moody’s Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		1,206,690
	6,619,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		6,996,647
	2,534,000	Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100		2,824,275
	485,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 8/1/22 @ 108.06(a)		533,477
	2,296,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(a)		2,631,402
	300,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(a)		393,754
	15,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(a)		15,562
	35,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(a)		36,706
	55,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(a)		55,412

				22,759,492

Chemicals (0.2%):
	430,000	CF Industries, Inc., 5.15%, 3/15/34		521,375
	15,000	CF Industries, Inc., 4.95%, 6/1/43		17,681
	660,000	CF Industries, Inc., 5.38%, 3/15/44		817,575
	510,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100		552,712
	915,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(a)		976,763
	390,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/26, Callable 6/30/23 @ 103.75(a)		396,825
	10,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 7.00%, 12/31/27, Callable 12/31/23 @ 103.5^(a)		10,037
	310,000	Olin Corp., 5.63%, 8/1/29, Callable 8/1/24 @ 102.81^		341,388
	375,000	Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5		399,375
	25,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(a)		25,813
	350,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(a)		350,000
	50,000	WR Grace & Co., 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(a)		53,000

				4,462,544

Commercial Services & Supplies (0.0%^†):
	430,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/1/23 @ 102.5(a)		449,350
	25,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/1/23 @ 102.5(a)		26,062


Principal Amount			Value
Corporate Bonds, continued
Commercial Services & Supplies, continued
$	25,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(a)	$	26,375
	45,000	Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63^(a)		47,812
	270,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(a)		269,663

				819,262

Construction & Engineering (0.1%):
	25,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(a)		25,313
	740,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 8/9/21 @ 104.25(a)		751,100
	270,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(a)		271,012
	55,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(a)		57,062
	25,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(a)		25,719
	660,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(a)		686,400

				1,816,606

Consumer Finance (1.4%):
	2,090,000	Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100		2,180,459
	90,000	Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100		91,315
	100,000	Ally Financial, Inc., 5.13%, 9/30/24		112,608
	224,000	Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100		260,131
	1,837,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100		2,109,894
	590,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100		615,304
	1,513,000	Capital One Financial Corp., 2.60%, 5/11/23, Callable 4/11/23 @ 100		1,569,789
	2,665,000	Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100		2,963,579
	343,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		387,121
	1,000,000	Discover Bank, 3.20%, 8/9/21, Callable 7/10/21 @ 100		1,000,571
	250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		265,615
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,040,015
	2,253,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		2,547,307
	295,000	Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100		313,321
	550,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		575,189
	313,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		319,658
	329,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		360,321
	968,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		1,029,791

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Consumer Finance, continued
$	55,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100	$	60,578
	620,000	Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100		695,581
	130,000	General Motors Acceptance Corp., 8.00%, 11/1/31		186,649
	2,100,000	General Motors Financial Co., Inc., 4.00%, 1/15/25, Callable 10/15/24 @ 100		2,289,113
	20,000	Navient Corp., 7.25%, 1/25/22, MTN		20,750
	445,000	OneMain Finance Corp., 6.88%, 3/15/25		501,738
	295,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		296,844
	430,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		426,238
	76,000	Synchrony Financial, 2.85%, 7/25/22, Callable 6/25/22 @ 100		77,810
	244,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		265,713
	797,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		871,837
	3,605,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		4,001,874

				27,436,713

Containers & Packaging (0.0%^†):
	5,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 8/15/22 @ 102.06(a)		5,156

Diversified Consumer Services (0.1%):
	445,000	Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(a)		452,788
	22,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(a)		21,972
	350,000	APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(a)		372,313
	485,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/9/21 @ 101.72(a)		494,094
	875,000	Sotheby’s, 7.38%, 10/15/27, Callable 10/15/22 @ 103.69(a)		942,812

				2,283,979

Diversified Financial Services (0.1%):
	38,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		40,137
	45,000	Banff Merger Sub, Inc., 9.75%, 9/1/26, Callable 9/1/21 @ 104.88(a)		47,588
	565,000	Flex Acquisition Co., Inc., 6.88%, 1/15/25, Callable 8/9/21 @ 101.72(a)		572,769
	496,000	Flex Acquisition Co., Inc., 7.88%, 7/15/26, Callable 8/9/21 @ 103.94(a)		516,460
	15,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(a)		14,456
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)		547,175
	185,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100		196,957

				1,935,542


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services (0.6%):
$	28,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100	$	30,597
	138,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		159,065
	76,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100(a)		75,181
	400,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		514,749
	2,734,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100(a)		2,839,847
	310,000	CenturyLink, Inc., 5.63%, 4/1/25, Callable 1/1/25 @ 100		335,575
	915,000	CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(a)		950,456
	10,000	CenturyLink, Inc., Series G, 6.88%, 1/15/28		11,200
	55,000	Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(a)		56,306
	25,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(a)		25,344
	55,000	Front Range BidCo, Inc., 4.00%, 3/1/27, Callable 8/9/21 @ 102(a)		54,519
	470,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(a)		479,987
	40,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(a)		42,800
	45,000	Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)		46,350
	45,000	Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(a)		47,756
	5,496	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94		5,578
	60,000	Lumen Technologies, Inc., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(a)		60,675
	3,725,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		3,795,838
	209,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		213,262
	2,500,000	Verizon Communications, Inc., 2.99%, 10/30/56, Callable 4/30/56 @ 100		2,351,595

				12,096,680

Electric Utilities (0.6%):
	941,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 10/15/22 @ 103.38(a)		988,050
	10,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(a)		10,150
	165,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		170,384
	54,000	Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(a)		53,517
	587,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a)		590,738
	790,000	Edison International, 5.75%, 6/15/27, Callable 4/15/27 @ 100		897,590
	1,000,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100		1,091,605

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Electric Utilities, continued
$	1,075,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100	$	1,224,378
	2,000,000	FirstEnergy Corp., 7.38%, 11/15/31		2,733,504
	255,000	Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104		267,750
	136,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		146,200
	17,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(a)		17,935
	20,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(a)		19,575
	40,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(a)		39,300
	438,057	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(a)		466,531
	795,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		813,120
	1,170,000	PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5^		1,177,312
	311,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63		313,785
	605,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.5(a)		620,881

				11,642,305

Electrical Equipment (0.0%^†):
	55,000	PowerTeam Services LLC, 9.03%, 12/4/25, Callable 2/4/23 @ 104.52(a)		60,500
	65,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(a)		65,975

				126,475

Entertainment (0.2%):
	780,000	Netflix, Inc., 4.88%, 4/15/28		905,775
	25,000	Netflix, Inc., 6.38%, 5/15/29		31,875
	25,000	Netflix, Inc., 5.38%, 11/15/29(a)		30,313
	3,000,000	Walt Disney Co. (The), 3.80%, 3/22/30		3,433,122

				4,401,085

Equity Real Estate Investment Trusts (1.7%):
	1,184,000	Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30, Callable 9/15/30 @ 100		1,447,440
	102,000	American Homes 4 Rent LP, 2.38%, 7/15/31, Callable 4/15/31 @ 100		100,865
	1,264,000	Boston Properties LP, 3.25%, 1/30/31, Callable 10/30/30 @ 100		1,344,193
	1,039,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		1,124,229
	1,265,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		1,367,322
	62,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		69,383
	355,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		385,241
	528,000	Brixmor Operating Partnership LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100		555,074
	252,000	Brixmor Operating Partnership LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100		282,526


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	1,803,000	Brixmor Operating Partnership LP, 4.05%, 7/1/30, Callable 4/1/30 @ 100	$	2,016,976
	46,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100		46,415
	68,000	Corporate Office Properties, LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		69,792
	10,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100^		10,000
	45,000	CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(a)		46,108
	183,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100		191,007
	40,000	Geo Group, Inc. (The), 5.88%, 10/15/24, Callable 8/9/21 @ 101.96^		35,600
	430,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(a)		426,725
	34,000	HCP, Inc., 3.50%, 7/15/29, Callable 4/15/29 @ 100		37,561
	66,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		72,298
	63,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		66,912
	400,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		461,190
	735,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		797,615
	73,000	Lexington Realty Trust, 2.70%, 9/15/30, Callable 6/15/30 @ 100		74,366
	25,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(a)		26,781
	765,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26, Callable 6/1/26 @ 100		816,638
	114,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		121,249
	101,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100		110,071
	1,278,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		1,427,824
	2,482,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		2,655,837
	133,000	Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100		136,772
	42,000	Realty Income Corp., 3.25%, 1/15/31, Callable 10/15/30 @ 100		45,413
	15,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		16,559
	297,000	SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(a)		313,110
	97,000	SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(a)		97,931
	74,000	SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(a)		76,670
	40,000	Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100		39,705

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	40,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100	$	42,488
	45,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		44,265
	310,000	Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100		296,041
	69,000	Simon Property Group LP, 2.45%, 9/13/29, Callable 6/13/29 @ 100		71,068
	96,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		108,977
	1,277,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		1,290,185
	171,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		171,082
	438,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		462,698
	302,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		321,754
	2,200,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		2,298,419
	85,000	The Geo Group, Inc., 6.00%, 4/15/26, Callable 8/9/21 @ 103		69,275
	645,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.13%, 12/15/24, Callable 8/9/21 @ 103.56(a)		667,575
	780,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/15/22 @ 103.94(a)		833,625
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100		122,853
	131,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		146,913
	367,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100		385,708
	1,430,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100^		1,699,313
	65,000	VEREIT Operating Partnership LP, 3.40%, 1/15/28, Callable 11/15/27 @ 100		70,682
	31,000	VEREIT Operating Partnership LP, 2.20%, 6/15/28, Callable 4/15/28 @ 100		31,426
	1,238,000	VEREIT Operating Partnership LP, 2.85%, 12/15/32, Callable 9/15/32 @ 100		1,290,780
	60,000	Vici Properties, 3.50%, 2/15/25, Callable 2/15/22 @ 101.75(a)		61,275
	335,000	Vici Properties, 4.25%, 12/1/26, Callable 12/1/22 @ 102.13(a)		347,981
	335,000	Vici Properties, 4.63%, 12/1/29, Callable 12/1/24 @ 102.31(a)		355,938
	72,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		72,834
	400,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		436,666
	3,000,000	WP Carey, Inc., 4.25%, 10/1/26, Callable 7/1/26 @ 100		3,369,177
	66,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		73,256

				32,055,652


Principal Amount			Value
Corporate Bonds, continued
Food & Staples Retailing (0.1%):
$	25,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 1/15/23 @ 103.47(a)	$	26,125
	50,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(a)		49,313
	605,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(a)		639,788
	445,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 5/1/22 @ 103.44(a)		474,481
	335,000	Performance Food Group, Inc., 5.50%, 10/15/27, Callable 10/15/22 @ 102.75(a)		352,588
	120,000	Sysco Corp., 5.65%, 4/1/25, Callable 3/1/25 @ 100		139,069
	93,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		119,451
	140,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		217,884
	45,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38^(a)		48,375
	160,000	US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(a)		162,600

				2,229,674

Food Products (0.2%):
	110,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(a)		109,175
	915,000	JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a)		1,032,806
	700,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(a)		777,000
	375,000	Kraft Heinz Foods Co., 5.00%, 7/15/35, Callable 1/15/35 @ 100		457,072
	10,000	Kraft Heinz Foods Co., 4.38%, 6/1/46, Callable 12/1/45 @ 100		11,281
	45,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100		54,347
	350,000	Pilgrim’s Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13^(a)		362,250
	45,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 12/1/22 @ 102.81(a)		47,756
	405,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(a)		403,482
	270,000	TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102		267,975

				3,523,144

Health Care Equipment & Supplies (0.0%^†):
	350,000	Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a)		346,938

Health Care Providers & Services (1.1%):
	140,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(a)		141,575
	350,000	Centene Corp., 5.38%, 6/1/26, Callable 7/23/21 @ 104.03(a)		364,000
	3,765,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		3,967,369

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	1,260,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100	$	1,272,600
	1,190,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		1,306,025
	245,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		255,412
	100,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(a)		106,500
	255,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(a)		272,213
	65,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(a)		65,650
	45,000	CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(a)		45,000
	4,341,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		5,040,761
	1,000,000	Cigna Corp., 4.90%, 12/15/48, Callable 6/15/48 @ 100		1,289,017
	605,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104(a)		651,131
	1,078,000	CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100		1,193,483
	347,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100		426,820
	780,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)		799,500
	20,000	HCA, Inc., 4.75%, 5/1/23		21,450
	780,000	HCA, Inc., 5.38%, 2/1/25		879,450
	660,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		700,425
	40,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(a)		41,600
	25,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(a)		25,656
	416,000	Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(a)		458,640
	590,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/1/22 @ 103.13(a)		615,812
	510,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(a)		541,875
	295,000	Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(a)		297,950
	117,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28		135,998
	15,000	Vizient, Inc., 6.25%, 5/15/27, Callable 5/15/22 @ 103.13(a)		15,863

				20,931,775

Hotels, Restaurants & Leisure (0.5%):
	15,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(a)		15,937
	445,000	Boyd Gaming Corp., 4.75%, 12/1/27, Callable 12/1/22 @ 102.38		460,575
	1,010,000	Caesars Resort Collection LLC, 5.25%, 10/15/25, Callable 7/19/21 @ 102.63(a)		1,020,100
	350,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(a)		409,063
	565,000	Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(a)		613,731


Principal Amount			Value
Corporate Bonds, continued
Hotels, Restaurants & Leisure, continued
$	125,000	Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(a)	$	125,000
	134,560	Golden Entertainment, Inc., 3.75%, 10/20/24, Callable 8/6/21 @ 100		133,550
	765,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 4/15/22 @ 103.81(a)		812,813
	605,000	Golden Nugget, Inc., 6.75%, 10/15/24, Callable 8/9/21 @ 101.69(a)		608,781
	40,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(a)		40,800
	45,000	Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(a)		46,631
	40,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(a)		40,500
	1,586,000	McDonald’s Corp., 3.60%, 7/1/30, Callable 4/1/30 @ 100		1,781,979
	230,000	NCL Corp., Ltd., 10.25%, 2/1/26, Callable 8/1/23 @ 105.13(a)		268,525
	20,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(a)		20,950
	20,000	Peninsula Pacific Entert, 8.50%, 11/15/27, Callable 11/15/23 @ 104.25(a)		21,475
	20,000	Royal Caribbean Cruises, Ltd., 9.13%, 6/15/23, Callable 3/15/23 @ 100(a)		21,950
	470,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 6/1/22 @ 108.63(a)		541,675
	284,000	Station Casinos LLC, 5.00%, 10/1/25, Callable 8/9/21 @ 102.5(a)		288,260
	510,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(a)		517,650
	255,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(a)		299,306
	255,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100(a)		274,444
	390,000	Wynn Las Vegas LLC, 5.25%, 5/15/27, Callable 2/15/27 @ 100^(a)		418,275
	510,000	Yum! Brands, Inc., 7.75%, 4/1/25, Callable 4/1/22 @ 103.88(a)		554,625
	350,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		366,188

				9,702,783

Household Durables (0.0%^†):
	65,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(a)		65,162
	160,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(a)		160,800
	10,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		12,500
	15,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103^(a)		14,888
	510,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(a)		573,750

				827,100

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Household Products (0.0%^†):
$	55,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(a)	$	55,481

Independent Power and Renewable Electricity Producers (0.2%):
	1,457,000	AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(a)		1,559,037
	1,412,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(a)		1,542,683
	30,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(a)		31,425
	430,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/15/23 @ 102.88		457,413
	35,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(a)		36,137
	20,000	TerraForm Power Operating LLC, 4.25%, 1/31/23, Callable 10/31/22 @ 100(a)		20,550
	15,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(a)		15,881

				3,663,126

Industrial Conglomerates (0.1%):
	550,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 5/15/22 @ 103.13		581,625
	50,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100(a)		51,500
	1,115,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		1,148,450

				1,781,575

Insurance (0.5%):
	600,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		631,587
	809,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100		891,257
	1,600,000	American International Group, Inc., 3.40%, 6/30/30, Callable 3/30/30 @ 100		1,755,286
	820,000	AmWINS Group, Inc., 7.75%, 7/1/26, Callable 8/9/21 @ 105.81(a)		869,200
	40,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(a)		40,050
	2,597,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(a)		2,736,589
	390,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 7/19/21 @ 103.5(a)		403,650
	436,000	Pacific Lifecorp, 5.13%, 1/30/43(a)		550,501
	227,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		255,141
	1,000,000	Unum Group, 5.75%, 8/15/42		1,246,680
	685,000	USI, Inc., 6.88%, 5/1/25, Callable 8/9/21 @ 101.72(a)		696,987

				10,076,928


Principal Amount			Value
Corporate Bonds, continued
Interactive Media & Services (0.0%^†):
$	25,000	Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06^(a)	$	25,375
	525,000	Rackspace Technology Global, Inc., 3.50%, 2/15/28, Callable 2/15/24 @ 101.75(a)		507,937
	60,000	Rackspace Technology Global, Inc., 5.38%, 12/1/28, Callable 12/1/23 @ 102.69^(a)		61,500

				594,812

IT Services (0.1%):
	25,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(a)		24,719
	10,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(a)		10,338
	470,000	Black Knight Infoserv LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(a)		467,062
	15,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(a)		15,337
	550,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06^(a)		613,250
	255,000	Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(a)		269,025
	45,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(a)		45,900
	40,000	Square, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100^(a)		40,600
	40,000	Square, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100(a)		40,200
	35,000	Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		35,656
	35,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		35,919

				1,598,006

Leisure Products (0.0%^†):
	89,000	Hasbro, Inc., 2.60%, 11/19/22		91,570
	202,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		215,003
	9,000	Mattel, Inc., 6.75%, 12/31/25		9,450
	5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 12/15/22 @ 104.41(a)		5,444
	8,000	Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100		9,140

				330,607

Life Sciences Tools & Services (0.0%^†):
	510,000	Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(a)		538,050
	15,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(a)		15,506
	30,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(a)		30,338

				583,894

Machinery (0.0%^†):
	55,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(a)		56,444
	170,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(a)		173,187

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Machinery, continued
$	230,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(a)	$	232,300
	45,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(a)		45,788
	45,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(a)		46,125

				553,844

Media (1.2%):
	255,000	Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 107.88(a)		271,575
	25,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(a)		25,531
	20,000	Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(a)		19,850
	15,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(a)		15,319
	219,000	CCO Holdings LLC, 5.75%, 2/15/26, Callable 8/9/21 @ 102.88(a)		226,391
	65,000	CCO Holdings LLC, 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(a)		67,763
	1,250,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(a)		1,318,750
	390,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25		402,675
	270,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(a)		275,400
	1,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25, Callable 4/23/25 @ 100		1,700,084
	2,500,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 5/1/47, Callable 11/1/46 @ 100		3,065,047
	1,130,000	CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(a)		1,178,025
	335,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(a)		333,325
	2,346,000	Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100		2,559,943
	392,000	Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		458,121
	605,000	DISH DBS Corp., 7.75%, 7/1/26		683,650
	54,000	DISH Network Corp., 2.38%, 3/15/24		52,394
	146,000	DISH Network Corp., 3.38%, 8/15/26		148,812
	65,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100		70,417
	1,094,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		1,285,105
	93,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		120,226
	140,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38^(a)		139,125
	430,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(a)		445,050
	525,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 102.25(a)		550,594


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	350,000	Sirius XM Radio, Inc., 5.38%, 7/15/26, Callable 8/9/21 @ 102.69(a)	$	361,375
	270,000	Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 8/1/22 @ 102.5(a)		282,825
	30,000	Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(a)		32,625
	25,000	Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(a)		25,312
	350,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(a)		372,750
	230,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 12/15/22 @ 104.44(a)		248,400
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21		623,035
	2,439,000	Time Warner Cable, Inc., 6.55%, 5/1/37		3,323,186
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		407,415
	1,500,000	Time Warner Cable, Inc., 6.75%, 6/15/39		2,096,999
	69,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		86,179
	35,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(a)		37,844
	245,000	Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(a)		246,837

				23,557,954

Metals & Mining (0.1%):
	45,000	Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(a)		46,800
	20,000	Allegheny Technologies, Inc., 7.88%, 8/15/23, Callable 5/15/23 @ 100		21,900
	686,000	Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		720,300
	45,000	Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31^(a)		47,250
	45,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(a)		47,250
	27,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100		27,236
	485,000	Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(a)		499,550

				1,410,286

Mortgage Real Estate Investment Trusts (0.0%^†):
	40,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(a)		40,000
	45,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		46,912

				86,912

Multi-Utilities (0.2%):
	1,100,000	NiSource, Inc., 2.95%, 9/1/29, Callable 6/1/29 @ 100		1,164,813
	1,000,000	NiSource, Inc., 5.25%, 2/15/43, Callable 8/15/42 @ 100		1,303,680
	140,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100		156,387
	339,000	Sempra Energy, 6.00%, 10/15/39		472,182

				3,097,062

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels (2.5%):
$	430,000	Antero Resources Corp., 5.00%, 3/1/25, Callable 8/9/21 @ 102.5^	$	439,675
	335,000	Apache Corp., 4.63%, 11/15/25, Callable 8/15/25 @ 100		360,544
	405,000	Apache Corp., 4.88%, 11/15/27, Callable 5/15/27 @ 100		437,400
	45,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		47,025
	10,000	Apache Corp., 7.38%, 8/15/47		11,926
	270,000	California Resources Corp., 7.13%, 2/1/26, Callable 2/1/23 @ 103.57(a)		283,500
	145,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102(a)		150,800
	525,000	Chesapeake Energy Corp., 5.50%, 2/1/26, Callable 2/5/23 @ 102.75(a)		553,875
	40,000	Chesapeake Energy Corp., 5.88%, 2/1/29, Callable 2/5/24 @ 102.94(a)		43,200
	247,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(a)		283,154
	375,000	CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(a)		389,063
	20,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(a)		21,600
	132,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100		148,170
	47,000	Comstock Resources, Inc., 7.50%, 5/15/25, Callable 8/9/21 @ 103.75^(a)		48,763
	55,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(a)		58,437
	25,000	Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(a)		25,500
	485,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(a)		579,575
	42,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 8/9/21 @ 102.88^		43,155
	578,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.63%, 5/1/27, Callable 5/1/22 @ 102.81(a)		594,617
	795,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(a)		832,762
	605,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 2/15/22 @ 102.63(a)		603,487
	20,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88^(a)		20,100
	230,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		255,875
	2,905,000	DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100		3,297,175
	700,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(a)		651,000
	25,000	Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(a)		26,375


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	26,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 10/15/22 @ 102.63(a)	$	27,852
	40,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(a)		40,550
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		132,070
	20,000	Endeavor Energy Resources LP/EER Finance, Inc., 6.63%, 7/15/25, Callable 7/15/22 @ 103.31(a)		21,400
	270,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 1/30/26, Callable 8/9/21 @ 104.13(a)		279,787
	295,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(a)		313,438
	2,229,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		2,580,067
	106,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		125,080
	52,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 12/15/22 @ 100		54,535
	65,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		70,769
	109,000	Energy Transfer Operating LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		118,401
	73,000	Energy Transfer Operating LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		96,178
	1,743,000	Energy Transfer Operating LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		2,021,880
	67,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		71,439
	128,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		158,240
	83,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		105,099
	350,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(a)		370,125
	50,000	EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(a)		55,750
	45,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(a)		45,675
	295,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100		315,281
	30,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		33,450
	2,000,000	Exxon Mobil Corp., 3.48%, 3/19/30, Callable 12/19/29 @ 100		2,244,084
	416,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		462,800
	71,000	Hess Corp., 7.30%, 8/15/31		95,672
	50,000	Hess Corp., 7.13%, 3/15/33		67,312
	69,000	Hess Corp., 5.60%, 2/15/41		85,819
	1,166,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		1,517,257
	405,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 8/9/21 @ 104.22(a)		421,200
	97,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 11/15/22 @ 100		100,759
	42,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		58,666

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	125,000	Kinder Morgan, Inc., 5.55%, 6/1/45, Callable 12/1/44 @ 100	$	160,917
	112,000	Kinder Morgan, Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100		135,945
	125,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(a)		126,719
	115,000	MPLX LP, 1.22% (US0003M+110 bps), 9/9/22, Callable 8/9/21 @ 100		115,144
	113,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		120,769
	159,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		177,285
	1,063,000	MPLX LP, 4.80%, 2/15/29, Callable 11/15/28 @ 100		1,245,039
	1,188,000	MPLX LP, 5.50%, 2/15/49, Callable 8/15/48 @ 100		1,539,945
	390,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		406,087
	400,000	New Fortress Energy, Inc., 6.75%, 9/15/25, Callable 9/15/22 @ 103.38(a)		410,500
	375,000	NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/1/23 @ 103.75(a)		392,813
	264,000	Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100		269,940
	406,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		449,138
	355,000	Occidental Petroleum Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100		362,544
	30,000	Occidental Petroleum Corp., 3.20%, 8/15/26, Callable 6/15/26 @ 100		30,262
	406,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		408,538
	255,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100		340,106
	1,464,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,840,980
	16,000	Occidental Petroleum Corp., 7.88%, 9/15/31		20,420
	78,000	Occidental Petroleum Corp., 6.45%, 9/15/36		93,210
	44,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		41,635
	25,000	Occidental Petroleum Corp., 6.20%, 3/15/40		28,250
	410,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		487,388
	295,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		284,306
	430,000	Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100		399,900
	55,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		51,425
	79,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		74,754
	605,000	PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25, Callable 5/15/22 @ 104.63^(a)		608,025
	80,000	PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103		53,600
	20,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 8/9/21 @ 104.31		20,850


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	20,000	Phillips 66, 3.70%, 4/6/23	$	21,123
	26,000	Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100		28,567
	1,172,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		1,256,316
	1,162,000	Plains All Amer Pipeline, 3.55%, 12/15/29, Callable 9/15/29 @ 100		1,223,213
	270,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100^		279,450
	100,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.88%, 3/1/22, Callable 12/1/21 @ 100		102,125
	335,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		385,669
	278,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 7/15/21 @ 101.81(a)(c)(d)		—
	10,000	SM Energy Co., 5.63%, 6/1/25, Callable 8/9/21 @ 101.88		9,900
	50,000	SM Energy Co., 6.75%, 9/15/26, Callable 9/15/21 @ 103.38^		50,875
	310,000	Southwestern Energy Co., 7.50%, 4/1/26, Callable 8/9/21 @ 105.63		327,825
	5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 4/15/22 @ 103		5,238
	242,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94		255,915
	430,000	Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25(a)		437,525
	350,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(a)		364,000
	510,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/1/22 @ 102.69		530,400
	25,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		27,469
	445,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44(a)		481,713
	45,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102(a)		46,181
	43,000	Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30, Callable 2/15/30 @ 100		46,102
	71,000	Valero Energy Corp., 2.70%, 4/15/23		73,577
	41,000	Valero Energy Corp., 2.85%, 4/15/25, Callable 3/15/25 @ 100		43,410
	390,000	Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(a)		406,575
	60,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		62,025
	157,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		167,990
	1,000,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		1,067,500
	66,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		71,445

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	1,000,000	Western Midstream Operating LP, 4.35%, 2/1/25, Callable 1/1/25 @ 100	$	1,056,250
	525,000	Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100		588,000
	3,554,000	Williams Cos., Inc. (The), 3.50%, 11/15/30, Callable 8/15/30 @ 100		3,872,634
	1,000,000	Williams Cos., Inc. (The), 5.75%, 6/24/44, Callable 12/24/43 @ 100		1,314,008
	162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		175,558
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		309,957

				48,082,357

Paper & Forest Products (0.0%^†):
	45,000	Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56(a)		46,350

Pharmaceuticals (0.2%):
	390,000	Bausch Health Cos, Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)		362,212
	1,000,000	Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(a)		1,114,317
	445,000	Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(a)		430,537
	57,000	Elanco Animal Health, Inc., 4.91%, 8/27/21		57,392
	180,000	Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100		194,211
	76,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100		89,015
	30,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(a)		31,180
	30,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(a)		30,600
	50,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(a)		51,500
	126,000	Upjohn, Inc., 1.13%, 6/22/22(a)		126,851
	40,000	Upjohn, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100(a)		40,523
	1,406,000	Upjohn, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100(a)		1,421,012
	90,000	Upjohn, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100(a)		95,577

				4,044,927

Professional Services (0.0%^†):
	140,000	Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(a)		145,600
	335,000	Nielsen Finance LLC/Nielsen Finance Co., 5.63%, 10/1/28, Callable 10/1/23 @ 102.81(a)		354,263
	335,000	Nielsen Finance LLC/Nielsen Finance Co., 5.88%, 10/1/30, Callable 10/1/25 @ 102.94(a)		364,312

				864,175

Real Estate Management & Development (0.1%):
	210,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		211,549


Principal Amount			Value
Corporate Bonds, continued
Real Estate Management & Development, continued
$	145,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(a)	$	151,163
	725,000	Vertical US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(a)		763,062

				1,125,774

Semiconductors & Semiconductor Equipment (0.4%):
	65,000	Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(a)		64,928
	4,136,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(a)		4,064,418
	564,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(a)		552,335
	1,648,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(a)		1,685,042
	210,000	Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(a)		218,084
	310,000	Entegris, Inc., 4.38%, 4/15/28, Callable 4/15/23 @ 102.19(a)		323,175
	375,000	Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72(a)		379,688
	50,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(a)		51,313

				7,338,983

Software (0.3%):
	40,000	Acuris Finance Us Inc / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)		39,850
	35,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 6/1/22 @ 103.56(a)		37,450
	20,000	CDK Global, Inc., 5.25%, 5/15/29, Callable 5/15/24 @ 102.63(a)		21,775
	25,000	Clarivate Science Holdings Corp., 3.88%, 6/30/28, Callable 6/30/24 @ 101.94(a)		25,156
	25,000	Clarivate Science Holdings Corp., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(a)		25,656
	30,000	MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06^(a)		29,850
	253,000	Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100		256,330
	2,200,000	Oracle Corp., 2.80%, 4/1/27, Callable 2/1/27 @ 100		2,335,355
	400,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		410,427
	2,990,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		3,109,095

				6,290,944

Specialty Retail (0.3%):
	32,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		37,869
	49,000	AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100		53,507
	1,229,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		1,396,448
	430,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(a)		449,887
	565,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(a)		652,575

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Specialty Retail, continued
$	1,165,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100	$	1,378,110
	2,051,000	O’Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100		2,365,217
	20,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(a)		21,375
	15,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(a)		16,069

				6,371,057

Technology Hardware, Storage & Peripherals (0.1%):
	1,200,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100		1,299,620
	55,000	Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100		64,694
	83,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		98,737
	101,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		123,498
	87,000	Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100		110,489

				1,697,038

Textiles, Apparel & Luxury Goods (0.0%^†):
	45,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75(a)		44,719

Tobacco (0.1%):
	294,000	Altria Group, Inc., 4.25%, 8/9/42		307,513
	191,000	Altria Group, Inc., 4.50%, 5/2/43		205,374
	175,000	Altria Group, Inc., 5.38%, 1/31/44		207,800
	72,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		91,951
	232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		256,927
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		144,974
	45,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(a)		46,463

				1,261,002

Trading Companies & Distributors (0.2%):
	295,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		321,857
	2,465,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		2,644,819
	30,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(a)		29,625
	30,000	SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(a)		30,675
	15,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(a)		15,450

				3,042,426

Wireless Telecommunication Services (0.4%):
	1,155,000	Sprint Capital Corp., 8.75%, 3/15/32		1,755,600
	1,265,000	Sprint Communications, Inc., 6.88%, 11/15/28		1,622,362
	2,860,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		3,159,282


Principal Amount			Value
Corporate Bonds, continued
Wireless Telecommunication Services, continued
$	40,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38	$	42,800
	45,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69		46,433
	430,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		479,072
	56,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		64,608
	110,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		130,143

				7,300,300

	Total Corporate Bonds (Cost $344,735,078)			352,637,996

Yankee Debt Obligations (5.4%):
Aerospace & Defense (0.1%):
	2,000,000	Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(a)		2,052,500
	10,000	Bombardier, Inc., 7.50%, 12/1/24, Callable 8/9/21 @ 105.63(a)		10,475
	40,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 8/9/21 @ 102.5^(a)		41,000
	55,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(a)		57,062

				2,161,037

Banks (1.5%):
	585,000	Barclays plc, 4.38%, 1/12/26		654,148
	2,543,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		2,683,185
	2,377,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		2,765,283
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(a)		212,042
	530,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		591,449
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		222,155
	1,000,000	HSBC Holdings plc, 4.95%, 3/31/30		1,198,776
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(a)		217,209
	5,656,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(a)		6,324,041
	3,200,000	Natwest Group plc, 5.13%, 5/28/24		3,554,291
	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		2,742,232
	547,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		600,961
	2,625,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		2,939,380
	680,000	Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100^(a)		677,015
	3,863,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(a)		3,828,801
	350,000	UniCredit SpA, 6.57%, 1/14/22(a)		360,620
	186,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		203,984

				29,775,572

Capital Markets (0.8%):
	4,009,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(a)		4,166,185
	2,514,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(a)		2,820,532

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Yankee Debt Obligations, continued
Capital Markets, continued
$	670,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22	$	696,616
	787,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		833,520
	470,000	Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25		509,645
	487,000	Deutsche Bank AG, 5.00%, 2/14/22		500,478
	860,000	Deutsche Bank AG, 3.30%, 11/16/22		889,248
	3,979,000	Deutsche Bank AG, 4.50%, 4/1/25		4,276,390

				14,692,614

Chemicals (0.1%):
	15,000	Consolidated Energy Finance SA, 3.87% (US0003M+375 bps), 6/15/22, Callable 7/19/21 @ 100(a)		14,925
	25,000	Consolidated Energy Finance SA, 6.88%, 6/15/25, Callable 8/9/21 @ 103.44(a)		25,437
	350,000	Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 7/19/21 @ 104.88(a)		355,250
	510,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		549,525
	230,000	Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100		247,825
	255,000	Methanex Corp., 5.65%, 12/1/44, Callable 6/1/44 @ 100		265,140
	660,000	Nufarm Australia, Ltd., 5.75%, 4/30/26, Callable 8/9/21 @ 102.88(a)		677,325

				2,135,427

Containers & Packaging (0.0%^†):
	15,000	Intelligent Packaging, Ltd. Finco Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 9/15/22 @ 103(a)		15,600
	25,000	Intertape Polymer Group, Inc., 4.38%, 6/15/29, Callable 6/15/24 @ 102.19(a)		25,312
	740,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/15/22 @ 102.75(a)		777,000

				817,912

Diversified Consumer Services (0.1%):
	33,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(a)		33,000
	980,000	GEMS MENASA Cayman, Ltd., 7.13%, 7/31/26, Callable 7/31/22 @ 103.56(a)		1,011,850

				1,044,850

Diversified Financial Services (0.3%):
	860,000	Altice Financing SA, 7.50%, 5/15/26, Callable 7/22/21 @ 103.75(a)		895,475
	780,000	Altice Financing SA, 5.00%, 1/15/28, Callable 1/15/23 @ 102.5(a)		767,325
	1,601,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 9/15/22 @ 103.44(a)		1,705,065
	430,000	Dolya Holdco 18 DAC, 5.00%, 7/15/28, Callable 7/15/23 @ 102.5(a)		438,600
	1,355,000	Park Aerospace Holdings, 5.50%, 2/15/24(a)		1,490,500
	780,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(a)		763,425

				6,060,390


Principal Amount			Value
Yankee Debt Obligations, continued
Diversified Telecommunication Services (0.1%):
$	1,155,000	Altice France SA, 8.13%, 2/1/27, Callable 2/1/22 @ 106.09(a)	$	1,258,950
	700,000	Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103^(a)		692,125
	470,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(a)		472,350
	25,000	Sable International Finance, Ltd., 5.75%, 9/7/27, Callable 9/7/22 @ 102.88(a)		26,250
	55,000	Telecom Italia SpA, 6.00%, 9/30/34		63,525

				2,513,200

Energy Equipment & Services (0.0%^†):
	405,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/1/22 @ 105.16(a)		405,000

Hotels, Restaurants & Leisure (0.1%):
	35,000	1011778 BC ULC New Red Finance, Inc., 5.75%, 4/15/25, Callable 4/15/22 @ 102.88(a)		37,013
	525,000	1011778 BC ULC New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(a)		506,625
	45,000	Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(a)		47,475
	40,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(a)		42,100
	310,000	Wynn Macau, Ltd., 5.50%, 10/1/27, Callable 10/1/22 @ 102.75(a)		322,400

				955,613

Insurance (0.2%):
	1,414,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(a)		1,552,329
	1,200,000	AIA Group, Ltd., 3.20%, 9/16/40, Callable 3/16/40 @ 100(a)		1,237,160
	200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(a)		227,500

				3,016,989

Marine (0.0%^†):
	310,000	Navios Maritime Holdings, Inc. / Navios Maritime Finance II US, Inc., 11.25%, 8/15/22, Callable 8/9/21 @ 100(a)		309,225

Media (0.0%^†):
	590,000	Ziggo BV, 5.50%, 1/15/27, Callable 1/15/22 @ 102.75(a)		612,863
	335,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(a)		340,862

				953,725

Metals & Mining (0.1%):
	860,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 7/19/21 @ 105.16(a)		901,925
	35,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(a)		38,063
	5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(a)		5,437
	85,000	Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 10/1/21 @ 109^(a)		89,675

				1,035,100

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Yankee Debt Obligations, continued
Multi-Utilities (0.1%):
$	1,373,000	InterGen NV, 7.00%, 6/30/23, Callable 8/9/21 @ 100^(a)	$	1,362,702

Oil, Gas & Consumable Fuels (1.2%):
	1,100,000	Canadian Natural Resources, Ltd., 3.90%, 2/1/25, Callable 11/1/24 @ 100		1,196,250
	1,028,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35		1,305,560
	2,502,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100		2,795,985
	335,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 7/19/21 @ 103.38(a)		342,956
	510,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 10/30/21 @ 104.25(a)		539,325
	145,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		154,596
	1,135,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100		1,279,954
	645,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 8/9/21 @ 100(a)		645,000
	565,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 2/1/23 @ 103.56(a)		601,725
	2,500,000	Petroleos Mexicanos, 4.50%, 1/23/26		2,530,050
	1,196,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		1,236,603
	4,500,000	Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100		4,375,112
	2,228,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,972,375
	5,000,000	Petroleos Mexicanos, 6.35%, 2/12/48		4,233,570
	336,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		298,813
	45,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(a)		45,956

				23,553,830

Pharmaceuticals (0.0%^†):
	295,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 8/9/21 @ 102.75(a)		302,375
	84,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		83,895
	127,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23		126,206
	371,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 8/9/21 @ 102.04(a)		379,348

				891,824

Software (0.0%^†):
	60,000	Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(a)		60,675

Sovereign Bond (0.4%):
	300,000	Abu Dhabi Government International Bond, 3.13%, 4/16/30(a)		326,458
	300,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(a)		345,507
	37,622	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 8/9/21 @ 100		14,249
	342,505	Argentine Republic Government International Bond, 0.13%, 7/9/30, Callable 8/9/21 @ 100		122,446
	627,494	Argentine Republic Government International Bond, 0.13%, 7/9/35, Callable 8/9/21 @ 100		198,445
	300,000	Corp. Andina de Fomento, 2.38%, 5/12/23		308,763


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	900,000	Dominican Republic, 5.50%, 1/27/25(a)	$	988,875
	3,150,000	Dominican Republic, 6.00%, 7/19/28(a)		3,579,188
	375,000	Indonesia Government International Bond, 3.85%, 10/15/30^		417,204
	375,000	Indonesia Government International Bond, 4.20%, 10/15/50		426,568
	200,000	Qatar Government International Bond, 3.40%, 4/16/25(a)		217,762
	350,000	Qatar Government International Bond, 3.75%, 4/16/30(a)		395,689
	350,000	Qatar Government International Bond, 4.40%, 4/16/50(a)		425,837
	200,000	Saudi Government International Bond, 2.90%, 10/22/25(a)		214,093
	200,000	Saudi Government International Bond, 3.25%, 10/22/30(a)		215,060
	200,000	Saudi Government International Bond, 4.50%, 4/22/60^(a)		240,487

				8,436,631

Tobacco (0.0%^†):
	462,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100(a)		473,106

Trading Companies & Distributors (0.2%):
	2,200,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.88%, 8/14/24, Callable 7/14/24 @ 100		2,299,662
	320,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		348,445
	151,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		176,482
	163,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		178,950

				3,003,539

Wireless Telecommunication Services (0.1%):
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(a)		355,987
	450,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(a)		491,063
	295,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(a)		307,169

				1,154,219

	Total Yankee Debt Obligations (Cost $104,077,333)			104,813,180

Municipal Bonds (0.2%):
California (0.0%^†):
	140,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		236,005
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		16,051

				252,056

Illinois (0.2%):
	3,235,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		3,793,038
	63,636	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		67,917

				3,860,955

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Municipal Bonds, continued
New Jersey (0.0%^†):
$	339,000	New Jersey Economic Development Authority Revenue, Build America Bonds, GO, Series A, 7.43%, 2/15/29	$	439,408

	Total Municipal Bonds (Cost $3,805,356)			4,552,419

U.S. Government Agency Mortgages (6.6%):
Federal Home Loan Mortgage Corporation (0.4%)
	32,403	2.50%, 6/1/31, Pool #G18604		33,909
	37,822	2.50%, 6/1/31, Pool #J34501		39,823
	51,779	2.50%, 7/1/31, Pool #V61246		54,427
	92,396	2.50%, 8/1/31, Pool #V61273		96,990
	242,424	3.50%, 3/1/32, Pool #C91403		259,271
	698,905	3.50%, 7/1/32, Pool #C91467		747,520
	196,443	2.50%, 12/1/32, Pool #G18669		205,420
	49,323	2.50%, 3/1/33, Pool #G18680		51,508
	196,886	3.00%, 4/1/33, Pool #G18684		207,486
	29,000	3.00%, 4/1/33, Pool #K90336		30,896
	62,028	3.00%, 5/1/33, Pool #G16550		65,376
	34,567	3.00%, 6/1/33, Pool #K90684		36,802
	70,549	3.00%, 6/1/33, Pool #K90632		75,136
	50,091	3.00%, 6/1/33, Pool #K90806		53,334
	30,011	3.00%, 6/1/33, Pool #C91709		31,961
	148,471	2.50%, 7/1/33, Pool #G16661		155,233
	137,912	3.00%, 7/1/33, Pool #C91714		146,880
	43,317	3.00%, 4/1/34, Pool #G16829		45,880
	211,969	3.50%, 10/1/34, Pool #C91793		227,088
	553,646	4.00%, 5/1/37, Pool #C91938		596,957
	247,073	4.00%, 11/1/40, Pool #A95150		265,634
	320,409	3.50%, 1/1/44, Pool #G60271		349,548
	634,352	3.50%, 1/1/44, Pool #G07922		686,577
	90,576	4.00%, 2/1/45, Pool #G07949		99,479
	79,080	3.50%, 11/1/45, Pool #Q37467		85,721
	22,858	4.00%, 4/1/46, Pool #V82292		24,958
	9,091	4.00%, 4/1/46, Pool #Q39975		9,986
	159,120	3.50%, 9/1/46, Pool #Q43257		172,367
	9,543	4.50%, 12/1/46, Pool #Q45028		10,643
	247,999	3.00%, 12/1/46, Pool #G60989		262,063
	10,897	4.50%, 1/1/47, Pool #Q45635		12,175
	16,502	4.50%, 2/1/47, Pool #Q46222		18,171
	44,975	4.50%, 5/1/47, Pool #Q48095		49,522
	35,976	4.50%, 5/1/47, Pool #Q47935		39,613
	18,978	4.50%, 5/1/47, Pool #Q47942		20,903
	356,986	4.00%, 6/1/47, Pool #Q48877		390,110
	56,334	4.50%, 6/1/47, Pool #Q48759		62,034
	35,980	4.50%, 7/1/47, Pool #Q49393		39,618
	115,880	4.50%, 12/1/47, Pool #Q53017		126,682
	9,767	4.50%, 1/1/48, Pool #Q53730		10,678
	12,221	4.00%, 2/1/48, Pool #Q54499		13,338
	34,789	4.00%, 2/1/48, Pool #G61343		37,692
	57,272	4.50%, 4/1/48, Pool #Q55660		63,457
	66,851	4.50%, 4/1/48, Pool #Q55724		74,070
	63,826	4.50%, 4/1/48, Pool #Q55500		70,817
	97,771	4.50%, 5/1/48, Pool #Q55839		108,329
	167,796	4.00%, 5/1/48, Pool #Q55992		182,885
	229,400	4.00%, 6/1/48, Pool #G67713		250,704
	72,667	4.00%, 7/1/48, Pool #Q59935		79,451
	39,384	4.50%, 10/1/48, Pool #G67716		43,983
	8,565	3.00%, 10/1/49, Pool #QA3907		9,014
	14,308	3.00%, 11/1/49, Pool #QA4483		15,060


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	34,734	3.00%, 12/1/49, Pool #QA5154	$	36,555
	13,634	3.00%, 12/1/49, Pool #QA5521		14,338
	50,000	3.50%, 5/1/50, Pool #SD8063		52,772
	558,144	2.50%, 11/1/50, Pool #SD7530		580,183

				7,531,027

Federal National Mortgage Association (4.2%)
	48,879	2.50%, 5/1/31, Pool #BC0919		51,430
	69,606	2.50%, 8/1/31, Pool #BC2778		73,247
	46,452	2.50%, 10/1/31, Pool #AS8010		48,926
	343,578	2.50%, 1/1/32, Pool #BE3032		359,400
	57,584	2.50%, 9/1/32, Pool #MA3124		60,199
	202,257	3.00%, 9/1/32, Pool #BM5110		213,983
	28,141	3.00%, 3/1/33, Pool #BM4614		29,919
	27,340	3.00%, 5/1/33, Pool #AT3000		29,041
	27,119	3.00%, 6/1/33, Pool #AT6090		28,800
	128,616	3.00%, 7/1/33, Pool #MA1490		136,542
	461,466	6.00%, 5/1/36, Pool #745512		541,458
	1,200,000	1.50%, 7/25/36, TBA		1,214,625
	2,200,000	2.00%, 7/25/36, TBA		2,269,781
	1,200,000	1.50%, 8/25/36, TBA		1,212,563
	17,734	3.50%, 12/1/40, Pool #AH1556		19,092
	48,256	4.00%, 10/1/43, Pool #BM1167		53,175
	299,558	4.50%, 3/1/44, Pool #AV0957		325,490
	251,787	4.50%, 7/1/44, Pool #AS3062		275,710
	267,328	4.50%, 12/1/44, Pool #AS4176		296,080
	126,968	4.00%, 5/1/45, Pool #AZ1207		138,797
	215,219	4.00%, 6/1/45, Pool #AY8096		235,012
	111,536	4.00%, 6/1/45, Pool #AY8126		121,927
	356,281	3.50%, 7/1/45, Pool #AZ0814		383,328
	247,966	3.50%, 8/1/45, Pool #AY8424		266,856
	126,150	4.50%, 12/1/45, Pool #BA6997		136,679
	38,173	4.00%, 12/1/45, Pool #AS6352		41,248
	10,311	4.50%, 1/1/46, Pool #AY3890		11,136
	124,862	4.00%, 2/1/46, Pool #BC1578		134,573
	4,285	4.50%, 3/1/46, Pool #BC0287		4,777
	332,626	4.00%, 4/1/46, Pool #AL8468		367,084
	32,531	4.00%, 4/1/46, Pool #AS7024		35,426
	271,270	4.00%, 6/1/46, Pool #AL9282		292,369
	53,793	4.50%, 6/1/46, Pool #BD1238		58,949
	132,964	4.00%, 7/1/46, Pool #BC1443		145,854
	32,880	4.00%, 9/1/46, Pool #BD1489		35,440
	139,779	4.00%, 9/1/46, Pool #BC2843		153,253
	124,991	3.50%, 10/1/46, Pool #AL9285		133,385
	57,828	4.50%, 10/1/46, Pool #BE1671		63,165
	23,134	4.00%, 10/1/46, Pool #BD7599		24,954
	124,578	4.00%, 10/1/46, Pool #BC4754		136,710
	52,871	4.50%, 11/1/46, Pool #BE2386		58,974
	103,772	4.50%, 12/1/46, Pool #BE4488		115,805
	7,912	4.50%, 12/1/46, Pool #BC9079		8,821
	350,619	3.50%, 12/1/46, Pool #BC9077		377,734
	31,057	4.50%, 1/1/47, Pool #BE6506		34,455
	36,775	4.50%, 1/1/47, Pool #BE7087		40,898
	48,754	4.50%, 2/1/47, Pool #BE8498		53,918
	530,595	4.00%, 2/1/47, Pool #AL9779		577,450
	66,104	4.00%, 5/1/47, Pool #BM1277		72,476
	70,600	4.50%, 6/1/47, Pool #BE3663		78,516
	9,448	4.00%, 6/1/47, Pool #BH4269		10,362

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	19,652	4.50%, 6/1/47, Pool #BH0561	$	21,576
	11,603	4.50%, 6/1/47, Pool #BE9387		12,904
	39,461	4.00%, 7/1/47, Pool #AS9968		43,264
	67,969	4.50%, 7/1/47, Pool #BE3749		75,611
	73,621	4.00%, 4/1/48, Pool #BM3700		80,717
	34,198	4.50%, 4/1/48, Pool #BJ5454		37,732
	18,463	4.50%, 5/1/48, Pool #BJ5507		20,372
	93,995	4.50%, 10/25/48, Pool #BM4548		104,135
	283,031	4.50%, 9/1/49, Pool #FM1534		313,074
	396,933	4.00%, 11/1/49, Pool #CA4628		433,402
	12,355	3.00%, 11/1/49, Pool #BO8254		13,002
	63,564	3.50%, 11/1/49, Pool #CA4557		68,102
	258,394	3.00%, 2/1/50, Pool #CA5126		272,255
	0	3.00%, 7/1/50, Pool #FM3241		—
	444,514	2.50%, 8/1/50, Pool #SD0430		462,006
	189,321	2.50%, 10/1/50, Pool #CA7229		197,865
	17,350,000	3.50%, 7/25/51, TBA		18,263,586
	20,500,000	3.00%, 7/25/51, TBA		21,374,453
	4,650,000	2.50%, 7/25/51, TBA		4,811,297
	4,450,000	2.00%, 7/25/51, TBA		4,498,672
	5,350,000	2.50%, 8/25/51, TBA		5,525,338
	6,600,000	2.00%, 8/25/51, TBA		6,658,781
	6,950,000	3.50%, 8/25/51, TBA		7,321,391

				82,199,327

Government National Mortgage Association (2.0%)
	25,545	4.00%, 10/20/40, Pool #G24833		27,804
	76,009	4.00%, 1/20/41, Pool #4922		82,734
	74,025	4.00%, 8/15/41, Pool #430354		80,848
	852,225	4.00%, 1/20/42, Pool #5280		939,826
	113,019	4.00%, 11/20/42, Pool #MA0535		123,032
	262,559	3.00%, 12/20/42, Pool #AA5872		275,384
	1,898,976	3.50%, 1/20/43, Pool #MA0699		2,028,534
	32,506	3.50%, 3/20/43, Pool #AD8884		34,934
	161,631	3.00%, 3/20/43, Pool #AA6146		177,217
	68,709	3.00%, 3/20/43, Pool #AD8812		74,656
	13,086	3.50%, 4/20/43, Pool #AB9891		14,057
	33,846	3.50%, 4/20/43, Pool #AD9075		36,382
	85,028	4.00%, 5/20/46, Pool #MA3664		91,999
	418,822	3.00%, 12/20/46, Pool #MA4126		443,368
	51,355	4.00%, 1/15/47, Pool #AX5831		55,512
	107,969	4.00%, 1/15/47, Pool #AX5857		116,760
	595,511	3.00%, 1/20/47, Pool #MA4195		628,618
	278,100	4.00%, 3/20/47, Pool #MA4322		297,543
	127,994	4.00%, 4/20/47, Pool #784304		135,371
	48,805	4.00%, 4/20/47, Pool #MA4383		52,437
	117,176	4.00%, 4/20/47, Pool #784303		123,924
	51,644	4.00%, 5/20/47, Pool #MA4452		55,254
	33,540	3.50%, 2/20/48, Pool #MA5019		35,444
	28,914	4.00%, 4/20/48, Pool #BG3507		31,290
	29,486	4.00%, 4/20/48, Pool #BG7744		31,911
	8,329	3.50%, 12/20/49, Pool #BR8987		9,037
	13,107	3.50%, 12/20/49, Pool #BR8985		14,110
	9,738	3.50%, 12/20/49, Pool #BR8984		10,302
	61,774	3.00%, 4/20/50, Pool #MA6599		64,634
	248,368	2.50%, 3/20/51, Pool #MA7255		258,403
	1,793,588	3.00%, 5/20/51, Pool #MA7368		1,884,414
	4,175,000	2.50%, 7/20/51, TBA		4,321,777
	6,150,000	3.50%, 7/20/51, TBA		6,445,008


Principal Amount or Shares			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	2,550,000	3.00%, 7/20/51, TBA	$	2,660,367
	4,900,000	2.00%, 7/20/51, TBA		4,994,172
	1,450,000	2.50%, 8/20/51, TBA		1,498,371
	3,250,000	2.00%, 8/20/51, TBA		3,306,367
	1,650,000	3.50%, 8/20/51, TBA		1,730,309
	5,650,000	3.00%, 8/20/51, TBA		5,892,111

				39,084,221

	Total U.S. Government Agency Mortgages (Cost $127,813,009)			128,814,575

U.S. Treasury Obligations (20.2%):
U.S. Treasury Bonds (5.2%)
	1,605,300	3.00%, 2/15/47		1,907,297
	92,947,000	2.38%, 5/15/51		99,308,060

				101,215,357

U.S. Treasury Inflation Index Bonds (0.5%)
	2,298,152	0.75%, 2/15/45		2,836,838
	86,649	1.00%, 2/15/46		113,391
	816,955	1.00%, 2/15/49		1,100,764
	4,101,880	0.13%, 2/15/51^		4,511,333

				8,562,326

U.S. Treasury Inflation Index Notes (1.0%)
	391,216	0.88%, 1/15/29		453,140
	991,553	0.25%, 7/15/29		1,104,019
	15,384,000	0.13%, 1/15/31		16,951,064

				18,508,223

U.S. Treasury Note (0.0%^†)
	584,000	0.25%, 5/15/24		580,898

U.S. Treasury Notes (13.5%)
	75,000,000	0.13%, 5/31/23		74,835,938
	900,000	2.50%, 1/31/24		949,500
	12,859,000	0.25%, 7/31/25		12,619,903
	2,190,000	0.38%, 12/31/25		2,148,938
	5,588,000	2.50%, 2/28/26		6,020,197
	6,505,000	0.75%, 3/31/26^		6,478,573
	3,000,000	0.75%, 4/30/26		2,985,937
	85,000,000	0.75%, 5/31/26^		84,548,437
	32,355,200	1.25%, 5/31/28		32,466,421
	40,000,000	1.63%, 5/15/31^		40,662,500

				263,716,344

	Total U.S. Treasury Obligations (Cost $391,205,436)			392,583,148

Short-Term Security Held as Collateral for Securities on Loan (7.3%):
	143,100,332	BlackRock Liquidity FedFund, Institutional Class , 0.04%(e)(f)		143,100,332

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $143,100,332)			143,100,332

Unaffiliated Investment Company (12.4%):
Money Markets (12.4%):
	241,664,636	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(f)		241,664,636

	Total Unaffiliated Investment Company (Cost $241,664,636)			241,664,636

	Total Investment Securities (Cost $2,130,929,975) — 114.3%			2,226,586,834
	Net other assets (liabilities) — (14.3)%			(278,813,888	)

	Net Assets — 100.0%		$	1,947,772,946

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Percentages indicated are based on net assets as of June 30, 2021.

GO—General Obligation

H15T1Y—1 Year Treasury Constant Maturity Rate

H15T5Y—5 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

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 June 30, 2021. The total value of securities on loan as of June 30, 2021 was $140,078,754.

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-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 June 30, 2021.

(c)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2021. The total of all such securities represent 0.00% of the net assets of the fund.

(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 June 30, 2021.

(f)	The rate represents the effective yield at June 30, 2021.

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

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/17/21		81	$	17,368,830	$	241,881

							$	241,881

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment in non-affiliates, at cost	$	2,129,287,945
Investments in affiliates, at cost		1,642,030

Investment in non-affiliates, at value(a)	$	2,224,934,016
Investments in affiliates, at value		1,652,818
Deposit at broker for futures contracts collateral		2,123,000
Interest and dividends receivable		6,378,172
Foreign currency, at value (cost $1)		1
Receivable for capital shares issued		582,411
Receivable for investments sold		2,858,540
Receivable for TBA investments sold		43,009,234
Receivable for variation margin on futures contracts		96,523
Reclaims receivable		42,204
Prepaid expenses		23,809

Total Assets		2,281,700,728

Liabilities:
Cash overdraft		22,827
Payable for investments purchased		42,567,181
Payable for TBA investments purchased		147,000,630
Payable for capital shares redeemed		613,014
Payable for collateral received on loaned securities		143,100,332
Manager fees payable		357,357
Administration fees payable		13,843
Distribution fees payable		202,242
Custodian fees payable		4,610
Administrative and compliance services fees payable		1,558
Transfer agent fees payable		1,628
Trustee fees payable		7,850
Other accrued liabilities		34,710

Total Liabilities		333,927,782

Net Assets	$	1,947,772,946

Net Assets Consist of:
Paid in capital	$	1,773,742,690
Total distributable earnings		174,030,256

Net Assets	$	1,947,772,946

Class 1
Net Assets	$	117,646,142
Shares of beneficial interest (unlimited number of shares authorized, no par value)		11,617,677
Net Asset Value (offering and redemption price per share)	$	10.13

Class 2
Net Assets	$	1,830,126,804
Shares of beneficial interest (unlimited number of shares authorized, no par value)		118,694,323
Net Asset Value (offering and redemption price per share)	$	15.42

(a)	Includes securities on loan of $140,078,754.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	5,073,305
Dividends		1,952,090
Income from securities lending		17,472
Foreign withholding tax		(110,543	)

Total Investment Income		6,932,324

Expenses:
Manager fees		1,984,563
Administration fees		55,347
Distribution fees		782,250
Custodian fees		14,182
Administrative and compliance services fees		4,566
Transfer agent fees		3,423
Trustee fees		16,389
Professional fees		14,371
Shareholder reports		13,605
Other expenses		6,559

Total expenses before reductions		2,895,255
Less expenses voluntarily waived/reimbursed by the Manager		(580,008	)
Less expense contractually waived/reimbursed by the Manager		(73,169	)

Net expenses		2,242,078

Net Investment Income/(Loss)		4,690,246

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		37,765,513
Net realized gains/(losses) on affiliated transactions		(120	)
Net realized gains/(losses) on futures contracts		668,761
Change in net unrealized appreciation/depreciation on securities and foreign currencies		10,527,805
Change in net unrealized appreciation/depreciation on affiliated transactions		10,788
Change in net unrealized appreciation/depreciation on futures contracts		187,649

Net realized and Change in net unrealized gains/losses on investments		49,160,396

Change in Net Assets Resulting From Operations	$	53,850,642

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,690,246			$	10,198,483
Net realized gains/(losses) on investments			38,434,154				26,785,761
Change in unrealized appreciation/depreciation on investments			10,726,242				27,808,739

Change in net assets resulting from operations			53,850,642				64,792,983

Distributions to Shareholders:
Class 1			—				—
Class 2			—				(28,810,320	)

Change in net assets resulting from distributions to shareholders			—				(28,810,320	)

Capital Transactions:
Class 1^
Proceeds from shares issued			116,784,436				—
Value of shares redeemed			(231,435	)			—

Total Class 1 Shares			116,553,001				—

Class 2
Proceeds from shares issued			1,257,671,765				14,403,625
Proceeds from dividends reinvested			—				28,810,320
Value of shares redeemed			(38,829,318	)			(79,696,573	)

Total Class 2 Shares			1,218,842,447				(36,482,628	)

Change in net assets resulting from capital transactions			1,335,395,448				(36,482,628	)

Change in net assets			1,389,246,090				(499,965	)
Net Assets:
Beginning of period			558,526,856				559,026,821

End of period		$	1,947,772,946			$	558,526,856

Share Transactions:
Class 1^
Shares issued			11,640,591				—
Shares redeemed			(22,914	)			—

Total Class 1 Shares			11,617,677				—

Class 2
Shares issued			82,605,334				1,040,827
Dividends reinvested			—				2,099,877
Shares redeemed			(2,592,589	)			(6,007,621	)

Total Class 2 Shares			80,012,745				(2,866,917	)

Change in shares			91,630,422				(2,866,917	)

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

^	Class 1 activity is for the period June 21, 2021 (commencement of operations) to June 30, 2021.

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)


	Six Months Ended June 30, 2021^				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)
Class 1

Net Asset Value, Beginning of Period		$	10.00

Investment Activities:
Net Investment Income/(Loss)			—	(a)(b)
Net Realized and Unrealized Gains/(Losses) on Investments			0.13

Total from Investment Activities			0.13

Distributions to Shareholders From:
Net Investment Income			—
Net Realized Gains			—

Total Dividends			—

Net Asset Value, End of Period		$	10.13

Total Return(c)			1.30	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	117,646
Net Investment Income/(Loss)(e)			1.04	%
Expenses Before Reductions(e)(f)			0.47	%
Expenses Net of Reductions(e)			0.47	%
Portfolio Turnover Rate			70	%(d)

Class 2

Net Asset Value, Beginning of Period		$	14.44			$	13.45			$	12.26			$	13.35			$	12.43			$	12.06

Investment Activities:
Net Investment Income/(Loss)			0.11	(b)			0.26	(b)			0.31	(b)			0.34				0.28				0.34
Net Realized and Unrealized Gains/(Losses) on Investments			0.87				1.51				1.76				(0.58	)			1.09				0.44

Total from Investment Activities			0.98				1.77				2.07				(0.24	)			1.37				0.78

Distributions to Shareholders From:
Net Investment Income			—				(0.35	)			(0.33	)			(0.32	)			—				(0.18	)
Net Realized Gains			—				(0.43	)			(0.55	)			(0.53	)			(0.45	)			(0.23	)

Total Dividends			—				(0.78	)			(0.88	)			(0.85	)			(0.45	)			(0.41	)

Net Asset Value, End of Period		$	15.42			$	14.44			$	13.45			$	12.26			$	13.35			$	12.43

Total Return(c)			6.79	%(d)			13.47	%			17.27	%			(2.02	)%			11.12	%			6.52	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,830,127			$	558,527			$	559,027			$	539,355			$	627,375			$	657,727
Net Investment Income/(Loss)(e)			1.49	%			1.92	%			2.35	%			2.24	%			2.06	%			2.48	%
Expenses Before Reductions(e)(f)			0.92	%			1.03	%			1.02	%			1.01	%			1.00	%			1.04	%
Expenses Net of Reductions(e)			0.71	%			0.71	%			0.71	%			0.71	%			0.71	%			0.97	%
Portfolio Turnover Rate			70	%(d)			77	%			77	%			66	%			82	%			148	%(g)

^	Class 1 activity is for the period June 21, 2021 (commencement of operations) to June 30, 2021.

(a)	Represents less than $0.005.

(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.

(g)

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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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.

Securities Purchased on a When-Issued Basis

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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

Distributions to Shareholders

Expense Allocation

Class Allocation

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

Bank Loans

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. 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

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,748 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $143,100,332 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

TBA Purchase and Sale Commitments

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $5.6 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

241,881

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 period ended June 30, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	668,761	$	187,649

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

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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, 2022.

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit**

AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 1		0.43	%		0.47	%
AZL Fidelity Institutional Asset Management Multi-Strategy Fund, Class 2		0.43	%		0.72	%

The annual rate due to the Manager is 0.43% of the first $20 billion of the Fund’s net assets and 0.40% of the Fund’s net assets over $20 billion. Prior to June 1, 2021, the annual rate due to the Manager was 0.70% on all net assets, and the Manager waived, prior to any application of expense limit, the management fee to 0.45% on all assets.

**	Prior to June 1, 2021, the annual expense limit was 0.46% and 0.71% for Class 1 and Class 2, respectively.

At June 30, 2021, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2021			Expires 12/31/2022			Expires 12/31/2023			Expires 12/31/2024			Total

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	287,302		$	328,039		$	353,628		$	73,169		$	1,042,138

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	790,982,915		$	150,953		$	—	#		$	791,133,868
Preferred Stock+			101,370			—			—				101,370
Warrants+			73,275			—			—				73,275
Asset Backed Securities			—			12,952,732			—				12,952,732
Collateralized Mortgage Obligations			—			53,312,714			—				53,312,714
Convertible Bonds+			—			494,032			—				494,032
Bank Loans+			—			352,557			—				352,557
Corporate Bonds+			—			352,637,996			—				352,637,996
Yankee Debt Obligations+			—			104,813,180			—				104,813,180
Municipal Bonds			—			4,552,419			—				4,552,419
U.S. Government Agency Mortgages			—			128,814,575			—				128,814,575
U.S. Treasury Obligations			—			392,583,148			—				392,583,148
Short-Term Security Held as Collateral for Securities on Loan			143,100,332			—			—				143,100,332
Unaffiliated Investment Company			241,664,636			—			—				241,664,636

Total Investment Securities			1,175,922,528			1,050,664,306			—				2,226,586,834

Other Financial Instruments:*
Futures Contracts			241,881			—			—				241,881

Total Investments		$	1,176,164,409		$	1,050,664,306		$	—			$	2,226,828,715

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2021.

*	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

June 30, 2021 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	1,642,035,538		$	492,310,452

For the period ended June 30, 2021, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	584,783,130		$	281,329,350

6. Investment Risks

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $478,379,878. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	87,638,861
Unrealized (depreciation)		(4,875,420	)

Net unrealized appreciation/(depreciation)	$	82,763,441

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Fidelity Institutional Asset Management Multi-Strategy Fund		$	15,135,367		$	13,674,953		$	28,810,320

(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, 2020, 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		$	14,483,114		$	22,909,101		$	—		$	82,787,399		$	120,179,614

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

10. Subsequent Events

AZL Fidelity Institutional Asset Management Multi-Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD
Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
	% of votes entitled to be cast	95.876%	4.124%
Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
	% of votes entitled to be cast	96.160%	3.840%
Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
	% of votes entitled to be cast	96.210%	3.790%
Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
	% of votes entitled to be cast	96.133%	3.867%
Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
	% of votes entitled to be cast	96.177%	3.823%
Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
	% of votes entitled to be cast	95.860%	4.140%
Brian Muench	Votes	15,605,407,154.653	627,318,010.671
	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
	% of votes entitled to be cast	97.087%	2.453%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
	% of votes entitled to be cast	91.923%	3.014%	5.063%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%
AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
	% of votes entitled to be cast	92.878%	3.614%	3.508%
AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
	% of votes entitled to be cast	87.262%	3.107%	9.631%
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
	% of votes entitled to be cast	90.034%	3.128%	6.838%
AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
	% of votes entitled to be cast	87.286%	6.218%	6.496%
AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
	% of votes entitled to be cast	89.004%	3.983%	7.013%
AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
	% of votes entitled to be cast	90.144%	2.259%	7.598%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
	% of votes entitled to be cast	90.671%	2.764%	6.565%


FUND		FOR	AGAINST	ABSTAIN
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
	% of votes entitled to be cast	95.792%	0.00%	4.207%
AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
	% of votes entitled to be cast	90.561%	2.829%	6.610%
AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
	% of votes entitled to be cast	90.103%	2.577%	7.320%
AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
	% of votes entitled to be cast	90.899%	2.590%	6.511%
AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
	% of votes entitled to be cast	89.239%	3.094%	7.667%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
	% of votes entitled to be cast	96.136%	3.404%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
	% of votes entitled to be cast	91.505%	3.381%	5.113%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%
AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
	% of votes entitled to be cast	91.920%	4.210%	3.870%
AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
	% of votes entitled to be cast	85.982%	3.370%	10.648%
AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
	% of votes entitled to be cast	88.771%	3.355%	7.874%
AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
	% of votes entitled to be cast	87.576%	6.692%	5.732%
AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
	% of votes entitled to be cast	88.397%	3.825%	7.778%
AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
	% of votes entitled to be cast	88.324%	2.566%	9.110%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
	% of votes entitled to be cast	90.507%	2.857%	6.636%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
	% of votes entitled to be cast	95.792%	3.755%	0.452%
AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
	% of votes entitled to be cast	89.724%	3.620%	6.656%
AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
	% of votes entitled to be cast	88.800%	3.711%	7.489%
AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
	% of votes entitled to be cast	90.479%	2.565%	6.956%
AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
	% of votes entitled to be cast	88.392%	3.927%	7.682%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Fidelity Institutional Asset Management

Total Bond Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 23

Page 23

Page 24

Page 25

Page 26

Page 32

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 35

Page 36

AZL Fidelity Institutional Asset Management Total Bond Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1		$	1,000.00		$	1,000.90		$	2.73		0.55	%

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		$	1,000.00		$	1,000.00		$	3.97		0.80	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 1		$	1,000.00		$	1,022.07		$	2.76		0.55	%

AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		$	1,000.00		$	1,020.83		$	4.01		0.80	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

U.S. Treasury Obligations		31.8	%

Corporate Bonds		31.8

Yankee Debt Obligations		10.2

U.S. Government Agency Mortgages		9.3

Collateralized Mortgage Obligations		7.6

Unaffiliated Investment Company		7.0

Asset Backed Securities		2.1

Municipal Bonds		1.2

Short-Term Security Held as Collateral for Securities on Loan		1.0

Common Stocks		0.2

Convertible Bonds		0.2

Bank Loans		0.1

Preferred Stock		—	^†

Warrant		—	^†


Total Investment Securities		102.5

Net other assets (liabilities)		(2.5	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares, Contracts or Principal Amount			Value
Common Stocks (0.2%):
Diversified Telecommunication Services (0.0%^†):
	2,687	Frontier Communications Parent, Inc.*	$	70,937

Oil, Gas & Consumable Fuels (0.2%):
	22	Amplify Energy Corp.*		89
	267	California Resources Corp.*^		8,048
	281	California Resources Corp.*		8,469
	7,949	Denbury, Inc.*		610,324
	5,889	Sanchez Energy Corp.*		213,286

				840,216

	Total Common Stocks (Cost $396,549)			911,153

Preferred Stock (0.0%^†):
Electric Utilities (0.0%^†):
	1,400	PG&E Corp., 5.50%, 8/16/23		141,918

	Total Preferred Stock (Cost $164,354)			141,918

Warrant (0.0%^†):
Oil, Gas & Consumable Fuels (0.0%^†):
	95	California Resources Corp., 10/27/24		730

	Total Warrant (Cost $–)			730

Asset Backed Securities (2.1%):
$	230,858	Aaset Trust, Class A, Series 2020-1A, 3.35%, 1/16/40(a)		228,092
	244,877	Aaset Trust, Class A, Series 2020-1A, 4.34%, 1/16/40(a)		171,837
	415,001	Aaset Trust, Class A, Series 2019-2, 3.38%, 10/16/39(a)		405,786
	278,556	Aaset Trust, Class A, Series 2019-1, 3.84%, 5/15/39(a)		274,390
	1,448,146	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(a)		1,432,604
	220,887	Aaset Trust, Class A, Series 2018-1A, 3.84%, 1/16/38(a)		212,083
	111,979	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		112,648
	499,000	Blackbird Capital Aircraft, Class A, Series 2021-1A, 2.44%, 7/15/46, Callable 7/15/28 @ 100(a)		498,987
	587,130	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		579,557
	410,007	Castlelake Aircraft Structured Trust, Class A, Series 2019-1, 3.97%, 4/15/39(a)		409,445
	424,769	Castlelake Aircraft Structured Trust, Class A, Series 2018-1A, 4.13%, 6/15/43(a)		423,246
	216,990	Castlelake Aircraft Structured Trust, Class B, Series 2019-1, 5.10%, 4/15/39(a)		207,711
	222,623	Castlelake Aircraft Structured Trust, Class A, Series 2021-1A, 3.47%, 1/15/46(a)		226,438
	546,000	CF Hippolyta LLC, Class A1, Series 2021-A, 1.53%, 3/15/61, Callable 3/15/24 @ 100(a)		549,907
	329,918	DB Master Finance LLC, Class A2I, Series 2017-1A, 3.63%, 11/20/47, Callable 11/20/21 @ 100(a)		333,996
	554,378	DB Master Finance LLC, Class A2II, Series 2017-1A, 4.03%, 11/20/47, Callable 11/20/23 @ 100(a)		591,319
	222,332	Horizon Aircraft Finance, Ltd., Class A, Series 2019-1, 3.72%, 7/15/39(a)		218,608
	220,553	Horizon Aircraft Finance, Ltd., Class A, Series 2018-1, 4.46%, 12/15/38(a)		223,783


Principal Amount			Value
Asset Backed Securities, continued
$	331,945	Planet Fitness Master Issuer LLC, Class A2, Series 1A, 3.86%, 12/5/49, Callable 12/5/25 @ 100(a)	$	335,686
	377,516	Project Silver, Class A, Series 2019-1, 3.97%, 7/15/44(a)		370,123
	372,447	Sapphire Aviation Finance, Ltd., Class A, Series 2020-1A, 3.23%, 3/15/40(a)		370,503
	233,783	Sapphire Aviation Finance, Ltd., Class B, Series 2020-1A, 4.34%, 3/15/40(a)		204,574
	381,265	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(a)(b)		384,260
	542,995	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2018, 4.15%, 9/15/38(a)(b)		540,182
	549,528	Thunderbolt Aircraft Lease, Ltd., Class A, Series 2019-1, 3.67%, 11/15/39(a)		544,799

	Total Asset Backed Securities (Cost $9,971,608)			9,850,564

Collateralized Mortgage Obligations (7.6%):
	280,000	AIMCO CLO 11, Ltd., Class A, Series 2020-11A, 1.56%(US0003M+138bps), 10/15/31, Callable 10/15/21 @ 100(a)		280,510
	440,000	Aimco CLO 12, Ltd., Class A, Series 2020-12A, 1.44%(US0003M+121bps), 1/17/32, Callable 1/17/22 @ 100(a)		439,648
	460,000	Aimco CLO 14, Ltd., Class A, Series 2021-14A(US0003M+99bps), 4/20/34, Callable 4/20/23 @ 100(a)		459,665
	750,000	AIMCO CLO, Ltd., Class A, Series 2019-10A, 1.50%(US0003M+132bps), 7/22/32, Callable 7/22/21 @ 100(a)		750,057
	250,000	Allegany Park CLO, Ltd., Class A, Series 2019-1A, 1.52%(US0003M+133bps), 1/20/33, Callable 1/20/22 @ 100(a)		250,409
	273,000	Allegro CLO XIII, Ltd., Class A, Series 2021-1A(US0003M+114bps), 7/20/34(a)		273,547
	393,000	Ares CLO, Ltd., Class A, Series 2019-54A, 1.50%(US0003M+132bps), 10/15/32, Callable 10/15/21 @ 100(a)		393,150
	250,000	Ares CLO, Ltd., Class AR2, Series 2015-2A, 1.44%(US0003M+125bps), 4/17/33, Callable 7/17/21 @ 100(a)		250,934
	358,000	Ares LV CLO, Ltd., Class A1, Series 2020-55A, 1.88%(US0003M+170bps), 4/15/31, Callable 7/15/21 @ 100(a)		358,000
	342,000	Ares LV CLO, Ltd., Class A1R, Series 2020-55A(US0003M+113bps), 7/15/34(a)		342,000
	360,000	Ares LVIII CLO, Ltd., Class A, Series 2020-58A, 1.46%(US0003M+122bps), 1/15/33, Callable 1/15/22 @ 100(a)		360,483
	387,000	Ares XLI CLO, Ltd., Class AR2, Series 2016-41A, 1.67%(US0003M+107bps), 4/15/34, Callable 4/15/23 @ 100(a)		387,069
	100,000	BAMLL Commercial Mortgage Securities Trust, Class BNM, Series 2019-BPR, 3.47%, 11/5/32(a)		92,957
	273,000	BAMLL Commercial Mortgage Securities Trust, Class ANM, Series 2019-BPR, 3.11%, 11/5/32(a)		284,261
	340,000	BAMLL Commercial Mortgage Securities Trust, Class A, Series 2020-JGDN, 2.82%(US0001M+275bps), 11/15/25(a)		344,706

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	43,000	Bank, Class A5, Series 2019-BN21, 2.85%, 10/15/52, Callable 9/15/29 @ 100	$	45,967
	443,000	Barings CLO, Ltd., Class A1, Series 2020-1A, 1.58%(US0003M+140bps), 10/15/32, Callable 10/15/21 @ 100(a)		443,521
	440,000	Barings CLO, Ltd., Class A, Series 2020-4A, 1.44%(US0003M+122bps), 1/20/32, Callable 1/20/22 @ 100(a)		440,022
	272,000	Beechwood Park CLO, Ltd., Class A1, Series 2019-1A, 1.52%(US0003M+133bps), 1/17/33, Callable 1/17/22 @ 100(a)		272,562
	49,000	Benchmark Mortgage Trust, Class A5, Series 2018-B4, 4.12%, 7/15/51(b)		56,254
	201,000	BFLD Trust, Class A, Series 2020-OBRK, 2.12%(US0001M+205bps), 11/15/28(a)		203,512
	461,000	Bristol Park CLO, Ltd., Class AR, Series 2016-1A, 1.17%(US0003M+99bps), 4/15/29, Callable 7/15/21 @ 100(a)		459,751
	266,000	BX Commercial Mortgage Trust, Class B, Series 2019-IMC, 1.37%(US0001M+130bps), 4/15/34(a)		265,840
	174,688	BX Commercial Mortgage Trust, Class C, Series 2020-BXLP, 1.19%(US0001M+112bps), 12/15/36(a)		174,688
	176,000	BX Commercial Mortgage Trust, Class C, Series 2019-IMC, 1.67%(US0001M+160bps), 4/15/34(a)		175,453
	400,000	BX Commercial Mortgage Trust, Class A, Series 2019-IMC, 1.07%(US0001M+100bps), 4/15/34(a)		400,000
	140,824	BX Commercial Mortgage Trust, Class D, Series 2018-EXCL, 2.70%(US0001M+263bps), 9/15/37(a)		105,949
	603,644	BX Commercial Mortgage Trust, Class A, Series 2020-BXLP, 0.87%(US0001M+80bps), 12/15/29(a)		604,477
	220,302	BX Commercial Mortgage Trust, Class B, Series 2020-BXLP, 1.07%(US0001M+100bps), 12/15/29(a)		220,302
	361,201	BX Commercial Mortgage Trust, Class D, Series 2019-XL, 1.52%(US0001M+145bps), 10/15/36(a)		361,551
	506,949	BX Commercial Mortgage Trust, Class E, Series 2019-XL, 1.87%(US0001M+180bps), 10/15/36(a)		507,440
	289,811	BX Commercial Mortgage Trust, Class A, Series 2020-FOX, 1.07%(US0001M+100bps), 11/15/32(a)		290,689
	146,300	BX Commercial Mortgage Trust, Class F, Series 2018-IND, 1.87%(US0001M+180bps), 11/15/35(a)		146,334
	269,796	BX Commercial Mortgage Trust, Class D, Series 2020-BXLP, 1.32%(US0001M+125bps), 12/15/29(a)		269,796
	202,780	BX Commercial Mortgage Trust, Class B, Series 2019-XL, 1.15%(US0001M+108bps), 10/15/36(a)		202,978
	254,380	BX Commercial Mortgage Trust, Class C, Series 2019-XL, 1.32%(US0001M+125bps), 10/15/36(a)		254,629
	185,000	BX Commercial Mortgage Trust, Class D, Series 2019-IMC, 1.97%(US0001M+190bps), 4/15/34(a)		183,986
	205,743	BX Commercial Mortgage Trust, Class E, Series 2020-BXLP, 1.67%(US0001M+160bps), 12/15/29(a)		205,743
	297,000	Cascade Funding Mortgage Trust, Class A, Series 2021-HB6, 0.90%, 6/25/36, Callable 6/25/22 @ 100(a)(b)		297,000
	346,000	Cedar Funding CLO, Ltd., Class A, Series 2019-10A, 1.53%(US0003M+134bps), 10/20/32, Callable 10/20/21 @ 100(a)		346,687


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	336,000	Cedar Funding VI CLO, Ltd., Class AAA, Series 2016-6A, 1.24%(US0003M+105bps), 4/20/34, Callable 4/20/23 @ 100(a)	$	336,303
	250,000	Cedar Funding XII CLO, Ltd., Class A, Series 2020-12A, 1.45%(US0003M+127bps), 10/25/32, Callable 10/25/21 @ 100(a)		250,088
	622,457	CHC Commercial Mortgage Trust, Class A, Series 2019-CHC, 1.19%(US0001M+112bps), 6/15/34(a)		622,847
	122,109	CHC Commercial Mortgage Trust, Class B, Series 2019-CHC, 1.57%(US0001M+150bps), 6/15/34(a)		121,788
	137,993	CHC Commercial Mortgage Trust, Class C, Series 2019-CHC, 1.82%(US0001M+175bps), 6/15/34(a)		136,953
	370,000	Columbia Cent CLO 29, Ltd., Class A1N, Series 2020-29A, 1.89%(US0003M+170bps), 7/20/31, Callable 1/20/22 @ 100(a)		371,449
	580,000	Columbia Cent CLO 30, Ltd., Class A1, Series 2020-30A, 1.53%(US0003M+131bps), 1/20/34, Callable 4/20/23 @ 100(a)		580,624
	440,000	Columbia Cent CLO 31, Ltd., Class A1, Series 2021-31A, 1.35%(US0003M+120bps), 4/20/34, Callable 7/20/23 @ 100(a)		438,978
	83,000	Commercial Mortgage Trust, Class A5, Series 2014-CR18, 3.83%, 7/15/47, Callable 6/15/24 @ 100		89,647
	205,000	Credit Suisse Mortgage Capital Certificates, Class B, Series 2019-ICE4, 1.30%(US0001M+123bps), 5/15/36(a)		205,293
	119,000	Credit Suisse Mortgage Capital Certificates, Class A, Series 20-NET, 2.26%, 8/15/37(a)		122,833
	100,000	CSMC Trust, Class C, Series 2018, 4.78%, 4/15/36(a)		98,704
	1,384,000	CSMC Trust, Class D, Series 2017-PFHP, 2.32%(US0001M+225bps), 12/15/30(a)		1,350,632
	100,000	CSMC Trust, Class B, Series 2018, 4.53%, 4/15/36(a)		100,718
	309,000	CSMC Trust, Class A, Series 2018, 4.28%, 4/15/36(a)		321,641
	128,000	CSMC Trust, Class D, Series 2018, 4.78%, 4/15/36(a)		110,973
	360,000	Dryden 68 CLO, Ltd., Class A, Series 2019-68A, 1.49%(US0003M+131bps), 7/15/32, Callable 7/15/21 @ 100(a)		359,644
	500,000	Dryden 76 CLO, Ltd., Class A1, Series 2019-76A, 1.52%(US0003M+133bps), 10/20/32, Callable 10/20/21 @ 100(a)		500,728
	250,000	Dryden 83 CLO, Ltd., Class A, Series 2020-83A, 1.46%(US0003M+122bps), 1/18/32, Callable 1/18/22 @ 100(a)		250,210
	323,000	Dryden 85 CLO, Ltd., Class A1, Series 2020-85A, 1.53%(US0003M+135bps), 10/15/32, Callable 10/15/21 @ 100(a)		323,248
	300,000	Dryden CLO, Ltd., Class A, Series 2020-78A, 1.37%(US0003M+118bps), 4/17/33, Callable 4/17/22 @ 100(a)		300,313
	460,000	Eaton Vance CLO, Ltd., Class A1, Series 2020-2A, 1.55%(US0003M+137bps), 10/15/32, Callable 1/15/22 @ 100(a)		460,615
	250,000	Eaton Vance CLO, Ltd., Class A13R, Series 2013-1A, 1.43%(US0003M+125bps), 1/15/34, Callable 1/15/23 @ 100(a)		251,316
	450,000	Eaton Vance CLO, Ltd., Class A, Series 2020-1A, 1.83%(US0003M+165bps), 10/15/30, Callable 10/15/21 @ 100(a)		450,705

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	215,000	Extended Stay America Trust, Class A, Series 2021-ESH, 1.16%(US0001M+108bps), 7/15/38(a)	$	215,604
	100,000	Extended Stay America Trust, Class C, Series 2021-ESH, 1.78%(US0001M+170bps), 7/15/38(a)		100,406
	135,000	Extended Stay America Trust, Class D, Series 2021-ESH, 2.33%(US0001M+225bps), 7/15/38(a)		135,970
	122,000	Extended Stay America Trust, Class B, Series 2021-ESH, 1.46%(US0001M+138bps), 7/15/38(a)		122,419
	430,000	Flatiron CLO 20, Ltd., Class A, Series 2020-1A, 1.46%(US0003M+130bps), 11/20/33, Callable 11/20/22 @ 100(a)		430,660
	250,000	Flatiron CLO 21, Ltd., Class A1, Series 2021-1A, 1.26%(US0003M+111bps), 7/19/34(a)		250,025
	438,000	Flatiron CLO, Ltd., Class A, Series 2019-1A, 1.48%(US0003M+132bps), 11/16/32, Callable 11/16/21 @ 100(a)		438,538
	310,000	GB Trust, Class A, Series 2020-FLIX, 1.19%(US0001M+112bps), 8/25/37(a)		310,251
	100,000	GB Trust, Class B, Series 2020-FLIX, 1.42%(US0001M+135bps), 8/25/37(a)		100,090
	63,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class CFX, Series 2018-WPT, 4.95%, 7/5/23(a)		66,281
	97,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class DFX, Series 2018-WPT, 5.35%, 7/5/23(a)		102,035
	133,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class EFX, Series 2018-WPT, 5.54%, 7/5/23(a)		137,261
	100,000	Life Mortgage Trust, Class C, Series 2021-BMR, 1.17%(US0001M+110bps), 3/15/38(a)		100,185
	100,000	Life Mortgage Trust, Class B, Series 2021-BMR, 0.95%(US0001M+88bps), 3/15/38(a)		100,140
	100,000	Life Mortgage Trust, Class E, Series 2021-BMR, 1.82%(US0001M+175bps), 3/15/38(a)		100,320
	100,000	Life Mortgage Trust, Class D, Series 2021-BMR, 1.47%(US0001M+140bps), 3/15/38(a)		100,369
	395,000	Life Mortgage Trust, Class A, Series 2021-BMR, 0.77%(US0001M+70bps), 3/15/38(a)		395,553
	250,000	Lucali CLO, Ltd., Class A, Series 2020-1A, 1.45%(US0003M+121bps), 1/15/32, Callable 1/15/22 @ 100(a)		250,314
	460,000	Madison Park Funding L, Ltd., Class A, Series 2021-50A, 1.34%(US0003M+114bps), 4/19/34, Callable 4/19/23 @ 100(a)		461,196
	250,000	Madison Park Funding XLV, Ltd., Class AR, Series 2020-45A(US0003M+112bps), 7/15/34(a)		250,000
	480,000	Madison Park Funding XLV, Ltd., Class A, Series 2020-45A, 1.83%(US0003M+165bps), 7/15/31, Callable 7/15/21 @ 100(a)		480,000
	250,000	Madison Park Funding, Ltd., Class A, Series 2019-33A, 1.51%(US0003M+133bps), 10/15/32, Callable 1/15/22 @ 100(a)		250,698
	293,567	Madison Park Funding, Ltd., Class A1R2, Series 2015-19A, 1.10%(US0003M+92bps), 1/22/28, Callable 7/22/21 @ 100(a)		293,376
	500,000	Madison Park Funding, Ltd., Class A1, Series 2019-37A, 1.48%(US0003M+130bps), 7/15/32(a)		500,152
	325,000	Magnetite XXI, Ltd., Class AR, Series 2019-21A, 1.21%(US0003M+102bps), 4/20/34, Callable 4/20/22 @ 100(a)		324,751


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	400,000	Magnetite Xxix, Ltd., Class A, Series 2021-29A, 1.09%(US0003M+99bps), 1/15/34, Callable 1/15/22 @ 100(a)	$	399,840
	590,000	Magnetite, Ltd., Class A, Series 24, 1.51%(US0003M+133bps), 1/15/33, Callable 1/15/22 @ 100(a)		590,493
	464,000	Milos CLO, Ltd., Class AR, Series 2017-1A, 1.26%(US0003M+107bps), 10/20/30, Callable 7/20/21 @ 100(a)		462,922
	86,000	Morgan Stanley Capital I Trust, Class B, Series 2019-Mead, 3.18%, 11/10/36, Callable 11/10/24 @ 100(a)		88,429
	593,000	Morgan Stanley Capital I Trust, Class A, Series 2019-Mead, 3.17%, 11/10/36, Callable 11/10/24 @ 100(a)		622,680
	361,287	Morgan Stanley Capital I Trust, Class B, Series 2018-BOP, 1.32%(US0001M+125bps), 6/15/35(a)		362,436
	82,000	Morgan Stanley Capital I Trust, Class C, Series 2019-Mead, 3.28%, 11/10/36, Callable 11/10/24 @ 100(a)(b)		83,129
	870,944	Morgan Stanley Capital I Trust, Class C, Series 2018-BOP, 1.57%(US0001M+150bps), 6/15/35(a)		870,944
	200,000	Morgan Stanley Capital I Trust, Class A4, Series 2018-H4, 4.31%, 12/15/51, Callable 12/15/28 @ 100		230,812
	500,000	Niagara Park CLO, Ltd., Class A, Series 2019-1A, 1.49%(US0003M+130bps), 7/17/32, Callable 7/17/21 @ 100(a)		500,000
	210,796	Prima Capital CRE Securitization, Class A, Series 2021-9A, 1.54%(US0001M+145bps), 12/15/37(a)		210,796
	247,502	RETL, Class C, Series 2019-RVP, 2.17%(US0001M+210bps), 3/15/36(a)		246,851
	470,000	Rockland Park CLO, Ltd., Class A, Series 2021-1A(US0003M+112bps), 4/20/34(a)		470,423
	260,000	Symphony CLO XXIII, Ltd., Class A, Series 2020-23A, 1.50%(US0003M+132bps), 1/15/34, Callable 1/15/22 @ 100(a)		260,290
	350,000	Symphony CLO XXVI, Ltd., Class AR, Series 2021-26A, 1.19%(US0003M+108bps), 4/20/33, Callable 4/20/22 @ 100(a)		349,567
	304,000	Taconic Park CLO, Ltd., Class A1R, Series 2016-1A, 1.19%(US0003M+100bps), 1/20/29, Callable 7/20/21 @ 100(a)		304,150
	370,000	VLS Commercial Mortgage Trust, Class A, Series 2020-LAB, 2.13%, 10/10/42(a)		371,554
	20,000	VLS Commercial Mortgage Trust, Class B, Series 2020-LAB, 2.45%, 10/10/42(a)		20,290
	420,000	Voya CLO, Ltd., Class A, Series 2020-1A, 1.88%(US0003M+170bps), 7/16/31, Callable 7/16/21 @ 100(a)		420,100
	516,000	Voya CLO, Ltd., Class A, Series 2019-2, 1.46%(US0003M+127bps), 7/20/32, Callable 7/20/21 @ 100(a)		516,019
	450,000	Voya CLO, Ltd., Class A1, Series 2020-2A, 1.79%(US0003M+160bps), 7/19/31, Callable 7/19/21 @ 100(a)		450,101
	570,000	Voya CLO, Ltd., Class A1, Series 2020-3A, 1.49%(US0003M+130bps), 10/20/31, Callable 10/20/21 @ 100(a)		570,228
	234,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2018-C48, 4.30%, 1/15/52, Callable 12/15/28 @ 100		272,341

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	261,000	Wells Fargo Commercial Mortgage Trust, Class A, Series 2021-FCMT, 1.27%(US0001M+120bps), 5/15/31(a)	$	261,657

	Total Collateralized Mortgage Obligations (Cost $35,260,969)			35,311,423

Convertible Bonds (0.2%):
Entertainment (0.0%^†):
	37,000	Live Nation Entertainment, Inc., 2.00%, 2/15/25		41,401

Hotels, Restaurants & Leisure (0.1%):
	54,000	Booking Holdings, Inc., 0.75%, 5/1/25		76,446
	40,000	Vail Resorts, Inc., 0.00%, 1/1/26(a)		41,404

				117,850

Leisure Products (0.0%^†):
	28,000	Callaway Golf Co., 2.75%, 5/1/26		57,072

Oil, Gas & Consumable Fuels (0.1%):
	41,909	Mesquite Energy, Inc., 15.00%, 7/15/23(a)		157,159
	71,441	Mesquite Energy, Inc., 15.00%, 7/15/23(a)		242,899

				400,058

Professional Services (0.0%^†):
	23,000	FTI Consulting, Inc., 2.00%, 8/15/23		32,869
	33,000	KBR, Inc., 2.50%, 11/1/23		51,503

				84,372

Semiconductors & Semiconductor Equipment (0.0%^†):
	13,000	ON Semiconductor Corp., 1.63%, 10/15/23		24,640

	Total Convertible Bonds (Cost $411,053)			725,393

Bank Loans (0.1%):
Chemicals (0.0%^†):
	25,000	Consolidated Energy Term Loan, 0.04%, 5/7/25		24,375

Construction & Engineering (0.0%^†):
	1,732	Convergint Tech Term 1 Loan, 0.00%, 3/17/28		1,737
	50,000	Convergint Tech Term 2 Loan, 0.00%, 3/18/29		49,812
	8,268	Convergint Tech Term B 1 Loan, 0.00%, 3/31/28		8,292

				59,841

Diversified Financial Services (0.0%^†):
	142,172	Intelsat Jackson Holdings SA, 0.06%, 7/13/22		142,973
	15,000	Intelsat Jackson Holdings SA, 0.06%, 1/2/24		15,253

				158,226

IT Services (0.1%):
	259,333	GTT Communications Term B, 0.00%, 5/31/25		203,706

Software (0.0%^†):
	6,771	Ion Analytics, Inc., 0.00%, 2/4/28		6,788
	84,576	Ultimate Software Group, Inc. (The), 0.03%, 5/4/26, Callable 8/6/21 @ 100		84,584

				91,372

	Total Bank Loans (Cost $535,550)			537,520

Corporate Bonds (31.8%):
Aerospace & Defense (0.6%):
	214,000	Boeing Co. (The), 5.04%, 5/1/27, Callable 3/1/27 @ 100		246,858
	214,000	Boeing Co. (The), 5.15%, 5/1/30, Callable 2/1/30 @ 100		253,385
	200,000	Boeing Co. (The), 5.71%, 5/1/40, Callable 11/1/39 @ 100		258,002
	200,000	Boeing Co. (The), 5.81%, 5/1/50, Callable 11/1/49 @ 100		268,861


Principal Amount			Value
Corporate Bonds, continued
Aerospace & Defense, continued
$	210,000	Boeing Co. (The), 5.93%, 5/1/60, Callable 11/1/59 @ 100	$	290,139
	125,000	BWX Technologies, Inc., 4.13%, 6/30/28, Callable 6/30/23 @ 102.06(a)		127,187
	170,000	BWX Technologies, Inc., 4.13%, 4/15/29, Callable 4/15/24 @ 102.06(a)		172,550
	5,000	Howmet Aerospace, Inc., 5.95%, 2/1/37		6,025
	65,000	Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(a)		67,275
	60,000	TransDigm, Inc., 6.88%, 5/15/26, Callable 8/9/21 @ 105.16		63,300
	60,000	TransDigm, Inc., 6.38%, 6/15/26, Callable 8/9/21 @ 103.19		62,100
	55,000	TransDigm, Inc., 7.50%, 3/15/27, Callable 3/15/22 @ 103.75		58,506
	610,000	TransDigm, Inc., 5.50%, 11/15/27, Callable 11/15/22 @ 102.75		636,688
	115,000	TransDigm, Inc., 4.88%, 5/1/29, Callable 5/1/24 @ 102.44(a)		116,150

				2,627,026

Air Freight & Logistics (0.1%):
	100,000	Cargo Aircraft Management, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(a)		102,125
	205,000	XPO Logistics, Inc., 6.25%, 5/1/25, Callable 5/1/22 @ 103.13(a)		217,556

				319,681

Automobiles (0.2%):
	55,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(a)		56,444
	105,000	Magic Mergeco, Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(a)		108,150
	354,000	Volkswagen Group of America Finance LLC, 2.90%, 5/13/22(a)		361,537
	309,000	Volkswagen Group of America Finance LLC, 3.13%, 5/12/23(a)		322,495

				848,626

Banks (2.3%):
	656,000	Bank of America Corp., 4.20%, 8/26/24, MTN		717,683
	612,000	Bank of America Corp., Series L, 3.95%, 4/21/25		672,190
	128,000	Bank of America Corp., Series G, 4.45%, 3/3/26		145,070
	100,000	CIT Group, Inc., 3.93% (SOFR+4 bps), 6/19/24, Callable 6/19/23 @ 100		105,375
	245,000	CIT Group, Inc., 6.13%, 3/9/28		299,512
	1,090,000	Citigroup, Inc., Series V, 4.05%, 7/30/22		1,132,247
	393,000	Citigroup, Inc., 3.35% (US0003M+90 bps), 4/24/25, Callable 4/24/24 @ 100		418,135
	1,642,000	Citigroup, Inc., 4.30%, 11/20/26		1,856,859
	200,000	Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100		199,879
	2,994,000	JPMorgan Chase & Co., 3.88%, 9/10/24		3,256,607
	267,000	JPMorgan Chase & Co., 2.96% (SOFR+252 bps), 5/13/31, Callable 5/13/30 @ 100		279,951
	296,000	Wells Fargo & Co., 2.41% (US0003M+83 bps), 10/30/25, Callable 10/30/24 @ 100, MTN		309,685
	938,000	Wells Fargo & Co., 4.48% (US0003M+4 bps), 4/4/31, Callable 4/4/30 @ 100, MTN		1,109,183

				10,502,376

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Beverages (0.6%):
$	500,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100	$	556,056
	220,000	Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40, Callable 12/1/39 @ 100		260,634
	500,000	Anheuser-Busch InBev Worldwide, Inc., 4.50%, 6/1/50, Callable 12/1/49 @ 100		609,861
	509,000	Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/58, Callable 10/15/57 @ 100		639,445
	523,000	Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59, Callable 7/23/58 @ 100		754,429
	30,000	Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(a)		30,188

				2,850,613

Biotechnology (0.3%):
	1,489,000	AbbVie, Inc., 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,513,829

Building Products (0.1%):
	255,000	Advanced Drainage Systems, Inc., 5.00%, 9/30/27, Callable 9/30/22 @ 102.5(a)		266,156

Capital Markets (1.9%):
	282,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		306,678
	572,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		621,049
	706,000	Ares Capital Corp., 4.20%, 6/10/24, Callable 5/10/24 @ 100		758,068
	751,000	Ares Capital Corp., 3.88%, 1/15/26, Callable 12/15/25 @ 100		803,701
	1,140,000	Goldman Sachs Group, Inc. (The), 3.80%, 3/15/30, Callable 12/15/29 @ 100		1,280,742
	194,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		282,715
	70,000	HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 6/15/26, Callable 3/15/26 @ 100(a)		70,350
	2,124,000	Morgan Stanley, 3.74% (US0003M+85 bps), 4/24/24, Callable 4/24/23 @ 100		2,245,185
	632,000	Morgan Stanley, 3.62% (SOFR+312 bps), 4/1/31, Callable 4/1/30 @ 100		704,397
	190,000	Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 10.75%, 7/1/25, Callable 8/1/22 @ 108.06(a)		208,991
	457,000	Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100(a)		523,759
	500,000	Pine Street Trust II, 5.57%, 2/15/49, Callable 8/15/48 @ 100(a)		656,256
	20,000	Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29, Callable 2/1/24 @ 103.13(a)		20,750
	50,000	US Renal Care, Inc., 10.63%, 7/15/27, Callable 7/15/22 @ 105.31(a)		52,437
	80,000	Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(a)		80,600

				8,615,678

Chemicals (0.4%):
	165,000	CF Industries, Inc., 5.15%, 3/15/34		200,063
	16,000	CF Industries, Inc., 4.95%, 6/1/43		18,860
	259,000	CF Industries, Inc., 5.38%, 3/15/44		320,836
	170,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100^		184,237


Principal Amount			Value
Corporate Bonds, continued
Chemicals, continued
$	355,000	Chemours Co. (The), 5.75%, 11/15/28, Callable 11/15/23 @ 102.88(a)	$	378,962
	155,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/26, Callable 6/30/23 @ 103.75(a)		157,713
	20,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 7.00%, 12/31/27, Callable 12/31/23 @ 103.5(a)		20,075
	115,000	Olin Corp., 5.63%, 8/1/29, Callable 8/1/24 @ 102.81		126,644
	125,000	Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.5		133,125
	35,000	Valvoline, Inc., 4.25%, 2/15/30, Callable 2/15/25 @ 102.13(a)		36,137
	135,000	Valvoline, Inc., 3.63%, 6/15/31, Callable 6/15/26 @ 101.81(a)		135,000
	80,000	WR Grace & Co., 4.88%, 6/15/27, Callable 6/15/23 @ 102.44(a)		84,800

				1,796,452

Commercial Services & Supplies (0.1%):
	165,000	Aramark Services, Inc., 5.00%, 2/1/28, Callable 2/1/23 @ 102.5(a)		172,425
	35,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 2/1/26, Callable 2/1/23 @ 102.5(a)		36,487
	35,000	Pitney Bowes, Inc., 6.88%, 3/15/27, Callable 3/15/24 @ 103.44(a)		36,925
	70,000	Pitney Bowes, Inc., 7.25%, 3/15/29, Callable 3/15/24 @ 103.63^(a)		74,375
	120,000	Stericycle, Inc., 3.88%, 1/15/29, Callable 11/15/23 @ 101.94(a)		119,850

				440,062

Construction & Engineering (0.2%):
	40,000	Arcosa, Inc., 4.38%, 4/15/29, Callable 4/15/24 @ 102.19(a)		40,500
	280,000	Brand Industrial Services, Inc., 8.50%, 7/15/25, Callable 8/9/21 @ 104.25(a)		284,200
	105,000	Dycom Industries, Inc., 4.50%, 4/15/29, Callable 4/15/24 @ 102.25(a)		105,394
	80,000	Global Infrastructure Solutions, Inc., 5.63%, 6/1/29, Callable 6/1/24 @ 102.81(a)		83,000
	35,000	Great Lakes Dredge & Dock Corp., 5.25%, 6/1/29, Callable 6/1/24 @ 102.63(a)		36,006
	235,000	Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(a)		244,400

				793,500

Consumer Finance (2.8%):
	578,000	Ally Financial, Inc., 3.05%, 6/5/23, Callable 5/5/23 @ 100		603,017
	130,000	Ally Financial, Inc., 1.45%, 10/2/23, Callable 9/2/23 @ 100		131,899
	148,000	Ally Financial, Inc., 5.13%, 9/30/24		166,659
	330,000	Ally Financial, Inc., 5.80%, 5/1/25, Callable 4/1/25 @ 100		383,229
	505,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100		580,020
	200,000	Ally Financial, Inc., 4.70% (H15T5Y+387 bps), 12/31/99, Callable 5/15/26 @ 100		208,578

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Consumer Finance, continued
$	462,000	Capital One Financial Corp., 2.60%, 5/11/23, Callable 4/11/23 @ 100	$	479,341
	833,000	Capital One Financial Corp., 3.65%, 5/11/27, Callable 4/11/27 @ 100		926,327
	636,000	Capital One Financial Corp., 3.80%, 1/31/28, Callable 12/31/27 @ 100		717,810
	644,000	Discover Bank, 3.20%, 8/9/21, Callable 7/10/21 @ 100		644,368
	250,000	Discover Bank, Series B, 4.68% (USSW5+173 bps), 8/9/28, Callable 8/9/23 @ 100		265,615
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,040,015
	383,000	Discover Financial Services, 4.50%, 1/30/26, Callable 11/30/25 @ 100		433,031
	355,000	Discover Financial Services, 4.10%, 2/9/27, Callable 11/9/26 @ 100		397,101
	110,000	Ford Motor Credit Co LLC, 4.13%, 8/17/27, Callable 6/17/27 @ 100		116,832
	215,000	Ford Motor Credit Co LLC, 4.00%, 11/13/30, Callable 8/13/30 @ 100		224,846
	496,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		506,550
	504,000	Ford Motor Credit Co. LLC, 5.58%, 3/18/24, Callable 2/18/24 @ 100		551,981
	1,490,000	Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100		1,585,113
	80,000	Ford Motor Credit Co. LLC, 5.13%, 6/16/25, Callable 5/16/25 @ 100		88,113
	240,000	Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100		269,257
	200,000	General Motors Acceptance Corp., 8.00%, 11/1/31		287,152
	30,000	Navient Corp., 7.25%, 1/25/22, MTN		31,125
	175,000	OneMain Finance Corp., 6.88%, 3/15/25		197,312
	110,000	OneMain Finance Corp., 3.50%, 1/15/27, Callable 1/15/24 @ 101.75		110,687
	170,000	OneMain Finance Corp., 4.00%, 9/15/30, Callable 9/15/25 @ 102		168,512
	119,000	Synchrony Financial, 2.85%, 7/25/22, Callable 6/25/22 @ 100		121,835
	381,000	Synchrony Financial, 4.38%, 3/19/24, Callable 2/19/24 @ 100		414,904
	577,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		631,180
	663,000	Synchrony Financial, 3.95%, 12/1/27, Callable 9/1/27 @ 100		735,990

				13,018,399

Containers & Packaging (0.0%^†):
	5,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 4.13%, 8/15/26, Callable 8/15/22 @ 102.06(a)		5,156

Diversified Consumer Services (0.2%):
	170,000	Adtalem Global Education, Inc., 5.50%, 3/1/28, Callable 3/1/24 @ 102.75(a)		172,975
	32,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(a)		31,960
	141,000	APX Group, Inc., 6.75%, 2/15/27, Callable 2/15/23 @ 103.38(a)		149,989


Principal Amount			Value
Corporate Bonds, continued
Diversified Consumer Services, continued
$	40,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/9/21 @ 101.72(a)	$	40,750
	200,000	Ascend Learning LLC, 6.88%, 8/1/25, Callable 8/9/21 @ 101.72(a)		203,750
	275,000	Sotheby’s, 7.38%, 10/15/27, Callable 10/15/22 @ 103.69^(a)		296,312

				895,736

Diversified Financial Services (0.3%):
	59,000	AXA Equitable Holdings, Inc., 3.90%, 4/20/23, Callable 3/20/23 @ 100		62,318
	70,000	Banff Merger Sub, Inc., 9.75%, 9/1/26, Callable 9/1/21 @ 104.88(a)		74,025
	200,000	Flex Acquisition Co., Inc., 6.88%, 1/15/25, Callable 8/9/21 @ 101.72(a)		202,750
	200,000	Flex Acquisition Co., Inc., 7.88%, 7/15/26, Callable 8/9/21 @ 103.94(a)		208,250
	20,000	Level 3 Financing, Inc., 3.63%, 1/15/29, Callable 1/15/24 @ 101.81(a)		19,275
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)		547,175
	285,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100		303,420

				1,417,213

Diversified Telecommunication Services (0.7%):
	42,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		45,895
	215,000	AT&T, Inc., 4.30%, 2/15/30, Callable 11/15/29 @ 100		247,818
	109,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100(a)		107,825
	500,000	AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100		643,436
	351,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100(a)		364,589
	125,000	CenturyLink, Inc., 5.63%, 4/1/25, Callable 1/1/25 @ 100		135,313
	360,000	CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(a)		373,950
	10,000	CenturyLink, Inc., Series G, 6.88%, 1/15/28		11,200
	80,000	Cogent Communications Group, Inc., 3.50%, 5/1/26, Callable 2/1/26 @ 100(a)		81,900
	40,000	Consolidated Communications, Inc., 5.00%, 10/1/28, Callable 10/1/23 @ 103.75(a)		40,550
	85,000	Front Range BidCo, Inc., 4.00%, 3/1/27, Callable 8/9/21 @ 102(a)		84,256
	185,000	Front Range BidCo, Inc., 6.13%, 3/1/28, Callable 3/1/23 @ 103.06(a)		188,931
	60,000	Frontier Communications Corp., 5.88%, 10/15/27, Callable 10/15/23 @ 102.94(a)		64,200
	65,000	Frontier Communications Corp., 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)		66,950
	70,000	Frontier Communications Corp., 6.75%, 5/1/29, Callable 5/1/24 @ 103.38(a)		74,288
	8,244	Frontier Communications Holdings LLC, 5.88%, 11/1/29, Callable 11/1/24 @ 102.94		8,368
	85,000	Lumen Technologies, Inc., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(a)		85,956

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	323,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100	$	329,142
	299,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		305,097

				3,259,664

Electric Utilities (1.4%):
	20,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, 10/15/27, Callable 10/15/23 @ 102.13(a)		20,300
	326,000	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27, Callable 10/15/22 @ 103.38(a)		342,300
	255,000	Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		263,320
	78,000	Duquesne Light Holdings, Inc., 2.53%, 10/1/30, Callable 7/1/30 @ 100(a)		77,302
	249,000	Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100(a)		250,586
	1,217,000	Edison International, 5.75%, 6/15/27, Callable 4/15/27 @ 100		1,382,743
	110,000	Exelon Corp., 4.05%, 4/15/30, Callable 1/15/30 @ 100		125,285
	2,306,000	FirstEnergy, Inc., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100		2,421,122
	100,000	Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27, Callable 1/15/24 @ 104		105,000
	211,000	IPALCO Enterprises, Inc., 3.70%, 9/1/24, Callable 7/1/24 @ 100		226,825
	29,000	NextEra Energy Operating Partners LP, 4.25%, 9/15/24, Callable 7/15/24 @ 100(a)		30,595
	30,000	NRG Energy, Inc., 3.38%, 2/15/29, Callable 2/15/24 @ 101.69(a)		29,363
	55,000	NRG Energy, Inc., 3.63%, 2/15/31, Callable 2/15/26 @ 101.81(a)		54,037
	167,713	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(a)		178,615
	310,000	Pacific Gas and Electric Co., 4.95%, 7/1/50, Callable 1/1/50 @ 100		317,066
	455,000	PG&E Corp., 5.00%, 7/1/28, Callable 7/1/23 @ 102.5^		457,844
	140,000	PG&E Corp., 5.25%, 7/1/30, Callable 7/1/25 @ 102.63		141,254
	260,000	Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.5(a)		266,825

				6,690,382

Electrical Equipment (0.0%^†):
	85,000	PowerTeam Services LLC, 9.03%, 12/4/25, Callable 2/4/23 @ 104.52(a)		93,500
	105,000	Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102(a)		106,575

				200,075

Entertainment (0.1%):
	310,000	Netflix, Inc., 4.88%, 4/15/28		359,988
	30,000	Netflix, Inc., 6.38%, 5/15/29		38,250
	30,000	Netflix, Inc., 5.38%, 11/15/29(a)		36,375

				434,613


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts (3.7%):
$	267,000	Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30, Callable 9/15/30 @ 100	$	326,408
	41,000	American Homes 4 Rent LP, 2.38%, 7/15/31, Callable 4/15/31 @ 100		40,544
	242,000	Boston Properties LP, 3.25%, 1/30/31, Callable 10/30/30 @ 100		257,354
	454,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		491,242
	421,000	Brandywine Operating Partners LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100		455,053
	522,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		584,158
	489,000	Brandywine Realty Trust, 3.95%, 2/15/23, Callable 11/15/22 @ 100		509,732
	788,000	Brixmor Operating Partnership LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100		828,406
	393,000	Brixmor Operating Partnership LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100		440,606
	303,000	Brixmor Operating Partnership LP, 4.05%, 7/1/30, Callable 4/1/30 @ 100		338,959
	66,000	Corporate Office Properties LP, 2.75%, 4/15/31, Callable 1/15/31 @ 100		66,595
	414,000	Corporate Office Properties Trust, 5.00%, 7/1/25, Callable 4/1/25 @ 100		466,665
	98,000	Corporate Office Properties, LP, 2.25%, 3/15/26, Callable 2/15/26 @ 100		100,582
	35,000	Corrections Corp. of America, 4.63%, 5/1/23, Callable 2/1/23 @ 100^		35,000
	65,000	CTR Partnership LP / CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(a)		66,601
	273,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100		284,945
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		158,454
	55,000	Geo Group, Inc. (The), 5.88%, 10/15/24, Callable 8/9/21 @ 101.96^		48,950
	170,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27, Callable 9/15/27 @ 100(a)		168,705
	52,000	HCP, Inc., 3.50%, 7/15/29, Callable 4/15/29 @ 100		57,446
	102,000	Healthcare Trust of America Holdings LP, 3.50%, 8/1/26, Callable 5/1/26 @ 100		111,732
	98,000	Healthcare Trust of America Holdings LP, 3.10%, 2/15/30, Callable 11/15/29 @ 100		104,086
	615,000	Hudson Pacific Properties LP, 4.65%, 4/1/29, Callable 1/1/29 @ 100		709,080
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		146,501
	105,000	Lexington Realty Trust, 2.70%, 9/15/30, Callable 6/15/30 @ 100		106,965
	40,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 6/15/25, Callable 3/15/25 @ 100(a)		42,850
	169,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		179,747
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100		136,976

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	281,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100	$	306,236
	1,931,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		2,157,377
	435,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		465,467
	194,000	Omega Healthcare Investors, Inc., 3.38%, 2/1/31, Callable 11/1/30 @ 100		199,502
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		72,188
	62,000	Realty Income Corp., 3.25%, 1/15/31, Callable 10/15/30 @ 100		67,038
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		73,191
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		111,608
	22,000	Retail Properties of America, Inc., 4.75%, 9/15/30, Callable 6/15/30 @ 100		24,287
	458,000	SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100(a)		482,843
	146,000	SBA Tower Trust, 1.88%, 7/15/50, Callable 1/15/25 @ 100(a)		147,401
	111,000	SBA Tower Trust, 2.33%, 7/15/52, Callable 7/15/26 @ 100(a)		115,004
	65,000	Service Properties Trust, 4.95%, 2/15/27, Callable 8/15/26 @ 100		64,521
	55,000	Service Properties Trust, 5.50%, 12/15/27, Callable 9/15/27 @ 100		58,421
	60,000	Service Properties Trust, 4.95%, 10/1/29, Callable 7/1/29 @ 100		59,021
	125,000	Service Properties Trust, 4.38%, 2/15/30, Callable 8/15/29 @ 100		119,372
	101,000	Simon Property Group LP, 2.45%, 9/13/29, Callable 6/13/29 @ 100		104,027
	147,000	STORE Capital Corp., 4.63%, 3/15/29, Callable 12/15/28 @ 100		166,870
	112,000	STORE Capital Corp., 2.75%, 11/18/30, Callable 8/18/30 @ 100		113,156
	191,000	Sun Communities Operating LP, 2.70%, 7/15/31, Callable 4/15/31 @ 100		191,092
	63,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		66,552
	452,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		481,565
	387,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		404,313
	95,000	The Geo Group, Inc., 6.00%, 4/15/26, Callable 8/9/21 @ 103		77,425
	255,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.13%, 12/15/24, Callable 8/9/21 @ 103.56(a)		263,925
	300,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 2/15/25, Callable 2/15/22 @ 103.94(a)		320,625
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100		122,853
	199,000	Ventas Realty LP, 4.00%, 3/1/28, Callable 12/1/27 @ 100		223,173
	569,000	Ventas Realty LP, 3.00%, 1/15/30, Callable 10/15/29 @ 100		598,005


Principal Amount			Value
Corporate Bonds, continued
Equity Real Estate Investment Trusts, continued
$	631,000	Ventas Realty LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100^	$	749,837
	97,000	VEREIT Operating Partnership LP, 3.40%, 1/15/28, Callable 11/15/27 @ 100		105,480
	45,000	VEREIT Operating Partnership LP, 2.20%, 6/15/28, Callable 4/15/28 @ 100		45,618
	56,000	VEREIT Operating Partnership LP, 2.85%, 12/15/32, Callable 9/15/32 @ 100		58,387
	135,000	Vici Properties, 4.63%, 12/1/29, Callable 12/1/24 @ 102.31(a)		143,438
	103,000	Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		104,193
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		68,940
	814,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100		887,950
	101,000	WP Carey, Inc., 3.85%, 7/15/29, Callable 4/15/29 @ 100		112,105

				17,197,348

Food & Staples Retailing (0.3%):
	35,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.63%, 1/15/27, Callable 1/15/23 @ 103.47(a)		36,575
	80,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29, Callable 9/15/23 @ 101.75(a)		78,900
	240,000	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.88%, 2/15/30, Callable 2/15/25 @ 103.66(a)		253,800
	165,000	Performance Food Group, Inc., 6.88%, 5/1/25, Callable 5/1/22 @ 103.44^(a)		175,931
	125,000	Performance Food Group, Inc., 5.50%, 10/15/27, Callable 10/15/22 @ 102.75(a)		131,562
	176,000	Sysco Corp., 5.65%, 4/1/25, Callable 3/1/25 @ 100		203,968
	140,000	Sysco Corp., 5.95%, 4/1/30, Callable 1/1/30 @ 100		179,819
	210,000	Sysco Corp., 6.60%, 4/1/50, Callable 10/1/49 @ 100		326,827
	65,000	United Natural Foods, Inc., 6.75%, 10/15/28, Callable 10/15/23 @ 103.38^(a)		69,875
	90,000	US Foods, Inc., 4.75%, 2/15/29, Callable 2/15/24 @ 102.38(a)		91,463

				1,548,720

Food Products (0.4%):
	170,000	C&S Group Enterprises LLC, 5.00%, 12/15/28, Callable 12/15/23 @ 102.5(a)		168,725
	490,000	JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a)		553,088
	225,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(a)		249,750
	140,000	Kraft Heinz Foods Co., 5.00%, 7/15/35, Callable 1/15/35 @ 100		170,640
	20,000	Kraft Heinz Foods Co., 4.38%, 6/1/46, Callable 12/1/45 @ 100		22,562
	65,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100		78,502
	135,000	Pilgrim’s Pride Corp., 4.25%, 4/15/31, Callable 4/15/26 @ 102.13(a)		139,725

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Food Products, continued
$	55,000	Post Holdings, Inc., 5.63%, 1/15/28, Callable 12/1/22 @ 102.81(a)	$	58,369
	165,000	Post Holdings, Inc., 4.50%, 9/15/31, Callable 9/15/26 @ 102.25(a)		164,381
	95,000	TreeHouse Foods, Inc., 4.00%, 9/1/28, Callable 9/1/23 @ 102		94,287

				1,700,029

Health Care Equipment & Supplies (0.0%^†):
	140,000	Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63(a)		138,775

Health Care Providers & Services (1.4%):
	65,000	AHP Health Partners, Inc., 5.75%, 7/15/29, Callable 7/15/24 @ 102.88(a)		65,731
	140,000	Centene Corp., 5.38%, 6/1/26, Callable 7/23/21 @ 104.03(a)		145,600
	405,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		426,769
	510,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		515,100
	985,000	Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31		1,081,038
	360,000	Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69		375,300
	100,000	CHS/Community Health Systems, Inc., 5.63%, 3/15/27, Callable 12/15/23 @ 102.81(a)		106,500
	100,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29, Callable 1/15/24 @ 103(a)		106,750
	95,000	CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(a)		95,950
	70,000	CHS/Community Health Systems, Inc., 4.75%, 2/15/31, Callable 2/15/26 @ 102.38(a)		70,000
	526,000	Cigna Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100		610,790
	315,000	Community Health Systems, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104(a)		339,019
	114,000	CVS Health Corp., 3.63%, 4/1/27, Callable 2/1/27 @ 100		126,212
	526,000	CVS Health Corp., 4.78%, 3/25/38, Callable 9/25/37 @ 100		646,995
	310,000	DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)		317,750
	30,000	HCA, Inc., 4.75%, 5/1/23		32,175
	235,000	HCA, Inc., 5.38%, 2/1/25		264,963
	260,000	HCA, Inc., 3.50%, 9/1/30, Callable 3/1/30 @ 100		275,925
	60,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(a)		62,400
	40,000	Owens & Minor, Inc., 4.50%, 3/31/29, Callable 3/31/24 @ 102.25(a)		41,050
	160,000	Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(a)		176,400
	215,000	Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/1/22 @ 103.13(a)		224,406
	195,000	Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(a)		207,187
	110,000	Tenet Healthcare Corp., 4.25%, 6/1/29, Callable 6/1/24 @ 102.13(a)		111,100


Principal Amount			Value
Corporate Bonds, continued
Health Care Providers & Services, continued
$	181,000	Toledo Hospital (The), Series B, 5.33%, 11/15/28	$	210,390
	20,000	Vizient, Inc., 6.25%, 5/15/27, Callable 5/15/22 @ 103.13(a)		21,150

				6,656,650

Hotels, Restaurants & Leisure (0.7%):
	25,000	Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(a)		26,562
	175,000	Boyd Gaming Corp., 4.75%, 12/1/27, Callable 12/1/22 @ 102.38		181,125
	400,000	Caesars Resort Collection LLC, 5.25%, 10/15/25, Callable 7/19/21 @ 102.63(a)		404,000
	130,000	Carnival Corp., 10.50%, 2/1/26, Callable 8/1/23 @ 105.25(a)		151,937
	220,000	Carnival Corp., 7.63%, 3/1/26, Callable 3/1/24 @ 101.91(a)		238,975
	55,000	Carrols Restaurant Group, Inc., 5.88%, 7/1/29, Callable 7/1/24 @ 102.94(a)		55,000
	201,839	Golden Entertainment, Inc., 3.75%, 10/20/24, Callable 8/6/21 @ 100		200,326
	100,000	Golden Entertainment, Inc., 7.63%, 4/15/26, Callable 4/15/22 @ 103.81(a)		106,250
	240,000	Golden Nugget, Inc., 6.75%, 10/15/24, Callable 8/9/21 @ 101.69(a)		241,500
	55,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29, Callable 6/1/24 @ 102.5(a)		56,100
	70,000	Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(a)		72,537
	55,000	Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25(a)		55,688
	126,000	McDonald’s Corp., 3.60%, 7/1/30, Callable 4/1/30 @ 100		141,570
	250,000	MGM Resorts International, 5.75%, 6/15/25, Callable 3/15/25 @ 100		275,312
	90,000	NCL Corp., Ltd., 10.25%, 2/1/26, Callable 8/1/23 @ 105.13(a)		105,075
	25,000	NCL Finance, Ltd., 6.13%, 3/15/28, Callable 12/15/27 @ 100(a)		26,188
	30,000	Peninsula Pacific Entert, 8.50%, 11/15/27, Callable 11/15/23 @ 104.25(a)		32,212
	35,000	Royal Caribbean Cruises, Ltd., 9.13%, 6/15/23, Callable 3/15/23 @ 100(a)		38,413
	195,000	Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25, Callable 6/1/22 @ 108.63(a)		224,737
	113,000	Station Casinos LLC, 5.00%, 10/1/25, Callable 8/9/21 @ 102.5(a)		114,695
	200,000	Station Casinos LLC, 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(a)		203,000
	100,000	Viking Cruises, Ltd., 13.00%, 5/15/25, Callable 5/15/22 @ 109.75(a)		117,375
	100,000	Wynn Las Vegas LLC, 5.50%, 3/1/25, Callable 12/1/24 @ 100(a)		107,625
	150,000	Wynn Las Vegas LLC, 5.25%, 5/15/27, Callable 2/15/27 @ 100(a)		160,875
	135,000	Yum! Brands, Inc., 4.63%, 1/31/32, Callable 10/1/26 @ 102.31		141,244

				3,478,321

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Household Durables (0.1%):
$	30,000	Ambience Merger Sub, Inc., 4.88%, 7/15/28, Callable 7/15/23 @ 102.44(a)	$	30,075
	90,000	LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(a)		90,450
	15,000	Newell Brands, Inc., 5.38%, 4/1/36, Callable 10/1/35 @ 100		18,750
	25,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 2/15/28, Callable 2/15/24 @ 103^(a)		24,812
	195,000	Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 10.75%, 6/1/28, Callable 6/1/23 @ 105.38(a)		219,375

				383,462

Household Products (0.0%^†):
	80,000	Central Garden & Pet Co., 4.13%, 4/30/31, Callable 4/30/26 @ 102.06(a)		80,700

Independent Power and Renewable Electricity Producers (0.3%):
	528,000	AES Corp. (The), 3.30%, 7/15/25, Callable 6/15/25 @ 100(a)		564,977
	461,000	AES Corp. (The), 3.95%, 7/15/30, Callable 4/15/30 @ 100(a)		503,666
	45,000	Clearway Energy Operating LLC, 4.75%, 3/15/28, Callable 3/15/23 @ 103.56(a)		47,138
	140,000	NRG Energy, Inc., 5.75%, 1/15/28, Callable 1/15/23 @ 102.88		148,925
	50,000	Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28, Callable 8/15/23 @ 103.38(a)		51,625
	40,000	TerraForm Power Operating LLC, 5.00%, 1/31/28, Callable 7/31/27 @ 100(a)		42,350

				1,358,681

Industrial Conglomerates (0.2%):
	205,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 5/15/26, Callable 5/15/22 @ 103.13		216,788
	435,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100		448,050
	75,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27, Callable 11/15/26 @ 100(a)		77,250

				742,088

Insurance (1.2%):
	900,000	American International Group, Inc., 2.50%, 6/30/25, Callable 5/30/25 @ 100		947,381
	1,208,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100		1,330,826
	305,000	AmWINS Group, Inc., 7.75%, 7/1/26, Callable 8/9/21 @ 105.81(a)		323,300
	55,000	AssuredPartners, Inc., 5.63%, 1/15/29, Callable 12/15/23 @ 102.81(a)		55,069
	586,000	Five Corners Funding Trust II, 2.85%, 5/15/30, Callable 2/15/30 @ 100(a)		617,497
	150,000	HUB International, Ltd., 7.00%, 5/1/26, Callable 7/19/21 @ 103.5(a)		155,250
	40,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(a)		42,779
	140,000	Liberty Mutual Group, Inc., 4.57%, 2/1/29(a)		163,405
	651,000	Pacific Lifecorp, 5.13%, 1/30/43(a)		821,964
	463,000	Unum Group, 3.88%, 11/5/25		508,046
	349,000	Unum Group, 4.00%, 6/15/29, Callable 3/15/29 @ 100		392,265


Principal Amount			Value
Corporate Bonds, continued
Insurance, continued
$	260,000	USI, Inc., 6.88%, 5/1/25, Callable 8/9/21 @ 101.72(a)	$	264,550

				5,622,332

Interactive Media & Services (0.0%^†):
	40,000	Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(a)		40,600
	205,000	Rackspace Technology Global, Inc., 3.50%, 2/15/28, Callable 2/15/24 @ 101.75(a)		198,337

				238,937

IT Services (0.2%):
	40,000	Arches Buyer, Inc., 4.25%, 6/1/28, Callable 12/1/23 @ 102.13(a)		39,550
	15,000	Arches Buyer, Inc., 6.13%, 12/1/28, Callable 12/1/23 @ 103.06(a)		15,506
	175,000	Black Knight Infoserv LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(a)		173,906
	20,000	Booz Allen Hamilton, Inc., 4.00%, 7/1/29, Callable 7/1/24 @ 102(a)		20,450
	215,000	Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06^(a)		239,725
	100,000	Gartner, Inc., 4.50%, 7/1/28, Callable 7/1/23 @ 102.25(a)		105,500
	65,000	Gartner, Inc., 3.75%, 10/1/30, Callable 10/1/25 @ 101.88(a)		66,300
	55,000	Square, Inc., 2.75%, 6/1/26, Callable 5/1/26 @ 100(a)		55,825
	55,000	Square, Inc., 3.50%, 6/1/31, Callable 3/1/31 @ 100(a)		55,275
	50,000	Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		50,938
	50,000	Twilio, Inc., 3.88%, 3/15/31, Callable 3/15/26 @ 101.94		51,312

				874,287

Leisure Products (0.1%):
	311,000	Hasbro, Inc., 3.00%, 11/19/24, Callable 10/19/24 @ 100		331,019
	16,000	Mattel, Inc., 6.75%, 12/31/25		16,800
	5,000	Mattel, Inc., 5.88%, 12/15/27, Callable 12/15/22 @ 104.41(a)		5,444
	10,000	Mattel, Inc., 5.45%, 11/1/41, Callable 5/1/41 @ 100		11,425

				364,688

Life Sciences Tools & Services (0.1%):
	195,000	Avantor Funding, Inc., 4.63%, 7/15/28, Callable 7/15/23 @ 102.31(a)		205,725
	20,000	Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(a)		20,675
	45,000	Charles River Laboratories International, Inc., 3.75%, 3/15/29, Callable 3/15/24 @ 101.88(a)		45,506

				271,906

Machinery (0.1%):
	80,000	GrafTech Finance, Inc., 4.63%, 12/15/28, Callable 12/15/23 @ 102.31(a)		82,100
	75,000	ITT Holdings LLC, 6.50%, 8/1/29, Callable 8/1/24 @ 103.25(a)		76,406

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Machinery, continued
$	40,000	Madison IAQ LLC, 4.13%, 6/30/28, Callable 6/30/24 @ 102.06(a)	$	40,400
	65,000	Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(a)		66,138
	60,000	Mueller Water Products, Inc., 4.00%, 6/15/29, Callable 6/15/24 @ 102(a)		61,500

				326,544

Media (2.2%):
	100,000	Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 2/15/28, Callable 2/15/23 @ 107.88(a)		106,500
	35,000	Austin BidCo, Inc., 7.13%, 12/15/28, Callable 12/15/23 @ 103.56(a)		35,744
	30,000	Cablevision Lightpath LLC, 3.88%, 9/15/27, Callable 9/15/23 @ 101.94(a)		29,775
	25,000	Cablevision Lightpath LLC, 5.63%, 9/15/28, Callable 9/15/23 @ 102.81(a)		25,531
	14,000	CCO Holdings LLC, 5.75%, 2/15/26, Callable 8/9/21 @ 102.88(a)		14,473
	105,000	CCO Holdings LLC, 5.00%, 2/1/28, Callable 8/1/22 @ 102.5(a)		110,119
	95,000	CCO Holdings LLC, 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(a)		99,037
	395,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30, Callable 9/1/24 @ 102.38(a)		416,725
	155,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32, Callable 5/1/26 @ 102.25		160,038
	105,000	CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33, Callable 6/1/27 @ 102.25(a)		107,100
	440,000	CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(a)		458,700
	130,000	CSC Holdings LLC, 4.13%, 12/1/30, Callable 12/1/25 @ 102.06(a)		129,350
	215,000	Discovery Communications LLC, 3.63%, 5/15/30, Callable 2/15/30 @ 100		234,607
	580,000	Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		677,831
	230,000	DISH DBS Corp., 7.75%, 7/1/26		259,900
	85,000	DISH Network Corp., 2.38%, 3/15/24		82,471
	209,000	DISH Network Corp., 3.38%, 8/15/26		213,025
	103,000	Fox Corp., 4.03%, 1/25/24, Callable 12/25/23 @ 100		111,584
	149,000	Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		175,028
	147,000	Fox Corp., 5.48%, 1/25/39, Callable 7/25/38 @ 100		190,035
	65,000	Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38(a)		64,594
	165,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 9/15/26, Callable 9/15/23 @ 102.25(a)		170,775
	200,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 9/15/28, Callable 9/15/23 @ 102.25(a)		209,750
	135,000	Sirius XM Radio, Inc., 5.38%, 7/15/26, Callable 8/9/21 @ 102.69(a)		139,387
	105,000	Sirius XM Radio, Inc., 5.00%, 8/1/27, Callable 8/1/22 @ 102.5(a)		109,988
	45,000	Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(a)		48,938
	40,000	Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(a)		40,500


Principal Amount			Value
Corporate Bonds, continued
Media, continued
$	140,000	TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38(a)	$	149,100
	80,000	Terrier Media Buyer, Inc., 8.88%, 12/15/27, Callable 12/15/22 @ 104.44(a)		86,400
	930,000	Time Warner Cable, Inc., 4.00%, 9/1/21		930,052
	359,000	Time Warner Cable, Inc., 6.55%, 5/1/37		489,145
	418,000	Time Warner Cable, Inc., 7.30%, 7/1/38		608,212
	2,240,000	Time Warner Cable, Inc., 6.75%, 6/15/39		3,131,518
	103,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		128,644
	55,000	Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(a)		59,469
	65,000	Univision Communications, Inc., 4.50%, 5/1/29, Callable 5/1/24 @ 102.25(a)		65,487

				10,069,532

Metals & Mining (0.2%):
	70,000	Alcoa Nederland Holding BV, 4.13%, 3/31/29, Callable 3/31/24 @ 102.06(a)		72,800
	30,000	Allegheny Technologies, Inc., 7.88%, 8/15/23, Callable 5/15/23 @ 100		32,850
	265,000	Allegheny Technologies, Inc., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		278,250
	70,000	Cleveland-Cliffs, Inc., 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(a)		73,500
	70,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102.44^(a)		73,500
	40,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100		40,350
	185,000	Kaiser Aluminun Corp., 4.63%, 3/1/28, Callable 3/1/23 @ 102.31(a)		190,550

				761,800

Mortgage Real Estate Investment Trusts (0.0%^†):
	55,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 4.75%, 6/15/29, Callable 6/15/24 @ 102.38(a)		55,000
	65,000	Starwood Property Trust, Inc., 4.75%, 3/15/25, Callable 9/15/24 @ 100		67,763

				122,763

Multi-Utilities (0.2%):
	49,000	Puget Energy, Inc., 6.00%, 9/1/21		49,440
	207,000	Puget Energy, Inc., 4.10%, 6/15/30, Callable 3/15/30 @ 100		231,229
	506,000	Sempra Energy, 6.00%, 10/15/39		704,791

				985,460

Oil, Gas & Consumable Fuels (4.8%):
	170,000	Antero Resources Corp., 5.00%, 3/1/25, Callable 8/9/21 @ 102.5^		173,825
	130,000	Apache Corp., 4.63%, 11/15/25, Callable 8/15/25 @ 100		139,912
	160,000	Apache Corp., 4.88%, 11/15/27, Callable 5/15/27 @ 100		172,800
	55,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		57,475
	25,000	Apache Corp., 7.38%, 8/15/47		29,815
	100,000	California Resources Corp., 7.13%, 2/1/26, Callable 2/1/23 @ 103.57(a)		105,000

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	70,000	Cheniere Energy Partners LP, 4.00%, 3/1/31, Callable 3/1/26 @ 102(a)	$	72,800
	205,000	Chesapeake Energy Corp., 5.50%, 2/1/26, Callable 2/5/23 @ 102.75(a)		216,275
	65,000	Chesapeake Energy Corp., 5.88%, 2/1/29, Callable 2/5/24 @ 102.94(a)		70,200
	361,000	Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, 4/1/25, Callable 3/1/25 @ 100(a)		413,841
	145,000	CITGO Petroleum Corp., 6.38%, 6/15/26, Callable 6/15/23 @ 103.19(a)		150,437
	30,000	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 104.5(a)		32,400
	197,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100		221,133
	71,000	Comstock Resources, Inc., 7.50%, 5/15/25, Callable 8/9/21 @ 103.75^(a)		73,662
	80,000	Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(a)		85,000
	40,000	Comstock Resources, Inc., 5.88%, 1/15/30, Callable 1/15/25 @ 102.94(a)		40,800
	195,000	Continental Resources, Inc., 5.75%, 1/15/31, Callable 7/15/30 @ 100(a)		233,025
	167,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25, Callable 8/9/21 @ 102.88		171,593
	138,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.63%, 5/1/27, Callable 5/1/22 @ 102.81(a)		141,968
	305,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29, Callable 2/1/24 @ 103(a)		319,488
	230,000	CVR Energy, Inc., 5.25%, 2/15/25, Callable 2/15/22 @ 102.63(a)		229,425
	25,000	CVR Energy, Inc., 5.75%, 2/15/28, Callable 2/15/23 @ 102.88^(a)		25,125
	163,000	DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100		168,909
	105,000	DCP Midstream Operating LP, 5.38%, 7/15/25, Callable 4/15/25 @ 100		116,812
	160,000	DCP Midstream Operating LP, 5.63%, 7/15/27, Callable 4/15/27 @ 100		181,600
	750,000	DCP Midstream Operating LP, 5.85% (US0003M+385 bps), 5/21/43, Callable 5/21/23 @ 100(a)		697,500
	185,000	DCP Midstream Operating LP, 5.60%, 4/1/44, Callable 10/1/43 @ 100		203,037
	35,000	Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28, Callable 6/1/24 @ 103.56(a)		36,925
	43,000	Devon Energy Corp., 5.25%, 10/15/27, Callable 10/15/22 @ 102.63(a)		46,064
	55,000	DT Midstream, Inc., 4.13%, 6/15/29, Callable 6/15/24 @ 102.06(a)		55,756
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		132,070
	30,000	Endeavor Energy Resources LP/EER Finance, Inc., 6.63%, 7/15/25, Callable 7/15/22 @ 103.31(a)		32,100


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	110,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 1/30/26, Callable 8/9/21 @ 104.13(a)	$	113,988
	110,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(a)		116,875
	350,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		405,125
	167,000	Energy Transfer LP, 5.25%, 4/15/29, Callable 1/15/29 @ 100		197,060
	81,000	Energy Transfer Operating LP, 4.25%, 3/15/23, Callable 12/15/22 @ 100		84,949
	103,000	Energy Transfer Operating LP, 4.50%, 4/15/24, Callable 3/15/24 @ 100		112,141
	161,000	Energy Transfer Operating LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		174,886
	115,000	Energy Transfer Operating LP, 6.25%, 4/15/49, Callable 10/15/48 @ 100		151,513
	360,000	Energy Transfer Operating LP, 5.00%, 5/15/50, Callable 11/15/49 @ 100		417,600
	103,000	Energy Transfer Partners LP, 4.20%, 9/15/23, Callable 8/15/23 @ 100		109,824
	195,000	Energy Transfer Partners LP, 5.80%, 6/15/38, Callable 12/15/37 @ 100		241,069
	127,000	Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100		160,814
	135,000	EnLink Midstream LLC, 5.63%, 1/15/28, Callable 7/15/27 @ 100(a)		142,762
	80,000	EQM Midstream Partners LP, 6.50%, 7/1/27, Callable 1/1/27 @ 100(a)		89,200
	70,000	EQM Midstream Partners LP, 4.50%, 1/15/29, Callable 7/15/28 @ 100(a)		71,050
	115,000	EQT Corp., 3.90%, 10/1/27, Callable 7/1/27 @ 100		122,906
	45,000	EQT Corp., 5.00%, 1/15/29, Callable 7/15/28 @ 100		50,175
	211,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100		234,737
	109,000	Hess Corp., 7.30%, 8/15/31		146,878
	78,000	Hess Corp., 7.13%, 3/15/33		105,008
	107,000	Hess Corp., 5.60%, 2/15/41		133,081
	302,000	Hess Corp., 5.80%, 4/1/47, Callable 10/1/46 @ 100		392,977
	190,000	Hess Midstream Operations LP, 5.63%, 2/15/26, Callable 8/9/21 @ 104.22(a)		197,600
	150,000	Kinder Morgan Energy Partners LP, 3.45%, 2/15/23, Callable 11/15/22 @ 100		155,813
	63,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		87,999
	198,000	Kinder Morgan, Inc., 5.55%, 6/1/45, Callable 12/1/44 @ 100		254,892
	167,000	Kinder Morgan, Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100		202,704
	55,000	Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29, Callable 7/1/24 @ 102.13(a)		55,756
	179,000	MPLX LP, 1.22% (US0003M+110 bps), 9/9/22, Callable 8/9/21 @ 100		179,224
	172,000	MPLX LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		183,825
	242,000	MPLX LP, 4.88%, 12/1/24, Callable 9/1/24 @ 100		269,830
	95,000	MPLX LP, 4.80%, 2/15/29, Callable 11/15/28 @ 100		111,269
	285,000	MPLX LP, 5.50%, 2/15/49, Callable 8/15/48 @ 100		369,431
	150,000	Murphy Oil Corp., 5.88%, 12/1/27, Callable 12/1/22 @ 102.94		156,188

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	135,000	NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26, Callable 2/1/23 @ 103.75(a)	$	141,413
	409,000	Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100		418,203
	609,000	Occidental Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100		673,706
	80,000	Occidental Petroleum Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100		81,700
	47,000	Occidental Petroleum Corp., 3.20%, 8/15/26, Callable 6/15/26 @ 100		47,411
	267,000	Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100		268,669
	85,000	Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100		113,369
	1,047,000	Occidental Petroleum Corp., 7.50%, 5/1/31		1,316,602
	25,000	Occidental Petroleum Corp., 7.88%, 9/15/31		31,906
	422,000	Occidental Petroleum Corp., 6.45%, 9/15/36		504,290
	62,000	Occidental Petroleum Corp., 4.30%, 8/15/39, Callable 2/15/39 @ 100		58,668
	40,000	Occidental Petroleum Corp., 6.20%, 3/15/40		45,200
	712,000	Occidental Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		846,390
	120,000	Occidental Petroleum Corp., 4.40%, 4/15/46, Callable 10/15/45 @ 100		115,650
	165,000	Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100		153,450
	80,000	Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100		74,800
	117,000	Occidental Petroleum Corp., 4.40%, 8/15/49, Callable 2/15/49 @ 100		110,711
	235,000	PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25, Callable 5/15/22 @ 104.63^(a)		236,175
	120,000	PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103		80,400
	35,000	PDC Energy, Inc., 5.75%, 5/15/26, Callable 8/9/21 @ 104.31		36,488
	30,000	Phillips 66, 3.70%, 4/6/23		31,685
	39,000	Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100		42,850
	110,000	Plains All Amer Pipeline, 3.60%, 11/1/24, Callable 8/1/24 @ 100		117,914
	95,000	Plains All Amer Pipeline, 3.55%, 12/15/29, Callable 9/15/29 @ 100		100,005
	110,000	Range Resources Corp., 4.88%, 5/15/25, Callable 2/15/25 @ 100		113,850
	162,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.88%, 3/1/22, Callable 12/1/21 @ 100		165,442
	493,000	Sabine Pass Liquefaction LLC, 4.50%, 5/15/30, Callable 11/15/29 @ 100		567,566
	408,000	Sanchez Energy Corp., 7.25%, 2/15/23, Callable 7/15/21 @ 101.81(a)(c)(d)		—
	20,000	SM Energy Co., 5.63%, 6/1/25, Callable 8/9/21 @ 101.88		19,800
	75,000	SM Energy Co., 6.75%, 9/15/26, Callable 9/15/21 @ 103.38^		76,312
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(a)		348,173


Principal Amount			Value
Corporate Bonds, continued
Oil, Gas & Consumable Fuels, continued
$	120,000	Southwestern Energy Co., 7.50%, 4/1/26, Callable 8/9/21 @ 105.63^	$	126,900
	5,000	Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 4/15/22 @ 103		5,237
	95,000	Sunoco LP/Sunoco Finance Corp., 5.88%, 3/15/28, Callable 3/15/23 @ 102.94		100,463
	165,000	Sunoco LP/Sunoco Finance Corp., 4.50%, 5/15/29, Callable 5/15/24 @ 102.25(a)		167,887
	135,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30, Callable 12/31/25 @ 103(a)		140,400
	195,000	Targa Resources Partners LP, 5.38%, 2/1/27, Callable 2/1/22 @ 102.69		202,800
	30,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.50%, 3/1/30, Callable 3/1/25 @ 102.75		32,962
	185,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 2/1/31, Callable 2/1/26 @ 102.44(a)		200,262
	70,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32, Callable 7/15/26 @ 102(a)		71,838
	63,000	Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30, Callable 2/15/30 @ 100		67,544
	104,000	Valero Energy Corp., 2.70%, 4/15/23		107,775
	200,000	Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(a)		208,500
	92,000	Western Gas Partners LP, 3.95%, 6/1/25, Callable 3/1/25 @ 100		95,105
	232,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		248,240
	900,000	Western Gas Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100		960,750
	101,000	Western Gas Partners LP, 4.75%, 8/15/28, Callable 5/15/28 @ 100		109,333
	205,000	Western Midstream Operating LP, 5.30%, 2/1/30, Callable 11/1/29 @ 100		229,600
	524,000	Williams Cos., Inc. (The), 3.50%, 11/15/30, Callable 8/15/30 @ 100		570,979
	271,000	Williams Partners LP, 4.00%, 11/15/21, Callable 8/15/21 @ 100		272,151
	242,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		262,254
	426,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		463,305

				22,429,004

Paper & Forest Products (0.0%^†):
	70,000	Mercer International, Inc., 5.13%, 2/1/29, Callable 2/1/24 @ 102.56(a)		72,100

Pharmaceuticals (0.4%):
	150,000	Bausch Health Cos, Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)		139,313
	170,000	Catalent Pharma Solutions, Inc., 3.13%, 2/15/29, Callable 2/15/24 @ 101.56(a)		164,475
	87,000	Elanco Animal Health, Inc., 4.91%, 8/27/21		87,598
	275,000	Elanco Animal Health, Inc., 5.27%, 8/28/23, Callable 7/28/23 @ 100		296,711

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Pharmaceuticals, continued
$	116,000	Elanco Animal Health, Inc., 5.90%, 8/28/28, Callable 5/28/28 @ 100	$	135,865
	45,000	Jazz Securities DAC, 4.38%, 1/15/29, Callable 7/15/24 @ 102.19(a)		46,770
	40,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(a)		40,800
	75,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.13%, 4/30/31, Callable 4/30/26 @ 102.56(a)		77,250
	187,000	Upjohn, Inc., 1.13%, 6/22/22(a)		188,263
	60,000	Upjohn, Inc., 1.65%, 6/22/25, Callable 5/22/25 @ 100(a)		60,785
	305,000	Upjohn, Inc., 2.70%, 6/22/30, Callable 3/22/30 @ 100(a)		308,256
	133,000	Upjohn, Inc., 3.85%, 6/22/40, Callable 12/22/39 @ 100(a)		141,241

				1,687,327

Professional Services (0.0%^†):
	60,000	Asgn, Inc., 4.63%, 5/15/28, Callable 5/15/23 @ 102.31(a)		62,400
	125,000	Nielsen Finance LLC/Nielsen Finance Co., 5.88%, 10/1/30, Callable 10/1/25 @ 102.94(a)		135,938

				198,338

Real Estate Management & Development (0.1%):
	301,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		303,221
	70,000	Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29, Callable 1/15/24 @ 102.88(a)		72,975
	275,000	Vertical US Newco, Inc., 5.25%, 7/15/27, Callable 7/15/23 @ 102.63(a)		289,437

				665,633

Semiconductors & Semiconductor Equipment (0.6%):
	92,000	Broadcom, Inc., 1.95%, 2/15/28, Callable 12/15/27 @ 100(a)		91,898
	899,000	Broadcom, Inc., 2.45%, 2/15/31, Callable 11/15/30 @ 100(a)		883,441
	797,000	Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100(a)		780,516
	633,000	Broadcom, Inc., 3.50%, 2/15/41, Callable 8/15/40 @ 100(a)		647,228
	297,000	Broadcom, Inc., 3.75%, 2/15/51, Callable 8/15/50 @ 100(a)		308,433
	135,000	Entegris, Inc., 3.63%, 5/1/29, Callable 5/1/24 @ 102.72(a)		136,688
	75,000	ON Semiconductor Corp., 3.88%, 9/1/28, Callable 9/1/23 @ 101.94(a)		76,969

				2,925,173

Software (0.4%):
	55,000	Acuris Finance Us Inc / Acuris Finance SARL, 5.00%, 5/1/28, Callable 5/1/24 @ 102.5(a)		54,794
	60,000	Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 6/1/22 @ 103.56(a)		64,200
	35,000	CDK Global, Inc., 5.25%, 5/15/29, Callable 5/15/24 @ 102.63(a)		38,106
	40,000	Clarivate Science Holdings Corp., 3.88%, 6/30/28, Callable 6/30/24 @ 101.94(a)		40,250


Principal Amount			Value
Corporate Bonds, continued
Software, continued
$	40,000	Clarivate Science Holdings Corp., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(a)	$	41,050
	40,000	MicroStrategy, Inc., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(a)		39,800
	351,000	Oracle Corp., 1.65%, 3/25/26, Callable 2/25/26 @ 100		355,620
	555,000	Oracle Corp., 2.30%, 3/25/28, Callable 1/25/28 @ 100		569,468
	690,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		717,483

				1,920,771

Specialty Retail (0.3%):
	47,000	AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		55,619
	72,000	AutoZone, Inc., 3.63%, 4/15/25, Callable 3/15/25 @ 100		78,623
	333,000	AutoZone, Inc., 4.00%, 4/15/30, Callable 1/15/30 @ 100		378,370
	165,000	Carvana Co., 5.88%, 10/1/28, Callable 10/1/23 @ 104.41(a)		172,631
	220,000	L Brands, Inc., 6.63%, 10/1/30, Callable 10/1/25 @ 103.31(a)		254,100
	240,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100		283,903
	74,000	O’Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100		85,337
	30,000	Party City Holdings, Inc., 8.75%, 2/15/26, Callable 8/15/23 @ 104.38(a)		32,063
	20,000	Rent-A-Center, Inc., 6.38%, 2/15/29, Callable 2/15/24 @ 103.19(a)		21,425

				1,362,071

Technology Hardware, Storage & Peripherals (0.2%):
	400,000	Dell International LLC/EMC Corp., 5.45%, 6/15/23, Callable 4/15/23 @ 100		433,207
	81,000	Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100		95,276
	129,000	Dell International LLC/EMC Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100		153,458
	148,000	Dell International LLC/EMC Corp., 6.10%, 7/15/27, Callable 5/15/27 @ 100		180,968
	128,000	Dell International LLC/EMC Corp., 6.20%, 7/15/30, Callable 4/15/30 @ 100		162,558

				1,025,467

Textiles, Apparel & Luxury Goods (0.0%^†):
	70,000	Levi Strauss & Co., 3.50%, 3/1/31, Callable 3/1/26 @ 101.75(a)		69,563

Tobacco (0.5%):
	452,000	Altria Group, Inc., 4.25%, 8/9/42		472,776
	302,000	Altria Group, Inc., 4.50%, 5/2/43		324,727
	262,000	Altria Group, Inc., 5.38%, 1/31/44		311,107
	108,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100		137,926
	179,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		216,252
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		810,639

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Tobacco, continued
$	70,000	Turning Point Brands, Inc., 5.63%, 2/15/26, Callable 2/15/23 @ 102.81(a)	$	72,275

				2,345,702

Trading Companies & Distributors (0.2%):
	467,000	Air Lease Corp., 4.25%, 2/1/24, Callable 1/1/24 @ 100		509,515
	393,000	Air Lease Corp., 3.38%, 7/1/25, Callable 6/1/25 @ 100		421,669
	40,000	Foundation Building Materials, Inc., 6.00%, 3/1/29, Callable 3/1/24 @ 103(a)		39,500
	45,000	SRS Distribution, Inc., 4.63%, 7/1/28, Callable 7/1/24 @ 102.31(a)		46,013
	25,000	SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06(a)		25,750

				1,042,447

Wireless Telecommunication Services (0.6%):
	445,000	Sprint Capital Corp., 8.75%, 3/15/32		676,400
	300,000	Sprint Communications, Inc., 6.88%, 11/15/28		384,750
	380,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		419,765
	65,000	T-Mobile USA, Inc., 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		69,550
	70,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 101.69		72,229
	630,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		701,896
	82,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		94,604
	161,000	T-Mobile USA, Inc., 4.50%, 4/15/50, Callable 10/15/49 @ 100		190,482

				2,609,676

	Total Corporate Bonds (Cost $135,945,950)			147,771,532

Yankee Debt Obligations (10.2%):
Aerospace & Defense (0.0%^†):
	15,000	Bombardier, Inc., 7.50%, 12/1/24, Callable 8/9/21 @ 105.63(a)		15,712
	65,000	Bombardier, Inc., 7.50%, 3/15/25, Callable 8/9/21 @ 102.5^(a)		66,625
	80,000	Bombardier, Inc., 7.13%, 6/15/26, Callable 6/15/23 @ 103.56(a)		83,000

				165,337

Banks (2.8%):
	874,000	Barclays plc, 4.38%, 1/12/26		977,308
	503,000	Barclays plc, 2.85% (US0003M+245 bps), 5/7/26, Callable 5/7/25 @ 100		530,728
	580,000	Barclays plc, 5.09% (US0003M+305 bps), 6/20/30, Callable 6/20/29 @ 100		674,743
	200,000	Commonwealth Bank of Australia, 3.61%, 9/12/34, Callable 9/12/29 @ 100(a)		212,042
	791,000	Cooperatieve Rabobank UA, 4.38%, 8/4/25		882,709
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		222,155
	200,000	Intesa Sanpaolo SpA, 5.02%, 6/26/24(a)		217,209
	1,180,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(a)		1,319,372
	3,808,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		4,095,066
	826,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		907,485


Principal Amount			Value
Yankee Debt Obligations, continued
Banks, continued
$	347,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23	$	388,558
	286,000	Royal Bank of Scotland Group plc, 3.07% (H15T1Y+255 bps), 5/22/28, Callable 5/22/27 @ 100		300,940
	980,000	Societe Generale SA, 1.04% (H15T1Y+75 bps), 6/18/25, Callable 6/18/24 @ 100(a)		975,698
	513,000	Societe Generale SA, 1.49% (H15T1Y+110 bps), 12/14/26, Callable 12/14/25 @ 100(a)		508,459
	454,000	UniCredit SpA, 6.57%, 1/14/22(a)		467,775
	289,000	Westpac Banking Corp., 4.11% (H15T5Y+200 bps), 7/24/34, Callable 7/24/29 @ 100		316,943

				12,997,190

Capital Markets (1.8%):
	788,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(a)		818,896
	602,000	Credit Suisse Group AG, 4.19% (SOFR+373 bps), 4/1/31, Callable 4/1/30 @ 100(a)		675,402
	1,000,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		1,039,725
	1,175,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		1,244,454
	720,000	Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25		780,733
	742,000	Deutsche Bank AG, 5.00%, 2/14/22		762,535
	1,284,000	Deutsche Bank AG, 3.30%, 11/16/22		1,327,668
	1,462,000	Deutsche Bank AG, 4.50%, 4/1/25		1,571,270

				8,220,683

Chemicals (0.1%):
	25,000	Consolidated Energy Finance SA, 3.87% (US0003M+375 bps), 6/15/22, Callable 7/19/21 @ 100(a)		24,875
	25,000	Consolidated Energy Finance SA, 6.88%, 6/15/25, Callable 8/9/21 @ 103.44(a)		25,437
	130,000	Consolidated Energy Finance SA, 6.50%, 5/15/26, Callable 7/19/21 @ 104.88^(a)		131,950
	195,000	Methanex Corp., 5.13%, 10/15/27, Callable 4/15/27 @ 100		210,113
	95,000	Methanex Corp., 5.25%, 12/15/29, Callable 9/15/29 @ 100		102,362

				494,737

Containers & Packaging (0.1%):
	25,000	Intelligent Packaging, Ltd. Finco Inc./Intelligent Packaging, Ltd. Co-Issuer LLC, 6.00%, 9/15/28, Callable 9/15/22 @ 103(a)		26,000
	35,000	Intertape Polymer Group, Inc., 4.38%, 6/15/29, Callable 6/15/24 @ 102.19(a)		35,437
	255,000	Trivium Packaging Finance BV, 5.50%, 8/15/26, Callable 8/15/22 @ 102.75(a)		267,750

				329,187

Diversified Consumer Services (0.1%):
	48,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 6/1/28, Callable 6/1/24 @ 102.31(a)		48,000
	225,000	GEMS MENASA Cayman, Ltd., 7.13%, 7/31/26, Callable 7/31/22 @ 103.56(a)		232,313

				280,313

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Yankee Debt Obligations, continued
Diversified Financial Services (0.9%):
$	455,000	Altice Financing SA, 7.50%, 5/15/26, Callable 7/22/21 @ 103.75(a)	$	473,768
	200,000	Altice Financing SA, 5.00%, 1/15/28, Callable 1/15/23 @ 102.5(a)		196,750
	725,000	C&W Senior Financing Dac, 6.88%, 9/15/27, Callable 9/15/22 @ 103.44(a)		772,125
	2,052,000	Park Aerospace Holdings, 5.50%, 2/15/24(a)		2,257,200
	305,000	Vmed O2 UK Financing I plc, 4.25%, 1/31/31, Callable 1/31/26 @ 102.13(a)		298,519

				3,998,362

Diversified Telecommunication Services (0.2%):
	325,000	Altice France SA, 8.13%, 2/1/27, Callable 2/1/22 @ 106.09(a)		354,250
	270,000	Altice France SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103^(a)		266,962
	185,000	Altice France SA, 5.13%, 1/15/29, Callable 9/15/23 @ 102.56(a)		185,925
	40,000	Sable International Finance, Ltd., 5.75%, 9/7/27, Callable 9/7/22 @ 102.88(a)		42,000
	80,000	Telecom Italia SpA, 6.00%, 9/30/34		92,400

				941,537

Energy Equipment & Services (0.0%^†):
	160,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/1/22 @ 105.16(a)		160,000

Hotels, Restaurants & Leisure (0.1%):
	55,000	1011778 BC ULC New Red Finance, Inc., 5.75%, 4/15/25, Callable 4/15/22 @ 102.88(a)		58,163
	210,000	1011778 BC ULC New Red Finance, Inc., 4.00%, 10/15/30, Callable 10/15/25 @ 102(a)		202,650
	75,000	Melco Resorts Finance, Ltd., 5.75%, 7/21/28, Callable 7/21/23 @ 102.88(a)		79,125
	65,000	Melco Resorts Finance, Ltd., 5.38%, 12/4/29, Callable 12/4/24 @ 102.69(a)		68,412
	130,000	Wynn Macau, Ltd., 5.50%, 10/1/27, Callable 10/1/22 @ 102.75(a)		135,200

				543,550

Insurance (0.2%):
	465,000	AIA Group, Ltd., 3.38%, 4/7/30, Callable 1/7/30 @ 100(a)		510,490
	200,000	Swiss Re Finance Luxembourg SA, 5.00% (H15T5Y+358 bps), 4/2/49, Callable 4/2/29 @ 100(a)		227,500

				737,990

Marine (0.0%^†):
	120,000	Navios Maritime Holdings, Inc. / Navios Maritime Finance II US, Inc., 11.25%, 8/15/22, Callable 8/9/21 @ 100(a)		119,700

Media (0.1%):
	250,000	Ziggo BV, 5.50%, 1/15/27, Callable 1/15/22 @ 102.75(a)		259,687
	120,000	Ziggo BV, 5.13%, 2/28/30, Callable 2/15/25 @ 102.56(a)		122,100

				381,787


Principal Amount			Value
Yankee Debt Obligations, continued
Metals & Mining (0.1%):
$	330,000	First Quantum Minerals, Ltd., 6.88%, 3/1/26, Callable 7/19/21 @ 105.16(a)	$	346,088
	55,000	First Quantum Minerals, Ltd., 6.88%, 10/15/27, Callable 10/15/23 @ 103.44(a)		59,812
	5,000	FMG Resources Pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100(a)		5,438
	105,000	Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24, Callable 10/1/21 @ 109^(a)		110,775

				522,113

Multi-Utilities (0.1%):
	525,000	InterGen NV, 7.00%, 6/30/23, Callable 8/9/21 @ 100^(a)		521,063

Oil, Gas & Consumable Fuels (1.5%):
	309,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35		392,430
	619,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100		691,733
	115,000	eG Global Finance plc, 6.75%, 2/7/25, Callable 7/19/21 @ 103.38(a)		117,731
	205,000	eG Global Finance plc, 8.50%, 10/30/25, Callable 10/30/21 @ 104.25(a)		216,787
	223,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100		237,758
	218,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100		245,841
	140,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 8/9/21 @ 100(a)		140,000
	235,000	Meg Energy Corp., 7.13%, 2/1/27, Callable 2/1/23 @ 103.56(a)		250,275
	1,505,000	Petroleos Mexicanos, 6.84%, 1/23/30, Callable 10/23/29 @ 100		1,556,093
	2,762,000	Petroleos Mexicanos, 6.75%, 9/21/47		2,445,107
	502,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		446,441
	70,000	Teine Energy, Ltd., 6.88%, 4/15/29, Callable 4/15/24 @ 103.44(a)		71,488

				6,811,684

Pharmaceuticals (0.1%):
	115,000	Bausch Health Cos., Inc., 5.50%, 11/1/25, Callable 8/9/21 @ 102.75(a)		117,875
	126,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		125,843
	191,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23		189,806
	194,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 8/9/21 @ 102.04(a)		198,365

				631,889

Software (0.0%†):
	95,000	Open Text Corp., 3.88%, 2/15/28, Callable 2/15/23 @ 101.94(a)		96,069

Sovereign Bond (1.5%):
	415,000	Abu Dhabi Government International Bond, 3.13%, 4/16/30(a)		451,601
	355,000	Abu Dhabi Government International Bond, 3.88%, 4/16/50(a)		408,850

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	56,434	Argentine Republic Government International Bond, 1.00%, 7/9/29, Callable 8/9/21 @ 100	$	21,374
	513,757	Argentine Republic Government International Bond, 0.13%, 7/9/30, Callable 8/9/21 @ 100		183,668
	941,242	Argentine Republic Government International Bond, 0.13%, 7/9/35, Callable 8/9/21 @ 100		297,668
	400,000	Corp. Andina de Fomento, 2.38%, 5/12/23		411,684
	1,344,000	Dominican Republic, 5.50%, 1/27/25(a)		1,476,720
	250,000	Dominican Republic, 6.00%, 7/19/28(a)		284,063
	600,000	Indonesia Government International Bond, 3.85%, 10/15/30^		667,526
	600,000	Indonesia Government International Bond, 4.20%, 10/15/50		682,508
	230,000	Qatar Government International Bond, 3.40%, 4/16/25(a)		250,426
	490,000	Qatar Government International Bond, 3.75%, 4/16/30(a)		553,965
	470,000	Qatar Government International Bond, 4.40%, 4/16/50(a)		571,838
	250,000	Saudi Government International Bond, 2.90%, 10/22/25(a)		267,616
	230,000	Saudi Government International Bond, 3.25%, 10/22/30(a)		247,320
	200,000	Saudi Government International Bond, 4.50%, 4/22/60^(a)		240,487

				7,017,314

Trading Companies & Distributors (0.2%):
	412,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100		448,623
	217,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100		253,620
	251,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26, Callable 2/3/26 @ 100		275,561

				977,804

Wireless Telecommunication Services (0.3%):
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(a)		355,988
	630,000	Millicom International Cellular SA, 6.25%, 3/25/29, Callable 3/25/24 @ 103.13(a)		687,487
	135,000	Millicom International Cellular SA, 4.50%, 4/27/31, Callable 4/27/26 @ 102.25(a)		140,569

			1,184,044

	Total Yankee Debt Obligations (Cost $45,495,388)			47,132,353

Municipal Bonds (1.2%):
California (0.2%):
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		16,051
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		735,227

				751,278

Illinois (0.9%):
	310,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series C1, 7.78%, 1/1/35		427,388
	295,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		345,887


Principal Amount			Value
Municipal Bonds, continued
Illinois, continued
$	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35	$	392,408
	425,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		535,462
	1,935,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,469,292
	63,636	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		67,917
	44,000	Illinois State, Build America Bonds, GO, 6.20%, 7/1/21		44,000

				4,282,354

New Jersey (0.1%):
	504,000	New Jersey Economic Development Authority Revenue, Build America Bonds, GO, Series A, 7.43%, 2/15/29		653,280

	Total Municipal Bonds (Cost $4,972,927)			5,686,912

U.S. Government Agency Mortgages (9.3%):
Government National Mortgage Association (3.1%)
	6,666	5.00%, 6/15/34, Pool #629493		7,638
	3,760	5.00%, 3/15/38, Pool #676766		4,308
	1,682	5.00%, 4/15/38, Pool #672672		1,900
	7,738	5.00%, 8/15/38, Pool #687818		8,871
	66,830	5.00%, 1/15/39, Pool #705997		77,411
	131,902	5.00%, 3/15/39, Pool #646746		149,842
	750	5.00%, 3/15/39, Pool #697946		841
	136,376	4.00%, 10/15/40, Pool #783143		150,471
	38,317	4.00%, 10/20/40, Pool #G24833		41,706
	114,013	4.00%, 1/20/41, Pool #4922		124,102
	307,465	4.50%, 3/20/41, Pool #4978		337,168
	108,446	4.50%, 5/20/41, Pool #005055		118,798
	227,028	4.00%, 5/20/41, Pool #5054		247,136
	101,031	4.50%, 6/15/41, Pool #366975		115,207
	71,273	4.50%, 6/20/41, Pool #005082		78,165
	257,294	4.00%, 10/20/41, Pool #5203		283,736
	282,551	3.50%, 12/20/41, Pool #5258		306,186
	503,590	4.00%, 1/20/42, Pool #5280		555,354
	342,828	3.50%, 10/20/42, Pool #MA0462		370,986
	174,064	3.00%, 12/20/42, Pool #MA0624		185,590
	262,559	3.00%, 12/20/42, Pool #AA5872		275,384
	1,733,848	3.50%, 1/20/43, Pool #MA0699		1,852,140
	30,528	3.00%, 1/20/43, Pool #MA0698		32,571
	388,591	3.50%, 2/20/43, Pool #MA0783		420,490
	48,759	3.50%, 3/20/43, Pool #AD8884		52,401
	68,709	3.00%, 3/20/43, Pool #AD8812		74,656
	161,631	3.00%, 3/20/43, Pool #AA6146		177,217
	19,629	3.50%, 4/20/43, Pool #AB9891		21,086
	309,989	3.50%, 4/20/43, Pool #783976		335,652
	50,769	3.50%, 4/20/43, Pool #AD9075		54,573
	4,815	4.00%, 7/20/44, Pool #MA2074		5,240
	71,958	4.00%, 5/20/45, Pool #MA2893		78,096
	108,050	4.00%, 8/20/45, Pool #MA3035		117,268
	4,112	4.00%, 9/20/45, Pool #MA3106		4,463
	4,312	4.00%, 10/20/45, Pool #MA3174		4,679
	4,951	4.00%, 12/20/45, Pool #MA3311		5,374
	4,855	4.00%, 1/20/46, Pool #MA3377		5,269
	197,955	4.00%, 4/15/46, Pool #784232		220,714

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association, continued
$	297,600	4.00%, 5/20/46, Pool #MA3664	$	321,997
	29,308	3.50%, 7/20/46, Pool #784391		31,251
	19,113	3.00%, 10/20/46, Pool #MA4003		20,176
	971,732	3.00%, 12/20/46, Pool #MA4126		1,028,682
	148,457	4.00%, 1/15/47, Pool #AX5857		160,545
	70,613	4.00%, 1/15/47, Pool #AX5831		76,328
	306,503	3.00%, 1/20/47, Pool #MA4195		323,542
	178,206	3.00%, 2/20/47, Pool #MA4261		187,725
	39,729	4.00%, 3/20/47, Pool #MA4322		42,506
	281,586	4.00%, 4/20/47, Pool #784304		297,815
	257,788	4.00%, 4/20/47, Pool #784303		272,634
	40,919	4.00%, 4/20/47, Pool #MA4383		43,964
	25,822	4.00%, 5/20/47, Pool #MA4452		27,627
	109,852	4.00%, 6/20/47, Pool #MA4511		118,027
	115,654	4.00%, 4/20/48, Pool #BG3507		125,159
	117,944	4.00%, 4/20/48, Pool #BG7744		127,645
	106,276	3.00%, 6/20/50, Pool #MA6710		111,149
	340,765	3.00%, 7/20/50, Pool #MA6766		355,614
	138,852	3.50%, 11/20/50, Pool #MA6997		145,741
	447,457	2.50%, 3/20/51, Pool #MA7255		465,536
	1,250,000	2.50%, 7/20/51, TBA		1,293,945
	100,000	3.00%, 7/20/51, TBA		104,328
	750,000	2.00%, 7/20/51, TBA		764,414
	500,000	2.00%, 8/20/51, TBA		508,672
	400,000	2.50%, 8/20/51, TBA		413,344

				14,271,055

Federal Home Loan Mortgage Corporation (2.6%)
	32,403	2.50%, 6/1/31, Pool #G18604		33,909
	51,779	2.50%, 7/1/31, Pool #V61246		54,427
	92,396	2.50%, 8/1/31, Pool #V61273		96,990
	330,578	3.50%, 3/1/32, Pool #C91403		353,551
	953,053	3.50%, 7/1/32, Pool #C91467		1,019,346
	9,211	2.50%, 8/1/32, Pool #G18654		9,631
	9,857	2.50%, 11/1/32, Pool #G18665		10,307
	294,664	2.50%, 12/1/32, Pool #G18669		308,131
	49,323	2.50%, 3/1/33, Pool #G18680		51,508
	41,889	3.00%, 4/1/33, Pool #K90336		44,628
	16,945	2.50%, 4/1/33, Pool #G18683		17,696
	116,377	3.00%, 4/1/33, Pool #G18684		122,643
	9,508	2.50%, 5/1/33, Pool #G18687		9,929
	43,350	3.00%, 6/1/33, Pool #C91709		46,165
	153,866	4.00%, 6/1/33, Pool #G30718		165,859
	49,930	3.00%, 6/1/33, Pool #K90684		53,159
	101,905	3.00%, 6/1/33, Pool #K90632		108,530
	72,354	3.00%, 6/1/33, Pool #K90806		77,038
	199,207	3.00%, 7/1/33, Pool #C91714		212,159
	197,962	2.50%, 7/1/33, Pool #G16661		206,978
	43,317	3.00%, 4/1/34, Pool #G16829		45,880
	370,945	3.50%, 10/1/34, Pool #C91793		397,403
	692,058	4.00%, 5/1/37, Pool #C91938		746,197
	35,764	3.50%, 4/1/40, Pool #V81744		38,139
	57,526	3.50%, 5/1/40, Pool #V81750		61,346
	71,111	3.50%, 6/1/40, Pool #V81792		75,833
	36,065	3.50%, 8/1/40, Pool #V81886		38,460
	22,625	3.50%, 9/1/40, Pool #V81958		24,127
	389,680	4.00%, 1/1/41, Pool #A96413		425,660


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal Home Loan Mortgage Corporation, continued
$	40,872	4.50%, 1/1/41, Pool #A96051	$	44,221
	269,601	4.00%, 2/1/41, Pool #A96807		294,462
	39,898	4.50%, 3/1/41, Pool #A97673		44,359
	63,054	4.50%, 4/1/41, Pool #A97942		70,293
	216,534	5.00%, 6/1/41, Pool #G06596		244,289
	786,259	4.50%, 1/1/42, Pool #G60517		873,337
	34,150	4.00%, 11/1/42, Pool #Q13121		36,871
	97,630	3.00%, 12/1/42, Pool #C04320		104,095
	44,539	4.00%, 5/1/43, Pool #Q18481		48,557
	33,587	4.00%, 7/1/43, Pool #Q19597		36,639
	41,625	4.00%, 10/1/43, Pool #Q22499		45,432
	57,872	4.00%, 1/1/44, Pool #V80950		62,172
	237,884	3.50%, 1/1/44, Pool #G07922		257,468
	120,152	3.50%, 1/1/44, Pool #G60271		131,079
	201,602	4.00%, 1/1/45, Pool #Q30720		217,546
	135,864	4.00%, 2/1/45, Pool #G07949		149,219
	34,438	3.50%, 3/1/45, Pool #Q31974		37,320
	66,780	3.50%, 3/1/45, Pool #Q32008		72,403
	33,079	3.50%, 3/1/45, Pool #Q32328		35,858
	171,073	3.50%, 5/1/45, Pool #Q33547		183,284
	23,934	3.00%, 5/1/45, Pool #Q33468		25,348
	32,491	3.50%, 6/1/45, Pool #Q33791		34,805
	210,380	3.50%, 6/1/45, Pool #Q34164		225,404
	166,799	3.00%, 6/1/45, Pool #Q34156		176,808
	39,082	3.00%, 7/1/45, Pool #Q34759		41,921
	14,402	3.00%, 7/1/45, Pool #Q34979		15,440
	90,416	4.00%, 8/1/45, Pool #Q35845		100,993
	12,466	4.00%, 9/1/45, Pool #Q37853		13,736
	7,122	4.00%, 11/1/45, Pool #Q38812		7,798
	237,222	3.50%, 11/1/45, Pool #Q37467		257,146
	17,311	4.00%, 2/1/46, Pool #Q38783		18,670
	4,564	4.00%, 2/1/46, Pool #Q38879		5,019
	12,570	4.00%, 2/1/46, Pool #Q38782		13,804
	42,799	4.00%, 4/1/46, Pool #V82292		46,731
	9,091	4.00%, 4/1/46, Pool #Q39975		9,986
	80,985	3.50%, 5/1/46, Pool #Q40647		87,685
	278,434	3.50%, 5/1/46, Pool #G60553		304,012
	90,430	3.50%, 5/1/46, Pool #G60603		98,002
	238,680	3.50%, 9/1/46, Pool #Q43257		258,550
	10,567	4.00%, 9/1/47, Pool #Q50433		11,464
	15,111	4.00%, 10/1/47, Pool #Q51189		16,389
	16,193	4.00%, 2/1/48, Pool #Q54192		17,673
	165,434	3.50%, 3/1/48, Pool #G67710		177,204
	206,638	4.00%, 5/1/48, Pool #Q55992		225,220
	596,439	4.00%, 6/1/48, Pool #G67713		651,831
	72,667	4.00%, 7/1/48, Pool #Q59935		79,451
	441,969	2.50%, 10/1/50, Pool #SD7525		460,667
	651,168	2.50%, 11/1/50, Pool #SD7530		676,880

				11,903,170

Federal National Mortgage Association (3.6%)
	132,462	2.50%, 6/1/29, Pool #MA3734		138,423
	79,695	2.50%, 9/1/31, Pool #AS8012		83,561
	381,951	3.00%, 4/1/32, Pool #BD9809		410,107
	173,363	3.00%, 9/1/32, Pool #BM5110		183,413
	517,259	3.00%, 12/1/32, Pool #BM5345		551,193
	406,089	2.50%, 12/1/32, Pool #CA3748		424,536

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	28,141	3.00%, 3/1/33, Pool #BM4614	$	29,919
	39,492	3.00%, 5/1/33, Pool #AT3000		41,949
	39,172	3.00%, 6/1/33, Pool #AT6090		41,600
	185,779	3.00%, 7/1/33, Pool #MA1490		197,227
	1,269	4.50%, 7/1/33, Pool #720240		1,423
	3,044	4.50%, 7/1/33, Pool #729327		3,325
	11,793	4.50%, 8/1/33, Pool #726928		13,194
	5,530	4.50%, 8/1/33, Pool #723124		6,198
	9,359	4.50%, 8/1/33, Pool #726956		10,491
	4,349	4.50%, 8/1/33, Pool #729713		4,836
	2,747	4.50%, 8/1/33, Pool #727029		3,059
	4,001	4.50%, 8/1/33, Pool #727160		4,485
	24,308	4.50%, 8/1/33, Pool #729380		27,213
	20,224	4.50%, 9/1/33, Pool #727147		22,645
	7,605	4.50%, 9/1/33, Pool #734922		8,499
	27,748	4.50%, 12/1/33, Pool #AL5321		31,081
	29,740	3.50%, 1/1/34, Pool #AS1406		31,879
	75,160	3.50%, 1/1/34, Pool #AS1611		80,545
	48,504	3.50%, 1/1/34, Pool #AS1612		51,963
	11,310	3.50%, 1/1/34, Pool #AS1614		12,128
	556,752	2.50%, 6/1/34, Pool #BN7572		586,483
	23,256	6.00%, 10/1/34, Pool #AL2130		27,540
	46,041	4.50%, 9/1/35, Pool #AB8198		51,521
	461,466	6.00%, 5/1/36, Pool #745512		541,458
	215,513	6.00%, 1/1/37, Pool #932030		255,141
	42,342	6.00%, 3/1/37, Pool #889506		50,397
	59,728	6.00%, 1/1/38, Pool #889371		72,330
	21,020	6.00%, 3/1/38, Pool #889219		24,945
	10,268	6.00%, 7/1/38, Pool #889733		12,180
	69,711	4.50%, 3/1/39, Pool #AB0051		78,070
	321,082	4.50%, 4/1/39, Pool #AB0043		359,607
	171,207	2.50%, 8/1/39, Pool #MA3761		178,783
	28,171	4.50%, 11/1/39, Pool #AC5442		31,009
	85,245	6.00%, 5/1/40, Pool #AL2129		101,182
	36,409	4.00%, 12/1/40, Pool #AA4757		39,751
	41,104	4.50%, 2/1/41, Pool #AH5580		45,553
	6,460	6.00%, 1/1/42, Pool #AL2128		7,528
	180,250	2.50%, 2/1/43, Pool #AB8465		188,239
	48,256	4.00%, 10/1/43, Pool #BM1167		53,175
	210,629	4.50%, 3/1/44, Pool #AL5082		228,990
	11,854	4.00%, 12/1/44, Pool #AY0045		12,953
	104,065	4.00%, 12/1/44, Pool #AX8459		115,106
	20,960	4.00%, 12/1/44, Pool #AW9502		22,882
	164,422	4.00%, 3/1/45, Pool #AL6541		181,107
	104,114	4.00%, 5/1/45, Pool #AZ1207		113,813
	30,904	4.00%, 5/1/45, Pool #AZ1876		33,960
	61,841	3.00%, 5/1/45, Pool #AS4972		66,138
	176,480	4.00%, 6/1/45, Pool #AY8096		192,710
	91,460	4.00%, 6/1/45, Pool #AY8126		99,980
	23,219	4.00%, 6/1/45, Pool #AZ2719		25,531
	35,445	5.00%, 6/1/45, Pool #AZ3448		41,281
	38,030	4.00%, 6/1/45, Pool #AZ3341		41,767
	141,868	4.00%, 7/1/45, Pool #AZ1783		154,948
	171,739	4.00%, 7/1/45, Pool #AZ0833		188,735
	371,634	3.50%, 7/1/45, Pool #AZ0814		399,846
	138,546	3.00%, 8/1/45, Pool #AS5634		148,173


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	23,460	3.00%, 8/1/45, Pool #AZ3728	$	25,087
	61,508	3.00%, 8/1/45, Pool #AZ8288		65,801
	74,980	4.00%, 10/1/45, Pool #AL7413		81,740
	403,444	4.00%, 10/1/45, Pool #AL7593		439,848
	27,978	4.00%, 11/1/45, Pool #AZ0560		30,551
	48,418	4.00%, 12/1/45, Pool #BA6404		52,871
	9,689	4.00%, 12/1/45, Pool #BC0997		10,590
	29,511	4.00%, 12/1/45, Pool #AS6350		32,169
	591,933	4.00%, 2/1/46, Pool #BC1578		637,971
	47,813	4.50%, 2/1/46, Pool #BM5199		52,855
	19,122	4.00%, 4/1/46, Pool #BC7809		20,729
	30,925	4.00%, 4/1/46, Pool #BC3920		33,555
	9,727	4.00%, 5/1/46, Pool #BC2276		10,611
	347,211	3.50%, 5/1/46, Pool #BC0880		373,941
	305,179	4.00%, 6/1/46, Pool #AL9282		328,915
	184,561	4.00%, 6/1/46, Pool #BC0960		198,915
	142,556	4.00%, 7/1/46, Pool #BC1443		156,376
	49,091	4.00%, 7/1/46, Pool #BC6148		52,949
	46,886	4.50%, 8/1/46, Pool #AL9111		51,605
	43,514	4.00%, 8/1/46, Pool #BD1451		46,898
	149,845	4.00%, 9/1/46, Pool #BC2843		164,290
	41,100	4.00%, 9/1/46, Pool #BD1489		44,300
	124,991	3.50%, 10/1/46, Pool #AL9285		133,385
	28,761	4.00%, 10/1/46, Pool #BD7599		31,024
	465,462	3.50%, 12/1/46, Pool #BC9077		501,458
	649,352	4.50%, 2/1/47, Pool #AL9846		706,460
	68,781	3.50%, 2/1/47, Pool #BE5696		73,689
	1,636,001	4.00%, 2/1/47, Pool #AL9779		1,780,470
	9,448	4.00%, 6/1/47, Pool #BH4269		10,362
	502,960	4.50%, 9/1/49, Pool #FM1534		556,348
	127,129	3.50%, 11/1/49, Pool #CA4557		136,204
	613,442	4.00%, 11/1/49, Pool #CA4628		669,803
	147,654	3.00%, 2/1/50, Pool #CA5126		155,574
	0	3.00%, 7/1/50, Pool #FM3241		—
	400,063	2.50%, 8/1/50, Pool #SD0430		415,805
	200,000	2.00%, 7/25/51, TBA		202,187
	1,275,000	3.00%, 7/25/51, TBA		1,329,387
	200,000	2.00%, 8/25/51, TBA		201,781

			17,004,208

	Total U.S. Government Agency Mortgages (Cost $41,763,298)			43,178,433

U.S. Treasury Obligations (31.8%):
U.S. Treasury Notes (21.3%)
	2,034,000	2.13%, 7/31/24		2,136,653
	19,438,000	0.25%, 7/31/25		19,076,575
	4,710,000	0.38%, 12/31/25		4,621,688
	7,700,000	0.38%, 1/31/26		7,548,406
	9,253,000	0.75%, 3/31/26		9,215,410
	6,600,000	0.75%, 4/30/26		6,569,062
	3,535,600	1.63%, 9/30/26		3,664,870
	17,365,000	1.25%, 5/31/28		17,424,692
	3,500,000	1.25%, 6/30/28		3,508,750
	18,643,000	1.13%, 2/15/31		18,121,579
	7,031,000	1.63%, 5/15/31		7,147,451

				99,035,136

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Treasury Obligations, continued
U.S. Treasury Bonds (8.8%)
$	2,566,000	1.13%, 5/15/40	$	2,217,185
	11,313,000	3.00%, 2/15/47		13,441,258
	23,845,000	2.38%, 5/15/51		25,476,892

				41,135,335

U.S. Treasury Inflation Index Bonds (1.3%)
	3,550,968	0.75%, 2/15/45		4,383,314
	89,353	1.00%, 2/15/46		116,930
	1,082,200	1.00%, 2/15/49		1,458,155

				5,958,399

U.S. Treasury Inflation Index Notes (0.4%)
	486,376	0.88%, 1/15/29		563,363
	991,553	0.25%, 7/15/29		1,104,019

			1,667,382

	Total U.S. Treasury Obligations (Cost $147,568,043)			147,796,252


Shares or Principal Amount			Value
U.S. Treasury Obligations, continued
Short-Term Security Held as Collateral for Securities on Loan (1.0%):
$	4,429,701	BlackRock Liquidity FedFund, Institutional Class , 0.04%(e)(f)	$	4,429,701

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $4,429,701)			4,429,701

Unaffiliated Investment Company (7.0%):
Money Markets (7.0%):
	32,469,534	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(f)		32,469,534

	Total Unaffiliated Investment Company (Cost $32,469,534)			32,469,534

	Total Investment Securities (Cost $459,384,924) — 102.5%			475,943,418
	Net other assets (liabilities) — (2.5)%			(11,498,670	)

	Net Assets — 100.0%		$	464,444,748

Percentages indicated are based on net assets as of June 30, 2021.

GO—General Obligation

H15T1Y—1 Year Treasury Constant Maturity Rate

H15T5Y—5 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

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 June 30, 2021. The total value of securities on loan as of June 30, 2021 was $4,249,141.

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-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 June 30, 2021.

(c)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2021. The total of all such securities represent 0.00% of the net assets of the fund.

(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 June 30, 2021.

(f)	The rate represents the effective yield at June 30, 2021.

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

June 30, 2021 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2021:

(Unaudited)


Country	Percentage
Argentina		0.1	%
Australia		0.1	%
Canada		0.7	%
Cayman Islands		1.3	%
Chile		0.1	%
Colombia		—	%^†
Dominican Republic		0.4	%
France		0.4	%
Germany		0.8	%
Greece		—	%^†
Guernsey		0.6	%
Hong Kong		0.1	%
Indonesia		0.3	%
Ireland		0.4	%


Country	Percentage
Italy		0.4	%
Luxembourg		0.4	%
Mexico		0.9	%
Netherlands		0.5	%
Qatar		0.3	%
Saudi Arabia		0.2	%
Supernational		0.1	%
Switzerland		0.3	%
United Arab Emirates		0.2	%
United Kingdom		1.9	%
United States		89.5	%
Zambia		—	%^†

		100.0	%

†	Represents less than 0.05%.

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	459,384,924

Investment securities, at value(a)	$	475,943,418
Interest and dividends receivable		3,007,227
Receivable for capital shares issued		7,562
Receivable for investments sold		1,642,934
Receivable for TBA investments sold		1,122,617
Prepaid expenses		22,284

Total Assets		481,746,042


Liabilities:
Cash overdraft		2,011
Payable for investments purchased		6,479,045
Payable for TBA investments purchased		5,938,522
Payable for capital shares redeemed		125,701
Payable for collateral received on loaned securities		4,429,701
Manager fees payable		190,096
Administration fees payable		11,645
Distribution fees payable		90,509
Custodian fees payable		2,163
Administrative and compliance services fees payable		993
Transfer agent fees payable		2,466
Trustee fees payable		5,035
Other accrued liabilities		23,407

Total Liabilities		17,301,294

Net Assets	$	464,444,748

Net Assets Consist of:
Paid in capital	$	419,678,568
Total distributable earnings		44,766,180

Net Assets	$	464,444,748

Class 1
Net Assets	$	22,188,267
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,066,427
Net Asset Value (offering and redemption price per share)	$	10.74

Class 2
Net Assets	$	442,256,481
Shares of beneficial interest (unlimited number of shares authorized, no par value)		39,992,062
Net Asset Value (offering and redemption price per share)	$	11.06

(a)	Includes securities on loan of $4,249,141.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	6,615,304
Dividends		2,869
Income from securities lending		5,780

Total Investment Income		6,623,953

Expenses:
Manager fees		1,143,686
Administration fees		48,108
Distribution fees — Class 2		544,487
Custodian fees		7,558
Administrative and compliance services fees		3,390
Transfer agent fees		5,955
Trustee fees		12,149
Professional fees		10,647
Shareholder reports		11,430
Other expenses		4,722

Total expenses		1,792,132

Net Investment Income/(Loss)		4,831,821

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		3,178,977
Change in net unrealized appreciation/depreciation on securities		(8,235,545	)

Net realized and Change in net unrealized gains/losses on investments		(5,056,568	)

Change in Net Assets Resulting From Operations	$	(224,747	)

See accompanying notes to the financial statements.

AZL Fidelity Institutional Asset Management Total Bond Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,831,821			$	11,637,229
Net realized gains/(losses) on investments			3,178,977				16,797,422
Change in unrealized appreciation/depreciation on investments			(8,235,545	)			9,270,409

Change in net assets resulting from operations			(224,747	)			37,705,060

Distributions to Shareholders:
Class 1			—				(814,539	)
Class 2			—				(13,970,449	)

Change in net assets resulting from distributions to shareholders			—				(14,784,988	)

Capital Transactions:
Class 1
Proceeds from shares issued			846,904				921,431
Proceeds from dividends reinvested			—				814,539
Value of shares redeemed			(1,163,482	)			(3,164,372	)

Total Class 1 Shares			(316,578	)			(1,428,402	)

Class 2
Proceeds from shares issued			18,064,738				31,658,359
Proceeds from dividends reinvested			—				13,970,449
Value of shares redeemed			(12,376,517	)			(101,509,337	)

Total Class 2 Shares			5,688,221				(55,880,529	)

Change in net assets resulting from capital transactions			5,371,643				(57,308,931	)

Change in net assets			5,146,896				(34,388,859	)
Net Assets:
Beginning of period			459,297,852				493,686,711

End of period		$	464,444,748			$	459,297,852

Share Transactions:
Class 1
Shares issued			79,504				87,272
Dividends reinvested			—				77,723
Shares redeemed			(109,678	)			(306,567	)

Total Class 1 Shares			(30,174	)			(141,572	)

Class 2
Shares issued			1,645,674				2,920,316
Dividends reinvested			—				1,292,363
Shares redeemed			(1,133,896	)			(9,574,371	)

Total Class 2 Shares			511,778				(5,361,692	)

Change in shares			481,604				(5,503,264	)


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

Financial Highlights

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


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016^
	(Unaudited)

Class 1

Net Asset Value, Beginning of Period		$	10.73			$	10.20			$	9.54			$	9.96			$	9.77			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.13	(a)			0.29	(a)			0.32	(a)			0.32				0.23				0.24
Net Realized and Unrealized Gains/(Losses) on Investments			(0.12	)			0.63				0.69				(0.42	)			0.21				(0.47	)

Total from Investment Activities			0.01				0.92				1.01				(0.10	)			0.44				(0.23	)

Distributions to Shareholders From:
Net Investment Income			—				(0.39	)			(0.35	)			(0.32	)			(0.25	)			—
											��
Total Dividends			—				(0.39	)			(0.35	)			(0.32	)			(0.25	)			—

Net Asset Value, End of Period		$	10.74			$	10.73			$	10.20			$	9.54			$	9.96			$	9.77

Total Return(b)			0.09	%(c)			9.12	%			10.57	%			(1.00	)%			4.55	%			(2.30	)%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	22,188			$	22,495			$	22,823			$	21,476			$	24,077			$	25,981
Net Investment Income/(Loss)(d)			2.54	%			2.78	%			3.17	%			2.96	%			2.23	%			3.03	%
Expenses Before Reductions(d)(e)			0.55	%			0.58	%			0.57	%			0.56	%			0.56	%			0.59	%
Expenses Net of Reductions(d)			0.55	%			0.58	%			0.57	%			0.56	%			0.56	%			0.59	%
Portfolio Turnover Rate(f)			52	%			71	%			68	%			38	%			81	%			119	%

Class 2

Net Asset Value, Beginning of Period		$	11.06			$	10.50			$	9.81			$	10.23			$	10.05			$	9.85

Investment Activities:
Net Investment Income/(Loss)			0.12	(a)			0.27	(a)			0.30	(a)			0.31				0.22				0.26
Net Realized and Unrealized Gains/(Losses) on Investments			(0.12	)			0.65				0.71				(0.44	)			0.21				0.29

Total from Investment Activities			—				0.92				1.01				(0.13	)			0.43				0.55

Distributions to Shareholders From:
Net Investment Income			—				(0.36	)			(0.32	)			(0.29	)			(0.25	)			(0.34	)
Net Realized Gains			—				—				—				—				—				(0.01	)
Total Dividends			—				(0.36	)			(0.32	)			(0.29	)			(0.25	)			(0.35	)

Net Asset Value, End of Period		$	11.06			$	11.06			$	10.50			$	9.81			$	10.23			$	10.05

Total Return(b)			0.00	%(c)			8.84	%			10.28	%			(1.25	)%			4.28	%			5.51	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	442,256			$	436,803			$	470,864			$	478,991			$	552,678			$	568,216
Net Investment Income/(Loss)(d)			2.29	%			2.53	%			2.92	%			2.71	%			1.98	%			3.06	%
Expenses Before Reductions(d)(e)			0.80	%			0.83	%			0.82	%			0.81	%			0.81	%			0.83	%
Expenses Net of Reductions(d)			0.80	%			0.83	%			0.82	%			0.81	%			0.81	%			0.83	%
Portfolio Turnover Rate(f)			52	%			71	%			68	%			38	%			81	%			119	%

^	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

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

Distributions to Shareholders

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products 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

Bank Loans

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $569 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $4,429,701 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 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, 2022.

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Fidelity Institutional Asset Management Total Bond Fund Class 1		0.50	%		0.70	%
AZL Fidelity Institutional Asset Management Total Bond Fund Class 2		0.50	%		0.95	%

*	The annual rate due to the Manager is 0.50% of the first $2.5 billion of the Fund’s net assets, 0.40% of the next $15 billion of the Fund’s net assets, and 0.37% on the Fund’s net assets over $17.5 billion. Prior to June 1, 2021, the annual rate due to the Manager was 0.50% on all net assets.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable 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 Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	689,398		$	221,755		$	—	#		$	911,153
Preferred Stock+			141,918			—			—				141,918
Warrant+			730			—			—				730
Asset Backed Securities			—			9,850,564			—				9,850,564
Collateralized Mortgage Obligations			—			35,311,423			—				35,311,423
Convertible Bonds+			—			725,393			—				725,393
Bank Loans+			—			537,520			—				537,520
Corporate Bonds+			—			147,771,532			—				147,771,532
Yankee Debt Obligations+			—			47,132,353			—				47,132,353
Municipal Bonds			—			5,686,912			—				5,686,912
U.S. Government Agency Mortgages			—			43,178,433			—				43,178,433
U.S. Treasury Obligations			—			147,796,252			—				147,796,252
Short-Term Security Held as Collateral for Securities on Loan			4,429,701			—			—				4,429,701
Unaffiliated Investment Company			32,469,534			—			—				32,469,534

Total Investment Securities		$	37,731,281		$	438,212,137		$	—			$	475,943,418

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2021.

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	227,112,940		$	231,213,990

For the period ended June 30, 2021, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL Fidelity Institutional Asset Management Total Bond Fund		$	199,196,615		$	171,653,876

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

6. Investment Risks

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

London Interbank Offering Rate (“LIBOR Risk: Certain investments held by the Fund may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority 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.

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

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

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

AZL Fidelity Institutional Asset Management Total Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $433,480,941. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	29,038,865
Unrealized (depreciation)		(4,394,367	)

Net unrealized appreciation/(depreciation)	$	24,644,498

During the year ended December 31, 2020, the Fund utilized $8,181,785 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Fidelity Institutional Asset Management Total Bond Fund		$	14,784,988		$	—		$	14,784,988

(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, 2020, 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		$	13,753,867		$	6,592,562		$	—		$	24,644,498		$	44,990,927

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

10. Subsequent Events

AZL Fidelity Institutional Asset Management Total Bond Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN
AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Gateway Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Page 1

Page 2

Page 7

Page 7

Page 8

Page 9

Page 10

Page 15

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 17

Page 18

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 or the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Gateway Fund, Class 2		$	1,000.00		$	1,071.20		$	5.60		1.09	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Gateway Fund, Class 2		$	1,000.00		$	1,019.39		$	5.46		1.09	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		28.0	%

Health Care		12.5

Consumer Discretionary		11.7

Communication Services		11.0

Financials		10.8

Industrials		8.6

Consumer Staples		5.6

Energy		2.8

Materials		2.7

Real Estate		2.4

Utilities		2.4


Total Common Stocks		98.5

Unaffiliated Investment Company		0.6

Purchased Put Options		0.6


Total Investment Securities		99.7

Net other assets (liabilities)		0.3


Net Assets		100.0	%

AZL Gateway Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks+ (98.5%):
Aerospace & Defense (1.5%):
	2,888	Boeing Co. (The)*	$	691,849
	828	HEICO Corp.		115,440
	10,803	Raytheon Technologies Corp.		921,604
	507	Teledyne Technologies, Inc.*		212,347
	470	TransDigm Group, Inc.*		304,226

				2,245,466

Air Freight & Logistics (0.7%):
	4,218	United Parcel Service, Inc., Class B		877,217
	749	XPO Logistics, Inc.*		104,778

				981,995

Airlines (0.3%):
	2,880	Alaska Air Group, Inc.*		173,693
	7,994	JetBlue Airways Corp.*		134,139
	2,874	United Airlines Holdings, Inc.*		150,282

				458,114

Auto Components (0.1%):
	725	Autoliv, Inc.		70,876
	2,097	Goodyear Tire & Rubber Co. (The)*		35,963

				106,839

Automobiles (1.9%):
	29,112	Ford Motor Co.*		432,604
	6,591	General Motors Co.*		389,990
	3,051	Tesla, Inc.*		2,073,765

				2,896,359

Banks (4.5%):
	5,229	Associated Banc-Corp.		107,090
	43,735	Bank of America Corp.		1,803,194
	11,836	Citigroup, Inc.		837,397
	20,045	Huntington Bancshares, Inc.		286,042
	17,172	JPMorgan Chase & Co.		2,670,933
	2,161	Old National Bancorp		38,055
	333	Signature Bank		81,802
	19,142	Wells Fargo & Co.		866,941

				6,691,454

Beverages (1.3%):
	7,923	Keurig Dr Pepper, Inc.		279,206
	4,933	Monster Beverage Corp.*		450,630
	8,392	PepsiCo, Inc.		1,243,443

				1,973,279

Biotechnology (1.8%):
	9,305	AbbVie, Inc.		1,048,115
	3,051	Amgen, Inc.		743,682
	956	Biogen, Inc.*		331,034
	342	Exact Sciences Corp.*		42,514
	701	Ionis Pharmaceuticals, Inc.*		27,963
	425	Seagen, Inc.*		67,099
	1,916	Vertex Pharmaceuticals, Inc.*		386,323

				2,646,730

Building Products (0.3%):
	6,881	Carrier Global Corp.		334,416
	411	Lennox International, Inc.		144,179

				478,595


Shares			Value
Common Stocks, continued
Capital Markets (2.0%):
	7,903	Charles Schwab Corp. (The)	$	575,418
	297	FactSet Research Systems, Inc.		99,676
	4,817	Intercontinental Exchange, Inc.		571,778
	9,906	Morgan Stanley		908,281
	814	MSCI, Inc.,		433,927
	1,155	S&P Global, Inc.		474,070

				3,063,150

Chemicals (1.5%):
	1,621	Ashland Global Holdings, Inc.		141,838
	2,058	Celanese Corp.		311,993
	6,478	Corteva, Inc.		287,299
	5,680	Dow, Inc.		359,430
	2,474	Eastman Chemical Co.		288,839
	638	Ingevity Corp.*		51,908
	3,226	LyondellBasell Industries NV, Class A		331,859
	3,902	Mosaic Co. (The)		124,513
	2,287	Olin Corp.		105,797
	1,952	RPM International, Inc.		173,103
	3,968	Valvoline, Inc.		128,801

				2,305,380

Commercial Services & Supplies (0.8%):
	2,359	Copart, Inc.*		310,987
	1,395	Waste Connections, Inc.		166,605
	4,740	Waste Management, Inc.		664,121

				1,141,713

Communications Equipment (1.0%):
	26,312	Cisco Systems, Inc.		1,394,536
	318	Palo Alto Networks, Inc.*		117,994

				1,512,530

Construction Materials (0.2%):
	829	Martin Marietta Materials, Inc.		291,650

Consumer Finance (0.6%):
	2,467	Ally Financial, Inc.		122,955
	3,467	Discover Financial Services		410,112
	8,817	Synchrony Financial		427,801

				960,868

Containers & Packaging (0.6%):
	1,468	Avery Dennison Corp.		308,632
	1,645	Crown Holdings, Inc.		168,136
	2,426	Sonoco Products Co.		162,299
	4,256	WestRock Co.		226,504

				865,571

Distributors (0.2%):
	2,047	Genuine Parts Co.		258,884

Diversified Consumer Services (0.0%^†):
	1,395	Service Corp. International		74,758

Diversified Financial Services (1.7%):
	8,464	Berkshire Hathaway, Inc., Class B*		2,352,315
	2,693	Voya Financial, Inc.		165,619

				2,517,934

Diversified Telecommunication Services (1.3%):
	29,100	AT&T, Inc.		837,498
	19,439	Verizon Communications, Inc.		1,089,167

				1,926,665

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electric Utilities (1.0%):
	6,140	Alliant Energy Corp.	$	342,366
	7,855	American Electric Power Co., Inc.		664,454
	3,771	Evergy, Inc.		227,882
	5,273	FirstEnergy Corp.		196,208
	3,041	OGE Energy Corp.		102,330

				1,533,240

Electrical Equipment (0.5%):
	3,849	Eaton Corp. plc		570,345
	988	Hubbell, Inc.		184,598

				754,943

Electronic Equipment, Instruments & Components (0.7%):
	1,880	CDW Corp.		328,342
	7,255	Corning, Inc.		296,730
	1,235	Trimble, Inc.*		101,060
	647	Zebra Technologies Corp., Class A*		342,580

				1,068,712

Energy Equipment & Services (0.2%):
	8,613	Halliburton Co.		199,132
	3,411	Helmerich & Payne, Inc.		111,301

				310,433

Entertainment (1.9%):
	1,560	Live Nation Entertainment, Inc.*		136,641
	2,137	Netflix, Inc.*		1,128,785
	8,820	Walt Disney Co. (The)*		1,550,291

				2,815,717

Equity Real Estate Investment Trusts (2.4%):
	4,727	American Homes 4 Rent, Class A		183,644
	2,257	American Tower Corp.		609,706
	1,638	Camden Property Trust		217,313
	2,540	CubeSmart		117,653
	3,530	Douglas Emmett, Inc.		118,679
	6,991	Duke Realty Corp.		331,024
	2,920	Equity Lifestyle Properties, Inc.		216,985
	5,209	Healthcare Realty Trust, Inc.		157,312
	6,565	Invitation Homes, Inc.		244,809
	1,921	Kilroy Realty Corp.		133,778
	979	Mack-Cali Realty Corp.		16,790
	9,086	Medical Properties Trust, Inc.		182,628
	2,952	National Retail Properties, Inc.		138,390
	3,568	Sabra Health Care REIT, Inc.		64,938
	1,854	Simon Property Group, Inc.		241,910
	991	Sun Communities, Inc.		169,857
	5,031	UDR, Inc.		246,418
	1,790	WP Carey, Inc.		133,570

				3,525,404

Food & Staples Retailing (1.5%):
	538	Casey’s General Stores, Inc.		104,716
	2,606	Costco Wholesale Corp.		1,031,116
	357	US Foods Holding Corp.*		13,695
	7,939	Walmart, Inc.		1,119,558

				2,269,085

Food Products (0.8%):
	1,796	Bunge, Ltd.		140,357
	1,871	Lamb Weston Holdings, Inc.		150,915
	13,942	Mondelez International, Inc., Class A		870,539
	890	Post Holdings, Inc.*		96,538

				1,258,349


Shares			Value
Common Stocks, continued
Gas Utilities (0.0%^†):
	1,579	UGI Corp.	$	73,123

Health Care Equipment & Supplies (3.0%):
	9,715	Abbott Laboratories		1,126,260
	4,554	Baxter International, Inc.		366,597
	10,810	Boston Scientific Corp.*		462,236
	5,024	Edwards Lifesciences Corp.*		520,336
	264	Insulet Corp.*		72,471
	808	Intuitive Surgical, Inc.*		743,069
	6,042	Medtronic plc		749,993
	1,061	Steris plc		218,884
	585	Teleflex, Inc.		235,047

				4,494,893

Health Care Providers & Services (2.8%):
	1,632	Anthem, Inc.		623,098
	8,095	CVS Health Corp.		675,447
	2,351	HCA Healthcare, Inc.		486,046
	339	Molina Healthcare, Inc.*		85,787
	5,145	UnitedHealth Group, Inc.		2,060,264
	1,289	Universal Health Services, Inc., Class B		188,748

				4,119,390

Health Care Technology (0.1%):
	677	Veeva Systems, Inc., Class A*		210,513

Hotels, Restaurants & Leisure (1.3%):
	338	DraftKings, Inc., Class A*		17,634
	2,911	Hilton Grand Vacations, Inc.*		120,486
	3,262	Hilton Worldwide Holdings, Inc.*		393,463
	4,458	McDonald’s Corp.		1,029,753
	932	Melco Resorts & Entertainment, Ltd., ADR*		15,443
	629	Penn National Gaming, Inc.*		48,112
	3,283	Restaurant Brands International, Inc.		211,565
	248	Vail Resorts, Inc.*		78,497
	4,219	Wendy’s Co. (The)		98,809

				2,013,762

Household Durables (0.3%):
	4,173	Newell Brands, Inc.		114,632
	46	NVR, Inc.*		228,772
	133	Roku, Inc.*		61,080
	875	Toll Brothers, Inc.		50,584

				455,068

Household Products (1.4%):
	1,790	Clorox Co. (The)		322,039
	12,884	Procter & Gamble Co. (The)		1,738,438

				2,060,477

Industrial Conglomerates (1.5%):
	3,999	3M Co.		794,321
	38,350	General Electric Co.		516,191
	4,160	Honeywell International, Inc.		912,496

				2,223,008

Insurance (1.9%):
	11,167	Aflac, Inc.		599,221
	3,183	Allstate Corp. (The)		415,190
	1,230	American Financial Group, Inc.		153,406
	2,016	Aon plc, Class A		481,340
	2,356	Arch Capital Group, Ltd.*		91,743

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Insurance, continued
	3,636	Arthur J. Gallagher & Co.	$	509,331
	1,947	Brown & Brown, Inc.		103,463
	1,551	Fidelity National Financial, Inc.		67,406
	1,907	Lincoln National Corp.		119,836
	59	Markel Corp.*		70,016
	501	RenaissanceRe Holdings, Ltd.		74,559
	4,799	Unum Group		136,292

				2,821,803

Interactive Media & Services (6.6%):
	620	Alphabet, Inc., Class A*		1,513,910
	1,763	Alphabet, Inc., Class C*		4,418,642
	10,313	Facebook, Inc., Class A*		3,585,933
	321	Match Group, Inc.*		51,761
	3,059	Twitter, Inc.*		210,490
	307	Zillow Group, Inc., Class C*		37,522

				9,818,258

Internet & Direct Marketing Retail (4.5%):
	1,818	Amazon.com, Inc.*		6,254,211
	203	Booking Holdings, Inc.*		444,182
	51	MercadoLibre, Inc.*		79,447

				6,777,840

IT Services (5.1%):
	2,878	Automatic Data Processing, Inc.		571,628
	229	Black Knight, Inc.*		17,857
	217	Booz Allen Hamilton Holding Corp.		18,484
	285	EPAM Systems, Inc.*		145,624
	3,952	Fidelity National Information Services, Inc.		559,880
	1,348	Leidos Holdings, Inc.		136,283
	3,435	MasterCard, Inc., Class A		1,254,084
	3,910	Paychex, Inc.		419,543
	5,908	PayPal Holdings, Inc.*		1,722,064
	43	Shopify, Inc., Class A*		62,822
	317	Square, Inc., Class A*		77,285
	177	Twilio, Inc., Class A*		69,766
	1,639	VeriSign, Inc.*		373,184
	9,218	Visa, Inc., Class A		2,155,353

				7,583,857

Leisure Products (0.0%^†):
	30	Polaris, Inc.		4,109

Life Sciences Tools & Services (1.0%):
	991	Illumina, Inc.*		468,951
	822	PRA Health Sciences, Inc.*		135,803
	1,749	Thermo Fisher Scientific, Inc.		882,318

				1,487,072

Machinery (1.8%):
	3,587	Caterpillar, Inc.		780,639
	1,743	Cummins, Inc.		424,961
	1,819	Deere & Co.		641,579
	1,199	Parker-Hannifin Corp.		368,225
	2,461	Pentair plc		166,093
	767	Snap-On, Inc.		171,371
	1,275	Timken Co.		102,752

				2,655,620


Shares			Value
Common Stocks, continued
Media (1.2%):
	21,578	Comcast Corp., Class A	$	1,230,378
	1,004	Discovery, Inc., Series A*		30,803
	681	Liberty Broadband Corp., Class C*		118,262
	2,408	Liberty Global plc, Class C*		65,112
	4,598	News Corp., Class B		111,961
	2,935	Omnicom Group, Inc.		234,771
	10,787	Sirius XM Holdings, Inc.		70,547

				1,861,834

Metals & Mining (0.4%):
	5,473	Freeport-McMoRan, Inc.		203,103
	2,282	Southern Copper Corp.		146,778
	3,267	Steel Dynamics, Inc.		194,713
	1,665	Worthington Industries, Inc.		101,865

				646,459

Mortgage Real Estate Investment Trusts (0.1%):
	13,393	Annaly Capital Management, Inc.		118,930

Multiline Retail (0.6%):
	850	Nordstrom, Inc.*		31,084
	3,558	Target Corp.		860,111

				891,195

Multi-Utilities (1.3%):
	7,205	Ameren Corp.		576,688
	6,141	CenterPoint Energy, Inc.		150,577
	6,402	Consolidated Edison, Inc.		459,152
	6,453	Public Service Enterprise Group, Inc.		385,502
	4,589	WEC Energy Group, Inc.		408,192

				1,980,111

Oil, Gas & Consumable Fuels (2.6%):
	1,266	Cheniere Energy, Inc.*		109,813
	10,132	Chevron Corp.		1,061,225
	9,963	ConocoPhillips		606,747
	2,721	EOG Resources, Inc.		227,040
	18,134	Exxon Mobil Corp.		1,143,893
	1,236	HollyFrontier Corp.		40,664
	5,914	Occidental Petroleum Corp.		184,931
	4,383	ONEOK, Inc.		243,870
	3,874	Phillips 66		332,467

				3,950,650

Personal Products (0.0%^†):
	555	Herbalife Nutrition, Ltd.*		29,265

Pharmaceuticals (3.9%):
	12,640	Bristol-Myers Squibb Co.		844,605
	4,181	Eli Lilly & Co.		959,623
	33	Jazz Pharmaceuticals plc*		5,862
	11,563	Johnson & Johnson		1,904,889
	11,667	Merck & Co., Inc.		907,343
	1,197	Organon & Co.*		36,221
	26,457	Pfizer, Inc.		1,036,056
	5,400	Viatris, Inc.		77,166

				5,771,765

Professional Services (0.3%):
	1,980	CoStar Group, Inc.*		163,984
	930	ManpowerGroup, Inc.		110,586
	1,078	TransUnion		118,375

				392,945

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value

Common Stocks, continued
Road & Rail (1.0%):
	2,330	Canadian Pacific Railway, Ltd.	$	179,200
	21,318	CSX Corp.		683,881
	962	J.B. Hunt Transport Services, Inc.		156,758
	959	Lyft, Inc., Class A*		58,000
	1,196	Old Dominion Freight Line, Inc.		303,545
	1,047	Uber Technologies, Inc.*		52,476

				1,433,860

Semiconductors & Semiconductor Equipment (5.9%):
	6,370	Advanced Micro Devices, Inc.*		598,334
	3,310	Analog Devices, Inc.		569,850
	2,998	Applied Materials, Inc.		426,915
	1,959	Broadcom, Inc.		934,130
	18,591	Intel Corp.		1,043,699
	1,672	Marvell Technology, Inc.		97,528
	5,933	Micron Technology, Inc.*		504,186
	3,029	NVIDIA Corp.		2,423,503
	515	NXP Semiconductors NV		105,946
	5,809	Qualcomm, Inc.		830,280
	2,061	Teradyne, Inc.		276,091
	5,319	Texas Instruments, Inc.		1,022,844

				8,833,306

Software (9.3%):
	2,745	Adobe, Inc.*		1,607,582
	3,650	Cadence Design Systems, Inc.*		499,393
	1,527	Fortinet, Inc.*		363,716
	31,800	Microsoft Corp.		8,614,620
	2,319	Nuance Communications, Inc.*		126,247
	10,320	Oracle Corp.		803,309
	343	Paycom Software, Inc.*		124,670
	777	PTC, Inc.*		109,759
	3,468	salesforce.com, Inc.*		847,128
	1,013	ServiceNow, Inc.*		556,694
	466	SS&C Technologies Holdings, Inc.		33,580
	453	Workday, Inc., Class A*		108,149
	139	Zoom Video Communications, Inc., Class A*		53,797

				13,848,644


Shares, Contracts			Value

Common Stocks, continued
Specialty Retail (2.0%):
	2,295	American Eagle Outfitters, Inc.	$	86,131
	354	Burlington Stores, Inc.*		113,985
	785	Foot Locker, Inc.		48,380
	5,642	Home Depot, Inc. (The)		1,799,177
	4,760	Lowe’s Cos., Inc.		923,297

				2,970,970

Technology Hardware, Storage & Peripherals (6.1%):
	66,001	Apple, Inc.		9,039,497
	727	Dell Technologies, Inc., Class C*		72,460

				9,111,957

Textiles, Apparel & Luxury Goods (0.7%):
	333	Lululemon Athletica, Inc.*		121,535
	5,881	Nike, Inc., Class B		908,556

				1,030,091

Tobacco (0.5%):
	17,143	Altria Group, Inc.		817,378

Trading Companies & Distributors (0.0%^†):
	601	GATX Corp.		53,170

	Total Common Stocks (Cost $60,219,633)			147,475,140

Purchased Options (0.6%):
	Total Purchased Options (Cost $1,525,338)			867,210

Unaffiliated Investment Company (0.6%):
Money Markets (0.6%):
	875,349	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(a)		875,349

	Total Unaffiliated Investment Company (Cost $875,349)			875,349

	Total Investment Securities (Cost $62,620,320) — 99.7%			149,217,699
	Net other assets (liabilities) — 0.3%			445,018

	Net Assets — 100.0%		$	149,662,717

Percentages indicated are based on net assets as of June 30, 2021.

ADR—American Depository Receipt

REIT—Real Estate Investment Trust

*	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 June 30, 2021.

See accompanying notes to the financial statements.

AZL Gateway Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

At June 30, 2021, 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		3725.00 USD		8/23/21		50	$	186,250	$	56,750
S&P 500 Index	Put		3800.00 USD		8/23/21		39		148,200		54,210
S&P 500 Index	Put		3725.00 USD		9/20/21		50		186,250		119,000
S&P 500 Index	Put		3750.00 USD		9/20/21		50		187,500		126,500
S&P 500 Index	Put		3775.00 USD		9/20/21		50		188,750		134,500
S&P 500 Index	Put		3800.00 USD		9/20/21		50		190,000		143,250
S&P 500 Index	Put		3825.00 USD		10/18/21		50		191,250		233,000

Total (Cost $1,525,338)										$	867,210

At June 30, 2021, 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		4275.00 USD		7/16/21		37	$	158,175	$	(187,035	)
S&P 500 Index	Call		4300.00 USD		7/19/21		38		163,400		(126,730	)
S&P 500 Index	Call		4300.00 USD		8/2/21		38		163,400		(204,440	)
S&P 500 Index	Call		4225.00 USD		8/23/21		37		156,325		(470,825	)
S&P 500 Index	Call		4250.00 USD		8/23/21		37		157,250		(400,525	)
S&P 500 Index	Call		4300.00 USD		8/23/21		38		163,400		(281,390	)
S&P 500 Index	Call		4275.00 USD		9/20/21		38		162,450		(451,440	)
S&P 500 Index	Call		4300.00 USD		9/20/21		38		163,400		(389,690	)
S&P 500 Index	Call		4350.00 USD		9/20/21		38		165,300		(279,870	)

Total (Premiums $2,590,939)										$	(2,791,945)

(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	$	(2,791,945	)

See accompanying notes to the financial statements.

AZL Gateway Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	62,620,320

Investment securities, at value	$	149,217,699
Cash		180
Interest and dividends receivable		68,249
Receivable for investments sold		4,990,549
Reclaims receivable		996
Prepaid expenses		7,141

Total Assets		154,284,814

Liabilities:
Payable for investments purchased		1,655,064
Payable for capital shares redeemed		34,396
Written Options (Premiums received $2,590,939)		2,791,945
Manager fees payable		98,144
Administration fees payable		2,258
Distribution fees payable		30,670
Custodian fees payable		886
Administrative and compliance services fees payable		285
Transfer agent fees payable		1,058
Trustee fees payable		1,430
Other accrued liabilities		5,961

Total Liabilities		4,622,097

Net Assets	$	149,662,717

Net Assets Consist of:
Paid in capital	$	84,299,508
Total distributable earnings		65,363,209

Net Assets	$	149,662,717

Shares of beneficial interest (unlimited number of shares authorized, no par value)		9,562,501
Net Asset Value (offering and redemption price per share)	$	15.65

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends	$	1,084,436
Foreign withholding tax		(747	)

Total Investment Income		1,083,689

Expenses:
Manager fees		587,664
Administration fees		12,286
Distribution fees		183,645
Custodian fees		3,799
Administrative and compliance services fees		1,191
Transfer agent fees		3,225
Trustee fees		4,277
Professional fees		3,762
Shareholder reports		3,029
Other expenses		1,786

Total expenses		804,664

Net Investment Income/(Loss)		279,025

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		3,242,171
Net realized gains/(losses) on written options contracts		(5,208,198	)
Change in net unrealized appreciation/depreciation on securities		11,019,316
Change in net unrealized appreciation/depreciation on written options contracts		839,043

Net realized and Change in net unrealized gains/losses on investments		9,892,332

Change in Net Assets Resulting From Operations	$	10,171,357

See accompanying notes to the financial statements.

AZL Gateway Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	279,025			$	938,347
Net realized gains/(losses) on investments			(1,966,027	)			5,449,612
Change in unrealized appreciation/depreciation on investments			11,858,359				2,482,252

Change in net assets resulting from operations			10,171,357				8,870,211

Distributions to Shareholders:
Distributions			—				(1,474,529	)

Change in net assets resulting from distributions to shareholders			—				(1,474,529	)

Capital Transactions:
Proceeds from shares issued			4,692,490				18,152,814
Proceeds from dividends reinvested			—				1,474,529
Value of shares redeemed			(9,584,390	)			(33,600,618	)

Change in net assets resulting from capital transactions			(4,891,900	)			(13,973,275	)

Change in net assets			5,279,457				(6,577,593	)
Net Assets:
Beginning of period			144,383,260				150,960,853

End of period		$	149,662,717			$	144,383,260

Share Transactions:
Shares issued			318,955				1,356,062
Dividends reinvested			—				106,005
Shares redeemed			(636,930	)			(2,554,063	)

Change in shares			(317,975	)			(1,091,996	)


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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	14.61			$	13.76			$	12.54			$	13.32			$	12.29			$	11.96

Investment Activities:
Net Investment Income/(Loss)			0.03	(a)			0.09	(a)			0.13	(a)			0.18				0.12				0.17
Net Realized and Unrealized Gains/(Losses) on Investments			1.01				0.91				1.22				(0.79	)			1.04				0.40

Total from Investment Activities			1.04				1.00				1.35				(0.61	)			1.16				0.57

Distributions to Shareholders From:
Net Investment Income			—				(0.15	)			(0.13	)			(0.17	)			(0.13	)			(0.24	)

Total Dividends			—				(0.15	)			(0.13	)			(0.17	)			(0.13	)			(0.24	)

Net Asset Value, End of Period		$	15.65			$	14.61			$	13.76			$	12.54			$	13.32			$	12.29

Total Return(b)			7.12	%(c)			7.30	%			10.82	%			(4.65	)%			9.46	%			4.84	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	149,663			$	144,383			$	150,961			$	147,792			$	213,295			$	178,951
Net Investment Income/(Loss)(d)			0.38	%			0.67	%			1.01	%			0.93	%			1.06	%			1.19	%
Expenses Before Reductions(d)(e)			1.09	%			1.12	%			1.11	%			1.10	%			1.10	%			1.10	%
Expenses Net of Reductions(d)			1.09	%			1.12	%			1.11	%			1.10	%			1.10	%			1.10	%
Portfolio Turnover Rate			7	%(c)			30	%			19	%			9	%			24	%			20	%

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL Gateway Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Gateway Fund (the “Fund”), and 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and

AZL Gateway Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 period ended June 30, 2021, 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 period ended June 30, 2021, 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 June 30, 2021:

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

2,791,945

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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	$	(5,208,198	)		$839,043

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, 2022.

AZL Gateway Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

For the period ended June 30, 2021, 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	%

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

June 30, 2021 (Unaudited)

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.

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Level 3			Total

Common Stocks+		$	147,475,140			$	—		$	—		$	147,475,140
Purchased Options			867,210				—			—			867,210
Unaffiliated Investment Company			875,349				—			—			875,349

Total Investment Securities			149,217,699				—			—			149,217,699

Other Financial Instruments:*
Written Options			(2,791,945	)			—			—			(2,791,945	)

Total Investments		$	146,425,754			$	—		$	—		$	146,425,754

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

*	Other Financial Instruments would include any derivative instruments, such as written options.

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	10,480,397		$	26,309,274

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

AZL Gateway Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $71,514,017. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	76,931,291
Unrealized (depreciation)		(3,031,627	)

Net unrealized appreciation/(depreciation)	$	73,899,664

During the year ended December 31, 2020, the Fund utilized $5,362,319 in CLCFs to offset capital gains.

CLCFs not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL Gateway Fund		$	21,428,287		$	—		$	21,428,287

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Gateway Fund		$	1,474,529		$	—		$	1,474,529

(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, 2020, 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		$	929,051		$	—		$	(21,428,287	)		$	75,691,088		$	55,191,852

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was 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 June 30, 2021, 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

AZL Gateway Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD
Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
	% of votes entitled to be cast	95.876%	4.124%
Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
	% of votes entitled to be cast	96.160%	3.840%
Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
	% of votes entitled to be cast	96.210%	3.790%
Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
	% of votes entitled to be cast	96.133%	3.867%
Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
	% of votes entitled to be cast	96.177%	3.823%
Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
	% of votes entitled to be cast	95.860%	4.140%
Brian Muench	Votes	15,605,407,154.653	627,318,010.671
	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
	% of votes entitled to be cast	97.087%	2.453%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
	% of votes entitled to be cast	91.923%	3.014%	5.063%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%
AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
	% of votes entitled to be cast	92.878%	3.614%	3.508%
AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
	% of votes entitled to be cast	87.262%	3.107%	9.631%
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
	% of votes entitled to be cast	90.034%	3.128%	6.838%
AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
	% of votes entitled to be cast	87.286%	6.218%	6.496%
AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
	% of votes entitled to be cast	89.004%	3.983%	7.013%
AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
	% of votes entitled to be cast	90.144%	2.259%	7.598%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
	% of votes entitled to be cast	90.671%	2.764%	6.565%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
	% of votes entitled to be cast	95.792%	0.00%	4.207%


FUND		FOR	AGAINST	ABSTAIN
AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
	% of votes entitled to be cast	90.561%	2.829%	6.610%
AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
	% of votes entitled to be cast	90.103%	2.577%	7.320%
AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
	% of votes entitled to be cast	90.899%	2.590%	6.511%
AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
	% of votes entitled to be cast	89.239%	3.094%	7.667%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
	% of votes entitled to be cast	96.136%	3.404%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
	% of votes entitled to be cast	91.505%	3.381%	5.113%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%
AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
	% of votes entitled to be cast	91.920%	4.210%	3.870%
AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
	% of votes entitled to be cast	85.982%	3.370%	10.648%
AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
	% of votes entitled to be cast	88.771%	3.355%	7.874%
AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
	% of votes entitled to be cast	87.576%	6.692%	5.732%
AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
	% of votes entitled to be cast	88.397%	3.825%	7.778%
AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
	% of votes entitled to be cast	88.324%	2.566%	9.110%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
	% of votes entitled to be cast	90.507%	2.857%	6.636%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
	% of votes entitled to be cast	95.792%	3.755%	0.452%
AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
	% of votes entitled to be cast	89.724%	3.620%	6.656%
AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
	% of votes entitled to be cast	88.800%	3.711%	7.489%
AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
	% of votes entitled to be cast	90.479%	2.565%	6.956%
AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
	% of votes entitled to be cast	88.392%	3.927%	7.682%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Government Money Market Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

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page 11

Page 14

AZL Government Money Market Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Government Money Market Fund		$	1,000.00		$	1,000.00		$	0.45		0.09	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Government Money Market Fund		$	1,000.00		$	1,024.35		$	0.45		0.09	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

U.S. Treasury Obligations		43.0	%

Repurchase Agreements		38.0

U.S. Government Agency Mortgages		23.8


Total Investment Securities		104.8

Net other assets (liabilities)		(4.8	)


Net Assets		100.0	%

AZL Government Money Market Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages (23.8%):
Federal Farm Credit Bank (11.2%)
$	1,500,000	0.25%(US0001M+16bps), 7/1/21	$	1,500,000
	5,030,000	0.15%, 7/1/21(a)		5,030,000
	990,000	0.28%(USBMMY3M+23bps), 7/8/21		990,000
	480,000	0.19%(US0001M+11bps), 7/9/21		480,000
	1,440,000	0.09%, 8/31/21(a)		1,439,780
	3,410,000	0.09%, 9/22/21(a)		3,409,293
	370,000	0.21%(US0001M+13bps), 10/8/21		370,000
	535,000	0.18%(US0001M+11bps), 11/12/21		535,000
	3,415,000	0.08%, 11/16/21(a)		3,413,953
	4,065,000	0.09%, 11/17/21(a)		4,063,587
	880,000	0.24%(SOFR+19bps), 11/18/21		880,000
	1,415,000	0.10%, 12/2/21(a)		1,414,395
	1,280,000	0.30%(USBMMY3M+15bps), 12/13/21		1,279,424
	1,085,000	0.11%(US0001M+1bps), 12/28/21		1,084,957
	1,955,000	0.23%(SOFR+18bps), 1/14/22		1,955,000
	4,000,000	0.33%, 2/8/22		4,000,000
	685,000	0.18%(USBMMY3M+12bps), 5/2/22		684,965
	3,000,000	0.10%(SOFR+5bps), 5/5/22		2,999,884
	1,475,000	0.24%(SOFR+19bps), 7/14/22		1,475,000
	4,065,000	0.29%(FEDL01+18bps), 7/20/22		4,064,576
	2,230,000	0.14%(SOFR+10bps), 9/2/22		2,230,000
	1,845,000	0.14%(SOFR+9bps), 10/7/22		1,845,000
	2,250,000	0.13%(SOFR+8bps), 10/14/22		2,250,000
	2,705,000	0.12%(SOFR+8bps), 11/3/22		2,705,000
	4,150,000	0.08%(SOFR+3bps), 1/12/23		4,149,678
	1,070,000	0.11%(SOFR+6bps), 1/20/23		1,070,000

				55,319,492

Federal Home Loan Bank (9.6%)
	1,420,000	0.12%(SOFR+8bps), 7/8/21		1,420,000
	740,000	, 7/14/21(a)		739,999
	945,000	0.12%(SOFR+8bps), 7/23/21		945,000
	1,280,000	0.01%, 7/28/21(a)		1,279,992
	910,000	0.02%, 8/11/21(a)		909,985
	3,230,000	0.14%(SOFR+9bps), 9/10/21		3,230,000
	6,570,000	0.05%, 9/17/21(a)		6,569,317
	2,300,000	0.05%, 9/23/21(a)		2,299,759
	11,215,000	0.05%, 9/29/21(a)		11,213,738
	955,000	0.04%, 10/15/21		954,998
	1,365,000	0.05%, 11/5/21(a)		1,364,759
	600,000	0.05%, 12/22/21(a)		599,858
	1,120,000	0.05%, 12/23/21		1,119,982
	2,585,000	0.17%(SOFR+12bps), 2/28/22		2,585,000
	335,000	0.06%(SOFR+1bps), 3/28/22		335,000
	550,000	0.06%(SOFR+1bps), 3/30/22		550,000
	885,000	0.11%(SOFR+7bps), 4/28/22		885,000
	5,025,000	0.07%(SOFR+2bps), 12/16/22		5,025,000
	5,000,000	0.10%(SOFR+6bps), 2/3/23		5,000,000

				47,027,387

Federal Home Loan Mortgage Corporation (1.6%)
	815,000	0.14%, 8/12/21		815,925
	3,070,000	0.37%(SOFR+32bps), 9/23/21		3,070,000
	2,275,000	0.23%(SOFR+18bps), 12/13/21		2,275,000
	1,535,000	0.11%(SOFR+7bps), 11/10/22		1,535,000

				7,695,925


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association (1.4%)
$	1,110,000	0.14%, 10/7/21	$	1,113,674
	2,685,000	0.40%(SOFR+35bps), 4/7/22		2,685,000
	2,935,000	0.44%(SOFR+39bps), 4/15/22		2,935,000

				6,733,674

	Total U.S. Government Agency Mortgages (Cost $116,776,478)			116,776,478

U.S. Treasury Obligations (43.0%):
U.S. Treasury Bills (40.5%)
	9,993,600	, 7/6/21(a)		9,993,600
	18,390,000	0.02%, 7/8/21(a)		18,389,929
	10,000,000	0.06%, 7/13/21(a)		9,999,817
	4,340,300	0.01%, 7/22/21(a)		4,340,275
	7,905,000	0.03%, 7/27/21(a)		7,904,829
	10,000,000	0.02%, 7/29/21(a)		9,999,883
	20,000,000	, 8/5/21(a)		19,999,222
	1,845,000	0.02%, 8/10/21(a)		1,844,949
	20,000,000	0.05%, 8/12/21(a)		19,998,833
	20,000,000	, 8/24/21(a)		19,998,500
	8,000,000	, 10/5/21(a)		7,999,360
	965,000	0.04%, 10/19/21(a)		964,897
	1,607,800	0.05%, 11/2/21(a)		1,607,534
	4,037,800	0.14%, 11/4/21(a)		4,035,892
	800,000	0.05%, 11/12/21(a)		799,851
	16,174,000	0.12%, 12/2/21(a)		16,166,294
	7,846,000	0.04%, 12/9/21(a)		7,844,597
	8,929,400	0.04%, 12/16/21(a)		8,927,733
	11,160,000	0.05%, 12/23/21(a)		11,157,245
	14,195,000	0.11%, 12/30/21(a)		14,187,106
	3,124,900	0.09%, 1/27/22(a)		3,123,259

				199,283,605

U.S. Treasury Notes (2.5%)
	4,000,000	0.27%(USBMMY3M+22bps), 7/31/21		4,000,000
	1,410,000	0.29%(USBMMY3M+30bps), 10/31/21		1,410,280
	115,000	0.09%, 2/15/22		116,734
	120,000	0.09%, 2/28/22		121,319
	120,000	0.09%, 3/31/22		120,253
	805,000	2.13%, 5/15/22		819,404
	100,000	1.75%, 6/15/22		101,605
	360,000	0.13%, 6/30/22		360,194
	5,000,000	0.09%(USBMMY3M+5bps), 1/31/23		5,000,522

				12,050,311

	Total U.S. Treasury Obligations (Cost $211,333,916)			211,333,916

Repurchase Agreements (38.0%):
	13,000,000	Bank of Montreal, 0.05%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $13,000,018, Collateralized by U.S. Treasury Obligations, 0.00% - 2.00%, 8/15/25 - 8/15/50, fair value of $13,260,049)		13,000,000
	35,000,000	Bank of Nova Scotia, 0.05%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $35,000,049, Collateralized by U.S. Treasury Note, 0.13%, 1/15/24, fair value of $35,700,069)		35,000,000
	40,000,000	BNP Paribas, 0.05%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $40,000,056, Collateralized by U.S. Government Agency Obligations, 1.50% - 6.00%, 11/30/21 - 3/20/51, fair value of $40,804,393)		40,000,000

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Repurchase Agreements, continued
$	40,000,000	Citigroup Global Markets, 0.06%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $40,000,067, Collateralized by U.S. Treasury Note, 0.13%, 8/31/22, fair value of $40,800,070)	$	40,000,000
$	20,000,000	Mitsubishi UFJ Securities USA, Inc., 0.05%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $20,000,028, Collateralized by U.S. Treasury Obligations, 0.00% - 6.13%, 2/28/23 - 11/15/50, fair value of $20,400,000)		20,000,000
	15,000,000	Natixis, 0.05%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $15,000,021, Collateralized by U.S. Treasury Obligations, 0.13% - 4.38%, 6/30/23 - 5/15/40, fair value of $15,300,001)		15,000,000
	13,000,000	Toronto Dominion Bank NY, 0.06%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $13,000,022, Collateralized by U.S. Government Agency Obligation, 0.09%, 4/10/23, fair value of $13,260,888)		13,000,000
	11,000,000	Toronto Dominion Bank NY, 0.05%, 7/1/21, (Purchased on 6/30/21, proceeds at maturity $11,000,015, Collateralized by U.S. Treasury Notes, 0.13% - 3.13%, 5/31/22 - 11/15/28, fair value of $11,220,049)		11,000,000

	Total Repurchase Agreements (Cost $187,000,000)			187,000,000

	Total Investment Securities (Cost $515,110,394) — 104.8%			515,110,394
	Net other assets (liabilities) — (4.8)%			(23,540,328	)

	Net Assets — 100.0%		$	491,570,066

Percentages indicated are based on net assets as of June 30, 2021.

FEDL01—Effective Federal Fund Rate

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

US0001M—1 Month US Dollar LIBOR

USBMMY3M—3 Month Treasury Bill Rate

(a)	The rate represents the effective yield at June 30, 2021.

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	328,110,394

Investment securities, at value	$	328,110,394
Repurchase agreements, at value/cost		187,000,000
Cash		46,807
Interest and dividends receivable		31,314
Receivable from Manager		80,019
Prepaid expenses		24,221

Total Assets		515,292,755

Liabilities:
Payable for investments purchased		23,600,992
Administration fees payable		624
Distribution fees payable		94,659
Custodian fees payable		1,594
Administrative and compliance services fees payable		760
Transfer agent fees payable		1,098
Trustee fees payable		3,753
Other accrued liabilities		19,209

Total Liabilities		23,722,689

Net Assets	$	491,570,066

Net Assets Consist of:
Paid in capital	$	491,563,100
Total distributable earnings		6,966

Net Assets	$	491,570,066

Shares of beneficial interest (unlimited number of shares authorized, no par value)		491,563,223
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	210,631

Total Investment Income		210,631

Expenses:
Manager fees		860,602
Administration fees		10,348
Distribution fees		614,717
Custodian fees		6,315
Administrative and compliance services fees		3,472
Transfer agent fees		3,047
Trustee fees		12,771
Professional fees		10,726
Shareholder reports		10,054
Other expenses		4,730

Total expenses before reductions		1,536,782
Less expenses voluntarily waived/reimbursed by the Manager		(1,326,151	)

Net expenses		210,631

Net Investment Income/(Loss)		—

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		2,053

Net realized and Change in net unrealized gains/losses on investments		2,053

Change in Net Assets Resulting From Operations	$	2,053

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

See accompanying notes to the financial statements.

AZL Government Money Market Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	—			$	908,615
Net realized gains/(losses) on investments			2,053				3,042

Change in net assets resulting from operations			2,053				911,657

Distributions to Shareholders:
Distributions			—				(908,616	)

Change in net assets resulting from distributions to shareholders			—				(908,616	)

Capital Transactions:
Proceeds from shares issued			338,403,085				808,011,798
Proceeds from dividends reinvested			—				908,615
Value of shares redeemed			(454,905,538	)			(682,376,967	)

Change in net assets resulting from capital transactions			(116,502,453	)			126,543,446

Change in net assets			(116,500,400	)			126,546,487
Net Assets:
Beginning of period			608,070,466				481,523,979

End of period		$	491,570,066			$	608,070,466

Share Transactions:
Shares issued			338,403,086				808,011,797
Dividends reinvested			—				908,614
Shares redeemed			(454,905,538	)			(682,376,967	)

Change in shares			(116,502,452	)			126,543,444

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00

Investment Activities:
Net Investment Income/(Loss)			—	(a)			—	(a)			0.01	(a)			0.01				—	(b)			—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)			—	(b)

Total from Investment Activities			—				—	(b)			0.01				0.01				—				—

Distributions to Shareholders From:
Net Investment Income			—				—	(b)			(0.01	)			(0.01	)			—	(b)			—
Net Realized Gains			—				—				—	(b)			—				—	(b)			—	(b)

Total Dividends			—	(b)			—	(b)			(0.01	)			(0.01	)			—	(b)			—	(b)

Net Asset Value, End of Period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00

Total Return(c)			0.00	%(d)			0.21	%			1.39	%			1.01	%			0.05	%			0.01	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	491,570			$	608,070			$	481,524			$	453,175			$	490,632			$	663,004
Net Investment Income/(Loss)(e)			—				0.18	%			1.37	%			1.00	%			0.04	%			—
Expenses Before Reductions(e)(f)			0.62	%			0.66	%			0.88	%			0.87	%			0.87	%			0.65	%
Expenses Net of Reductions(e)			0.09	%(d)(g)			0.35	%(g)			0.87	%			0.87	%			0.87	%			0.44	%(g)

(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)	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Repurchase Agreements

The Fund may invest in repurchase agreements with financial institutions such as member banks of the Federal Reserve System or from registered broker/dealers that the adviser deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by the Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold 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 federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Affiliated Securities Transactions

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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, 2022.

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Government Money Market Fund		0.35	%		0.87	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.34% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2022

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 Rule 12b-1 fees. Such voluntary waivers may be discontinued or modified at any time without notice. There is no guarantee the Fund will avoid a negative yield. 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 period ended June 30, 2021 are reflected on the Statement of Operations as “Expenses voluntarily waived/reimbursed by the Manager.”

At June 30, 2021, the reimbursements of voluntary minimum daily yield waivers subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2023			Expires 12/31/2024			Total

AZL Government Money Market Fund		$	1,499,146		$	1,326,151		$	2,825,297

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value

of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the investment.

The following is a summary of the valuation inputs used as of June 30, 2021 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		$	—		$	116,776,478		$	—		$	116,776,478
U.S. Treasury Obligations			—			211,333,916			—			211,333,916
Repurchase Agreements			—			187,000,000			—			187,000,000

Total Investment Securities		$	—		$	515,110,394		$	—		$	515,110,394

For the period ended June 30, 2021, purchases and sales of long-term U.S. government securities were as follows:

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. Coronavirus (COVID-19) Pandemic

AZL Government Money Market Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $ 635,872,026. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	—
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	—

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Government Money Market Fund		$	908,616		$	—		$	908,616

(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, 2020, 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			Total Accumulated Earnings/ (Deficit)

AZL Government Money Market Fund		$	4,913		$	—		$	—		$	—		$	4,913

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 June 30, 2021, 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

AZL Government Money Market Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%


FUND		FOR	AGAINST	ABSTAIN

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723

	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597

	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

The Fund files complete Schedules of Portfolio Holdings with the Commission each month on Form N-MFP. Schedules of Portfolio Holdings for the Fund are available without charge on the Commission’s website at http://www.sec.gov. The Fund makes portfolio holdings information available to shareholders on its website.

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® International Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Page 1

Page 2

Page 12

Page 12

Page 13

Page 14

Page 15

Page 21

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 24

Page 25

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 or the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL International Index Fund, Class 1		$	1,000.00		$	1,087.60		$	2.17		0.42	%

AZL International Index Fund, Class 2		$	1,000.00		$	1,086.10		$	3.47		0.67	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL International Index Fund, Class 1		$	1,000.00		$	1,022.71		$	2.11		0.42	%

AZL International Index Fund, Class 2		$	1,000.00		$	1,021.47		$	3.36		0.67	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		16.6	%

Industrials		14.8

Consumer Discretionary		12.5

Health Care		12.5

Consumer Staples		10.7

Information Technology		9.3

Materials		7.8

Communication Services		4.7

Utilities		3.3

Energy		3.3

Real Estate		3.0


Total Common Stocks and Preferred Stocks		98.5

Rights		—	^†

Short-Term Security Held as Collateral for Securities on Loan		3.2


Total Investment Securities		101.7

Net other assets (liabilities)		(1.7	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (98.0%):
Aerospace & Defense (1.1%):
	61,184	Airbus SE*	$	7,878,354
	334,981	BAE Systems plc		2,421,438
	260	Dassault Aviation SA		306,046
	2,648	Elbit Systems, Ltd.		343,271
	5,550	MTU Aero Engines AG		1,374,958
	870,527	Rolls-Royce Holdings plc*		1,194,101
	35,558	Safran SA		4,932,876
	151,200	Singapore Technologies Engineering, Ltd.		436,449
	11,099	Thales SA		1,132,902

				20,020,395

Air Freight & Logistics (0.5%):
	97,547	Bollore, Inc.		523,033
	103,125	Deutsche Post AG		7,015,874
	23,792	InPost SA*		477,941
	33,300	SG Holdings Co., Ltd.^		873,060
	30,300	Yamato Holdings Co., Ltd.		861,732

				9,751,640

Airlines (0.1%):
	15,100	ANA Holdings, Inc.*		354,926
	31,786	Deutsche Lufthansa AG, Registered Shares*^		357,699
	15,670	Japan Airlines Co., Ltd.*		339,073
	83,673	Qantas Airways, Ltd.*		293,305
	156,150	Singapore Airlines, Ltd.*		564,270

				1,909,273

Auto Components (0.9%):
	15,300	Aisin Sieki Co., Ltd.		654,068
	59,400	Bridgestone Corp.^		2,702,046
	17,626	Compagnie Generale des Establissements Michelin SCA, Class B		2,812,814
	11,444	Continental AG		1,682,672
	45,100	Denso Corp.		3,075,701
	8,878	Faurecia SA		435,971
	3,329	Faurecia SE		162,847
	10,300	Koito Manufacturing Co., Ltd.		640,402
	12,500	Stanley Electric Co., Ltd.		361,600
	78,500	Sumitomo Electric Industries, Ltd.		1,157,746
	15,300	Toyota Industries Corp.		1,323,159
	23,890	Valeo SA		719,435
	190,000	Xinyi Glass Holdings, Ltd.		774,527

				16,502,988

Automobiles (2.9%):
	34,446	Bayerische Motoren Werke AG (BMW)		3,648,615
	89,041	Daimler AG, Registered Shares		7,953,096
	13,114	Ferrari NV		2,706,732
	169,600	Honda Motor Co., Ltd.		5,438,027
	57,400	Isuzu Motors, Ltd.		761,438
	55,200	Mazda Motor Corp.*		518,549
	241,500	Nissan Motor Co., Ltd.*		1,198,086
	19,998	Renault SA*		808,405
	108,647	Stellantis NV		2,143,309
	102,332	Stellantis NV		2,007,262
	64,000	Subaru Corp.		1,262,221
	38,300	Suzuki Motor Corp.		1,620,183
	220,666	Toyota Motor Corp.		19,266,217
	3,377	Volkswagen AG		1,108,402
	29,100	Yamaha Motor Co., Ltd.		790,769

				51,231,311


Shares			Value
Common Stocks, continued
Banks (8.4%):
	44,460	ABN AMRO Group NV*	$	536,627
	296,037	Australia & New Zealand Banking Group, Ltd.		6,234,669
	693,697	Banco Bilbao Vizcaya Argentaria SA		4,315,210
	1,804,041	Banco Santander SA		6,877,396
	119,720	Bank Hapoalim BM*		962,068
	151,152	Bank Leumi Le-Israel Corp.*		1,149,591
	174,800	Bank of East Asia, Ltd. (The)		324,055
	3,397	Banque Cantonale Vaudois, Registered Shares		305,212
	1,806,140	Barclays plc		4,283,075
	117,021	BNP Paribas SA		7,327,448
	385,000	BOC Hong Kong Holdings, Ltd.		1,305,022
	462,478	CaixaBank SA		1,420,918
	50,300	Chiba Bank, Ltd. (The)		302,835
	106,723	Commerzbank AG*		757,112
	184,569	Commonwealth Bank of Australia		13,799,864
	114,300	Concordia Financial Group, Ltd.		417,169
	121,376	Credit Agricole SA		1,698,498
	71,758	Danske Bank A/S		1,261,698
	187,500	DBS Group Holdings, Ltd.		4,161,735
	96,776	DNB ASA		2,108,823
	29,064	Erste Group Bank AG		1,065,275
	54,558	Finecobank Banca Fineco SpA*		953,258
	79,600	Hang Seng Bank, Ltd.		1,589,186
	2,119,075	HSBC Holdings plc		12,227,054
	405,808	ING Groep NV		5,368,055
	1,718,238	Intesa Sanpaolo SpA		4,741,860
	117,795	Isreal Discount Bank*		561,597
	39,400	Japan Post Bank Co., Ltd.		330,062
	26,011	KBC Group NV		1,981,098
	7,371,869	Lloyds Banking Group plc		4,768,277
	64,613	Mediobanca SpA*		753,990
	1,271,700	Mitsubishi UFJ Financial Group, Inc.		6,866,016
	15,040	Mizrahi Tefahot Bank, Ltd.*		463,647
	250,963	Mizuho Financial Group, Inc.		3,536,701
	343,019	National Australia Bank, Ltd.		6,731,270
	506,619	Natwest Group plc		1,423,342
	337,071	Nordea Bank AB		3,751,607
	349,199	Oversea-Chinese Banking Corp., Ltd.		3,106,361
	17,048	Raiffeisen International Bank-Holding AG		385,694
	222,187	Resona Holdings, Inc.		851,881
	52,200	Shizuoka Bank, Ltd. (The)		402,132
	169,319	Skandinaviska Enskilda Banken AB, Class A		2,186,500
	84,342	Societe Generale		2,483,296
	279,102	Standard Chartered plc		1,778,054
	135,769	Sumitomo Mitsui Financial Group, Inc.		4,673,085
	35,103	Sumitomo Mitsui Trust Holdings, Inc.		1,111,207
	151,744	Svenska Handelsbanken AB, Class A		1,711,834
	94,215	Swedbank AB, Class A		1,752,381
	221,117	Unicredit SpA		2,605,512
	122,573	United Overseas Bank, Ltd.		2,357,658
	381,664	Westpac Banking Corp.		7,353,188

				149,420,103

Beverages (2.1%):
	79,271	Anheuser-Busch InBev NV		5,707,951
	47,500	Asahi Breweries, Ltd.^		2,218,906
	191,900	Budweiser Brewing Co. APAC, Ltd.		604,037
	10,717	Carlsberg A/S, Class B		2,001,033

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Beverages, continued
	21,292	Coca-Cola European Partners plc	$	1,250,820
	21,102	Coca-Cola HBC AG		763,059
	54,381	David Campari-Milano NV		729,340
	243,413	Diageo plc		11,663,575
	11,986	Heineken Holding NV		1,207,382
	26,966	Heineken NV		3,268,665
	6,000	ITO EN, Ltd.		355,889
	85,600	Kirin Holdings Co., Ltd.^		1,668,795
	21,796	Pernod Ricard SA		4,837,221
	2,253	Remy Cointreau SA		465,291
	14,600	Suntory Beverage & Food, Ltd.^		548,032
	69,034	Treasury Wine Estates, Ltd.		604,448

				37,894,444

Biotechnology (0.9%):
	4,769	Argenx SE*		1,436,530
	47,337	CSL, Ltd.		10,124,660
	6,819	Genmab A/S*		2,781,768
	31,583	Grifols SA^		855,531
	9,300	Peptidream, Inc.*		456,132

				15,654,621

Building Products (1.1%):
	20,800	AGC, Inc.^		873,220
	104,275	ASSA Abloy AB, Class B		3,142,609
	52,647	Compagnie de Saint-Gobain SA		3,470,753
	25,900	Daikin Industries, Ltd.		4,821,961
	3,854	Geberit AG, Registered Shares		2,892,713
	16,061	Kingspan Group plc		1,516,927
	28,000	Lixil Corp.		723,917
	148,308	Nibe Industrier AB, Class B		1,561,515
	817	ROCKWOOL International A/S, Class B		398,759
	14,700	TOTO, Ltd.		760,582

				20,162,956

Capital Markets (2.7%):
	101,243	3i Group plc		1,645,408
	7,021	Amundi SA		618,485
	20,141	ASX, Ltd.		1,173,834
	254,653	Credit Suisse Group AG		2,665,977
	150,300	Daiwa Securities Group, Inc.		822,669
	215,018	Deutsche Bank AG, Registered Shares*		2,800,575
	19,767	Deutsche Boerse AG		3,449,939
	24,879	EQT AB^		903,651
	5,295	Futu Holdings, Ltd., ADR*		948,282
	37,543	Hargreaves Lansdown plc		825,599
	111,193	Hong Kong Exchanges & Clearing, Ltd.		6,627,957
	53,000	Japan Exchange Group, Inc.		1,178,201
	23,284	Julius Baer Group, Ltd.		1,519,011
	33,779	London Stock Exchange Group plc		3,725,231
	35,760	Macquarie Group, Ltd.		4,193,391
	15,176	Magellan Financial Group, Ltd.		613,062
	112,398	Natixis		532,893
	319,600	Nomura Holdings, Inc.		1,623,689
	2,361	Partners Group Holding AG		3,578,983
	25,290	SBI Holdings, Inc.		598,065
	13,061	Schroders plc		635,422
	73,500	Singapore Exchange, Ltd.		611,998
	56,176	St. James Place plc		1,149,465
	381,405	UBS Group AG		5,841,456

				48,283,243


Shares				Value
Common Stocks, continued
Chemicals (3.5%):
	49,280		Air Liquide SA	$	8,633,999
	19,827		Akzo Nobel NV		2,449,839
	6,387		Arkema SA		801,802
	130,500	��	Asahi Kasei Corp.		1,429,267
	95,554		BASF SE		7,528,932
	11,119		Christian Hansen Holding A/S		1,003,816
	21,010		Clariant AG		417,993
	20,100		Covestro AG		1,298,188
	14,515		Croda International plc		1,480,378
	753		EMS-Chemie Holding AG		740,080
	21,816		Evonik Industries AG		731,482
	6,565		Fuchs Petrolub AG		319,716
	961		Givaudan SA, Registered Shares		4,470,861
	73,284		ICL Group, Ltd.		497,746
	20,134		Johnson Matthey plc		857,006
	22,300		JSR Corp.		674,279
	18,800		Kansai Paint Co., Ltd.		478,970
	17,931		Koninklijke DSM NV		3,347,138
	7,976		Lanxess AG		546,882
	133,200		Mitsubishi Chemical Holdings Corp.		1,116,639
	18,100		Mitsubishi Gas Chemical Co., Inc.		383,682
	19,400		Mitsui Chemicals, Inc.		668,006
	74,000		Nippon Paint Holdings Co., Ltd.^		1,003,991
	17,100		Nippon Sanso Holdings Corp.		350,372
	12,000		Nissan Chemical Corp.		587,392
	15,700		Nitto Denko Corp.		1,171,097
	21,653		Novozymes A/S, Class B		1,634,346
	40,418		Orica, Ltd.		402,642
	36,800		Shin-Etsu Chemical Co., Ltd.		6,151,745
	14,750		Sika AG		4,824,314
	7,710		Solvay SA		981,500
	155,000		Sumitomo Chemical Co., Ltd.		819,687
	13,385		Symrise AG		1,865,728
	146,200		Toray Industries, Inc.		969,523
	28,400		Tosoh Corp.		489,626
	20,507		Umicore SA		1,253,469
	18,620		Yara International ASA		981,208

					63,363,341

Commercial Services & Supplies (0.4%):
	152,952		Brambles, Ltd.		1,311,790
	22,100		Dai Nippon Printing Co., Ltd.		467,122
	25,653		Edenred^		1,461,951
	192,916		Rentokil Initial plc		1,321,426
	21,800		SECOM Co., Ltd.		1,656,728
	32,576		Securitas AB, Class B		514,690
	8,200		Sohgo Security Services Co., Ltd.		373,417
	26,200		TOPPAN, INC.		420,906

					7,528,030

Communications Equipment (0.4%):
	560,927		Nokia OYJ*		3,003,463
	303,656		Telefonaktiebolaget LM Ericsson, Class B		3,819,616

					6,823,079

Construction & Engineering (0.7%):
	25,915		ACS Actividades de Construccion y Servicios SA^		693,992
	23,768		Bouygues SA		879,737
	8,666		Eiffage SA		882,006

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Construction & Engineering, continued
	49,974	Ferrovial SA	$	1,466,833
	42,800	Kajima Corp.		541,955
	69,500	Obayashi Corp.		551,933
	60,400	Shimizu Corp.		462,570
	35,392	Skanska AB, Class B		939,651
	20,600	Taisei Corp.		674,326
	55,385	Vinci SA		5,913,291

				13,006,294

Construction Materials (0.6%):
	81,675	CRH plc		4,143,494
	15,482	HeidelbergCement AG		1,328,153
	54,467	Holcim, Ltd.		3,268,713
	46,209	James Hardie Industries SE		1,569,113

				10,309,473

Consumer Finance (0.0%^†):
	36,500	ACOM Co., Ltd.		158,995
	—	Isracard, Ltd.*		2

				158,997

Containers & Packaging (0.1%):
	25,497	Smurfit Kappa Group plc		1,383,113

Diversified Financial Services (0.8%):
	4,511	Eurazeo Se		392,837
	11,283	EXOR NV		902,963
	11,751	Groupe Bruxelles Lambert SA		1,314,181
	11,117	Industrivarden AB, Class A		432,613
	16,614	Industrivarden AB, Class C		608,286
	189,546	Investor AB, Class B*		4,367,843
	25,359	Kinnevik AB, Class B		1,015,620
	7,907	L E Lundbergforetagen AB		510,400
	270,482	M&G plc		857,937
	63,300	Mitsubishi HC Capital, Inc.		337,905
	127,100	ORIX Corp.		2,138,941
	1,656	Sofina SA		714,544
	228,152	Standard Life Aberdeen plc		855,386
	3,900	Tokyo Century Corp.		209,513
	2,640	Wendel		354,686

				15,013,655

Diversified Telecommunication Services (1.9%):
	928,574	BT Group plc*		2,493,513
	53,008	Cellnex Telecom SAU		3,376,385
	346,752	Deutsche Telekom AG, Registered Shares		7,329,770
	14,797	Elisa OYJ		882,793
	404,525	HKT Trust & HKT, Ltd.		551,239
	1,856	Iliad SA		272,013
	34,963	Infrastrutture Wireless Italiane SpA		395,253
	349,796	Koninklijke KPN NV		1,092,661
	133,904	Nippon Telegraph & Telephone Corp.		3,488,472
	207,555	Orange SA		2,366,604
	15,181	Proximus SADP^		293,290
	859,100	Singapore Telecommunications, Ltd.		1,463,358
	193,685	Spark New Zealand, Ltd.		649,504
	2,695	Swisscom AG, Registered Shares		1,539,244
	1,036,625	Telecom Italia SpA		515,033
	576,307	Telecom Italia SpA		305,383
	119,677	Telefonica Deutschland Holding AG		315,770


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	543,322	Telefonica SA^	$	2,538,408
	72,797	Telenor ASA^		1,228,915
	276,553	Telia Co AB		1,228,006
	433,064	Telstra Corp., Ltd.		1,221,120
	9,884	United Internet AG, Registered Shares		404,160

				33,950,894

Electric Utilities (1.9%):
	193,004	AusNet Services		252,757
	70,000	Chubu Electric Power Co., Inc.		853,221
	80,570	CK Infrastructure Holdings, Ltd.		480,474
	171,000	CLP Holdings, Ltd.		1,690,221
	288,800	EDP – Energias de Portugal SA		1,531,736
	50,077	Electricite de France		683,653
	2,734	Elia Group SA/NV		288,442
	33,044	Endesa SA^		801,519
	846,156	Enel SpA		7,860,930
	46,207	Fortum OYJ		1,274,240
	292,500	HK Electric Investments, Ltd.		296,490
	600,944	Iberdrola SA		7,321,874
	77,300	Kansai Electric Power Co., Inc. (The)		734,827
	61,309	Mercury NZ, Ltd.		285,685
	19,681	Orsted A/S		2,769,204
	144,500	Power Assets Holdings, Ltd.		886,838
	41,252	Red Electrica Corp SA^		765,525
	108,422	Scottish & Southern Energy plc		2,252,107
	41,578	Siemens Energy AG*		1,253,436
	146,377	Terna SpA		1,090,495
	47,600	Tohoku Electric Power Co., Inc.		372,761
	159,400	Tokyo Electric Power Co. Holdings, Inc.*		473,422
	6,614	Verbund AG, Class A		608,756

				34,828,613

Electrical Equipment (1.9%):
	180,451	ABB, Ltd.		6,126,973
	13,400	Fuji Electric Co., Ltd.		625,786
	27,824	Legrand SA		2,946,313
	505,431	Melrose Industries plc		1,087,381
	189,900	Mitsubishi Electric Corp.		2,751,717
	46,500	Nidec Corp.		5,386,371
	27,327	Prysmian SpA		980,021
	56,045	Schneider Electric SA		8,821,230
	25,813	Siemens Gamesa Renewable Energy		861,683
	105,062	Vestas Wind Systems A/S		4,117,689

				33,705,164

Electronic Equipment, Instruments & Components (2.0%):
	12,800	Azbil Corp.		530,428
	39,497	Halma plc		1,472,004
	14,600	Hamamatsu Photonics KK		880,322
	204,959	Hexagon AB, Class B		3,039,407
	3,214	Hirose Electric Co., Ltd.		470,001
	100,720	Hitachi, Ltd.		5,765,070
	11,000	Ibiden Co., Ltd.		592,423
	20,280	Keyence Corp.		10,231,501
	33,400	Kyocera Corp.		2,064,250
	59,800	Murata Manufacturing Co., Ltd.		4,563,958
	19,300	Omron Corp.		1,529,917
	24,800	Shimadzu Corp.		958,497

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	13,500	TDK Corp.	$	1,640,432
	27,200	Venture Corp., Ltd.		389,207
	25,000	Yaskawa Electric Corp.		1,221,316
	21,900	Yokogawa Electric Corp.		324,581

				35,673,314

Energy Equipment & Services (0.0%^†):
	49,170	Tenaris SA		538,353

Entertainment (0.8%):
	18,300	Capcom Co., Ltd.		535,589
	27,472	Embracer Group AB*		743,549
	5,980	Koei Tecmo Holdings Co., Ltd.		291,918
	9,900	Konami Holdings Corp.		594,143
	50,800	Nexon Co., Ltd.		1,132,675
	11,600	Nintendo Co., Ltd.		6,750,255
	1,296	Sea, Ltd., ADR*		355,882
	9,500	Square Enix Holdings Co., Ltd.		471,392
	10,900	Toho Co., Ltd.		449,307
	10,117	UbiSoft Entertainment SA*		708,270
	74,031	Vivendi Universal SA^		2,487,006

				14,519,986

Equity Real Estate Investment Trusts (1.4%):
	334,683	Ascendas Real Estate Investment Trust		735,666
	85,015	British Land Co. plc		582,819
	497,856	CapitaLand Mall Trust		773,801
	5,555	Covivio		475,182
	206	Daiwahouse Residential Investment Corp.		607,444
	112,989	Dexus		900,578
	4,954	Gecina SA		759,142
	449	GLP J-REIT		774,733
	172,978	Goodman Group		2,732,511
	202,654	GPT Group		741,989
	764	Japan Metropolitan Fund Invest		827,925
	130	Japan Real Estate Investment Corp.		799,205
	20,015	Klepierre		515,907
	67,234	Land Securities Group plc		629,006
	216,600	Link REIT (The)		2,095,703
	235,300	Mapletree Commercial Trust		378,536
	311,894	Mapletree Logistics Trust		476,264
	417,884	Mirvac Group		910,731
	155	Nippon Building Fund, Inc.^		966,868
	182	Nippon Prologis REIT, Inc.		579,247
	441	Nomura Real Estate Master Fund, Inc.		706,980
	251	Orix JREIT, Inc.		483,008
	539,983	Scentre Group		1,104,156
	123,966	SERGO plc		1,877,879
	248,341	Stockland		872,300
	12,965	Unibail—Rodamco-Westfield*		1,122,817
	281	United Urban Investment Corp.		406,449
	410,409	Vicinity Centres		473,482

				24,310,328

Food & Staples Retailing (1.7%):
	68,000	AEON Co., Ltd.		1,826,648
	63,796	Carrefour SA^		1,254,740
	138,776	Coles Group, Ltd.		1,778,718
	5,622	Colruyt SA		314,375
	2,200	Cosmos Pharmaceutical Corp.		322,879


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	131,643	Endeavour Group, Ltd.*	$	620,860
	10,651	ICA Gruppen AB		495,873
	155,527	J Sainsbury plc		585,040
	26,690	Jeronimo Martins SGPS SA		486,777
	28,415	Kesko OYJ, Class B		1,049,514
	13,900	Kobe Bussan Co., Ltd.		437,846
	108,789	Koninklijke Ahold Delhaize NV		3,234,135
	5,100	LAWSON, Inc.		235,942
	78,400	Seven & I Holdings Co., Ltd.		3,737,754
	804,372	Tesco plc		2,482,715
	4,500	Tsuruha Holdings, Inc.		520,960
	9,400	Welcia Holdings Co., Ltd.		307,120
	117,960	Wesfarmers, Ltd.		5,224,837
	250,695	William Morrison Supermarkets plc		855,484
	131,643	Woolworths Group, Ltd.		3,759,134

				29,531,351

Food Products (3.2%):
	70,514	A2 Milk Co., Ltd.*		317,283
	48,600	Ajinomoto Co., Inc.		1,261,576
	37,063	Associated British Foods plc		1,137,701
	379	Barry Callebaut AG, Registered Shares		880,859
	11	Chocoladefabriken Lindt & Spruengli AG		1,152,315
	67,862	Danone SA		4,778,800
	7,602	JDE Peet’s NV*		275,819
	16,545	Kerry Group plc, Class A		2,310,652
	15,100	Kikkoman Corp.		995,956
	107	Lindt & Spruengli AG		1,064,403
	13,052	Meiji Holdings Co., Ltd.		781,269
	45,728	Mowi ASA		1,163,778
	299,726	Nestle SA, Registered Shares		37,336,572
	8,400	NH Foods, Ltd.		326,587
	19,545	Nisshin Seifun Group, Inc.		285,863
	7,100	Nissin Foods Holdings Co., Ltd.		511,305
	78,138	Orkla ASA, Class A		796,338
	8,700	Toyo Suisan Kaisha, Ltd.		334,797
	1,001,388	WH Group, Ltd.		900,278
	199,900	Wilmar International, Ltd.		670,116
	13,400	Yakult Honsha Co., Ltd.		758,613

				58,040,880

Gas Utilities (0.3%):
	122,751	APA Group		817,684
	31,734	Gas Natural SDG SA		815,882
	1,165,135	Hong Kong & China Gas Co., Ltd.		1,809,808
	39,000	Osaka Gas Co., Ltd.		722,710
	7,100	Toho Gas Co., Ltd.		347,645
	39,300	Tokyo Gas Co., Ltd.		738,742

				5,252,471

Health Care Equipment & Supplies (2.5%):
	51,987	Alcon, Inc.		3,642,509
	17,860	Ambu A/S, Class B		686,523
	22,200	Asahi Intecc Co., Ltd.		530,629
	4,310	BioMerieux		500,881
	4,187	Carl Zeiss Meditec AG		808,991
	6,839	Cochlear, Ltd.		1,290,989
	12,359	Coloplast A/S, Class B		2,029,261
	11,596	Demant A/S*		654,697

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	2,850	DiaSorin SpA	$	539,080
	29,687	EssilorLuxottica SA		5,480,965
	59,962	Fisher & Paykel Healthcare Corp., Ltd.		1,303,891
	13,321	GN Store Nord A/S		1,166,666
	38,800	HOYA Corp.		5,143,201
	94,782	Koninklijke Philips NV		4,698,183
	121,200	Olympus Corp.		2,408,265
	2,727	Sartorius AG		1,419,343
	27,960	Siemens Healthineers AG		1,714,353
	91,252	Smith & Nephew plc		1,977,233
	5,733	Sonova Holding AG, Registered Shares		2,157,920
	1,076	Straumann Holding AG, Registered Shares		1,716,237
	17,400	Sysmex Corp.		2,055,419
	67,200	Terumo Corp.		2,722,469

				44,647,705

Health Care Providers & Services (0.5%):
	12,628	Amplifon SpA		624,979
	21,329	Fresenius Medical Care AG & Co., KGaA		1,771,558
	43,503	Fresenius SE & Co. KGaA		2,269,733
	20,600	Medipal Holdings Corp.		393,427
	5,013	Orpea*		637,661
	19,049	Ramsay Health Care, Ltd.		897,708
	46,943	Ryman Healthcare, Ltd.		430,573
	47,226	Sonic Healthcare, Ltd.		1,359,438

				8,385,077

Health Care Technology (0.2%):
	45,900	M3, Inc.		3,354,585

Hotels, Restaurants & Leisure (1.5%):
	17,675	Accor SA*		660,364
	59,788	Aristocrat Leisure, Ltd.		1,931,280
	185,587	Compass Group plc*		3,913,682
	42,095	Crown Resorts, Ltd.*		376,461
	6,710	Domino’s Pizza Enterprises, Ltd.		606,491
	17,672	Evolution AB		2,794,586
	17,315	Flutter Entertainment plc*		3,138,177
	226,000	Galaxy Entertainment Group, Ltd.*		1,809,159
	653,157	Genting Singapore, Ltd.		405,582
	60,885	GVC Holdings plc*		1,471,078
	19,003	InterContinental Hotels Group plc*		1,266,464
	9,051	La Francaise des Jeux SAEM		532,195
	9,129	McDonald’s Holdings Co., Ltd.		402,746
	25,792	Melco Resorts & Entertainment, Ltd., ADR*		427,373
	20,800	Oriental Land Co., Ltd.		2,963,320
	252,332	Sands China, Ltd.*		1,062,785
	160,987	SJM Holdings, Ltd.*		175,637
	9,204	Sodexo SA*		859,336
	216,784	Tabcorp Holdings, Ltd.		839,725
	20,998	Whitbread plc*		908,599
	206,400	Wynn Macau, Ltd.*		324,829

				26,869,869

Household Durables (1.5%):
	105,941	Barratt Developments plc		1,020,460
	11,821	Berkeley Group Holdings plc (The)		752,359
	19,600	Casio Computer Co., Ltd.		327,566
	23,465	Electrolux AB, Series B, Class B		651,122
	41,082	Husqvarna AB, Class B		546,289


Shares			Value
Common Stocks, continued
Household Durables, continued
	16,200	Iida Group Holdings Co., Ltd.	$	416,923
	229,700	Panasonic Corp.		2,657,057
	33,195	Persimmon plc		1,360,555
	3,700	Rinnai Corp.		351,974
	2,943	SEB SA		531,968
	39,700	Sekisui Chemical Co., Ltd.		678,413
	64,100	Sekisui House, Ltd.		1,314,380
	24,500	Sharp Corp.		404,089
	131,200	Sony Group Corp.		12,735,083
	388,191	Taylor Wimpey plc		855,238
	143,000	Techtronic Industries Co., Ltd.		2,502,737

				27,106,213

Household Products (0.7%):
	63,314	Essity AB, Class B		2,099,987
	10,811	Henkel AG & Co. KGaA		995,275
	22,400	Lion Corp.^		379,560
	13,400	Pigeon Corp.^		376,235
	74,153	Reckitt Benckiser Group plc		6,561,713
	42,000	Unicharm Corp.		1,689,702

				12,102,472

Independent Power and Renewable Electricity Producers (0.1%):
	30,975	EDP Renovaveis SA		717,689
	148,095	Meridian Energy, Ltd.		550,826
	8,605	Uniper SE		317,211

				1,585,726

Industrial Conglomerates (1.2%):
	280,744	CK Hutchison Holdings, Ltd.		2,187,635
	10,320	DCC plc		845,248
	15,609	Investment AB Latour, Class B		512,524
	22,500	Jardine Matheson Holdings, Ltd.		1,439,316
	159,300	Keppel Corp., Ltd.		649,131
	79,587	Siemens AG, Registered Shares		12,609,028
	41,236	Smiths Group plc		908,423
	42,600	Toshiba Corp.^		1,843,501

				20,994,806

Insurance (4.7%):
	20,063	Admiral Group plc		873,002
	171,254	AEGON NV^		709,691
	18,216	Ageas NV		1,010,136
	1,258,400	AIA Group, Ltd.		15,640,654
	42,893	Allianz SE, Registered Shares+		10,693,479
	114,776	Assicurazioni Generali SpA		2,298,825
	408,722	Aviva plc		2,298,031
	201,279	AXA SA		5,098,573
	4,823	Baloise Holding AG, Registered Shares		751,984
	20,053	CNP Assurances SA		340,833
	106,000	Dai-ichi Life Holdings, Inc.		1,940,250
	149,092	Direct Line Insurance Group plc		587,414
	19,206	Gjensidige Forsikring ASA		423,629
	6,273	Hannover Rueck SE		1,049,407
	256,458	Insurance Australia Group, Ltd.		989,166
	163,900	Japan Post Holdings Co., Ltd.		1,348,434
	25,100	Japan Post Insurance Co., Ltd.		462,365
	620,817	Legal & General Group plc		2,209,355
	302,382	Medibank Private, Ltd.		716,012

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Insurance, continued
	46,311	MS&AD Insurance Group Holdings, Inc.	$	1,337,072
	14,575	Muenchener Rueckversicherungs-Gesellschaft AG		3,992,287
	29,207	NN Group NV		1,376,439
	65,334	Phoenix Group Holdings plc		612,163
	56,002	Poste Italiane SpA		740,555
	271,482	Prudential plc		5,150,337
	153,469	QBE Insurance Group, Ltd.		1,237,356
	51,886	Sampo Oyj, Class A		2,385,799
	15,006	SCOR SA*		477,284
	33,025	Sompo Holdings, Inc.		1,216,896
	133,228	Suncorp Group, Ltd.		1,106,661
	3,331	Swiss Life Holding AG, Registered Shares		1,619,367
	31,379	Swiss Re AG		2,828,862
	57,636	T&D Holdings, Inc.		748,987
	65,700	Tokio Marine Holdings, Inc.		3,011,200
	37,459	Tryg A/S		919,456
	15,653	Zurich Insurance Group AG		6,277,725

				84,479,686

Interactive Media & Services (0.3%):
	25,768	Adevinta ASA*		494,197
	100,515	Auto Trader Group plc*		881,371
	13,000	Kakaku.com, Inc.		392,813
	5,498	REA Group, Ltd.		697,077
	9,639	Scout24 AG*		813,521
	276,000	Z Holdings Corp.		1,384,112

				4,663,091

Internet & Direct Marketing Retail (0.9%):
	16,337	Delivery Hero SE*		2,158,257
	17,184	HelloFresh SE*		1,670,511
	18,663	Just Eat Takeaway*		1,723,534
	10,800	Mercari, Inc.*		574,004
	50,636	Ocado Group plc*		1,402,858
	50,706	Prosus NV		4,960,761
	90,100	Rakuten, Inc.		1,016,650
	21,754	Zalando SE*		2,629,450
	13,200	ZOZO, Inc.		448,788

				16,584,813

IT Services (1.7%):
	2,052	Adyen NV*		5,014,322
	22,575	Afterpay, Ltd.*		1,997,398
	46,868	Amadeus IT Group SA*		3,295,655
	9,627	Atos SE		585,798
	2,840	Bechtle AG		528,124
	16,682	Capgemini SA		3,207,409
	58,666	Computershare, Ltd.		746,001
	20,500	Fujitsu, Ltd.		3,840,253
	3,900	GMO Payment Gateway, Inc.^		507,061
	9,500	Itochu Techno-Solutions Corp.		294,316
	45,718	Nexi SpA*		1,003,972
	36,638	Nomura Research Institute, Ltd.		1,212,615
	66,600	NTT Data Corp.		1,038,691
	7,300	OBIC Co., Ltd.		1,359,737
	12,500	Otsuka Corp.		655,784
	6,000	SCSK Corp.		357,470
	24,000	TIS, Inc.		613,140


Shares			Value
Common Stocks, continued
IT Services, continued
	5,789	Wix.com, Ltd.*	$	1,680,431
	24,719	Worldline SA*		2,315,712

				30,253,889

Leisure Products (0.2%):
	20,800	Bandai Namco Holdings, Inc.		1,443,857
	7,700	Shimano, Inc.^		1,826,097
	13,900	Yamaha Corp.		754,230

				4,024,184

Life Sciences Tools & Services (0.5%):
	13,891	Eurofins Scientific SE*		1,588,299
	7,747	Lonza Group AG, Registered Shares		5,493,276
	24,014	Qiagen NV*		1,160,584
	2,877	Sartorius Stedim Biotech		1,360,844

				9,603,003

Machinery (2.9%):
	32,729	Alfa Laval AB		1,156,907
	28,964	Alstom SA*		1,463,388
	40,597	Atlas Copco AB		2,136,721
	69,861	Atlas Copco AB, Class A		4,281,082
	106,459	CNH Industrial NV		1,758,781
	10,500	Daifuku Co., Ltd.		953,308
	68,561	Epiroc AB, Class A		1,562,887
	41,269	Epiroc AB, Class B		810,418
	20,000	FANUC Corp.		4,821,657
	15,961	GEA Group AG		646,415
	3,900	Harmonic Drive Systems, Inc.		214,947
	29,600	Hino Motors, Ltd.		260,557
	10,100	Hitachi Construction Machinery Co., Ltd.		308,539
	5,700	Hoshizaki Corp.		484,265
	7,507	Kion Group AG		800,004
	7,696	Knorr-Bremse AG		885,577
	91,100	Komatsu, Ltd.		2,263,760
	35,361	Kone OYJ, Class B		2,884,670
	106,900	Kubota Corp.^		2,161,575
	9,900	Kurita Water Industries, Ltd.		474,905
	23,300	Makita Corp.		1,096,708
	37,800	MINEBEA MITSUMI, Inc.		999,541
	30,100	Misumi Group, Inc.		1,018,376
	33,300	Mitsubishi Heavy Industries, Ltd.		979,413
	10,100	Miura Co., Ltd.		437,632
	10,700	Nabtesco Corp.		404,638
	25,300	NGK Insulators, Ltd.		424,359
	42,600	NSK, Ltd.		359,924
	533	Rational AG^		483,749
	117,451	Sandvik AB		3,001,534
	4,236	Schindler Holding AG		1,296,371
	2,157	Schindler Holding AG, Registered Shares		630,641
	39,703	SKF AB, Class B		1,011,743
	6,000	SMC Corp.		3,544,440
	7,671	Spirax-Sarco Engineering plc		1,445,978
	12,100	THK Co., Ltd.		360,841
	22,159	Volvo AB, Class A		549,873
	148,731	Volvo AB, Class B^		3,581,062
	50,587	Wartsila OYJ Abp, Class B		751,385

				52,708,571

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Marine (0.3%):
	331	A.P. Moeller – Maersk A/S, Class A	$	919,953
	638	A.P. Moeller – Maersk A/S, Class B		1,835,038
	5,618	Kuehne & Nagel International AG, Registered Shares		1,923,463
	15,800	Nippon Yusen KK		800,292

				5,478,746

Media (0.5%):
	42,100	Cyberagent, Inc.		904,523
	23,177	Dentsu Group, Inc.^		828,967
	22,700	Hakuhodo DY Holdings, Inc.		352,140
	156,276	Informa plc*		1,086,156
	80,532	Pearson plc		927,255
	23,197	Publicis Groupe SA		1,484,265
	7,838	Schibsted ASA, Class A		378,621
	11,002	Schibsted ASA, Class B		458,584
	127,478	WPP plc		1,725,545

				8,146,056

Metals & Mining (3.3%):
	134,722	Anglo American plc		5,367,773
	41,026	Antofagasta plc		814,847
	74,575	ArcelorMittal		2,289,030
	219,730	BHP Group plc		6,475,776
	306,473	BHP Group, Ltd.		11,114,451
	52,411	BlueScope Steel, Ltd.		861,249
	28,553	Boliden AB		1,098,530
	182,201	Evolution Mining, Ltd.		616,760
	55,931	EVRAZ plc		458,918
	176,177	Fortescue Metals Group, Ltd.		3,082,741
	1,039,651	Glencore plc		4,451,555
	23,100	Hitachi Metals, Ltd.		441,777
	52,900	JFE Holdings, Inc.		619,738
	84,951	Newcrest Mining, Ltd.		1,615,087
	88,948	Nippon Steel Corp.		1,498,337
	139,912	Norsk Hydro ASA		894,167
	107,364	Northern Star Resources, Ltd.		789,830
	116,757	Rio Tinto plc		9,610,891
	38,620	Rio Tinto, Ltd.		3,667,510
	497,368	South32, Ltd.		1,092,616
	25,700	Sumitomo Metal & Mining Co., Ltd.		1,000,539
	13,147	Voestalpine AG		535,303

				58,397,425

Multiline Retail (0.2%):
	13,831	Next plc*		1,505,050
	44,600	Pan Pacific International Holdings Corp.		926,110
	26,600	Ryohin Keikaku Co., Ltd.		555,578

				2,986,738

Multi-Utilities (0.9%):
	58,491	AGL Energy, Ltd.		358,649
	233,572	E.ON SE		2,700,876
	190,017	Engie Group		2,604,671
	369,240	National Grid plc		4,700,634
	66,833	RWE AG		2,421,679
	35,955	Suez*		854,749
	56,065	Veolia Environnement SA		1,693,722

				15,334,980


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels (3.3%):
	25,826	Ampol, Ltd.	$	546,432
	2,116,832	BP plc		9,250,326
	22,895	Enagas SA		528,879
	319,220	ENEOS Holdings, Inc.		1,336,469
	262,577	ENI SpA		3,203,106
	101,675	Equinor ASA		2,153,048
	52,149	Galp Energia SGPS SA		567,350
	20,687	Idemitsu Kosan Co., Ltd.		499,382
	106,500	INPEX Corp.^		798,279
	7,184	Koninklijke Vopak NV		326,444
	20,822	Lundin Energy AB^		739,004
	44,014	Neste Oyj		2,696,387
	218,984	Oil Search, Ltd.		625,833
	15,404	OMV AG		878,667
	183,228	Origin Energy, Ltd.		616,976
	154,960	Repsol SA^		1,943,485
	426,674	Royal Dutch Shell plc, Class A		8,573,021
	385,574	Royal Dutch Shell plc, Class B		7,490,824
	195,041	Santos, Ltd.		1,040,214
	209,789	Snam SpA		1,213,948
	259,917	TotalEnergies SE^		11,790,318
	9,347	Washington H. Soul Pattinson & Co., Ltd.^		236,474
	100,106	Woodside Petroleum, Ltd.		1,667,763

				58,722,629

Paper & Forest Products (0.3%):
	50,515	Mondi plc		1,330,775
	79,100	Oji Holdings Corp.		453,550
	60,522	Stora Enso OYJ, Registered Shares, Class R		1,104,615
	63,032	Svenska Cellulosa AB SCA, Class B		1,033,445
	55,527	UPM-Kymmene OYJ		2,100,379

				6,022,764

Personal Products (2.0%):
	10,487	Beiersdorf AG		1,265,540
	50,100	Kao Corp.^		3,082,244
	5,200	Kobayashi Pharmaceutical Co., Ltd.		444,176
	3,700	Kose Corp.		582,434
	26,210	L’Oreal SA		11,685,926
	10,200	Pola Orbis Holdings, Inc.^		269,514
	41,600	Shiseido Co., Ltd.		3,059,333
	273,535	Unilever plc		15,996,543

				36,385,710

Pharmaceuticals (8.0%):
	193,700	Astellas Pharma, Inc.		3,372,309
	136,567	AstraZeneca plc		16,385,504
	102,207	Bayer AG, Registered Shares		6,207,476
	69,900	Chugai Pharmaceutical Co., Ltd.^		2,753,506
	177,000	Daiichi Sankyo Co., Ltd.		3,813,927
	24,700	Eisai Co., Ltd.		2,414,115
	523,404	GlaxoSmithKline plc		10,280,663
	18,438	Hikma Pharmaceuticals plc		624,227
	5,000	Hisamitsu Pharmaceutical Co., Inc.		246,131
	3,643	Ipsen SA		378,959
	28,100	Kyowa Kirin Co., Ltd.^		992,231
	13,446	Merck KGaA		2,580,915
	5,400	Nippon Shinyaku Co., Ltd.^		428,192
	230,996	Novartis AG, Registered Shares		21,059,773

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	179,142	Novo Nordisk A/S, Class B	$	14,989,654
	39,200	Ono Pharmaceutical Co., Ltd.		870,222
	10,166	Orion OYJ, Class B		436,960
	40,600	Otsuka Holdings Co., Ltd.^		1,683,368
	11,872	Recordati SpA		678,831
	73,091	Roche Holding AG		27,553,294
	3,329	Roche Holding AG		1,352,636
	117,880	Sanofi		12,350,640
	39,700	Santen Pharmaceutical Co., Ltd.		546,708
	27,600	Shionogi & Co., Ltd.		1,438,574
	17,800	Sumitomo Dainippon Pharma Co., Ltd.		371,364
	3,300	Taisho Pharmaceutical Holdings Co., Ltd.		175,827
	163,973	Takeda Pharmacuetical Co., Ltd.		5,507,785
	114,076	Teva Pharmaceutical Industries, Ltd., ADR*		1,129,352
	13,153	UCB SA		1,375,033
	5,072	Vifor Pharma AG		656,725

				142,654,901

Professional Services (1.7%):
	16,122	Adecco SA, Registered Shares		1,096,101
	31,216	Bureau Veritas SA		987,864
	95,434	Experian plc		3,681,051
	16,791	Intertek Group plc		1,284,978
	31,500	Nihon M&A Center, Inc.		817,515
	16,700	Persol Holdings Co., Ltd.		329,814
	12,440	Randstad NV		951,981
	141,200	Recruit Holdings Co., Ltd.		6,948,815
	201,038	RELX plc		5,340,135
	36,659	Seek, Ltd.		911,189
	630	SGS SA, Registered Shares		1,944,039
	6,110	Teleperformance		2,479,928
	27,831	Wolters Kluwer NV		2,796,888

				29,570,298

Real Estate Management & Development (1.6%):
	103,938	Aroundtown SA^		809,691
	4,494	Azrieli Group		316,866
	74,028	BGP Holdings plc*(a)		—
	274,500	CapitaLand, Ltd.		758,449
	33,900	City Developments, Ltd.		184,089
	208,744	CK Asset Holdings, Ltd.		1,441,079
	7,000	Daito Trust Construction Co., Ltd.		765,384
	58,900	Daiwa House Industry Co., Ltd.		1,767,754
	35,565	Deutsche Wohnen SE		2,176,924
	224,400	ESR Cayman, Ltd.*		757,268
	10,270	Fastighets AB Balder*		644,676
	240,000	Hang Lung Properties, Ltd.		582,838
	150,956	Henderson Land Development Co., Ltd.		715,496
	125,800	Hongkong Land Holdings, Ltd.		599,270
	25,500	Hulic Co., Ltd.^		286,844
	7,501	LEG Immobilien SE		1,080,589
	72,800	Lend Lease Group		625,676
	123,000	Mitsubishi Estate Co., Ltd.		1,988,664
	95,400	Mitsui Fudosan Co., Ltd.		2,208,952
	158,655	New World Development Co., Ltd.		824,545
	12,300	Nomura Real Estate Holdings, Inc.		311,973
	368,601	Sino Land Co., Ltd.		581,103
	32,200	Sumitomo Realty & Development Co., Ltd.		1,150,431


Shares			Value
Common Stocks, continued
Real Estate Management & Development, continued
	135,500	Sun Hung Kai Properties, Ltd.	$	2,019,210
	57,464	Swire Pacific, Ltd., Class A		389,684
	125,200	Swire Properties, Ltd.		373,305
	7,294	Swiss Prime Site AG		724,034
	54,096	UOL Group, Ltd.		294,137
	55,929	Vonovia SE		3,618,779
	177,300	Wharf Real Estate Investment Co., Ltd.		1,031,065

				29,028,775

Road & Rail (0.9%):
	197,101	Aurizon Holdings, Ltd.		550,115
	15,000	Central Japan Railway Co.		2,274,620
	21,535	DSV PANALPINA A/S		5,021,766
	31,413	East Japan Railway Co.		2,251,614
	24,100	Hankyu Hanshin Holdings, Inc.		742,165
	10,000	Keio Corp.		587,676
	14,200	Keisei Electric Railway Co., Ltd.		453,014
	16,600	Kintetsu Group Holdings Co., Ltd.*		582,649
	160,994	MTR Corp., Ltd.		896,819
	8,100	Nippon Express Co., Ltd.		616,711
	28,800	Odakyu Electric Railway Co., Ltd.		725,939
	20,700	Tobu Railway Co., Ltd.		535,032
	52,000	Tokyu Corp.		707,062
	17,100	West Japan Railway Co.		974,719

				16,919,901

Semiconductors & Semiconductor Equipment (3.0%):
	20,800	Advantest Corp.		1,865,222
	4,922	ASM International NV		1,618,167
	43,643	ASML Holding NV		30,044,633
	3,100	Disco Corp.		948,082
	135,862	Infineon Technologies AG		5,447,525
	7,800	Lasertec Corp.		1,512,809
	130,400	Renesas Electronics Corp.*		1,410,977
	9,300	ROHM Co., Ltd.		860,460
	71,048	STMicroelectronics NV		2,578,881
	28,800	SUMCO Corp.		703,434
	15,500	Tokyo Electron, Ltd.		6,674,299

				53,664,489

Software (1.7%):
	12,426	AVEVA Group plc		637,999
	11,669	Check Point Software Technologies, Ltd.*		1,355,121
	3,816	CyberArk Software, Ltd.*		497,110
	13,746	Dassault Systemes SA		3,334,375
	6,401	Nemetschek SE		490,280
	6,607	NICE Systems, Ltd.*		1,630,675
	3,700	Oracle Corp.		283,220
	114,044	Sage Group plc		1,080,181
	108,637	SAP SE		15,326,550
	52,620	Sinch AB*		885,946
	15,541	TeamViewer AG*		585,372
	6,948	Temenos AG		1,116,713
	13,900	Trend Micro, Inc.		728,415
	16,833	WiseTech Global, Ltd.		402,784
	13,738	Xero, Ltd.*		1,410,809

				29,765,550

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Specialty Retail (0.9%):
	3,900	ABC-Mart, Inc.	$	222,876
	231,400	Chow Tai Fook Jewellery Group, Ltd.		528,732
	6,100	Fast Retailing Co., Ltd.		4,590,235
	75,981	Hennes & Mauritz AB, Class B*		1,803,575
	2,000	Hikari Tsushin, Inc.		351,186
	113,485	Industria de Diseno Textil SA		3,998,366
	56,958	JD Sports Fashion plc		725,192
	219,592	Kingfisher plc		1,107,757
	8,300	Nitori Co., Ltd.		1,469,469
	20,700	USS Co., Ltd.		360,996
	67,300	Yamada Holdings Co., Ltd.		310,744

				15,469,128

Technology Hardware, Storage & Peripherals (0.6%):
	22,600	Brother Industries, Ltd.		450,878
	104,100	Canon, Inc.^		2,354,338
	37,500	FUJIFILM Holdings Corp.		2,780,265
	18,009	Logitech International SA, Class R		2,183,199
	25,500	NEC Corp.		1,312,485
	69,700	Ricoh Co., Ltd.		785,497
	27,900	Seiko Epson Corp.		490,562

				10,357,224

Textiles, Apparel & Luxury Goods (3.1%):
	19,808	Adidas AG		7,374,991
	42,114	Burberry Group plc*		1,206,021
	54,307	Cie Financiere Richemont SA		6,576,841
	3,295	Hermes International SA		4,803,685
	7,804	Kering		6,828,225
	28,882	LVMH Moet Hennessy Louis Vuitton SA		22,674,449
	20,158	Moncler SpA		1,364,397
	10,404	Pandora A/S		1,402,126
	10,984	Puma SE		1,309,475
	3,010	Swatch Group AG (The), Class B		1,033,388
	6,365	Swatch Group AG (The), Registered Shares		420,256

				54,993,854

Tobacco (0.8%):
	226,749	British American Tobacco plc		8,837,936
	98,460	Imperial Brands plc, Class A		2,121,466
	124,800	Japan Tobacco, Inc.^		2,357,335
	168,745	Swedish Match AB		1,439,687

				14,756,424

Trading Companies & Distributors (1.4%):
	46,744	Ashtead Group plc		3,471,474
	16,073	Brenntag AG		1,494,607
	35,061	Bunzl plc		1,159,191
	23,413	Ferguson plc		3,258,609
	123,700	Itochu Corp.		3,556,203
	162,700	Marubeni Corp.		1,414,359
	131,400	Mitsubishi Corp.		3,579,741
	160,800	Mitsui & Co., Ltd.		3,618,517
	26,400	MonotaRo Co., Ltd.^		625,440
	27,340	Reece, Ltd.		485,462
	117,200	Sumitomo Corp.		1,568,191
	22,100	Toyota Tsushu Corp.		1,042,627

				25,274,421


Shares or Principal Amount			Value
Common Stocks, continued
Transportation Infrastructure (0.4%):
	7,803	Aena SME SA*	$	1,279,297
	3,168	Aeroports de Paris*		412,930
	51,730	Atlantia SpA*		937,344
	135,017	Auckland International Airport, Ltd.*		685,874
	42,517	Getlink SE		663,217
	140,546	Sydney Airport*		610,336
	284,849	Transurban Group		3,046,280

				7,635,278

Water Utilities (0.1%):
	25,314	Severn Trent plc		875,481
	70,941	United Utilities Group plc		956,568

				1,832,049

Wireless Telecommunication Services (1.3%):
	167,800	KDDI Corp.		5,232,581
	298,800	Softbank Corp.		3,909,089
	130,400	SoftBank Group Corp.		9,133,183
	53,768	Tele2 AB		732,944
	2,791,720	Vodafone Group plc		4,694,818

				23,702,615

	Total Common Stocks (Cost $1,196,267,518)			1,753,231,955

Preferred Stocks (0.5%):
Automobiles (0.4%):
	6,277	Bayerische Motoren Werke AG (BMW), 2.53%, 5/15/20		564,111
	15,930	Porsche Automobil Holding SE, 2.45%, 5/20/20		1,706,764
	19,307	Volkswagen AG, 2.30%, 5/8/20		4,841,137

				7,112,012

Household Products (0.1%):
	18,535	Henkel AG & Co. KGaA, 2.08%, 4/21/20		1,956,678

	Total Preferred Stocks (Cost $5,712,692)			9,068,690

Right (0.0%^†):
Construction & Engineering (0.0%^†):
	25,915	ACS Actividades de Construccion y Servicios SA, Expires on 7/7/21*^		36,255

	Total Right (Cost $39,294)			36,255

Short-Term Security Held as Collateral for Securities on Loan (3.2%):
	56,444,762	BlackRock Liquidity FedFund, Institutional Class , 0.04%(b)(c)		56,444,762

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $56,444,762)			56,444,762

	Total Investment Securities (Cost $1,258,464,266) — 101.7%			1,818,781,662
	Net other assets (liabilities) — (1.7)%			(30,778,005	)

	Net Assets — 100.0%		$	1,788,003,657

Percentages indicated are based on net assets as of June 30, 2021.

ADR—American Depository Receipt

REIT—Real Estate Investment Trust

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $52,778,867.

+	Affiliated Securities

†	Represents less than 0.05%.

See accompanying notes to the financial statements.

AZL International Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2021. 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 June 30, 2021.

(c)	The rate represents the effective yield at June 30, 2021.

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 value of investments as of June 30, 2021:

(Unaudited)


Country	Percentage

Australia		7.2	%
Austria		0.2	%
Belgium		0.8	%
Bermuda		0.1	%
China		0.1	%
Denmark		2.5	%
Finland		1.2	%
France		10.4	%
Germany		9.1	%
Hong Kong		3.0	%
Ireland		1.1	%
Isle of Man		0.1	%
Israel		0.6	%
Italy		2.0	%


Country	Percentage
Japan		22.5	%
Luxembourg		0.2	%
Netherlands		5.0	%
New Zealand		0.3	%
Norway		0.6	%
Poland		—	%^†
Portugal		0.1	%
Singapore		1.0	%
Spain		2.4	%
Sweden		3.4	%
Switzerland		9.8	%
United Kingdom		13.2	%
United States		3.1	%

		100.0	%

†	Represents less than 0.05%.

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

ASX SPI 200 Index September Futures (Australian Dollar)		9/16/21		20	$	2,707,901	$	(10,559	)
DJ EURO STOXX 50 September Futures (Euro)		9/17/21		162		7,789,330		(79,625	)
FTSE 100 Index September Futures (British Pounds)		9/17/21		47		4,537,745		(24,470	)
SGX Nikkei 225 Index September Futures (Japanese Yen)		9/9/21		38		4,915,916		(6,227	)

							$	(120,881	)

See accompanying notes to the financial statements.

AZL International Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,252,126,905
Investments in affiliates, at cost		6,337,361

Investments in non-affiliates, at value(a)	$	1,808,088,183
Investments in affiliates, at value		10,693,479
Deposit at broker for futures contracts collateral		1,430,005
Interest and dividends receivable		2,370,834
Foreign currency, at value (cost $16,811,517)		16,727,413
Receivable for investments sold		1,936,167
Receivable for variation margin on futures contracts		(136,607	)
Reclaims receivable		6,868,041
Prepaid expenses		84,753

Total Assets		1,848,062,268

Liabilities:
Cash overdraft		302,808
Payable for investments purchased		1,924,680
Payable for capital shares redeemed		333,403
Payable for collateral received on loaned securities		56,444,761
Manager fees payable		484,791
Administration fees payable		6,008
Distribution fees payable		324,005
Custodian fees payable		26,184
Administrative and compliance services fees payable		3,556
Transfer agent fees payable		2,578
Trustee fees payable		17,696
Other accrued liabilities		188,141

Total Liabilities		60,058,611

Net Assets	$	1,788,003,657

Net Assets Consist of:
Paid in capital	$	1,200,452,007
Total distributable earnings		587,551,650

Net Assets	$	1,788,003,657

Class 1
Net Assets	$	103,155,222
Shares of beneficial interest (unlimited number of shares authorized, no par value)		8,066,722
Net Asset Value (offering and redemption price per share)	$	12.79

Class 2
Net Assets	$	1,684,848,435
Shares of beneficial interest (unlimited number of shares authorized, no par value)		89,027,548
Net Asset Value (offering and redemption price per share)	$	18.93

(a)	Includes securities on loan of $52,778,867.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	28,908,444
Dividends from affiliates		454,102
Income from securities lending		92,456
Foreign withholding tax		(2,720,191	)

Total Investment Income		26,734,811

Expenses:
Manager fees		2,815,492
Administration fees		46,196
Distribution fees — Class 2		1,883,267
Custodian fees		105,848
Administrative and compliance services fees		13,038
Transfer agent fees		6,960
Trustee fees		46,965
Professional fees		41,185
Shareholder reports		32,496
Other expenses		303,881

Total expenses		5,295,328

Net Investment Income/(Loss)		21,439,483

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		24,277,435
Net realized gains/(losses) on affiliated transactions		300,140
Net realized gains/(losses) on futures contracts		1,889,006
Change in net unrealized appreciation/depreciation on securities and foreign currencies		84,679,361
Change in net unrealized appreciation/depreciation on affiliated transactions		(145,694	)
Change in net unrealized appreciation/depreciation on futures contracts		(277,216	)

Net realized and Change in net unrealized gains/losses on investments		110,723,032

Change in Net Assets Resulting From Operations	$	132,162,515

See accompanying notes to the financial statements.

AZL International Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	21,439,483			$	25,138,721
Net realized gains/(losses) on investments			26,466,581				(6,554,911	)
Change in unrealized appreciation/depreciation on investments			84,256,451				78,356,909

Change in net assets resulting from operations			132,162,515				96,940,719

Distributions to Shareholders:
Class 1			—				(4,836,469	)
Class 2			—				(45,994,684	)

Change in net assets resulting from distributions to shareholders			—				(50,831,153	)

Capital Transactions:
Class 1
Proceeds from shares issued			396,082				282,407
Proceeds from dividends reinvested			—				4,836,469
Value of shares redeemed			(6,766,449	)			(12,097,908	)

Total Class 1 Shares			(6,370,367	)			(6,979,032	)

Class 2
Proceeds from shares issued			203,445,801				98,897,417
Proceeds from dividends reinvested			—				45,994,684
Value of shares redeemed			(139,148,571	)			(283,998,277	)

Total Class 2 Shares			64,297,230				(139,106,176	)

Change in net assets resulting from capital transactions			57,926,863				(146,085,208	)

Change in net assets			190,089,378				(99,975,642	)
Net Assets:
Beginning of period			1,597,914,279				1,697,889,921

End of period		$	1,788,003,657			$	1,597,914,279

Share Transactions:
Class 1
Shares issued			31,593				29,223
Dividends reinvested			—				465,493
Shares redeemed			(546,422	)			(1,161,500	)

Total Class 1 Shares			(514,829	)			(666,784	)

Class 2
Shares issued			10,658,778				7,520,450
Dividends reinvested			—				2,986,668
Shares redeemed			(7,535,796	)			(19,371,973	)

Total Class 2 Shares			3,122,982				(8,864,855	)

Change in shares			2,608,153				(9,531,639	)

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016^
	(Unaudited)

Class 1

Net Asset Value, Beginning of Period		$	11.76			$	11.53			$	9.94			$	12.30			$	10.07			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.18	(a)			0.20	(a)			0.32	(a)			0.36				0.37				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			0.85				0.61				1.79				(2.00	)			2.15				(0.05	)

Total from Investment Activities			1.03				0.81				2.11				(1.64	)			2.52				0.07

Distributions to Shareholders From:
Net Investment Income			—				(0.55	)			(0.42	)			(0.50	)			(0.16	)			—
Net Realized Gains			—				(0.03	)			(0.10	)			(0.22	)			(0.13	)			—

Total Dividends			—				(0.58	)			(0.52	)			(0.72	)			(0.29	)			—

Net Asset Value, End of Period		$	12.79			$	11.76			$	11.53			$	9.94			$	12.30			$	10.07

Total Return(b)			8.76	%(c)			7.66	%			21.67	%			(13.80	)%			25.12	%			0.70	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	103,155			$	100,924			$	106,657			$	98,902			$	132,265			$	123,158
Net Investment Income/(Loss)(d)			2.89	%			1.93	%			2.89	%			2.62	%			2.48	%			1.19	%
Expenses Before Reductions(d)(e)			0.42	%			0.46	%			0.44	%			0.45	%			0.48	%			0.40	%
Expenses Net of Reductions(d)			0.42	%			0.46	%			0.44	%			0.45	%			0.48	%			0.40	%
Portfolio Turnover Rate(f)			10	%			9	%			4	%			2	%			8	%			55	%(g)

Class 2

Net Asset Value, Beginning of Period		$	17.43			$	16.79			$	14.25			$	17.30			$	14.10			$	14.42

Investment Activities:
Net Investment Income/(Loss)			0.24	(a)			0.26	(a)			0.42	(a)			0.43				0.36				0.15
Net Realized and Unrealized Gains/(Losses) on Investments			1.26				0.91				2.60				(2.81	)			3.12				(0.10	)

Total from Investment Activities			1.50				1.17				3.02				(2.38	)			3.48				0.05

Distributions to Shareholders From:
Net Investment Income			—				(0.50	)			(0.38	)			(0.45	)			(0.15	)			(0.37	)
Net Realized Gains			—				(0.03	)			(0.10	)			(0.22	)			(0.13	)			—

Total Dividends			—				(0.53	)			(0.48	)			(0.67	)			(0.28	)			(0.37	)

Net Asset Value, End of Period		$	18.93			$	17.43			$	16.79			$	14.25			$	17.30			$	14.10

Total Return(b)			8.61	%(c)			7.40	%			21.44	%			(14.04	)%			24.77	%			0.37	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,684,848			$	1,496,990			$	1,591,233			$	1,422,711			$	1,862,508			$	1,605,552
Net Investment Income/(Loss)(d)			2.65	%			1.69	%			2.64	%			2.36	%			2.21	%			2.11	%
Expenses Before Reductions(d)(e)			0.67	%			0.71	%			0.69	%			0.70	%			0.73	%			0.71	%
Expenses Net of Reductions(d)			0.67	%			0.71	%			0.69	%			0.70	%			0.73	%			0.71	%
Portfolio Turnover Rate(f)			10	%			9	%			4	%			2	%			8	%			55	%(g)

^	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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 its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products 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

June 30, 2021 (Unaudited)

Class Allocation

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $9,075 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $56,444,761 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $16.4 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

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 June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

120,881

AZL International Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	1,889,006	$	(277,216	)

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, 2022.

For the period ended June 30, 2021, 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 June 30, 2021, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Capital Gains Distributions

Allianz SE, Registered Shares		$	10,223,042		$	1,349,719		$	(1,033,727	)		$	300,140		$	(145,694	)		$	10,693,479		42,893		$	454,102		$	—

		$	10,223,042		$	1,349,719		$	(1,033,727	)		$	300,140		$	(145,694	)		$	10,693,479		42,893		$	454,102		$	—

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable 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 International Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Level 3				Total

Common Stocks+		$	41,811,988			$	1,711,419,967		$	—	#		$	1,753,231,955
Preferred Stocks+			—				9,068,690			—				9,068,690
Rights+			36,255				—			—				36,255
Short-Term Security Held as Collateral for Securities on Loan			56,444,762				—			—				56,444,762

Total Investment Securities			98,293,005				1,720,488,657			—				1,818,781,662

Other Financial Instruments:*
Futures Contracts			(120,881	)			—			—				(120,881	)

Total Investments		$	98,172,124			$	1,720,488,657		$	—			$	1,818,660,781

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2021.

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

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	218,392,342		$	156,529,022

AZL International Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $1,166,631,689. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	509,844,309
Unrealized (depreciation)		(81,944,637	)

Net unrealized appreciation/(depreciation)	$	427,899,672

CLCFs not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount

AZL International Index Fund		$	—		$	799,546		$	799,546

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL International Index Fund		$	49,683,835		$	1,147,318		$	50,831,153

(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 International Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

At December 31, 2020, 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		$	27,467,388		$	—		$	(799,546	)		$	428,721,293		$	455,389,135

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

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Subsequent Events

AZL International Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MetWest Total Return Bond Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 11

Page 11

Page 12

Page 13

Page 14

Page 21

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 23

Page 24

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 or the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MetWest Total Return Bond Fund		$	1,000.00		$	988.10		$	3.89		0.79	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MetWest Total Return Bond Fund		$	1,000.00		$	1,020.88		$	3.96		0.79	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

U.S. Treasury Obligations		48.5	%

U.S. Government Agency Mortgages		32.0

Corporate Bonds		16.9

Collateralized Mortgage Obligations		8.6

Yankee Debt Obligations		6.4

Asset Backed Securities		4.2

Unaffiliated Investment Company		1.2

Municipal Bonds		0.7

Short-Term Security Held as Collateral for Securities on Loan		0.2

Purchased Swaptions		—	^†


Total Investment Securities		118.7

Net other assets (liabilities)		(18.7	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Asset Backed Securities (4.2%):
$	1,044,566	Ajax Mortgage Loan Trust, Class A1, Series 2019-F, 2.86%, 7/25/59, Callable 11/25/22 @ 100(a)(b)	$	1,054,549
	1,288,000	CWABS Asset-Backed Certificates Trust, Class MV5, Series 2005-7, 1.22%(US0001M+113bps), 11/25/35, Callable 7/25/21 @ 100		1,280,518
	965,000	Navient Student Loan Trust, Class A3, Series 2016-2, 1.59%(US0001M+150bps), 6/25/65, Callable 12/25/32 @ 100(a)		1,015,058
	1,352,078	Park Place Securities, Inc. Pass-Through Certificates, Class M5, Series 2004-WWF1, 1.89%(US0001M+180bps), 12/25/34, Callable 7/25/21 @ 100		1,305,145
	514,014	Progress Residential Trust, Class A, Series 2019-SFR2, 3.15%, 5/17/36(a)		522,238
	775,189	SLC Student Loan Trust, Class 2A3, Series 2008-1, 1.72%(US0003M+160bps), 12/15/32, Callable 3/15/28 @ 100		791,323
	1,220,000	SLM Student Loan Trust, Class 2A3, Series 2008-5, 2.03%(US0003M+185bps), 7/25/73, Callable 1/25/23 @ 100		1,257,024
	240,000	SLM Student Loan Trust, Class 2A3, Series 2008-9, 2.43%(US0003M+225bps), 10/25/83, Callable 1/25/23 @ 100		240,667
	61,657	SLM Student Loan Trust, Class A, Series 2009-3, 0.84%(US0001M+75bps), 1/25/45, Callable 2/25/35 @ 100(a)		62,593
	603,557	SLM Student Loan Trust, Class A3, Series 2012-1, 1.04%(US0001M+95bps), 9/25/28, Callable 11/25/28 @ 100		595,710
	571,228	SLM Student Loan Trust, Class A4, Series 2007-7, 0.51%(US0003M+33bps), 1/25/22, Callable 10/25/23 @ 100		559,447
	316,714	SLM Student Loan Trust, Class A, Series 2008-9, 1.68%(US0003M+150bps), 4/25/23, Callable 1/25/23 @ 100		319,444
	524,219	SLM Student Loan Trust, Class 2A3, Series 2003-7, 0.69%(US0003M+57bps), 9/15/39, Callable 3/15/30 @ 100		499,582
	882,590	SLM Student Loan Trust, Class A4, Series 2008-6, 1.28%(US0003M+110bps), 7/25/23, Callable 1/25/25 @ 100		881,973
	870,407	Tricon American Homes Trust, Class A, Series 2017-SFR1, 2.72%, 9/17/34(a)		873,506
	1,482,853	Wachovia Student Loan Trust, Class 2A3, Series 2006-1, 0.35%(US0003M+17bps), 4/25/40, Callable 4/25/26 @ 100(a)		1,451,422

	Total Asset Backed Securities (Cost $12,703,929)			12,710,199

Collateralized Mortgage Obligations (8.6%):
	750,000	AGL CLO 7, Ltd., Class BR, Series 2020-7A(US0003M+170bps), 7/15/34(a)		750,000
	592,721	AIMCO CLO, Class AR, Series 2015-AA, 1.03%(US0003M+85bps), 1/15/28, Callable 7/15/21 @ 100(a)		592,750
	1,148,340	Alternative Loan Trust, Class 4A1, Series 2005-56, 0.71%(US0001M+31bps), 11/25/35, Callable 7/25/21 @ 100		1,084,443


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	546,316	America Home Mortgage Investment Trust, Class 6A, Series 2005-1, 2.18%(US0006M+200bps), 6/25/45, Callable 7/25/21 @ 100	$	547,237
	515,000	Bank of America Merrill Lynch Large Loan, Inc., Class A, Series 2018-PARK, 4.23%, 8/10/38(a)(b)		590,962
	202,432	Bank of America Mortgage Securities, Inc., Class 2A3, Series 2005-F, 2.98%, 7/25/35, Callable 7/25/21 @ 100(b)		200,575
	772,000	BSPRT Issuer, Ltd., Class AS, Series 2018-FL3, 1.42%(US0001M+135bps), 3/15/28, Callable 7/15/21 @ 100(a)		771,774
	155,000	BX Trust, Class A, Series 2019-OC11, 3.20%, 12/9/41(a)		167,206
	355,000	CALI Mortgage Trust, Class A, Series 2019-101C, 3.96%, 3/10/39(a)		404,750
	665,769	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 2.89%, 4/25/37, Callable 2/25/28 @ 100(b)		665,269
	863,983	COMM Mortgage Trust, Class A3, Series 2015-CR27, 3.35%, 10/10/48, Callable 9/10/25 @ 100		924,894
	300,000	CPT Mortgage Trust, Class A, Series 2019-CPT, 2.87%, 11/13/39, Callable 11/13/29 @ 100(a)		320,001
	829,439	Credit Suisse Mortgage Capital Certificates, Class A2E, Series 2007-CB2, 3.74%, 2/25/37, Callable 6/25/22 @ 100(b)		654,184
	325,000	DC Office Trust, Class A, Series 2019-MTC, 2.97%, 9/15/45(a)		347,509
	519,270	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AA12, 2.39%, 2/25/36, Callable 7/25/21 @ 100(b)		401,090
	238,011	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AR3, 2.86%, 8/25/35, Callable 7/25/21 @ 100(b)		195,209
	606,220	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 2.38%, 3/25/36, Callable 7/25/21 @ 100(b)		472,946
	437,821	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 2.38%, 4/25/36, Callable 7/25/21 @ 100(b)		360,739
	438,336	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 3.56%, 9/19/35, Callable 7/19/21 @ 100(b)		442,247
	546,035	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 3.05%, 4/19/36, Callable 7/19/21 @ 100(b)		477,114
	850,000	GoldenTree Loan Opportunities IX, Ltd., Class AR2, Series 2014-9A, 1.29%(US0003M+111bps), 10/29/29, Callable 7/29/21 @ 100(a)		850,196
	1,024,052	GreenPoint Mortgage Funding Trust, Class A1A, Series 2006-AR1, 0.67%(US0001M+58bps), 2/25/36, Callable 7/25/21 @ 100		1,017,852
	1,251,679	HarborView Mortgage Loan Trust, Class 1A1A, Series 2006-10, 0.29%(US0001M+20bps), 11/19/36, Callable 8/19/22 @ 100		1,063,285
	325,000	Hudson Yards Mortgage Trust, Class A, Series 2019-55HY, 3.04%, 12/10/41(a)		350,363

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	330,000	Hudson Yards Mortgage Trust, Class A, Series 2019-30HY, 3.23%, 6/10/37(a)	$	359,693
	325,000	J.P. Morgan Chase Commercial Mortgage Securities Trust, Class A, Series 2019-OSB, 3.40%, 6/5/39, Callable 6/5/29 @ 100(a)		358,572
	820,000	LCM LP, Class ARR, Series 13A, 1.33%(US0003M+114bps), 7/19/27, Callable 7/19/21 @ 100(a)		820,018
	750,697	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 0.21%(US0001M+12bps), 7/25/37, Callable 11/25/22 @ 100		483,052
	395,000	MKT Mortgage Trust, Class A, Series 2020-525M, 2.69%, 2/12/40(a)		413,664
	160,855	Morgan Stanley Resecuritization Trust, Class 3A, Series 2014-R8, 0.88%(12MTA+75bps), 6/26/47(a)		159,054
	251,399	MortgageIT Trust, Class 2A3, Series 2005-2, 1.74%(US0001M+165bps), 5/25/35, Callable 7/25/21 @ 100		249,225
	320,000	Natixis Commercial Mortgage Securities, Class A, Series 20-2PAC, 2.97%, 1/15/25(a)		334,718
	333,044	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 5.69%, 7/25/35, Callable 7/25/21 @ 100(b)		335,082
	415,000	One Bryant Park Trust, Class A, Series 2019-OBP, 2.52%, 9/13/49(a)		430,724
	750,000	Park Avenue Institutional Advisers CLO, Ltd., Class A1A, Series 2021-1A, 1.59%(US0003M+139bps), 1/20/34, Callable 1/20/23 @ 100(a)		749,566
	560,000	RBSCF Trust, Class A, Series 2013-GSP, 3.96%, 1/13/32(a)(b)		596,876
	800,000	Recette Clo, Ltd., Class ARR, Series 2015-1A, 1.27%(US0003M+108bps), 4/20/34, Callable 4/20/23 @ 100(a)		800,717
	942,395	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 0.27%(US0001M+18bps), 12/25/36, Callable 7/25/21 @ 100		922,752
	800,000	Rockford Tower CLO, Ltd., Class A1, Series 2021-1A, 1.25%(US0003M+117bps), 7/20/34, Callable 7/20/23 @ 100(a)		801,189
	1,277,593	Structured Asset Mortgage Investments II Trust, Class 3A1, Series 2006-AR1, 0.55%(US0001M+23bps), 2/25/36, Callable 7/25/21 @ 100		1,221,429
	750,000	TCI-Flatiron CLO, Ltd., Class AR2, Series 2016-1A, 1.34%(US0003M+115bps), 1/17/32, Callable 1/17/22 @ 100(a)		750,208
	450,131	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR6, 0.55%(US0001M+23bps), 4/25/45, Callable 7/25/21 @ 100		443,162
	183,093	WaMu Mortgage Pass-Through Certificates, Class A1A, Series 2004-AR10, 0.97%(US0001M+44bps), 7/25/44, Callable 7/25/21 @ 100		174,227
	380,007	WaMu Mortgage Pass-Through Certificates, Class A2, Series 2005-AR3, 2.72%, 3/25/35, Callable 7/25/21 @ 100(b)		374,159


Principal Amount			Value
Collateralized Mortgage Obligations, continued
$	1,132,506	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR8, 0.67%(US0001M+29bps), 7/25/45, Callable 7/25/21 @ 100	$	1,114,087
	300,575	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 2.78%, 9/25/36, Callable 7/25/21 @ 100(b)		272,044

	Total Collateralized Mortgage Obligations (Cost $25,383,770)			25,816,813

Corporate Bonds (16.9%):
Aerospace & Defense (0.2%):
	605,000	Boeing Co. (The), 1.17%, 2/4/23, Callable 2/4/22 @ 100		607,237

Airlines (0.2%):
	496,171	U.S. Airways Group, Inc., Series 2010-1A, 6.25%, 10/22/24		508,576

Automobiles (0.1%):
	290,000	Magic Mergeco, Inc., 5.25%, 5/1/28, Callable 11/1/23 @ 102.63(a)		297,612

Banks (1.7%):
	625,000	Bank of America Corp., 1.66% (SOFR+91 bps), 3/11/27, Callable 3/11/26 @ 100		630,337
	620,000	Bank of America Corp., 1.73% (SOFR+96 bps), 7/22/27, Callable 7/22/26 @ 100		622,912
	760,000	Bank of America Corp., 2.09% (SOFR+106 bps), 6/14/29, Callable 6/14/28 @ 100		766,778
	450,000	Citigroup, Inc., 1.46% (SOFR+77 bps), 6/9/27, Callable 6/9/26 @ 100		448,297
	1,210,000	JPMorgan Chase & Co., 0.97% (SOFR+58 bps), 6/23/25, Callable 6/23/24 @ 100		1,211,585
	145,000	JPMorgan Chase & Co., 2.08% (SOFR+185 bps), 4/22/26, Callable 4/22/25 @ 100		149,946
	445,000	JPMorgan Chase & Co., 1.58% (SOFR+89 bps), 4/22/27, Callable 4/22/26 @ 100		446,064
	270,000	Wells Fargo & Co., 2.16% (US0003M+75 bps), 2/11/26, Callable 2/11/25 @ 100, MTN		280,049
	410,000	Wells Fargo & Co., 3.58% (US0003M+131 bps), 5/22/28, Callable 5/22/27 @ 100, MTN		450,929
	200,000	Wells Fargo & Co., 2.88% (US0003M+117 bps), 10/30/30, Callable 10/30/29 @ 100, MTN		211,920

				5,218,817

Beverages (0.3%):
	710,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46, Callable 8/1/45 @ 100		894,961

Biotechnology (0.4%):
	428,000	AbbVie, Inc., 4.55%, 3/15/35, Callable 9/15/34 @ 100		517,390
	293,000	AbbVie, Inc., 4.50%, 5/14/35, Callable 11/14/34 @ 100		353,223
	145,000	AbbVie, Inc., 4.05%, 11/21/39, Callable 5/21/39 @ 100		167,358
	35,000	AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100		42,434

				1,080,405

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Capital Markets (0.8%):
$	180,000	Goldman Sachs Group, Inc. (The), 1.09% (SOFR+79 bps), 12/9/26, Callable 12/9/25 @ 100	$	176,792
	585,000	Goldman Sachs Group, Inc. (The), 1.43% (SOFR+80 bps), 3/9/27, Callable 3/9/26 @ 100		581,182
	450,000	Goldman Sachs Group, Inc. (The), 1.54% (SOFR+82 bps), 9/10/27, Callable 9/10/26 @ 100		448,940
	445,000	Morgan Stanley, 1.59% (SOFR+88 bps), 5/4/27, Callable 5/4/26 @ 100		446,622
	255,000	Raymond James Financial, 4.95%, 7/15/46		330,614
	250,000	SL Green Operating Partnership LP, 3.25%, 10/15/22, Callable 9/15/22 @ 100		256,880

				2,241,030

Chemicals (0.1%):
	120,000	International Flavors & Fragrances, Inc., 5.00%, 9/26/48, Callable 3/26/48 @ 100		154,523

Consumer Finance (1.2%):
	150,000	Ford Motor Credit Co. LLC, 1.07% (US0003M+88 bps), 10/12/21		149,703
	255,000	Ford Motor Credit Co. LLC, 3.81%, 10/12/21		256,912
	1,150,000	Ford Motor Credit Co. LLC, 5.60%, 1/7/22		1,174,462
	95,000	Ford Motor Credit Co. LLC, 3.22%, 1/9/22		95,900
	455,000	Ford Motor Credit Co. LLC, 3.34%, 3/28/22, Callable 2/28/22 @ 100		460,678
	275,000	General Motors Financial Co., Inc., 4.38%, 9/25/21		277,408
	575,000	General Motors Financial Co., Inc., 4.20%, 11/6/21		582,189
	60,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100		61,125
	375,000	General Motors Financial Co., Inc., 3.15%, 6/30/22, Callable 5/30/22 @ 100		384,364
	155,000	General Motors Financial Co., Inc., 3.55%, 7/8/22		159,958

				3,602,699

Containers & Packaging (0.3%):
	200,000	Ball Corp., 4.00%, 11/15/23		212,000
	500,000	Berry Global, Inc., 1.57%, 1/15/26, Callable 12/15/25 @ 100(a)		498,125
	90,000	Berry Global, Inc., 4.88%, 7/15/26, Callable 7/15/22 @ 102.44(a)		95,062
	110,000	Graphic Packaging International LLC, 4.75%, 7/15/27, Callable 4/15/27 @ 100(a)		119,075
	25,000	Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24, Callable 8/9/21 @ 101.38(a)		25,188
	25,000	Sealed Air Corp., 4.00%, 12/1/27, Callable 9/1/27 @ 100(a)		26,500

				975,950

Diversified Financial Services (0.3%):
	600,000	Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100		657,370
	275,000	GE Capital Funding LLC, 4.40%, 5/15/30, Callable 2/15/30 @ 100		319,883

				977,253

Diversified Telecommunication Services (1.0%):
	287,000	AT&T, Inc., 2.55%, 12/1/33, Callable 9/1/33 @ 100(a)		283,906
	290,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		339,601


Principal Amount			Value
Corporate Bonds, continued
Diversified Telecommunication Services, continued
$	255,000	AT&T, Inc., 4.30%, 12/15/42, Callable 6/15/42 @ 100	$	291,196
	125,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		151,715
	1,115,000	AT&T, Inc., 3.80%, 12/1/57, Callable 6/1/57 @ 100(a)		1,158,167
	64,000	CenturyLink, Inc., 4.00%, 2/15/27, Callable 2/15/23 @ 102(a)		65,280
	175,000	Qwest Corp., 7.25%, 9/15/25		206,769
	150,000	Verizon Communications, Inc., 2.10%, 3/22/28, Callable 1/22/28 @ 100		152,853
	445,000	Verizon Communications, Inc., 2.55%, 3/21/31, Callable 12/21/30 @ 100		454,074

				3,103,561

Electric Utilities (1.2%):
	280,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(a)		358,775
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		640,916
	400,000	Cleco Power LLC, 6.00%, 12/1/40		538,964
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		1,207,129
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		985,600

				3,731,384

Electrical Equipment (0.0%†):
	82,000	PowerTeam Services LLC, 9.03%, 12/4/25, Callable 2/4/23 @ 104.52(a)		90,200

Entertainment (0.1%):
	285,000	Walt Disney Co. (The), 3.60%, 1/13/51, Callable 7/13/50 @ 100		323,091

Equity Real Estate Investment Trusts (0.8%):
	590,000	American Campus Communities Operating Partnership LP, 3.63%, 11/15/27, Callable 8/15/27 @ 100		642,332
	295,000	CyrusOne LP/CyrusOne Finance Corp., 2.15%, 11/1/30, Callable 8/1/30 @ 100		281,666
	205,000	GLP Capital LP, 5.25%, 6/1/25, Callable 3/1/25 @ 100		230,463
	440,000	GLP Capital LP, 5.38%, 4/15/26, Callable 1/15/26 @ 100^		506,614
	105,000	GLP Capital LP, 5.75%, 6/1/28, Callable 3/3/28 @ 100		125,015
	290,000	GLP Capital LP, 5.30%, 1/15/29, Callable 10/15/28 @ 100		338,343
	5,000	GLP Capital LP, 4.00%, 1/15/30, Callable 10/15/29 @ 100		5,378
	112,000	SBA Communications Corp., 4.88%, 9/1/24, Callable 8/9/21 @ 102.44		113,960

				2,243,771

Food & Staples Retailing (0.1%):
	190,000	The Kroger Co., 5.40%, 1/15/49, Callable 7/15/48 @ 100		258,340

Food Products (0.4%):
	30,000	JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(a)		33,300

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Food Products, continued
$	130,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 3.75%, 12/1/31, Callable 12/1/26 @ 101.88(a)	$	132,112
	790,000	Kraft Heinz Foods Co., 4.88%, 10/1/49, Callable 4/1/49 @ 100		954,096
	25,000	Pilgrim’s Pride Corp., 5.88%, 9/30/27, Callable 9/30/22 @ 102.94(a)		26,625
	150,000	Post Holdings, Inc., 5.75%, 3/1/27, Callable 3/1/22 @ 102.88(a)		156,938

				1,303,071

Health Care Providers & Services (2.2%):
	200,000	Aetna, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100		215,929
	140,000	Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13		147,525
	83,000	Centene Corp., 2.45%, 7/15/28, Callable 5/15/28 @ 100		83,830
	569,000	Centene Corp., 3.00%, 10/15/30, Callable 7/15/30 @ 100		582,514
	1,300,000	Cigna Corp., 4.13%, 11/15/25, Callable 9/15/25 @ 100		1,462,811
	290,000	CommonSpirit Health, 2.78%, 10/1/30, Callable 4/1/30 @ 100		300,537
	400,000	CVS Health Corp., 4.88%, 7/20/35, Callable 1/20/35 @ 100		488,729
	740,000	CVS Health Corp., 5.05%, 3/25/48, Callable 9/25/47 @ 100		958,432
	490,000	HCA, Inc., 5.00%, 3/15/24		542,063
	93,000	HCA, Inc., 5.25%, 4/15/25		106,485
	640,000	HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100		720,800
	145,000	HCA, Inc., 5.25%, 6/15/49, Callable 12/15/48 @ 100		185,600
	75,000	Humana, Inc., 4.95%, 10/1/44, Callable 4/1/44 @ 100		96,960
	170,000	Molina Healthcare, Inc., 5.38%, 11/15/22, Callable 8/15/22 @ 100		177,862
	409,000	Molina Healthcare, Inc., 3.88%, 11/15/30, Callable 8/17/30 @ 100(a)		425,360

				6,495,437

Health Care Technology (0.0%^†):
	25,000	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25, Callable 7/19/21 @ 101.44(a)		25,375

Hotels, Restaurants & Leisure (0.1%):
	465,000	Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(a)		301,087

Industrial Conglomerates (0.1%):
	190,000	General Electric Co., Series A, 6.75%, 3/15/32, MTN		263,415

Insurance (0.9%):
	450,000	Athene Global Funding, 0.74% (SOFRRATE+70 bps), 5/24/24(a)		451,938
	700,000	Farmers Exchange Capital III, 5.45% (US0003M+345 bps), 10/15/54, Callable 10/15/34 @ 100(a)		871,107
	670,000	Farmers Insurance Exchange, 4.75% (US0003M+323 bps), 11/1/57, Callable 11/1/37 @ 100(a)		760,110


Principal Amount			Value
Corporate Bonds, continued
Insurance, continued
$	565,000	Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50, Callable 11/15/49 @ 100(a)	$	589,003

				2,672,158

IT Services (0.0%^†):
	87,000	Colt Merger Sub, Inc., 6.25%, 7/1/25, Callable 7/1/22 @ 103.13(a)		92,220

Media (0.3%):
	290,000	Cable One, Inc., 4.00%, 11/15/30, Callable 11/15/25 @ 102(a)		290,725
	35,000	Charter Communications Operating LLC, 4.80%, 3/1/50, Callable 9/1/49 @ 100		40,087
	499,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 4/1/48, Callable 10/1/47 @ 100		634,685
	30,000	CSC Holdings LLC, 5.38%, 2/1/28, Callable 2/1/23 @ 102.69(a)		31,725

				997,222

Oil, Gas & Consumable Fuels (1.1%):
	40,000	Antero Resources Corp., 8.38%, 7/15/26, Callable 1/15/24 @ 104.19(a)		45,400
	35,000	Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 1/30/28, Callable 1/30/23 @ 102.88(a)		37,188
	210,000	Energy Transfer LP, 5.50%, 6/1/27, Callable 3/1/27 @ 100		246,488
	264,000	Energy Transfer LP, 4.95%, 6/15/28, Callable 3/15/28 @ 100		305,580
	700,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 4/1/43 @ 100		866,250
	90,000	Exxon Mobil Corp., 4.23%, 3/19/40, Callable 9/19/39 @ 100		106,983
	278,000	Exxon Mobil Corp., 4.33%, 3/19/50, Callable 9/19/49 @ 100		344,445
	400,000	Kinder Morgan Energy Partners LP, 5.80%, 3/15/35		511,770
	200,000	Occidental Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100		191,250
	250,000	Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100(a)		257,500
	250,000	Rockies Express Pipeline LLC, 4.80%, 5/15/30, Callable 2/15/30 @ 100(a)		250,625

				3,163,479

Pharmaceuticals (0.7%):
	90,000	Bayer US Finance II LLC, 4.25%, 12/15/25, Callable 10/15/25 @ 100(a)		100,288
	955,000	Bayer US Finance II LLC, 4.38%, 12/15/28, Callable 9/15/28 @ 100(a)		1,095,687
	410,000	Bayer US Finance II LLC, 4.63%, 6/25/38, Callable 12/25/37 @ 100(a)		487,201
	240,000	Bayer US Finance II LLC, 4.88%, 6/25/48, Callable 12/25/47 @ 100(a)		301,493
	100,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 4/30/28, Callable 4/30/24 @ 102.06(a)		102,000

				2,086,669

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Corporate Bonds, continued
Semiconductors & Semiconductor Equipment (0.2%):
$	485,000	Intel Corp., 4.75%, 3/25/50, Callable 9/25/49 @ 100	$	644,411

Software (0.3%):
	275,000	Oracle Corp., 2.88%, 3/25/31, Callable 12/25/30 @ 100		285,953
	440,000	Oracle Corp., 3.95%, 3/25/51, Callable 9/25/50 @ 100		478,635

				764,588

Textiles, Apparel & Luxury Goods (0.0%^†):
	25,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 4/1/26, Callable 8/9/21 @ 105.16		26,187
	81,000	USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 9/1/27, Callable 9/1/22 @ 105.16		86,063

				112,250

Tobacco (0.5%):
	20,000	BAT Capital Corp., 2.73%, 3/25/31, Callable 12/25/30 @ 100		19,681
	615,000	BAT Capital Corp., 4.54%, 8/15/47, Callable 2/15/47 @ 100		646,840
	610,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		747,606

				1,414,127

Trading Companies & Distributors (0.2%):
	655,000	Air Lease Corp., 3.50%, 1/15/22		665,797

Wireless Telecommunication Services (1.1%):
	27,000	Sprint Corp., 7.88%, 9/15/23		30,645
	64,750	Sprint Spectrum Co. LLC, 3.36%, 9/20/21(a)		65,126
	1,153,125	Sprint Spectrum Co. LLC, 4.74%, 3/20/25(a)		1,229,735
	235,000	T-Mobile USA, Inc., 2.25%, 2/15/26, Callable 2/15/23 @ 101.13		236,489
	444,000	T-Mobile USA, Inc., 2.63%, 4/15/26, Callable 4/15/23 @ 101.31		453,994
	205,000	T-Mobile USA, Inc., 3.75%, 4/15/27, Callable 2/15/27 @ 100		226,452
	235,000	T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100		261,818
	337,000	T-Mobile USA, Inc., 2.55%, 2/15/31, Callable 11/15/30 @ 100		339,743
	395,000	T-Mobile USA, Inc., 4.38%, 4/15/40, Callable 10/15/39 @ 100		455,717

				3,299,719

	Total Corporate Bonds (Cost $46,932,857)			50,610,435

Yankee Debt Obligations (6.4%):
Aerospace & Defense (0.1%):
	35,000	Avolon Holdings Funding, Ltd., 5.13%, 10/1/23, Callable 9/1/23 @ 100(a)		37,844
	30,000	Avolon Holdings Funding, Ltd., 5.25%, 5/15/24, Callable 4/15/24 @ 100(a)		32,963
	345,000	Avolon Holdings Funding, Ltd., 2.88%, 2/15/25, Callable 1/15/25 @ 100(a)		354,056

				424,863


Principal Amount			Value
Yankee Debt Obligations, continued
Banks (1.3%):
$	450,000	HSBC Holdings plc, 0.98% (SOFR+71 bps), 5/24/25, Callable 5/24/24 @ 100	$	450,045
	600,000	HSBC Holdings plc, 1.59% (SOFR+129 bps), 5/24/27, Callable 5/24/26 @ 100		598,413
	440,000	HSBC Holdings plc, 2.01% (SOFR+173 bps), 9/22/28, Callable 9/22/27 @ 100		440,986
	415,000	Lloyds Banking Group plc, 2.86% (US0003M+125 bps), 3/17/23, Callable 3/17/22 @ 100		422,050
	145,000	Lloyds Banking Group plc, 3.87% (H15T1Y+4 bps), 7/9/25, Callable 7/9/24 @ 100		156,896
	450,000	Lloyds Banking Group plc, 1.63% (H15T1Y+85 bps), 5/11/27, Callable 5/11/26 @ 100		449,193
	390,000	Santander UK Group Holdings plc, 4.80% (US0003M+157 bps), 11/15/24, Callable 11/15/23 @ 100		426,268
	590,000	Santander UK Group Holdings plc, 1.09% (SOFR+79 bps), 3/15/25, Callable 3/15/24 @ 100		591,200
	410,000	Santander UK plc, 5.00%, 11/7/23(a)		447,929

				3,982,980

Beverages (0.1%):
	105,000	Bacardi, Ltd., 5.30%, 5/15/48, Callable 11/15/47 @ 100(a)		136,069

Capital Markets (0.6%):
	145,000	Credit Suisse Group AG, 2.59% (SOFR+156 bps), 9/11/25, Callable 9/11/24 @ 100(a)		150,685
	340,000	Credit Suisse Group AG, 4.55%, 4/17/26		383,650
	445,000	Credit Suisse Group AG, 2.19% (SOFR+204 bps), 6/5/26, Callable 6/5/25 @ 100(a)		455,249
	185,000	Credit Suisse Group AG, 1.31% (SOFR+98 bps), 2/2/27, Callable 2/2/26 @ 100(a)		180,613
	280,000	Credit Suisse Group AG, 3.09% (SOFR+173 bps), 5/14/32, Callable 5/14/31 @ 100(a)		288,090
	455,000	Macquarie Group, Ltd., 1.63% (SOFR+91 bps), 9/23/27, Callable 9/23/26 @ 100(a)		452,625

				1,910,912

Commercial Services & Supplies (0.1%):
	178,000	GFL Environmental, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(a)		187,790
	150,000	GFL Environmental, Inc., 4.75%, 6/15/29, Callable 6/8/24 @ 102.38(a)		155,250

				343,040

Diversified Financial Services (1.0%):
	1,191,000	GE Capital International Funding, 4.42%, 11/15/35		1,428,096
	111,000	Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 8/9/21 @ 106.38(a)(c)		65,490
	540,000	Intelsat Jackson Holdings SA, 9.75%, 7/15/25, Callable 8/9/21 @ 104.88(a)(c)		313,200
	29,000	OI European Group BV, 4.00%, 3/15/23, Callable 12/15/22 @ 100(a)		29,834
	100,000	Park Aerospace Holdings, 5.25%, 8/15/22, Callable 7/15/22 @ 100(a)		104,625
	285,000	Park Aerospace Holdings, 4.50%, 3/15/23, Callable 2/15/23 @ 100(a)		298,893
	255,000	Park Aerospace Holdings, 5.50%, 2/15/24(a)		280,500

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
Yankee Debt Obligations, continued
Diversified Financial Services, continued
$	290,000	Virgin Media Secured Finance plc, 5.50%, 5/15/29, Callable 5/15/24 @ 102.75(a)	$	311,750

				2,832,388

Energy Equipment & Services (0.1%):
	53,350	Transocean Phoenix 2, Ltd., 7.75%, 10/15/24, Callable 8/9/21 @ 103.88(a)		54,950
	109,475	Transocean Pontus, Ltd., 6.13%, 8/1/25, Callable 8/9/21 @ 104.59(a)		110,296
	121,000	Transocean Poseidon, Ltd., 6.88%, 2/1/27, Callable 2/1/22 @ 105.16(a)		121,000
	37,950	Transocean Proteus, Ltd., 6.25%, 12/1/24, Callable 8/9/21 @ 103.13(a)		38,235

				324,481

Food & Staples Retailing (0.2%):
	475,000	Alimentation Couche-Tard, Inc., 3.55%, 7/26/27, Callable 4/26/27 @ 100(a)		521,313

Interactive Media & Services (0.1%):
	295,000	Tencent Holdings, Ltd., 3.68%, 4/22/41, Callable 10/22/40 @ 100(a)		315,789

Metals & Mining (0.1%):
	200,000	Indonesia Asahan Aluminium Persero PT, 6.53%, 11/15/28(a)		245,000

Oil, Gas & Consumable Fuels (0.5%):
	200,000	KazMunayGas National Co. JSC, 5.38%, 4/24/30		239,000
	175,000	Petroleos Mexicanos, 5.95%, 1/28/31, Callable 10/28/30 @ 100		170,143
	365,000	Petroleos Mexicanos, 6.63%, 6/15/35		353,686
	630,000	Petroleos Mexicanos, 6.75%, 9/21/47		557,718
	85,000	Petroleos Mexicanos, 6.95%, 1/28/60, Callable 7/28/59 @ 100		75,593
	200,000	Petronas Capital, Ltd., 3.50%, 4/21/30, Callable 1/21/30 @ 100(a)		219,005

				1,615,145

Professional Services (0.3%):
	121,000	IHS Markit, Ltd., 5.00%, 11/1/22, Callable 8/1/22 @ 100(a)		126,596
	125,000	IHS Markit, Ltd., 4.75%, 2/15/25, Callable 11/15/24 @ 100(a)		139,844
	104,000	IHS Markit, Ltd., 4.00%, 3/1/26, Callable 12/1/25 @ 100(a)		115,570
	295,000	IHS Markit, Ltd., 4.75%, 8/1/28, Callable 5/1/28 @ 100		347,731

				729,741

Sovereign Bond (1.1%):
	400,000	Abu Dhabi Government International, 2.50%, 9/30/29		418,092
	200,000	Arab Republic of Egypt, 7.60%, 3/1/29(a)		219,500
	200,000	Brazilian Government International Bond, 3.88%, 6/12/30		201,967
	200,000	Chile Government International Bond, 2.55%, 1/27/32, Callable 10/27/31 @ 100		204,614
	200,000	Dominican Republic International Bond, 4.50%, 1/30/30(a)		203,750


Principal Amount			Value
Yankee Debt Obligations, continued
Sovereign Bond, continued
$	425,000	Mexico Government International Bond, 2.66%, 5/24/31, Callable 2/24/31 @ 100	$	416,741
	200,000	Panama Government International Bond, 3.16%, 1/23/30, Callable 10/23/29 @ 100		209,500
	200,000	Paraguay Government International Bond, 2.74%, 1/29/33, Callable 10/29/32 @ 100(a)		195,500
	200,000	Qatar Government International Bond, 3.75%, 4/16/30		226,108
	400,000	Republic of Colombia, 3.00%, 1/30/30, Callable 10/30/29 @ 100		391,962
	20,000	Republic of Peru, 4.13%, 8/25/27		22,373
	200,000	Republic of South Africa Government International Bond, 4.85%, 9/30/29		212,001
	200,000	Saudi Government International Bond, 3.63%, 3/4/28		221,066
	200,000	Saudi Government International Bond, 3.25%, 10/22/30, MTN		215,060

				3,358,234

Thrifts & Mortgage Finance (0.2%):
	230,000	Nationwide Building Society, 3.62% (US0003M+118 bps), 4/26/23, Callable 4/26/22 @ 100(a)		235,747
	330,000	Nationwide Building Society, 3.77% (US0003M+106 bps), 3/8/24, Callable 3/8/23 @ 100(a)		346,552

				582,299

Tobacco (0.1%):
	280,000	Imperial Brands Finance plc, 3.13%, 7/26/24, Callable 6/26/24 @ 100(a)		294,759

Trading Companies & Distributors (0.2%):
	555,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.95%, 2/1/22, Callable 1/1/22 @ 100		564,032

Wireless Telecommunication Services (0.3%):
	813,000	Vodafone Group plc, 4.88%, 6/19/49		1,024,327

	Total Yankee Debt Obligations (Cost $18,748,042)			19,205,372

Municipal Bonds (0.7%):
California (0.5%):
	700,000	Los Angeles Unified School District, Build America Bonds, GO, 5.76%, 7/1/29		893,067
	570,000	Regents of the University of California Medical Center Pooled Revenue, Series N, 3.26%, 5/15/60, Continuously Callable @100		611,262

				1,504,329

New York (0.2%):
	420,000	City of New York NY, GO, Series A, 3.00%, 8/1/34, Continuously Callable @100		441,529
	145,000	New York City Transitional Finance Authority Future Tax Secured Revenue, 2.40%, 11/1/32, Continuously Callable @100		147,432

				588,961

	Total Municipal Bonds (Cost $1,985,892)			2,093,290

U.S. Government Agency Mortgages (32.0%):
Federal National Mortgage Association (20.0%)
	507,512	3.50%, 1/1/32, Pool #AB4262		543,527
	73,983	3.00%, 7/1/32, Pool #MA3060		78,011
	379,068	3.00%, 10/1/33, Pool #MA1676		402,476

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	5,075,000	2.00%, 8/25/36, TBA	$	5,229,232
	3,700,000	1.50%, 8/25/36, TBA		3,738,734
	485,000	2.46%, 4/1/40, Pool #BL6060		506,010
	1,176,040	2.00%, 9/1/40, Pool #MA4152		1,198,333
	1,463,196	2.00%, 10/1/40, Pool #MA4176		1,493,390
	248,028	2.00%, 5/1/41, Pool #MA4333		253,635
	36,452	4.00%, 8/1/42, Pool #MA1146		39,354
	727,311	3.50%, 4/1/43, Pool #MA1404		781,955
	381,226	4.50%, 2/1/46, Pool #AL9106		416,253
	173,774	Class QA , Series 2018-573.50%, 5/25/46		180,309
	508,510	Class PA , Series 2018-553.50%, 1/25/47		530,644
	213,407	4.00%, 6/1/47, Pool #AS9830		227,542
	210,073	4.00%, 7/1/47, Pool #AS9972		223,986
	14,340	4.00%, 8/1/47, Pool #MA3088		15,376
	1,003,004	3.50%, 1/1/48, Pool #CA0996		1,086,682
	51,987	3.50%, 1/1/48, Pool #MA3238		55,099
	61,433	4.50%, 5/1/48, Pool #CA1711		66,657
	658,122	4.50%, 5/1/48, Pool #CA1710		714,088
	504,006	Class CT , Series 2018-433.00%, 6/25/48		520,638
	466,037	4.50%, 8/1/48, Pool #CA2208		504,779
	1,121,631	3.50%, 6/1/49, Pool #CA3633		1,210,868
	839,665	3.00%, 9/1/49, Pool #BN7755		893,531
	338,175	3.00%, 10/1/49, Pool #MA3811		345,880
	18,925,000	2.00%, 8/25/51, TBA		19,093,551
	19,000,000	2.50%, 8/25/51, TBA		19,622,695

				59,973,235

Federal Home Loan Mortgage Corporation (6.7%)
	272,078	3.00%, 3/1/31, Pool #G18592		287,228
	670,973	3.50%, 1/1/34, Pool #G16756		722,373
	1,189,203	3.50%, 4/1/44, Pool #G07848		1,310,784
	1,602,833	3.50%, 4/1/45, Pool #G60023		1,737,204
	1,249,411	4.00%, 12/1/45, Pool #G60344		1,377,072
	848,915	3.50%, 6/1/46, Pool #G08711		903,913
	498,180	3.00%, 8/1/46, Pool #G08715		522,968
	585,920	3.50%, 8/1/46, Pool #G08716		623,880
	133,928	3.00%, 9/1/46, Pool #G08721		140,592
	233,310	3.50%, 9/1/46, Pool #G08722		248,425
	665,542	3.00%, 10/1/46, Pool #G08726		698,658
	742,472	3.00%, 11/1/46, Pool #G08732		779,416
	914,344	3.00%, 1/1/47, Pool #G08741		959,841
	834,670	3.50%, 4/1/47, Pool #G67703		907,396
	194,372	Class PA , Series 48464.00%, 6/15/47		199,984
	390,814	3.50%, 12/1/47, Pool #G08792		414,360
	1,111,723	3.50%, 12/1/47, Pool #G67706		1,206,252
	2,033,272	3.50%, 1/1/48, Pool #G67707		2,214,162
	466,074	3.50%, 2/1/48, Pool #G08800		493,310
	537,912	3.50%, 3/1/48, Pool #G67710		576,183
	1,107,465	4.00%, 3/1/48, Pool #G67711		1,216,954
	115,479	Class CA , Series 48183.00%, 4/15/48		118,578
	435,167	3.50%, 6/1/48, Pool #G08816		460,598
	4,269	4.00%, 6/1/48, Pool #G67713		4,666
	158,799	5.00%, 7/1/48, Pool #G08833		173,797
	367,799	4.50%, 10/1/48, Pool #G08843		396,434
	1,322,971	Class HZ , Series 46393.25%, 4/15/53		1,450,455

				20,145,483


Principal Amount			Value
U.S. Government Agency Mortgages, continued
Government National Mortgage Association (5.3%)
$	387,735	3.50%, 3/20/46, Pool #MA3521	$	412,545
	405,795	3.50%, 4/20/46, Pool #MA3597		431,761
	77,969	3.50%, 5/20/46, Pool #MA3663		82,602
	169,676	3.50%, 9/20/46, Pool #MA3937		180,095
	882,716	3.00%, 12/20/46, Pool #MA4126		934,449
	678,927	3.50%, 1/20/47, Pool #MA4196		722,372
	116,634	5.00%, 3/20/47, Pool #MA4324		130,233
	314,115	5.00%, 6/20/47, Pool #MA4513		339,666
	136,228	3.50%, 6/20/47, Pool #MA4510		143,663
	211,514	5.00%, 9/20/47, Pool #MA4722		232,831
	388,758	4.00%, 9/20/47, Pool #MA4720		415,939
	163,562	3.50%, 11/20/47, Pool #MA4837		173,415
	434,142	3.00%, 11/20/47, Pool #MA4836		457,333
	269,697	4.00%, 11/20/47, Pool #MA4838		288,554
	1,360,737	3.50%, 12/20/47, Pool #MA4900		1,438,312
	128,394	4.00%, 12/20/47, Pool #MA4901		137,371
	433,851	4.00%, 3/20/48, Pool #MA5078		462,330
	878,307	4.50%, 8/20/48, Pool #MA5399		941,851
	236,088	4.00%, 9/20/48, Pool #MA5466		251,623
	363,644	Class NW, Series 2018-1243.50%, 9/20/48		379,915
	358,992	3.00%, 10/20/49, Pool #MA6209		370,082
	2,925,000	2.00%, 8/20/51, TBA		2,975,730
	4,025,000	2.50%, 8/20/51, TBA		4,159,272

				16,061,944

	Total U.S. Government Agency Mortgages (Cost $94,377,652)			96,180,662

U.S. Treasury Obligations (48.5%):
U.S. Treasury Bills (9.0%)
	1,410,000	, 8/5/21(d)		1,409,945
	4,030,000	0.05%, 8/12/21(d)		4,029,765
	11,915,000	0.04%, 8/19/21(d)		11,914,270
	935,000	, 8/24/21(d)		934,944
	8,605,000	, 10/5/21(d)		8,603,968

				26,892,892

U.S. Treasury Bonds (7.3%)
	3,531,000	1.88%, 2/15/41		3,460,380
	3,933,000	1.88%, 2/15/51		3,756,015
	13,800,000	2.38%, 5/15/51		14,744,437

				21,960,832

U.S. Treasury Notes (32.2%)
	10,260,000	0.13%, 4/30/23		10,242,366
	38,320,000	0.13%, 5/31/23		38,236,175
	9,215,000	0.13%, 6/30/23		9,191,963
	9,855,000	0.75%, 4/30/26		9,808,805
	15,525,000	0.75%, 5/31/26		15,442,523
	10,470,000	0.88%, 6/30/26		10,470,000
	3,375,000	1.63%, 5/15/31		3,430,898

				96,822,730

	Total U.S. Treasury Obligations (Cost $144,805,836)			145,676,454

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Contracts or Principal Amount or Shares			Value
Purchased Swaptions (0.0%†):
	Total Purchased Swaptions (Cost $35,990)		$	41,195

Short-Term Security Held as Collateral for Securities on Loan (0.2%):
	514,008	BlackRock Liquidity FedFund, Institutional Class, 0.04%(d)(e)		514,008

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $514,008)			514,008

Unaffiliated Investment Company (1.2%):
Money Markets (1.2%):
	3,611,714	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(d)		3,611,714

	Total Unaffiliated Investment Company (Cost $3,611,714)			3,611,714

	Total Investment Securities (Cost $349,099,690) — 118.7%			356,460,142
	Net other assets (liabilities) — (18.7)%			(56,123,485	)

	Net Assets — 100.0%		$	300,336,657

Percentages indicated are based on net assets as of June 30, 2021.

12MTA—12 Month Treasury Average

GO—General Obligation

H15T1Y—1 Year Treasury Constant Maturity Rate

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced Security

US0001M—1 Month US Dollar LIBOR

US0003M—3 Month US Dollar LIBOR

US0006M—6 Month US Dollar LIBOR

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $501,548.

†	Represents less than 0.05%.

(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-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 June 30, 2021.

(c)	Defaulted bond.

(d)	The rate represents the effective yield at June 30, 2021.

(e)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 2-Year Note September Futures (U.S. Dollar)		9/30/21		11	$	(2,423,523	)	$	4,361

								$	4,361

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

Ultra Long Term U.S. Treasury Bond September Futures (U.S. Dollar)		9/21/21		2	$	385,375	$	16,622

							$	16,622

Total Net Futures Contracts							$	20,983

Purchased Swaptions

Exchange-traded swaptions purchased as of June 30, 2021 were as follows:


Description	Put/Call	Exercise Rate	Expiration Date		Contracts		Fair Value		Upfront Payments/ Receipts		Unrealized Appreciation/ (Depreciation)

30-Year Interest Rate, Pay 3-Month USD LIBOR	Put	2.75USD		1/19/24		1,220,000	$	41,195	$	35,990	$	5,205

Total (Cost $35,990)							$	41,195	$	35,990	$	5,205

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	349,099,690

Investment securities, at value(a)	$	356,460,142
Cash		164
Deposit at broker for futures contracts collateral		430,000
Interest and dividends receivable		896,289
Receivable for capital shares issued		1,590
Receivable for investments sold		775,148
Receivable for TBA investments sold		58,354,557
Receivable for variation margin on futures contracts		1,992
Prepaid expenses		14,236

Total Assets		416,934,118

Liabilities:
Payable for investments purchased		2,782,635
Payable for TBA investments purchased		112,998,221
Payable for capital shares redeemed		95,234
Payable for collateral received on loaned securities		514,008
Manager fees payable		123,068
Administration fees payable		4,651
Distribution fees payable		61,534
Custodian fees payable		1,860
Administrative and compliance services fees payable		606
Transfer agent fees payable		1,163
Trustee fees payable		3,055
Other accrued liabilities		11,426

Total Liabilities		116,597,461

Net Assets	$	300,336,657

Net Assets Consist of:
Paid in capital	$	273,837,949
Total distributable earnings		26,498,708

Net Assets	$	300,336,657

Shares of beneficial interest (unlimited number of shares authorized, no par value)		27,732,985
Net Asset Value (offering and redemption price per share)	$	10.83

(a)	Includes securities on loan of $501,548.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Interest	$	2,539,842
Dividends		491
Income from securities lending		352

Total Investment Income		2,540,685

Expenses:
Manager fees		886,769
Administration fees		22,196
Distribution fees		369,485
Custodian fees		6,944
Administrative and compliance services fees		2,119
Transfer agent fees		2,902
Trustee fees		7,604
Professional fees		6,662
Shareholder reports		3,813
Other expenses		2,889

Total expenses before reductions		1,311,383
Less expenses voluntarily waived/reimbursed by the Manager		(147,793	)

Net expenses		1,163,590

Net Investment Income/(Loss)		1,377,095

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(2,047,924	)
Net realized gains/(losses) on forward currency contracts		247,961
Net realized gains/(losses) on futures contracts		(56,892	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(3,161,737	)
Change in net unrealized appreciation/depreciation on forward currency contracts		31,711
Change in net unrealized appreciation/depreciation on futures contracts		26,925

Net realized and Change in net unrealized gains/losses on investments		(4,959,956	)

Change in Net Assets Resulting From Operations	$	(3,582,861	)

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,377,095			$	4,311,081
Net realized gains/(losses) on investments			(1,856,855	)			15,402,105
Change in unrealized appreciation/depreciation on investments			(3,103,101	)			4,306,934

Change in net assets resulting from operations			(3,582,861	)			24,020,120

Distributions to Shareholders:
Distributions			—				(12,644,991	)

Change in net assets resulting from distributions to shareholders			—				(12,644,991	)

Capital Transactions:
Proceeds from shares issued			14,739,888				35,317,127
Proceeds from dividends reinvested			—				12,644,991
Value of shares redeemed			(6,606,130	)			(81,958,486	)

Change in net assets resulting from capital transactions			8,133,758				(33,996,368	)

Change in net assets			4,550,897				(22,621,239	)
Net Assets:
Beginning of period			295,785,760				318,406,999

End of period		$	300,336,657			$	295,785,760

Share Transactions:
Shares issued			1,361,921				3,210,885
Dividends reinvested			—				1,169,749
Shares redeemed			(613,549	)			(7,566,839	)

Change in shares			748,372				(3,186,205	)

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	10.96			$	10.55			$	9.97			$	10.20			$	10.07			$	10.01

Investment Activities:
Net Investment Income/(Loss)			0.06	(a)			0.16	(a)			0.25	(a)			0.26				0.17				0.16
Net Realized and Unrealized Gains/(Losses) on Investments			(0.19	)			0.74				0.60				(0.29	)			0.15				0.07

Total from Investment Activities			(0.13	)			0.90				0.85				(0.03	)			0.32				0.23

Distributions to Shareholders From:
Net Investment Income			—				(0.30	)			(0.27	)			(0.20	)			(0.16	)			(0.11	)
Net Realized Gains			—				(0.19	)			—				—				(0.03	)			(0.06	)

Total Dividends			—				(0.49	)			(0.27	)			(0.20	)			(0.19	)			(0.17	)

Net Asset Value, End of Period		$	10.83			$	10.96			$	10.55			$	9.97			$	10.20			$	10.07

Total Return(b)			(1.19	)%(c)			8.58	%			8.49	%			(0.21	)%			3.14	%			2.30	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	300,337			$	295,786			$	318,407			$	321,344			$	366,574			$	359,253
Net Investment Income/(Loss)(d)			1.05	%			1.47	%			2.37	%			2.25	%			1.63	%			1.45	%
Expenses Before Reductions(d)(e)			0.89	%			0.92	%			0.91	%			0.91	%			0.91	%			0.91	%
Expenses Net of Reductions(d)			0.79	%			0.82	%			0.81	%			0.85	%			0.86	%			0.86	%
Portfolio Turnover Rate			126	%(c)			211	%			203	%			184	%			198	%			185	%

(a)	Calculated using the average shares method.

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

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

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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

Distributions to Shareholders

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Expense Allocation

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 or the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $35 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $514,008 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

TBA Purchase and Sale Commitments

Affiliated Securities Transactions

Derivative Instruments

Forward Currency Contracts

During the period ended June 30, 2021, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $1.7 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Statement of Operations.

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $0.4 million, and the monthly average notional amount for short contracts was $2.1 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

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, 2020, 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 when purchasing options. As of December 31, 2020, the Fund had no purchased options contracts. 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 when writing options. As of June 30, 2021, the Fund had no written options contracts. 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. Realized gains and losses are reported as “Net realized gains/(losses) on written options 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 the over-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 Assets and Liabilities.

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 June 30, 2021, 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).

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021:

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*

20,983

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 period ended June 30, 2021:


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	$	(56,892	)	$	26,925

Foreign Exchange Risk

Forward Currency Contracts	Net Realized gains/(losses) on forward currency contracts/Change in net unrealized appreciation/depreciation on forward currency contracts		247,961			31,711

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, 2022.

For the period ended June 30, 2021, 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 waived, prior to any application of expense limit, 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 above (i.e., discontinue the waiver) at any time after April 30, 2022.

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $191,625 annual Board retainer, the Lead Director receives an additional $37,500, the Chair of the Nominating and Corporate Governance Committee receives an additional $7,500 annually, the Co-Chairs of the Investment Committee receive $3,750 annually and the Chair of the Audit Committee receives an additional $11,250 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 period ended June 30, 2021, actual Trustee compensation was $702,562 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)

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 MetWest Total Return Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2021 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		$	—		$	12,710,199		$	—		$	12,710,199
Collateralized Mortgage Obligations			—			25,816,813			—			25,816,813
Corporate Bonds+			—			50,610,435			—			50,610,435
Yankee Debt Obligations+			—			19,205,372			—			19,205,372
Municipal Bonds			—			2,093,290			—			2,093,290
U.S. Government Agency Mortgages			—			96,180,662			—			96,180,662
U.S. Treasury Obligations			—			145,676,454			—			145,676,454
Purchased Swaptions			—			41,195			—			41,195
Short-Term Security Held as Collateral for Securities on Loan			514,008			—			—			514,008
Unaffiliated Investment Company			3,611,714			—			—			3,611,714

Total Investment Securities			4,125,722			352,334,420			—			356,460,142

Other Financial Instruments:*
Futures Contracts			20,983			—			—			20,983

Total Investments		$	4,146,705		$	352,334,420		$	—		$	356,481,125

+	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 period ended June 30, 2021, 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		$	341,849,938		$	350,849,086

For the period ended June 30, 2021, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales

AZL MetWest Total Return Bond Fund		$	311,514,368		$	319,957,928

6. Investment Risks

AZL MetWest Total Return Bond Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $326,304,127. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	11,424,453
Unrealized (depreciation)		(940,285	)

Net unrealized appreciation/(depreciation)	$	10,484,168

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL MetWest Total Return Bond Fund		$	11,386,479		$	1,258,512		$	12,644,991

(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, 2020, 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		$	15,196,638		$	4,441,855		$	—		$	10,484,168		$	30,122,661

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

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, the Fund had multiple shareholder accounts which are 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.

10. Subsequent Events

AZL MetWest Total Return Bond Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD
Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
	% of votes entitled to be cast	95.876%	4.124%
Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
	% of votes entitled to be cast	96.160%	3.840%
Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
	% of votes entitled to be cast	96.210%	3.790%
Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
	% of votes entitled to be cast	96.133%	3.867%
Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
	% of votes entitled to be cast	96.177%	3.823%
Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
	% of votes entitled to be cast	95.860%	4.140%
Brian Muench	Votes	15,605,407,154.653	627,318,010.671
	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
	% of votes entitled to be cast	97.087%	2.453%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
	% of votes entitled to be cast	91.923%	3.014%	5.063%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%
AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
	% of votes entitled to be cast	92.878%	3.614%	3.508%
AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
	% of votes entitled to be cast	87.262%	3.107%	9.631%
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
	% of votes entitled to be cast	90.034%	3.128%	6.838%
AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
	% of votes entitled to be cast	87.286%	6.218%	6.496%
AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
	% of votes entitled to be cast	89.004%	3.983%	7.013%
AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
	% of votes entitled to be cast	90.144%	2.259%	7.598%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
	% of votes entitled to be cast	90.671%	2.764%	6.565%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
	% of votes entitled to be cast	95.792%	0.00%	4.207%


FUND		FOR	AGAINST	ABSTAIN
AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
	% of votes entitled to be cast	90.561%	2.829%	6.610%
AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
	% of votes entitled to be cast	90.103%	2.577%	7.320%
AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
	% of votes entitled to be cast	90.899%	2.590%	6.511%
AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
	% of votes entitled to be cast	89.239%	3.094%	7.667%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
	% of votes entitled to be cast	96.136%	3.404%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
	% of votes entitled to be cast	91.505%	3.381%	5.113%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%
AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
	% of votes entitled to be cast	91.920%	4.210%	3.870%
AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
	% of votes entitled to be cast	85.982%	3.370%	10.648%
AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
	% of votes entitled to be cast	88.771%	3.355%	7.874%
AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
	% of votes entitled to be cast	87.576%	6.692%	5.732%
AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
	% of votes entitled to be cast	88.397%	3.825%	7.778%
AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
	% of votes entitled to be cast	88.324%	2.566%	9.110%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
	% of votes entitled to be cast	90.507%	2.857%	6.636%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
	% of votes entitled to be cast	95.792%	3.755%	0.452%
AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
	% of votes entitled to be cast	89.724%	3.620%	6.656%
AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
	% of votes entitled to be cast	88.800%	3.711%	7.489%
AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
	% of votes entitled to be cast	90.479%	2.565%	6.956%
AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
	% of votes entitled to be cast	88.392%	3.927%	7.682%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Mid Cap Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 8

Page 8

Page 9

Page 10

Page 11

Page 17

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 19

Page 20

AZL Mid Cap Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Mid Cap Index Fund, Class 1		$	1,000.00		$	1,171.40		$	1.62		0.30	%

AZL Mid Cap Index Fund, Class 2		$	1,000.00		$	1,170.40		$	2.96		0.55	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Mid Cap Index Fund, Class 1		$	1,000.00		$	1,023.31		$	1.51		0.30	%

AZL Mid Cap Index Fund, Class 2		$	1,000.00		$	1,022.07		$	2.76		0.55	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Industrials		16.9	%

Consumer Discretionary		16.3

Financials		14.8

Information Technology		14.7

Health Care		10.8

Real Estate		9.4

Materials		6.2

Consumer Staples		3.3

Utilities		3.2

Energy		2.0

Communication Services		1.8


Total Common Stocks		99.4

Short-Term Security Held as Collateral for Securities on Loan		0.8

Unaffiliated Investment Company		0.5


Total Investment Securities		100.7

Net other assets (liabilities)		(0.7	)

Net Assets		100.0	%

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (99.4%):
Aerospace & Defense (1.0%):
	33,374	Axon Enterprise, Inc.*	$	5,900,523
	21,149	Curtiss-Wright Corp.		2,511,655
	43,405	Hexcel Corp.*		2,708,472
	29,084	Mercury Systems, Inc.*		1,927,688

				13,048,338

Air Freight & Logistics (0.6%):
	52,463	XPO Logistics, Inc.*		7,339,049

Airlines (0.2%):
	163,465	JetBlue Airways Corp.*		2,742,943

Auto Components (1.7%):
	48,501	Adient plc*		2,192,245
	74,624	Dana, Inc.		1,773,066
	21,613	Fox Factory Holding Corp.*		3,364,280
	124,429	Gentex Corp.		4,117,356
	143,695	Goodyear Tire & Rubber Co. (The)*		2,464,369
	28,221	Lear Corp.		4,946,577
	14,474	Visteon Corp.*		1,750,485

				20,608,378

Automobiles (0.5%):
	79,097	Harley-Davidson, Inc.		3,624,225
	28,490	Thor Industries, Inc.		3,219,370

				6,843,595

Banks (6.7%):
	79,187	Associated Banc-Corp.		1,621,750
	45,387	BancorpSouth Bank		1,285,814
	20,964	Bank of Hawaii Corp.		1,765,588
	62,240	Bank OZK		2,624,038
	38,954	Cathay General Bancorp		1,533,230
	51,085	CIT Group, Inc.		2,635,475
	54,286	Commerce Bancshares, Inc.		4,047,564
	29,115	Cullen/Frost Bankers, Inc.		3,260,880
	72,952	East West Bancorp, Inc.		5,229,929
	164,349	F.N.B. Corp.		2,026,423
	73,418	First Financial Bankshares, Inc.		3,607,026
	285,376	First Horizon Corp.		4,931,297
	83,671	Fulton Financial Corp.		1,320,328
	49,182	Glacier Bancorp, Inc.		2,708,945
	44,679	Hancock Whitney Corp.		1,985,535
	77,770	Home Bancshares, Inc.		1,919,364
	28,679	International Bancshares Corp.		1,231,476
	60,167	PacWest Bancorp		2,476,474
	39,205	Pinnacle Financial Partners, Inc.		3,461,410
	48,199	Prosperity Bancshares, Inc.		3,460,688
	29,714	Signature Bank		7,299,244
	99,337	Sterling Bancorp		2,462,564
	76,595	Synovus Financial Corp.		3,360,989
	26,129	Texas Capital Bancshares, Inc.*		1,658,930
	32,748	Trustmark Corp.		1,008,638
	22,388	UMB Financial Corp.		2,083,427
	114,735	Umpqua Holdings Corp.		2,116,861
	69,080	United Bankshares, Inc.		2,521,420
	208,517	Valley National Bancorp		2,800,383
	46,659	Webster Financial Corp.		2,488,791
	29,611	Wintrust Financial Corp.		2,239,480

				83,173,961


Shares			Value
Common Stocks, continued
Beverages (0.4%):
	4,787	Boston Beer Co., Inc. (The), Class A*	$	4,886,570

Biotechnology (2.2%):
	53,683	Arrowhead Pharmaceuticals, Inc.*		4,446,026
	23,532	Emergent BioSolutions, Inc.*		1,482,281
	161,338	Exelixis, Inc.*		2,939,579
	68,996	Halozyme Therapeutics, Inc.*		3,133,108
	8,586	Ligand Pharmaceuticals, Inc., Class B*		1,126,397
	48,862	Neurocrine Biosciences, Inc.*		4,755,250
	26,385	Repligen Corp.*		5,266,974
	23,042	United Therapeutics Corp.*		4,133,965

				27,283,580

Building Products (2.0%):
	106,702	Builders FirstSource, Inc.*		4,551,907
	17,714	Lennox International, Inc.		6,214,071
	53,735	Owens Corning		5,260,656
	22,418	Simpson Manufacturing Co., Inc.		2,475,844
	59,474	Trex Co., Inc.*		6,078,838

				24,581,316

Capital Markets (2.3%):
	21,458	Affiliated Managers Group, Inc.		3,309,038
	21,087	Evercore, Inc., Class A		2,968,417
	19,578	FactSet Research Systems, Inc.		6,570,573
	48,696	Federated Hermes, Inc., Class B		1,651,281
	41,745	Interactive Brokers Group, Inc., Class A		2,743,899
	87,943	Janus Henderson Group plc		3,413,068
	61,623	SEI Investments Co.		3,818,777
	54,053	Stifel Financial Corp.		3,505,878

				27,980,931

Chemicals (2.6%):
	28,305	Ashland Global Holdings, Inc.		2,476,687
	46,960	Avient Corp.		2,308,554
	29,257	Cabot Corp.		1,665,601
	85,310	Chemours Co. (The)		2,968,788
	20,616	Ingevity Corp.*		1,677,318
	17,366	Minerals Technologies, Inc.		1,366,183
	3,785	NewMarket Corp.		1,218,694
	73,791	Olin Corp.		3,413,572
	66,668	RPM International, Inc.		5,912,118
	20,892	Scotts Miracle-Gro Co. (The)		4,009,593
	21,948	Sensient Technologies Corp.		1,899,819
	93,632	Valvoline, Inc.		3,039,295

				31,956,222

Commercial Services & Supplies (1.8%):
	25,681	Brink’s Co. (The)		1,973,328
	25,966	Clean Harbors, Inc.*		2,418,473
	38,684	Healthcare Services Group, Inc.		1,221,254
	30,491	Herman Miller, Inc.		1,437,346
	69,503	IAA, Inc.*		3,790,694
	64,430	KAR Auction Services, Inc.*		1,130,747
	18,764	MSA Safety, Inc.		3,106,943
	47,168	Stericycle, Inc.*		3,374,870
	27,954	Tetra Tech, Inc.		3,411,506

				21,865,161

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Communications Equipment (0.9%):
	80,235	Ciena Corp.*	$	4,564,569
	39,308	Lumentum Holdings, Inc.*		3,224,435
	38,871	NetScout Systems, Inc.*		1,109,378
	35,170	ViaSat, Inc.*		1,752,873

				10,651,255

Construction & Engineering (1.3%):
	75,388	AECOM*		4,773,568
	15,805	Dycom Industries, Inc.*		1,177,947
	28,178	EMCOR Group, Inc.		3,471,248
	64,862	Fluor Corp.*		1,148,057
	29,016	MasTec, Inc.*		3,078,598
	10,885	Valmont Industries, Inc.		2,569,404

				16,218,822

Construction Materials (0.2%):
	21,823	Eagle Materials, Inc., Class A		3,101,267

Consumer Finance (0.7%):
	21,320	Firstcash, Inc.		1,629,701
	92,949	Navient Corp.		1,796,704
	34,658	PROG Holdings, Inc.*		1,668,090
	166,410	SLM Corp.		3,484,625

				8,579,120

Containers & Packaging (0.9%):
	33,832	AptarGroup, Inc.		4,764,899
	13,680	Greif, Inc., Class A		828,324
	40,450	Silgan Holdings, Inc.		1,678,675
	51,992	Sonoco Products Co.		3,478,265

				10,750,163

Diversified Consumer Services (1.1%):
	25,598	Adtalem Global Education, Inc.*		912,313
	2,080	Graham Holdings Co., Class B		1,318,512
	23,909	Grand Canyon Education, Inc.*		2,151,093
	93,280	H&R Block, Inc.		2,190,214
	86,699	Service Corp. International		4,646,200
	12,870	Strategic Education, Inc.		978,892
	24,760	WW International, Inc.*		894,826

				13,092,050

Diversified Financial Services (0.3%):
	103,071	Jefferies Financial Group, Inc.		3,525,028

Diversified Telecommunication Services (0.2%):
	60,592	Iridium Communications, Inc.*		2,423,074

Electric Utilities (1.0%):
	26,808	ALLETE, Inc.		1,876,024
	56,076	Hawaiian Electric Industries, Inc.		2,370,893
	25,958	IDACORP, Inc.		2,530,905
	103,482	OGE Energy Corp.		3,482,169
	44,202	PNM Resources, Inc.		2,155,732

				12,415,723

Electrical Equipment (1.7%):
	18,424	Acuity Brands, Inc.		3,445,841
	22,407	EnerSys		2,189,836
	27,989	Hubbell, Inc.		5,229,465
	86,461	nVent Electric plc		2,701,042
	20,839	Regal-Beloit Corp.		2,782,215
	83,107	Sunrun, Inc.*		4,635,708

				20,984,107


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components (3.2%):
	38,091	Arrow Electronics, Inc.*	$	4,335,899
	51,354	Avnet, Inc.		2,058,268
	23,126	Belden, Inc.		1,169,482
	91,258	Cognex Corp.		7,670,236
	12,648	Coherent, Inc.*		3,343,372
	54,178	II-VI, Inc.*		3,932,781
	69,268	Jabil, Inc.		4,025,856
	12,688	Littlelfuse, Inc.		3,232,775
	68,321	National Instruments Corp.		2,888,612
	21,417	SYNNEX Corp.		2,607,734
	67,972	Vishay Intertechnology, Inc.		1,532,769
	87,150	Vontier Corp.		2,839,347

				39,637,131

Energy Equipment & Services (0.2%):
	96,574	ChampionX Corp.*		2,477,123

Entertainment (0.2%):
	56,209	Cinemark Holdings, Inc.*		1,233,788
	23,499	World Wrestling Entertainment, Inc., Class A		1,360,357

				2,594,145

Equity Real Estate Investment Trusts (9.0%):
	71,010	American Campus Communities, Inc.		3,317,587
	80,984	Apartment Income REIT Corp.		3,841,071
	152,678	Brixmor Property Group, Inc.		3,494,799
	50,452	Camden Property Trust		6,693,467
	22,216	Coresite Realty Corp.		2,990,274
	57,894	Corporate Office Properties Trust		1,620,453
	76,927	Cousins Properties, Inc.		2,829,375
	63,165	Cyrusone, Inc.		4,517,561
	85,209	Douglas Emmett, Inc.		2,864,727
	20,683	EastGroup Properties, Inc.		3,401,319
	38,583	EPR Properties*		2,032,552
	66,709	First Industrial Realty Trust, Inc.		3,484,211
	73,223	Healthcare Realty Trust, Inc.		2,211,335
	53,910	Highwoods Properties, Inc.		2,435,115
	78,155	Hudson Pacific Properties, Inc.		2,174,272
	57,134	JBG SMITH Properties		1,800,292
	54,803	Kilroy Realty Corp.		3,816,481
	44,614	Lamar Advertising Co., Class A		4,658,594
	39,606	Life Storage, Inc.		4,251,704
	303,068	Medical Properties Trust, Inc.		6,091,667
	90,538	National Retail Properties, Inc.		4,244,421
	35,811	National Storage Affiliates Trust		1,810,604
	121,267	Omega Healthcare Investors, Inc.		4,400,779
	121,674	Parks Hotels & Resorts, Inc.*		2,507,701
	67,932	Pebblebrook Hotel Trust		1,599,799
	111,624	Physicians Realty Trust		2,061,695
	34,304	PotlatchDeltic Corp.		1,823,258
	10,281	PS Business Parks, Inc.		1,522,411
	71,272	Rayonier, Inc.		2,560,803
	69,430	Rexford Industrial Realty, Inc.		3,954,039
	111,511	Sabra Health Care REIT, Inc.		2,029,500
	35,759	SL Green Realty Corp.		2,860,720
	59,235	Spirit Realty Capital, Inc.		2,833,802
	125,471	STORE Capital Corp.		4,330,004
	86,434	The Macerich Co.		1,577,421
	56,641	Urban Edge Properties		1,081,843
	61,524	Weingarten Realty Investors		1,973,075

				111,698,731

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Food & Staples Retailing (0.8%):
	70,642	BJ’s Wholesale Club Holdings, Inc.*	$	3,361,147
	18,966	Casey’s General Stores, Inc.		3,691,542
	44,979	Grocery Outlet Holding Corp.*		1,558,972
	61,133	Sprouts Farmers Market, Inc.*		1,519,155

				10,130,816

Food Products (1.8%):
	83,952	Darling Ingredients, Inc.*		5,666,760
	102,247	Flowers Foods, Inc.		2,474,377
	42,242	Hain Celestial Group, Inc. (The)*		1,694,749
	34,599	Ingredion, Inc.		3,131,209
	10,175	Lancaster Colony Corp.		1,968,964
	23,664	Pilgrim’s Pride Corp.*		524,868
	30,597	Post Holdings, Inc.*		3,318,857
	10,236	Sanderson Farms, Inc.		1,924,061
	8,247	Tootsie Roll Industries, Inc.^		279,656
	29,033	TreeHouse Foods, Inc.*		1,292,549

				22,276,050

Gas Utilities (1.2%):
	46,940	National Fuel Gas Co.		2,452,615
	49,567	New Jersey Resources Corp.		1,961,366
	27,658	ONE Gas, Inc.		2,050,011
	29,815	Southwest Gas Holdings, Inc.		1,973,455
	26,677	Spire, Inc.		1,927,947
	107,707	UGI Corp.		4,987,911

				15,353,305

Health Care Equipment & Supplies (3.3%):
	82,753	Envista Holdings Corp.*		3,575,757
	40,075	Globus Medical, Inc., Class A*		3,107,015
	26,324	Haemonetics Corp.*		1,754,231
	34,313	Hill-Rom Holdings, Inc.		3,897,614
	10,223	ICU Medical, Inc.*		2,103,893
	36,558	Integra LifeSciences Holdings Corp.*		2,494,718
	25,183	LivaNova plc*		2,118,142
	26,155	Masimo Corp.*		6,341,280
	55,423	Neogen Corp.*		2,551,675
	26,643	NuVasive, Inc.*		1,805,863
	17,508	Penumbra, Inc.*		4,798,242
	19,974	Quidel Corp.*		2,559,069
	24,202	STAAR Surgical Co.*		3,690,805

				40,798,304

Health Care Providers & Services (3.0%):
	46,202	Acadia Healthcare Co., Inc.*		2,899,175
	16,774	Amedisys, Inc.*		4,108,456
	8,235	Chemed Corp.		3,907,507
	51,220	Encompass Health Corp.		3,996,697
	43,313	HealthEquity, Inc.*		3,485,830
	16,358	LHC Group, Inc.*		3,275,853
	29,962	Molina Healthcare, Inc.*		7,582,184
	44,792	Patterson Cos., Inc.		1,361,229
	19,249	Progyny, Inc.*		1,135,691
	71,029	R1 RCM, Inc.*		1,579,685
	55,010	Tenet Healthcare Corp.*		3,685,120

				37,017,427


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure (4.7%):
	153,828	Airbnb, Inc., Class A*(a)	$	23,557,220
	41,518	Boyd Gaming Corp.*		2,552,942
	15,045	Choice Hotels International, Inc.		1,788,249
	17,864	Churchill Downs, Inc.		3,541,717
	12,247	Cracker Barrel Old Country Store, Inc.		1,818,190
	11,493	Jack in the Box, Inc.		1,280,780
	22,025	Marriott Vacations Worldwide Corp.*		3,508,582
	17,130	Papa John’s International, Inc.		1,789,057
	29,272	Scientific Games Corp., Class A*		2,266,824
	39,275	Six Flags Entertainment Corp.*		1,699,822
	33,745	Texas Roadhouse, Inc., Class A		3,246,269
	44,192	Travel + Leisure Co.		2,627,214
	91,616	Wendy’s Co. (The)		2,145,647
	15,388	Wingstop, Inc.		2,425,610
	48,207	Wyndham Hotels & Resorts, Inc.		3,484,884

				57,733,007

Household Durables (1.5%):
	12,627	Helen of Troy, Ltd.*		2,880,471
	45,738	KB Home		1,862,451
	66,482	Taylor Morrison Home Corp., Class A*		1,756,455
	94,516	Tempur Sealy International, Inc.		3,704,082
	57,656	Toll Brothers, Inc.		3,333,093
	17,012	TopBuild Corp.*		3,364,633
	60,506	Tri Pointe Homes, Inc.*		1,296,644

				18,197,829

Household Products (0.1%):
	30,091	Energizer Holdings, Inc.		1,293,311

Industrial Conglomerates (0.4%):
	26,907	Carlisle Cos., Inc.		5,149,462

Insurance (4.0%):
	7,195	Alleghany Corp.*		4,799,569
	35,597	American Financial Group, Inc.		4,439,658
	44,256	Brighthouse Financial, Inc.*		2,015,418
	120,961	Brown & Brown, Inc.		6,427,868
	66,823	CNO Financial Group, Inc.		1,578,359
	56,597	First American Financial Corp.		3,528,823
	18,444	Hanover Insurance Group, Inc. (The)		2,501,744
	31,269	Kemper Corp.		2,310,779
	11,099	Kinsale Capital Group, Inc.		1,828,782
	12,793	Mercury General Corp.		830,905
	146,077	Old Republic International Corp.		3,638,778
	20,311	Primerica, Inc.		3,110,427
	35,053	Reinsurance Group of America, Inc.		3,996,042
	25,584	RenaissanceRe Holdings, Ltd.		3,807,411
	20,495	RLI Corp.		2,143,572
	30,949	Selective Insurance Group, Inc.		2,511,511

				49,469,646

Interactive Media & Services (0.3%):
	50,642	TripAdvisor, Inc.*		2,040,872
	36,530	Yelp, Inc.*		1,459,739

				3,500,611

IT Services (2.6%):
	25,628	Alliance Data Systems Corp.		2,670,181
	12,258	CACI International, Inc., Class A*		3,127,261
	21,482	Concentrix Corp.*		3,454,306

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
IT Services, continued
	90,472	Genpact, Ltd.	$	4,110,143
	73,123	KBR, Inc.		2,789,642
	35,352	LiveRamp Holdings, Inc.*		1,656,241
	31,918	MAXIMUS, Inc.		2,807,827
	166,083	Sabre Corp.*		2,072,716
	30,188	Science Applications International Corp.		2,648,393
	56,598	Teradata Corp.*		2,828,202
	23,217	WEX, Inc.*		4,501,776

				32,666,688

Leisure Products (1.4%):
	40,046	Brunswick Corp.		3,989,382
	60,097	Callaway Golf Co.*		2,027,072
	179,377	Mattel, Inc.*		3,605,478
	29,714	Polaris, Inc.		4,069,629
	38,722	YETI Holdings, Inc.*		3,555,454

				17,247,015

Life Sciences Tools & Services (1.7%):
	20,065	Bio-Techne Corp.		9,034,467
	14,297	Medpace Holdings, Inc.*		2,525,279
	33,383	PRA Health Sciences, Inc.*		5,515,205
	52,212	Syneos Health, Inc.*		4,672,452

				21,747,403

Machinery (5.1%):
	31,581	AGCO Corp.		4,117,531
	61,053	Colfax Corp.*		2,796,838
	25,516	Crane Co.		2,356,913
	65,211	Donaldson Co., Inc.		4,142,855
	67,253	Flowserve Corp.		2,711,641
	87,362	Graco, Inc.		6,613,303
	44,334	ITT, Inc.		4,060,551
	42,810	Kennametal, Inc.		1,537,735
	30,608	Lincoln Electric Holdings, Inc.		4,031,380
	28,670	Middleby Corp. (The)*		4,967,364
	27,951	Nordson Corp.		6,135,524
	35,257	Oshkosh Corp.		4,394,432
	35,384	Terex Corp.		1,684,986
	35,087	Timken Co.		2,827,661
	55,128	Toro Co. (The)		6,057,465
	41,921	Trinity Industries, Inc.		1,127,256
	30,250	Woodward, Inc.		3,717,120

				63,280,555

Marine (0.1%):
	31,024	Kirby Corp.*		1,881,295

Media (1.0%):
	2,812	Cable One, Inc.		5,378,822
	22,381	John Wiley & Sons, Inc., Class A		1,346,888
	74,936	New York Times Co. (The), Class A		3,263,463
	113,710	Tegna, Inc.		2,133,200

				12,122,373

Metals & Mining (2.2%):
	237,106	Cleveland-Cliffs, Inc.*^		5,112,006
	61,994	Commercial Metals Co.		1,904,456
	17,423	Compass Minerals International, Inc.		1,032,487
	32,779	Reliance Steel & Aluminum Co.		4,946,351
	33,782	Royal Gold, Inc.		3,854,526


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	103,122	Steel Dynamics, Inc.	$	6,146,071
	138,995	United States Steel Corp.		3,335,880
	17,845	Worthington Industries, Inc.		1,091,757

				27,423,534

Multiline Retail (0.7%):
	80,291	Kohl’s Corp.		4,424,837
	55,894	Nordstrom, Inc.*		2,044,044
	29,410	Ollie’s Bargain Outlet Holdings, Inc.*		2,474,263

				8,943,144

Multi-Utilities (0.6%):
	32,651	Black Hills Corp.		2,142,885
	103,164	MDU Resources Group, Inc.		3,233,160
	26,113	NorthWestern Corp.		1,572,525

				6,948,570

Oil, Gas & Consumable Fuels (1.8%):
	147,949	Antero Midstream Corp.		1,537,190
	52,818	Cimarex Energy Co.		3,826,664
	113,442	CNX Resources Corp.*		1,549,618
	143,725	EQT Corp.*		3,199,319
	210,230	Equitrans Midstream Corp.		1,789,057
	77,152	HollyFrontier Corp.		2,538,301
	75,013	Murphy Oil Corp.		1,746,303
	118,061	Targa Resources Corp.		5,247,811
	32,670	World Fuel Services Corp.		1,036,619

				22,470,882

Paper & Forest Products (0.3%):
	52,574	Louisiana-Pacific Corp.		3,169,686

Personal Products (0.2%):
	146,094	Coty, Inc., Class A*		1,364,518
	25,839	Nu Skin Enterprises, Inc., Class A		1,463,779

				2,828,297

Pharmaceuticals (0.6%):
	30,984	Jazz Pharmaceuticals plc*		5,503,998
	93,917	Nektar Therapeutics*		1,611,615

				7,115,613

Professional Services (0.8%):
	27,585	ASGN, Inc.*		2,673,814
	17,660	FTI Consulting, Inc.*		2,412,533
	18,631	Insperity, Inc.		1,683,683
	28,122	ManpowerGroup, Inc.		3,343,987

				10,114,017

Real Estate Management & Development (0.4%):
	26,413	Jones Lang LaSalle, Inc.*		5,162,685

Road & Rail (0.9%):
	26,629	Avis Budget Group, Inc.*		2,074,133
	63,209	Knight-Swift Transportation Holdings, Inc.		2,873,481
	19,733	Landstar System, Inc.		3,118,208
	27,600	Ryder System, Inc.		2,051,508
	29,367	Werner Enterprises, Inc.		1,307,419

				11,424,749

Semiconductors & Semiconductor Equipment (4.0%):
	55,655	Amkor Technology, Inc.		1,317,354
	38,281	Brooks Automation, Inc.		3,647,414
	29,781	Cirrus Logic, Inc.*		2,534,959

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	15,105	CMC Materials, Inc.	$	2,276,928
	59,496	Cree, Inc.*		5,826,443
	43,875	First Solar, Inc.*		3,971,126
	70,344	Lattice Semiconductor Corp.*		3,951,926
	28,498	MKS Instruments, Inc.		5,071,219
	33,628	Semtech Corp.*		2,313,606
	23,184	Silicon Laboratories, Inc.*		3,552,948
	26,802	SolarEdge Technologies, Inc.*		7,407,269
	18,232	Synaptics, Inc.*		2,836,534
	22,160	Universal Display Corp.		4,926,833

				49,634,559

Software (3.6%):
	61,293	ACI Worldwide, Inc.*		2,276,422
	35,292	Aspen Technology, Inc.*		4,854,062
	25,831	Blackbaud, Inc.*		1,977,880
	63,929	CDK Global, Inc.		3,176,632
	68,217	Ceridian HCM Holding, Inc.*		6,543,375
	24,476	CommVault Systems, Inc.*		1,913,289
	13,236	Envestnet, Inc.*		1,004,083
	14,949	Fair Isaac Corp.*		7,514,563
	22,034	J2 Global, Inc.*		3,030,777
	32,942	Manhattan Associates, Inc.*		4,771,319
	19,698	Paylocity Holding Corp.*		3,758,378
	17,601	Qualys, Inc.*		1,772,245
	48,592	Sailpoint Technologies Holdings, Inc.*		2,481,593

				45,074,618

Specialty Retail (3.1%):
	77,622	American Eagle Outfitters, Inc.		2,913,154
	27,590	AutoNation, Inc.*		2,615,808
	33,810	Dick’s Sporting Goods, Inc.		3,387,424
	28,906	Five Below, Inc.*		5,586,663
	53,042	Foot Locker, Inc.		3,268,978
	15,319	Lithia Motors, Inc., Class A		5,264,221
	12,908	Murphy U.S.A., Inc.		1,721,540
	8,672	RH*		5,888,288
	35,469	Urban Outfitters, Inc.*		1,462,032
	39,250	Williams-Sonoma, Inc.^		6,266,262

				38,374,370

Technology Hardware, Storage & Peripherals (0.4%):
	67,472	NCR Corp.*		3,077,398
	83,617	Xerox Holdings Corp.		1,964,163

				5,041,561

Textiles, Apparel & Luxury Goods (1.7%):
	77,970	Capri Holdings, Ltd.*		4,459,104
	22,742	Carter’s, Inc.		2,346,292


Contracts, Shares, Notional Amount or Principal Amount			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	15,779	Columbia Sportswear Co.	$	1,552,023
	33,641	Crocs, Inc.*		3,919,849
	14,340	Deckers Outdoor Corp.*		5,507,564
	69,298	Skechers U.S.A., Inc., Class A*		3,453,119

				21,237,951

Thrifts & Mortgage Finance (0.8%):
	58,329	Essent Group, Ltd.		2,621,889
	5,731	LendingTree, Inc.*		1,214,284
	175,152	MGIC Investment Corp.		2,382,067
	239,847	New York Community Bancorp, Inc.		2,643,114
	37,724	Washington Federal, Inc.		1,198,869

				10,060,223

Trading Companies & Distributors (0.9%):
	18,262	GATX Corp.		1,615,639
	24,195	MSC Industrial Direct Co., Inc., Class A		2,171,017
	87,531	Univar Solutions, Inc.*		2,134,006
	16,946	Watsco, Inc.		4,857,402

				10,778,064

Water Utilities (0.4%):
	115,369	Essential Utilities, Inc.		5,272,363

Wireless Telecommunication Services (0.1%):
	51,385	Telephone & Data Systems, Inc.		1,164,384

	Total Common Stocks (Cost $810,220,894)			1,232,562,150

Short-Term Security Held as Collateral for Securities on Loan (0.8%):
	9,358,717	BlackRock Liquidity FedFund, Institutional Class, 0.04%(b)(c)		9,358,717

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $9,358,717)			9,358,717

Unaffiliated Investment Company (0.5%):
Money Markets (0.5%):
	6,786,392	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)		6,786,392

	Total Unaffiliated Investment Company (Cost $6,786,392)			6,786,392

	Total Investment Securities (Cost $826,366,003) — 100.7%			1,248,707,259
	Net other assets (liabilities) — (0.7)%			(8,734,704	)

	Net Assets — 100.0%		$	1,239,972,555

Percentages indicated are based on net assets as of June 30, 2021.

REIT—Real Estate Investment Trust

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $9,203,379.

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

(b)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

(c)	The rate represents the effective yield at June 30, 2021.

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

S&P MidCap 400 E-Mini September Futures (U.S Dollar)		9/17/21		28	$	7,538,720	$	244,695

							$	244,695

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	826,366,003

Investment securities, at value(a)	$	1,248,707,259
Cash		8,004
Segregated cash for collateral for futures contracts		382,000
Interest and dividends receivable		920,422
Receivable for investments sold		28,000
Receivable for variation margin on futures contracts		8,089
Reclaims receivable		2,202
Prepaid expenses		58,901

Total Assets		1,250,114,877

Liabilities:
Payable for capital shares redeemed		203,517
Payable for collateral received on loaned securities		9,358,717
Manager fees payable		239,045
Administration fees payable		3,467
Distribution fees payable		227,138
Custodian fees payable		5,701
Administrative and compliance services fees payable		2,495
Transfer agent fees payable		2,569
Trustee fees payable		12,588
Other accrued liabilities		87,085

Total Liabilities		10,142,322

Net Assets	$	1,239,972,555

Net Assets Consist of:
Paid in capital	$	666,430,718
Total distributable earnings		573,541,837

Net Assets	$	1,239,972,555

Class 1
Net Assets	$	57,622,864
Shares of beneficial interest (unlimited number of shares authorized, no par value)		5,854,044
Net Asset Value (offering and redemption price per share)	$	9.84

Class 2
Net Assets	$	1,182,349,691
Shares of beneficial interest (unlimited number of shares authorized, no par value)		41,994,160
Net Asset Value (offering and redemption price per share)	$	28.16

(a)	Includes securities on loan of $9,203,379.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends	$	7,450,376
Income from securities lending		13,175
Foreign withholding tax		(1,665	)

Total Investment Income		7,461,886

Expenses:
Manager fees		1,412,788
Administration fees		27,758
Distribution fees — Class 2		1,342,113
Custodian fees		20,887
Administrative and compliance services fees		8,321
Transfer agent fees		6,187
Trustee fees		29,827
Professional fees		26,243
Shareholder reports		20,502
Other expenses		117,398

Total expenses		3,012,024

Net Investment Income/(Loss)		4,449,862

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		96,744,361
Net realized gains/(losses) on futures contracts		1,405,120
Change in net unrealized appreciation/depreciation on securities and foreign currencies		77,449,127
Change in net unrealized appreciation/depreciation on futures contracts		107,354

Net realized and Change in net unrealized gains/losses on investments		175,705,962

Change in Net Assets Resulting From Operations	$	180,155,824

See accompanying notes to the financial statements.

AZL Mid Cap Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,449,862			$	9,833,998
Net realized gains/(losses) on investments			98,149,481				41,516,272
Change in unrealized appreciation/depreciation on investments			77,556,481				87,139,882

Change in net assets resulting from operations			180,155,824				138,490,152

Distributions to Shareholders:
Class 1			—				(5,274,542	)
Class 2			—				(40,133,618	)

Change in net assets resulting from distributions to shareholders			—				(45,408,160	)

Capital Transactions:
Class 1
Proceeds from shares issued			9,064				71,084
Proceeds from dividends reinvested			—				5,274,542
Value of shares redeemed			(3,062,004	)			(4,609,084	)

Total Class 1 Shares			(3,052,940	)			736,542

Class 2
Proceeds from shares issued			121,102,766				115,634,844
Proceeds from dividends reinvested			—				40,133,618
Value of shares redeemed			(162,257,387	)			(345,716,996	)

Total Class 2 Shares			(41,154,621	)			(189,948,534	)

Change in net assets resulting from capital transactions			(44,207,561	)			(189,211,992	)

Change in net assets			135,948,263				(96,130,000	)
Net Assets:
Beginning of period			1,104,024,292				1,200,154,292

End of period		$	1,239,972,555			$	1,104,024,292

Share Transactions:
Class 1
Shares issued			916				10,141
Dividends reinvested			—				739,767
Shares redeemed			(323,272	)			(623,382	)

Total Class 1 Shares			(322,356	)			126,526

Class 2
Shares issued			4,342,006				7,410,063
Dividends reinvested			—				1,963,485
Shares redeemed			(6,086,750	)			(18,128,902	)

Total Class 2 Shares			(1,744,744	)			(8,755,354	)

Change in shares			(2,067,100	)			(8,628,828	)

Amounts

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016^
	(Unaudited)

Class 1

Net Asset Value, Beginning of Period		$	8.40			$	8.28			$	8.16			$	11.25			$	10.90			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.05	(a)			0.09	(a)			0.12	(a)			0.15				0.25				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			1.39				0.97				1.79				(1.13	)			1.41				0.78

Total from Investment Activities			1.44				1.06				1.91				(0.98	)			1.66				0.90

Distributions to Shareholders From:
Net Investment Income			—				(0.31	)			(0.30	)			(0.28	)			(0.12	)			—
Net Realized Gains			—				(0.63	)			(1.49	)			(1.83	)			(1.19	)			—

Total Dividends			—				(0.94	)			(1.79	)			(2.11	)			(1.31	)			—


Net Asset Value, End of Period		$	9.84			$	8.40			$	8.28			$	8.16			$	11.25			$	10.90

Total Return(b)			17.14	%(c)			14.82	%			25.47	%			(11.01	)%			16.08	%			9.00	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	57,623			$	51,879			$	50,096			$	44,788			$	55,764			$	54,300
Net Investment Income/(Loss)(d)			1.03	%			1.21	%			1.31	%			1.32	%			1.27	%			1.26	%
Expenses Before Reductions(d)(e)			0.30	%			0.33	%			0.32	%			0.31	%			0.31	%			0.31	%
Expenses Net of Reductions(d)			0.30	%			0.33	%			0.32	%			0.31	%			0.31	%			0.31	%
Portfolio Turnover Rate(f)			19	%			22	%			14	%			18	%			21	%			86	%(g)

Class 2

Net Asset Value, Beginning of Period		$	24.06			$	21.91			$	19.00			$	23.45			$	21.45			$	21.10

Investment Activities:
Net Investment Income/(Loss)			0.10	(a)			0.19	(a)			0.23	(a)			0.25				0.24				0.13
Net Realized and Unrealized Gains/(Losses) on Investments			4.00				2.84				4.41				(2.65	)			3.06				3.67

Total from Investment Activities			4.10				3.03				4.64				(2.40	)			3.30				3.80

Distributions to Shareholders From:
Net Investment Income			—				(0.25	)			(0.24	)			(0.22	)			(0.11	)			(0.24	)
Net Realized Gains			—				(0.63	)			(1.49	)			(1.83	)			(1.19	)			(3.21	)

Total Dividends			—				(0.88	)			(1.73	)			(2.05	)			(1.30	)			(3.45	)

Net Asset Value, End of Period		$	28.16			$	24.06			$	21.91			$	19.00			$	23.45			$	21.45

Total Return(b)			17.04	%(c)			14.53	%			25.28	%			(11.35	)%			15.80	%			19.52	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,182,350			$	1,052,145			$	1,150,058			$	1,020,140			$	1,208,935			$	1,222,550
Net Investment Income/(Loss)(d)			0.77	%			0.96	%			1.06	%			1.08	%			1.02	%			1.14	%
Expenses Before Reductions(d)(e)			0.55	%			0.58	%			0.57	%			0.56	%			0.56	%			0.57	%
Expenses Net of Reductions(d)			0.55	%			0.58	%			0.57	%			0.56	%			0.56	%			0.57	%
Portfolio Turnover Rate(f)			19	%			22	%			14	%			18	%			21	%			86	%(g)

^	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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

June 30, 2021 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products 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

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,285 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $9,358,717 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $10.3 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

244,695

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 period ended June 30, 2021:


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

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	1,405,120	$	107,354

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, 2022.

For the period ended June 30, 2021, 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

June 30, 2021 (Unaudited)

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable 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.

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	1,232,562,150		$	—		$	—		$	1,232,562,150
Short-Term Security Held as Collateral for Securities on Loan			9,358,717			—			—			9,358,717
Unaffiliated Investment Company			6,786,392			—			—			6,786,392

Total Investment Securities			1,248,707,259			—			—			1,248,707,259

Other Financial Instruments:*
Futures Contracts			244,695			—			—			244,695

Total Investments		$	1,248,951,954		$	—		$	—		$	1,248,951,954

+	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 period ended June 30, 2021, 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		$	216,590,664		$	252,542,776

AZL Mid Cap Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

6. Restricted Securities


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount		Value			Percentage of Net Assets

Airbnb, Inc., Series D, 0.00%		4/16/2014		$	3,131,402		153,828		$	23,557,220		1.90	%

(a)	Acquisition date represents the initial purchase date of the security

7. Investment Risks

8. Coronavirus (COVID-19) Pandemic

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $779,448,768. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	363,385,525
Unrealized (depreciation)		(35,376,338	)

Net unrealized appreciation/(depreciation)	$	328,009,187

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Mid Cap Index Fund		$	12,950,819		$	32,457,341		$	45,408,160

(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

June 30, 2021 (Unaudited)

At December 31, 2020, 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 Mid Cap Index Fund		$	17,910,086		$	47,466,382		$	—		$	328,009,545		$	393,386,013

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, sales, mark-to-market of futures contracts and other miscellaneous differences.

10. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

11. Subsequent Events

AZL Mid Cap Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD
Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
	% of votes entitled to be cast	95.876%	4.124%
Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
	% of votes entitled to be cast	96.160%	3.840%
Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
	% of votes entitled to be cast	96.210%	3.790%
Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
	% of votes entitled to be cast	96.133%	3.867%
Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
	% of votes entitled to be cast	96.177%	3.823%
Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
	% of votes entitled to be cast	95.860%	4.140%
Brian Muench	Votes	15,605,407,154.653	627,318,010.671
	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
	% of votes entitled to be cast	97.087%	2.453%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
	% of votes entitled to be cast	91.923%	3.014%	5.063%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%
AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
	% of votes entitled to be cast	92.878%	3.614%	3.508%
AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
	% of votes entitled to be cast	87.262%	3.107%	9.631%
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
	% of votes entitled to be cast	90.034%	3.128%	6.838%
AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
	% of votes entitled to be cast	87.286%	6.218%	6.496%
AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
	% of votes entitled to be cast	89.004%	3.983%	7.013%
AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
	% of votes entitled to be cast	90.144%	2.259%	7.598%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
	% of votes entitled to be cast	90.671%	2.764%	6.565%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
	% of votes entitled to be cast	95.792%	0.00%	4.207%


FUND		FOR	AGAINST	ABSTAIN
AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
	% of votes entitled to be cast	90.561%	2.829%	6.610%
AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
	% of votes entitled to be cast	90.103%	2.577%	7.320%
AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
	% of votes entitled to be cast	90.899%	2.590%	6.511%
AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
	% of votes entitled to be cast	89.239%	3.094%	7.667%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
	% of votes entitled to be cast	96.136%	3.404%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
	% of votes entitled to be cast	91.505%	3.381%	5.113%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%
AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
	% of votes entitled to be cast	91.920%	4.210%	3.870%
AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
	% of votes entitled to be cast	85.982%	3.370%	10.648%
AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
	% of votes entitled to be cast	88.771%	3.355%	7.874%
AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
	% of votes entitled to be cast	87.576%	6.692%	5.732%
AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
	% of votes entitled to be cast	88.397%	3.825%	7.778%
AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
	% of votes entitled to be cast	88.324%	2.566%	9.110%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
	% of votes entitled to be cast	90.507%	2.857%	6.636%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
	% of votes entitled to be cast	95.792%	3.755%	0.452%
AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
	% of votes entitled to be cast	89.724%	3.620%	6.656%
AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
	% of votes entitled to be cast	88.800%	3.711%	7.489%
AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
	% of votes entitled to be cast	90.479%	2.565%	6.956%
AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
	% of votes entitled to be cast	88.392%	3.927%	7.682%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Moderate Index Strategy Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 10

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 13

Page 14

AZL Moderate Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Moderate Index Strategy Fund		$	1,000.00		$	1,073.90		$	0.41		0.08	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Moderate Index Strategy Fund		$	1,000.00		$	1,024.40		$	0.40		0.08	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		45.3	%

Fixed Income Fund		39.9

International Equity Fund		14.9


Total Investment Securities		100.1

Net other assets (liabilities)		(0.1	)

Net Assets		100.0	%

AZL Moderate Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Affiliated Investment Companies (100.1%):
Domestic Equity Funds (45.3%):
	6,395,284	AZL Mid Cap Index Fund, Class 2	$	180,091,212
	26,883,223	AZL S&P 500 Index Fund, Class 2		629,336,242
	5,335,239	AZL Small Cap Stock Index Fund, Class 2		90,325,600

				899,753,054

Fixed Income Fund (39.9%):
	68,368,265	AZL Enhanced Bond Index Fund		791,020,827

International Equity Fund (14.9%):
	15,565,894	AZL International Index Fund, Class 2		294,662,376

	Total Affiliated Investment Companies (Cost $1,826,958,578)			1,985,436,257

	Total Investment Securities (Cost $1,826,958,578) — 100.1%			1,985,436,257
	Net other assets (liabilities) — (0.1)%			(1,115,093	)

	Net Assets — 100.0%		$	1,984,321,164

Percentages indicated are based on net assets as of June 30, 2021.

See accompanying notes to the financial statements.

AZL Moderate Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,826,958,578

Investments in affiliates, at value	$	1,985,436,257
Interest and dividends receivable		484
Foreign currency, at value (cost $107,554)		112,294
Receivable for investments sold		1,443,820
Prepaid expenses		1,322

Total Assets		1,986,994,177

Liabilities:
Cash overdraft		1,435,598
Payable for capital shares redeemed		1,142,341
Manager fees payable		44,424
Administration fees payable		9,122
Custodian fees payable		213
Administrative and compliance services fees payable		1,482
Transfer agent fees payable		1,381
Trustee fees payable		7,449
Other accrued liabilities		31,003

Total Liabilities		2,673,013

Net Assets	$	1,984,321,164

Net Assets Consist of:
Paid in capital	$	1,778,900,582
Total distributable earnings		205,420,582

Net Assets	$	1,984,321,164

Shares of beneficial interest (unlimited number of shares authorized, no par value)		130,130,596
Net Asset Value (offering and redemption price per share)	$	15.25

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	372

Total Investment Income		372

Expenses:
Manager fees		1,204,816
Administration fees		33,383
Custodian fees		1,446
Administrative and compliance services fees		4,987
Transfer agent fees		3,387
Trustee fees		17,892
Professional fees		15,731
Shareholder reports		13,119
Other expenses		7,057

Total expenses before reductions		1,301,818
Less expenses voluntarily waived/reimbursed by the Manager		(1,031,998	)

Net expenses		269,820

Net Investment Income/(Loss)		(269,448	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		16,614
Net realized gains/(losses) on affiliated underlying funds		13,777,317
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(4,476	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		42,975,352

Net realized and Change in net unrealized gains/losses on investments		56,764,807

Change in Net Assets Resulting From Operations	$	56,495,359

See accompanying notes to the financial statements.

AZL Moderate Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	(269,448	)		$	11,127,969
Net realized gains/(losses) on investments			13,793,931				22,662,547
Change in unrealized appreciation/depreciation on investments			42,970,876				35,344,740

Change in net assets resulting from operations			56,495,359				69,135,256

Distributions to Shareholders:
Distributions			—				(32,078,922	)

Change in net assets resulting from distributions to shareholders			—				(32,078,922	)

Capital Transactions:
Proceeds from shares issued			1,358,613,717				12,526,131
Proceeds from dividends reinvested			—				32,078,922
Value of shares redeemed			(42,067,159	)			(82,366,337	)

Change in net assets resulting from capital transactions			1,316,546,558				(37,761,284	)

Change in net assets			1,373,041,917				(704,950	)
Net Assets:
Beginning of period			611,279,247				611,984,197

End of period		$	1,984,321,164			$	611,279,247

Share Transactions:
Shares issued			89,923,217				983,912
Dividends reinvested			—				2,437,608
Shares redeemed			(2,830,280	)			(6,337,677	)

Change in shares			87,092,937				(2,916,157	)

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Net Asset Value, Beginning of Period		$	14.20			$	13.32			$	11.98			$	13.30			$	15.54			$	15.03

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.26	(a)			0.23	(a)			0.26				0.12				0.32
Net Realized and Unrealized Gains/(Losses) on Investments			1.06				1.39				2.03				(0.92	)			1.78				1.00

Total from Investment Activities			1.05				1.65				2.26				(0.66	)			1.90				1.32

Distributions to Shareholders From:
Net Investment Income			—				(0.27	)			(0.32	)			(0.13	)			(0.35	)			(0.30	)
Net Realized Gains			—				(0.50	)			(0.60	)			(0.53	)			(3.79	)			(0.51	)

Total Dividends			—				(0.77	)			(0.92	)			(0.66	)			(4.14	)			(0.81	)

Net Asset Value, End of Period		$	15.25			$	14.20			$	13.32			$	11.98			$	13.30			$	15.54

Total Return(b)			7.39	%(c)			12.84	%			19.33	%			(5.17	)%			13.30	%			8.91	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,984,321			$	611,279			$	611,984			$	590,092			$	740,959			$	720,934
Net Investment Income/(Loss)(d)			(0.08	)%			1.95	%			1.78	%			1.75	%			0.77	%			1.25	%
Expenses Before Reductions*(d)(e)			0.38	%			0.43	%			0.43	%			0.42	%			0.43	%			0.96	%
Expenses Net of Reductions*(d)			0.08	%			0.08	%			0.08	%			0.07	%			0.08	%			0.83	%
Portfolio Turnover Rate			6	%(c)			15	%			5	%			4	%			7	%(f)			190	%

*	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)	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)	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

The Fund is a “fund of funds,” which means that the Fund invests primarily in other mutual funds (the “Underlying Funds”). Underlying Funds invest in 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 and Withholding Taxes

Distributions to Shareholders

Expense Allocation

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Affiliated Securities Transactions

Pursuant to Rule 17a-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. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2021, the Fund did not engage in any Rule 17a-7 transactions under the Rule.

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, 2022. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Moderate Index Strategy Fund		0.20	%		0.20	%

Prior to June 1, 2021, the annual rate due to the Manager was 0.40% on all assets. For the six months ended June 30, 2021, the Manager waived, prior to any application of expense limit, 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 above (i.e., discontinue the waiver) at any time after April 30, 2022.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2021, 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 period ended June 30, 2021 is as follows:


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	228,798,187		$	564,916,872		$	—			$	—		$	(2,694,232	)		$	791,020,827		68,368,265		$	—		$	—

AZL International Index Fund, Class 2			96,051,410			201,085,555			(8,830,253	)			2,105,538			4,250,126				294,662,376		15,565,894			—			—

AZL Mid Cap Index Fund, Class 2			58,133,471			120,083,752			(8,645,906	)			2,304,202			8,215,693				180,091,212		6,395,284			—			—

AZL Small Cap Stock Index Fund, Class 2			31,066,541			58,628,515			(6,517,275	)			1,314,795			5,833,024				90,325,600		5,335,239			—			—

AZL S&P 500 Index Fund, Class 2			197,360,987			423,495,431			(26,943,699	)			8,052,782			27,370,741				629,336,242		26,883,223			—			—

		$	611,410,596		$	1,368,210,125		$	(50,937,133	)		$	13,777,317		$	42,975,352			$	1,985,436,257		122,547,905		$	—		$	—

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 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.”

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 in open-end investment companies.

The following is a summary of the valuation inputs used as of June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies+		$	1,985,436,257		$	—		$	—		$	1,985,436,257

Total Investment Securities		$	1,985,436,257		$	—		$	—		$	1,985,436,257

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

5. Security Purchases and Sales

For the period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Moderate Index Strategy Fund		$	1,368,210,125		$	50,937,133

6. Investment Risks

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default. During the period ended June 30, 2021, the Fund did not directly invest in derivatives.

Foreign Securities Risk: Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

Fund of Fund Risk: The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds. In addition, the Fund maintains indirect exposure to various types of risk which may exist in the underlying Funds, such as foreign securities risk, fixed income securities risk and other risks.

Interest Rate Risk: Debt securities held by an underlying fund may decline in value due to rising interest rates.

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

AZL Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $ 496,429,505. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	114,981,091
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	114,981,091

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Moderate Index Strategy Fund		$	11,245,115		$	20,833,807		$	32,078,922

(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, 2020, 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		$	11,539,919		$	22,394,996		$	—		$	114,990,308		$	148,925,223

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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.

10. Subsequent Events

AZL Moderate Index Strategy Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MSCI Emerging Markets Equity Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 16

Page 16

Page 17

Page 18

Page 19

Page 24

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 27

Page 28

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 or the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MSCI Emerging Markets Equity Index Fund, Class 1		$	1,000.00		$	1,070.30		$	3.34		0.65	%

AZL MSCI Emerging Markets Equity Index Fund, Class 2		$	1,000.00		$	1,070.30		$	4.62		0.90	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MSCI Emerging Markets Equity Index Fund, Class 1		$	1,000.00		$	1,021.57		$	3.26		0.65	%

AZL MSCI Emerging Markets Equity Index Fund, Class 2		$	1,000.00		$	1,020.33		$	4.51		0.90	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		20.3	%

Financials		17.8

Consumer Discretionary		16.5

Communication Services		12.2

Materials		8.3

Consumer Staples		5.6

Health Care		5.1

Energy		5.1

Industrials		4.8

Real Estate		2.0

Utilities		1.8

Foreign Bond		—	^†


Total Common Stocks and Preferred Stocks		99.5

Short-Term Security Held as Collateral for Securities on Loan		0.9

Unaffiliated Investment Company		0.3


Total Investment Securities		100.7

Net other assets (liabilities)		(0.7	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (98.0%):
Aerospace & Defense (0.1%):
	5,099	Aecc Aviation Power Co., Ltd.	$	41,985
	18,981	Aselsan Elektronik Sanayi Ve Ticaret AS		32,213
	7,300	Avic Aircraft Co., Ltd.		29,699
	1,120	AVIC Shenyang Aircraft Co., Ltd., Class A		10,457
	83,000	AviChina Industry & Technology Co., Ltd., Class H		54,949
	35,570	Bharat Electronics, Ltd.		85,538
	2,537	Korea Aerospace Industries, Ltd.		74,142

				328,983

Air Freight & Logistics (0.3%):
	36,697	Agility Public Warehousing Co. KSC		111,863
	572	Hyundai Glovis Co., Ltd.		106,196
	9,300	SF Holding Co., Ltd., Class A		97,464
	3,900	Yunda Holding Co., Ltd., Class A*		8,168
	13,810	ZTO Express Cayman, Inc., ADR		419,134

				742,825

Airlines (0.1%):
	66,000	Air China, Ltd.*		48,479
	39,299	China Eastern Airlines Corp., Ltd.		30,904
	38,000	China Southern Airlines Co., Ltd.*		35,414
	28,000	China Southern Airlines Co., Ltd., Class H*^		17,382
	2,989	InterGlobe Aviation, Ltd.*		69,037
	4,761	Korean Air Lines Co., Ltd.*		133,223

				334,439

Auto Components (0.6%):
	3,039	Balkrishna Industries, Ltd.		91,631
	6,982	Bharat Forge, Ltd.*		71,626
	900	Changzhou Xingyu Automotive Lighting Systems Co., Ltd., Class A		31,442
	47,000	Cheng Shin Rubber Industry Co., Ltd.		78,868
	6,500	Fuyao Glass Industry Group Co., Ltd.		56,212
	12,800	Fuyao Glass Industry Group Co., Ltd., Class H		90,183
	2,479	Hankook Tire & Technology Co., Ltd.		113,848
	5,302	Hanon Systems		77,945
	4,200	Huayu Automotive Systems Co., Ltd.		17,085
	2,110	Hyundai Mobis Co., Ltd.		547,305
	7,300	Kuang-Chi Technologies Co., Ltd., Class A*		23,515
	24,000	Minth Group, Ltd.		114,068
	35,987	Motherson Sumi Systems, Ltd.*		117,338
	62	MRF, Ltd.		66,863
	1,500	Ningbo Joyson Electronic Corp.		5,926
	3,600	Shandong Linglong Tyre Co., Ltd., Class A		24,377

				1,528,232

Automobiles (3.2%):
	673,900	Astra International Tbk PT		229,670
	2,257	Bajaj Auto, Ltd.*		125,552
	88,000	Brilliance China Automotive Holdings, Ltd.		54,824
	3,133	BYD Co., Ltd.		121,964
	25,500	BYD Co., Ltd., Class H		762,692
	8,200	Chongqing Changan Automobile Co., Ltd., Class A*		33,360
	84,000	Dongfeng Motor Group Co., Ltd., Class H		75,517
	4,135	Eicher Motors, Ltd.*		148,798
	2,009	Ford Otomotiv Sanayi AS		39,301
	190,000	Geely Automobile Holdings, Ltd.		596,705
	4,500	Great Wall Motor Co., Ltd., Class A		30,371
	92,500	Great Wall Motor Co., Ltd., Class H		298,669
	99,200	Guangzhou Automobile Group Co., Ltd.		89,057


Shares			Value
Common Stocks, continued
Automobiles, continued
	4,024	Hero MotoCorp, Ltd.	$	157,260
	4,275	Hyundai Motor Co., Ltd.		909,537
	732	Hyundai Motor Co., Ltd.		75,103
	8,418	Kia Corp.		670,030
	14,763	Li Auto, Inc., ADR*^		515,819
	27,081	Mahindra & Mahindra, Ltd.		283,642
	4,512	Maruti Suzuki India, Ltd.		456,706
	40,694	NIO, Inc., ADR*		2,164,921
	19,100	SAIC Motor Corp., Ltd.*		64,890
	51,308	Tata Motors, Ltd.*		234,761
	10,142	Xpeng, Inc., ADR*^		450,508
	36,000	Yadea Group Holdings, Ltd.		77,436

				8,667,093

Banks (11.6%):
	23,886	Absa Group, Ltd.*		227,008
	98,726	Abu Dhabi Commercial Bank		184,743
	143,000	Agricultural Bank of China, Ltd.		67,062
	797,000	Agricultural Bank of China, Ltd., Class A		276,780
	107,574	Akbank T.A.S.		65,485
	38,201	Al Rajhi Bank		1,130,813
	33,870	Alinma Bank		190,021
	53,900	AMMB Holdings Berhad		38,348
	19,969	Arab National Bank		120,877
	70,436	Axis Bank, Ltd.*		710,396
	46,182	Banco Bradesco SA		202,996
	1,298,706	Banco de Chile		128,261
	1,889	Banco de Credito e Inversiones		79,783
	24,879	Banco do Brasil SA		160,734
	9,387	Banco Inter SA		146,830
	11,234	Banco Santander Brasil SA		91,486
	2,238,136	Banco Santander Chile		110,718
	12,949	Bancolombia SA		92,587
	9,306	Bancolombia SA		65,497
	20,207	Bandhan Bank, Ltd.*		89,847
	16,200	Bangkok Bank Public Co., Ltd.		57,161
	13,481	Bank AlBilad*		131,957
	19,448	Bank Al-Jazira*		95,936
	37,500	Bank of Beijing Co., Ltd., Class A		28,266
	2,459,000	Bank of China, Ltd.		882,770
	72,500	Bank of China, Ltd., Class A		34,562
	75,999	Bank of Communications Co., Ltd., Class A		57,640
	175,000	Bank of Communications Co., Ltd., Class H		117,561
	20,000	Bank of Hangzhou Co., Ltd.		45,645
	36,920	Bank of Jiangsu Co., Ltd.		40,558
	18,200	Bank of Nanjing Co., Ltd.		29,634
	12,700	Bank of Ningbo Co., Ltd.		76,610
	34,470	Bank of Shanghai Co., Ltd., Class A		43,750
	62,666	Bank of the Philippine Islands		113,893
	5,661	Bank Pekao SA*		138,220
	19,368	Banque Saudi Fransi		198,354
	57,334	BDO Unibank, Inc.		132,995
	31,338	Boubyan Bank KSCP*		76,167
	2,487	Capitec Bank Holdings, Ltd.		293,981
	134,053	Chang Hwa Commercial Bank		77,594
	82,500	China Bohai Bank Co, Ltd., Class H		28,429
	257,000	China Citic Bank Co., Ltd.		121,672
	2,985,000	China Construction Bank		2,344,791

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Banks, continued
	32,600	China Construction Bank Corp.	$	33,556
	390,000	China Development Financial Holding Corp.		184,081
	122,500	China Everbright Bank Co., Ltd.*		71,675
	45,000	China Everbright Bank Co., Ltd., Class H*		18,373
	40,244	China Merchants Bank Co., Ltd.		337,615
	120,500	China Merchants Bank Co., Ltd.		1,028,246
	69,700	China Minsheng Banking Corp., Ltd., Class A		47,575
	182,300	China Minsheng Banking Corp., Ltd., Class H		87,345
	125,000	Chongqing Rural Commercial Bank Co., Ltd.		49,397
	197,400	CIMB Group Holdings Berhad		219,386
	77,279	Commercial Bank of Qatar Qsc (The)		111,792
	40,925	Commercial International Bank Egypt SAE*		136,339
	2,030	Credicorp, Ltd.*		245,853
	543,000	CTBC Financial Holding Co., Ltd.		441,581
	66,215	Dubai Islamic Bank		86,944
	340,005	E.Sun Financial Holding Co., Ltd.		320,512
	79,492	Emirates NBD Bank PJSC		286,871
	70,569	Eurobank Ergasias Services and Holdings SA*		71,178
	128,674	First Abu Dhabi Bank PJSC		585,158
	309,649	First Financial Holdings Co., Ltd.		252,298
	80,351	Grupo Financiero Banorte SAB de C.V.		519,135
	58,223	Grupo Financiero Inbursa SAB de C.V., Class O*		57,612
	12,569	Habib Bank, Ltd.		9,770
	9,216	Hana Financial Holdings Group, Inc.		376,548
	19,300	Hong Leong Bank Berhad		87,041
	6,400	Hong Leong Financial Group Berhad		27,448
	297,275	Hua Nan Financial Holdings Co., Ltd.		196,706
	26,900	Huaxia Bank Co., Ltd., Class A*		25,766
	161,908	ICICI Bank, Ltd.*		1,376,706
	108,800	Industrial & Commercial Bank of China, Ltd., Class A*		87,062
	1,758,000	Industrial & Commercial Bank of China, Ltd., Class H		1,031,458
	39,400	Industrial Bank Co., Ltd.		125,235
	8,902	Industrial Bank of Korea (IBK)		82,990
	147,609	Itausa — Investimentos Itau S.A.		330,942
	12,202	KB Financial Group, Inc.		603,729
	2,004	Komercni Banka AS*		70,579
	17,050	Kotak Mahindra Bank, Ltd.*		391,624
	43,000	Krung Thai Bank		14,366
	163,429	Kuwait Finance House KSCP		411,846
	102,501	Malayan Banking Bhd		200,380
	106,740	Masraf Al Rayan		130,795
	29,363	MCB Bank, Ltd.		29,813
	325,000	Mega Financial Holdings Co., Ltd.		383,211
	46,592	Metropolitan Bank & Trust		46,490
	16,450	Moneta Money Bank AS*		62,520
	224,576	National Bank of Kuwait SAKP		633,040
	67,869	National Commercial Bank		1,042,573
	12,070	Nedcor, Ltd.*		144,537
	7,255	OTP Bank Nyrt*		390,967
	41,800	Ping An Bank Co., Ltd., Class A		146,375
	38,900	Postal Savings Bank of China Co., Ltd., Class A*		30,228
	260,000	Postal Savings Bank of China Co., Ltd., Class H*		175,139
	27,177	Powszechna Kasa Oszczednosci Bank Polski SA*		269,920
	310,900	PT Bank Central Asia Tbk		646,162
	590,100	PT Bank Mandiri Persero Tbk		239,711
	242,400	PT Bank Negara Indonesia Tbk		77,309
	1,759,200	PT Bank Rakyat Indonesia Tbk		478,182


Shares			Value
Common Stocks, continued
Banks, continued
	471,500	Public Bank Berhad	$	467,006
	27,221	Qatar International Islamic Bank QSC		69,650
	38,659	Qatar Islamic Bank		183,636
	138,366	Qatar National Bank		682,425
	59,900	RHB Bank Bhd		77,987
	41,240	Riyad Bank		291,470
	1,058	Santander Bank Polska SA*		70,616
	335,766	Sberbank of Russia		1,404,336
	122,724	Shanghai Commercial & Savings Bank, Ltd. (The)		199,134
	70,100	Shanghai Pudong Development Bank Co., Ltd.		108,517
	13,395	Shinhan Financial Group Co., Ltd.		482,503
	28,200	Siam Commercial Bank Public Co., Ltd.		86,324
	354,800	SinoPac Financial Holdings Co., Ltd.*		175,108
	40,924	Standard Bank Group, Ltd.		366,012
	57,542	State Bank of India		325,082
	337,078	Taishin Financial Holding Co., Ltd.		183,996
	225,606	Taiwan Business Bank		76,502
	274,752	Taiwan Cooperative Financial Holding Co., Ltd.		209,565
	3,719	TCS Group Holding plc, GDR		325,429
	25,381	The Saudi British Bank*		213,237
	84,640	Turkiye Garanti Bankasi AS		81,006
	46,220	Turkiye Is Bankasi AS, Class C		27,179
	60,102,589	VTB Bank PJSC		39,802
	18,589	VTB Bank PJSC, GDR		24,746
	15,903	Woori Financial Group, Inc.		161,673
	316,254	Yes Bank, Ltd.*		57,706

				31,308,755

Beverages (1.4%):
	153,800	Ambev SA Com Npv		527,903
	1,100	Anhui Gujing Distillery Co., Ltd., Class A		40,784
	3,000	Anhui Gujing Distillery Co., Ltd., Class B		41,531
	1,300	Anhui Kouzi Distillery Co., Ltd.		13,621
	10,480	Arca Continental SAB de C.V.		60,800
	17,696	Becle SAB de CV		46,563
	3,700	Beijing Shunxin Agriculture Co., Ltd., Class A		24,159
	8,700	Carabao Group pcl		38,452
	46,000	China Resources Beer Holdings Co., Ltd.		412,770
	1,400	Chongqing Brewery Co., Ltd., Class A*		42,893
	15,966	Coca-Cola Femsa S.A.B de C.V.		84,495
	3,027	Compania Cervecerias Unidas SA		30,518
	60,690	Fomento Economico Mexicano S.A.B. de C.V.		512,000
	6,500	Fraser & Neave Holdings Bhd		41,389
	2,800	Jiangsu King’s Luck Brewery JSC, Ltd., Class A		23,479
	3,200	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A*		102,629
	1,100	JiuGui Liquor Co., Ltd., Class A*		43,549
	2,372	Kweichow Moutai Co., Ltd.		755,381
	2,400	Luzhou Laojiao Co., Ltd.		87,691
	9,000	Nongfu Spring Co., Ltd., Class H		45,152
	23,700	Osotspa pcl		27,928
	1,960	Shanghai Bairun Investment Holding Group Co., Ltd., Class A		28,769
	1,900	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A*		131,820
	2,600	Tsingtao Brewery Co., Ltd., Class A*		46,553
	14,000	Tsingtao Brewery Co., Ltd., Class H*		150,602
	7,920	United Spirits, Ltd.*		70,543
	7,600	Wuliangye Yibin Co., Ltd., Class A*		350,577

				3,782,551

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Biotechnology (1.1%):
	51,000	3SBio, Inc.*^	$	63,060
	9,000	Akeso, Inc.*		72,626
	808	Alteogen, Inc.*		60,073
	1,487	BeiGene, Ltd., ADR*		510,324
	700	Beijing Tiantan Biological Products Corp., Ltd., Class A		3,711
	600	BGI Genomics Co., Ltd.		11,015
	14,923	Biocon, Ltd.*		81,282
	1,338	Burning Rock Biotech, Ltd., ADR*		39,417
	2,997	Celltrion, Inc.*		714,786
	3,200	Chongqing Zhifei Biological Products Co., Ltd., Class A		92,556
	185	Green Cross Corp.		53,979
	3,270	Hualan Biological Engineering, Inc., Class A		18,572
	1,059	I-Mab, ADR*		88,903
	36,500	Innovent Biologics, Inc.*		425,713
	1,238	Seegne, Inc.		90,890
	21,600	Shanghai Raas Blood Products Co., Ltd.		25,043
	1,600	Shenzhen Kangtai Biological Products Co., Ltd., Class A		36,917
	4,000	Walvax Biotechnology Co., Ltd., Class A		38,223
	2,417	Zai Lab, Ltd., ADR*		427,785

				2,854,875

Building Products (0.0%^†):
	3,000	Beijing New Building Materials plc		18,265
	35,000	China Lesso Group Holdings, Ltd.		86,374

				104,639

Capital Markets (1.2%):
	190,509	B3 SA- Brasil Bolsa Balcao		644,326
	8,594	Banco BTG Pactual SA		210,927
	68,300	Bangkok Commercial Asset Management pcl, Class R		39,656
	17,800	Caitong Securities Co., Ltd.		28,903
	193,000	China Cinda Asset Management Co., Ltd., Class H		36,791
	26,000	China Everbright, Ltd.		30,608
	120,000	China Galaxy Securities Co.		71,560
	327,000	China Huarong Asset Management Co., Ltd., Class H		32,220
	44,400	China International Capital Corp., Ltd.		119,523
	14,140	China Merchants Securities Co., Ltd.		41,633
	29,100	Citic Securities Co., Ltd., Class A		112,341
	59,000	Citic Securities Co., Ltd., Class A		147,784
	5,300	CSC Financial Co., Ltd., Class A*		25,787
	23,328	East Money Information Co., Ltd., Class A		118,442
	6,600	Everbright Securities Co., Ltd.		18,276
	20,100	Founder Securities Co., Ltd., Class A*		29,121
	30,400	GF Securities Co., Ltd.		39,354
	15,400	GF Securities Co., Ltd., Class A		36,092
	12,599	Guosen Securities Co., Ltd., Class A		20,964
	14,600	Guotai Junan Securities Co., Ltd.		38,736
	28,600	Haitong Securities Co., Ltd.		50,910
	78,800	Haitong Securities Co., Ltd.		69,016
	1,835	HDFC Asset Management Co., Ltd.		72,107
	1,000	Hithink RoyalFlush Information Network Co., Ltd., Class A		17,459
	23,600	Huatai Securities Co., Ltd., Class A		57,719
	44,600	Huatai Securities Co., Ltd., Class H		65,486
	24,300	Industrial Securities Co., Ltd.		36,270
	1,242	Korea Investment Holdings Co., Ltd.		113,644
	10,139	Meritz Securities Co., Ltd.		42,619


Shares			Value
Common Stocks, continued
Capital Markets, continued
	9,168	Mirae Asset Securities Co., Ltd.	$	76,800
	6,300	Nanjing Securities Co., Ltd.		10,248
	2,777	NH Investment & Securities Co., Ltd.		31,822
	1,111	Noah Holdings, Ltd., ADR*		52,439
	20,500	Orient Securities Co., Ltd./China*		31,701
	15,700	Pacific Securities Co. Ltd (The), Class A*		8,224
	4,862	Reinet Investments SCA		95,452
	2,406	Samsung Securities Co., Ltd.		96,071
	12,160	SDIC Capital Co., Ltd., Class A		15,982
	69,900	Shenwan Hongyuan Group Co., Ltd.		50,634
	45,462	The Moscow Exchange		106,086
	26,100	Tianfeng Securities Co., Ltd., Class A*		19,633
	2,557	Up Fintech Holding, Ltd., ADR*		74,102
	304,680	Yuanta Financial Holding Co., Ltd.		293,635
	5,300	Zheshang Securities Co., Ltd.*		10,730

				3,341,833

Chemicals (2.7%):
	4,207	Advanced Petrochemical Co.		81,072
	12,324	Asian Paints, Ltd.		496,557
	9,301	Berger Paints India, Ltd.		100,815
	114,000	Formosa Chemicals & Fibre Corp.		346,388
	120,000	Formosa Plastics Corp.		442,315
	3,400	Guangzhou Tinci Materials Technology Co., Ltd., Class A		56,115
	3,999	Hanwha Chemical Corp.*		158,262
	13,400	Hengli Petrochemical Co., Ltd.		54,447
	10,092	Hengyi Petrochemical Co., Ltd., Class A*		18,672
	60,600	Indorama Ventures pcl		77,193
	9,200	Jiangsu Eastern Shenghong Co., Ltd., Class A		29,770
	6,200	Kingfa Sci & Tech Co., Ltd., Class A		20,023
	533	Kumho Petrochemical Co., Ltd.		103,701
	226	LG Chem, Ltd.		76,989
	1,437	LG Chem, Ltd.		1,084,980
	3,900	Lomon Billions Group Co., Ltd., Class A		20,884
	540	Lotte Chemical Corp.		125,914
	135,824	Mesaieed Petrochemical Holding Co.		70,251
	161,000	Nan Ya Plastics Corp.		479,819
	1,149	National Industrialization Co.*		5,921
	3,035	National Petrochemical Co.		35,607
	14,000	Ningxia Baofeng Energy Group Co., Ltd., Class A		29,641
	29,450	Orbia Advance Corp SAB de CV		77,049
	81,600	Petronas Chemicals Group Berhad		158,559
	4,369	PhosAgro, GDR		88,449
	2,928	PI Industries, Ltd.		114,825
	5,202	Pidilite Industries, Ltd.*		150,823
	832,600	PT Barito Pacific Tbk		49,041
	75,400	PTT Global Chemical Public Co., Ltd.		139,194
	19,350	Rongsheng Petro Chemical Co., Ltd., Class A		51,726
	6,925	SABIK Agri-Nutrients Co.		220,495
	5,252	Sahara International Petrochemical Co.		42,940
	17,307	Sasol, Ltd.*		264,772
	27,928	Saudi Basic Industries Corp.		907,142
	4,576	Saudi Industrial Investment Group		42,726
	25,640	Saudi Kayan Petrochemical Co.*		123,501
	4,940	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A		23,675

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Chemicals, continued
	2,800	Shanghai Putailai New Energy Technology Co., Ltd., Class A	$	59,215
	259	SK Chemicals Co., Ltd.		59,819
	649	SKC Co., Ltd.		91,386
	1,120	Skshu Paint Co., Ltd., Class A		30,510
	4,172	Sociedad Quimica y Minera de Chile SA		196,664
	14,118	UPL, Ltd.		150,762
	7,300	Wanhua Chemical Group Co., Ltd.		123,032
	8,939	Yanbu National Petrochemical Co.		173,043
	14,800	Zhejiang Longsheng Group Co., Ltd., Class A		31,481

				7,286,165

Commercial Services & Supplies (0.3%):
	11,500	A-Living Services Co., Ltd., Class H		57,249
	108,222	China Everbright International, Ltd.		61,332
	46,000	Country Garden Services Holdings Co., Ltd.		497,113
	20,000	Ever Sunshine Lifestyle Services Group, Ltd.		49,667
	44,000	Greentown Service Group Co., Ltd.		68,317
	588	S1 Corp.		42,767
	2,200	Shanghai M&G Stationery, Inc., Class A		28,803

				805,248

Communications Equipment (0.2%):
	17,000	Accton Technology Corp.		201,829
	20,500	BYD Electronic International Co., Ltd.		134,658
	5,600	Fiberhome Telecommunication Technologies Co., Ltd.		16,149
	708	KMW Co., Ltd.*		33,989
	1,400	Shenzhen Sunway Communication Co., Ltd., Class A		6,691
	1,800	Yealink Network Technology Corp., Ltd., Class A		23,348
	8,300	ZTE Corp.		42,693
	23,800	ZTE Corp., Class H		74,228

				533,585

Construction & Engineering (0.4%):
	118,000	China Railway Group, Ltd.		61,554
	53,400	China Railway Group, Ltd., Class A		43,314
	102,100	China State Construction Engineering Corp., Ltd.		73,487
	44,000	China State Construction International Holdings, Ltd.		30,036
	2,296	GS Engineering & Construction Corp.		87,500
	2,705	Hyundai Engineering & Construction Co., Ltd.		140,091
	21,636	Larsen & Toubro, Ltd.		437,304
	71,700	Metallurgical Corp. of China, Ltd.		33,079
	38,400	Power Construction Corp. of China, Ltd.		23,001
	5,657	Samsung Engineering Co., Ltd.*		120,103

				1,049,469

Construction Materials (1.0%):
	1,933	ACC, Ltd.		52,467
	19,842	Ambuja Cements, Ltd.		91,030
	7,700	Anhui Conch Cement Co., Ltd., Class A		48,932
	33,000	Anhui Conch Cement Co., Ltd., Class H		175,114
	72,000	Asia Cement Corp.		131,075
	25,400	BBMG Corp.		10,576
	478,374	Cemex SAB de C.V.*		403,740
	8,458	China Jushi Co., Ltd., Class A		20,329
	122,000	China National Buildings Material Co., Ltd.		143,306
	78,000	China Resources Cement Holdings, Ltd.		74,142
	7,494	Grasim Industries, Ltd.		151,316
	8,000	Huaxin Cement Co., Ltd.		21,757
	1,017	POSCO Chemical Co., Ltd.		130,006


Shares			Value
Common Stocks, continued
Construction Materials, continued
	44,100	PT Indocement Tunggal Prakarsa Tbk	$	31,323
	112,100	PT Semen Indonesia (Persero) Tbk		73,473
	3,423	Saudi Cement Co.		58,052
	368	Shree Cement, Ltd.*		136,355
	162,374	Taiwan Cement Corp.		297,399
	25,000	The Siam Cement Public Co., Ltd.		337,480
	3,087	Ultra Tech Cement, Ltd.		281,742

				2,669,614

Consumer Finance (0.5%):
	2,667	360 DigiTech, Inc., ADR*		111,587
	8,374	Bajaj Finance, Ltd.*		678,401
	12,258	Cholamandalam Investment and Finance Co., Ltd.		84,732
	29,000	Krungthai Card pcl		60,656
	5,052	Lufax Holding, Ltd., ADR*		57,088
	28,300	Muangthai Capital pcl, Class R		50,839
	4,134	Muthoot Finance, Ltd.		82,470
	4,769	SBI Cards & Payment Services, Ltd.*		62,347
	6,417	Shriram Transport Finance		116,104
	27,700	Srisawad Corp pcl		59,481

				1,363,705

Containers & Packaging (0.1%):
	21,248	Klabin SA*		112,538
	38,400	SCG Packaging pcl		74,381
	1,500	Yunnan Energy New Material Co., Ltd.		54,381

				241,300

Diversified Consumer Services (0.3%):
	19,000	China East Education Holdings, Ltd.		29,855
	25,000	China Education Group Holdings, Ltd.		55,772
	48,000	China Yuhua Education Corp., Ltd.		43,462
	3,788	Gaotu Techedu, Inc., ADR*^		55,949
	47,798	New Oriental Education & Technology Group, Inc., ADR*		391,466
	5,500	Offcn Education Technology Co., Ltd., Class A*		17,785
	12,817	TAL Education Group, ADR*		323,373

				917,662

Diversified Financial Services (0.7%):
	9,600	Ayala Corp.		157,375
	37,263	Chailease Holding Co., Ltd.*		270,846
	58,000	Far East Horizon, Ltd.		60,628
	156,736	FirstRand, Ltd.		588,756
	212,000	Fubon Financial Holdings Co., Ltd.		561,283
	8,105	Grupo de Inversiones Suramericana SA		39,974
	2,295	GT Capital Holdings, Inc.		28,545
	431,800	Metro Pacific Investments Corp.		34,411
	31,853	REC, Ltd.		63,732
	16,878	Remgro, Ltd.		135,523

				1,941,073

Diversified Telecommunication Services (1.0%):
	98,000	China Communications Services Corp., Ltd.		48,974
	1,380,000	China Tower Corp., Ltd., Class H		190,183
	110,000	Chunghwa Telecom Co., Ltd.		448,940
	56,868	Emirates Telecommunications Group Co. PJSC		340,614
	7,958	Hellenic Telecommunications Organization SA (OTE)		133,564
	18,250	Indus Towers, Ltd.		58,700
	6,438	LG Uplus Corp.		87,777

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	34,613	Ooredoo Qsc	$	69,404
	22,338	Orange Polska SA*		39,368
	1,486,900	PT Telekomunikasi Indonesia Tbk		323,136
	497,700	Sarana Menara Nusantara Tbk PT		42,578
	18,938	Saudi Telecom Co.		664,705
	12,522	Telefonica Brasil SA		105,752
	37,500	Telekom Malaysia Berhad		54,872
	50,779	Telesites SAB de CV*		46,984
	243,500	Tower Bersama Infrastructure Tbk PT		53,926
	494,000	True Corp. pcl		49,064

				2,758,541

Electric Utilities (0.7%):
	6,229	Adani Transmission, Ltd.*		88,831
	4,434	Centrais Eletricas Brasileiras S.A		38,579
	12,336	Centrais Eletricas Brasileiras S.A		107,083
	5,163	CEZ AS		153,251
	35,776	Companhia Energetica de Minas Gerais		87,260
	7,090	CPFL Energia SA		38,364
	657,720	ENEL Americas SA		96,597
	1,011,183	ENEL Chile SA		58,205
	6,011	Energisa SA		56,324
	32,737	Equatorial Energia SA		163,251
	952,130	Inter Rao Ues PJSC		61,026
	15,365	Interconexion Electrica SA ESP		90,732
	8,339	Korea Electric Power Corp., Ltd.		184,063
	25,730	PGE SA*		63,571
	70,056	Power Grid Corp. of India, Ltd.		219,091
	25,045	Saudi Electricity Co.		161,227
	71,600	Tenega Nasional Berhad		169,004

				1,836,459

Electrical Equipment (0.4%):
	4,500	Contemporary Amperex Technology Co., Ltd., Class A*		372,724
	6,272	Doosan Heavy Industries & Construction Co., Ltd.*		132,880
	3,801	Eve Energy Co., Ltd., Class A		61,164
	7,790	Havells India, Ltd.		103,032
	12,500	Jiangsu Zhongtian Technology Co., Ltd., Class A		19,348
	14,559	Luxshare Precision Industry Co., Ltd.*		103,426
	14,880	Nari Technology Co., Ltd.		53,543
	3,900	Sungrow Power Supply Co., Ltd., Class A		69,489
	16,541	Xinjiang Goldwind Science & Technology Co., Ltd.		31,142
	12,400	Xinjiang Goldwind Science & Technology Co., Ltd.^		19,389
	6,600	Zhejiang Chint Electrics Co., Ltd., Class A*		34,104
	19,900	Zhuzhou CRRC Times Electric Co., Ltd., Class H*		117,652

				1,117,893

Electronic Equipment, Instruments & Components (2.7%):
	24,500	AAC Technologies Holdings, Inc.		183,344
	255,000	AU Optronics Corp.		207,631
	3,300	AVIC Jonhon Optronic Technology Co., Ltd., Class A		40,372
	4,200	Chaozhou Three-Circle Group Co., Ltd., Class A		27,580
	10,300	Delta Electronics Thailand pcl		186,853
	60,000	Delta Electronics, Inc.		651,505
	9,699	Foxconn Industrial Internet Co., Ltd., Class A*		18,624
	22,000	Foxconn Technology Co., Ltd.		51,788
	8,100	GoerTek, Inc., Class A		53,555
	2,100	Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A		40,399


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	389,000	Hon Hai Precision Industry Co., Ltd.	$	1,563,819
	266,000	Innolux Corp.		198,405
	25,500	Kingboard Holdings, Ltd.		141,555
	37,500	Kingboard Laminates Holdings, Ltd.		84,024
	3,000	Largan Precision Co., Ltd.		333,812
	11,400	Lens Technology Co., Ltd., Class A		51,908
	7,487	LG Display Co., Ltd.*		162,954
	404	LG Innotek Co., Ltd.		80,036
	4,700	Lingyi iTech Guangdong Co., Class A		6,681
	540	Maxscend Microelectronics Co., Ltd., Class A		44,862
	7,000	Nan Ya Printed Circuit Board Corp.		97,864
	1,200	NAURA Technology Group Co., Ltd., Class A*		51,469
	4,200	OFILM Group Co., Ltd., Class A		5,773
	1,773	Samsung Electro-Mechanics Co., Ltd., Series L		278,220
	1,719	Samsung SDI Co., Ltd.		1,064,121
	3,800	Shengyi Technology Co., Ltd., Class A		13,771
	1,820	Shennan Circuits Co., Ltd., Class A		31,307
	23,100	Sunny Optical Technology Group Co., Ltd.		728,168
	7,000	Suzhou Dongshan Precision Manufacturing Co., Ltd.		22,583
	41,000	Synnex Technology International Corp.		74,907
	14,000	Tianma Microelectronics Co., Ltd., Class A*		30,690
	40,000	Unimicron Technology Corp.		185,383
	6,300	Unisplendour Corp., Ltd., Class A		21,325
	10,000	Walsin Technology Corp.		81,658
	1,700	Wingtech Technology Co., Ltd.		25,465
	47,960	WPG Holdings, Ltd.		88,011
	4,536	Wuhan Guide Infrared Co., Ltd.		19,365
	1,500	WUS Printed Circuit Kunshan Co., Ltd., Class A*		3,592
	2,720	Wuxi Lead Intelligent Equipment Co., Ltd., Class A		25,289
	12,377	Yageo Corp.*		247,440
	9,200	Zhejiang Dahua Technology Co., Ltd., Class A		30,053
	19,000	Zhen Ding Technology Holding, Ltd.		71,552

				7,327,713

Energy Equipment & Services (0.0%^†):
	48,000	China Oilfield Services, Ltd.		43,080
	126,200	Dialog Group Berhad		87,909

				130,989

Entertainment (1.3%):
	500,000	Alibaba Pictures Group, Ltd.*		69,553
	5,210	Bilibili, Inc., ADR*^		634,786
	2,170	CD Projekt SA		105,383
	2,951	DouYu International Holdings, Ltd., ADR*		20,185
	400	G-Bits Network Technology Xiamen Co., Ltd.		32,812
	2,528	HUYA, Inc., ADR*^		44,619
	268	HYBE Co., Ltd.*		69,598
	9,347	IQIYI, Inc., ADR*		145,626
	4,000	Mango Excellent Media Co., Ltd., Class A		42,482
	531	Ncsoft Corp.		386,545
	12,515	NetEase, Inc., ADR		1,442,354
	657	Netmarble Corp.		78,204
	810	Pearl Abyss Corp.*		54,464
	7,050	Perfect World Co., Ltd., Class A		26,097
	20,844	Tencent Music Entertainment Group, ADR*		322,665
	4,800	Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		17,847
	15,360	Zhejiang Century Huatong Group Co., Ltd., Class A*		15,265

				3,508,485

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Equity Real Estate Investment Trusts (0.1%):
	96,015	Fibra UNO Amdinistracion SA	$	103,727
	111,747	Growthpoint Properties, Ltd.		116,701

				220,428

Food & Staples Retailing (1.1%):
	1,612	Abdullah Al Othaim Markets Co.		53,306
	13,933	Atacadao Distribuicao Comercio e Industria, Ltd.		58,834
	5,379	Avenue Supermarts, Ltd.*		242,164
	27,700	Berli Jucker pcl		30,098
	157	BGF Retail Co., Ltd.		25,035
	10,042	Bid Corp., Ltd.*		217,897
	15,705	BIM Birlesik Magazalar AS		112,253
	53,777	Cencosud SA		107,048
	8,233	Clicks Group, Ltd.		141,765
	166,700	CP All pcl		312,326
	1,473	Dino Polska SA*		108,238
	631	E-Mart Co., Ltd.		89,680
	10,020	Magnit PJSC, GDR		145,413
	16,000	President Chain Store Corp.		150,945
	37,127	Raia Drogasil SA		184,470
	16,826	Shoprite Holdings, Ltd.		183,217
	78,500	Sun Art Retail Group, Ltd.*		58,440
	5,844	The Spar Group, Ltd.		74,086
	165,130	Wal-Mart de Mexico SAB de C.V.		539,156
	3,565	X5 Retail Group NV, GDR		125,069
	1,456	Yifeng Pharmacy Chain Co., Ltd., Class A		12,641
	25,700	Yonghui Superstores Co., Ltd.*		18,813

				2,990,894

Food Products (1.7%):
	3,116	Adecoagro SA*		31,285
	8,424	Almarai Co. JSC		142,420
	7,000	Beijing Dabeinong Technology Group Co., Ltd.		7,368
	21,374	BRF SA*		117,460
	3,392	Britannia Industries, Ltd.		166,608
	107,900	Charoen Pokphand Foods Public Co., Ltd.		89,261
	110,000	China Feihe, Ltd.		237,452
	280,000	China Huishan Dairy Holdings Co., Ltd.*		—
	86,000	China Mengniu Dairy Co., Ltd.		520,059
	245	CJ CheilJedang Corp.		100,329
	75,500	Dali Foods Group Co., Ltd.		45,024
	7,228	Foshan Haitian Flavouring & Food Co., Ltd.		144,293
	700	Fu Jian Anjoy Foods Co., Ltd., Class A*		27,518
	5,255	Gruma, SAB de C.V., Class B		58,751
	55,199	Grupo Bimbo SAB de C.V., Series A, Class A		121,564
	3,800	Guangdong Haid Group Co., Ltd., Class A*		47,999
	5,400	Henan Shuanghui Investment & Development Co., Ltd.		26,575
	10,200	Inner Mongolia Yili Indsutrial Group Co., Ltd.		58,159
	90,500	IOI Corp. Berhad		82,018
	34,092	JBS SA		199,485
	3,100	Jiangxi Zhengbang Technology Co., Ltd., Class A		5,734
	1,500	Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd.		9,758
	700	Juewei Food Co., Ltd., Class A		9,132
	15,700	Kuala Lumpur Kepong Berhad		76,999
	9,772	Muyuan Foodstuff Co., Ltd.		92,023
	1,121	Nestle India, Ltd.		266,020
	2,000	Nestle Malaysia Bhd		64,258


Shares			Value
Common Stocks, continued
Food Products, continued
	10,600	New Hope Liuhe Co., Ltd., Class A*	$	24,073
	721	Orion Corp./ Republic of Korea		75,889
	20,980	PPB Group Berhad		92,552
	213,700	PT Charoen Pokphand Indonesia Tbk		92,147
	76,600	PT Indofood CBP Sukses Makmur Tbk		43,070
	127,500	PT Indofood Sukses Makmur Tbk		54,317
	32,650	QL Resources Berhad		44,438
	37,200	Sime Darby Plantation Bhd		35,704
	20,577	Tata Consumer Products, Ltd.		208,958
	56,100	Thai Union Frozen Products pcl		34,665
	9,830	The Savola Group		113,078
	3,980	Tiger Brands, Ltd.^		58,291
	70,000	Tingyi (Caymen Is) Holding Corp.		139,746
	6,800	Tongwei Co., Ltd., Class A		45,538
	43,000	Uni-President China Holdings, Ltd.		47,464
	157,000	Uni-President Enterprises Corp.		412,665
	32,810	Universal Robina Corp.		97,146
	163,000	Want Want China Holdings, Ltd.		115,469
	13,060	Wens Foodstuffs Group Co., Ltd.		29,047
	16,000	Yihai International Holding, Ltd.		107,474
	2,600	Yihai Kerry Arawana Holdings Co., Ltd., Class A		34,180

				4,653,463

Gas Utilities (0.5%):
	7,360	Adani Total Gas, Ltd.		101,245
	18,500	Beijing Enterprises Holdings, Ltd.		65,645
	93,800	China Gas Holdings, Ltd.		286,233
	32,000	China Resources Gas Group, Ltd.		192,063
	24,700	ENN Energy Holdings, Ltd.		470,211
	40,303	GAIL India, Ltd.		81,208
	8,251	Indraprastha Gas, Ltd.		61,986
	25,200	Petronas Gas Berhad		94,081

				1,352,672

Health Care Equipment & Supplies (0.4%):
	1,430	Autobio Diagnostics Co., Ltd., Class A		16,777
	54,400	Hartalega Holdings Berhad		96,326
	2,280	Jafron Biomedical Co., Ltd., Class A		30,479
	900	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd.		5,313
	43,800	Kossan Rubber Industries		33,970
	7,700	Lepu Medical Technology Beijing Co., Ltd., Class A		38,285
	20,000	Microport Scientific Corp.		179,428
	1,680	Ovctek China, Inc., Class A		26,930
	72,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		168,041
	2,100	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		156,094
	22,000	Sri Trang Gloves Thailand pcl		28,682
	40,635	Supermax Corp. Berhad		32,295
	155,200	Top Glove Corp. Berhad		156,016
	7,000	Venus MedTech Hangzhou, Inc., Class H*		58,380

				1,027,016

Health Care Providers & Services (0.7%):
	12,464	Aier Eye Hospital Group Co., Ltd., Class A		136,993
	3,000	Apollo Hospitals Enterprise, Ltd.		146,204
	301,500	Bangkok Dusit Medical Services Public Co., Ltd.		216,500
	13,700	Bumrungrad Hospital pcl		54,993
	2,589	Celltrion Healthcare Co., Ltd.*		266,074

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	1,270	Dr Sulaiman Al Habib Medical Services Group Co.	$	55,347
	1,400	Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		34,630
	35,667	Hapvida Participacoes e Investimentos SA		110,518
	3,300	Huadong Medicine Co., Ltd., Class A		23,508
	60,100	IHH Healthcare Berhad		79,362
	46,000	Jinxin Fertility Group, Ltd.		116,129
	600	Jointown Pharmaceutical Group Co., Ltd.		1,427
	15,300	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A*		21,575
	1,233	Mouwasat Medical Services Co.		59,247
	16,360	Notre Dame Intermedica Participacoes SA		279,388
	6,259	Rede D’Or Sao Luiz SA		86,877
	1,900	Shanghai Pharmaceuticals Holding Co., Ltd.		6,207
	25,500	Shanghai Pharmaceuticals Holding Co., Ltd.		55,489
	45,200	Sinopharm Group Co., Series H		134,484
	700	Topchoice Medical Corp., Class A*		44,543

				1,929,495

Health Care Technology (0.2%):
	130,000	Alibaba Health Information Technology, Ltd.*		288,343
	14,300	Ping An Healthcare and Technology Co., Ltd.*		178,111
	1,090	Winning Health Technology Group Co., Ltd.		2,745

				469,199

Hotels, Restaurants & Leisure (0.8%):
	231,900	Asset World Corp. pcl*		31,444
	3,600	China International Travel Service Corp., Ltd., Class A		167,292
	67,600	Genting Berhard		80,349
	86,800	Genting Malaysia Berhad		57,986
	33,000	Haidilao International Holding, Ltd.		173,846
	5,524	Huazhu Group, Ltd., ADR*		291,722
	20,000	Jiumaojiu International Holdings, Ltd.		81,787
	15,230	Jollibee Foods Corp.		66,663
	2,830	Jubilant Foodworks, Ltd.*		117,362
	2,483	Kangwon Land, Inc.*		59,327
	101,900	Minor International pcl*		95,571
	7,104	OPAP SA		107,094
	25,400	Shenzhen Overseas Chinese Town Co., Ltd., Class A		29,257
	6,660	Songcheng Performance Development Co., Ltd., Class A		17,308
	12,743	Yum China Holdings, Inc.		844,224

				2,221,232

Household Durables (0.5%):
	1,600	Ecovacs Robotics Co., Ltd., Class A		56,505
	66,800	Haier Smart Home Co., Ltd., Class H*		233,172
	3,411	LG Electronics, Inc.		495,063
	6,800	Midea Group Co., Ltd., Class A		75,198
	13,100	NavInfo Co., Ltd.		29,813
	5,000	Nien Made Enterprise Co., Ltd.		74,226
	1,400	Oppein Home Group, Inc., Class A		30,767
	11,900	Qingdao Haier Co., Ltd.		47,754
	28,400	TCL Corp., Class A		33,639
	1,893	Woongjin Coway Co., Ltd.		132,320
	1,600	Zhejiang Supor Co., Ltd., Class A		15,799

				1,224,256


Shares			Value
Common Stocks, continued
Household Products (0.4%):
	26,008	Hindustan Unilever, Ltd.	$	865,506
	54,099	Kimberl- Clark de Mexico SAB de C.V.		96,013
	274,300	PT Unilever Indonesia Tbk		93,954
	15,000	Vinda International Holdings, Ltd.		46,174

				1,101,647

Independent Power and Renewable Electricity Producers (0.5%):
	11,994	Adani Green Energy, Ltd.*		181,679
	26,100	B Grimm Power pcl		34,241
	213,000	Cgn Power Co., Ltd., Class H		47,461
	106,000	China Longyuan Power Group Corp.		182,684
	41,500	China National Nuclear Power Co., Ltd.		32,505
	185,000	China Power International Develpoment, Ltd.		40,507
	70,000	China Resources Power Holdings Co.		95,569
	40,400	China Yangtze Power Co., Ltd.		129,062
	271,021	Colbun SA		37,888
	2,400	Electricity Genera pcl		13,116
	7,616	Engie Brasil Energia SA		59,955
	25,400	Global Power Synergy pcl		57,809
	87,800	Gulf Energy Development pcl, Class R		93,945
	13,900	Huadian Power International Corp, Ltd., Class A		7,401
	168,000	Huaneng Power International, Inc., Class H		65,780
	139,773	NTPC, Ltd.		219,170
	16,900	Ratch Group pcl		24,094
	20,900	SDIC Power Holdings Co., Ltd., Class A		31,086
	21,900	Sichuan Chuantou Energy Co., Ltd., Class A		41,798

				1,395,750

Industrial Conglomerates (0.8%):
	77,690	Aboitiz Equity Ventures, Inc.		67,100
	7,824	Bidvest Group, Ltd.		104,370
	176,000	Citic, Ltd.		189,789
	403	CJ Corp.		38,347
	115,000	Far Eastern New Century Corp.		132,089
	86,500	Fosun International, Ltd.		124,434
	15,971	Grupo Carso SAB de C.V.		49,918
	15,300	Hap Seng Consolidated Berhad		28,764
	44,815	Industries Qatar Q.S.C.		163,207
	101,484	JG Summit Holdings, Inc.		129,241
	20,331	KOC Holdings AS		42,991
	2,856	LG Corp.		260,032
	2,613	Samsung C&T Corp.		316,842
	2,872	Siemens, Ltd.		78,138
	62,100	Sime Darby Berhad		32,624
	967	SK, Inc.		242,673
	7,815	SM Investments Corp.		160,055
	31,448	Turkiye Sise ve Cam Fabrikalari AS		27,623

				2,188,237

Insurance (2.3%):
	1,250	Bajaj Finserv, Ltd.*		203,979
	17,305	BB Seguridade Participacoes SA		80,380
	2,203	Bupa Arabia For Cooperative Insurance Co.		72,954
	254,137	Cathay Financial Holding Co., Ltd.		491,230
	49,033	China Life Insurance Co., Ltd.		46,410
	230,000	China Life Insurance Co., Ltd.		455,468
	6,100	China Life Insurance Co., Ltd.		32,002
	13,000	China Pacific Insurance Group Co., Ltd., Class A		58,308

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Insurance, continued
	83,000	China Pacific Insurance Group Co., Ltd., Class H	$	261,005
	49,200	China Taiping Insurance Holdings Co., Ltd.		81,875
	1,303	DB Insurance Co., Ltd.		63,421
	13,781	Discovery, Ltd.*		121,919
	22,395	HDFC Life Insurance Co., Ltd.		206,978
	7,561	ICICI Lombard General Insurance Co., Ltd.		159,547
	9,176	ICICI Prudential Life Insurance Co., Ltd.		75,713
	27,000	New China Life Insurance Co., Ltd.		92,155
	4,500	New China Life Insurance Co., Ltd., Class A		31,933
	145,915	Old Mutual, Ltd.		137,943
	178,000	People’s Insurance Co. Group of China, Ltd. (The)		59,379
	28,100	People’s Insurance Co. Group of China, Ltd. (The)		25,793
	230,000	Picc Property & Casuality Co., Ltd., Class H		201,193
	20,800	Ping An Insurance Group Co. of China, Ltd.		206,979
	193,500	Ping An Insurance Group Co. of China, Ltd.		1,889,177
	17,119	Powszechny Zaklad Ubezpieczen SA*		164,944
	26,923	Rand Merchant Investment Holdings, Ltd.		59,097
	972	Samsung Fire & Marine Insurance Co., Ltd.		190,354
	2,270	Samsung Life Insurance Co., Ltd.		160,834
	58,714	Sanlam, Ltd.		252,514
	14,052	SBI Life Insurance Co., Ltd.		190,908
	303,521	Shin Kong Financial Holdings Co., Ltd.		103,753
	2,914	The Co. for Cooperative Insurance		64,345
	16,500	Zhongan Online P&c Insurance Co., Ltd.*		93,408

				6,335,898

Interactive Media & Services (7.2%):
	1,931	Autohome, Inc., ADR		123,507
	8,404	Baidu, Inc., ADR*		1,713,576
	2,379	Info Edge India, Ltd.		157,503
	1,915	JOYY, Inc., ADR		126,332
	9,648	Kakao Corp.		1,396,376
	3,760	Mail.Ru Group, Ltd., GDR*		85,389
	4,088	Momo, Inc., ADR		62,587
	3,836	NAVER Corp.		1,422,652
	179,700	Tencent Holdings, Ltd.		13,517,227
	1,711	Weibo Corp., ADR*		90,033
	9,539	Yandex NV, Class A*		676,603

				19,371,785

Internet & Direct Marketing Retail (8.8%):
	388,376	Alibaba Group Holding, Ltd.*		11,004,064
	10,937	Alibaba Group Holding, Ltd., ADR*		2,480,293
	10,438	Allegro.eu SA*		179,784
	7,477	B2W Cia Digital*		99,619
	2,055	Baozun, Inc., ADR*^		72,829
	320	CJ ENM Co., Ltd.		51,930
	1,842	Dada Nexus, Ltd., ADR*		53,436
	88,000	HengTen Networks Group, Ltd.*		70,391
	9,050	JD Health International, Inc.*		129,747
	26,900	JD.com, Inc., ADR*		2,146,889
	112,700	Meituan*		4,654,807
	321	Ozon Holdings plc, ADR*		18,817
	965	Ozon Holdings plc, ADR*		57,243
	13,686	Pinduoduo, Inc., ADR*		1,738,396
	31,200	Tongcheng-Elong Holdings, Ltd.*		78,123
	15,719	Trip.com Group, Ltd., ADR*		557,396
	14,042	Vipshop Holdings, Ltd., ADR*		281,963

				23,675,727


Shares			Value
Common Stocks, continued
IT Services (2.0%):
	2,723	21Vianet Group, Inc., ADR*	$	62,493
	6,000	Beijing Sinnet Technology Co., Ltd.		13,332
	2,575	Chindata Group Holdings, Ltd., ADR*		38,857
	9,100	DHC Software Co., Ltd., Class A		11,170
	2,787	GDS Holdings, Ltd., ADR*		218,752
	33,611	HCL Technologies, Ltd.		445,008
	106,119	Infosys, Ltd.		2,239,802
	1,744	Kingsoft Cloud Holdings, Ltd., ADR*		59,174
	1,779	Larsen & Toubro Infotech, Ltd.		97,547
	1,016	Samsung SDS Co., Ltd.		166,957
	28,669	Tata Consultancy Services, Ltd.		1,291,818
	19,412	Tech Mahindra, Ltd.		286,320
	25,000	Travelsky Technology, Ltd., Series H		53,966
	42,098	Wipro, Ltd.		309,413

				5,294,609

Leisure Products (0.1%):
	11,000	Giant Manufacturing Co., Ltd.		125,754
	2,720	HLB, Inc.*		80,669

				206,423

Life Sciences Tools & Services (1.3%):
	4,021	Divi’s Laboratories, Ltd.*		238,588
	42,000	Genscript Biotech Corp.*		183,383
	1,800	Hangzhou Tigermed Consulting Co., Ltd., Class A		53,877
	3,100	Hangzhou Tigermed Consulting Co., Ltd., Class H		72,672
	2,100	Pharmaron Beijing Co., Ltd., Class A		70,550
	3,200	Pharmaron Beijing Co., Ltd., Class H		85,322
	538	Samsung Biologics Co., Ltd.*		401,638
	5,208	WuXi AppTec Co., Ltd., Class A		126,285
	10,536	WuXi AppTec Co., Ltd., Class H		246,040
	105,500	Wuxi Biologics Cayman, Inc.*		1,933,737

				3,412,092

Machinery (0.7%):
	4,000	AirTac International Group		154,378
	51,000	China Conch Venture Holdings, Ltd.		214,799
	72,200	China Shipbuilding Industry Co., Ltd., Class A*		46,043
	1,406	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		44,716
	1,481	Doosan Bobcat, Inc.		63,298
	23,000	Haitian International Holdings, Ltd.		77,169
	9,121	Hiwin Technologies Corp.		129,318
	1,660	Hyundai Heavy Industries Holdings Co., Ltd.		104,496
	3,108	Jiangsu Hengli Hydraulic Co., Ltd., Class A		41,363
	1,191	Korea Shipbuilding & Offshore*		142,169
	14,774	Samsung Heavy Industries Co., Ltd., Class R*		88,027
	36,000	Sany Heavy Equipment International Holdings Co., Ltd.		36,491
	15,600	Sany Heavy Industry Co., Ltd.		70,205
	4,050	Shenzhen Inovance Technology Co., Ltd.		46,589
	26,000	Sinotruk Hong Kong, Ltd.		55,725
	51,440	WEG SA		348,470
	15,600	Weichai Power Co., Ltd., Class A		43,169
	58,000	Weichai Power Co., Ltd., Class H		128,937
	30,200	XCMG Construction Machinery Co., Ltd.		29,780
	1,400	Zhejiang Dingli Machinery Co., Ltd., Class A*		12,718
	14,560	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		54,057
	900	Zhongji Innolight Co., Ltd., Class A		5,366
	14,800	Zoomlion Heavy Industry Science and Technology Co., Ltd., Class A		21,174

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery, continued
	47,600	Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H	$	49,845

				2,008,302

Marine (0.7%):
	71,500	COSCO SHIPPING Holdings Co., Ltd.*^		180,150
	20,200	COSCO SHIPPING Holdings Co., Ltd., Class A*		95,549
	81,835	Evergreen Marine Corp., Ltd.*		578,545
	8,078	HMM Co., Ltd.*		315,026
	36,500	MISC Berhad		59,657
	10,485	Pan Ocean Co., Ltd.		79,547
	17,000	Wan Hai Lines, Ltd.		195,765
	49,000	Yang Ming Marine Transport Corp.*		320,980

				1,825,219

Media (1.4%):
	2,304	Cheil Worldwide, Inc.		51,471
	12,600	China Literature, Ltd.*^		140,140
	9,928	Cyfrowy Polsat SA		78,028
	74,210	Grupo Televisa SAB		212,323
	8,200	Kuaishou Technology*		205,737
	5,875	Megacable Holdings SAB de C.V.		20,795
	11,118	MultiChoice Group, Ltd.		91,450
	9,300	Nanji E-Commerce Co., Ltd., Class A		14,066
	13,509	Naspers, Ltd.		2,839,375

				3,653,385

Metals & Mining (4.3%):
	3,562	African Rainbow Minerals, Ltd.		63,787
	77,337	Alrosa PAO		142,183
	116,000	Aluminum Corp. of China, Ltd.*		68,690
	271,200	Aneka Tambang Tbk		43,037
	1,698	Anglo American Platinum, Ltd.		196,324
	13,046	AngloGold Ashanti, Ltd.		242,264
	30,300	Baoshan Iron & Steel Co., Ltd., Class A		35,841
	6,515	Bradespar SA		97,374
	72,000	China Hongqiao Group, Ltd.		97,566
	58,500	China Molybdenum Co., Ltd., Class A*		46,745
	87,000	China Molybdenum Co., Ltd., Class H		51,662
	10,800	China Northern Rare Earth Group High-Tech Co., Ltd., Class A		34,623
	350,000	China Steel Corp.		497,576
	6,579	Cia de Minas Buenaventura SA, ADR*		59,540
	22,695	Companhia Siderurgica Nacional SA (CSN)		200,747
	41,694	Eregli Demir ve Celik Fabrikalari T.A.S.		86,545
	2,000	Ganfeng Lithium Co., Ltd.		37,514
	5,600	Ganfeng Lithium Co., Ltd., Class H		83,675
	29,043	Gold Fields		260,229
	100,260	Grupo Mexico SAB de C.V., Series B, Class B		471,686
	17,328	Harmony Gold Mining Co., Ltd.		64,043
	54,379	Hindalco Industries, Ltd.		272,498
	3,115	Hyundai Steel Co.		148,519
	24,831	Impala Platinum Holdings, Ltd.		410,573
	4,401	Industrias Penoles SAB de C.V.*		60,764
	88,300	Inner Mongolia Baotou Steel Union Co., Ltd.*		21,192
	34,000	Jiangxi Copper Co., Ltd.		69,635
	6,400	Jiangxi Copper Co., Ltd., Class A		22,263
	27,645	JSW Steel, Ltd.		254,961
	4,471	KGHM Polska Miedz SA		220,072


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	289	Korea Zinc Co.	$	110,766
	1,769	Kumba Iron Ore, Ltd.		79,379
	235,200	Merdeka Copper Gold Tbk PT*		47,708
	2,016	MMC Norilsk Nickel PJSC		682,909
	76,000	MMG, Ltd.*		33,480
	11,807	Northam Platinum, Ltd.*		179,487
	42,350	Novolipetsk Steel PJSC		133,125
	25,000	Perennial Energy Holdings, Ltd.^		5,922
	10,301	Polymetal International plc		223,439
	1,157	Polyus PJSC		224,513
	2,303	POSCO		708,814
	92,000	Press Metal Aluminium Holdings Bhd		106,034
	13,029	Saudi Arabian Mining Co.*		219,635
	7,676	Severstal		164,715
	8,120	Shandong Gold Mining Co., Ltd.		24,204
	14,000	Shandong Gold Mining Co., Ltd., Class H		24,817
	39,100	Shandong Nanshan Aluminum Co., Ltd., Class A*		21,854
	88,870	Sibanye Stillwater, Ltd.		372,043
	2,541	Southern Copper Corp.		163,437
	19,645	Tata Steel, Ltd.		309,154
	32,700	Tongling Nonferrous Metals Group Co., Ltd., Class A		13,808
	123,199	Vale SA		2,805,495
	37,580	Vedanta, Ltd.		133,015
	5,040	Yintai Gold Co., Ltd.		7,437
	24,000	Zhaojin Mining Industry Co., Ltd., Class H		22,840
	2,600	Zhejiang Huayou Cobalt Co., Ltd., Class A		45,994
	4,500	Zhongjin Gold Corp., Ltd.		6,023
	38,700	Zijin Mining Group Co., Ltd.		58,097
	190,000	Zijin Mining Group Co., Ltd.		255,515

				11,545,787

Multiline Retail (0.4%):
	72,375	Central Retail Corp. pcl		75,786
	26,285	Lojas Renner SA		233,770
	218	Lotte Shopping Co., Ltd.		22,366
	95,749	Magazine Luiza SA		407,201
	22,077	S.A.C.I. Falabella		98,321
	193	Shinsegae Department Store Co.		48,943
	6,235	Trent, Ltd.*		71,348
	30,415	Woolworths Holdings, Ltd.*		114,911

				1,072,646

Multi-Utilities (0.0%^†):
	16,879	Qatar Electricity & Water Co.		77,268

Oil, Gas & Consumable Fuels (5.0%):
	24,317	Bharat Pertoleum Corp., Ltd.		153,249
	13,320	China Merchants Energy Shipping Co., Ltd., Class A		9,526
	34,000	China Petroleum & Chemical Corp., Class A		22,947
	778,000	China Petroleum & Chemical Corp., Class H		394,580
	10,100	China Shenhua Energy Co., Ltd.*		30,520
	113,500	China Shenhua Energy Co., Ltd.		222,501
	38,180	Coal India, Ltd.		75,408
	30,707	Cosan sa industria e Comercio		147,941
	8,500	COSCO SHIPPING Energy Transportation Co., Ltd., Class A		8,104
	143,502	Ecopetrol SA		104,136
	12,351	Empresas Copec SA		121,659
	52,200	Energy Absolute Public Co., Ltd.		99,525

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares				Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	8,858		Exxaro Resources, Ltd.	$	104,544
	38,000		Formosa Petrochemical Corp.		145,247
	364,525		Gazprom PJSC		1,403,174
	1,948		GS Holdings		80,069
	22,086		Hindustan Petroleum Corp., Ltd.		87,240
	49,568		Indian Oil Corp., Ltd.		72,004
	124,000		Kunlun Energy Co., Ltd.		114,352
	13,296		LUKOIL PJSC		1,230,992
	13,557		MOL Hungarian Oil And Gas plc*		107,968
	2,930		Novatek PJSC, GDR		642,911
	87,680		Oil & Natural Gas Corp., Ltd.		139,517
	45,900		PetroChina Co., Ltd., Class A		37,642
	680,000		PetroChina Co., Ltd., Class H		332,828
	111,135	��	Petroleo Brasileiro SA		676,884
	153,771		Petroleo Brasileiro SA		909,974
	11,400		Petronas Dagangan Berhad		51,082
	21,431		Petronet LNG, Ltd.		65,159
	8,883		Polski Koncern Naftowy Orlen SA		179,069
	49,036		Polskie Gornictwo Naftowe i Gazownictwo SA		85,892
	639,600		PT Adaro Energy Tbk		53,173
	58,000		PT United Tractors Tbk		81,031
	46,600		PTT Exploration & Production pcl		170,760
	310,400		PTT pcl		381,252
	14,235		Qatar Fuel QSC		69,331
	46,623		Qatar Gas Transport Co., Ltd.		38,438
	10,829		Rabigh Refining & Petrochemical Co.*		67,904
	88,845		Reliance Industries, Ltd.		2,526,780
	37,929		Rosneft Oil Co. PJSC		296,756
	68,610		Saudi Arabian Oil Co.		642,160
	26,100		Shaanxi Coal Industry Co., Ltd.		47,892
	2,000		Shanxi Meijin Energy Co., Ltd., Class A*		2,341
	1,592		SK Innovation Co., Ltd.*		417,944
	1,367		S-Oil Corp.		124,524
	243,402		Surgutneftegas PJSC		122,229
	199,091		Surgutneftegas Prefernce		126,206
	43,241		Tatneft PJSC		314,800
	34,500		Thai Oil Public Co., Ltd.		58,894
	4,521		Tupras-Turkiye Petrol Rafine*		49,379
	21,910		Ultrapar Participacoes SA		81,019
	50,000		Yanzhou Coal Mining Co.		67,233
	1,194		YPF Sociedad Anonima, ADR*		5,588

					13,602,278

Paper & Forest Products (0.2%):
	33,569		Empresas CMPC SA		80,035
	43,000		Lee & Man Paper Manufacturing, Ltd.		32,731
	49,000		Nine Dragons Paper Holdings, Ltd.		62,861
	85,700		PT Indah Kiat Pulp & Paper Corp Tbk		44,049
	23,305		Suzano SA*		280,277

					499,953

Personal Products (0.6%):
	1,041		Amorepacific Corp.		232,710
	863		Amorepacific Group		49,059
	3,754		Colgate-Palmolive India, Ltd.		85,204
	16,996		Dabur India, Ltd.		130,103
	11,217		Godrej Consumer Products, Ltd.*		131,397
	22,000		Hengan International Group Co., Ltd.		147,346


Shares			Value
Common Stocks, continued
Personal Products, continued
	296	LG Household & Health Care, Ltd.	$	463,239
	60	LG Household & Health Care, Ltd.		40,752
	16,791	Marico, Ltd.		119,989
	29,667	Natura & Co. Holding SA*		338,475

				1,738,274

Pharmaceuticals (1.5%):
	12,537	Aspen Pharmacare Holdings, Ltd.*		142,401
	500	Asymchem Laboratories Tianjin Co., Ltd., Class A*		28,845
	8,967	Aurobindo Pharma, Ltd.		116,503
	900	Betta Pharmaceuticals Co., Ltd.		15,086
	2,400	CanSino Biologics, Inc., Class H*		127,547
	518	Celltrion Pharm, Inc.*		72,331
	800	Changchun High & New Technology Industry Group, Inc., Class A		47,939
	43,000	China Medical System Holdings, Ltd.		113,264
	286,000	China Pharmaceutical Enterprise & Investment Corp.		414,055
	80,500	China Resources Pharmaceutical		50,182
	100,000	China Traditional Chinese Medicine Holdings Co., Ltd.*		68,294
	14,918	Cipla, Ltd.*		195,123
	3,550	Dr Reddy’s Laboratories, Ltd.		259,219
	2,900	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A		15,195
	182	Hanmi Pharm Co., Ltd.		54,070
	36,000	Hansoh Pharmaceutical Group Co., Ltd.		157,191
	1,773	Hutchison China MediTech, Ltd., ADR*		69,626
	10,611	Hypera SA		73,546
	2,134	Ipca Laboratories, Ltd.		58,222
	14,227	Jiangsu Hengrui Medicine Co., Ltd.		149,703
	7,523	Lupin, Ltd.		116,405
	2,080	Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd.		13,443
	7,000	Oneness Biotech Co., Ltd.*		58,339
	3,371	Piramal Enterprises, Ltd.		109,021
	658,200	PT Kalbe Farma Tbk		63,572
	4,752	Richter Gedeon Nyrt		126,616
	3,300	Shanghai Fosun Pharmaceutical Group Co., Ltd.		36,860
	17,000	Shanghai Fosun Pharmaceutical Group Co., Ltd.		137,294
	4,800	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A*		21,666
	896	Shin Poong Pharmaceutical Co., Ltd.		68,447
	330,750	Sino Biopharmaceutical, Ltd.		324,624
	798	SK Biopharmaceuticals Co., Ltd.*		87,187
	30,000	SSY Group, Ltd.		26,816
	25,548	Sun Pharmaceutical Industries, Ltd.		232,349
	1,214	Torrent Pharmaceuticals, Ltd.		47,421
	1,588	Yuhan Corp.		89,002
	2,200	Yunnan Baiyao Group Co., Ltd.		39,407
	1,300	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.		90,237
	6,380	Zhejiang Huahai Pharmaceutical Co., Ltd.		20,620
	4,320	Zhejiang NHU Co., Ltd., Class A		19,183
	500	Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.		4,963

				3,961,814

Professional Services (0.0%^†):
	744	51job, Inc., ADR*		57,861

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Real Estate Management & Development (1.9%):
	50,000	Agile Group Holdings, Ltd.	$	64,786
	126,385	Aldar Properties PJSC		131,562
	238,800	Ayala Land, Inc.		176,427
	78,422	Barwa Real Estate Co.		64,232
	13,663	Cencosud Shopping SA		22,356
	72,200	Central Pattana pcl		118,356
	32,000	China Aoyuan Group, Ltd.		26,997
	60,000	China Everbright Environment Group, Ltd.		78,206
	12,350	China Fortune Land Development Co., Ltd.*		10,016
	166,000	China Jinmao Holdings Group, Ltd.		55,589
	4,900	China Merchants Property Operation & Service Co., Ltd., Class A		13,030
	24,100	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		40,848
	126,000	China Overseas Land & Investment, Ltd.		286,279
	55,000	China Overseas Property Holdings, Ltd.		58,796
	100,000	China Resources Land, Ltd.		405,081
	9,400	China Resources Mixc Lifestyle Services, Ltd.		64,352
	18,800	China Vanke Co., Ltd., Class A		69,295
	50,600	China Vanke Co., Ltd., Class H		158,367
	108,000	CIFI Holdings Group Co., Ltd.		84,298
	231,000	Country Garden Holdings Co., Ltd.		258,845
	14,300	Dar Al Arkan Real Estate Development Co.*		40,245
	17,411	DLF, Ltd.		65,928
	9,596	Emaar Economic City*		32,763
	115,979	Emaar Properties PJSC		131,457
	6,000	Future Land Holdings Co., Ltd.		38,640
	10,300	Gemdale Corp., Class A		16,326
	17,700	Greenland Holdings Corp., Ltd.		14,932
	22,000	Greentown China Holdings, Ltd.		33,889
	48,400	Guangzhou R&F Properties Co., Ltd., Class H		55,232
	20,000	Hopson Development Holdings, Ltd.		91,704
	12,500	Jinke Properties Group Co., Ltd., Class A		11,203
	58,000	Kaisa Group Holdings, Ltd.		21,963
	11,029	KE Holdings, Inc., ADR*		525,863
	51,000	KWG Group Holdings, Ltd.		68,317
	227,100	Land & Houses Public Co., Ltd.		56,383
	43,000	Logan Property Holdings Co., Ltd.		64,357
	56,000	Longfor Group Holdings, Ltd.		313,769
	14,252	Mabanee Co KPSC		33,923
	13,626	NEPI Rockcastle plc		96,619
	4,800	Poly Property Services Co., Ltd., Class H		32,582
	30,600	Poly Real Estate Group Co., Ltd., Class A*		57,030
	41,000	Powerlong Real Estate Holdings, Ltd.		35,222
	28,560	Ruentex Development Co., Ltd.		58,022
	62,000	Seazen Group, Ltd.		58,775
	44,500	Shanghai Lujiazue		41,344
	156,000	Shenzhen Investment, Ltd.		48,022
	42,000	Shimao Property Holdings, Ltd.		102,997
	17,000	Shimao Services Holdings, Ltd.		58,792
	329,600	SM Prime Holdings, Inc.		246,640
	81,000	Sunac China Holdings, Ltd.		278,030
	18,000	Sunac Services Holdings, Ltd.		66,889
	43,000	The Wharf Holdings, Ltd.		163,936
	37,600	Yuexiu Property Co., Ltd.		39,615
	62,000	Zhenro Properties Group, Ltd.		34,657

				5,223,784


Shares			Value
Common Stocks, continued
Road & Rail (0.2%):
	93,700	Beijing-Shanghai High Speed Railway Co., Ltd., Class A*	$	76,724
	303,300	BTS Group Holdings pcl		88,536
	235	CJ Logistics Corp.*		36,943
	7,427	Container Corp. of India, Ltd.		69,824
	19,840	Localiza Rent a Car SA		255,320
	36,591	Rumo SA*		140,899

				668,246

Semiconductors & Semiconductor Equipment (8.9%):
	105,465	ASE Technology Holding Co., Ltd.		423,980
	1,000	ASMedia Technology, Inc.		48,309
	1,694	Daqo New Energy Corp., ADR*		110,144
	17,000	Flat Glass Group Co., Ltd., Class H^		70,071
	36,500	GCL System Integration Technology Co., Ltd.*		19,660
	756	Gigadevice Semiconductor Beijing, Inc., Class A		21,973
	7,000	Globalwafers Co., Ltd.		231,105
	2,280	Hangzhou First Applied Material Co., Ltd., Class A		37,111
	4,600	Hangzhou Silan Microelectronics Co., Ltd., Class A		40,293
	14,000	Hua Hong Semiconductor, Ltd.*		77,033
	5,300	JCET Group Co., Ltd., Class A*		30,926
	10,920	Longi Green Energy Technology Co., Ltd.		149,963
	47,000	MediaTek, Inc.		1,622,900
	38,000	Nanya Technology Corp.		108,708
	18,000	Novatek Microelectronics Corp.		322,398
	4,000	Phison Electronics Corp.		68,916
	24,000	Powertech Technology, Inc.		92,674
	14,000	Realtek Semiconductor Corp.		253,769
	9,700	Sanan Optoelectronics Co., Ltd., Class A*		48,093
	600	SG Micro Corp., Class A		23,477
	1,400	Shenzhen Goodix Technology Co., Ltd., Class A		28,093
	2,000	Silergy Corp.		272,075
	17,031	SK Hynix, Inc.		1,929,339
	769,000	Taiwan Semiconductor Manufacturing Co., Ltd.		16,423,367
	10,700	Tianjin Zhonghuan Semiconductor Co., Ltd.		63,918
	10,600	Tianshui Huatian Technology Co., Ltd., Class A		25,233
	400	Unigroup Guoxin Microelectronics Co., Ltd., Class A		9,548
	372,000	United Microelectronics Corp.		709,016
	28,000	Vanguard International Semiconductor Corp.		118,332
	1,900	Will Semiconductor, Ltd., Class A		94,757
	10,000	Win Semiconductors Corp.		134,680
	102,000	Winbond Electronics Corp.		127,208
	152,000	Xinyi Solar Holdings, Ltd.		328,144

				24,065,213

Software (0.5%):
	8,800	360 Security Technology, Inc., Class A*		16,621
	1,494	Agora, Inc., ADR*		62,688
	1,400	Beijing Shiji Information Technology Co., Ltd., Class A		5,095
	900	China National Software & Service Co., Ltd., Class A		7,932
	480,000	China Youzan, Ltd.*		91,507
	515	Douzone Bizon Co., Ltd.		37,969
	1,226	Globant SA*		268,715
	1,950	Hundsun Technologies, Inc.*		28,150
	4,600	Iflytek Co., Ltd.		48,080
	84,000	Kingdee International Software Group Co., Ltd.*		284,532
	28,000	Kingsoft Corp., Ltd.		167,375
	12,000	Ming Yuan Cloud Group Holdings, Ltd.^		59,460

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Software, continued
	3,633	OneConnect Financial Technology Co., Ltd., ADR*	$	43,669
	700	Sangfor Technologies, Inc., Class A		28,129
	4,420	Shanghai Baosight Software Co., Ltd.		34,827
	15,698	TOTVS SA		118,843
	51,000	Weimob, Inc.*		111,953
	7,150	Yonyou Network Technology Co., Ltd.		36,820

				1,452,365

Specialty Retail (0.6%):
	69,603	Abu Dhabi National Oil Co. for Distribution PJSC		82,052
	18,000	China Meidong Auto Holdings, Ltd.		98,183
	2,316	FF Group*		27
	435,000	GOME Retail Holdings, Ltd.*		56,027
	225,000	Home Product Center Public Co., Ltd.		101,270
	9,000	Hotai Motor Co., Ltd.		198,349
	919	Hotel Shilla Co., Ltd.		79,181
	2,192	Jarir Marketing Co.		123,458
	3,482	Jumbo SA		58,609
	7,531	Mr Price Group, Ltd.		111,032
	27,899	Petrobras Distribuidora SA		149,671
	80,700	PTT Oil & Retail Business pcl, Class R		76,935
	17,100	Suning.com Co., Ltd., Class A		14,795
	45,000	Topsports International Holdings, Ltd.		73,727
	32,585	Via Varejo SA*		103,458
	20,000	Zhongsheng Group Holdings, Ltd.		166,413

				1,493,187

Technology Hardware, Storage & Peripherals (5.3%):
	111,000	Acer, Inc.		116,737
	11,616	Advantech Co., Ltd.		143,845
	23,000	Asustek Computer, Inc.		306,818
	80,300	BOE Technology Group Co., Ltd., Class A		77,583
	19,000	Catcher Technology Co., Ltd.		124,188
	2,600	China Greatwall Technology Group Co., Ltd., Class A		5,876
	139,000	Compal Electronics, Inc.		111,509
	37,199	Focus Media Information Technology Co., Ltd., Class A		54,189
	11,400	GRG Banking Equipment Co., Ltd., Class A		22,966
	3,156	Inspur Electronic Information Industry Co., Ltd., Class A		13,743
	70,000	Inventec Corp.		65,955
	226,000	Lenovo Group, Ltd.		259,938
	71,000	Lite-On Technology Corp.		146,791
	24,000	Micro-Star International Co., Ltd.		135,522
	5,000	Ninestar Corp.		24,902
	67,000	Pegatron Corp.		165,486
	80,000	Quanta Computer, Inc.		251,256
	148,769	Samsung Electronics Co., Ltd.		10,664,490
	6,100	Shenzhen Kaifa Technology Co., Ltd., Class A		18,076
	78,863	Wistron Corp.		87,788
	2,000	Wiwynn Corp.		71,572
	449,800	Xiaomi Corp., Class B*		1,565,901

				14,435,131

Textiles, Apparel & Luxury Goods (1.3%):
	7,360	Alpargatas SA*		74,278
	34,000	Anta Sports Products, Ltd.		800,505
	116,000	Bosideng International Holdings, Ltd.		82,923
	6,220	Eclat Textile Co., Ltd.		146,530
	15,000	Feng Tay Enterprise Co., Ltd.		131,757


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	1,622	Fila Korea, Ltd.	$	83,858
	70,500	Li Ning Co., Ltd.		860,875
	39	LPP SA*		131,706
	167	Page Industries, Ltd.		66,389
	83,000	Pou Chen Corp.		117,168
	25,700	Shenzhou International Group		649,148
	11,365	Titan Co., Ltd.		265,097

				3,410,234

Thrifts & Mortgage Finance (0.7%):
	53,335	Housing Development Finance Corp., Ltd.		1,779,588

Tobacco (0.3%):
	43,949	Eastern Co. SAE		33,257
	84,526	ITC, Ltd.		230,621
	3,423	KT&G Corp.		256,547
	12,100	PT Gudang Garam Tbk*		36,897
	3,856	RLX Technology, Inc., ADR*^		33,663
	37,000	Smoore International Holdings, Ltd.		205,053

				796,038

Trading Companies & Distributors (0.1%):
	8,010	Adani Enterprises, Ltd.*		162,660
	7,500	BOC Aviation, Ltd.		63,272

				225,932

Transportation Infrastructure (0.6%):
	13,889	Adani Ports & Special Economic Zone, Ltd.		131,647
	127,300	Airports of Thailand Public Co., Ltd.		246,633
	291,400	Bangkok Expressway & Metro		74,182
	74,000	Beijing Capital International Airport Co., Ltd.*		49,085
	31,993	CCR SA		86,525
	47,228	China Merchants Port Holdings Co., Ltd.		68,982
	80,000	COSCO SHIPPING Ports, Ltd.		62,443
	6,907	Grupo Aeroportuario de Sur*		127,501
	12,501	Grupo Aeroporturaio del Pacifico SAB de C.V.		133,075
	36,180	International Container Terminal Services, Inc.		121,161
	36,000	Jiangsu Expressway Co., Ltd., Series H, Class H		40,757
	28,300	Malaysia Airports Holdings Berhad*		40,897
	9,118	Promotora Y Operadora de Infraestructura SAB de CV		72,960
	3,000	Shanghai International Air*		22,350
	35,399	Shanghai International Port Group Co., Ltd.		26,137
	35,000	Shenzhen International Holdings, Ltd.		48,387
	54,000	Taiwan High Speed Rail Corp.		57,852
	33,400	Westports Holding Berhad		33,881
	42,000	Zhejiang Expressway Co., Ltd.		37,320

				1,481,775

Water Utilities (0.1%):
	186,000	Beijing Enterprises Water Group, Ltd.		70,433
	10,225	Cia Saneamento Basico Do Estado de Sao Paulo		75,209
	92,000	Guangdong Investment, Ltd.		132,239

				277,881

Wireless Telecommunication Services (1.4%):
	38,500	Advanced Info Service Public Co., Ltd.		205,615
	1,040,266	America Movil SAB de C.V., Series L		782,967
	91,800	Axiata Group Berhad		82,782
	77,093	Bharti Airtel, Ltd.		545,486
	100,300	DIGI.com Berhad		99,884
	12,139	Etihad Etisalat Co.		107,309

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Wireless Telecommunication Services, continued
	58,000	Far EasTone Telecommunications Co., Ltd.	$	134,342
	1,005	Globe Telecom, Inc.		37,779
	58,900	Intouch Holdings Public Co., Ltd.		119,529
	92,900	Maxis Berhad		98,319
	32,110	Mobile Telecommunications Co KSCP		62,794
	14,942	Mobile TeleSystems PJSC, ADR		138,363
	52,343	MTN Group, Ltd.*		378,423
	2,760	PLDT, Inc.		73,132
	1,214	SK Telecom Co., Ltd.		345,100
	49,000	Taiwan Mobile Co., Ltd.		179,359
	27,636	TIM SA		64,072
	40,565	Turkcell Iletisim Hizmetleri AS		75,275
	16,855	Vodacom Group, Ltd.^		152,048

				3,682,578

	Total Common Stocks (Cost $154,543,518)			264,587,688

Preferred Stocks (1.5%):
Automobiles (0.1%):
	1,265	Hyundai Motor Co., 2.69%, 6/29/20		129,229

Banks (0.6%):
	157,689	Banco Bradesco SA, 0.67%, 1/3/20		815,840
	147,576	Itau Unibanco Holding SA, 0.60%, 1/5/21		884,293

				1,700,133

Chemicals (0.0%^†):
	5,513	Braskem SA, Class A, 1.41%, 10/7/20*		66,014

Electric Utilities (0.0%^†):
	33,600	Cia Paranaense de Energia, Class B, 8.89%		40,064


Shares or Principal Amount				Value
Preferred Stocks, continued
Metals & Mining (0.1%):
	37,024	Gerdau SA, 1.76%, 3/6/20			220,438

Multiline Retail (0.1%):
	30,260	Lojas Americanas SA, 0.07%, 1/11/21		$	131,306

Technology Hardware, Storage & Peripherals (0.6%):
	25,838	Samsung Electronics Co., Ltd., 1.45%, 3/30/20			1,691,401

	Total Preferred Stocks (Cost $3,057,468)				3,978,585

Foreign Bond (0.0%^†):
Food Products (0.0%^†):
	$ 98,368	Britannia Industries, Ltd., 5.50%, 6/3/24+			1,313

	Total Foreign Bond (Cost $1,349)				1,313

Short-Term Security Held as Collateral for Securities on Loan (0.9%): (0.9%):
	2,328,074	BlackRock Liquidity FedFund, Institutional Class , 0.04%(a)(b)			2,328,074
			��
	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $2,328,074)				2,328,074

Unaffiliated Investment Company (0.3%):
Money Markets (0.3%):
	800,769	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(b)			800,769

	Total Unaffiliated Investment Company (Cost $800,769)				800,769

	Total Investment Securities (Cost $160,731,178)—100.7%				271,696,429
	Net other assets (liabilities)—(0.7)%				(1,796,600	)

	Net Assets—100.0%			$	269,899,829

Percentages indicated are based on net assets as of June 30, 2021.

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 June 30, 2021. The total value of securities on loan as of June 30, 2021 was $2,207,389.

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

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

(b)	The rate represents the effective yield at June 30, 2021.

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

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2021:

(Unaudited)


Country	Percentage

Argentina		—	%^†

Bermuda		0.1	%

Brazil		5.2	%

Cayman Islands		0.9	%

Chile		0.4	%

China		33.2	%

Colombia		0.1	%

Cyprus		0.1	%

Czech Republic		0.1	%

Egypt		0.1	%

Greece		0.1	%

Hong Kong		2.8	%

Hungary		0.2	%

India		9.8	%

Indonesia		1.1	%

Kuwait		0.5	%

Luxembourg		0.1	%

Malaysia		1.2	%

Mexico		1.7	%


Country	Percentage

Pakistan		—	%^†

Peru		—	%^†

Philippines		0.6	%

Poland		0.7	%

Qatar		0.6	%

Republic of Korea (South)		13.2	%

Romania		—	%^†

Russian Federation		3.2	%

Saudi Arabia		2.8	%

Singapore		—	%^†

South Africa		3.4	%

Switzerland		0.1	%

Taiwan, Province Of China		13.7	%

Thailand		1.6	%

Turkey		0.2	%

United Arab Emirates		0.7	%

United States		1.2	%

US		0.3	%


		100.0	%

†	Represents less than 0.05%.

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

Mini MSCI Emerging Markets Index September Futures (U.S. Dollar)		9/17/21		36	$	2,456,640	$	(8,633	)

							$	(8,633	)

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	160,731,178

Investment securities, at value(a)	$	271,696,429
Cash		980
Deposit at broker for futures contracts collateral		157,000
Interest and dividends receivable		675,920
Foreign currency, at value (cost $968,161)		964,092
Receivable for investments sold		8,000
Reclaims receivable		33,826
Prepaid expenses		11,468

Total Assets		273,547,715

Liabilities:
Payable for capital shares redeemed		94,807
Payable for collateral received on loaned securities		2,328,074
Payable for variation margin on futures contracts		19,765
Accrued foreign taxes		769,992
Manager fees payable		99,872
Administration fees payable		9,465
Distribution fees payable		51,771
Custodian fees payable		42,565
Administrative and compliance services fees payable		1,009
Transfer agent fees payable		4,434
Trustee fees payable		5,269
Other accrued liabilities		220,863

Total Liabilities		3,647,886

Net Assets	$	269,899,829

Net Assets Consist of:
Paid in capital	$	152,711,204
Total distributable earnings		117,188,625

Net Assets	$	269,899,829

Class 1
Net Assets	$	18,016,266
Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,970,455
Net Asset Value (offering and redemption price per share)	$	9.14

Class 2
Net Assets	$	251,883,563
Shares of beneficial interest (unlimited number of shares authorized, no par value)		27,569,305
Net Asset Value (offering and redemption price per share)	$	9.14

(a)	Includes securities on loan of $2,207,389.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends	$	2,867,100
Income from securities lending		9,956
Foreign withholding tax		(283,318	)

Total Investment Income		2,593,738

Expenses:
Manager fees		1,144,034
Administration fees		24,180
Distribution fees — Class 2		313,953
Custodian fees		88,859
Administrative and compliance services fees		2,085
Transfer agent fees		6,148
Trustee fees		7,408
Professional fees		9,847
Shareholder reports		9,116
Other expenses		128,622

Total expenses before reductions		1,734,252
Less expenses voluntarily waived/reimbursed by the Manager		(538,368	)

Net expenses		1,195,884

Net Investment Income/(Loss)		1,397,854

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		5,644,583
Net realized gains/(losses) on futures contracts		156,159
Net realized gains/(losses) on foreign taxes		(2,291	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		12,073,215
Change in net unrealized appreciation/depreciation on futures contracts		(69,557	)
Change in net unrealized appreciation/depreciation on foreign taxes		(265,548	)

Net realized and Change in net unrealized gains/losses on investments		17,536,561

Change in Net Assets Resulting From Operations	$	18,934,415

See accompanying notes to the financial statements.

AZL MSCI Emerging Markets Equity Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,397,854			$	2,818,801
Net realized gains/(losses) on investments			5,798,451				3,629,948
Change in unrealized appreciation/depreciation on investments			11,738,110				24,126,294

Change in net assets resulting from operations			18,934,415				30,575,043

Distributions to Shareholders:
Class 1			—				(1,141,511	)
Class 2			—				(16,322,201	)

Change in net assets resulting from distributions to shareholders			—				(17,463,712	)


Capital Transactions:
Class 1
Proceeds from shares issued			3,165				40,336
Proceeds from dividends reinvested			—				1,141,512
Value of shares redeemed			(919,287	)			(2,695,404	)

Total Class 1 Shares			(916,122	)			(1,513,556	)

Class 2
Proceeds from shares issued			1,025,496				15,754,027
Proceeds from dividends reinvested			—				16,322,200
Value of shares redeemed			(26,293,919	)			(92,767,343	)

Total Class 2 Shares			(25,268,423	)			(60,691,116	)

Change in net assets resulting from capital transactions			(26,184,545	)			(62,204,672	)

Change in net assets			(7,250,130	)			(49,093,341	)
Net Assets:
Beginning of period			277,149,959				326,243,300

End of period		$	269,899,829			$	277,149,959


Share Transactions:
Class 1
Shares issued			351				5,758
Dividends reinvested			—				154,258
Shares redeemed			(102,711	)			(380,214	)

Total Class 1 Shares			(102,360	)			(220,198	)

Class 2
Shares issued			115,410				2,391,693
Dividends reinvested			—				2,205,703
Shares redeemed			(2,910,101	)			(13,505,171	)

Total Class 2 Shares			(2,794,691	)			(8,907,775	)

Change in shares			(2,897,051	)			(9,127,973	)

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Class 1

Net Asset Value, Beginning of Period		$	8.54			$	7.85			$	6.99			$	8.78			$	6.60			$	6.04

Investment Activities:
Net Investment Income/(Loss)			0.06	(a)			0.10	(a)			0.15	(a)			0.16				0.12				0.06
Net Realized and Unrealized Gains/(Losses) on Investments			0.54				1.17				1.04				(1.50	)			2.30				0.56

Total from Investment Activities			0.60				1.27				1.19				(1.34	)			2.42				0.62

Distributions to Shareholders From:
Net Investment Income			—				(0.29	)			(0.15	)			(0.16	)			(0.04	)			(0.06	)
Net Realized Gains			—				(0.29	)			(0.18	)			(0.29	)			(0.20	)			—

Total Dividends			—				(0.58	)			(0.33	)			(0.45	)			(0.24	)			(0.06	)

Net Asset Value, End of Period		$	9.14			$	8.54			$	7.85			$	6.99			$	8.78			$	6.60

Total Return(b)			7.03	%(c)			17.26	%			17.55	%			(15.31	)%			36.97	%			10.21	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	18,016			$	17,703			$	17,995			$	17,072			$	22,883			$	19,006
Net Investment Income/(Loss)(d)			1.27	%			1.32	%			1.97	%			1.89	%			1.56	%			1.05	%
Expenses Before Reductions(d)(e)			1.05	%			1.17	%			1.10	%			1.03	%			1.11	%			1.41	%
Expenses Net of Reductions(d)			0.65	%			0.77	%			0.70	%			0.63	%			0.71	%			1.14	%
Portfolio Turnover Rate(f)			4	%			12	%			25	%			20	%			19	%			115	%

Class 2

Net Asset Value, Beginning of Period		$	8.54			$	7.85			$	6.99			$	8.77			$	6.60			$	6.04

Investment Activities:
Net Investment Income/(Loss)			0.05	(a)			0.08	(a)			0.12	(a)			0.14				0.10				0.04
Net Realized and Unrealized Gains/(Losses) on Investments			0.55				1.16				1.05				(1.49	)			2.30				0.56

Total from Investment Activities			0.60				1.24				1.17				(1.35	)			2.40				0.60

Distributions to Shareholders From:
Net Investment Income			—				(0.26	)			(0.13	)			(0.14	)			(0.03	)			(0.04	)
Net Realized Gains			—				(0.29	)			(0.18	)			(0.29	)			(0.20	)			—

Total Dividends			—				(0.55	)			(0.31	)			(0.43	)			(0.23	)			(0.04	)

Net Asset Value, End of Period		$	9.14			$	8.54			$	7.85			$	6.99			$	8.77			$	6.60

Total Return(b)			7.03	%(c)			16.92	%			17.18	%			(15.46	)%			36.63	%			9.89	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	251,884			$	259,447			$	308,248			$	297,839			$	351,886			$	248,872
Net Investment Income/(Loss)(d)			1.02	%			1.06	%			1.65	%			1.61	%			1.35	%			0.80	%
Expenses Before Reductions(d)(e)			1.30	%			1.42	%			1.35	%			1.28	%			1.36	%			1.64	%
Expenses Net of Reductions(d)			0.90	%			1.02	%			0.95	%			0.88	%			0.96	%			1.36	%
Portfolio Turnover Rate(f)			4	%			12	%			25	%			20	%			19	%			115	%

(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 MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services —Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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 its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products 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 MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Class Allocation

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $981 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $2,328,074 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $3.1 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

8,633

Foreign Exchange Risk

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

—

Unrealized depreciation on forward currency contracts

—

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	156,159	$	(69,557	)

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, 2022.

For the period ended June 30, 2021, 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 waived, prior to any application of expense limit, 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 (i.e., discontinue the waiver) at any time after April 30, 2022.

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Level 3			Total

Common Stocks+		$	72,299,858			$	192,287,830		$	—		$	264,587,688
Preferred Stocks+			2,157,955				1,820,630			—			3,978,585
Foreign Bond+			—				1,313			—			1,313
Short-Term Security Held as Collateral for Securities on Loan			2,328,074				—			—			2,328,074
Unaffiliated Investment Company			800,769				—			—			800,769

Total Investment Securities			77,586,656				194,109,773			—			271,696,429

Other Financial Instruments:*
Futures Contracts			(8,633	)			—			—			(8,633	)

Total Investments		$	77,578,023			$	194,109,773		$	—		$	271,687,796

+	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 period ended June 30, 2021, 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		$	11,312,877		$	37,041,191

6. Investment Risks

AZL MSCI Emerging Markets Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $188,574,430. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	103,788,335
Unrealized (depreciation)		(12,778,725	)

Net unrealized appreciation/(depreciation)	$	91,009,610

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL MSCI Emerging Markets Equity Index Fund		$	8,339,630		$	9,124,082		$	17,463,712

(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, 2020, 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		$	3,376,802		$	4,359,675		$	—		$	90,517,733		$	98,254,210

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, mark-to-market of passive foreign investment companies, 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 June 30, 2021, 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.

10. Subsequent Events

AZL MSCI Emerging Markets Equity Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077

	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927

	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%


FUND		FOR	AGAINST	ABSTAIN

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® MSCI Global Equity Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 19

Page 19

Page 20

Page 21

Page 22

Special Joint Meeting of Shareholders

Page 28

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 31

Page 32

AZL MSCI Global Equity Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MSCI Global Equity Index Fund, Class 1**		$	1,000.00		$	1,021.00		$	0.11		0.41	%

AZL MSCI Global Equity Index Fund, Class 2		$	1,000.00		$	1,126.80		$	3.48		0.66	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL MSCI Global Equity Index Fund, Class 1		$	1,000.00		$	1,022.76		$	2.06		0.41	%

AZL MSCI Global Equity Index Fund, Class 2		$	1,000.00		$	1,021.52		$	3.31		0.66	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		22.0	%

Financials		13.4

Health Care		12.5

Consumer Discretionary		11.9

Industrials		10.4

Communication Services		9.0

Consumer Staples		7.1

Materials		4.4

Energy		3.2

Real Estate		2.7

Utilities		2.7


Total Common Stocks and Preferred Stocks		99.3

Right		—	^†

Short-Term Security Held as Collateral for Securities on Loan		0.7

Unaffiliated Investment Company		0.5


Total Investment Securities		100.5

Net other assets (liabilities)		(0.5	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares				Value
Common Stocks (99.2%):
Aerospace & Defense (1.4%):
	5,436		Airbus SE*	$	699,966
	27,636		BAE Systems plc		199,769
	5,119		Boeing Co. (The)*		1,226,308
	2,614		CAE, Inc.*		80,525
	29		Dassault Aviation SA		34,136
	203		Elbit Systems, Ltd.		26,316
	2,249		General Dynamics Corp.		423,397
	407		HEICO Corp.		56,744
	674		HEICO Corp., Class A		83,697
	3,607		Howmet Aerospace, Inc.*		124,333
	373		Huntington Ingalls Industries, Inc.		78,610
	1,942		L3harris Technologies, Inc.		419,763
	2,330		Lockheed Martin Corp.		881,556
	493		MTU Aero Engines AG		122,136
	1,464		Northrop Grumman Corp.		532,062
	14,044		Raytheon Technologies Corp.		1,198,094
	77,337		Rolls-Royce Holdings plc*		106,083
	3,159		Safran SA		438,240
	16,600		Singapore Technologies Engineering, Ltd.		47,917
	429		Teledyne Technologies, Inc.*		179,678
	2,091		Textron, Inc.		143,798
	986		Thales SA		100,643
	456		TransDigm Group, Inc.*		295,164

					7,498,935

Air Freight & Logistics (0.6%):
	8,533	��	Bollore, Inc.		45,753
	1,237		C.H. Robinson Worldwide, Inc.		115,870
	9,162		Deutsche Post AG		623,316
	1,565		Expeditors International of Washington, Inc.		198,129
	2,274		FedEx Corp.		678,402
	2,726		InPost SA*		54,761
	3,000		SG Holdings Co., Ltd.		78,654
	6,573		United Parcel Service, Inc., Class B		1,366,987
	697		XPO Logistics, Inc.*		97,503
	2,800		Yamato Holdings Co., Ltd.		79,632

					3,339,007

Airlines (0.1%):
	990		Air Canada*		20,369
	1,000		ANA Holdings, Inc.*		23,505
	1,475		Delta Air Lines, Inc.*		63,808
	3,993		Deutsche Lufthansa AG, Registered Shares*^		44,935
	1,000		Japan Airlines Co., Ltd.*		21,638
	12,749		Qantas Airways, Ltd.*		44,690
	14,350		Singapore Airlines, Ltd.*		51,856
	1,365		Southwest Airlines Co.*		72,468

					343,269

Auto Components (0.5%):
	1,500		Aisin Sieki Co., Ltd.		64,124
	2,496		Aptiv plc*		392,696
	767		Autoliv, Inc.		74,982
	2,209		BorgWarner, Inc.		107,225
	5,300		Bridgestone Corp.^		241,092
	1,566		Compagnie Generale des Establissements Michelin SCA, Class B		249,907
	1,017		Continental AG		149,535
	4,000		Denso Corp.		272,789


Shares			Value
Common Stocks, continued
Auto Components, continued
	886	Faurecia SA	$	43,509
	198	Faurecia SE		9,686
	1,000	Koito Manufacturing Co., Ltd.		62,175
	556	Lear Corp.		97,456
	2,639	Magna Internationl, Inc.		244,375
	1,600	Stanley Electric Co., Ltd.		46,285
	7,000	Sumitomo Electric Industries, Ltd.		103,238
	1,400	Toyota Industries Corp.		121,073
	2,122	Valeo SA		63,903
	20,000	Xinyi Glass Holdings, Ltd.		81,529

				2,425,579

Automobiles (2.0%):
	3,060	Bayerische Motoren Werke AG (BMW)		324,124
	7,739	Daimler AG, Registered Shares		691,244
	1,165	Ferrari NV		240,456
	36,118	Ford Motor Co.*		536,713
	11,986	General Motors Co.*		709,212
	15,100	Honda Motor Co., Ltd.		484,164
	5,100	Isuzu Motors, Ltd.		67,654
	5,800	Mazda Motor Corp.*		54,485
	21,500	Nissan Motor Co., Ltd.*		106,662
	1,777	Renault SA*		71,834
	12,664	Stellantis NV		249,826
	6,079	Stellantis NV		119,241
	5,700	Subaru Corp.		112,417
	3,400	Suzuki Motor Corp.		143,828
	7,072	Tesla, Inc.*		4,806,838
	19,400	Toyota Motor Corp.		1,693,802
	300	Volkswagen AG		98,466
	2,600	Yamaha Motor Co., Ltd.		70,653

				10,581,619

Banks (6.0%):
	4,057	ABN AMRO Group NV*		48,968
	25,569	Australia & New Zealand Banking Group, Ltd.		538,494
	59,192	Banco Bilbao Vizcaya Argentaria SA		368,210
	160,270	Banco Santander SA		610,984
	10,495	Bank Hapoalim BM*		84,338
	13,428	Bank Leumi Le-Israel Corp.*		102,127
	71,433	Bank of America Corp.		2,945,183
	24,800	Bank of East Asia, Ltd. (The)		45,976
	5,979	Bank of Montreal		612,951
	11,205	Bank of Nova Scotia		728,858
	221	Banque Cantonale Vaudois, Registered Shares		19,856
	160,457	Barclays plc		380,507
	10,396	BNP Paribas SA		650,961
	34,000	BOC Hong Kong Holdings, Ltd.		115,249
	41,086	CaixaBank SA		126,233
	4,139	Canadian Imperial Bank of Commerce		471,240
	7,300	Chiba Bank, Ltd. (The)		43,950
	19,244	Citigroup, Inc.		1,361,513
	3,929	Citizens Financial Group, Inc.		180,223
	9,260	Commerzbank AG*		65,692
	16,397	Commonwealth Bank of Australia		1,225,972
	8,400	Concordia Financial Group, Ltd.		30,658
	10,783	Credit Agricole SA		150,894
	6,375	Danske Bank A/S		112,090

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Banks, continued
	16,600	DBS Group Holdings, Ltd.	$	368,452
	8,598	DNB ASA		187,357
	2,582	Erste Group Bank AG		94,637
	6,588	Fifth Third Bancorp		251,859
	3,510	Finecobank Banca Fineco SpA*		61,328
	1,610	First Republic Bank		301,344
	7,100	Hang Seng Bank, Ltd.		141,749
	188,257	HSBC Holdings plc		1,086,242
	13,637	Huntington Bancshares, Inc.		194,600
	34,876	ING Groep NV		461,342
	152,647	Intesa Sanpaolo SpA		421,263
	7,605	Isreal Discount Bank*		36,257
	4,700	Japan Post Bank Co., Ltd.		39,373
	27,995	JPMorgan Chase & Co.		4,354,342
	2,311	KBC Group NV		176,015
	8,954	KeyCorp		184,900
	654,913	Lloyds Banking Group plc		423,611
	1,189	M&T Bank Corp.		172,774
	5,740	Mediobanca SpA*		66,982
	113,000	Mitsubishi UFJ Financial Group, Inc.		610,097
	1,433	Mizrahi Tefahot Bank, Ltd.*		44,176
	22,250	Mizuho Financial Group, Inc.		313,559
	30,474	National Australia Bank, Ltd.		598,010
	3,113	National Bank of Canada		233,010
	45,008	Natwest Group plc		126,450
	29,945	Nordea Bank AB		333,288
	31,000	Oversea-Chinese Banking Corp., Ltd.		275,766
	3,916	PNC Financial Services Group, Inc. (The)		747,016
	1,417	Raiffeisen International Bank-Holding AG		32,058
	8,879	Regions Financial Corp.		179,178
	19,700	Resona Holdings, Inc.		75,531
	13,006	Royal Bank of Canada		1,317,915
	4,800	Shizuoka Bank, Ltd. (The)		36,978
	15,042	Skandinaviska Enskilda Banken AB, Class A		194,245
	7,493	Societe Generale		220,618
	24,795	Standard Chartered plc		157,960
	11,600	Sumitomo Mitsui Financial Group, Inc.		399,265
	3,100	Sumitomo Mitsui Trust Holdings, Inc.		98,132
	480	SVB Financial Group*		267,086
	13,481	Svenska Handelsbanken AB, Class A		152,080
	8,370	Swedbank AB, Class A		155,680
	16,560	Toronto-Dominion Bank (The)		1,160,696
	12,451	Truist Financial Corp.		691,031
	13,189	U.S. Bancorp		751,377
	19,644	Unicredit SpA		231,473
	10,804	United Overseas Bank, Ltd.		207,812
	37,868	Wells Fargo & Co.		1,715,042
	33,907	Westpac Banking Corp.		653,257

				32,024,340

Beverages (1.6%):
	7,042	Anheuser-Busch InBev NV		507,063
	4,200	Asahi Breweries, Ltd.^		196,198
	84	Boston Beer Co., Inc. (The), Class A*		85,747
	2,860	Brown-Forman Corp., Class B		214,328
	18,500	Budweiser Brewing Co. APAC, Ltd.		58,232
	952	Carlsberg A/S, Class B		177,753
	37,548	Coca-Cola Co. (The)		2,031,722


Shares			Value
Common Stocks, continued
Beverages, continued
	810	Coca-Cola Europacific Partners plc	$	48,049
	1,082	Coca-Cola European Partners plc		63,563
	1,242	Coca-Cola HBC AG		44,911
	1,571	Constellation Brands, Inc., Class C		367,441
	4,937	David Campari-Milano NV		66,214
	21,298	Diageo plc		1,020,532
	1,065	Heineken Holding NV		107,280
	2,396	Heineken NV		290,430
	400	ITO EN, Ltd.		23,726
	6,503	Keurig Dr Pepper, Inc.		229,166
	7,600	Kirin Holdings Co., Ltd.^		148,164
	1,759	Molson Coors Brewing Co., Class B*		94,441
	3,661	Monster Beverage Corp.*		334,432
	12,643	PepsiCo, Inc.		1,873,313
	1,936	Pernod Ricard SA		429,660
	236	Remy Cointreau SA		48,739
	1,500	Suntory Beverage & Food, Ltd.^		56,305
	6,668	Treasury Wine Estates, Ltd.		58,384

				8,575,793

Biotechnology (1.7%):
	16,181	AbbVie, Inc.		1,822,628
	2,042	Alexion Pharmaceuticals, Inc.*		375,136
	1,081	Alnylam Pharmaceuticals, Inc.*		183,251
	5,338	Amgen, Inc.		1,301,137
	424	Argenx SE*		127,718
	1,408	Biogen, Inc.*		487,548
	1,680	BioMarin Pharmaceutical, Inc.*		140,179
	4,205	CSL, Ltd.		899,385
	1,563	Exact Sciences Corp.*		194,297
	606	Genmab A/S*		247,214
	11,614	Gilead Sciences, Inc.		799,740
	2,757	Grifols SA^		74,683
	1,727	Incyte Corp.*		145,293
	2,854	Moderna, Inc.*		670,633
	868	Neurocrine Biosciences, Inc.*		84,474
	649	Novavax, Inc.*^		137,789
	700	Peptidream, Inc.*		34,332
	943	Regeneron Pharmaceuticals, Inc.*		526,703
	1,256	Seagen, Inc.*		198,297
	2,403	Verizon Communications, Inc.*		484,517

				8,934,954

Building Products (0.7%):
	1,255	A.O. Smith Corp.		90,435
	1,800	AGC, Inc.^		75,567
	548	Allegion plc		76,337
	291	Allegion plc		40,536
	8,764	ASSA Abloy AB, Class B		264,127
	7,632	Carrier Global Corp.		370,915
	4,443	Compagnie de Saint-Gobain SA		292,905
	2,300	Daikin Industries, Ltd.		428,205
	1,282	Fortune Brands Home & Security, Inc.		127,700
	342	Geberit AG, Registered Shares		256,696
	6,657	Johnson Controls International plc		456,870
	1,427	Kingspan Group plc		134,777
	314	Lennox International, Inc.		110,151
	2,500	Lixil Corp.		64,636

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Building Products, continued
	2,377	Masco Corp.	$	140,029
	13,176	Nibe Industrier AB, Class B		138,728
	970	Owens Corning		94,963
	106	ROCKWOOL International A/S, Class B		51,736
	1,300	TOTO, Ltd.		67,262
	2,204	Trane Technologies plc		405,845

				3,688,420

Capital Markets (3.0%):
	8,994	3i Group plc		146,171
	1,079	Ameriprise Financial, Inc.		268,542
	672	Amundi SA		59,197
	1,608	Apollo Global Management, Inc.		100,018
	1,789	ASX, Ltd.		104,264
	7,716	Bank of New York Mellon Corp. (The)		395,291
	1,410	BlackRock, Inc., Class A+		1,233,708
	6,321	Blackstone Group, Inc. (The), Class A		614,022
	11,859	Brookfield Asset Management, Inc., Class A		605,102
	1,473	Carlyle Group, Inc. (The)		68,465
	861	Cboe Global Markets, Inc.		102,502
	13,332	Charles Schwab Corp. (The)		970,703
	3,245	CME Group, Inc.		690,147
	22,623	Credit Suisse Group AG		236,841
	13,400	Daiwa Securities Group, Inc.		73,345
	19,102	Deutsche Bank AG, Registered Shares*		248,800
	1,756	Deutsche Boerse AG		306,475
	2,202	EQT AB		79,981
	351	FactSet Research Systems, Inc.		117,799
	2,803	Franklin Resources, Inc.		89,668
	469	Futu Holdings, Ltd., ADR*		83,993
	3,151	Goldman Sachs Group, Inc. (The)		1,195,899
	3,288	Hargreaves Lansdown plc		72,306
	6,600	Hong Kong Exchanges & Clearing, Ltd.		393,411
	979	IGM Financial, Inc.		34,566
	5,192	Intercontinental Exchange, Inc.		616,290
	3,607	Invesco, Ltd.		96,415
	4,700	Japan Exchange Group, Inc.		104,482
	2,069	Julius Baer Group, Ltd.		134,978
	4,796	KKR & Co., Inc., Class A		284,115
	3,001	London Stock Exchange Group plc		330,958
	3,177	Macquarie Group, Ltd.		372,550
	1,274	Magellan Financial Group, Ltd.		51,466
	351	MarketAxess Holdings, Inc.		162,720
	1,556	Moody’s Corp.		563,848
	13,046	Morgan Stanley		1,196,188
	763	MSCI, Inc., Class A		406,740
	1,066	Nasdaq, Inc.		187,403
	9,636	Natixis		45,685
	28,400	Nomura Holdings, Inc.		144,283
	1,829	Northern Trust Corp.		211,469
	210	Partners Group Holding AG		318,334
	1,146	Raymond James Financial, Inc.		148,865
	2,185	S&P Global, Inc.		896,833
	2,400	SBI Holdings, Inc.		56,756
	1,149	Schroders plc		55,899
	1,127	SEI Investments Co.		69,840
	3,200	Singapore Exchange, Ltd.		26,645
	4,974	St. James Place plc		101,777


Shares			Value
Common Stocks, continued
Capital Markets, continued
	3,251	State Street Corp.	$	267,492
	2,107	T. Rowe Price Group, Inc.		417,123
	521	TMX Group, Ltd.		55,043
	940	Tradeweb Markets, Inc., Class A		79,486
	32,863	UBS Group AG		503,317

				16,198,216

Chemicals (2.2%):
	4,290	Air Liquide SA		751,620
	2,045	Air Products & Chemicals, Inc.		588,306
	1,761	Akzo Nobel NV		217,590
	1,078	Albemarle Corp.		181,600
	577	Arkema SA		72,435
	11,600	Asahi Kasei Corp.		127,046
	8,489	BASF SE		668,869
	1,055	Celanese Corp.		159,938
	1,978	CF Industries Holdings, Inc.		101,768
	801	Christian Hansen Holding A/S		72,314
	2,080	Clariant AG		41,381
	6,877	Corteva, Inc.		304,995
	1,786	Covestro AG		115,351
	1,289	Croda International plc		131,464
	6,626	Dow, Inc.		419,293
	4,973	DuPont de Nemours, Inc.		384,960
	1,256	Eastman Chemical Co.		146,638
	2,374	Ecolab, Inc.		488,973
	31	EMS-Chemie Holding AG		30,468
	1,938	Evonik Industries AG		64,980
	1,196	FMC Corp.		129,407
	862	Fuchs Petrolub AG		41,979
	85	Givaudan SA, Registered Shares		395,446
	6,835	ICL Group, Ltd.		46,423
	2,299	International Flavors & Fragrances, Inc.		343,471
	1,789	Johnson Matthey plc		76,149
	1,900	JSR Corp.		57,450
	1,300	Kansai Paint Co., Ltd.		33,120
	1,593	Koninklijke DSM NV		297,362
	803	Lanxess AG		55,058
	4,837	Linde plc		1,398,377
	2,471	LyondellBasell Industries NV, Class A		254,192
	11,800	Mitsubishi Chemical Holdings Corp.		98,921
	2,000	Mitsubishi Gas Chemical Co., Inc.		42,396
	1,700	Mitsui Chemicals, Inc.		58,537
	3,329	Mosaic Co. (The)		106,228
	6,600	Nippon Paint Holdings Co., Ltd.^		89,545
	1,100	Nippon Sanso Holdings Corp.		22,539
	1,300	Nissan Chemical Corp.		63,634
	1,400	Nitto Denko Corp.		104,429
	1,924	Novozymes A/S, Class B		145,222
	5,262	Nutrien, Ltd.		318,887
	2,876	Orica, Ltd.		28,651
	2,189	PPG Industries, Inc.		371,627
	1,202	RPM International, Inc.		106,593
	2,360	Sherwin Williams Co.		642,982
	3,300	Shin-Etsu Chemical Co., Ltd.		551,651
	1,310	Sika AG		428,465
	685	Solvay SA		87,202
	13,800	Sumitomo Chemical Co., Ltd.		72,979

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Chemicals, continued
	1,189	Symrise AG	$	165,734
	12,800	Toray Industries, Inc.		84,883
	2,700	Tosoh Corp.		46,549
	1,822	Umicore SA		111,368
	1,611	Yara International ASA		84,894

				12,032,339

Commercial Services & Supplies (0.5%):
	13,588	Brambles, Ltd.		116,537
	874	Cintas Corp.		333,868
	1,966	Copart, Inc.*		259,178
	1,800	Dai Nippon Printing Co., Ltd.		38,046
	2,279	Edenred		129,879
	1,558	GFL Environmental, Inc.		49,805
	17,139	Rentokil Initial plc		117,398
	2,063	Republic Services, Inc., Class A		226,951
	1,016	Ritchie Bros Auctioneers, Inc.		60,243
	2,075	Rollins, Inc.		70,965
	1,900	SECOM Co., Ltd.		144,394
	3,081	Securitas AB, Class B		48,679
	300	Sohgo Security Services Co., Ltd.		13,662
	2,800	TOPPAN, INC.		44,982
	2,424	Waste Connections, Inc.		289,498
	3,911	Waste Management, Inc.		547,970

				2,492,055

Communications Equipment (0.7%):
	529	Arista Networks, Inc.*		191,662
	39,020	Cisco Systems, Inc.		2,068,060
	570	F5 Networks, Inc.*		106,396
	3,033	Juniper Networks, Inc.		82,953
	1,562	Motorola Solutions, Inc.		338,720
	46,779	Nokia OYJ*		250,476
	899	Palo Alto Networks, Inc.*		333,574
	26,977	Telefonaktiebolaget LM Ericsson, Class B		339,337

				3,711,178

Construction & Engineering (0.3%):
	2,267	ACS Actividades de Construccion y Servicios SA^		60,709
	2,111	Bouygues SA		78,135
	770	Eiffage SA		78,369
	4,440	Ferrovial SA		130,323
	1,202	Jacobs Engineering Group, Inc.		160,371
	4,400	Kajima Corp.		55,715
	4,900	Obayashi Corp.		38,913
	5,900	Shimizu Corp.		45,185
	3,144	Skanska AB, Class B		83,473
	1,900	Taisei Corp.		62,195
	4,920	Vinci SA		525,294
	1,051	WSP Global, Inc.		122,704

				1,441,386

Construction Materials (0.2%):
	7,256	CRH plc		368,108
	1,375	HeidelbergCement AG		117,957
	4,839	Holcim, Ltd.		290,401
	4,105	James Hardie Industries SE		139,393
	576	Martin Marietta Materials, Inc.		202,642
	1,225	Vulcan Materials Co.		213,236

				1,331,737


Shares			Value
Common Stocks, continued
Consumer Finance (0.5%):
	1,300	ACOM Co., Ltd.	$	5,663
	3,145	Ally Financial, Inc.		156,747
	6,329	American Express Co.		1,045,741
	4,142	Capital One Financial Corp.		640,726
	2,835	Discover Financial Services		335,352
	1	Isracard, Ltd.*		2
	5,397	Synchrony Financial		261,862

				2,446,093

Containers & Packaging (0.3%):
	14,437	Amcor plc		165,448
	768	Avery Dennison Corp.		161,464
	2,818	Ball Corp.		228,314
	1,393	CCL Industries, Inc.		76,731
	1,246	Crown Holdings, Inc.		127,354
	3,452	International Paper Co.		211,642
	876	Packaging Corp. of America		118,628
	1,432	Sealed Air Corp.		84,846
	2,265	Smurfit Kappa Group plc		122,868
	2,436	WestRock Co.		129,644

				1,426,939

Distributors (0.1%):
	1,335	Genuine Parts Co.		168,837
	2,665	LKQ Corp.*		131,171
	372	Pool Corp.		170,622

				470,630

Diversified Financial Services (0.9%):
	12,614	Berkshire Hathaway, Inc., Class B*		3,505,683
	3,622	Equitable Holdings, Inc.		110,290
	414	Eurazeo Se		36,053
	1,002	EXOR NV		80,189
	1,044	Groupe Bruxelles Lambert SA		116,757
	678	Industrivarden AB, Class A		26,384
	1,476	Industrivarden AB, Class C		54,041
	16,839	Investor AB, Class B*		388,033
	2,236	Kinnevik AB, Class B		89,551
	798	L E Lundbergforetagen AB		51,511
	24,030	M&G plc		76,220
	4,100	Mitsubishi HC Capital, Inc.		21,886
	755	Onex Corp.		54,831
	11,300	ORIX Corp.		190,166
	142	Sofina SA		61,271
	20,261	Standard Life Aberdeen plc		75,962
	200	Tokyo Century Corp.		10,744
	1,180	Voya Financial, Inc.		72,570
	309	Wendel		41,514

				5,063,656

Diversified Telecommunication Services (1.4%):
	65,915	AT&T, Inc.		1,897,034
	692	BCE, Inc.		34,131
	82,494	BT Group plc*		221,522
	4,709	Cellnex Telecom SAU		299,943
	30,805	Deutsche Telekom AG, Registered Shares		651,167
	1,315	Elisa OYJ		78,453
	36,000	HKT Trust & HKT, Ltd.		49,057
	104	Iliad SA		15,242

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	4,375	Infrastrutture Wireless Italiane SpA	$	49,459
	31,076	Koninklijke KPN NV		97,072
	8,617	Lumen Technologies, Inc.		117,105
	11,900	Nippon Telegraph & Telephone Corp.		310,019
	18,439	Orange SA		210,247
	1,146	Proximus SADP^		22,140
	76,300	Singapore Telecommunications, Ltd.		129,967
	17,116	Spark New Zealand, Ltd.		57,397
	239	Swisscom AG, Registered Shares		136,505
	92,093	Telecom Italia SpA		45,755
	48,285	Telecom Italia SpA		25,586
	13,426	Telefonica Deutschland Holding AG		35,425
	48,269	Telefonica SA		225,514
	6,467	Telenor ASA^		109,172
	24,569	Telia Co AB		109,096
	38,473	Telstra Corp., Ltd.		108,483
	3,956	TELUS Corp.		88,734
	1,131	United Internet AG, Registered Shares		46,247
	37,967	Verizon Communications, Inc.		2,127,291

				7,297,763

Electric Utilities (1.6%):
	2,033	Alliant Energy Corp.		113,360
	4,590	American Electric Power Co., Inc.		388,268
	26,692	AusNet Services		34,956
	6,000	Chubu Electric Power Co., Inc.		73,133
	7,000	CK Infrastructure Holdings, Ltd.		41,744
	15,000	CLP Holdings, Ltd.		148,265
	7,104	Duke Energy Corp.		701,307
	3,506	Edison International		202,717
	25,657	EDP - Energias de Portugal SA		136,079
	4,298	Electricite de France		58,676
	226	Elia Group SA/NV		23,843
	2,325	Emera, Inc.		105,501
	3,072	Endesa SA^		74,515
	75,172	Enel SpA		698,360
	1,851	Entergy Corp.		184,545
	2,096	Evergy, Inc.		126,661
	3,170	Eversource Energy		254,361
	9,024	Exelon Corp.		399,853
	5,021	FirstEnergy Corp.		186,831
	4,314	Fortis, Inc.		190,987
	4,105	Fortum OYJ		113,203
	33,000	HK Electric Investments, Ltd.		33,450
	3,038	Hydro One, Ltd.		73,437
	53,388	Iberdrola SA		650,477
	6,500	Kansai Electric Power Co., Inc. (The)		61,790
	4,873	Mercury NZ, Ltd.		22,707
	18,114	NextEra Energy, Inc.		1,327,394
	1,748	Orsted A/S		245,951
	13,758	PG&E Corp.*		139,919
	1,042	Pinnacle West Capital Corp.		85,413
	13,000	Power Assets Holdings, Ltd.		79,785
	7,107	PPL Corp.		198,783
	1,850	Red Electrica Corp SA^		34,331
	9,632	Scottish & Southern Energy plc		200,073
	3,694	Siemens Energy AG*		111,362
	9,766	Southern Co. (The)		590,941


Shares			Value
Common Stocks, continued
Electric Utilities, continued
	13,004	Terna SpA	$	96,879
	5,100	Tohoku Electric Power Co., Inc.		39,939
	14,900	Tokyo Electric Power Co. Holdings, Inc.*		44,253
	685	Verbund AG, Class A		63,048
	4,969	Xcel Energy, Inc.		327,358

				8,684,455

Electrical Equipment (1.0%):
	16,031	ABB, Ltd.		544,311
	2,131	AMETEK, Inc.		284,489
	1,327	Ballard Power Systems, Inc.*		24,069
	3,568	Eaton Corp. plc		528,706
	5,546	Emerson Electric Co.		533,747
	1,133	Enphase Energy, Inc.*		208,053
	1,200	Fuji Electric Co., Ltd.		56,041
	581	Generac Holdings, Inc.*		241,202
	2,472	Legrand SA		261,763
	44,902	Melrose Industries plc		96,602
	16,900	Mitsubishi Electric Corp.		244,887
	4,100	Nidec Corp.		474,927
	4,644	Plug Power, Inc.*^		158,778
	2,354	Prysmian SpA		84,421
	1,074	Rockwell Automation, Inc.		307,185
	4,979	Schneider Electric SA		783,672
	1,457	Sensata Technologies Holding plc*		84,462
	2,219	Siemens Gamesa Renewable Energy		74,074
	1,592	Sunrun, Inc.*		88,802
	9,334	Vestas Wind Systems A/S		365,827

				5,446,018

Electronic Equipment, Instruments & Components (1.0%):
	5,538	Amphenol Corp., Class A		378,855
	690	Arrow Electronics, Inc.*		78,543
	800	Azbil Corp.		33,152
	1,229	CDW Corp.		214,645
	1,627	Cognex Corp.		136,749
	7,102	Corning, Inc.		290,472
	3,509	Halma plc		130,776
	1,300	Hamamatsu Photonics KK		78,385
	18,208	Hexagon AB, Class B		270,013
	205	Hirose Electric Co., Ltd.		29,978
	8,900	Hitachi, Ltd.		509,423
	1,200	Ibiden Co., Ltd.		64,628
	346	IPG Photonics Corp.*		72,926
	1,800	Keyence Corp.		908,121
	1,720	Keysight Technologies, Inc.*		265,585
	3,000	Kyocera Corp.		185,412
	5,000	Murata Manufacturing Co., Ltd.		381,602
	1,700	Omron Corp.		134,759
	2,200	Shimadzu Corp.		85,028
	1,200	TDK Corp.		145,816
	3,058	TE Connectivity, Ltd.		413,472
	2,312	Trimble, Inc.*		189,191
	3,200	Venture Corp., Ltd.		45,789
	2,200	Yaskawa Electric Corp.		107,476
	2,800	Yokogawa Electric Corp.		41,499
	463	Zebra Technologies Corp., Class A*		245,154

				5,437,449

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Energy Equipment & Services (0.2%):
	6,737	Baker Hughes Co.	$	154,075
	8,213	Halliburton Co.		189,885
	12,923	Schlumberger, Ltd.		413,665
	4,403	Tenaris SA		48,208

				805,833

Entertainment (1.5%):
	7,161	Activision Blizzard, Inc.		683,446
	1,200	Capcom Co., Ltd.		35,121
	2,658	Electronic Arts, Inc.		382,300
	2,519	Embracer Group AB*		68,179
	390	Koei Tecmo Holdings Co., Ltd.		19,038
	900	Konami Holdings Corp.		54,013
	1,787	Liberty Media Corp-Liberty Formula One, Class C*		86,151
	1,505	Live Nation Entertainment, Inc.*		131,823
	4,093	Netflix, Inc.*		2,161,963
	4,500	Nexon Co., Ltd.		100,335
	1,000	Nintendo Co., Ltd.		581,919
	196	Sea, Ltd., ADR*		53,822
	1,000	Square Enix Holdings Co., Ltd.		49,620
	974	Take-Two Interactive Software, Inc.*		172,417
	1,200	Toho Co., Ltd.		49,465
	856	UbiSoft Entertainment SA*		59,927
	6,577	Vivendi Universal SA		220,948
	16,688	Walt Disney Co. (The)*		2,933,250

				7,843,737

Equity Real Estate Investment Trusts (2.1%):
	1,200	Alexandria Real Estate Equities, Inc.		218,328
	4,047	American Tower Corp.		1,093,257
	29,744	Ascendas Real Estate Investment Trust		65,380
	1,290	AvalonBay Communities, Inc.		269,210
	1,367	Boston Properties, Inc.		156,645
	8,137	British Land Co. plc		55,783
	902	Camden Property Trust		119,668
	815	Canadian Apartment Properties REIT		38,218
	45,132	CapitaLand Mall Trust		70,147
	316	Covivio		27,031
	3,986	Crown Castle International Corp.		777,669
	18	Daiwahouse Residential Investment Corp.		53,078
	10,038	Dexus		80,008
	2,589	Digital Realty Trust, Inc.		389,541
	3,455	Duke Realty Corp.		163,594
	804	Equinix, Inc.		645,290
	1,394	Equity Lifestyle Properties, Inc.		103,588
	3,272	Equity Residential		251,944
	601	Essex Property Trust, Inc.		180,306
	1,214	Extra Space Storage, Inc.		198,877
	424	Gecina SA		64,973
	43	GLP J-REIT		74,195
	15,367	Goodman Group		242,751
	18,004	GPT Group		65,919
	4,979	Healthpeak Properties, Inc.		165,751
	6,519	Host Hotels & Resorts, Inc.*		111,410
	5,243	Invitation Homes, Inc.		195,511
	2,666	Iron Mountain, Inc.		112,825
	68	Japan Metropolitan Fund Invest		73,690
	12	Japan Real Estate Investment Corp.		73,773


Shares			Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	1,908	Klepierre	$	49,181
	6,510	Land Securities Group plc		60,904
	19,200	Link REIT (The)		185,769
	15,400	Mapletree Commercial Trust		24,775
	37,470	Mapletree Logistics Trust		57,217
	5,344	Medical Properties Trust, Inc.		107,414
	1,057	Mid-America Apartment Communities, Inc.		178,020
	36,393	Mirvac Group		79,314
	14	Nippon Building Fund, Inc.		87,330
	20	Nippon Prologis REIT, Inc.		63,654
	39	Nomura Real Estate Master Fund, Inc.		62,522
	2,142	Omega Healthcare Investors, Inc.		77,733
	25	Orix JREIT, Inc.		48,108
	6,705	Prologis, Inc.		801,449
	1,455	Public Storage, Inc.		437,504
	3,451	Realty Income Corp.		230,320
	1,170	Regency Centers Corp.		74,962
	1,955	RioCan REIT		34,828
	960	SBA Communications Corp.		305,952
	47,972	Scentre Group		98,093
	11,013	SERGO plc		166,829
	3,036	Simon Property Group, Inc.		396,137
	22,062	Stockland		77,493
	995	Sun Communities, Inc.		170,543
	2,743	UDR, Inc.		134,352
	1,152	Unibail-Rodamco-Westfield*		99,768
	24	United Urban Investment Corp.		34,714
	3,463	Ventas, Inc.		197,737
	2,117	VEREIT, Inc.		97,234
	4,960	VICI Properties, Inc.		153,859
	24,703	Vicinity Centres		28,499
	1,503	Vornado Realty Trust		70,145
	3,858	Welltower, Inc.		320,600
	6,911	Weyerhaeuser Co.		237,877
	1,621	WP Carey, Inc.		120,959

				11,510,155

Food & Staples Retailing (1.5%):
	6,000	AEON Co., Ltd.		161,175
	7,812	Alimentation Couche-Tard, Inc.		287,104
	5,668	Carrefour SA^		111,478
	12,329	Coles Group, Ltd.		158,023
	750	Colruyt SA		41,939
	300	Cosmos Pharmaceutical Corp.		44,029
	4,094	Costco Wholesale Corp.		1,619,873
	1,563	Empire Co., Ltd., Class A		49,309
	11,695	Endeavour Group, Ltd.*		55,156
	686	ICA Gruppen AB		31,938
	15,420	J Sainsbury plc		58,005
	2,416	Jeronimo Martins SGPS SA		44,063
	2,524	Kesko OYJ, Class B		93,225
	1,000	Kobe Bussan Co., Ltd.		31,500
	9,665	Koninklijke Ahold Delhaize NV		287,326
	6,685	Kroger Co. (The)		256,102
	200	LAWSON, Inc.		9,253
	1,605	Loblaw Cos., Ltd.		98,794
	2,293	Metro, Inc.		109,951
	7,000	Seven & I Holdings Co., Ltd.		333,728

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
	4,717	Sysco Corp.	$	366,747
	71,460	Tesco plc		220,563
	300	Tsuruha Holdings, Inc.		34,731
	6,788	Walgreens Boots Alliance, Inc.		357,117
	14,267	Walmart, Inc.		2,011,932
	1,300	Welcia Holdings Co., Ltd.		42,474
	10,479	Wesfarmers, Ltd.		464,149
	705	Weston (George), Ltd.		67,206
	22,272	William Morrison Supermarkets plc		76,002
	11,695	Woolworths Group, Ltd.		333,957

				7,856,849

Food Products (1.6%):
	4,311	A2 Milk Co., Ltd.*		19,398
	4,300	Ajinomoto Co., Inc.		111,621
	5,161	Archer-Daniels-Midland Co.		312,757
	3,293	Associated British Foods plc		101,083
	33	Barry Callebaut AG, Registered Shares		76,698
	1,295	Bunge, Ltd.		101,204
	1,820	Campbell Soup Co.		82,974
	1	Chocoladefabriken Lindt & Spruengli AG		104,756
	4,516	Conagra Brands, Inc.		164,292
	6,029	Danone SA		424,559
	5,651	General Mills, Inc.		344,315
	1,354	Hershey Co. (The)		235,840
	2,745	Hormel Foods Corp.		131,074
	476	JDE Peet’s NV*		17,270
	1,013	JM Smucker Co. (The)		131,254
	2,384	Kellogg Co.		153,363
	1,470	Kerry Group plc, Class A		205,298
	1,300	Kikkoman Corp.		85,745
	6,218	Kraft Heinz Co. (The)		253,570
	1,353	Lamb Weston Holdings, Inc.		109,133
	10	Lindt & Spruengli AG		99,477
	2,301	McCormick & Co.		203,224
	1,200	Meiji Holdings Co., Ltd.		71,830
	13,051	Mondelez International, Inc., Class A		814,904
	4,062	Mowi ASA		103,378
	26,628	Nestle SA, Registered Shares		3,317,024
	1,000	NH Foods, Ltd.		38,879
	2,500	Nisshin Seifun Group, Inc.		36,565
	700	Nissin Foods Holdings Co., Ltd.		50,410
	5,748	Orkla ASA, Class A		58,580
	2,279	Saputo, Inc.		67,980
	700	Toyo Suisan Kaisha, Ltd.		26,938
	2,724	Tyson Foods, Inc., Class A		200,922
	88,500	WH Group, Ltd.		79,564
	18,000	Wilmar International, Ltd.		60,341
	1,400	Yakult Honsha Co., Ltd.		79,258

				8,475,478

Gas Utilities (0.1%):
	3,274	AltaGas, Ltd.		68,734
	10,905	APA Group		72,642
	1,185	Atmos Energy Corp.		113,890
	2,688	Gas Natural SDG SA		69,109
	103,117	Hong Kong & China Gas Co., Ltd.		160,172
	3,600	Osaka Gas Co., Ltd.		66,712


Shares			Value
Common Stocks, continued
Gas Utilities, continued
	1,100	Toho Gas Co., Ltd.	$	53,860
	3,500	Tokyo Gas Co., Ltd.		65,791
	1,928	UGI Corp.		89,286

				760,196

Health Care Equipment & Supplies (3.1%):
	16,373	Abbott Laboratories		1,898,122
	418	ABIOMED, Inc.*		130,462
	4,618	Alcon, Inc.		323,564
	692	Align Technology, Inc.*		422,812
	1,548	Ambu A/S, Class B		59,504
	1,400	Asahi Intecc Co., Ltd.		33,463
	4,668	Baxter International, Inc.		375,774
	2,685	Becton Dickinson & Co.		652,965
	468	BioMerieux		54,388
	12,738	Boston Scientific Corp.*		544,677
	372	Carl Zeiss Meditec AG		71,876
	608	Cochlear, Ltd.		114,771
	1,098	Coloplast A/S, Class B		180,284
	454	Cooper Cos., Inc. (The)		179,907
	5,924	Danaher Corp.		1,589,765
	1,001	Demant A/S*		56,515
	2,020	Dentsply Sirona, Inc.		127,785
	889	DexCom, Inc.*		379,603
	233	DiaSorin SpA		44,072
	5,772	Edwards Lifesciences Corp.*		597,806
	2,637	EssilorLuxottica SA		486,856
	5,327	Fisher & Paykel Healthcare Corp., Ltd.		115,837
	1,183	GN Store Nord A/S		103,608
	2,381	Hologic, Inc.*		158,860
	3,400	HOYA Corp.		450,693
	790	IDEXX Laboratories, Inc.*		498,925
	555	Insulet Corp.*		152,353
	1,088	Intuitive Surgical, Inc.*		1,000,568
	8,420	Koninklijke Philips NV		417,365
	485	Masimo Corp.*		117,588
	12,454	Medtronic plc		1,545,915
	852	Novocure, Ltd.*		188,991
	10,800	Olympus Corp.		214,598
	1,345	ResMed, Inc.		331,570
	242	Sartorius AG		125,956
	2,484	Siemens Healthineers AG		152,305
	8,107	Smith & Nephew plc		175,661
	509	Sonova Holding AG, Registered Shares		191,589
	921	Steris plc		190,002
	86	Straumann Holding AG, Registered Shares		137,172
	3,129	Stryker Corp.		812,695
	1,500	Sysmex Corp.		177,191
	432	Teleflex, Inc.		173,573
	5,600	Terumo Corp.		226,873
	685	West Pharmaceutical Services, Inc.		245,984
	1,921	Zimmer Biomet Holdings, Inc.		308,935

				16,539,778

Health Care Providers & Services (1.8%):
	1,419	AmerisourceBergen Corp.		162,461
	1,340	Amplifon SpA		66,319
	2,221	Anthem, Inc.		847,978

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	2,714	Cardinal Health, Inc.	$	154,942
	5,375	Centene Corp.*		391,999
	3,252	Cigna Corp.		770,952
	12,120	CVS Health Corp.		1,011,293
	657	DaVita, Inc.*		79,122
	1,895	Fresenius Medical Care AG & Co., KGaA		157,396
	3,865	Fresenius SE & Co. KGaA		201,653
	2,513	HCA Healthcare, Inc.		519,538
	1,317	Henry Schein, Inc.*		97,708
	1,191	Humana, Inc.		527,279
	902	Laboratory Corp. of America Holdings*		248,817
	1,470	McKesson Corp.		281,123
	1,400	Medipal Holdings Corp.		26,738
	536	Molina Healthcare, Inc.*		135,640
	1,015	Oak Street Health, Inc.*		59,449
	478	Orpea*		60,802
	1,233	Quest Diagnostics, Inc.		162,719
	1,692	Ramsay Health Care, Ltd.		79,738
	4,519	Ryman Healthcare, Ltd.		41,449
	4,196	Sonic Healthcare, Ltd.		120,785
	8,729	UnitedHealth Group, Inc.		3,495,441
	719	Universal Health Services, Inc., Class B		105,283

				9,806,624

Health Care Technology (0.2%):
	2,831	Cerner Corp.		221,271
	4,100	M3, Inc.		299,647
	1,250	Teladoc Health, Inc.*		207,862
	1,260	Veeva Systems, Inc., Class A*		391,797

				1,120,577

Hotels, Restaurants & Leisure (1.6%):
	1,592	Accor SA*		59,479
	558	Airbnb, Inc., Class A*		85,452
	2,113	Aramark		78,709
	5,312	Aristocrat Leisure, Ltd.		171,589
	1,925	Caesars Entertainment, Inc.*		199,719
	7,643	Carnival Corp., Class A*		201,469
	260	Chipotle Mexican Grill, Inc.*		403,088
	16,487	Compass Group plc*		347,680
	1,597	Crown Resorts, Ltd.*		14,282
	1,205	Darden Restaurants, Inc.		175,918
	580	Domino’s Pizza Enterprises, Ltd.		52,424
	359	Domino’s Pizza, Inc.		167,470
	1,629	DraftKings, Inc., Class A*		84,985
	1,570	Evolution AB		248,274
	1,455	Flutter Entertainment plc*		263,705
	20,000	Galaxy Entertainment Group, Ltd.*		160,103
	68,900	Genting Singapore, Ltd.		42,784
	5,409	GVC Holdings plc*		130,690
	2,566	Hilton Worldwide Holdings, Inc.*		309,511
	1,688	InterContinental Hotels Group plc*		112,498
	883	La Francaise des Jeux SAEM		51,920
	3,177	Las Vegas Sands Corp.*		167,396
	2,549	Marriott International, Inc., Class A*		347,989
	6,822	McDonald’s Corp.		1,575,814
	900	McDonald’s Holdings Co., Ltd.		39,705
	2,694	Melco Resorts & Entertainment, Ltd., ADR*		44,640


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	3,655	MGM Resorts International	$	155,886
	1,800	Oriental Land Co., Ltd.		256,441
	2,538	Restaurant Brands International, Inc.		163,555
	2,117	Royal Caribbean Cruises, Ltd.*		180,538
	22,400	Sands China, Ltd.*		94,346
	9,000	SJM Holdings, Ltd.*		9,819
	818	Sodexo SA*		76,373
	10,881	Starbucks Corp.		1,216,605
	20,492	Tabcorp Holdings, Ltd.		79,377
	372	Vail Resorts, Inc.*		117,745
	1,865	Whitbread plc*		80,700
	28,400	Wynn Macau, Ltd.*		44,695
	962	Wynn Resorts, Ltd.*		117,653
	2,773	Yum! Brands, Inc.		318,978

				8,450,004

Household Durables (0.8%):
	9,412	Barratt Developments plc		90,660
	1,135	Berkeley Group Holdings plc (The)		72,238
	2,200	Casio Computer Co., Ltd.		36,768
	3,193	DR Horton, Inc.		288,551
	2,085	Electrolux AB, Series B, Class B		57,856
	866	Garmin, Ltd.		125,258
	550	Garmin, Ltd.		79,552
	4,195	Husqvarna AB, Class B		55,783
	1,800	Iida Group Holdings Co., Ltd.		46,325
	2,537	Lennar Corp., Class A		252,051
	552	Mohawk Industries, Inc.*		106,089
	3,532	Newell Brands, Inc.		97,024
	32	NVR, Inc.*		159,146
	20,400	Panasonic Corp.		235,977
	2,949	Persimmon plc		120,870
	2,163	PulteGroup, Inc.		118,035
	300	Rinnai Corp.		28,538
	1,007	Roku, Inc.*		462,465
	256	SEB SA		46,274
	3,500	Sekisui Chemical Co., Ltd.		59,810
	5,700	Sekisui House, Ltd.		116,879
	1,000	Sharp Corp.		16,493
	11,500	Sony Group Corp.		1,116,261
	33,694	Taylor Wimpey plc		74,232
	12,500	Techtronic Industries Co., Ltd.		218,771
	582	Whirlpool Corp.		126,888

				4,208,794

Household Products (1.0%):
	2,265	Church & Dwight Co., Inc.		193,023
	1,163	Clorox Co. (The)		209,235
	7,256	Colgate-Palmolive Co.		590,276
	5,625	Essity AB, Class B		186,569
	960	Henkel AG & Co. KGaA		88,379
	3,127	Kimberly-Clark Corp.		418,330
	1,700	Lion Corp.^		28,806
	1,500	Pigeon Corp.^		42,116
	22,640	Procter & Gamble Co. (The)		3,054,815
	6,588	Reckitt Benckiser Group plc		582,964
	3,700	Unicharm Corp.		148,855

				5,543,368

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Independent Power and Renewable Electricity Producers (0.1%):
	5,538	AES Corp. (The)	$	144,376
	1,423	Brookfield Renewable Corp., Class A		59,795
	2,812	EDP Renovaveis SA		65,154
	14,439	Meridian Energy, Ltd.		53,704
	2,059	Northland Power, Inc.^		70,256
	2,257	NRG Energy, Inc.		90,957
	506	Uniper SE		18,653
	4,219	Vistra Corp.		78,262

				581,157

Industrial Conglomerates (1.1%):
	5,270	3M Co.		1,046,780
	25,000	CK Hutchison Holdings, Ltd.		194,807
	925	DCC plc		75,761
	79,827	General Electric Co.		1,074,472
	6,355	Honeywell International, Inc.		1,393,969
	1,756	Investment AB Latour, Class B		57,659
	2,000	Jardine Matheson Holdings, Ltd.		127,939
	14,500	Keppel Corp., Ltd.		59,086
	970	Roper Technologies, Inc.		456,094
	7,070	Siemens AG, Registered Shares		1,120,105
	3,663	Smiths Group plc		80,695
	3,800	Toshiba Corp.^		164,444

				5,851,811

Insurance (3.0%):
	1,782	Admiral Group plc		77,540
	16,538	AEGON NV^		68,535
	6,046	Aflac, Inc.		324,428
	1,618	Ageas NV		89,723
	110,400	AIA Group, Ltd.		1,372,162
	129	Alleghany Corp.*		86,052
	3,811	Allianz SE, Registered Shares+		950,105
	2,799	Allstate Corp. (The)		365,102
	679	American Financial Group, Inc.		84,685
	7,992	American International Group, Inc.		380,419
	2,089	Aon plc, Class A		498,770
	3,759	Arch Capital Group, Ltd.*		146,375
	1,791	Arthur J. Gallagher & Co.		250,883
	10,197	Assicurazioni Generali SpA		204,234
	535	Assurant, Inc.		83,556
	1,240	Athene Holding, Ltd., Class A*		83,700
	36,311	Aviva plc		204,158
	17,881	AXA SA		452,941
	433	Baloise Holding AG, Registered Shares		67,512
	82	Brookfield Asset Management Reinsurance Partners, Ltd., Class A*		4,322
	2,216	Brown & Brown, Inc.		117,758
	4,161	Chubb, Ltd.		661,349
	1,415	Cincinnati Financial Corp.		165,017
	1,241	CNP Assurances SA		21,093
	9,400	Dai-ichi Life Holdings, Inc.		172,060
	13,102	Direct Line Insurance Group plc		51,621
	267	Erie Indemnity Co., Class A		51,624
	370	Everest Re Group, Ltd.		93,244
	251	Fairfax Financial Holdings, Ltd.		110,088
	1,575	Fidelity National Financial, Inc.		68,449
	1,848	Gjensidige Forsikring ASA		40,762


Shares			Value
Common Stocks, continued
Insurance, continued
	907	Globe Life, Inc.	$	86,392
	2,573	Great-West Lifeco, Inc.		76,438
	557	Hannover Rueck SE		93,180
	3,304	Hartford Financial Services Group, Inc. (The)		204,749
	1,012	IA Financial Corp., Inc.		55,107
	22,784	Insurance Australia Group, Ltd.		87,879
	1,465	Intact Financial Corp.		199,065
	14,600	Japan Post Holdings Co., Ltd.		120,117
	3,200	Japan Post Insurance Co., Ltd.		58,947
	55,153	Legal & General Group plc		196,278
	1,685	Lincoln National Corp.		105,885
	2,098	Loews Corp.		114,656
	17,935	Manulife Financial Corp.		353,085
	127	Markel Corp.*		150,712
	4,697	Marsh & McLennan Cos., Inc.		660,774
	25,594	Medibank Private, Ltd.		60,604
	6,948	MetLife, Inc.		415,838
	4,100	MS&AD Insurance Group Holdings, Inc.		118,374
	1,239	Muenchener Rueckversicherungs-Gesellschaft AG		339,379
	2,595	NN Group NV		122,295
	6,201	Phoenix Group Holdings plc		58,102
	4,829	Poste Italiane SpA		63,857
	5,179	Power Corp. of Canada		163,719
	2,520	Principal Financial Group, Inc.		159,239
	5,413	Progressive Corp. (The)		531,611
	3,669	Prudential Financial, Inc.		375,962
	24,118	Prudential plc		457,547
	13,634	QBE Insurance Group, Ltd.		109,925
	628	Reinsurance Group of America, Inc.		71,592
	329	RenaissanceRe Holdings, Ltd.		48,962
	4,610	Sampo Oyj, Class A		211,975
	1,512	SCOR SA*		48,091
	2,900	Sompo Holdings, Inc.		106,858
	5,408	Sun Life Financial, Inc.		278,909
	11,836	Suncorp Group, Ltd.		98,316
	296	Swiss Life Holding AG, Registered Shares		143,900
	2,788	Swiss Re AG		251,342
	5,000	T&D Holdings, Inc.		64,976
	5,800	Tokio Marine Holdings, Inc.		265,829
	2,331	Travelers Cos., Inc. (The)		348,974
	3,328	Tryg A/S		81,688
	1,192	Willis Towers Watson plc		274,184
	1,311	WR Berkley Corp.		97,578
	1,391	Zurich Insurance Group AG		557,869

				15,839,026

Interactive Media & Services (4.5%):
	2,896	Adevinta ASA*		55,542
	2,766	Alphabet, Inc., Class A*		6,753,991
	2,711	Alphabet, Inc., Class C*		6,794,634
	8,930	Auto Trader Group plc*		78,303
	22,120	Facebook, Inc., Class A*		7,691,345
	729	IAC/InterActiveCorp.*		112,390
	1,500	Kakaku.com, Inc.		45,325
	2,362	Match Group, Inc.*		380,873
	4,921	Pinterest, Inc., Class A*		388,513
	488	REA Group, Ltd.		61,872
	828	Scout24 AG*		69,882

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Interactive Media & Services, continued
	8,685	Snap, Inc., Class A*	$	591,796
	7,377	Twitter, Inc.*		507,611
	24,500	Z Holdings Corp.		122,865
	614	Zillow Group, Inc., Class A*		75,233
	1,442	Zillow Group, Inc., Class C*		176,241

				23,906,416

Internet & Direct Marketing Retail (3.3%):
	3,937	Amazon.com, Inc.*		13,543,910
	379	Booking Holdings, Inc.*		829,286
	819	Chewy, Inc., Class A*^		65,282
	1,451	Delivery Hero SE*		191,689
	6,289	eBay, Inc.		441,551
	1,165	Etsy, Inc.*		239,804
	1,279	Expedia Group, Inc.*		209,385
	1,527	HelloFresh SE*		148,444
	1,658	Just Eat Takeaway*		153,117
	415	MercadoLibre, Inc.*		646,483
	1,000	Mercari, Inc.*		53,149
	4,499	Ocado Group plc*		124,644
	4,505	Prosus NV		440,741
	8,000	Rakuten, Inc.		90,269
	676	Wayfair, Inc., Class A*^		213,420
	1,812	Zalando SE*		219,020
	1,200	ZOZO, Inc.		40,799

				17,650,993

IT Services (4.5%):
	5,862	Accenture plc, Class A		1,728,059
	175	Adyen NV*		427,635
	2,006	Afterpay, Ltd.*		177,488
	1,507	Akamai Technologies, Inc.*		175,716
	4,164	Amadeus IT Group SA*		292,803
	958	Atos SE		58,294
	3,955	Automatic Data Processing, Inc.		785,542
	322	Bechtle AG		59,879
	1,451	Black Knight, Inc.*		113,149
	1,273	Booz Allen Hamilton Holding Corp.		108,434
	1,070	Broadridge Financial Solutions, Inc.		172,837
	1,482	Capgemini SA		284,941
	2,077	CGI, Inc.*		188,344
	4,904	Cognizant Technology Solutions Corp., Class A		339,651
	5,010	Computershare, Ltd.		63,707
	519	EPAM Systems, Inc.*		265,188
	5,741	Fidelity National Information Services, Inc.		813,327
	5,569	Fiserv, Inc.*		595,270
	732	FleetCor Technologies, Inc.*		187,436
	1,700	Fujitsu, Ltd.		318,460
	820	Gartner, Inc.*		198,604
	2,729	Global Payments, Inc.		511,797
	500	GMO Payment Gateway, Inc.		65,008
	1,567	GoDaddy, Inc., Class A*		136,266
	8,259	International Business Machines Corp.		1,210,687
	800	Itochu Techno-Solutions Corp.		24,784
	703	Jack Henry & Associates, Inc.		114,948
	1,246	Leidos Holdings, Inc.		125,971
	8,153	MasterCard, Inc., Class A		2,976,579
	501	MongoDB, Inc.*		181,122


Shares				Value
Common Stocks, continued
IT Services, continued
	4,062		Nexi SpA*	$	89,202
	3,220		Nomura Research Institute, Ltd.		106,573
	5,800		NTT Data Corp.		90,457
	658		Nuvei Corp.*		53,865
	600		OBIC Co., Ltd.		111,759
	1,120		Okta, Inc.*		274,042
	1,100		Otsuka Corp.		57,709
	3,000		Paychex, Inc.		321,900
	10,228		PayPal Holdings, Inc.*		2,981,257
	300		SCSK Corp.		17,873
	1,027		Shopify, Inc., Class A*		1,502,193
	238		Snowflake, Inc., Class A*		57,548
	3,536		Square, Inc., Class A*		862,077
	1,600		TIS, Inc.		40,876
	1,437		Twilio, Inc., Class A*		566,408
	941		VeriSign, Inc.*		214,256
	15,609		Visa, Inc., Class A		3,649,696
	3,798		Western Union Co. (The.)		87,240
	313		Wix.com, Ltd.*		90,858
	201		Wix.com, Ltd.*		58,346
	2,032		Worldline SA*		190,361

					24,126,422

Leisure Products (0.1%):
	1,800		Bandai Namco Holdings, Inc.		124,949
	1,206		Hasbro, Inc.		113,991
	2,184		Peloton Interactive, Inc., Class A*		270,860
	700		Shimano, Inc.^		166,009
	1,200		Yamaha Corp.		65,113

					740,922

Life Sciences Tools & Services (1.0%):
	676		10X Genomics, Inc., Class A*		132,374
	2,711		Agilent Technologies, Inc.		400,713
	4,831		Avantor, Inc.*		171,549
	206		Bio-Rad Laboratories, Inc., Class A*		132,724
	359		Bio-Techne Corp.		161,643
	464	��	Charles River Laboratories International, Inc.*		171,643
	1,234		Eurofins Scientific SE*		141,096
	1,348		Illumina, Inc.*		637,887
	1,772		IQVIA Holdings, Inc.*		429,391
	666		Lonza Group AG, Registered Shares		472,250
	204		Mettler-Toledo International, Inc.*		282,609
	1,035		PerkinElmer, Inc.		159,814
	1,346		PPD, Inc.*		62,037
	2,133		Qiagen NV*		103,087
	256		Sartorius Stedim Biotech		121,090
	3,640		Thermo Fisher Scientific, Inc.		1,836,271
	575		Waters Corp.*		198,726

					5,614,904

Machinery (1.9%):
	2,908		Alfa Laval AB		102,792
	2,573		Alstom SA*		129,999
	3,308		Atlas Copco AB		174,108
	6,206		Atlas Copco AB, Class A		380,304
	4,966		Caterpillar, Inc.		1,080,751
	9,458		CNH Industrial NV		156,253
	1,365		Cummins, Inc.		332,801

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery, continued
	1,000	Daifuku Co., Ltd.	$	90,791
	2,706	Deere & Co.		954,433
	1,328	Dover Corp.		199,997
	6,091	Epiroc AB, Class A		138,848
	3,604	Epiroc AB, Class B		70,773
	1,800	FANUC Corp.		433,949
	2,967	Fortive Corp.		206,919
	1,430	GEA Group AG		57,915
	300	Harmonic Drive Systems, Inc.		16,534
	1,800	Hino Motors, Ltd.		15,845
	800	Hitachi Construction Machinery Co., Ltd.		24,439
	600	Hoshizaki Corp.		50,975
	701	IDEX Corp.		154,255
	2,927	Illinois Tool Works, Inc.		654,360
	3,482	Ingersoll-Rand, Inc.*		169,956
	667	Kion Group AG		71,081
	670	Knorr-Bremse AG		77,097
	8,100	Komatsu, Ltd.		201,278
	3,141	Kone OYJ, Class B		256,236
	9,500	Kubota Corp.^		192,095
	1,000	Kurita Water Industries, Ltd.		47,970
	2,100	Makita Corp.		98,845
	3,400	MINEBEA MITSUMI, Inc.		89,906
	2,600	Misumi Group, Inc.		87,966
	3,000	Mitsubishi Heavy Industries, Ltd.		88,235
	600	Miura Co., Ltd.		25,998
	1,200	Nabtesco Corp.		45,380
	2,700	NGK Insulators, Ltd.		45,287
	411	Nordson Corp.		90,219
	2,800	NSK, Ltd.		23,657
	3,808	Otis Worldwide Corp.		311,380
	3,207	PACCAR, Inc.		286,225
	1,140	Parker-Hannifin Corp.		350,105
	1,535	Pentair plc		103,597
	32	Rational AG^		29,043
	10,434	Sandvik AB		266,647
	376	Schindler Holding AG		115,070
	187	Schindler Holding AG, Registered Shares		54,673
	3,527	SKF AB, Class B		89,878
	500	SMC Corp.		295,370
	501	Snap-On, Inc.		111,939
	682	Spirax-Sarco Engineering plc		128,557
	1,487	Stanley Black & Decker, Inc.		304,820
	1,400	THK Co., Ltd.		41,750
	1,851	Volvo AB, Class A		45,932
	13,213	Volvo AB, Class B		318,135
	1,659	Wabtec Corp.		136,536
	4,375	Wartsila OYJ Abp, Class B		64,983
	1,667	Xylem, Inc.		199,973

				10,292,860

Marine (0.1%):
	29	A.P. Moeller – Maersk A/S, Class A		80,600
	57	A.P. Moeller – Maersk A/S, Class B		163,946
	499	Kuehne & Nagel International AG, Registered Shares		170,845
	1,500	Nippon Yusen KK		75,977

				491,368


Shares			Value
Common Stocks, continued
Media (1.1%):
	2,223	Altice USA, Inc., Class A*	$	75,893
	50	Cable One, Inc.		95,640
	1,231	Charter Communications, Inc., Class A*		888,105
	42,249	Comcast Corp., Class A		2,409,038
	3,700	Cyberagent, Inc.		79,495
	2,000	Dentsu Group, Inc.^		71,534
	2,873	Discovery Communications, Inc., Class C*		83,260
	1,659	Discovery, Inc., Class A*		50,898
	2,260	DISH Network Corp., Class A*		94,468
	3,090	Fox Corp., Class A		114,732
	1,575	Fox Corp., Class B		55,440
	1,700	Hakuhodo DY Holdings, Inc.		26,372
	13,883	Informa plc*		96,490
	3,611	Interpublic Group of Cos., Inc. (The)		117,321
	184	Liberty Broadband Corp., Class A*		30,943
	1,460	Liberty Broadband Corp., Class C*		253,544
	1,938	Liberty Global plc, Class A*		52,636
	3,367	Liberty Global plc, Class C*		91,044
	1,594	Liberty Media Corp.-Liberty SiriusXM, Class C*		73,946
	885	Liberty Media Corp-Liberty SiriusXM, Class A*		41,223
	3,615	News Corp., Class A		93,159
	1,987	Omnicom Group, Inc.		158,940
	6,966	Pearson plc		80,207
	2,061	Publicis Groupe SA		131,873
	1,750	Quebecor, Inc., Class B		46,680
	480	Schibsted ASA, Class A		23,187
	1,076	Schibsted ASA, Class B		44,850
	4,253	Shaw Communications, Inc., Class B		123,225
	9,638	Sirius XM Holdings, Inc.^		63,032
	5,245	ViacomCBS, Inc., Class B		237,074
	11,325	WPP plc		153,295

				5,957,544

Metals & Mining (1.5%):
	2,245	Agnico Eagle Mines, Ltd.		135,780
	11,969	Anglo American plc		476,885
	3,645	Antofagasta plc		72,396
	6,625	ArcelorMittal		203,350
	10,788	B2Gold Corp.		45,262
	16,433	Barrick Gold Corp.		339,957
	19,521	BHP Group plc		575,313
	26,792	BHP Group, Ltd.		971,630
	4,656	BlueScope Steel, Ltd.		76,510
	2,528	Boliden AB		97,261
	15,792	Evolution Mining, Ltd.		53,457
	4,713	EVRAZ plc		38,670
	5,424	First Quantum Minerals, Ltd.		125,031
	15,651	Fortescue Metals Group, Ltd.		273,861
	1,764	Franco-Nevada Corp.		256,032
	13,480	Freeport-McMoRan, Inc.		500,243
	92,362	Glencore plc		395,474
	2,500	Hitachi Metals, Ltd.		47,811
	4,254	Ivanhoe Mines, Ltd., Class A*		30,719
	4,800	JFE Holdings, Inc.		56,233
	11,630	Kinross Gold Corp.		73,755
	2,071	Kirkland Lake Gold, Ltd.		79,822
	6,686	Lundin Mining Corp.		60,311
	7,547	Newcrest Mining, Ltd.		143,483

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	7,397	Newmont Corp.	$	468,822
	7,900	Nippon Steel Corp.		133,076
	12,430	Norsk Hydro ASA		79,439
	10,215	Northern Star Resources, Ltd.		75,147
	2,791	Nucor Corp.		267,741
	1,988	Pan American Silver Corp.		56,782
	10,373	Rio Tinto plc		853,857
	3,259	Rio Tinto, Ltd.		309,488
	44,186	South32, Ltd.		97,068
	1,944	Steel Dynamics, Inc.		115,862
	2,300	Sumitomo Metal & Mining Co., Ltd.		89,542
	4,349	Teck Cominco, Ltd., Class B		100,181
	1,125	Voestalpine AG		45,806
	4,154	Wheaton Precious Metals Corp.		183,133
	6,971	Yamana Gold, Inc.		29,360

				8,034,550

Mortgage Real Estate Investment Trusts (0.0%^†):
	4,986	AGNC Investment Corp.		84,213
	12,926	Annaly Capital Management, Inc.		114,783

				198,996

Multiline Retail (0.4%):
	530	Canadian Tire Corp., Class A		83,883
	2,264	Dollar General Corp.		489,907
	2,174	Dollar Tree, Inc.*		216,313
	2,724	Dollarama, Inc.		124,705
	1,084	Next plc*		117,958
	3,900	Pan Pacific International Holdings Corp.		80,983
	2,600	Ryohin Keikaku Co., Ltd.		54,304
	4,562	Target Corp.		1,102,818

				2,270,871

Multi-Utilities (0.7%):
	7,338	AGL Energy, Ltd.		44,994
	5,519	Algonquin Power & Utilities Corp.^		82,246
	2,342	Ameren Corp.		187,454
	325	Atco, Ltd.		11,527
	993	Canadian Utilities, Ltd., Class A		27,561
	5,098	CenterPoint Energy, Inc.		125,003
	2,670	CMS Energy Corp.		157,744
	3,165	Consolidated Edison, Inc.		226,994
	7,446	Dominion Energy, Inc.		547,802
	1,791	DTE Energy Co.		232,114
	20,750	E.ON SE		239,940
	16,881	Engie Group		231,398
	32,803	National Grid plc		417,601
	3,622	NiSource, Inc.		88,739
	4,410	Public Service Enterprise Group, Inc.		263,453
	5,937	RWE AG		215,126
	2,928	Sempra Energy		387,901
	3,194	Suez*		75,930
	4,981	Veolia Environnement SA		150,476
	2,915	WEC Energy Group, Inc.		259,289

				3,973,292

Oil, Gas & Consumable Fuels (3.0%):
	2,317	Ampol, Ltd.		49,024
	184,550	BP plc		806,463


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	3,662	Cameco Corp.	$	70,203
	10,916	Canadian Natural Resources, Ltd.		396,337
	12,120	Cenovus Energy, Inc.		115,978
	2,226	Cheniere Energy, Inc.*		193,083
	17,655	Chevron Corp.		1,849,185
	12,263	ConocoPhillips		746,817
	5,910	Devon Energy Corp.		172,513
	595	Enagas SA		13,745
	18,721	Enbridge, Inc.		749,656
	28,350	ENEOS Holdings, Inc.		118,692
	22,074	ENI SpA		269,275
	5,394	EOG Resources, Inc.		450,075
	9,033	Equinor ASA		191,281
	38,881	Exxon Mobil Corp.		2,452,613
	4,843	Galp Energia SGPS SA		52,689
	2,554	Hess Corp.		223,015
	1,482	Idemitsu Kosan Co., Ltd.		35,775
	2,375	Imperial Oil, Ltd.		72,396
	9,500	INPEX Corp.^		71,208
	3,570	Inter Pipeline, Ltd.		58,041
	2,058	Keyera Corp.		55,311
	18,829	Kinder Morgan, Inc.		343,253
	909	Koninklijke Vopak NV		41,305
	1,850	Lundin Energy AB^		65,659
	6,017	Marathon Petroleum Corp.		363,547
	3,910	Neste Oyj		239,534
	8,607	Occidental Petroleum Corp.		269,141
	20,887	Oil Search, Ltd.		59,693
	1,361	OMV AG		77,633
	4,113	ONEOK, Inc.		228,847
	16,911	Origin Energy, Ltd.		56,944
	1,471	Parkland Corp.		47,546
	5,083	Pembina Pipeline Corp.		161,545
	4,038	Phillips 66		346,541
	1,901	Pioneer Natural Resources Co.		308,950
	13,767	Repsol SA^		172,664
	37,126	Royal Dutch Shell plc, Class A		745,961
	34,254	Royal Dutch Shell plc, Class B		665,477
	17,327	Santos, Ltd.		92,410
	18,638	Snam SpA		107,849
	14,096	Suncor Energy, Inc.		337,672
	8,688	TC Energy Corp.^		429,984
	23,091	TotalEnergies SE^		1,047,451
	3,776	Valero Energy Corp.		294,830
	518	Washington H. Soul Pattinson & Co., Ltd.^		13,105
	11,218	Williams Cos., Inc.		297,838
	8,893	Woodside Petroleum, Ltd.		148,157

				16,176,911

Paper & Forest Products (0.1%):
	4,488	Mondi plc		118,233
	8,500	Oji Holdings Corp.		48,738
	5,377	Stora Enso OYJ, Registered Shares, Class R		98,138
	5,600	Svenska Cellulosa AB SCA, Class B		91,815
	4,933	UPM-Kymmene OYJ		186,597
	884	West Fraser Timber Co., Ltd.		63,472

				606,993

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Personal Products (0.7%):
	932	Beiersdorf AG	$	112,471
	2,123	Estee Lauder Co., Inc. (The), Class A		675,284
	4,500	Kao Corp.^		276,848
	600	Kobayashi Pharmaceutical Co., Ltd.		51,251
	300	Kose Corp.		47,225
	2,329	L’Oreal SA		1,038,402
	400	Pola Orbis Holdings, Inc.^		10,569
	3,700	Shiseido Co., Ltd.		272,104
	24,301	Unilever plc		1,421,142

				3,905,296

Pharmaceuticals (4.7%):
	17,200	Astellas Pharma, Inc.		299,451
	11,999	AstraZeneca plc		1,439,657
	2,794	Bausch Health Cos., Inc.*		82,012
	9,080	Bayer AG, Registered Shares		551,468
	20,707	Bristol-Myers Squibb Co.		1,383,642
	1,199	Canopy Growth Corp.*		29,003
	1,573	Catalent, Inc.*		170,073
	6,200	Chugai Pharmaceutical Co., Ltd.^		244,231
	15,700	Daiichi Sankyo Co., Ltd.		338,298
	2,200	Eisai Co., Ltd.		215,022
	3,925	Elanco Animal Health, Inc.*		136,158
	7,460	Eli Lilly & Co.		1,712,219
	46,499	GlaxoSmithKline plc		913,330
	1,864	Hikma Pharmaceuticals plc		63,107
	300	Hisamitsu Pharmaceutical Co., Inc.		14,768
	1,967	Horizon Therapeutics plc*		184,190
	283	Ipsen SA		29,439
	306	Jazz Pharmaceuticals plc*		54,358
	255	Jazz Pharmaceuticals plc*		45,298
	24,198	Johnson & Johnson		3,986,379
	2,500	Kyowa Kirin Co., Ltd.^		88,277
	23,181	Merck & Co., Inc.		1,802,786
	1,110	Merck KGaA		213,061
	600	Nippon Shinyaku Co., Ltd.^		47,577
	20,522	Novartis AG, Registered Shares		1,870,979
	15,915	Novo Nordisk A/S, Class B		1,331,683
	3,500	Ono Pharmaceutical Co., Ltd.		77,698
	1,038	Orion OYJ, Class B		44,616
	3,600	Otsuka Holdings Co., Ltd.^		149,264
	51,153	Pfizer, Inc.		2,003,151
	990	Recordati SpA		56,607
	296	Roche Holding AG		120,270
	6,443	Roche Holding AG		2,428,834
	1,614	Royalty Pharma plc, Class A		66,158
	10,321	Sanofi		1,081,362
	3,600	Santen Pharmaceutical Co., Ltd.		49,576
	2,400	Shionogi & Co., Ltd.		125,093
	1,300	Sumitomo Dainippon Pharma Co., Ltd.		27,122
	300	Taisho Pharmaceutical Holdings Co., Ltd.		15,984
	14,550	Takeda Pharmacuetical Co., Ltd.		488,728
	10,134	Teva Pharmaceutical Industries, Ltd., ADR*		100,327
	1,169	UCB SA		122,209
	11,381	Viatris, Inc.		162,634
	451	Vifor Pharma AG		58,396
	4,392	Zoetis, Inc.		818,493

				25,242,988


Shares			Value
Common Stocks, continued
Professional Services (0.8%):
	1,432	Adecco SA, Registered Shares	$	97,359
	2,717	Bureau Veritas SA		85,983
	3,091	Clarivate plc*		85,095
	3,640	CoStar Group, Inc.*^		301,465
	1,126	Equifax, Inc.		269,688
	8,478	Experian plc		327,011
	3,482	IHS Markit, Ltd.		392,282
	1,287	Intertek Group plc		98,491
	2,800	Nihon M&A Center, Inc.		72,668
	1,300	Persol Holdings Co., Ltd.		25,674
	1,105	Randstad NV		84,561
	12,500	Recruit Holdings Co., Ltd.		615,157
	17,860	RELX plc		474,412
	1,046	Robert Half International, Inc.		93,063
	3,100	Seek, Ltd.		77,053
	56	SGS SA, Registered Shares		172,803
	543	Teleperformance		220,393
	1,608	Thomson Reuters Corp.		159,749
	1,763	TransUnion		193,595
	1,339	Verisk Analytics, Inc.		233,950
	2,473	Wolters Kluwer NV		248,525

				4,328,977

Real Estate Management & Development (0.5%):
	9,234	Aroundtown SA^		71,934
	448	Azrieli Group		31,588
	24,400	CapitaLand, Ltd.		67,418
	3,102	CBRE Group, Inc., Class A*		265,934
	3,700	City Developments, Ltd.		20,092
	18,500	CK Asset Holdings, Ltd.		127,716
	600	Daito Trust Construction Co., Ltd.		65,604
	5,200	Daiwa House Industry Co., Ltd.		156,067
	3,160	Deutsche Wohnen SE		193,423
	18,800	ESR Cayman, Ltd.*		63,443
	643	Fastighets AB Balder*		40,363
	400	FirstService Corp.		68,617
	21,000	Hang Lung Properties, Ltd.		50,998
	13,324	Henderson Land Development Co., Ltd.		63,153
	12,900	Hongkong Land Holdings, Ltd.		61,451
	2,400	Hulic Co., Ltd.^		26,997
	666	LEG Immobilien SE		95,943
	7,086	Lend Lease Group		60,900
	10,900	Mitsubishi Estate Co., Ltd.		176,231
	8,500	Mitsui Fudosan Co., Ltd.		196,814
	14,827	New World Development Co., Ltd.		77,057
	1,000	Nomura Real Estate Holdings, Inc.		25,364
	42,117	Sino Land Co., Ltd.		66,398
	2,900	Sumitomo Realty & Development Co., Ltd.		103,610
	12,000	Sun Hung Kai Properties, Ltd.		178,823
	5,000	Swire Pacific, Ltd., Class A		33,907
	18,600	Swire Properties, Ltd.		55,459
	702	Swiss Prime Site AG		69,684
	1,769	UOL Group, Ltd.		9,619
	4,969	Vonovia SE		321,510
	15,000	Wharf Real Estate Investment Co., Ltd.		87,231

				2,933,348

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Road & Rail (1.3%):
	68	AMERCO, Inc.	$	40,079
	20,359	Aurizon Holdings, Ltd.		56,823
	6,565	Canadian National Railway Co.		692,784
	6,160	Canadian Pacific Railway, Ltd., Class 1		473,754
	1,300	Central Japan Railway Co.		197,134
	21,141	CSX Corp.		678,203
	1,913	DSV PANALPINA A/S		446,094
	2,800	East Japan Railway Co.		200,698
	2,100	Hankyu Hanshin Holdings, Inc.		64,670
	782	J.B. Hunt Transport Services, Inc.		127,427
	784	Kansas City Southern		222,162
	1,000	Keio Corp.		58,768
	1,000	Keisei Electric Railway Co., Ltd.		31,902
	1,700	Kintetsu Group Holdings Co., Ltd.*		59,669
	1,454	Knight-Swift Transportation Holdings, Inc.		66,099
	2,367	Lyft, Inc., Class A*		143,156
	14,500	MTR Corp., Ltd.		80,772
	700	Nippon Express Co., Ltd.		53,296
	2,328	Norfolk Southern Corp.		617,874
	2,700	Odakyu Electric Railway Co., Ltd.		68,057
	919	Old Dominion Freight Line, Inc.		233,242
	2,000	Tobu Railway Co., Ltd.		51,694
	4,600	Tokyu Corp.		62,548
	10,800	Uber Technologies, Inc.*		541,296
	6,119	Union Pacific Corp.		1,345,752
	1,500	West Japan Railway Co.		85,502

				6,699,455

Semiconductors & Semiconductor Equipment (4.5%):
	11,195	Advanced Micro Devices, Inc.*		1,051,546
	1,800	Advantest Corp.		161,413
	3,409	Analog Devices, Inc.		586,893
	8,362	Applied Materials, Inc.		1,190,749
	437	ASM International NV		143,669
	3,877	ASML Holding NV		2,668,997
	3,773	Broadcom, Inc.		1,799,117
	300	Disco Corp.		91,750
	11,670	Infineon Technologies AG		467,921
	37,270	Intel Corp.		2,092,338
	1,424	KLA Corp.		461,675
	1,295	Lam Research Corp.		842,657
	700	Lasertec Corp.		135,765
	7,116	Marvell Technology, Inc.		415,076
	2,477	Maxim Integrated Products, Inc.		260,977
	2,489	Microchip Technology, Inc.		372,703
	10,339	Micron Technology, Inc.*		878,608
	397	Monolithic Power Systems, Inc.		148,260
	5,700	NVIDIA Corp.		4,560,570
	2,560	NXP Semiconductors NV		526,643
	3,807	ON Semiconductor Corp.*		145,732
	1,047	Qorvo, Inc.*		204,846
	10,382	Qualcomm, Inc.		1,483,899
	11,600	Renesas Electronics Corp.*		125,516
	800	ROHM Co., Ltd.		74,018
	1,524	Skyworks Solutions, Inc.		292,227
	477	SolarEdge Technologies, Inc.*		131,829
	6,312	STMicroelectronics NV		229,111
	2,600	SUMCO Corp.		63,505


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	1,541	Teradyne, Inc.	$	206,432
	8,420	Texas Instruments, Inc.		1,619,166
	1,400	Tokyo Electron, Ltd.		602,840
	2,267	Xilinx, Inc.		327,899

				24,364,347

Software (6.9%):
	4,396	Adobe, Inc.*		2,574,473
	802	ANSYS, Inc.*		278,342
	2,032	Autodesk, Inc.*		593,141
	790	Avalara, Inc.*		127,822
	1,063	AVEVA Group plc		54,579
	1,586	Bentley Systems, Inc., Class B^		102,741
	4,940	BlackBerry, Ltd.*		60,385
	2,578	Cadence Design Systems, Inc.*		352,722
	1,236	Ceridian HCM Holding, Inc.*		118,557
	904	Check Point Software Technologies, Ltd.*		104,982
	1,136	Citrix Systems, Inc.		133,219
	2,082	Cloudflare, Inc., Class A*		220,359
	175	Constellation Software, Inc.		265,085
	667	Coupa Software, Inc.*		174,827
	1,653	Crowdstrike Holdings, Inc., Class A*		415,415
	382	CyberArk Software, Ltd.*		49,763
	1,221	Dassault Systemes SA		296,179
	1,616	Datadog, Inc., Class A*		168,193
	1,724	DocuSign, Inc.*		481,979
	2,919	Dropbox, Inc., Class A*		88,475
	1,698	Dynatrace, Inc.*		99,197
	238	Fair Isaac Corp.*		119,638
	1,282	Fortinet, Inc.*		305,360
	735	Guidewire Software, Inc.*		82,849
	407	HubSpot, Inc.*		237,167
	2,531	Intuit, Inc.		1,240,620
	911	Lightspeed POS, Inc.*		76,260
	65,889	Microsoft Corp.		17,849,330
	423	Nemetschek SE		32,399
	580	NICE Systems, Ltd.*		143,150
	5,378	NortonLifeLock, Inc.		146,389
	2,521	Open Text Corp.		128,043
	17,687	Oracle Corp.		1,376,756
	300	Oracle Corp.		22,964
	4,858	Palantir Technologies, Inc., Class A*		128,057
	473	Paycom Software, Inc.*		171,921
	1,026	PTC, Inc.*		144,933
	697	RingCentral, Inc., Class A*		202,534
	10,132	Sage Group plc		95,966
	8,482	salesforce.com, Inc.*		2,071,898
	9,538	SAP SE		1,345,625
	1,782	ServiceNow, Inc.*		979,298
	4,675	Sinch AB*		78,712
	4,403	Slack Technologies, Inc., Class A*		195,053
	1,495	Splunk, Inc.*		216,147
	2,144	SS&C Technologies Holdings, Inc.		154,497
	1,408	Synopsys, Inc.*		388,312
	1,628	TeamViewer AG*		61,321
	617	Temenos AG		99,167
	3,729	The Trade Desk, Inc., Class A*		288,475
	1,300	Trend Micro, Inc.		68,125

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Software, continued
	375	Tyler Technologies, Inc.*	$	169,639
	580	Unity Software, Inc.*^		63,701
	777	Vmware, Inc., Class A*		124,297
	1,661	WiseTech Global, Ltd.		39,745
	1,664	Workday, Inc., Class A*		397,263
	1,220	Xero, Ltd.*		125,287
	1,088	Zendesk, Inc.*		157,042
	1,891	Zoom Video Communications, Inc., Class A*		731,874
	744	Zscaler, Inc.*		160,749

				37,180,998

Specialty Retail (1.7%):
	100	ABC-Mart, Inc.		5,715
	606	Advance Auto Parts, Inc.		124,315
	210	AutoZone, Inc.*		313,366
	2,154	Best Buy Co, Inc.		247,667
	612	Burlington Stores, Inc.*		197,058
	1,502	CarMax, Inc.*		193,983
	652	Carvana Co.*		196,787
	22,400	Chow Tai Fook Jewellery Group, Ltd.		51,182
	500	Fast Retailing Co., Ltd.		376,249
	6,750	Hennes & Mauritz AB, Class B*		160,226
	300	Hikari Tsushin, Inc.		52,678
	9,899	Home Depot, Inc. (The)		3,156,692
	10,082	Industria de Diseno Textil SA		355,215
	5,473	JD Sports Fashion plc		69,683
	19,508	Kingfisher plc		98,410
	2,191	L Brands, Inc.		157,883
	6,756	Lowe’s Cos., Inc.		1,310,461
	700	Nitori Co., Ltd.		123,931
	628	O’Reilly Automotive, Inc.*		355,580
	3,295	Ross Stores, Inc.		408,580
	10,857	TJX Cos., Inc. (The)		731,979
	1,075	Tractor Supply Co.		200,015
	495	Ulta Beauty, Inc.*		171,156
	1,700	USS Co., Ltd.		29,647
	5,400	Yamada Holdings Co., Ltd.		24,933

				9,113,391

Technology Hardware, Storage & Peripherals (4.4%):
	154,379	Apple, Inc.		21,143,748
	2,300	Brother Industries, Ltd.		45,886
	9,200	Canon, Inc.^		208,068
	2,437	Dell Technologies, Inc., Class C*		242,896
	3,300	FUJIFILM Holdings Corp.		244,663
	12,023	Hewlett Packard Enterprise Co.		175,295
	11,522	HP, Inc.		347,849
	1,600	Logitech International SA, Class R		193,965
	2,300	NEC Corp.		118,381
	2,065	NetApp, Inc.		168,958
	6,200	Ricoh Co., Ltd.		69,872
	1,969	Seagate Technology Holdings plc		173,134
	2,200	Seiko Epson Corp.		38,683
	2,829	Western Digital Corp.*		201,340

				23,372,738

Textiles, Apparel & Luxury Goods (1.4%):
	1,760	Adidas AG		655,290
	3,741	Burberry Group plc*		107,131


Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	4,825	Cie Financiere Richemont SA	$	584,331
	1,834	Gildan Activewear, Inc.		67,684
	293	Hermes International SA		427,156
	693	Kering		606,351
	1,144	Lululemon Athletica, Inc.*		417,526
	2,546	LVMH Moet Hennessy Louis Vuitton SA		1,998,793
	1,563	Moncler SpA		105,792
	11,649	Nike, Inc., Class B		1,799,654
	924	Pandora A/S		124,526
	976	Puma SE		116,355
	267	Swatch Group AG (The), Class B		91,666
	593	Swatch Group AG (The), Registered Shares		39,153
	3,077	VF Corp.		252,437

				7,393,845

Tobacco (0.7%):
	17,176	Altria Group, Inc.		818,952
	20,144	British American Tobacco plc		785,147
	8,747	Imperial Brands plc, Class A		188,467
	11,100	Japan Tobacco, Inc.^		209,667
	14,237	Philip Morris International, Inc.		1,411,029
	14,991	Swedish Match AB		127,899

				3,541,161

Trading Companies & Distributors (0.6%):
	4,153	Ashtead Group plc		308,425
	1,428	Brenntag AG		132,788
	3,115	Bunzl plc		102,989
	5,308	Fastenal Co.		276,016
	2,080	Ferguson plc		289,493
	11,000	Itochu Corp.		316,235
	14,500	Marubeni Corp.		126,049
	11,100	Mitsubishi Corp.		302,398
	14,300	Mitsui & Co., Ltd.		321,796
	2,600	MonotaRo Co., Ltd.^		61,596
	3,064	Reece, Ltd.		54,406
	10,400	Sumitomo Corp.		139,157
	338	Toromont Industries, Ltd.		29,453
	2,000	Toyota Tsushu Corp.		94,355
	667	United Rentals, Inc.*		212,780
	411	W.W. Grainger, Inc.		180,018

				2,947,954

Transportation Infrastructure (0.1%):
	693	Aena SME SA*		113,617
	215	Aeroports de Paris*		28,024
	4,579	Atlantia SpA*		82,971
	12,535	Auckland International Airport, Ltd.*		63,677
	4,067	Getlink SE		63,440
	13,022	Sydney Airport*		56,549
	25,306	Transurban Group		270,632

				678,910

Water Utilities (0.1%):
	1,677	American Water Works Co., Inc.		258,476
	2,154	Essential Utilities, Inc.		98,438
	2,208	Severn Trent plc		76,363
	6,302	United Utilities Group plc		84,976

				518,253

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Wireless Telecommunication Services (0.6%):
	14,900	KDDI Corp.	$	464,633
	3,275	Rogers Communications, Inc., Class B		174,135
	25,200	Softbank Corp.		329,682
	11,300	SoftBank Group Corp.		791,449
	4,629	Tele2 AB		63,101
	5,743	T-Mobile USA, Inc.*		831,759
	248,015	Vodafone Group plc		417,085

				3,071,844

	Total Common Stocks (Cost $437,621,445)			531,421,764

Preferred Stocks (0.1%):
Automobiles (0.1%):
	526	Bayerische Motoren Werke AG (BMW), 2.53%, 5/15/20		47,272
	1,415	Porsche Automobil Holding SE, 2.45%, 5/20/20		151,605
	1,715	Volkswagen AG, 2.30%, 5/8/20		430,028

				628,905

Household Products (0.0%^†):
	1,647	Henkel AG & Co. KGaA, 2.08%, 4/21/20		173,868

	Total Preferred Stocks (Cost $692,399)			802,773


Shares or Principal Amount			Value
Right (0.0%^†):
Construction & Engineering (0.0%^†):
	1,211	ACS Actividades de Construccion y Servicios SA, Expires on 7/7/21*^	$	1,694

	Total Right (Cost $1,836)			1,694

Short-Term Security Held as Collateral for Securities on Loan (0.7%):
	3,911,253	BlackRock Liquidity FedFund, Institutional Class , 0.04%(a)(b)		3,911,253

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $3,911,253)			3,911,253

Unaffiliated Investment Company (0.5%):
Money Markets (0.5%):
	2,650,991	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(b)		2,650,991

	Total Unaffiliated Investment Company (Cost $2,650,991)			2,650,991

	Total Investment Securities (Cost $444,877,924) — 100.5%			538,788,475
	Net other assets (liabilities) — (0.5)%			(2,893,335	)

	Net Assets — 100.0%		$	535,895,140

Percentages indicated are based on net assets as of June 30, 2021.

ADR—American Depository Receipt

REIT—Real Estate Investment Trust

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $3,701,087.

+	Affiliated Securities

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

(b)	The rate represents the effective yield at June 30, 2021.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total value of investments as of June 30, 2021:

(Unaudited)


Country	Percentage

Argentina		0.1	%

Australia		2.1	%

Austria		0.1	%

Belgium		0.3	%

Bermuda		0.2	%

Canada		3.4	%

China		—	%^†

Denmark		0.8	%

Finland		0.4	%

France		3.1	%

Germany		2.7	%

Hong Kong		0.9	%

Ireland		0.9	%

Isle of Man		—	%^†

Israel		0.2	%

Italy		0.6	%

Japan		6.7	%


Country	Percentage

Jersey		—	%^†

Liberia		—	%^†

Luxembourg		0.1	%

Netherlands		1.7	%

New Zealand		0.1	%

Norway		0.2	%

Panama		—	%^†

Poland		—	%^†

Portugal		—	%^†

Singapore		0.3	%

Spain		0.7	%

Sweden		1.0	%

Switzerland		3.1	%

United Kingdom		4.5	%

United States		65.8	%

		100.0	%

†	Represents less than 0.05%.

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

DJ EURO STOXX 50 September Futures (Euro)		9/17/21		10	$	480,823	$	(1,335	)
FTSE 100 Index September Futures (British Pounds)		9/17/21		3		289,643		79
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/17/21		13		2,787,590		16,086
SGX Nikkei 225 Index September Futures (Japanese Yen)		9/9/21		1		129,366		(204	)

							$	14,626

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment in non-affiliates, at cost	$	443,116,125
Investments in affiliates, at cost		1,761,799

Investment in non-affiliates, at value(a)	$	536,604,662
Investments in affiliates, at value		2,183,813
Cash		2,067
Deposit at broker for futures contracts collateral		213,356
Interest and dividends receivable		439,513
Foreign currency, at value (cost $913,915)		911,696
Reclaims receivable		271,816
Prepaid expenses		12,603

Total Assets		540,639,526

Liabilities:
Payable for investments purchased		114,743
Payable for capital shares redeemed		475,124
Payable for collateral received on loaned securities		3,911,253
Payable for variation margin on futures contracts		784
Manager fees payable		99,900
Administration fees payable		6,087
Distribution fees payable		76,874
Custodian fees payable		8,355
Administrative and compliance services fees payable		807
Transfer agent fees payable		1,430
Trustee fees payable		4,014
Other accrued liabilities		45,015

Total Liabilities		4,744,386

Net Assets	$	535,895,140

Net Assets Consist of:
Paid in capital	$	409,140,172
Total distributable earnings		126,754,968

Net Assets	$	535,895,140

Class 1
Net Assets	$	53,910,290
Shares of beneficial interest (unlimited number of shares authorized, no par value)		5,279,123
Net Asset Value (offering and redemption price per share)	$	10.21

Class 2
Net Assets	$	481,984,850
Shares of beneficial interest (unlimited number of shares authorized, no par value)		29,804,106
Net Asset Value (offering and redemption price per share)	$	16.17

(a)	Includes securities on loan of $3,701,087.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	3,452,309
Dividends from affiliates		34,560
Income from securities lending		7,694
Foreign withholding tax		(235,988	)

Total Investment Income		3,258,575

Expenses:
Manager fees		1,146,914
Administration fees		26,995
Distribution fees — Class 1		357,613
Distribution fees — Class 2		48,308
Custodian fees		30,791
Administrative and compliance services fees		2,597
Transfer agent fees		3,334
Trustee fees		9,376
Professional fees		8,187
Shareholder reports		4,483
Other expenses		78,852

Total expenses before reductions		1,717,450
Less expenses voluntarily waived/reimbursed by the Manager		(638,992	)

Net expenses		1,078,458

Net Investment Income/(Loss)		2,180,117

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		15,309,351
Net realized gains/(losses) on affiliated transactions		41,141
Net realized gains/(losses) on futures contracts		288,485
Change in net unrealized appreciation/depreciation on securities and foreign currencies		24,869,772
Change in net unrealized appreciation/depreciation on affiliated transactions		104,319
Change in net unrealized appreciation/depreciation on futures contracts		(12,684	)

Net realized and Change in net unrealized gains/losses on investments		40,600,384

Change in Net Assets Resulting From Operations	$	42,780,501

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,180,117			$	4,018,033
Net realized gains/(losses) on investments			15,638,977				19,712,261
Change in unrealized appreciation/depreciation on investments			24,961,407				22,863,821

Change in net assets resulting from operations			42,780,501				46,594,115

Distributions to Shareholders:
Class 1			—				—
Class 2			—				(2,665,945	)

Change in net assets resulting from distributions to shareholders			—				(2,665,945	)

Capital Transactions:
Class 1^
Proceeds from shares issued			3,578				—
Proceeds from in-kind shares issued(a)			53,013,674				—
Value of shares redeemed			(230,458	)			—

Total Class 1 Shares			52,786,794				—

Class 2
Proceeds from shares issued			615,895				38,589,996
Proceeds from in-kind shares issued(a)			162,355,745				—
Proceeds from dividends reinvested			—				2,665,945
Value of shares redeemed			(44,280,657	)			(94,685,298	)

Total Class 2 Shares			118,690,983				(53,429,357	)

Change in net assets resulting from capital transactions			171,477,777				(53,429,357	)

Change in net assets			214,258,278				(9,501,187	)
Net Assets:
Beginning of period			321,636,862				331,138,049

End of period		$	535,895,140			$	321,636,862

Share Transactions:
Class 1^
Shares issued			358				—
Shares issued in-kind(a)			5,301,367				—
Shares redeemed			(22,602	)			—

Total Class 1 Shares			5,279,123				—

Class 2
Shares issued			40,856				3,828,709
Shares issued in-kind(a)			10,251,349				—
Dividends reinvested			—				206,183
Shares redeemed			(2,902,401	)			(8,015,099	)

Total Class 2 Shares			7,389,804				(3,980,207	)

Change in shares			12,668,927				(3,980,207	)

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

^	Class 1 activity is for the period June 21, 2021 (commencement of operations) to June 30, 2021.

(a)	See Note 2 in Notes to the Financial Statements.

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)


	Six Months Ended June 30, 2021^				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Class 1
Net Asset Value, Beginning of Period		$	10.00

Investment Activities:
Net Investment Income/(Loss)			__	(a)(b)
Net Realized and Unrealized Gains/(Losses) on Investments			0.21

Total from Investment Activities			0.21

Distributions to Shareholders From:
Net Investment Income			—

Total Dividends			—

Net Asset Value, End of Period		$	10.21

Total Return(c)			2.10	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	53,910
Net Investment Income/(Loss)(e)			1.38	%
Expenses Before Reductions(e)(f)			0.80	%
Expenses Net of Reductions(e)			0.41	%
Portfolio Turnover Rate			58	%(d)(g)

Class 2
Net Asset Value, Beginning of Period		$	14.35			$	12.55			$	10.03			$	11.22			$	9.36			$	9.71

Investment Activities:
Net Investment Income/(Loss)			0.10	(b)			0.16	(b)			0.19	(b)			0.21				0.20				0.20
Net Realized and Unrealized Gains/(Losses) on Investments			1.72				1.75				2.52				(1.19	)			1.86				(0.30	)

Total from Investment Activities			1.82				1.91				2.71				(0.98	)			2.06				(0.10	)

Distributions to Shareholders From:
Net Investment Income			—				(0.11	)			(0.19	)			(0.21	)			(0.20	)			(0.25	)

Total Dividends			—				(0.11	)			(0.19	)			(0.21	)			(0.20	)			(0.25	)

Net Asset Value, End of Period		$	16.17			$	14.35			$	12.55			$	10.03			$	11.22			$	9.36

Total Return(c)			12.68	%(d)			15.36	%			27.25	%			(8.94	)%			22.18	%			(0.93	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	481,985			$	321,637			$	331,138			$	127,860			$	153,857			$	147,265
Net Investment Income/(Loss)(e)			1.33	%			1.32	%			1.68	%			1.67	%			1.62	%			2.75	%
Expenses Before Reductions(e)(f)			1.05	%			1.08	%			1.12	%			1.14	%			1.16	%			1.20	%
Expenses Net of Reductions(e)			0.66	%			0.69	%			0.73	%			0.75	%			0.77	%			1.10	%
Portfolio Turnover Rate			58	%(d)(g)			13	%			9	%			4	%			4	%			135	%(h)

^	Class 1 activity is for the period June 21, 2021 (commencement of operations) to June 30, 2021.

(a)	Represents less than $0.005.

(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.

(g)	Excludes impact of in-kind transactions.

(h)

See accompanying notes to the financial statements.

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Class Allocation

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $755 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $3,911,253 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

In-kind Subscriptions

During the period ended June 30, 2021, the AZL MSCI Global Equity Index Fund issued 5,301,367 shares valued at $53,013,674, and 10,251,349 shares valued at $162,355,745, of Class 1 and Class 2, respectively, in exchange for securities and other assets contributed from Class 1 and Class 2 shareholders, respectively, of the Templeton Growth VIP Fund.

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $2.0 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

16,165

Payable for variation margin on futures contracts*

1,539

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	288,485	$	(12,684	)

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, 2022.

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MSCI Global Equity Index Fund Class 1		0.70	%		0.55	%

AZL MSCI Global Equity Index Fund Class 2		0.70	%		0.80	%

The annual rate due to the Manager is 0.70% of the first $5 billion of the Fund’s net assets, 0.65% of the next $5 billion of the Fund’s net assets, and 0.61% of the Fund’s assets over $10 billion. Prior to June 1, 2021, the annual rate due to the Manager was 0.70% on all assets. For the six months ended June 30, 2021, the Manager waived, prior to any application of expense limit, 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 above (i.e., discontinue the waiver) at any time after April 30, 2022.

At June 30, 2021, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Value 12/31/2020				Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Capital Gains Distributions

Allianz SE, Registered Shares		$	640,470			$	400,420		$	(94,558	)		$	4,019		$	(245	)		$	950,105		3,811		$	27,361		$	—

BlackRock Inc., Class A			694,122				499,350			(101,450	)			37,122			104,564				1,233,708		1,410			7,199			—

		$	1,334,592	��		$	899,770		$	(196,008	)		$	41,141		$	104,319			$	2,183,813		5,221		$	34,560		$	—

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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.”

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	380,087,590		$	151,334,174		$	—		$	531,421,764
Preferred Stocks+			—			802,773			—			802,773
Rights+			1,694			—			—			1,694
Short-Term Security Held as Collateral for Securities on Loan			3,911,253			—			—			3,911,253
Unaffiliated Investment Company			2,650,991			—			—			2,650,991

Total Investment Securities			386,651,528			152,136,947			—			538,788,475

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)


Investment Securities:	Level 1			Level 2			Level 3			Total

Other Financial Instruments:*
Futures Contracts		$	14,626		$	—		$	—		$	14,626

Total Investments		$	386,666,154		$	152,136,947		$	—		$	538,803,101

+	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 period ended June 30, 2021, cost of purchases and proceeds from sales of securities (excluding in-kind transactions and securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MSCI Global Equity Index Fund		$	200,383,617		$	221,473,702

6. Investment Risks

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

security was sold. The Fund may also pay transaction costs and borrowing fees in connection with short sales.

7. Coronavirus (COVID-19) Pandemic

AZL MSCI Global Equity Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $ 255,540,363. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	77,195,153
Unrealized (depreciation)		(10,866,009	)

Net unrealized appreciation/(depreciation)	$	66,329,144

During the year ended December 31, 2020, the Fund utilized $8,203,617 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2020 was as follows:


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

AZL MSCI Global Equity Index Fund		$	2,665,945		$	—		$	2,665,945

(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, 2020, 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		$	14,436,720		$	3,178,519	$—		$	66,359,849	$	83,975,088

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, mark-to-market of passive foreign investment companies, mark-to-market of futures 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 June 30, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 95% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Subsequent Events

AZL MSCI Global Equity Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%


FUND		FOR	AGAINST	ABSTAIN

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Russell 1000 Growth Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 9

Page 9

Page 10

Page 11

Page 12

Page 18

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 20

Page 21

AZL Russell 1000 Growth Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Russell 1000 Growth Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Russell 1000 Growth Index Fund, Class 1		$	1,000.00		$	1,128.70		$	2.11		0.40	%

AZL Russell 1000 Growth Index Fund, Class 2		$	1,000.00		$	1,127.40		$	3.43		0.65	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Russell 1000 Growth Index Fund, Class 1		$	1,000.00		$	1,022.81		$	2.01		0.40	%

AZL Russell 1000 Growth Index Fund, Class 2		$	1,000.00		$	1,021.57		$	3.26		0.65	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		43.7	%

Consumer Discretionary		18.6

Communication Services		12.3

Health Care		9.0

Industrials		6.4

Consumer Staples		3.9

Financials		2.3

Real Estate		1.7

Materials		1.0

Energy		0.3

Utilities		—	^†


Total Common Stocks		99.2

Unaffiliated Investment Company		0.9

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


Total Investment Securities		100.6

Net other assets (liabilities)		(0.6	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (99.2%):
Aerospace & Defense (0.6%):
	3,418	Axon Enterprise, Inc.*	$	604,303
	3,556	BWX Technologies, Inc.		206,675
	767	HEICO Corp.		106,935
	1,346	HEICO Corp., Class A		167,146
	1,541	Howmet Aerospace, Inc.*		53,118
	11,517	Lockheed Martin Corp.		4,357,457
	698	Northrop Grumman Corp.		253,674
	1,625	Spirit AeroSystems Holdings, Inc., Class A		76,684
	791	TransDigm Group, Inc.*		512,006
	7,021	Virgin Galactic Holdings, Inc.*		322,966

				6,660,964

Air Freight & Logistics (1.0%):
	1,140	C.H. Robinson Worldwide, Inc.		106,784
	6,519	Expeditors International of Washington, Inc.		825,305
	5,673	FedEx Corp.		1,692,426
	38,506	United Parcel Service, Inc., Class B		8,008,093
	4,198	XPO Logistics, Inc.*		587,258

				11,219,866

Airlines (0.1%):
	33,969	Delta Air Lines, Inc.*		1,469,499

Auto Components (0.0%^†):
	2,625	Aptiv plc*		412,991
	4,412	QuantumScape Corp.*^		129,095

				542,086

Automobiles (2.5%):
	41,277	Tesla, Inc.*		28,055,977
	1,151	Thor Industries, Inc.		130,063

				28,186,040

Banks (0.0%^†):
	3,997	Citizens Financial Group, Inc.		183,343
	2,818	Western Alliance Bancorp		261,651

				444,994

Beverages (1.7%):
	501	Boston Beer Co., Inc. (The), Class A*		511,421
	2,204	Brown-Forman Corp., Class A		155,382
	4,835	Brown-Forman Corp., Class B		362,335
	145,842	Coca-Cola Co. (The)		7,891,511
	18,324	Monster Beverage Corp.*		1,673,897
	61,014	PepsiCo, Inc.		9,040,444

				19,634,990

Biotechnology (2.7%):
	94,001	AbbVie, Inc.		10,588,273
	2,506	Acceleron Pharma, Inc.*		314,478
	6,228	Alnylam Pharmaceuticals, Inc.*		1,055,770
	25,165	Amgen, Inc.		6,133,969
	2,823	CureVac NV*		207,434
	8,393	Exact Sciences Corp.*		1,043,334
	14,078	Exelixis, Inc.*		256,501
	8,404	Incyte Corp.*		707,028
	6,863	Ionis Pharmaceuticals, Inc.*		273,765
	2,346	Iovance Biotherapeutics, Inc.*		61,043
	1,739	Mirati Therapeutics, Inc.*		280,901
	17,998	Moderna, Inc.*		4,229,170
	3,875	Natera, Inc.*		439,929


Shares			Value
Common Stocks, continued
Biotechnology, continued
	5,036	Neurocrine Biosciences, Inc.*	$	490,103
	3,924	Novavax, Inc.*^		833,104
	570	Regeneron Pharmaceuticals, Inc.*		318,368
	2,931	Repligen Corp.*		585,086
	4,214	Sarepta Therapeutics, Inc.*		327,596
	6,861	Seagen, Inc.*		1,083,215
	2,548	Ultragenyx Pharmaceutical, Inc.*		242,952
	5,512	Verizon Communications, Inc.*		1,111,385

				30,583,404

Building Products (0.4%):
	2,989	Advanced Drainage Systems, Inc.		348,428
	3,630	Allegion plc		505,659
	832	Armstrong World Industries, Inc.		89,240
	3,185	AZEK Co., Inc. (The)*		135,235
	21,633	Carrier Global Corp.		1,051,364
	1,872	Fortune Brands Home & Security, Inc.		186,470
	6,179	Trane Technologies plc		1,137,801
	6,396	Trex Co., Inc.*		653,735

				4,107,932

Capital Markets (1.5%):
	3,463	Ameriprise Financial, Inc.		861,871
	9,486	Apollo Global Management, Inc.		590,029
	6,422	Ares Management Corp., Class A		408,375
	36,221	Blackstone Group, Inc. (The), Class A		3,518,508
	2,037	FactSet Research Systems, Inc.		683,638
	966	Goldman Sachs Group, Inc. (The)		366,626
	4,230	LPL Financial Holdings, Inc.		570,965
	1,986	MarketAxess Holdings, Inc.		920,690
	8,182	Moody’s Corp.		2,964,911
	1,031	Morningstar, Inc.		265,080
	3,022	MSCI, Inc., Class A		1,610,968
	9,068	S&P Global, Inc.		3,721,961
	3,964	T. Rowe Price Group, Inc.		784,753

				17,268,375

Chemicals (0.8%):
	1,964	Axalta Coating Systems, Ltd.*		59,882
	2,179	Celanese Corp.		330,336
	4,504	Chemours Co. (The)		156,739
	2,862	Dow, Inc.		181,107
	11,661	Ecolab, Inc.		2,401,816
	1,457	FMC Corp.		157,648
	1,719	Lyondellbasell Industries NV		176,834
	5,310	PPG Industries, Inc.		901,479
	3,962	RPM International, Inc.		351,350
	2,049	Scotts Miracle-Gro Co. (The)		393,244
	12,973	Sherwin Williams Co.		3,534,494
	2,989	W.R. Grace & Co.		206,600

				8,851,529

Commercial Services & Supplies (0.4%):
	4,439	Cintas Corp.		1,695,698
	10,985	Copart, Inc.*		1,448,152
	7,166	IAA, Inc.*		390,834

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	515	MSA Safety, Inc.	$	85,274
	10,331	Rollins, Inc.		353,320
	3,570	Waste Management, Inc.		500,193

				4,473,471

Communications Equipment (0.3%):
	2,861	Arista Networks, Inc.*		1,036,569
	10,664	CommScope Holding Co., Inc.*		227,250
	5,174	Palo Alto Networks, Inc.*		1,919,813
	413	Ubiquiti, Inc.		128,934

				3,312,566

Consumer Finance (0.5%):
	22,053	American Express Co.		3,643,817
	61	Credit Acceptance Corp.*^		27,701
	8,908	Discover Financial Services		1,053,727
	5,768	Synchrony Financial		279,863
	653	Upstart Holdings, Inc.*		81,560

				5,086,668

Containers & Packaging (0.1%):
	2,336	Avery Dennison Corp.		491,121
	5,058	Ball Corp.		409,799
	645	Crown Holdings, Inc.		65,926
	4,229	Graphic Packaging Holding Co.		76,714
	4,373	Sealed Air Corp.		259,100

				1,302,660

Distributors (0.1%):
	2,082	Pool Corp.		954,930

Diversified Consumer Services (0.1%):
	2,176	Bright Horizons Family Solutions, Inc.*		320,111
	6,911	Chegg, Inc.*		574,373
	3,112	Frontdoor, Inc.*		155,040
	7,422	H&R Block, Inc.		174,269

				1,223,793

Electrical Equipment (0.4%):
	7,009	Enphase Energy, Inc.*		1,287,063
	3,260	Generac Holdings, Inc.*		1,353,389
	26,597	Plug Power, Inc.*^		909,351
	3,745	Rockwell Automation, Inc.		1,071,145
	14,942	Vertiv Holdings Co.		407,917

				5,028,865

Electronic Equipment, Instruments & Components (0.6%):
	22,071	Amphenol Corp., Class A		1,509,877
	7,756	CDW Corp.		1,354,585
	8,850	Cognex Corp.		743,842
	1,102	Coherent, Inc.*		291,303
	13,672	Corning, Inc.		559,185
	163	IPG Photonics Corp.*		34,355
	6,101	Jabil, Inc.		354,590
	4,326	Keysight Technologies, Inc.*		667,978
	4,860	Vontier Corp.		158,339
	2,830	Zebra Technologies Corp., Class A*		1,498,457

				7,172,511


Shares			Value
Common Stocks, continued
Energy Equipment & Services (0.0%^†):
	2,496	Halliburton Co.	$	57,708

Entertainment (1.4%):
	2,733	Live Nation Entertainment, Inc.*		239,384
	385	Madison Square Garden Sports Corp., Class A*		66,440
	23,081	Netflix, Inc.*		12,191,615
	2,111	Playtika Holding Corp.*		50,326
	15,647	Skillz, Inc.*		339,853
	7,263	Spotify Technology SA*		2,001,610
	1,208	Take-Two Interactive Software, Inc.*		213,840
	4,927	Walt Disney Co. (The)*		866,019
	2,489	World Wrestling Entertainment, Inc., Class A^		144,088
	25,264	Zynga, Inc.*		268,556

				16,381,731

Equity Real Estate Investment Trusts (1.7%):
	24,012	American Tower Corp.		6,486,602
	2,358	Brookfield Property REIT, Inc., Class A		44,543
	1,703	Brookfield Renewable Corp., Class A		71,424
	1,769	Coresite Realty Corp.		238,107
	22,918	Crown Castle International Corp.		4,471,302
	3,376	Equinix, Inc.		2,709,578
	4,875	Equity Lifestyle Properties, Inc.		362,261
	620	Extra Space Storage, Inc.		101,568
	10,718	Iron Mountain, Inc.		453,586
	4,002	Lamar Advertising Co., Class A		417,889
	6,124	Public Storage, Inc.		1,841,425
	962	SBA Communications Corp.		306,589
	15,067	Simon Property Group, Inc.		1,965,942

				19,470,816

Food & Staples Retailing (0.9%):
	21,993	Costco Wholesale Corp.		8,701,970
	25,914	Sysco Corp.		2,014,814

				10,716,784

Food Products (0.2%):
	2,671	Beyond Meat, Inc.*^		420,656
	2,168	Freshpet, Inc.*		353,298
	6,673	Hershey Co. (The)		1,162,303
	5,940	Kellogg Co.		382,120
	1,929	Lamb Weston Holdings, Inc.		155,593
	1,200	Pilgrim’s Pride Corp.*		26,616

				2,500,586

Health Care Equipment & Supplies (2.9%):
	46,207	Abbott Laboratories		5,356,777
	2,443	ABIOMED, Inc.*		762,485
	4,216	Align Technology, Inc.*		2,575,976
	1,754	Danaher Corp.		470,703
	4,984	DexCom, Inc.*		2,128,168
	33,448	Edwards Lifesciences Corp.*		3,464,209
	4,557	IDEXX Laboratories, Inc.*		2,877,973
	3,537	Insulet Corp.*		970,942

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	6,282	Intuitive Surgical, Inc.*	$	5,777,178
	1,928	Masimo Corp.*		467,444
	5,460	Novocure, Ltd.*		1,211,137
	1,778	Penumbra, Inc.*		487,279
	6,883	ResMed, Inc.		1,696,797
	959	Steris plc		197,842
	7,920	Stryker Corp.		2,057,062
	2,777	Tandem Diabetes Care, Inc.*		270,480
	440	Teleflex, Inc.		176,788
	4,010	West Pharmaceutical Services, Inc.		1,439,991

				32,389,231

Health Care Providers & Services (0.6%):
	2,498	agilon health, Inc.*^		101,344
	1,728	Amedisys, Inc.*		423,239
	9,124	Cardinal Health, Inc.		520,889
	219	Chemed Corp.		103,915
	2,614	DaVita, Inc.*		314,804
	2,570	Encompass Health Corp.		200,537
	4,530	Guardant Health, Inc.*		562,581
	13,841	HCA Healthcare, Inc.		2,861,488
	1,221	McKesson Corp.		233,504
	466	Molina Healthcare, Inc.*		117,926
	4,980	Oak Street Health, Inc.*		291,679
	3,454	UnitedHealth Group, Inc.		1,383,120

				7,115,026

Health Care Technology (0.2%):
	1,010	Certara, Inc.*		28,613
	7,337	Veeva Systems, Inc., Class A*		2,281,440

				2,310,053

Hotels, Restaurants & Leisure (1.9%):
	929	Boyd Gaming Corp.*		57,124
	6,581	Caesars Entertainment, Inc.*		682,779
	1,495	Chipotle Mexican Grill, Inc.*		2,317,758
	1,850	Choice Hotels International, Inc.		219,891
	1,959	Churchill Downs, Inc.		388,391
	4,693	Darden Restaurants, Inc.		685,131
	1,398	Domino’s Pizza, Inc.		652,153
	16,139	DraftKings, Inc., Class A*		841,972
	9,758	Hilton Worldwide Holdings, Inc.*		1,177,010
	17,579	Las Vegas Sands Corp.*		926,238
	14,461	Marriott International, Inc., Class A*		1,974,216
	7,073	McDonald’s Corp.		1,633,792
	2,562	Planet Fitness, Inc., Class A*		192,791
	1,570	Six Flags Entertainment Corp.*		67,950
	62,693	Starbucks Corp.		7,009,704
	2,994	Travel + Leisure Co.		177,993
	2,121	Vail Resorts, Inc.*		671,339
	9,953	Wendy’s Co. (The)		233,099
	3,074	Wyndham Hotels & Resorts, Inc.		222,219
	5,615	Wynn Resorts, Ltd.*		686,714
	1,598	Yum China Holdings, Inc.		105,868
	1,244	Yum! Brands, Inc.		143,097

				21,067,229


Shares			Value
Common Stocks, continued
Household Durables (0.5%):
	7,301	DR Horton, Inc.	$	659,791
	117	NVR, Inc.*		581,876
	4,051	PulteGroup, Inc.		221,063
	6,125	Roku, Inc.*		2,812,906
	9,670	Tempur Sealy International, Inc.		378,967
	2,418	Toll Brothers, Inc.		139,785
	1,451	TopBuild Corp.*		286,979

				5,081,367

Household Products (0.4%):
	691	Church & Dwight Co., Inc.		58,887
	5,357	Clorox Co. (The)		963,778
	23,539	Colgate-Palmolive Co.		1,914,898
	9,018	Kimberly-Clark Corp.		1,206,428

				4,143,991

Independent Power and Renewable Electricity Producers (0.0%^†):
	4,872	NRG Energy, Inc.		196,342

Industrial Conglomerates (0.3%):
	4,493	3M Co.		892,445
	1,045	Carlisle Cos., Inc.		199,992
	7,986	Honeywell International, Inc.		1,751,729

				2,844,166

Insurance (0.3%):
	79	Alleghany Corp.*		52,699
	7,009	Aon plc, Class A		1,673,469
	4,936	Arch Capital Group, Ltd.*		192,208
	542	Brown & Brown, Inc.		28,802
	823	Erie Indemnity Co., Class A		159,127
	478	Everest Re Group, Ltd.		120,461
	110	GoHealth, Inc., Class A*		1,233
	1,122	Lincoln National Corp.		70,506
	120	Markel Corp.*		142,405
	3,189	Marsh & McLennan Cos., Inc.		448,629
	1,153	RenaissanceRe Holdings, Ltd.		171,589

				3,061,128

Interactive Media & Services (10.4%):
	13,779	Alphabet, Inc., Class A*		33,645,424
	12,992	Alphabet, Inc., Class C*		32,562,109
	127,340	Facebook, Inc., Class A*		44,277,391
	14,342	Match Group, Inc.*		2,312,648
	29,056	Pinterest, Inc., Class A*		2,293,971
	3,205	TripAdvisor, Inc.*		129,162
	4,354	Twitter, Inc.*		299,599
	6,792	Vimeo, Inc.*		332,808
	3,156	Zillow Group, Inc., Class A*		386,705
	8,713	Zillow Group, Inc., Class C*		1,064,903

				117,304,720

Internet & Direct Marketing Retail (8.0%):
	23,094	Amazon.com, Inc.*		79,447,055
	2,217	Booking Holdings, Inc.*		4,850,996
	3,922	DoorDash, Inc., Class A*^		699,410

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Internet & Direct Marketing Retail, continued
	36,221	eBay, Inc.	$	2,543,076
	6,731	Etsy, Inc.*		1,385,509
	7,503	Expedia Group, Inc.*		1,228,316
	2,222	Wayfair, Inc., Class A*^		701,508

				90,855,870

IT Services (7.8%):
	27,204	Accenture plc, Class A		8,019,467
	20,817	Automatic Data Processing, Inc.		4,134,673
	7,195	Booz Allen Hamilton Holding Corp.		612,870
	6,147	Broadridge Financial Solutions, Inc.		992,925
	2,904	EPAM Systems, Inc.*		1,483,828
	1,905	Euronet Worldwide, Inc.*		257,842
	2,164	Fiserv, Inc.*		231,310
	992	FleetCor Technologies, Inc.*		254,011
	4,652	Gartner, Inc.*		1,126,714
	487	Genpact, Ltd.		22,124
	910	GoDaddy, Inc., Class A*		79,134
	1,024	Jack Henry & Associates, Inc.		167,434
	46,556	MasterCard, Inc., Class A		16,997,130
	2,846	MongoDB, Inc.*		1,028,886
	6,317	Okta, Inc.*		1,545,644
	14,929	Paychex, Inc.		1,601,882
	62,520	PayPal Holdings, Inc.*		18,223,330
	16,862	Sabre Corp.*		210,438
	2,281	Shift4 Payments, Inc., Class A*		213,775
	5,973	Snowflake, Inc., Class A*		1,444,271
	20,776	Square, Inc., Class A*		5,065,189
	10,759	StoneCo, Ltd., Class A*		721,499
	4,366	Switch, Inc., Class A		92,166
	4,829	Teradata Corp.*		241,305
	2,420	Twilio, Inc., Class A*		953,867
	90,064	Visa, Inc., Class A		21,058,764
	4,590	Western Union Co. (The.)		105,432
	1,592	WEX, Inc.*		308,689
	2,833	Wix.com, Ltd.*		822,363

				88,016,962

Leisure Products (0.3%):
	529	Brunswick Corp.		52,699
	18,528	Mattel, Inc.*		372,413
	14,033	Peloton Interactive, Inc., Class A*		1,740,372
	2,127	Polaris, Inc.		291,314
	4,546	YETI Holdings, Inc.*		417,414

				2,874,212

Life Sciences Tools & Services (1.4%):
	4,444	10X Genomics, Inc., Class A*		870,224
	4,393	Adaptive Biotechnologies Corp.*		179,498
	14,492	Agilent Technologies, Inc.		2,142,063
	30,813	Avantor, Inc.*		1,094,170
	1,974	Bio-Techne Corp.		888,813
	5,437	Bruker Corp.		413,103
	2,359	Charles River Laboratories International, Inc.*		872,641
	7,956	Illumina, Inc.*		3,764,859
	5,009	IQVIA Holdings, Inc.*		1,213,781
	4,010	Maravai LifeSciences Holdings, Inc., Class A*		167,337
	1,220	Mettler-Toledo International, Inc.*		1,690,115
	3,481	PPD, Inc.*		160,439


Shares				Value
Common Stocks, continued
Life Sciences Tools & Services, continued
	4,163	Sotera Health Co.*		$	100,870
	554	Syneos Health, Inc.*			49,577
	1,881	Thermo Fisher Scientific, Inc.			948,908
	3,022	Waters Corp.*			1,044,433

					15,600,831

Machinery (1.5%):
	325	AGCO Corp.			42,373
	4,130	Allison Transmission Holdings, Inc.			164,126
	25,131	Caterpillar, Inc.			5,469,260
	14,999	Deere & Co.			5,290,297
	840	Donaldson Co., Inc.			53,365
	5,540	Graco, Inc.			419,378
	15,009	Illinois Tool Works, Inc.			3,355,412
	3,051	Lincoln Electric Holdings, Inc.			401,847
	881	Middleby Corp. (The)*			152,642
	527	Nordson Corp.			115,682
	1,135	Parker-Hannifin Corp.			348,570
	5,220	Toro Co. (The)			573,574
	6,270	Xylem, Inc.			752,149

					17,138,675

Media (0.5%):
	7,952	Altice USA, Inc., Class A*			271,481
	152	Cable One, Inc.			290,747
	6,624	Charter Communications, Inc., Class A*			4,778,885
	149	Nexstar Media Group, Inc., Class A			22,034

					5,363,147

Metals & Mining (0.1%):
	22,798	Freeport-McMoRan, Inc.			846,034
	4,080	Southern Copper Corp.			262,426
	1,994	Steel Dynamics, Inc.			118,842

					1,227,302

Multiline Retail (0.4%):
	5,447	Dollar General Corp.			1,178,676
	4,950	Nordstrom, Inc.*			181,022
	11,850	Target Corp.			2,864,619

					4,224,317

Oil, Gas & Consumable Fuels (0.3%):
	12,589	Cheniere Energy, Inc.*			1,091,970
	1,068	Cimarex Energy Co.			77,377
	4,550	Diamondback Energy, Inc.			427,199
	3,691	EOG Resources, Inc.			307,977
	1,002	Hess Corp.			87,495
	1,407	New Fortress Energy, Inc.	��		53,297
	5,705	Occidental Petroleum Corp.			178,395
	5,117	Pioneer Natural Resources Co.			831,615
	313	Texas Pacific Land Corp.			500,719

					3,556,044

Personal Products (0.3%):
	12,175	Estee Lauder Co., Inc. (The), Class A			3,872,624
	875	Herbalife Nutrition, Ltd.*			46,139

					3,918,763

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Pharmaceuticals (1.2%):
	2,028	Catalent, Inc.*	$	219,267
	35,628	Eli Lilly & Co.		8,177,339
	2,170	Horizon Therapeutics plc*		203,199
	10,231	Royalty Pharma plc, Class A		419,369
	23,946	Zoetis, Inc.		4,462,576

				13,481,750

Professional Services (0.4%):
	16,160	CoStar Group, Inc.*		1,338,371
	2,460	Equifax, Inc.		589,195
	5,119	Robert Half International, Inc.		455,437
	6,948	TransUnion		762,960
	5,374	Verisk Analytics, Inc.		938,945

				4,084,908

Real Estate Management & Development (0.0%^†):
	941	CBRE Group, Inc., Class A*		80,672
	3,703	Opendoor Technologies, Inc.*^		65,654

				146,326

Road & Rail (1.1%):
	3,967	J.B. Hunt Transport Services, Inc.		646,423
	1,286	Kansas City Southern		364,414
	1,636	Landstar System, Inc.		258,521
	14,903	Lyft, Inc., Class A*		901,333
	5,004	Old Dominion Freight Line, Inc.		1,270,015
	73,476	Uber Technologies, Inc.*		3,682,617
	22,337	Union Pacific Corp.		4,912,576

				12,035,899

Semiconductors & Semiconductor Equipment (7.4%):
	64,391	Advanced Micro Devices, Inc.*		6,048,247
	779	Allegro MicroSystems, Inc.*		21,578
	2,880	Analog Devices, Inc.		495,821
	48,706	Applied Materials, Inc.		6,935,734
	21,240	Broadcom, Inc.		10,128,082
	3,205	Brooks Automation, Inc.		305,372
	6,911	Entegris, Inc.		849,846
	8,411	KLA Corp.		2,726,930
	7,742	Lam Research Corp.		5,037,719
	13,474	Maxim Integrated Products, Inc.		1,419,621
	11,171	Microchip Technology, Inc.		1,672,746
	8,226	Micron Technology, Inc.*		699,045
	2,320	MKS Instruments, Inc.		412,844
	2,416	Monolithic Power Systems, Inc.		902,255
	31,823	NVIDIA Corp.		25,461,582
	4,500	NXP Semiconductors NV		925,740
	12,173	ON Semiconductor Corp.*		465,982
	60,019	Qualcomm, Inc.		8,578,516
	4,138	Skyworks Solutions, Inc.		793,462
	9,032	Teradyne, Inc.		1,209,927
	30,469	Texas Instruments, Inc.		5,859,189
	2,316	Universal Display Corp.		514,916
	13,203	Xilinx, Inc.		1,909,682

				83,374,836


Shares			Value
Common Stocks, continued
Software (17.3%):
	25,403	Adobe, Inc.*	$	14,877,013
	2,714	Alteryx, Inc., Class A*		233,458
	7,356	Anaplan, Inc.*		392,075
	1,926	ANSYS, Inc.*		668,438
	3,313	Aspen Technology, Inc.*		455,670
	7,089	Atlassian Corp. plc, Class A*		1,820,881
	11,712	Autodesk, Inc.*		3,418,733
	4,544	Avalara, Inc.*		735,219
	7,164	Bentley Systems, Inc., Class B^		464,084
	4,013	Bill.com Holdings, Inc.*		735,101
	758	C3.ai, Inc., Class A*^		47,398
	14,940	Cadence Design Systems, Inc.*		2,044,091
	994	CDK Global, Inc.		49,392
	1,852	Citrix Systems, Inc.		217,184
	12,597	Cloudflare, Inc., Class A*		1,333,266
	3,725	Coupa Software, Inc.*		976,360
	8,528	Crowdstrike Holdings, Inc., Class A*		2,143,172
	12,045	Datadog, Inc., Class A*		1,253,644
	10,139	DocuSign, Inc.*		2,834,560
	16,197	Dropbox, Inc., Class A*		490,931
	3,390	Duck Creek Technologies, Inc.*^		147,499
	10,097	Dynatrace, Inc.*		589,867
	3,562	Elastic NV*		519,197
	1,816	Everbridge, Inc.*		247,121
	1,542	Fair Isaac Corp.*		775,133
	3,182	FireEye, Inc.*		64,340
	3,395	Five9, Inc.*		622,609
	7,161	Fortinet, Inc.*		1,705,679
	2,180	Globant SA*		477,812
	2,368	HubSpot, Inc.*		1,379,881
	13,682	Intuit, Inc.		6,706,506
	869	Jamf Holding Corp.*		29,172
	1,792	Manhattan Associates, Inc.*		259,553
	1,348	McAfee Corp., Class A		37,771
	5,182	Medallia, Inc.*		174,893
	400,989	Microsoft Corp.		108,627,920
	2,171	nCino, Inc.*^		130,086
	2,858	New Relic, Inc.*		191,400
	7,740	NortonLifeLock, Inc.		210,683
	5,754	Nuance Communications, Inc.*		313,248
	10,085	Nutanix, Inc., Class A*		385,449
	86,321	Oracle Corp.		6,719,227
	86,348	Palantir Technologies, Inc., Class A*		2,276,133
	2,649	Paycom Software, Inc.*		962,832
	2,003	Paylocity Holding Corp.*		382,172
	1,834	Pegasystems, Inc.		255,274
	2,999	Proofpoint, Inc.*		521,106
	5,771	PTC, Inc.*		815,211
	4,290	RingCentral, Inc., Class A*		1,246,588
	7,399	salesforce.com, Inc.*		1,807,354
	10,556	ServiceNow, Inc.*		5,801,050
	27,105	Slack Technologies, Inc., Class A*		1,200,751
	6,276	Smartsheet, Inc., Class A*		453,880
	8,643	Splunk, Inc.*		1,249,605

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Software, continued
	5,113	Synopsys, Inc.*	$	1,410,114
	22,640	The Trade Desk, Inc., Class A*		1,751,430
	1,853	Tyler Technologies, Inc.*		838,242
	7,820	Unity Software, Inc.*		858,871
	1,585	Vmware, Inc., Class A*		253,552
	9,697	Workday, Inc., Class A*		2,315,062
	6,191	Zendesk, Inc.*		893,609
	11,354	Zoom Video Communications, Inc., Class A*		4,394,339
	3,854	Zscaler, Inc.*		832,695

				196,025,586

Specialty Retail (3.7%):
	250	AutoZone, Inc.*		373,055
	3,057	Best Buy Co, Inc.		351,494
	3,322	Burlington Stores, Inc.*		1,069,651
	785	CarMax, Inc.*		101,383
	4,098	Carvana Co.*		1,236,858
	2,937	Five Below, Inc.*		567,634
	4,963	Floor & Decor Holdings, Inc., Class A*		524,589
	3,143	GameStop Corp., Class A*^		673,042
	57,216	Home Depot, Inc. (The)		18,245,610
	7,231	L Brands, Inc.		521,066
	5,131	Leslie’s, Inc.*^		141,051
	38,184	Lowe’s Cos., Inc.		7,406,550
	1,118	O’Reilly Automotive, Inc.*		633,023
	1,468	Petco Health & Wellness Co., Inc.*^		32,898
	912	RH*		619,248
	18,620	Ross Stores, Inc.		2,308,880
	64,156	TJX Cos., Inc. (The)		4,325,398
	6,262	Tractor Supply Co.		1,165,108
	2,859	Ulta Beauty, Inc.*		988,556
	1,529	Vroom, Inc.*^		64,004
	3,024	Williams-Sonoma, Inc.^		482,782

				41,831,880

Technology Hardware, Storage & Peripherals (10.3%):
	835,365	Apple, Inc.		114,411,590
	7,102	Dell Technologies, Inc., Class C*		707,856
	23,009	HP, Inc.		694,642
	2,302	NCR Corp.*		104,994
	7,841	NetApp, Inc.		641,551
	13,258	Pure Storage, Inc., Class A*		258,929

				116,819,562


Shares, Principal Amount			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (1.2%):
	202	Deckers Outdoor Corp.*	$	77,582
	11,026	Hanesbrands, Inc.		205,855
	6,154	Lululemon Athletica, Inc.*		2,246,025
	65,918	Nike, Inc., Class B		10,183,672
	1,483	Tapestry, Inc.*		64,481
	11,067	VF Corp.		907,937

				13,685,552

Thrifts & Mortgage Finance (0.0%^†):
	7,189	Rocket Cos., Inc., Class A^		139,107

Tobacco (0.2%):
	54,772	Altria Group, Inc.		2,611,529

Trading Companies & Distributors (0.3%):
	27,054	Fastenal Co.		1,406,809
	1,220	SiteOne Landscape Supply, Inc.*		206,497
	1,334	United Rentals, Inc.*		425,560
	2,050	W.W. Grainger, Inc.		897,900

				2,936,766

	Total Common Stocks (Cost $502,401,856)			1,122,115,845

Short-Term Security Held as Collateral for Securities on Loan (0.5%):
	5,741,071	BlackRock Liquidity FedFund, Institutional Class , 0.04%(a)(b)		5,741,071

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $5,741,071)			5,741,071

Unaffiliated Investment Company (0.9%):
Money Markets (0.9%):
	9,907,604	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(b)		9,907,604

	Total Unaffiliated Investment Company (Cost $9,907,604)			9,907,604

	Total Investment Securities
	(Cost $518,050,531) — 100.6%			1,137,764,520
	Net other assets (liabilities) — (0.6)%			(6,840,834	)

	Net Assets — 100.0%		$	1,130,923,686

Percentages indicated are based on net assets as of June 30, 2021.

REIT—Real Estate Investment Trust

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $5,617,670.

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

(b)	The rate represents the effective yield at June 30, 2021.

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

NASDAQ 100 E-Mini September Futures (U.S. Dollar)		9/17/21		32	$	9,311,360	$	214,544

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/17/21		8		1,715,440		20,107


							$	234,651

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Statement of Assets and Liabilities

June 30, 2021 (Unaudited)


Assets:
Investments in non-affiliates, at cost	$	518,050,531

Investments in non-affiliates, at value(a)	$	1,137,764,520
Cash		2,587
Deposit at broker for futures contracts collateral		606,200
Interest and dividends receivable		357,152
Receivable for investments sold		605,280
Reclaims receivable		245
Prepaid expenses		59,413

Total Assets		1,139,395,397

Liabilities:
Payable for capital shares redeemed		2,065,213
Payable for collateral received on loaned securities		5,741,071
Payable for variation margin on futures contracts		7,971
Manager fees payable		318,659
Administration fees payable		3,759
Distribution fees payable		212,421
Custodian fees payable		4,263
Administrative and compliance services fees payable		2,529
Transfer agent fees payable		2,781
Trustee fees payable		13,097
Other accrued liabilities		99,947

Total Liabilities		8,471,711

Net Assets	$	1,130,923,686

Net Assets Consist of:
Paid in capital	$	279,298,451
Total distributable earnings		851,625,235

Net Assets	$	1,130,923,686

Class 1
Net Assets	$	76,368,101
Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,610,153
Net Asset Value (offering and redemption price per share)	$	16.57

Class 2
Net Assets	$	1,054,555,585
Shares of beneficial interest (unlimited number of shares authorized, no par value)		44,308,420
Net Asset Value (offering and redemption price per share)	$	23.80

(a)	Includes securities on loan of $5,617,670.

Statement of Operations

For the Six Months Ended June 30, 2021 (Unaudited)


Investment Income:
Dividends	$	4,170,239
Income from securities lending		9,405

Total Investment Income		4,179,644

Expenses:
Manager fees		2,382,318
Administration fees		27,818
Distribution fees—Class 2		1,264,501
Custodian fees		14,477
Administrative and compliance services fees		8,419
Transfer agent fees		6,459
Trustee fees		29,895
Professional fees		26,320
Shareholder reports		20,927
Other expenses		117,675

Total expenses before reductions		3,898,809
Less expenses voluntarily waived/reimbursed by the Manager		(487,301	)

Net expenses		3,411,508

Net Investment Income/(Loss)		768,136

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		99,668,164
Net realized gains/(losses) on futures contracts		1,292,528
Change in net unrealized appreciation/depreciation on securities		30,628,035
Change in net unrealized appreciation/depreciation on futures contracts		(51,836	)

Net realized and Change in net unrealized gains/losses on investments		131,536,891

Change in Net Assets Resulting From Operations	$	132,305,027

See accompanying notes to the financial statements.

AZL Russell 1000 Growth Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	768,136			$	3,113,848
Net realized gains/(losses) on investments			100,960,692				129,780,903
Change in unrealized appreciation/depreciation on investments			30,576,199				187,695,816

Change in net assets resulting from operations			132,305,027				320,590,567

Distributions to Shareholders:
Class 1			—				(5,195,430	)
Class 2			—				(50,788,801	)

Change in net assets resulting from distributions to shareholders			—				(55,984,231	)

Capital Transactions:
Class 1
Proceeds from shares issued			75,462				251,516
Proceeds from dividends reinvested			—				5,195,429
Value of shares redeemed			(3,439,454	)			(7,479,821	)

Total Class 1 Shares			(3,363,992	)			(2,032,876	)

Class 2
Proceeds from shares issued			42,282,880				95,020,376
Proceeds from dividends reinvested			—				50,788,801
Value of shares redeemed			(106,553,755	)			(270,605,078	)

Total Class 2 Shares			(64,270,875	)			(124,795,901	)

Change in net assets resulting from capital transactions			(67,634,867	)			(126,828,777	)

Change in net assets			64,670,160				137,777,559
Net Assets:
Beginning of period			1,066,253,526				928,475,967

End of period		$	1,130,923,686			$	1,066,253,526

Share Transactions:
Class 1
Shares issued			5,114				21,604
Dividends reinvested			—				390,048
Shares redeemed			(225,992	)			(591,577	)

Total Class 1 Shares			(220,878	)			(179,925	)

Class 2
Shares issued			1,965,440				6,195,131
Dividends reinvested			—				2,649,390
Shares redeemed			(4,800,590	)			(15,818,600	)

Total Class 2 Shares			(2,835,150	)			(6,974,079	)

Change in shares			(3,056,028	)			(7,154,004	)

Amounts

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016^
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period		$	14.68			$	11.46			$	10.12			$	11.74			$	10.28			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.03	(a)			0.07	(a)			0.10	(a)			0.13				0.14				0.03
Net Realized and Unrealized Gains/(Losses) on Investments			1.86				4.28				3.28				(0.20	)			2.73				0.25

Total from Investment Activities			1.89				4.35				3.38				(0.07	)			2.87				0.28

Distributions to Shareholders From:
Net Investment Income			—				(0.15	)			(0.18	)			(0.20	)			(0.05	)			—
Net Realized Gains			—				(0.98	)			(1.86	)			(1.35	)			(1.36	)			—

Total Dividends			—				(1.13	)			(2.04	)			(1.55	)			(1.41	)			—

Net Asset Value, End of Period		$	16.57			$	14.68			$	11.46			$	10.12			$	11.74			$	10.28

Total Return(b)			12.87	%(c)			39.03	%			35.53	%			(1.86	)%			29.19	%			2.80	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	76,368			$	70,903			$	57,430			$	48,665			$	55,307			$	49,297
Net Investment Income/(Loss)(d)			0.37	%			0.56	%			0.86	%			0.96	%			1.04	%			1.26	%
Expenses Before Reductions(d)(e)			0.49	%			0.52	%			0.51	%			0.50	%			0.50	%			0.50	%
Expenses Net of Reductions(d)			0.40	%			0.43	%			0.43	%			0.43	%			0.45	%			0.45	%
Portfolio Turnover Rate(f)			16	%			22	%			15	%			17	%			12	%			158	%(g)

Class 2
Net Asset Value, Beginning of Period		$	21.11			$	16.10			$	13.53			$	15.21			$	12.99			$	15.32

Investment Activities:
Net Investment Income/(Loss)			0.01	(a)			0.06	(a)			0.10	(a)			0.15				0.13				0.04
Net Realized and Unrealized Gains/(Losses) on Investments			2.68				6.04				4.46				(0.33	)			3.49				0.84

Total from Investment Activities			2.69				6.10				4.56				(0.18	)			3.62				0.88

Distributions to Shareholders From:
Net Investment Income			—				(0.11	)			(0.13	)			(0.15	)			(0.04	)			(0.16	)
Net Realized Gains			—				(0.98	)			(1.86	)			(1.35	)			(1.36	)			(3.05	)

Total Dividends			—				(1.09	)			(1.99	)			(1.50	)			(1.40	)			(3.21	)

Net Asset Value, End of Period		$	23.80			$	21.11			$	16.10			$	13.53			$	15.21			$	12.99

Total Return(b)			12.74	%(c)			38.58	%			35.28	%			(2.14	)%			28.89	%			6.43	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,054,556			$	995,350			$	871,046			$	775,621			$	1,046,158			$	1,065,322
Net Investment Income/(Loss)(d)			0.13	%			0.31	%			0.61	%			0.71	%			0.79	%			0.99	%
Expenses Before Reductions(d)(e)			0.74	%			0.77	%			0.76	%			0.75	%			0.75	%			0.77	%
Expenses Net of Reductions(d)			0.65	%			0.68	%			0.68	%			0.68	%			0.70	%			0.72	%
Portfolio Turnover Rate(f)			16	%			22	%			15	%			17	%			12	%			158	%(g)

^	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Real Estate Investment Trusts

Private Placements

Foreign Currency Translation and Withholding Taxes

Distributions to Shareholders

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products 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

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $920 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $5,741,071 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $16.6 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

234,651

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 period ended June 30, 2021:


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

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	1,292,528	$	(51,836	)

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, 2022.

For the period ended June 30, 2021, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL Russell 1000 Growth Index Fund Class 1		0.44	%		0.59	%

AZL Russell 1000 Growth Index Fund Class 2		0.44	%		0.84	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.35% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2022..

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.”

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable 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.

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	1,122,115,845		$	—		$	—		$	1,122,115,845
Short-Term Security Held as Collateral for Securities on Loan			5,741,071			—			—			5,741,071
Unaffiliated Investment Company			9,907,604			—			—			9,907,604

Total Investment Securities			1,137,764,520			—			—			1,137,764,520

Other Financial Instruments:*
Futures Contracts			234,651			—			—			234,651

Total Investments		$	1,137,999,171		$	—		$	—		$	1,137,999,171

+	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 period ended June 30, 2021, 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		$	172,921,833		$	234,948,466

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

6. Investment Risks

Concentration Risk: The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

Technology Sector Risk: Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $483,784,521. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	590,470,983
Unrealized (depreciation)		(3,764,472	)

Net unrealized appreciation/(depreciation)	$	586,706,511

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Russell 1000 Growth Index Fund		$	7,875,714		$	48,108,517		$	55,984,231

(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, 2020, 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		$	3,122,661		$	129,491,036		$	—		$	586,706,511		$	719,320,208

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, mark-to-market of futures contracts and other miscellaneous differences.

AZL Russell 1000 Growth Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 65% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Subsequent Events

AZL Russell 1000 Growth Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD
Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
	% of votes entitled to be cast	95.876%	4.124%
Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
	% of votes entitled to be cast	96.160%	3.840%
Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
	% of votes entitled to be cast	96.210%	3.790%
Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
	% of votes entitled to be cast	96.133%	3.867%
Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
	% of votes entitled to be cast	96.177%	3.823%
Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
	% of votes entitled to be cast	95.860%	4.140%
Brian Muench	Votes	15,605,407,154.653	627,318,010.671
	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
	% of votes entitled to be cast	97.087%	2.453%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
	% of votes entitled to be cast	91.923%	3.014%	5.063%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%
AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
	% of votes entitled to be cast	92.878%	3.614%	3.508%
AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
	% of votes entitled to be cast	87.262%	3.107%	9.631%
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
	% of votes entitled to be cast	90.034%	3.128%	6.838%
AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
	% of votes entitled to be cast	87.286%	6.218%	6.496%
AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
	% of votes entitled to be cast	89.004%	3.983%	7.013%
AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
	% of votes entitled to be cast	90.144%	2.259%	7.598%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
	% of votes entitled to be cast	90.671%	2.764%	6.565%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
	% of votes entitled to be cast	95.792%	0.00%	4.207%


FUND		FOR	AGAINST	ABSTAIN
AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
	% of votes entitled to be cast	90.561%	2.829%	6.610%
AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
	% of votes entitled to be cast	90.103%	2.577%	7.320%
AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
	% of votes entitled to be cast	90.899%	2.590%	6.511%
AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
	% of votes entitled to be cast	89.239%	3.094%	7.667%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN
AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
	% of votes entitled to be cast	96.136%	3.404%	0.460%
AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
	% of votes entitled to be cast	100.000%	0.00%	0.00%
AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
	% of votes entitled to be cast	91.505%	3.381%	5.113%
AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%
AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%
AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
	% of votes entitled to be cast	91.920%	4.210%	3.870%
AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
	% of votes entitled to be cast	85.982%	3.370%	10.648%
AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
	% of votes entitled to be cast	88.771%	3.355%	7.874%
AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
	% of votes entitled to be cast	87.576%	6.692%	5.732%
AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
	% of votes entitled to be cast	88.397%	3.825%	7.778%
AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
	% of votes entitled to be cast	88.324%	2.566%	9.110%
AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
	% of votes entitled to be cast	90.507%	2.857%	6.636%
AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
	% of votes entitled to be cast	95.792%	3.755%	0.452%
AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
	% of votes entitled to be cast	89.724%	3.620%	6.656%
AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
	% of votes entitled to be cast	88.800%	3.711%	7.489%
AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
	% of votes entitled to be cast	90.479%	2.565%	6.956%
AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
	% of votes entitled to be cast	88.392%	3.927%	7.682%
AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Russell 1000 Value Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 12

Page 12

Page 13

Page 14

Page 15

Page 21

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 24

Page 25

AZL Russell 1000 Value Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Russell 1000 Value Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Russell 1000 Value Index Fund, Class 1		$	1,000.00		$	1,167.40		$	2.15		0.40	%

AZL Russell 1000 Value Index Fund, Class 2		$	1,000.00		$	1,165.90		$	3.49		0.65	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Russell 1000 Value Index Fund, Class 1		$	1,000.00		$	1,022.81		$	2.01		0.40	%

AZL Russell 1000 Value Index Fund, Class 2		$	1,000.00		$	1,021.57		$	3.26		0.65	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		20.6	%

Health Care		17.1

Industrials		11.8

Information Technology		10.3

Communication Services		8.4

Consumer Staples		7.1

Consumer Discretionary		5.7

Energy		5.1

Utilities		4.7

Real Estate		4.5

Materials		3.8


Total Common Stocks		99.1

Unaffiliated Investment Company		0.9

Short-Term Security Held as Collateral for Securities on Loan		0.3


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

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (99.1%):
Aerospace & Defense (2.6%):
	32,797	Boeing Co. (The)*	$	7,856,849
	1,432	BWX Technologies, Inc.		83,228
	2,716	Curtiss-Wright Corp.		322,552
	15,400	General Dynamics Corp.		2,899,204
	1,887	HEICO Corp.		263,086
	3,264	HEICO Corp., Class A		405,324
	4,683	Hexcel Corp.*		292,219
	22,155	Howmet Aerospace, Inc.*		763,683
	2,444	Huntington Ingalls Industries, Inc.		515,073
	12,511	L3harris Technologies, Inc.		2,704,253
	1,924	Lockheed Martin Corp.		727,945
	3,388	Mercury Systems, Inc.*		224,557
	8,450	Northrop Grumman Corp.		3,070,983
	92,871	Raytheon Technologies Corp.		7,922,825
	4,533	Spirit AeroSystems Holdings, Inc., Class A		213,912
	2,827	Teledyne Technologies, Inc.*		1,184,032
	13,663	Textron, Inc.		939,605
	2,250	TransDigm Group, Inc.*		1,456,402
	12	Virgin Galactic Holdings, Inc.*		552

				31,846,284

Air Freight & Logistics (0.3%):
	6,412	C.H. Robinson Worldwide, Inc.		600,612
	2,785	Expeditors International of Washington, Inc.		352,581
	8,480	FedEx Corp.		2,529,838
	803	XPO Logistics, Inc.*		112,332

				3,595,363

Airlines (0.4%):
	7,663	Alaska Air Group, Inc.*		462,156
	39,486	American Airlines Group, Inc.*		837,498
	1,589	Copa Holdings SA, Class A*		119,699
	18,964	JetBlue Airways Corp.*		318,216
	35,695	Southwest Airlines Co.*		1,895,048
	19,905	United Airlines Holdings, Inc.*		1,040,832

				4,673,449

Auto Components (0.3%):
	13,483	Aptiv plc*		2,121,280
	14,686	BorgWarner, Inc.		712,858
	13,914	Gentex Corp.		460,414
	3,517	Lear Corp.		616,460
	2,456	QuantumScape Corp.*^		71,863

				3,982,875

Automobiles (0.7%):
	239,040	Ford Motor Co.*		3,552,134
	84,235	General Motors Co.*		4,984,185
	9,156	Harley-Davidson, Inc.		419,528
	1,932	Thor Industries, Inc.		218,316

				9,174,163

Banks (8.3%):
	461,708	Bank of America Corp.		19,036,221
	2,737	Bank of Hawaii Corp.		230,510
	7,332	Bank OZK		309,117
	1,587	BOK Financial Corp.		137,434
	126,607	Citigroup, Inc.		8,957,445
	21,491	Citizens Financial Group, Inc.		985,792
	8,249	Comerica, Inc.		588,484


Shares			Value
Common Stocks, continued
Banks, continued
	6,807	Commerce Bancshares, Inc.	$	507,530
	3,746	Cullen/Frost Bankers, Inc.		419,552
	8,248	East West Bancorp, Inc.		591,299
	18,027	F.N.B. Corp.		222,273
	42,332	Fifth Third Bancorp		1,618,352
	334	First Citizens BancShares, Inc., Class A		278,135
	8,986	First Hawaiian, Inc.		254,663
	32,235	First Horizon Corp.		557,021
	10,723	First Republic Bank		2,007,024
	89,536	Huntington Bancshares, Inc.		1,277,679
	184,196	JPMorgan Chase & Co.		28,649,846
	59,080	KeyCorp		1,220,002
	7,930	M&T Bank Corp.		1,152,308
	6,557	PacWest Bancorp		269,886
	25,609	People’s United Financial, Inc.		438,938
	4,209	Pinnacle Financial Partners, Inc.		371,613
	25,936	PNC Financial Services Group, Inc. (The)		4,947,551
	4,750	Popular, Inc.		356,487
	5,386	Prosperity Bancshares, Inc.		386,715
	58,603	Regions Financial Corp.		1,182,609
	3,558	Signature Bank		874,023
	10,668	Sterling Bancorp		264,460
	3,309	SVB Financial Group*		1,841,227
	8,237	Synovus Financial Corp.		361,440
	82,197	Truist Financial Corp.		4,561,933
	82,202	U.S. Bancorp		4,683,048
	12,073	Umpqua Holdings Corp.		222,747
	5,390	Webster Financial Corp.		287,503
	253,388	Wells Fargo & Co.		11,475,942
	2,905	Western Alliance Bancorp		269,729
	3,120	Wintrust Financial Corp.		235,966
	9,782	Zions Bancorp		517,077

				102,549,581

Beverages (0.9%):
	1,395	Brown-Forman Corp., Class A		98,347
	5,695	Brown-Forman Corp., Class B		426,783
	69,923	Coca-Cola Co. (The)		3,783,534
	9,776	Constellation Brands, Inc., Class C		2,286,509
	41,997	Keurig Dr Pepper, Inc.		1,479,974
	11,408	Molson Coors Brewing Co., Class B*		612,496
	1,698	Monster Beverage Corp.*		155,112
	14,383	PepsiCo, Inc.		2,131,129

				10,973,884

Biotechnology (1.6%):
	13,527	Alexion Pharmaceuticals, Inc.*		2,485,045
	6,235	Amgen, Inc.		1,519,781
	9,174	Biogen, Inc.*		3,176,681
	11,172	BioMarin Pharmaceutical, Inc.*		932,192
	784	Exact Sciences Corp.*		97,459
	3,118	Exelixis, Inc.*		56,810
	76,848	Gilead Sciences, Inc.		5,291,753
	1,643	Incyte Corp.*		138,225
	498	Ionis Pharmaceuticals, Inc.*		19,865
	6,199	Iovance Biotherapeutics, Inc.*		161,298
	448	Mirati Therapeutics, Inc.*		72,365
	243	Natera, Inc.*		27,588
	5,485	Regeneron Pharmaceuticals, Inc.*		3,063,592

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Biotechnology, continued
	143	Repligen Corp.*	$	28,546
	3,623	Sage Therapeutics, Inc.*		205,823
	880	Seagen, Inc.*		138,934
	1,019	Ultragenyx Pharmaceutical, Inc.*		97,162
	2,543	United Therapeutics Corp.*		456,240
	9,521	Verizon Communications, Inc.*		1,919,719

				19,889,078

Building Products (0.8%):
	7,730	A.O. Smith Corp.		557,024
	1,310	Allegion plc		182,483
	1,486	Armstrong World Industries, Inc.		159,388
	3,014	AZEK Co., Inc. (The)*		127,974
	12,616	Builders FirstSource, Inc.*		538,199
	28,295	Carrier Global Corp.		1,375,137
	6,284	Fortune Brands Home & Security, Inc.		625,949
	43,839	Johnson Controls International plc		3,008,671
	2,066	Lennox International, Inc.		724,753
	14,940	Masco Corp.		880,115
	6,298	Owens Corning		616,574
	7,469	Trane Technologies plc		1,375,342

				10,171,609

Capital Markets (4.8%):
	2,517	Affiliated Managers Group, Inc.		388,147
	3,197	Ameriprise Financial, Inc.		795,669
	1,184	Ares Management Corp., Class A		75,291
	49,785	Bank of New York Mellon Corp. (The)		2,550,486
	8,730	BlackRock, Inc., Class A+		7,638,488
	10,133	Carlyle Group, Inc. (The)		470,982
	6,556	Cboe Global Markets, Inc.		780,492
	96,129	Charles Schwab Corp. (The)		6,999,152
	22,121	CME Group, Inc.		4,704,694
	2,235	Evercore, Inc., Class A		314,621
	344	FactSet Research Systems, Inc.		115,450
	18,217	Franklin Resources, Inc.		582,762
	19,124	Goldman Sachs Group, Inc. (The)		7,258,132
	5,113	Interactive Brokers Group, Inc., Class A		336,077
	34,159	Intercontinental Exchange, Inc.		4,054,673
	20,507	Invesco, Ltd.		548,152
	3,671	Janus Henderson Group plc		142,471
	34,305	KKR & Co., Inc., Class A		2,032,228
	6,699	Lazard, Ltd., Class A		303,130
	566	Moody’s Corp.		205,101
	85,141	Morgan Stanley		7,806,578
	171	Morningstar, Inc.		43,966
	1,439	MSCI, Inc., Class A		767,102
	6,967	Nasdaq, Inc.		1,224,799
	12,643	Northern Trust Corp.		1,461,784
	7,187	Raymond James Financial, Inc.		933,591
	4,315	S&P Global, Inc.		1,771,092
	6,516	SEI Investments Co.		403,797
	21,352	State Street Corp.		1,756,843
	6,454	Stifel Financial Corp.		418,606
	9,266	T. Rowe Price Group, Inc.		1,834,390
	6,490	Tradeweb Markets, Inc., Class A		548,794
	5,830	Virtu Financial, Inc., Class A		161,083

				59,428,623


Shares			Value
Common Stocks, continued
Chemicals (2.0%):
	13,546	Air Products & Chemicals, Inc.	$	3,896,913
	6,945	Albemarle Corp.		1,169,955
	3,678	Ashland Global Holdings, Inc.		321,825
	10,370	Axalta Coating Systems, Ltd.*		316,181
	4,355	Celanese Corp.		660,218
	12,929	CF Industries Holdings, Inc.		665,197
	4,833	Chemours Co. (The)		168,188
	45,153	Corteva, Inc.		2,002,536
	1,541	Diversey Holdings, Ltd.*		27,599
	42,495	Dow, Inc.		2,689,084
	32,569	DuPont de Nemours, Inc.		2,521,166
	8,241	Eastman Chemical Co.		962,137
	1,856	Ecolab, Inc.		382,280
	15,345	Element Solutions, Inc.		358,766
	5,883	FMC Corp.		636,541
	14,044	Huntsman Corp.		372,447
	15,223	International Flavors & Fragrances, Inc.		2,274,316
	10,356	Lyondellbasell Industries NV		1,065,322
	3,752	LyondellBasell Industries NV, Class A		385,968
	20,884	Mosaic Co. (The)		666,408
	414	NewMarket Corp.		133,300
	8,031	Olin Corp.		371,514
	8,349	PPG Industries, Inc.		1,417,410
	3,297	RPM International, Inc.		292,378
	11,928	Valvoline, Inc.		387,183
	1,610	Westlake Chemical Corp.		145,045

				24,289,877

Commercial Services & Supplies (0.5%):
	10,882	ADT, Inc.		117,417
	342	Cintas Corp.		130,644
	3,034	Clean Harbors, Inc.*		282,587
	2,835	Driven Brands Holdings, Inc.*		87,658
	1,573	MSA Safety, Inc.		260,457
	12,938	Republic Services, Inc., Class A		1,423,309
	722	Rollins, Inc.		24,693
	5,404	Stericycle, Inc.*		386,656
	21,694	Waste Management, Inc.		3,039,546

				5,752,967

Communications Equipment (1.5%):
	392	Arista Networks, Inc.*		142,026
	9,906	Ciena Corp.*		563,552
	258,800	Cisco Systems, Inc.		13,716,400
	3,637	F5 Networks, Inc.*		678,882
	19,049	Juniper Networks, Inc.		520,990
	4,748	Lumentum Holdings, Inc.*		389,479
	10,168	Motorola Solutions, Inc.		2,204,931
	4,311	ViaSat, Inc.*		214,860

				18,431,120

Construction & Engineering (0.2%):
	8,408	AECOM*		532,394
	7,828	Jacobs Engineering Group, Inc.		1,044,412
	3,470	MasTec, Inc.*		368,167
	8,517	Quanta Services, Inc.		771,385
	1,387	Valmont Industries, Inc.		327,401

				3,043,759

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Construction Materials (0.2%):
	2,326	Eagle Materials, Inc., Class A	$	330,548
	3,786	Martin Marietta Materials, Inc.		1,331,953
	7,932	Vulcan Materials Co.		1,380,723

				3,043,224

Consumer Finance (0.9%):
	22,808	Ally Financial, Inc.		1,136,751
	14,548	American Express Co.		2,403,766
	27,493	Capital One Financial Corp.		4,252,892
	593	Credit Acceptance Corp.*^		269,287
	8,389	Discover Financial Services		992,335
	5,527	OneMain Holdings, Inc.		331,123
	3,625	Santander Consumer USA Holdings, Inc.		131,660
	19,991	SLM Corp.		418,612
	28,974	Synchrony Financial		1,405,818

				11,342,244

Containers & Packaging (0.7%):
	25,710	Amcor plc		294,637
	69,213	Amcor plc		793,181
	4,186	AptarGroup, Inc.		589,556
	2,375	Avery Dennison Corp.		499,320
	13,918	Ball Corp.		1,127,636
	8,311	Berry Global Group, Inc.*		542,043
	6,675	Crown Holdings, Inc.		682,252
	13,973	Graphic Packaging Holding Co.		253,470
	24,043	International Paper Co.		1,474,076
	5,551	Packaging Corp. of America		751,716
	4,262	Sealed Air Corp.		252,524
	5,309	Silgan Holdings, Inc.		220,324
	5,772	Sonoco Products Co.		386,147
	16,462	WestRock Co.		876,108

				8,742,990

Distributors (0.2%):
	8,748	Genuine Parts Co.		1,106,360
	17,073	LKQ Corp.*		840,333

				1,946,693

Diversified Consumer Services (0.1%):
	749	Bright Horizons Family Solutions, Inc.*		110,185
	2,055	Chegg, Inc.*		170,791
	1,725	Frontdoor, Inc.*		85,940
	2,706	Grand Canyon Education, Inc.*		243,459
	1,972	H&R Block, Inc.		46,303
	9,938	Service Corp. International		532,577
	7,795	Terminix Global Holdings, Inc.*		371,899

				1,561,154

Diversified Financial Services (2.7%):
	114,935	Berkshire Hathaway, Inc., Class B*		31,942,735
	22,539	Equitable Holdings, Inc.		686,313
	12,750	Jefferies Financial Group, Inc.		436,050
	8,100	Voya Financial, Inc.		498,150

				33,563,248

Diversified Telecommunication Services (2.2%):
	437,487	AT&T, Inc.		12,590,876
	65,462	Lumen Technologies, Inc.		889,628
	253,860	Verizon Communications, Inc.		14,223,776

				27,704,280


Shares			Value
Common Stocks, continued
Electric Utilities (2.9%):
	14,823	Alliant Energy Corp.	$	826,530
	30,945	American Electric Power Co., Inc.		2,617,638
	3,053	Avangrid, Inc.		157,016
	47,171	Duke Energy Corp.		4,656,721
	23,056	Edison International		1,333,098
	12,549	Entergy Corp.		1,251,135
	13,577	Evergy, Inc.		820,458
	20,843	Eversource Energy		1,672,442
	59,282	Exelon Corp.		2,626,785
	33,075	FirstEnergy Corp.		1,230,721
	5,803	Hawaiian Electric Industries, Inc.		245,351
	3,348	IDACORP, Inc.		326,430
	120,024	NextEra Energy, Inc.		8,795,359
	12,091	OGE Energy Corp.		406,862
	92,362	PG&E Corp.*		939,322
	6,620	Pinnacle West Capital Corp.		542,641
	47,150	PPL Corp.		1,318,786
	64,676	Southern Co. (The)		3,913,545
	33,282	Xcel Energy, Inc.		2,192,618

				35,873,458

Electrical Equipment (1.1%):
	2,310	Acuity Brands, Inc.		432,039
	14,269	AMETEK, Inc.		1,904,911
	7,686	ChargePoint Holdings, Inc.*^		267,012
	24,362	Eaton Corp. plc		3,609,961
	36,468	Emerson Electric Co.		3,509,680
	3,354	Hubbell, Inc.		626,661
	11,098	nVent Electric plc		346,702
	2,264	Regal-Beloit Corp.		302,267
	2,784	Rockwell Automation, Inc.		796,280
	9,634	Sensata Technologies Holding plc*		558,483
	5,409	Shoals Technologies Group, Inc., Class A*^		192,019
	12,215	Sunrun, Inc.*		681,353

				13,227,368

Electronic Equipment, Instruments & Components (0.6%):
	10,331	Amphenol Corp., Class A		706,744
	4,735	Arrow Electronics, Inc.*		538,985
	5,385	Avnet, Inc.		215,831
	113	Coherent, Inc.*		29,870
	30,802	Corning, Inc.		1,259,802
	3,951	Dolby Laboratories, Inc., Class A		388,344
	2,185	IPG Photonics Corp.*		460,532
	1,858	Jabil, Inc.		107,987
	6,345	Keysight Technologies, Inc.*		979,731
	1,323	Littlelfuse, Inc.		337,087
	7,437	National Instruments Corp.		314,436
	2,323	SYNNEX Corp.		282,849
	15,248	Trimble, Inc.*		1,247,744
	4,690	Vontier Corp.		152,800

				7,022,742

Energy Equipment & Services (0.4%):
	45,130	Baker Hughes Co.		1,032,123
	51,165	Halliburton Co.		1,182,935
	23,183	NOV, Inc.*		355,163
	85,395	Schlumberger, Ltd.		2,733,494

				5,303,715

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Entertainment (2.3%):
	47,316	Activision Blizzard, Inc.	$	4,515,839
	17,554	Electronic Arts, Inc.		2,524,792
	724	Liberty Media Corp-Liberty Formula One, Class A*		30,864
	12,713	Liberty Media Corp-Liberty Formula One, Class C*		612,894
	5,088	Live Nation Entertainment, Inc.*		445,658
	681	Madison Square Garden Sports Corp., Class A*		117,520
	5,608	Take-Two Interactive Software, Inc.*		992,728
	105,518	Walt Disney Co. (The)*		18,546,899
	455	World Wrestling Entertainment, Inc., Class A		26,340
	32,162	Zynga, Inc.*		341,882

				28,155,416

Equity Real Estate Investment Trusts (4.3%):
	8,968	Alexandria Real Estate Equities, Inc.		1,631,638
	7,872	American Campus Communities, Inc.		367,780
	16,128	American Homes 4 Rent, Class A		626,573
	15,458	Americold Realty Trust		585,085
	9,646	Apartment Income REIT Corp.		457,510
	8,514	AvalonBay Communities, Inc.		1,776,787
	9,481	Boston Properties, Inc.		1,086,428
	19,277	Brixmor Property Group, Inc.		441,251
	5,860	Brookfield Renewable Corp., Class A		245,768
	5,716	Camden Property Trust		758,342
	498	Coresite Realty Corp.		67,031
	8,445	Cousins Properties, Inc.		310,607
	11,698	CubeSmart		541,851
	7,088	Cyrusone, Inc.		506,934
	17,113	Digital Realty Trust, Inc.		2,574,822
	9,397	Douglas Emmett, Inc.		315,927
	23,412	Duke Realty Corp.		1,108,558
	4,018	EPR Properties*		211,668
	1,589	Equinix, Inc.		1,275,331
	4,947	Equity Lifestyle Properties, Inc.		367,612
	22,211	Equity Residential		1,710,247
	3,873	Essex Property Trust, Inc.		1,161,939
	7,328	Extra Space Storage, Inc.		1,200,473
	4,959	Federal Realty Investment Trust		581,046
	7,742	First Industrial Realty Trust, Inc.		404,365
	13,675	Gaming and Leisure Properties, Inc.		633,563
	12,404	Healthcare Trust of America, Inc., Class A		331,187
	32,975	Healthpeak Properties, Inc.		1,097,738
	5,787	Highwoods Properties, Inc.		261,399
	42,279	Host Hotels & Resorts, Inc.*		722,548
	8,064	Hudson Pacific Properties, Inc.		224,340
	35,373	Invitation Homes, Inc.		1,319,059
	5,185	Iron Mountain, Inc.		219,429
	6,749	JBG SMITH Properties		212,661
	7,501	Kilroy Realty Corp.		522,370
	26,645	Kimco Realty Corp.		555,548
	729	Lamar Advertising Co., Class A		76,122
	4,424	Life Storage, Inc.		474,916
	34,275	Medical Properties Trust, Inc.		688,928
	6,918	Mid-America Apartment Communities, Inc.		1,165,130
	10,576	National Retail Properties, Inc.		495,803
	14,734	Omega Healthcare Investors, Inc.		534,697
	15,618	Parks Hotels & Resorts, Inc.*		321,887
	45,123	Prologis, Inc.		5,393,552
	2,174	Public Storage, Inc.		653,700


Shares			Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	8,693	Rayonier, Inc.	$	312,339
	22,544	Realty Income Corp.		1,504,587
	9,945	Regency Centers Corp.		637,176
	8,315	Rexford Industrial Realty, Inc.		473,539
	5,500	SBA Communications Corp.		1,752,850
	2,628	Simon Property Group, Inc.		342,901
	4,656	SL Green Realty Corp.^		372,480
	7,684	Spirit Realty Capital, Inc.		367,603
	15,790	STORE Capital Corp.		544,913
	6,767	Sun Communities, Inc.		1,159,864
	18,576	UDR, Inc.		909,852
	22,834	Ventas, Inc.		1,303,821
	14,639	VEREIT, Inc.		672,369
	33,822	VICI Properties, Inc.		1,049,158
	11,351	Vornado Realty Trust		529,751
	8,175	Weingarten Realty Investors		262,172
	25,258	Welltower, Inc.		2,098,940
	45,017	Weyerhaeuser Co.		1,549,485
	10,990	WP Carey, Inc.		820,074

				52,884,024

Food & Staples Retailing (1.5%):
	9,564	Albertsons Cos., Inc., Class A^		188,028
	2,206	Casey’s General Stores, Inc.		429,376
	1,751	Costco Wholesale Corp.		692,818
	5,335	Grocery Outlet Holding Corp.*		184,911
	45,657	Kroger Co. (The)		1,749,120
	12,788	US Foods Holding Corp.*		490,548
	43,906	Walgreens Boots Alliance, Inc.		2,309,895
	87,870	Walmart, Inc.		12,391,427

				18,436,123

Food Products (1.7%):
	34,567	Archer-Daniels-Midland Co.		2,094,760
	319	Beyond Meat, Inc.*^		50,239
	8,099	Bunge, Ltd.		632,937
	12,015	Campbell Soup Co.		547,764
	28,646	Conagra Brands, Inc.		1,042,141
	9,394	Darling Ingredients, Inc.*		634,095
	11,319	Flowers Foods, Inc.		273,920
	37,580	General Mills, Inc.		2,289,749
	4,427	Hain Celestial Group, Inc. (The)*		177,611
	1,273	Hershey Co. (The)		221,731
	17,510	Hormel Foods Corp.		836,103
	3,832	Ingredion, Inc.		346,796
	6,501	JM Smucker Co. (The)		842,335
	8,589	Kellogg Co.		552,530
	40,823	Kraft Heinz Co. (The)		1,664,762
	6,277	Lamb Weston Holdings, Inc.		506,303
	15,336	McCormick & Co.		1,354,476
	85,402	Mondelez International, Inc., Class A		5,332,501
	1,856	Pilgrim’s Pride Corp.*		41,166
	3,292	Post Holdings, Inc.*		357,083
	6	Seaboard Corp.		23,212
	17,552	Tyson Foods, Inc., Class A		1,294,636

				21,116,850

Gas Utilities (0.1%):
	8,180	Atmos Energy Corp.		786,180

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Gas Utilities, continued
	4,823	National Fuel Gas Co.	$	252,002
	12,172	UGI Corp.		563,685

				1,601,867

Health Care Equipment & Supplies (4.0%):
	53,167	Abbott Laboratories		6,163,650
	30,831	Baxter International, Inc.		2,481,895
	17,662	Becton Dickinson & Co.		4,295,222
	86,807	Boston Scientific Corp.*		3,711,867
	2,962	Cooper Cos., Inc. (The)		1,173,752
	36,783	Danaher Corp.		9,871,086
	12,873	Dentsply Sirona, Inc.		814,346
	9,252	Envista Holdings Corp.*		399,779
	4,398	Globus Medical, Inc., Class A*		340,977
	4,079	Hill-Rom Holdings, Inc.		463,334
	15,550	Hologic, Inc.*		1,037,496
	1,222	ICU Medical, Inc.*		251,488
	4,271	Integra LifeSciences Holdings Corp.*		291,453
	854	Masimo Corp.*		207,052
	82,228	Medtronic plc		10,206,963
	2,306	Quidel Corp.*		295,445
	892	ResMed, Inc.		219,896
	5,222	Steris plc		1,077,299
	12,220	Stryker Corp.		3,173,901
	139	Tandem Diabetes Care, Inc.*		13,538
	2,362	Teleflex, Inc.		949,028
	12,830	Zimmer Biomet Holdings, Inc.		2,063,320

				49,502,787

Health Care Providers & Services (4.4%):
	5,537	Acadia Healthcare Co., Inc.*		347,447
	642	agilon health, Inc.*^		26,046
	270	Amedisys, Inc.*		66,131
	8,999	AmerisourceBergen Corp.		1,030,296
	15,003	Anthem, Inc.		5,728,145
	7,355	Cardinal Health, Inc.		419,897
	35,381	Centene Corp.*		2,580,336
	706	Chemed Corp.		334,997
	20,871	Cigna Corp.		4,947,888
	80,537	CVS Health Corp.		6,720,007
	1,261	DaVita, Inc.*		151,862
	2,527	Encompass Health Corp.		197,182
	8,548	Henry Schein, Inc.*		634,176
	7,880	Humana, Inc.		3,488,634
	5,984	Laboratory Corp. of America Holdings*		1,650,686
	8,358	McKesson Corp.		1,598,384
	2,984	Molina Healthcare, Inc.*		755,131
	447	Oak Street Health, Inc.*		26,181
	6,588	Premier, Inc., Class A		229,197
	7,978	Quest Diagnostics, Inc.		1,052,857
	1,879	Signify Health, Inc., Class A*		57,178
	53,682	UnitedHealth Group, Inc.		21,496,420
	4,468	Universal Health Services, Inc., Class B		654,249

				54,193,327

Health Care Technology (0.3%):
	18,521	Cerner Corp.		1,447,601
	15,172	Change Healthcare, Inc.*		349,563
	8,980	Teladoc Health, Inc.*		1,493,284

				3,290,448


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure (1.7%):
	14,743	Aramark	$	549,177
	3,995	Boyd Gaming Corp.*		245,653
	4,633	Caesars Entertainment, Inc.*		480,674
	52,288	Carnival Corp., Class A*		1,378,312
	2,568	Darden Restaurants, Inc.		374,902
	758	Domino’s Pizza, Inc.		353,599
	5,466	Hilton Worldwide Holdings, Inc.*		659,309
	2,578	Hyatt Hotels Corp., Class A*		200,156
	2,576	Marriott Vacations Worldwide Corp.*		410,357
	37,583	McDonald’s Corp.		8,681,297
	24,948	MGM Resorts International		1,064,032
	21,701	Norwegian Cruise Line Holdings, Ltd.*^		638,226
	8,962	Penn National Gaming, Inc.*		685,503
	1,582	Planet Fitness, Inc., Class A*		119,046
	13,438	Royal Caribbean Cruises, Ltd.*		1,145,993
	2,876	Six Flags Entertainment Corp.*		124,473
	1,696	Travel + Leisure Co.		100,827
	2,043	Wyndham Hotels & Resorts, Inc.		147,689
	23,771	Yum China Holdings, Inc.		1,574,829
	16,647	Yum! Brands, Inc.		1,914,904

				20,848,958

Household Durables (0.6%):
	11,946	DR Horton, Inc.		1,079,560
	9,339	Garmin, Ltd.		1,350,793
	7,617	Leggett & Platt, Inc.		394,637
	16,903	Lennar Corp., Class A		1,679,313
	594	Lennar Corp., Class B		48,381
	3,454	Mohawk Industries, Inc.*		663,824
	22,961	Newell Brands, Inc.		630,739
	65	NVR, Inc.*		323,264
	11,377	PulteGroup, Inc.		620,843
	4,119	Toll Brothers, Inc.		238,119
	391	TopBuild Corp.*		77,332
	3,631	Whirlpool Corp.		791,631

				7,898,436

Household Products (2.0%):
	14,297	Church & Dwight Co., Inc.		1,218,390
	1,442	Clorox Co. (The)		259,430
	23,885	Colgate-Palmolive Co.		1,943,045
	10,220	Kimberly-Clark Corp.		1,367,232
	149,238	Procter & Gamble Co. (The)		20,136,683
	3,469	Reynolds Consumer Products, Inc.		105,284
	2,244	Spectrum Brands Holdings, Inc.		190,830

				25,220,894

Independent Power and Renewable Electricity Producers (0.1%):
	39,332	AES Corp. (The)		1,025,385
	8,131	NRG Energy, Inc.		327,680
	28,911	Vistra Corp.		536,299

				1,889,364

Industrial Conglomerates (1.9%):
	30,289	3M Co.		6,016,304
	1,920	Carlisle Cos., Inc.		367,450
	534,463	General Electric Co.		7,193,872
	33,342	Honeywell International, Inc.		7,313,568
	6,421	Roper Technologies, Inc.		3,019,154

				23,910,348

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Insurance (3.7%):
	41,194	Aflac, Inc.	$	2,210,470
	782	Alleghany Corp.*		521,649
	18,333	Allstate Corp. (The)		2,391,357
	4,161	American Financial Group, Inc.		518,960
	51,981	American International Group, Inc.		2,474,296
	5,658	Aon plc, Class A		1,350,904
	18,148	Arch Capital Group, Ltd.*		706,683
	12,434	Arthur J. Gallagher & Co.		1,741,755
	3,698	Assurant, Inc.		577,554
	3,145	Assured Guaranty, Ltd.		149,325
	6,672	Athene Holding, Ltd., Class A*		450,360
	4,179	Axis Capital Holdings, Ltd.		204,813
	4,601	Brighthouse Financial, Inc.*		209,530
	13,573	Brown & Brown, Inc.		721,269
	27,450	Chubb, Ltd.		4,362,903
	9,425	Cincinnati Financial Corp.		1,099,143
	1,529	CNA Financial Corp.		69,554
	481	Erie Indemnity Co., Class A		93,001
	1,914	Everest Re Group, Ltd.		482,347
	12,375	Fidelity National Financial, Inc.		537,817
	4,612	First American Financial Corp.		287,558
	6,452	Globe Life, Inc.		614,553
	2,076	Hanover Insurance Group, Inc. (The)		281,589
	21,410	Hartford Financial Services Group, Inc. (The)		1,326,778
	3,342	Kemper Corp.		246,974
	1,836	Lemonade, Inc.*^		200,877
	9,841	Lincoln National Corp.		618,408
	13,596	Loews Corp.		743,021
	687	Markel Corp.*		815,270
	27,560	Marsh & McLennan Cos., Inc.		3,877,141
	2,161	Mercury General Corp.		140,357
	45,440	MetLife, Inc.		2,719,584
	16,772	Old Republic International Corp.		417,790
	2,423	Primerica, Inc.		371,058
	16,436	Principal Financial Group, Inc.		1,038,591
	35,873	Progressive Corp. (The)		3,523,087
	24,214	Prudential Financial, Inc.		2,481,209
	4,420	Reinsurance Group of America, Inc.		503,880
	1,316	RenaissanceRe Holdings, Ltd.		195,847
	15,424	Travelers Cos., Inc. (The)		2,309,127
	11,776	Unum Group		334,438
	177	White Mountains Insurance Group, Ltd.		203,201
	7,833	Willis Towers Watson plc		1,801,747
	8,435	WR Berkley Corp.		627,817

				46,553,592

Interactive Media & Services (1.3%):
	2,554	Alphabet, Inc., Class A*		6,236,332
	2,419	Alphabet, Inc., Class C*		6,062,788
	4,691	IAC/InterActiveCorp.*		723,211
	2,331	TripAdvisor, Inc.*		93,939
	42,717	Twitter, Inc.*		2,939,357
	628	Vimeo, Inc.*		30,772

				16,086,399

Internet & Direct Marketing Retail (0.1%):
	626	DoorDash, Inc., Class A*^		111,635
	24,823	Qurate Retail, Inc., Class A		324,933
	2,051	Wayfair, Inc., Class A*^		647,521

				1,084,089


Shares			Value
Common Stocks, continued
IT Services (3.2%):
	7,661	Accenture plc, Class A	$	2,258,386
	9,843	Akamai Technologies, Inc.*		1,147,694
	3,044	Alliance Data Systems Corp.		317,154
	7,865	Amdocs, Ltd.		608,436
	2,086	Automatic Data Processing, Inc.		414,321
	9,343	Black Knight, Inc.*		728,567
	668	Broadridge Financial Solutions, Inc.		107,902
	1,428	CACI International, Inc., Class A*		364,311
	32,268	Cognizant Technology Solutions Corp., Class A		2,234,882
	2,388	Concentrix Corp.*		383,990
	16,267	DXC Technology Co.*		633,437
	883	Euronet Worldwide, Inc.*		119,514
	6,490	Fastly, Inc., Class A*^		386,804
	37,883	Fidelity National Information Services, Inc.		5,366,885
	34,155	Fiserv, Inc.*		3,650,828
	3,858	FleetCor Technologies, Inc.*		987,880
	10,744	Genpact, Ltd.		488,100
	17,941	Global Payments, Inc.		3,364,655
	9,240	GoDaddy, Inc., Class A*		803,510
	54,734	International Business Machines Corp.		8,023,457
	3,352	Jack Henry & Associates, Inc.		548,086
	8,647	Leidos Holdings, Inc.		874,212
	2,526	Paychex, Inc.		271,040
	18,950	Paysafe, Ltd.*^		229,485
	3,655	Science Applications International Corp.		320,653
	436	Snowflake, Inc., Class A*		105,425
	1,051	StoneCo, Ltd., Class A*		70,480
	564	Teradata Corp.*		28,183
	7,134	Twilio, Inc., Class A*		2,811,938
	6,015	VeriSign, Inc.*		1,369,555
	18,478	Western Union Co. (The.)		424,440
	887	WEX, Inc.*		171,989

				39,616,199

Leisure Products (0.1%):
	4,142	Brunswick Corp.		412,626
	7,549	Hasbro, Inc.		713,531
	2,751	Hayward Holdings, Inc.*^		71,581
	1,084	Polaris, Inc.		148,465

				1,346,203

Life Sciences Tools & Services (1.3%):
	678	Adaptive Biotechnologies Corp.*		27,703
	1,894	Agilent Technologies, Inc.		279,952
	1,316	Bio-Rad Laboratories, Inc., Class A*		847,886
	212	Charles River Laboratories International, Inc.*		78,423
	5,894	IQVIA Holdings, Inc.*		1,428,234
	6,853	PerkinElmer, Inc.		1,058,172
	5,809	PPD, Inc.*		267,737
	152	PRA Health Sciences, Inc.*		25,112
	14,435	Qiagen NV*		698,365
	5,429	Syneos Health, Inc.*		485,841
	21,914	Thermo Fisher Scientific, Inc.		11,054,956
	266	Waters Corp.*		91,932

				16,344,313

Machinery (1.9%):
	3,434	AGCO Corp.		447,725
	1,546	Allison Transmission Holdings, Inc.		61,438

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery, continued
	4,609	Caterpillar, Inc.	$	1,003,057
	7,215	Colfax Corp.*		330,519
	2,733	Crane Co.		252,447
	8,925	Cummins, Inc.		2,176,004
	6,644	Donaldson Co., Inc.		422,093
	8,755	Dover Corp.		1,318,503
	7,317	Flowserve Corp.		295,021
	20,067	Fortive Corp.		1,399,473
	5,779	Gates Industrial Corp. plc*		104,427
	3,846	Graco, Inc.		291,142
	4,504	IDEX Corp.		991,105
	1,934	Illinois Tool Works, Inc.		432,365
	22,995	Ingersoll-Rand, Inc.*		1,122,386
	5,183	ITT, Inc.		474,711
	2,350	Middleby Corp. (The)*		407,161
	2,960	Nordson Corp.		649,750
	4,407	Oshkosh Corp.		549,288
	26,308	Otis Worldwide Corp.		2,151,205
	20,746	PACCAR, Inc.		1,851,580
	6,560	Parker-Hannifin Corp.		2,014,642
	9,997	Pentair plc		674,698
	3,148	Snap-On, Inc.		703,358
	9,901	Stanley Black & Decker, Inc.		2,029,606
	3,825	Timken Co.		308,257
	261	Toro Co. (The)		28,679
	11,021	Wabtec Corp.		907,028
	3,282	Woodward, Inc.		403,292
	3,698	Xylem, Inc.		443,612

				24,244,572

Marine (0.0%^†):
	4,042	Kirby Corp.*		245,107

Media (2.2%):
	3,967	Altice USA, Inc., Class A*		135,433
	157	Cable One, Inc.		300,311
	420	Charter Communications, Inc., Class A*		303,009
	279,228	Comcast Corp., Class A		15,921,581
	18,170	Discovery Communications, Inc., Class C*		526,567
	11,178	Discovery, Inc., Class A*		342,941
	15,872	DISH Network Corp., Class A*		663,450
	19,653	Fox Corp., Class A		729,716
	8,899	Fox Corp., Class B		313,245
	23,907	Interpublic Group of Cos., Inc. (The)		776,738
	1,276	Liberty Broadband Corp., Class A*		214,585
	9,506	Liberty Broadband Corp., Class C*		1,650,812
	9,293	Liberty Media Corp.-Liberty SiriusXM, Class C*		431,102
	5,590	Liberty Media Corp-Liberty SiriusXM, Class A*		260,382
	10,280	New York Times Co. (The), Class A		447,694
	24,656	News Corp., Class A		635,385
	6,485	News Corp., Class B		157,910
	2,380	Nexstar Media Group, Inc., Class A		351,954
	12,788	Omnicom Group, Inc.		1,022,912
	55,254	Sirius XM Holdings, Inc.^		361,361
	35,838	ViacomCBS, Inc., Class B		1,619,878

				27,166,966

Metals & Mining (0.8%):
	11,481	Alcoa Corp.*		422,960


Shares			Value
Common Stocks, continued
Metals & Mining, continued
	27,964	Cleveland-Cliffs, Inc.*^	$	602,904
	63,311	Freeport-McMoRan, Inc.		2,349,471
	49,101	Newmont Corp.		3,112,021
	18,217	Nucor Corp.		1,747,557
	4,069	Reliance Steel & Aluminum Co.		614,012
	4,040	Royal Gold, Inc.		460,964
	333	Southern Copper Corp.		21,419
	9,893	Steel Dynamics, Inc.		589,623
	16,403	United States Steel Corp.		393,672

				10,314,603

Mortgage Real Estate Investment Trusts (0.2%):
	31,761	AGNC Investment Corp.		536,443
	85,057	Annaly Capital Management, Inc.		755,306
	23,975	New Residential Investment Corp.		253,895
	16,039	Starwood Property Trust, Inc.		419,741

				1,965,385

Multiline Retail (0.7%):
	8,392	Dollar General Corp.		1,815,945
	14,188	Dollar Tree, Inc.*		1,411,706
	10,096	Kohl’s Corp.		556,391
	779	Nordstrom, Inc.*		28,488
	4,010	Ollie’s Bargain Outlet Holdings, Inc.*		337,361
	16,802	Target Corp.		4,061,715

				8,211,606

Multi-Utilities (1.4%):
	15,647	Ameren Corp.		1,252,386
	35,639	CenterPoint Energy, Inc.		873,868
	17,569	CMS Energy Corp.		1,037,977
	20,698	Consolidated Edison, Inc.		1,484,461
	49,290	Dominion Energy, Inc.		3,626,265
	12,027	DTE Energy Co.		1,558,699
	11,368	MDU Resources Group, Inc.		356,273
	25,063	NiSource, Inc.		614,043
	30,753	Public Service Enterprise Group, Inc.		1,837,184
	19,354	Sempra Energy		2,564,018
	18,963	WEC Energy Group, Inc.		1,686,759

				16,891,933

Oil, Gas & Consumable Fuels (4.7%):
	20,972	Antero Midstream Corp.		217,899
	24,295	APA Corp.		525,501
	21,084	Cabot Oil & Gas Corp.		368,127
	118,526	Chevron Corp.		12,414,413
	4,890	Cimarex Energy Co.		354,280
	82,702	ConocoPhillips		5,036,552
	3,489	Continental Resources, Inc.^		132,687
	41,331	Devon Energy Corp.		1,206,452
	5,806	Diamondback Energy, Inc.		545,125
	31,424	EOG Resources, Inc.		2,622,019
	15,674	EQT Corp.*		348,903
	259,379	Exxon Mobil Corp.		16,361,627
	15,780	Hess Corp.		1,377,910
	10,013	HollyFrontier Corp.		329,428
	119,040	Kinder Morgan, Inc.		2,170,099
	45,975	Marathon Oil Corp.		626,179
	40,400	Marathon Petroleum Corp.		2,440,968
	45,139	Occidental Petroleum Corp.		1,411,497

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	27,124	ONEOK, Inc.	$	1,509,179
	26,515	Phillips 66		2,275,517
	7,317	Pioneer Natural Resources Co.		1,189,159
	13,211	Targa Resources Corp.		587,229
	24,647	Valero Energy Corp.		1,924,438
	73,473	Williams Cos., Inc.		1,950,708

				57,925,896

Paper & Forest Products (0.0%^†):
	5,822	Louisiana-Pacific Corp.		351,008

Personal Products (0.0%^†):
	20,900	Coty, Inc., Class A*		195,206
	5,509	Herbalife Nutrition, Ltd.*		290,490

				485,696

Pharmaceuticals (5.6%):
	136,878	Bristol-Myers Squibb Co.		9,146,188
	7,578	Catalent, Inc.*		819,333
	27,157	Elanco Animal Health, Inc.*		942,076
	10,904	Eli Lilly & Co.		2,502,686
	10,867	Horizon Therapeutics plc*		1,017,586
	3,621	Jazz Pharmaceuticals plc*		643,235
	152	Jazz Pharmaceuticals plc*		27,001
	161,333	Johnson & Johnson		26,577,998
	155,347	Merck & Co., Inc.		12,081,336
	9,082	Nektar Therapeutics*		155,847
	15,576	Organon & Co.*		471,330
	8,019	Perrigo Co. plc		367,671
	341,842	Pfizer, Inc.		13,386,533
	8,045	Royalty Pharma plc, Class A		329,765
	71,967	Viatris, Inc.		1,028,409
	1,490	Zoetis, Inc.		277,676

				69,774,670

Professional Services (0.6%):
	25,231	Clarivate plc*		694,609
	5,390	CoStar Group, Inc.*^		446,400
	10,081	Dun & Bradstreet Holdings, Inc.*		215,431
	4,594	Equifax, Inc.		1,100,309
	1,847	FTI Consulting, Inc.*		252,319
	22,880	IHS Markit, Ltd.		2,577,661
	3,257	ManpowerGroup, Inc.		387,290
	5,732	Nielsen Holdings plc		141,408
	14,977	Nielsen Holdings plc		369,483
	896	Robert Half International, Inc.		79,717
	3,736	TransUnion		410,250
	3,545	Verisk Analytics, Inc.		619,382

				7,294,259

Real Estate Management & Development (0.2%):
	19,330	CBRE Group, Inc., Class A*		1,657,161
	2,794	Howard Hughes Corp. (The)*		272,303
	2,988	Jones Lang LaSalle, Inc.*		584,035
	17,018	Opendoor Technologies, Inc.*^		301,729

				2,815,228

Road & Rail (1.3%):
	525	AMERCO, Inc.		309,435
	162,938	CSX Corp.		5,227,051
	582	J.B. Hunt Transport Services, Inc.		94,837


Shares			Value
Common Stocks, continued
Road & Rail, continued
	4,064	Kansas City Southern	$	1,151,616
	9,902	Knight-Swift Transportation Holdings, Inc.		450,145
	73	Landstar System, Inc.		11,535
	15,284	Norfolk Southern Corp.		4,056,526
	488	Old Dominion Freight Line, Inc.		123,854
	2,829	Ryder System, Inc.		210,280
	4,627	Schneider National, Inc., Class B		100,730
	1,994	TuSimple Holdings, Inc., Class A*^		142,053
	14,253	Uber Technologies, Inc.*		714,360
	14,969	Union Pacific Corp.		3,292,132

				15,884,554

Semiconductors & Semiconductor Equipment (2.9%):
	19,225	Analog Devices, Inc.		3,309,776
	849	Brooks Automation, Inc.		80,893
	3,184	Cirrus Logic, Inc.*		271,022
	7,333	Cree, Inc.*		718,121
	6,497	First Solar, Inc.*		588,044
	247,538	Intel Corp.		13,896,783
	49,412	Marvell Technology, Inc.		2,882,202
	878	Maxim Integrated Products, Inc.		92,506
	2,404	Microchip Technology, Inc.		359,975
	59,149	Micron Technology, Inc.*		5,026,482
	537	MKS Instruments, Inc.		95,559
	11,714	NXP Semiconductors NV		2,409,804
	11,845	ON Semiconductor Corp.*		453,427
	6,893	Qorvo, Inc.*		1,348,615
	5,315	Skyworks Solutions, Inc.		1,019,151
	21,441	Texas Instruments, Inc.		4,123,104

				36,675,464

Software (1.6%):
	3,124	ANSYS, Inc.*		1,084,215
	1,044	C3.ai, Inc., Class A*^		65,281
	5,794	CDK Global, Inc.		287,904
	7,931	Ceridian HCM Holding, Inc.*		760,742
	4,870	Citrix Systems, Inc.		571,105
	899	Cloudflare, Inc., Class A*		95,150
	1,070	Datto Holding Corp.*		29,789
	3,487	Duck Creek Technologies, Inc.*^		151,719
	487	Dynatrace, Inc.*		28,451
	9,722	FireEye, Inc.*		196,579
	5,155	Guidewire Software, Inc.*		581,072
	1,819	Manhattan Associates, Inc.*		263,464
	947	McAfee Corp., Class A		26,535
	2,920	Medallia, Inc.*		98,550
	24,754	NortonLifeLock, Inc.		673,804
	10,817	Nuance Communications, Inc.*		588,877
	7,241	Oracle Corp.		563,639
	258	Pegasystems, Inc.		35,911
	45,751	salesforce.com, Inc.*		11,175,597
	6,042	SolarWinds Corp.*^		102,049
	13,758	SS&C Technologies Holdings, Inc.		991,401
	3,421	Synopsys, Inc.*		943,478
	338	Tyler Technologies, Inc.*		152,901
	3,106	Vmware, Inc., Class A*		496,867

				19,965,080

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Specialty Retail (0.8%):
	3,873	Advance Auto Parts, Inc.	$	794,507
	3,095	AutoNation, Inc.*		293,437
	1,057	AutoZone, Inc.*		1,577,276
	12,049	Best Buy Co, Inc.		1,385,394
	255	Burlington Stores, Inc.*		82,107
	9,037	CarMax, Inc.*		1,167,129
	3,785	Dick’s Sporting Goods, Inc.		379,219
	5,484	Foot Locker, Inc.		337,979
	12,608	Gap, Inc. (The)		424,259
	6,096	L Brands, Inc.		439,278
	558	Leslie’s, Inc.*^		15,339
	1,615	Lithia Motors, Inc., Class A		554,979
	2,933	O’Reilly Automotive, Inc.*		1,660,694
	1,612	Penske Automotive Group, Inc.		121,690
	4,332	Petco Health & Wellness Co., Inc.*^		97,080
	5,303	Vroom, Inc.*^		221,984
	1,097	Williams-Sonoma, Inc.^		175,136

				9,727,487

Technology Hardware, Storage & Peripherals (0.5%):
	8,599	Dell Technologies, Inc., Class C*		857,062
	79,963	Hewlett Packard Enterprise Co.		1,165,861
	49,776	HP, Inc.		1,502,737
	5,106	NCR Corp.*		232,885
	4,583	NetApp, Inc.		374,981
	766	Pure Storage, Inc., Class A*		14,960
	18,656	Western Digital Corp.*		1,327,748
	9,221	Xerox Holdings Corp.		216,601

				5,692,835

Textiles, Apparel & Luxury Goods (0.4%):
	8,538	Capri Holdings, Ltd.*		488,288
	2,901	Carter’s, Inc.		299,296
	2,310	Columbia Sportswear Co.		227,212
	1,490	Deckers Outdoor Corp.*		572,264
	8,477	Hanesbrands, Inc.		158,266
	4,261	PVH Corp.*		458,441
	2,653	Ralph Lauren Corp.		312,550
	7,138	Skechers U.S.A., Inc., Class A*		355,687
	15,376	Tapestry, Inc.*		668,548
	10,245	Under Armour, Inc., Class A*		216,682
	10,506	Under Armour, Inc., Class C*		195,096
	7,060	VF Corp.		579,202

				4,531,532


Shares or Principal Amount			Value
Common Stocks, continued
Thrifts & Mortgage Finance (0.0%^†):
	20,099	MGIC Investment Corp.	$	273,346
	25,277	New York Community Bancorp, Inc.		278,553
	3,987	TFS Financial Corp.		80,936
	2,968	UWM Holdings Corp.^		25,080

				657,915

Tobacco (1.0%):
	50,327	Altria Group, Inc.		2,399,591
	95,367	Philip Morris International, Inc.		9,451,824

				11,851,415

Trading Companies & Distributors (0.2%):
	7,189	Air Lease Corp.		300,069
	3,920	Fastenal Co.		203,840
	2,453	MSC Industrial Direct Co., Inc., Class A		220,108
	1,304	SiteOne Landscape Supply, Inc.*		220,715
	2,882	United Rentals, Inc.*		919,387
	11,273	Univar Solutions, Inc.*		274,836
	479	W.W. Grainger, Inc.		209,802
	1,899	Watsco, Inc.		544,329

				2,893,086

Water Utilities (0.2%):
	10,890	American Water Works Co., Inc.		1,678,476
	13,462	Essential Utilities, Inc.		615,213

				2,293,689

Wireless Telecommunication Services (0.4%):
	36,087	T-Mobile USA, Inc.*		5,226,479

	Total Common Stocks (Cost $962,218,167)			1,230,199,850

Short-Term Security Held as Collateral for Securities on Loan (0.3%):
	4,009,540	BlackRock Liquidity FedFund, Institutional Class, 0.04%(a)(b)		4,009,540

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $4,009,540)			4,009,540

Unaffiliated Investment Company (0.9%):
Money Markets (0.9%):
	11,689,351	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(b)		11,689,351

	Total Unaffiliated Investment Company (Cost $11,689,351)			11,689,351

	Total Investment Securities (Cost $977,917,058) — 100.3%			1,245,898,741
	Net other assets (liabilities) — (0.3)%			(4,298,721	)

	Net Assets — 100.0%		$	1,241,600,020

Percentages indicated are based on net assets as of June 30, 2021.

REIT—Real Estate Investment Trust

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $3,920,754.

+	Affiliated Securities

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

(b)	The rate represents the effective yield at June 30, 2021.

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/17/21		31	$	6,647,330	$	64,073

S&P MidCap 400 E-Mini September Futures (U.S Dollar)		9/17/21		19		5,115,560		(43,345	)

							$	20,728

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	973,619,872
Investments in affiliates, at cost		4,297,186

Investments in non-affiliates, at value(a)	$	1,238,260,253
Investments in affiliates, at value		7,638,488
Cash		6,079
Deposit at broker for futures contracts collateral		604,200
Interest and dividends receivable		1,045,297
Receivable for investments sold		33,371
Receivable for variation margin on futures contracts		11,526
Reclaims receivable		14,494
Prepaid expenses		44,874

Total Assets		1,247,658,582

Liabilities:
Foreign currency, at value (cost $17)		17
Payable for investments purchased		923,882
Payable for capital shares redeemed		543,044
Payable for collateral received on loaned securities		4,009,540
Manager fees payable		296,301
Administration fees payable		4,604
Distribution fees payable		174,297
Custodian fees payable		4,527
Administrative and compliance services fees payable		2,267
Transfer agent fees payable		2,756
Trustee fees payable		11,096
Other accrued liabilities		86,231

Total Liabilities		6,058,562

Net Assets	$	1,241,600,020

Net Assets Consist of:
Paid in capital	$	878,877,870
Total distributable earnings		362,722,150

Net Assets	$	1,241,600,020

Class 1
Net Assets	$	220,854,960
Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,967,136
Net Asset Value (offering and redemption price per share)	$	10.53

Class 2
Net Assets	$	1,020,745,060
Shares of beneficial interest (unlimited number of shares authorized, no par value)		70,137,281
Net Asset Value (offering and redemption price per share)	$	14.55

(a)	Includes securities on loan of $3,920,754.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	9,421,661
Dividends from affiliates		57,692
Interest		4,663
Income from securities lending		23,862
Foreign withholding tax		(285	)

Total Investment Income		9,507,593

Expenses:
Manager fees		2,049,312
Administration fees		28,481
Distribution fees — Class 2		966,193
Custodian fees		15,723
Administrative and compliance services fees		6,825
Transfer agent fees		6,174
Trustee fees		24,769
Professional fees		21,646
Shareholder reports		18,459
Other expenses		96,645

Total expenses before reductions		3,234,227
Less expenses voluntarily waived/reimbursed by the Manager		(419,185	)

Net expenses		2,815,042

Net Investment Income/(Loss)		6,692,551

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		79,626,296
Net realized gains/(losses) on affiliated transactions		536,810
Net realized gains/(losses) on futures contracts		1,707,032
Change in net unrealized appreciation/depreciation on securities		59,857,035
Change in net unrealized appreciation/depreciation on affiliated transactions		546,778
Change in net unrealized appreciation/depreciation on futures contracts		(97,399	)

Net realized and Change in net unrealized gains/losses on investments		142,176,552

Change in Net Assets Resulting From Operations	$	148,869,103

See accompanying notes to the financial statements.

AZL Russell 1000 Value Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	6,692,551			$	15,702,119
Net realized gains/(losses) on investments			81,870,138				(2,483,973	)
Change in unrealized appreciation/depreciation on investments			60,306,414				13,164,225

Change in net assets resulting from operations			148,869,103				26,382,371

Distributions to Shareholders:
Class 1			—				(12,916,998	)
Class 2			—				(49,843,957	)

Change in net assets resulting from distributions to shareholders			—				(62,760,955	)

Capital Transactions:
Class 1
Proceeds from shares issued			195,156				437,497
Proceeds from in-kind shares issued(a)			59,450,043				—
Proceeds from dividends reinvested			—				12,916,998
Value of shares redeemed			(10,735,670	)			(19,992,808	)

Total Class 1 Shares			48,909,529				(6,638,313	)

Class 2
Proceeds from shares issued			1,419,504				122,965,871
Proceeds from in-kind shares issued(a)			265,078,553				—
Proceeds from dividends reinvested			—				49,843,957
Value of shares redeemed			(148,799,574	)			(156,409,611	)

Total Class 2 Shares			117,698,483				16,400,217

Change in net assets resulting from capital transactions			166,608,012				9,761,904

Change in net assets			315,477,115				(26,616,680	)
Net Assets:
Beginning of period			926,122,905				952,739,585

End of period		$	1,241,600,020			$	926,122,905

Share Transactions:
Class 1
Shares issued			19,412				53,357
Shares issued in-kind(a)			5,794,012				—
Dividends reinvested			—				1,596,662
Shares redeemed			(1,078,821	)			(2,372,746	)

Total Class 1 Shares			4,734,603				(722,727	)

Class 2
Shares issued			98,549				12,177,510
Shares issued in-kind(a)			18,696,734				—
Dividends reinvested			—				4,450,353
Shares redeemed			(11,115,556	)			(14,138,554	)

Total Class 2 Shares			7,679,727				2,489,309

Change in shares			12,414,330				1,766,582

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

(a)	See Note 2 in Notes to the Financial Statements.

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016^
	(Unaudited)

Class 1

Net Asset Value, Beginning of Period		$	9.02			$	9.75			$	8.55			$	10.65			$	10.79			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.08	(a)			0.18	(a)			0.21	(a)			0.24				0.27				0.08
Net Realized and Unrealized Gains/(Losses) on Investments			1.43				(0.06	)			1.94				(1.02	)			1.08				0.71

Total from Investment Activities			1.51				0.12				2.15				(0.78	)			1.35				0.79

Distributions to Shareholders From:
Net Investment Income			—				(0.27	)			(0.30	)			(0.30	)			(0.10	)			—
Net Realized Gains			—				(0.58	)			(0.65	)			(1.02	)			(1.39	)			—

Total Dividends			—				(0.85	)			(0.95	)			(1.32	)			(1.49	)			—

Net Asset Value, End of Period		$	10.53			$	9.02			$	9.75			$	8.55			$	10.65			$	10.79

Total Return(b)			16.74	%(c)			2.25	%			26.13	%			(8.50	)%			13.38	%			7.90	%(c)

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	220,855			$	146,474			$	165,337			$	148,796			$	185,903			$	187,248
Net Investment Income/(Loss)(d)			1.64	%			2.08	%			2.21	%			2.10	%			2.07	%			2.11	%
Expenses Before Reductions(d)(e)			0.49	%			0.52	%			0.51	%			0.50	%			0.50	%			0.51	%
Expenses Net of Reductions(d)			0.40	%			0.43	%			0.43	%			0.43	%			0.45	%			0.46	%
Portfolio Turnover Rate(f)			42	%(g)			27	%			15	%			22	%			12	%			131	%(h)

Class 2

Net Asset Value, Beginning of Period		$	12.48			$	13.13			$	11.22			$	13.56			$	13.39			$	12.91

Investment Activities:
Net Investment Income/(Loss)			0.10	(a)			0.21	(a)			0.25	(a)			0.28				0.24				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			1.97				(0.04	)			2.57				(1.34	)			1.42				1.85

Total from Investment Activities			2.07				0.17				2.82				(1.06	)			1.66				1.96

Distributions to Shareholders From:
Net Investment Income			—				(0.24	)			(0.26	)			(0.26	)			(0.10	)			(0.25	)
Net Realized Gains			—				(0.58	)			(0.65	)			(1.02	)			(1.39	)			(1.23	)

Total Dividends			—				(0.82	)			(0.91	)			(1.28	)			(1.49	)			(1.48	)

Net Asset Value, End of Period		$	14.55			$	12.48			$	13.13			$	11.22			$	13.56			$	13.39

Total Return(b)			16.59	%(c)			2.01	%			25.86	%			(8.72	)%			13.02	%			16.15	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,020,745			$	779,649			$	787,403			$	720,365			$	893,400			$	991,296
Net Investment Income/(Loss)(d)			1.39	%			1.83	%			1.96	%			1.85	%			1.81	%			2.05	%
Expenses Before Reductions(d)(e)			0.74	%			0.77	%			0.76	%			0.75	%			0.75	%			0.77	%
Expenses Net of Reductions(d)			0.65	%			0.68	%			0.68	%			0.68	%			0.70	%			0.72	%
Portfolio Turnover Rate(f)			42	%(g)			27	%			15	%			22	%			12	%			131	%(h)

^	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)	Excludes impact of in-kind transactions.

(h)	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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 Value Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,356 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $4,009,540 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

In-kind Subscriptions

During the period ended June 30, 2021, the AZL Russell 1000 Value Index Fund issued 5,794,012 shares valued at $59,450,043, and 18,696,734 shares valued at $265,078,553, of Class 1 and Class 2, respectively, in exchange for securities and other assets contributed from Class 1 and Class 2 shareholders, respectively, of the Franklin Mutual Shares VIP Fund.

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $11.0 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

64,073

Payable for variation margin on futures contracts*

43,345

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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

Equity Risk
Futures Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	1,707,032	$	(97,399	)

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, 2022.

For the period ended June 30, 2021, 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	%		0.72	%
AZL Russell 1000 Value Index Fund Class 2		0.44	%		0.97	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.35% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2022.

**	Prior to June 1, 2021, the annual expense limit was 0.59% and 0.84% for Class 1 and Class 2, respectively.

At June 30, 2021, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Value 12/31/2020			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 6/30/2021			Shares as of 6/30/2021		Dividend Income			Capital Gains Distributions

BlackRock Inc., Class A		$	5,692,228		$	1,992,204		$	(1,129,533	)		$	536,810		$	546,778		$	7,638,488		8,730		$	57,692		$	—

		$	5,692,228		$	1,992,204		$	(1,129,533	)		$	536,810		$	546,778		$	7,638,488		8,730		$	57,692		$	—

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable 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.

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks+		$	1,230,199,850		$	—		$	—		$	1,230,199,850
Short-Term Security Held as Collateral for Securities on Loan			4,009,540			—			—			4,009,540
Unaffiliated Investment Company			11,689,351			—			—			11,689,351

Total Investment Securities			1,245,898,741			—			—			1,245,898,741

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)


Investment Securities:	Level 1			Level 2			Level 3			Total

Other Financial Instruments:*
Futures Contracts		$	20,728		$	—		$	—		$	20,728

Total Investments		$	1,245,919,469		$	—		$	—		$	1,245,919,469

+	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


	Purchases			Sales

AZL Russell 1000 Value Index Fund		$	397,570,226		$	517,061,724

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $733,363,483. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	239,840,214
Unrealized (depreciation)		(45,270,333	)

Net unrealized appreciation/(depreciation)	$	194,569,881

AZL Russell 1000 Value Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL Russell 1000 Value Index Fund		$	20,818,702		$	41,942,253		$	62,760,955

(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, 2020, the components of accumulated earnings on a tax basis were as follows:


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

AZL Russell 1000 Value Index Fund		$	19,283,166		$	—		$	—		$	194,569,881		$	213,853,047

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2021, 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

AZL Russell 1000 Value Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822

	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%


FUND		FOR	AGAINST	ABSTAIN

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® S&P 500 Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Page 1

Page 2

Page 9

Page 9

Page 10

Page 11

Page 12

Page 18

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 21

Page 22

AZL S&P 500 Index Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL S&P 500 Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL S&P 500 Index Fund, Class 1		$	1,000.00		$	1,151.50		$	1.12		0.21	%

AZL S&P 500 Index Fund, Class 2		$	1,000.00		$	1,150.40		$	2.45		0.46	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL S&P 500 Index Fund, Class 1		$	1,000.00		$	1,023.75		$	1.05		0.21	%

AZL S&P 500 Index Fund, Class 2		$	1,000.00		$	1,022.51		$	2.31		0.46	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Information Technology		27.1	%

Health Care		12.9

Consumer Discretionary		12.2

Financials		11.2

Communication Services		11.0

Industrials		8.5

Consumer Staples		5.8

Energy		2.8

Real Estate		2.6

Materials		2.6

Utilities		2.4


Total Common Stocks		99.1

Unaffiliated Investment Company		0.9

Short-Term Security Held as Collateral for Securities on Loan		—	^†


Total Investment Securities		100.0

Net other assets (liabilities)		—	^†


Net Assets		100.0	%

† Represents

less than 0.05%.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (99.1%):
Aerospace & Defense (1.6%):
	50,607	Boeing Co. (The)*	$	12,123,413
	21,300	General Dynamics Corp.		4,009,938
	36,404	Howmet Aerospace, Inc.*		1,254,846
	3,746	Huntington Ingalls Industries, Inc.		789,469
	18,625	L3harris Technologies, Inc.		4,025,794
	22,492	Lockheed Martin Corp.		8,509,848
	13,927	Northrop Grumman Corp.		5,061,490
	139,411	Raytheon Technologies Corp.		11,893,152
	4,319	Teledyne Technologies, Inc.*		1,808,927
	21,001	Textron, Inc.		1,444,239
	4,961	TransDigm Group, Inc.*		3,211,206

				54,132,322

Air Freight & Logistics (0.7%):
	12,379	C.H. Robinson Worldwide, Inc.		1,159,541
	15,717	Expeditors International of Washington, Inc.		1,989,772
	22,371	FedEx Corp.		6,673,940
	66,646	United Parcel Service, Inc., Class B		13,860,369

				23,683,622

Airlines (0.3%):
	11,566	Alaska Air Group, Inc.*		697,545
	59,672	American Airlines Group, Inc.*		1,265,643
	57,250	Delta Air Lines, Inc.*		2,476,635
	54,953	Southwest Airlines Co.*		2,917,455
	30,197	United Airlines Holdings, Inc.*		1,579,001

				8,936,279

Auto Components (0.1%):
	25,167	Aptiv plc*		3,959,524
	22,275	BorgWarner, Inc.		1,081,229

				5,040,753

Automobiles (1.8%):
	358,272	Ford Motor Co.*		5,323,922
	117,186	General Motors Co.*		6,933,896
	70,976	Tesla, Inc.*		48,242,387

				60,500,205

Banks (4.3%):
	694,841	Bank of America Corp.		28,648,294
	190,326	Citigroup, Inc.		13,465,564
	37,642	Citizens Financial Group, Inc.		1,726,639
	11,974	Comerica, Inc.		854,225
	62,983	Fifth Third Bancorp		2,407,840
	16,357	First Republic Bank		3,061,540
	137,081	Huntington Bancshares, Inc.		1,956,146
	279,119	JPMorgan Chase & Co.		43,414,169
	90,141	KeyCorp		1,861,412
	11,959	M&T Bank Corp.		1,737,762
	39,623	People’s United Financial, Inc.		679,138
	38,981	PNC Financial Services Group, Inc. (The)		7,436,016
	89,216	Regions Financial Corp.		1,800,379
	5,050	SVB Financial Group*		2,809,972
	123,275	Truist Financial Corp.		6,841,762
	124,271	U.S. Bancorp		7,079,719
	380,707	Wells Fargo & Co.		17,242,220
	15,232	Zions Bancorp		805,164

				143,827,961


Shares			Value
Common Stocks, continued
Beverages (1.4%):
	16,955	Brown-Forman Corp., Class B	$	1,270,608
	358,121	Coca-Cola Co. (The)		19,377,927
	15,295	Constellation Brands, Inc., Class C		3,577,348
	17,565	Molson Coors Brewing Co., Class B*		943,065
	33,335	Monster Beverage Corp.*		3,045,152
	127,549	PepsiCo, Inc.		18,898,935

				47,113,035

Biotechnology (1.8%):
	162,590	AbbVie, Inc.		18,314,138
	20,578	Alexion Pharmaceuticals, Inc.*		3,780,384
	52,948	Amgen, Inc.		12,906,075
	14,006	Biogen, Inc.*		4,849,858
	115,200	Gilead Sciences, Inc.		7,932,672
	17,395	Incyte Corp.*		1,463,441
	9,731	Regeneron Pharmaceuticals, Inc.*		5,435,153
	23,559	Verizon Communications, Inc.*		4,750,201

				59,431,922

Building Products (0.5%):
	12,531	A.O. Smith Corp.		902,984
	7,297	Allegion plc		1,016,472
	1,092	Allegion plc		152,116
	73,918	Carrier Global Corp.		3,592,415
	12,876	Fortune Brands Home & Security, Inc.		1,282,578
	66,716	Johnson Controls International plc		4,578,719
	23,655	Masco Corp.		1,393,516
	21,684	Trane Technologies plc		3,992,892

				16,911,692

Capital Markets (3.0%):
	10,778	Ameriprise Financial, Inc.		2,682,429
	75,060	Bank of New York Mellon Corp. (The)		3,845,324
	13,061	BlackRock, Inc., Class A+		11,427,983
	9,903	Cboe Global Markets, Inc.		1,178,952
	138,009	Charles Schwab Corp. (The)		10,048,435
	32,938	CME Group, Inc.		7,005,254
	25,341	Franklin Resources, Inc.		810,659
	31,280	Goldman Sachs Group, Inc. (The)		11,871,698
	51,542	Intercontinental Exchange, Inc.		6,118,035
	35,223	Invesco, Ltd.		941,511
	3,530	MarketAxess Holdings, Inc.		1,636,473
	14,977	Moody’s Corp.		5,427,215
	136,949	Morgan Stanley		12,556,854
	7,665	MSCI, Inc., Class A		4,086,058
	10,716	Nasdaq, Inc.		1,883,873
	19,323	Northern Trust Corp.		2,234,125
	11,376	Raymond James Financial, Inc.		1,477,742
	22,164	S&P Global, Inc.		9,097,214
	32,371	State Street Corp.		2,663,486
	20,578	T. Rowe Price Group, Inc.		4,073,827

				101,067,147

Chemicals (1.8%):
	20,240	Air Products & Chemicals, Inc.		5,822,643
	10,859	Albemarle Corp.		1,829,307
	10,471	Celanese Corp.		1,587,404
	19,963	CF Industries Holdings, Inc.		1,027,096
	68,535	Corteva, Inc.		3,039,527

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Chemicals, continued
	67,934	Dow, Inc.	$	4,298,864
	49,510	DuPont de Nemours, Inc.		3,832,569
	12,696	Eastman Chemical Co.		1,482,258
	23,137	Ecolab, Inc.		4,765,528
	12,028	FMC Corp.		1,301,430
	23,168	International Flavors & Fragrances, Inc.		3,461,299
	41,835	Linde plc		12,094,499
	6,052	Linde plc		1,749,633
	23,941	Lyondellbasell Industries NV		2,462,811
	32,182	Mosaic Co. (The)		1,026,928
	21,455	PPG Industries, Inc.		3,642,415
	21,901	Sherwin Williams Co.		5,966,927

				59,391,138

Commercial Services & Supplies (0.4%):
	8,205	Cintas Corp.		3,134,310
	19,353	Copart, Inc.*		2,551,306
	18,755	Republic Services, Inc., Class A		2,063,238
	20,549	Rollins, Inc.		702,776
	35,441	Waste Management, Inc.		4,965,638

				13,417,268

Communications Equipment (0.8%):
	5,116	Arista Networks, Inc.*		1,853,578
	388,290	Cisco Systems, Inc.		20,579,370
	5,546	F5 Networks, Inc.*		1,035,216
	30,613	Juniper Networks, Inc.		837,266
	15,314	Motorola Solutions, Inc.		3,320,841

				27,626,271

Construction & Engineering (0.1%):
	12,135	Jacobs Engineering Group, Inc.		1,619,052
	13,000	Quanta Services, Inc.		1,177,410

				2,796,462

Construction Materials (0.1%):
	5,798	Martin Marietta Materials, Inc.		2,039,794
	12,337	Vulcan Materials Co.		2,147,502

				4,187,296

Consumer Finance (0.7%):
	59,851	American Express Co.		9,889,181
	41,399	Capital One Financial Corp.		6,404,011
	28,383	Discover Financial Services		3,357,425
	50,395	Synchrony Financial		2,445,166

				22,095,783

Containers & Packaging (0.3%):
	142,544	Amcor plc		1,633,554
	7,253	Avery Dennison Corp.		1,524,871
	30,556	Ball Corp.		2,475,647
	36,477	International Paper Co.		2,236,405
	8,846	Packaging Corp. of America		1,197,926
	14,237	Sealed Air Corp.		843,542
	24,782	WestRock Co.		1,318,898

				11,230,843

Distributors (0.1%):
	13,490	Genuine Parts Co.		1,706,080
	25,937	LKQ Corp.*		1,276,619


Shares			Value
Common Stocks, continued
Distributors, continued
	3,727	Pool Corp.	$	1,709,426

				4,692,125

Diversified Financial Services (1.4%):
	174,719	Berkshire Hathaway, Inc., Class B*		48,557,904

Diversified Telecommunication Services (1.2%):
	657,839	AT&T, Inc.		18,932,606
	92,561	Lumen Technologies, Inc.		1,257,904
	381,658	Verizon Communications, Inc.		21,384,298

				41,574,808

Electric Utilities (1.5%):
	23,296	Alliant Energy Corp.		1,298,985
	46,540	American Electric Power Co., Inc.		3,936,819
	70,592	Duke Energy Corp.		6,968,842
	35,392	Edison International		2,046,365
	18,725	Entergy Corp.		1,866,882
	21,413	Evergy, Inc.		1,293,988
	31,942	Eversource Energy		2,563,026
	88,840	Exelon Corp.		3,936,500
	50,628	FirstEnergy Corp.		1,883,868
	180,827	NextEra Energy, Inc.		13,251,003
	10,576	Pinnacle West Capital Corp.		866,915
	71,801	PPL Corp.		2,008,274
	96,922	Southern Co. (The)		5,864,750
	50,084	Xcel Energy, Inc.		3,299,534

				51,085,751

Electrical Equipment (0.6%):
	20,731	AMETEK, Inc.		2,767,588
	36,372	Eaton Corp. plc		5,389,603
	54,798	Emerson Electric Co.		5,273,760
	12,627	Enphase Energy, Inc.*		2,318,696
	5,860	Generac Holdings, Inc.*		2,432,779
	10,807	Rockwell Automation, Inc.		3,091,018

				21,273,444

Electronic Equipment, Instruments & Components (0.6%):
	54,148	Amphenol Corp., Class A		3,704,265
	13,060	CDW Corp.		2,280,929
	72,085	Corning, Inc.		2,948,276
	3,331	IPG Photonics Corp.*		702,075
	17,151	Keysight Technologies, Inc.*		2,648,286
	29,995	TE Connectivity, Ltd.		4,055,624
	23,365	Trimble, Inc.*		1,911,958
	4,977	Zebra Technologies Corp., Class A*		2,635,272

				20,886,685

Energy Equipment & Services (0.2%):
	67,763	Baker Hughes Co.		1,549,740
	82,788	Halliburton Co.		1,914,058
	36,271	NOV, Inc.*		555,672
	127,205	Schlumberger, Ltd.		4,071,832

				8,091,302

Entertainment (1.9%):
	71,221	Activision Blizzard, Inc.		6,797,332
	26,635	Electronic Arts, Inc.		3,830,912
	13,450	Live Nation Entertainment, Inc.*		1,178,086
	40,818	Netflix, Inc.*		21,560,476

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Entertainment, continued
	10,764	Take-Two Interactive Software, Inc.*	$	1,905,443
	167,303	Walt Disney Co. (The)*		29,406,848

				64,679,097

Equity Real Estate Investment Trusts (2.5%):
	12,761	Alexandria Real Estate Equities, Inc.		2,321,736
	41,860	American Tower Corp.		11,308,060
	12,990	AvalonBay Communities, Inc.		2,710,883
	13,222	Boston Properties, Inc.		1,515,109
	39,679	Crown Castle International Corp.		7,741,373
	26,184	Digital Realty Trust, Inc.		3,939,645
	34,861	Duke Realty Corp.		1,650,668
	8,203	Equinix, Inc.		6,583,728
	32,005	Equity Residential		2,464,385
	6,039	Essex Property Trust, Inc.		1,811,760
	12,440	Extra Space Storage, Inc.		2,037,921
	6,151	Federal Realty Investment Trust		720,713
	159	Gaming and Leisure Properties, Inc.		7,366
	49,997	Healthpeak Properties, Inc.		1,664,400
	65,564	Host Hotels & Resorts, Inc.*		1,120,489
	26,855	Iron Mountain, Inc.		1,136,504
	40,286	Kimco Realty Corp.		839,963
	10,061	Mid-America Apartment Communities, Inc.		1,694,474
	67,979	Prologis, Inc.		8,125,530
	13,823	Public Storage, Inc.		4,156,438
	33,348	Realty Income Corp.		2,225,646
	14,697	Regency Centers Corp.		941,637
	10,165	SBA Communications Corp.		3,239,585
	29,806	Simon Property Group, Inc.		3,889,087
	27,612	UDR, Inc.		1,352,436
	34,924	Ventas, Inc.		1,994,160
	14,593	Vornado Realty Trust		681,055
	38,856	Welltower, Inc.		3,228,934
	69,644	Weyerhaeuser Co.		2,397,146

				83,500,831

Food & Staples Retailing (1.3%):
	40,714	Costco Wholesale Corp.		16,109,308
	70,404	Kroger Co. (The)		2,697,177
	46,296	Sysco Corp.		3,599,514
	66,744	Walgreens Boots Alliance, Inc.		3,511,402
	126,631	Walmart, Inc.		17,857,504

				43,774,905

Food Products (0.9%):
	50,353	Archer-Daniels-Midland Co.		3,051,392
	18,892	Campbell Soup Co.		861,286
	44,660	Conagra Brands, Inc.		1,624,731
	55,076	General Mills, Inc.		3,355,781
	13,064	Hershey Co. (The)		2,275,488
	26,178	Hormel Foods Corp.		1,250,000
	10,216	JM Smucker Co. (The)		1,323,687
	23,517	Kellogg Co.		1,512,849
	60,340	Kraft Heinz Co. (The)		2,460,665
	13,634	Lamb Weston Holdings, Inc.		1,099,718
	23,163	McCormick & Co.		2,045,756
	129,067	Mondelez International, Inc., Class A		8,058,943
	27,487	Tyson Foods, Inc., Class A		2,027,441

				30,947,737


Shares			Value
Common Stocks, continued
Gas Utilities (0.0%^†):
	12,216	Atmos Energy Corp.	$	1,174,080

Health Care Equipment & Supplies (3.6%):
	163,710	Abbott Laboratories		18,978,900
	4,212	ABIOMED, Inc.*		1,314,607
	6,699	Align Technology, Inc.*		4,093,089
	46,802	Baxter International, Inc.		3,767,561
	26,649	Becton Dickinson & Co.		6,480,770
	129,922	Boston Scientific Corp.*		5,555,465
	4,582	Cooper Cos., Inc. (The)		1,815,709
	58,451	Danaher Corp.		15,685,910
	20,323	Dentsply Sirona, Inc.		1,285,633
	8,996	DexCom, Inc.*		3,841,292
	56,874	Edwards Lifesciences Corp.*		5,890,440
	23,866	Hologic, Inc.*		1,592,340
	7,771	IDEXX Laboratories, Inc.*		4,907,775
	10,891	Intuitive Surgical, Inc.*		10,015,799
	123,928	Medtronic plc		15,383,183
	13,538	ResMed, Inc.		3,337,388
	9,094	Steris plc		1,876,092
	30,108	Stryker Corp.		7,819,951
	4,342	Teleflex, Inc.		1,744,572
	6,589	West Pharmaceutical Services, Inc.		2,366,110
	18,813	Zimmer Biomet Holdings, Inc.		3,025,507

				120,778,093

Health Care Providers & Services (2.6%):
	13,764	AmerisourceBergen Corp.		1,575,840
	22,456	Anthem, Inc.		8,573,701
	27,004	Cardinal Health, Inc.		1,541,658
	54,248	Centene Corp.*		3,956,307
	31,483	Cigna Corp.		7,463,675
	121,083	CVS Health Corp.		10,103,165
	6,537	DaVita, Inc.*		787,251
	24,455	HCA Healthcare, Inc.		5,055,827
	13,103	Henry Schein, Inc.*		972,112
	11,779	Humana, Inc.		5,214,799
	9,086	Laboratory Corp. of America Holdings*		2,506,373
	14,702	McKesson Corp.		2,811,610
	12,165	Quest Diagnostics, Inc.		1,605,415
	87,054	UnitedHealth Group, Inc.		34,859,904
	6,615	Universal Health Services, Inc., Class B		968,634

				87,996,271

Health Care Technology (0.1%):
	28,083	Cerner Corp.		2,194,967

Hotels, Restaurants & Leisure (1.7%):
	19,417	Caesars Entertainment, Inc.*		2,014,514
	74,317	Carnival Corp., Class A*		1,958,996
	2,552	Chipotle Mexican Grill, Inc.*		3,956,468
	12,183	Darden Restaurants, Inc.		1,778,596
	3,616	Domino’s Pizza, Inc.		1,686,828
	25,114	Hilton Worldwide Holdings, Inc.*		3,029,251
	30,552	Las Vegas Sands Corp.*		1,609,785
	24,145	Marriott International, Inc., Class A*		3,296,275
	68,865	McDonald’s Corp.		15,907,126
	37,902	MGM Resorts International		1,616,520
	34,468	Norwegian Cruise Line Holdings, Ltd.*^		1,013,704
	13,824	Penn National Gaming, Inc.*		1,057,398

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	20,380	Royal Caribbean Cruises, Ltd.*	$	1,738,007
	108,578	Starbucks Corp.		12,140,106
	9,804	Wynn Resorts, Ltd.*		1,199,029
	26,898	Yum! Brands, Inc.		3,094,077

				57,096,680

Household Durables (0.4%):
	29,421	DR Horton, Inc.		2,658,776
	1,311	Garmin, Ltd.		189,623
	11,991	Garmin, Ltd.		1,734,378
	11,855	Leggett & Platt, Inc.		614,207
	25,700	Lennar Corp., Class A		2,553,295
	5,462	Mohawk Industries, Inc.*		1,049,742
	35,317	Newell Brands, Inc.		970,158
	316	NVR, Inc.*		1,571,563
	24,619	PulteGroup, Inc.		1,343,459
	5,855	Whirlpool Corp.		1,276,507

				13,961,708

Household Products (1.3%):
	22,784	Church & Dwight Co., Inc.		1,941,652
	11,570	Clorox Co. (The)		2,081,559
	77,456	Colgate-Palmolive Co.		6,301,046
	31,417	Kimberly-Clark Corp.		4,202,966
	225,997	Procter & Gamble Co. (The)		30,493,775

				45,020,998

Independent Power and Renewable Electricity Producers (0.1%):
	62,025	AES Corp. (The)		1,616,992
	19,798	NRG Energy, Inc.		797,859

				2,414,851

Industrial Conglomerates (1.2%):
	53,407	3M Co.		10,608,232
	808,226	General Electric Co.		10,878,722
	64,005	Honeywell International, Inc.		14,039,497
	9,791	Roper Technologies, Inc.		4,603,728

				40,130,179

Insurance (1.8%):
	57,205	Aflac, Inc.		3,069,620
	27,867	Allstate Corp. (The)		3,634,971
	77,796	American International Group, Inc.		3,703,090
	20,577	Aon plc, Class A		4,912,965
	19,064	Arthur J. Gallagher & Co.		2,670,485
	5,204	Assurant, Inc.		812,761
	41,227	Chubb, Ltd.		6,552,619
	13,933	Cincinnati Financial Corp.		1,624,866
	3,752	Everest Re Group, Ltd.		945,542
	8,853	Globe Life, Inc.		843,248
	33,270	Hartford Financial Services Group, Inc. (The)		2,061,742
	16,688	Lincoln National Corp.		1,048,674
	20,861	Loews Corp.		1,140,054
	46,594	Marsh & McLennan Cos., Inc.		6,554,844
	67,710	MetLife, Inc.		4,052,443
	23,622	Principal Financial Group, Inc.		1,492,674
	54,399	Progressive Corp. (The)		5,342,526
	36,662	Prudential Financial, Inc.		3,756,755
	23,416	Travelers Cos., Inc. (The)		3,505,609
	19,489	Unum Group		553,488


Shares			Value
Common Stocks, continued
Insurance, continued
	11,987	Willis Towers Watson plc	$	2,757,250
	13,091	WR Berkley Corp.		974,363

				62,010,589

Interactive Media & Services (6.4%):
	27,721	Alphabet, Inc., Class A*		67,688,861
	26,211	Alphabet, Inc., Class C*		65,693,153
	220,683	Facebook, Inc., Class A*		76,733,686
	74,268	Twitter, Inc.*		5,110,381

				215,226,081

Internet & Direct Marketing Retail (4.5%):
	39,488	Amazon.com, Inc.*		135,845,038
	3,775	Booking Holdings, Inc.*		8,260,040
	58,767	eBay, Inc.		4,126,031
	11,829	Etsy, Inc.*		2,434,881
	13,169	Expedia Group, Inc.*		2,155,897

				152,821,887

IT Services (5.1%):
	58,518	Accenture plc, Class A		17,250,521
	15,179	Akamai Technologies, Inc.*		1,769,871
	39,084	Automatic Data Processing, Inc.		7,762,864
	10,818	Broadridge Financial Solutions, Inc.		1,747,432
	49,130	Cognizant Technology Solutions Corp., Class A		3,402,744
	21,865	DXC Technology Co.*		851,423
	56,916	Fidelity National Information Services, Inc.		8,063,290
	54,534	Fiserv, Inc.*		5,829,139
	7,772	FleetCor Technologies, Inc.*		1,990,098
	8,016	Gartner, Inc.*		1,941,475
	26,956	Global Payments, Inc.		5,055,328
	82,239	International Business Machines Corp.		12,055,415
	6,924	Jack Henry & Associates, Inc.		1,132,143
	12,399	Leidos Holdings, Inc.		1,253,539
	80,551	MasterCard, Inc., Class A		29,408,365
	29,856	Paychex, Inc.		3,203,549
	108,154	PayPal Holdings, Inc.*		31,524,728
	9,235	VeriSign, Inc.*		2,102,717
	155,810	Visa, Inc., Class A		36,431,494
	38,145	Western Union Co. (The.)		876,191

				173,652,326

Leisure Products (0.0%^†):
	11,963	Hasbro, Inc.		1,130,743

Life Sciences Tools & Services (1.3%):
	27,569	Agilent Technologies, Inc.		4,074,974
	2,003	Bio-Rad Laboratories, Inc., Class A*		1,290,513
	4,682	Charles River Laboratories International, Inc.*		1,731,965
	13,369	Illumina, Inc.*		6,326,345
	17,429	IQVIA Holdings, Inc.*		4,223,395
	2,164	Mettler-Toledo International, Inc.*		2,997,876
	10,435	PerkinElmer, Inc.		1,611,268
	36,194	Thermo Fisher Scientific, Inc.		18,258,787
	5,750	Waters Corp.*		1,987,258

				42,502,381

Machinery (1.7%):
	50,440	Caterpillar, Inc.		10,977,257
	13,595	Cummins, Inc.		3,314,597

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Machinery, continued
	28,701	Deere & Co.	$	10,123,130
	12,758	Dover Corp.		1,921,355
	31,562	Fortive Corp.		2,201,134
	7,041	IDEX Corp.		1,549,372
	26,270	Illinois Tool Works, Inc.		5,872,921
	34,773	Ingersoll-Rand, Inc.*		1,697,270
	37,557	Otis Worldwide Corp.		3,071,036
	32,300	PACCAR, Inc.		2,882,775
	11,674	Parker-Hannifin Corp.		3,585,202
	15,467	Pentair plc		1,043,868
	5,036	Snap-On, Inc.		1,125,194
	14,554	Stanley Black & Decker, Inc.		2,983,424
	16,569	Wabtec Corp.		1,363,629
	16,766	Xylem, Inc.		2,011,249

				55,723,413

Media (1.3%):
	12,666	Charter Communications, Inc., Class A*		9,137,886
	421,983	Comcast Corp., Class A		24,061,471
	26,156	Discovery Communications, Inc., Class C*		758,001
	17,280	Discovery, Inc., Class A*		530,150
	23,138	DISH Network Corp., Class A*		967,168
	30,485	Fox Corp., Class A		1,131,908
	14,123	Fox Corp., Class B		497,130
	36,686	Interpublic Group of Cos., Inc. (The)		1,191,928
	36,966	News Corp., Class A		952,614
	10,641	News Corp., Class B		259,108
	18,798	Omnicom Group, Inc.		1,503,652
	56,367	ViacomCBS, Inc., Class B		2,547,788

				43,538,804

Metals & Mining (0.4%):
	136,312	Freeport-McMoRan, Inc.		5,058,538
	72,937	Newmont Corp.		4,622,747
	27,851	Nucor Corp.		2,671,747

				12,353,032

Multiline Retail (0.5%):
	21,519	Dollar General Corp.		4,656,496
	21,607	Dollar Tree, Inc.*		2,149,897
	45,536	Target Corp.		11,007,873

				17,814,266

Multi-Utilities (0.7%):
	23,864	Ameren Corp.		1,910,074
	54,190	CenterPoint Energy, Inc.		1,328,739
	26,930	CMS Energy Corp.		1,591,024
	31,974	Consolidated Edison, Inc.		2,293,175
	73,721	Dominion Energy, Inc.		5,423,654
	17,311	DTE Energy Co.		2,243,506
	36,798	NiSource, Inc.		901,551
	45,374	Public Service Enterprise Group, Inc.		2,710,643
	28,621	Sempra Energy		3,791,710
	29,325	WEC Energy Group, Inc.		2,608,459

				24,802,535


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels (2.6%):
	35,197	APA Corp.	$	761,311
	35,502	Cabot Oil & Gas Corp.		619,865
	177,873	Chevron Corp.		18,630,418
	123,961	ConocoPhillips		7,549,225
	55,544	Devon Energy Corp.		1,621,329
	16,870	Diamondback Energy, Inc.		1,583,924
	53,150	EOG Resources, Inc.		4,434,836
	389,786	Exxon Mobil Corp.		24,587,701
	25,558	Hess Corp.		2,231,725
	175,769	Kinder Morgan, Inc.		3,204,269
	73,513	Marathon Oil Corp.		1,001,247
	58,283	Marathon Petroleum Corp.		3,521,459
	78,239	Occidental Petroleum Corp.		2,446,534
	41,476	ONEOK, Inc.		2,307,725
	40,749	Phillips 66		3,497,079
	20,981	Pioneer Natural Resources Co.		3,409,832
	38,048	Valero Energy Corp.		2,970,788
	113,017	Williams Cos., Inc.		3,000,601

				87,379,868

Personal Products (0.2%):
	21,256	Estee Lauder Co., Inc. (The), Class A		6,761,108

Pharmaceuticals (3.6%):
	205,382	Bristol-Myers Squibb Co.		13,723,625
	15,856	Catalent, Inc.*		1,714,351
	73,306	Eli Lilly & Co.		16,825,193
	242,754	Johnson & Johnson		39,991,294
	233,159	Merck & Co., Inc.		18,132,775
	23,979	Organon & Co.*		725,605
	11,925	Perrigo Co. plc		546,761
	515,653	Pfizer, Inc.		20,192,972
	112,435	Viatris, Inc.		1,606,696
	43,606	Zoetis, Inc.		8,126,414

				121,585,686

Professional Services (0.3%):
	11,322	Equifax, Inc.		2,711,732
	33,996	IHS Markit, Ltd.		3,829,989
	33,370	Nielsen Holdings plc		823,238
	10,516	Robert Half International, Inc.		935,609
	15,074	Verisk Analytics, Inc.		2,633,729

				10,934,297

Real Estate Management & Development (0.1%):
	2,485,087	BGP Holdings plc*(a)		—
	31,211	CBRE Group, Inc., Class A*		2,675,719

				2,675,719

Road & Rail (1.0%):
	208,284	CSX Corp.		6,681,751
	7,754	J.B. Hunt Transport Services, Inc.		1,263,514
	8,470	Kansas City Southern		2,400,144
	22,895	Norfolk Southern Corp.		6,076,562
	8,827	Old Dominion Freight Line, Inc.		2,240,292
	61,277	Union Pacific Corp.		13,476,651

				32,138,914

Semiconductors & Semiconductor Equipment (5.6%):
	111,861	Advanced Micro Devices, Inc.*		10,507,104

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	33,730	Analog Devices, Inc.	$	5,806,957
	84,498	Applied Materials, Inc.		12,032,515
	37,623	Broadcom, Inc.		17,940,151
	371,983	Intel Corp.		20,883,126
	13,938	KLA Corp.		4,518,839
	13,109	Lam Research Corp.		8,530,026
	24,040	Maxim Integrated Products, Inc.		2,532,854
	25,440	Microchip Technology, Inc.		3,809,386
	103,138	Micron Technology, Inc.*		8,764,667
	3,989	Monolithic Power Systems, Inc.		1,489,692
	57,381	NVIDIA Corp.		45,910,538
	25,169	NXP Semiconductors NV		5,177,767
	10,479	Qorvo, Inc.*		2,050,216
	103,916	Qualcomm, Inc.		14,852,714
	15,361	Skyworks Solutions, Inc.		2,945,472
	15,453	Teradyne, Inc.		2,070,084
	85,315	Texas Instruments, Inc.		16,406,075
	22,849	Xilinx, Inc.		3,304,879

				189,533,062

Software (8.8%):
	44,005	Adobe, Inc.*		25,771,088
	8,105	ANSYS, Inc.*		2,812,921
	20,118	Autodesk, Inc.*		5,872,444
	25,151	Cadence Design Systems, Inc.*		3,441,160
	11,564	Citrix Systems, Inc.		1,356,110
	12,617	Fortinet, Inc.*		3,005,243
	25,137	Intuit, Inc.		12,321,403
	693,816	Microsoft Corp.		187,954,754
	53,996	NortonLifeLock, Inc.		1,469,771
	167,304	Oracle Corp.		13,022,943
	4,568	Paycom Software, Inc.*		1,660,331
	9,779	PTC, Inc.*		1,381,382
	85,259	salesforce.com, Inc.*		20,826,216
	18,139	ServiceNow, Inc.*		9,968,288
	13,820	Synopsys, Inc.*		3,811,418
	3,793	Tyler Technologies, Inc.*		1,715,840

				296,391,312

Specialty Retail (2.2%):
	6,114	Advance Auto Parts, Inc.		1,254,226
	2,013	AutoZone, Inc.*		3,003,839
	20,752	Best Buy Co, Inc.		2,386,065
	15,189	CarMax, Inc.*		1,961,659
	18,481	Gap, Inc. (The)		621,886
	97,962	Home Depot, Inc. (The)		31,239,102
	21,809	L Brands, Inc.		1,571,556
	65,032	Lowe’s Cos., Inc.		12,614,257
	6,321	O’Reilly Automotive, Inc.*		3,579,013
	32,379	Ross Stores, Inc.		4,014,996
	110,723	TJX Cos., Inc. (The)		7,464,945
	10,727	Tractor Supply Co.		1,995,866
	5,101	Ulta Beauty, Inc.*		1,763,773

				73,471,183


Contracts, Shares, Notional Amount or Principal Amount			Value
Common Stocks, continued
Technology Hardware, Storage & Peripherals (6.2%):
	1,444,821	Apple, Inc.	$	197,882,684
	121,619	Hewlett Packard Enterprise Co.		1,773,205
	108,408	HP, Inc.		3,272,838
	20,756	NetApp, Inc.		1,698,256
	18,524	Seagate Technology Holdings plc		1,628,815
	28,529	Western Digital Corp.*		2,030,409

				208,286,207

Textiles, Apparel & Luxury Goods (0.7%):
	30,662	Hanesbrands, Inc.		572,459
	117,377	Nike, Inc., Class B		18,133,573
	6,668	PVH Corp.*		717,410
	4,360	Ralph Lauren Corp.		513,651
	26,012	Tapestry, Inc.*		1,131,002
	22,199	Under Armour, Inc., Class A*		469,509
	12,503	Under Armour, Inc., Class C*		232,181
	29,973	VF Corp.		2,458,985

				24,228,770

Tobacco (0.7%):
	170,026	Altria Group, Inc.		8,106,840
	143,601	Philip Morris International, Inc.		14,232,295

				22,339,135

Trading Companies & Distributors (0.2%):
	53,327	Fastenal Co.		2,773,004
	6,735	United Rentals, Inc.*		2,148,532
	4,073	W.W. Grainger, Inc.		1,783,974

				6,705,510

Water Utilities (0.1%):
	16,878	American Water Works Co., Inc.		2,601,406

Wireless Telecommunication Services (0.2%):
	53,839	T-Mobile USA, Inc.*		7,797,502

	Total Common Stocks (Cost $1,410,189,658)			3,345,628,151

Short-Term Security Held as Collateral for Securities on Loan (0.0%^†):
	996,451	BlackRock Liquidity FedFund, Institutional Class , 0.04%(b)(c)		996,451

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $996,451)			996,451

Unaffiliated Investment Company (0.9%):
Money Markets (0.9%):
	31,241,785	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(c)		31,241,785

	Total Unaffiliated Investment Company (Cost $31,241,785)			31,241,785

	Total Investment Securities (Cost $1,442,427,894) — 100.0%			3,377,866,387
	Net other assets (liabilities) — 0.0%^†			(1,540,930	)

	Net Assets — 100.0%		$	3,376,325,457

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Percentages indicated are based on net assets as of June 30, 2021.

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $993,411.

+	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 June 30, 2021. 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 June 30, 2021.

(c)	The rate represents the effective yield at June 30, 2021.

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

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/17/21		159		$	34,094,370		$	166,863

									$	166,863

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investments in non-affiliates, at cost		$	1,437,877,222
Investments in affiliates, at cost			4,550,672

Investments in non-affiliates, at value(a)		$	3,366,438,404
Investments in affiliates, at value			11,427,983
Cash			3,400
Deposit at broker for futures contracts collateral			1,767,000
Interest and dividends receivable			1,809,767
Foreign currency, at value (cost $99,404)			99,487
Receivable for investments sold			244,000
Receivable for variation margin on futures contracts			62,948
Reclaims receivable			80,881
Receivable from Manager			6,470
Prepaid expenses			142,375

Total Assets			3,382,082,715

Liabilities:
Payable for capital shares redeemed			3,364,126
Payable for collateral received on loaned securities			996,451
Manager fees payable	��		466,788
Administration fees payable			3,594
Distribution fees payable			618,988
Custodian fees payable			10,338
Administrative and compliance services fees payable			7,187
Transfer agent fees payable			3,108
Trustee fees payable			35,980
Other accrued liabilities			250,698

Total Liabilities			5,757,258

Net Assets		$	3,376,325,457

Net Assets Consist of:
Paid in capital		$	1,121,160,950
Total distributable earnings			2,255,164,507

Net Assets		$	3,376,325,457

Class 1
Net Assets		$	93,685,695
Shares of beneficial interest (unlimited number of shares authorized, no par value)			3,962,860
Net Asset Value (offering and redemption price per share)		$	23.64

Class 2
Net Assets		$	3,282,639,762
Shares of beneficial interest (unlimited number of shares authorized, no par value)			140,223,818
Net Asset Value (offering and redemption price per share)		$	23.41

(a)	Includes securities on loan of $993,411.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	21,006,495
Dividends from affiliates		98,406
Income from securities lending		16,661
Foreign withholding tax		(43,827	)

Total Investment Income		21,077,735

Expenses:
Manager fees		2,460,107
Administration fees		60,558
Distribution fees — Class 2		3,506,406
Custodian fees		34,823
Administrative and compliance services fees		22,129
Transfer agent fees		7,060
Trustee fees		79,455
Professional fees		69,938
Shareholder reports		43,940
Other expenses		309,175

Total expenses		6,593,591

Net Investment Income/(Loss)		14,484,144

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		127,968,665
Net realized gains/(losses) on affiliated transactions		567,654
Net realized gains/(losses) on futures contracts		3,209,605
Change in net unrealized appreciation/depreciation on securities and foreign currencies		265,900,574
Change in net unrealized appreciation/depreciation on affiliated transactions		1,295,974
Change in net unrealized appreciation/depreciation on futures contracts		(170,155	)

Net realized and Change in net unrealized gains/losses on investments		398,772,317

Change in Net Assets Resulting From Operations	$	413,256,461

See accompanying notes to the financial statements.

AZL S&P 500 Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	14,484,144			$	33,594,487
Net realized gains/(losses) on investments			131,745,924				161,722,190
Change in unrealized appreciation/depreciation on investments			267,026,393				222,363,785

Change in net assets resulting from operations			413,256,461				417,680,462

Distributions to Shareholders:
Class 1			—				(4,285,950	)
Class 2			—				(130,497,086	)

Change in net assets resulting from distributions to shareholders			—				(134,783,036	)

Capital Transactions:
Class 1
Proceeds from shares issued			135,459				177,984
Proceeds from shares issued in merger			—				14,607,666
Proceeds from dividends reinvested			—				4,285,950
Value of shares redeemed			(5,437,889	)			(11,356,566	)

Total Class 1 Shares			(5,302,430	)			7,715,034

Class 2
Proceeds from shares issued			430,318,277				174,055,612
Proceeds from shares issued in merger			—				60,521,801
Proceeds from dividends reinvested			—				130,497,085
Value of shares redeemed			(299,645,884	)			(608,017,403	)

Total Class 2 Shares			130,672,393				(242,942,905	)

Change in net assets resulting from capital transactions			125,369,963				(235,227,871	)

Change in net assets			538,626,424				47,669,555
Net Assets:
Beginning of period			2,837,699,033				2,790,029,478

End of period		$	3,376,325,457			$	2,837,699,033

Share Transactions:
Class 1
Shares issued			6,298				10,489
Shares issued in merger			—				749,180
Dividends reinvested			—				228,219
Shares redeemed			(247,108	)			(631,480	)

Total Class 1 Shares			(240,810	)			356,408

Class 2
Shares issued			18,707,615				12,037,843
Shares issued in merger			—				3,134,464
Dividends reinvested			—				7,004,675
Shares redeemed			(13,658,031	)			(36,115,663	)

Total Class 2 Shares			5,049,584				(13,938,681	)

Change in shares			4,808,774				(13,582,273	)

Amounts

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	(Unaudited)

Class 1

Net Asset Value, Beginning of Period		$	20.53			$	18.39			$	14.72			$	16.25			$	14.15			$	14.31

Investment Activities:
Net Investment Income/(Loss)			0.14	(a)			0.28	(a)			0.31	(a)			0.29	(a)			0.28				0.28
Net Realized and Unrealized Gains/(Losses) on Investments			2.97				2.90				4.20				(0.96	)			2.71				1.30

Total from Investment Activities			3.11				3.18				4.51				(0.67	)			2.99				1.58

Distributions to Shareholders From:
Net Investment Income			—				(0.35	)			(0.31	)			(0.31	)			(0.17	)			(0.31	)
Net Realized Gains			—				(0.69	)			(0.53	)			(0.55	)			(0.72	)			(1.43	)

Total Dividends			—				(1.04	)			(0.84	)			(0.86	)			(0.89	)			(1.74	)

Net Asset Value, End of Period		$	23.64			$	20.53			$	18.39			$	14.72			$	16.25			$	14.15

Total Return(b)			15.15	%(c)			17.82	%			31.27	%			(4.63	)%			21.60	%			11.79	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	93,686			$	86,300			$	70,738			$	62,599			$	76,049			$	72,604
Net Investment Income/(Loss)(d)			1.25	%			1.53	%			1.81	%			1.74	%			1.83	%			1.98	%
Expenses Before Reductions(d)(e)			0.21	%			0.25	%			0.24	%			0.23	%			0.23	%			0.24	%
Expenses Net of Reductions(d)			0.21	%			0.25	%			0.24	%			0.23	%			0.23	%			0.24	%
Portfolio Turnover Rate(f)			12	%			10	%			3	%			4	%			2	%			23	%

Class 2

Net Asset Value, Beginning of Period		$	20.35			$	18.24			$	14.61			$	16.13			$	14.06			$	14.23

Investment Activities:
Net Investment Income/(Loss)			0.11	(a)			0.24	(a)			0.26	(a)			0.25	(a)			0.24				0.24
Net Realized and Unrealized Gains/(Losses) on Investments			2.95				2.86				4.17				(0.95	)			2.70				1.29

Total from Investment Activities			3.06				3.10				4.43				(0.70	)			2.94				1.53

Distributions to Shareholders From:
Net Investment Income			—				(0.30	)			(0.27	)			(0.27	)			(0.15	)			(0.27	)
Net Realized Gains			—				(0.69	)			(0.53	)			(0.55	)			(0.72	)			(1.43	)

Total Dividends			—				(0.99	)			(0.80	)			(0.82	)			(0.87	)			(1.70	)

Net Asset Value, End of Period		$	23.41			$	20.35			$	18.24			$	14.61			$	16.13			$	14.06

Total Return(b)			15.04	%(c)			17.50	%			30.89	%			(4.84	)%			21.36	%			11.45	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	3,282,640			$	2,751,399			$	2,719,291			$	2,370,547			$	2,788,345			$	2,562,218
Net Investment Income/(Loss)(d)			0.99	%			1.31	%			1.56	%			1.49	%			1.58	%			1.75	%
Expenses Before Reductions(d)(e)			0.46	%			0.50	%			0.49	%			0.48	%			0.48	%			0.49	%
Expenses Net of Reductions(d)			0.46	%			0.50	%			0.49	%			0.48	%			0.48	%			0.49	%
Portfolio Turnover Rate(f)			12	%			10	%			3	%			4	%			2	%			23	%

(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 S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services —Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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

June 30, 2021 (Unaudited)

Class Allocation

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,639 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $996,451 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $26.1 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

166,863

Payable for variation margin on futures contracts*

—

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	3,209,605		$(170,155)

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, 2022.

For the period ended June 30, 2021, 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 June 30, 2021, the following investments are noted as Affiliated Securities in the Fund’s Schedule of Portfolio Investments.


	Value 31-12-2020			Purchases at Cost			Proceeds from Sales		Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 30-06-2021			Shares as of 30-06-2021		Dividend Income			Capital Gains Distributions

BlackRock Inc., Class A		$	9,125,315		$	1,507,218		$(1,068,179)		$	567,654		$	1,295,974		$	11,427,983		13,061		$	98,406		$	—

		$	9,125,315		$	1,507,218		$(1,068,179)		$	567,654		$	1,295,974		$	11,427,983		13,061		$	98,406		$	—

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable 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

June 30, 2021 (Unaudited)

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	3,345,628,151		$	—		$	—	#		$	3,345,628,151
Short-Term Security Held as Collateral for Securities on Loan			996,451			—			—				996,451
Unaffiliated Investment Company			31,241,785			—			—				31,241,785

Total Investment Securities			3,377,866,387			—			—				3,377,866,387

Other Financial Instruments:*
Futures Contracts			166,863			—			—				166,863

Total Investments		$	3,378,033,250		$	—		$	—			$	3,378,033,250

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2021.

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

5. Security Purchases and Sales

For the period ended June 30, 2021, 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		$	481,026,144		$	352,779,799

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $1,206,763,488. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	1,677,463,117
Unrealized (depreciation)		(44,242,594	)

Net unrealized appreciation/(depreciation)	$	1,633,220,523

The tax character of dividends paid to shareholders during the year ended December 31, 2020, was as follows:


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

AZL S&P 500 Index Fund		$	44,011,694		$	90,771,342		$	134,783,036

(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, 2020, 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		$	37,097,316		$	171,580,756		$	—		$	1,633,229,974		$	1,841,908,046

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was 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 June 30, 2021, the Fund had multiple shareholder accounts which are affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

AZL S&P 500 Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

10. Subsequent Events

AZL S&P 500 Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN

AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%


FUND		FOR	AGAINST	ABSTAIN

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® Small Cap Stock Index Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 10

Page 10

Page 11

Page 12

Page 13

Page 18

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 21

Page 22

AZL Small Cap Stock Index Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Small Cap Stock Index Fund, Class 1		$	1,000.00		$	1,233.60		$	1.72		0.31	%

AZL Small Cap Stock Index Fund, Class 2		$	1,000.00		$	1,232.20		$	3.10		0.56	%


	Beginning Account Value 1/1/21			Ending Account Value 6/30/21			Expenses Paid During Period 1/1/21 - 6/30/21*			Annualized Expense Ratio During Period 1/1/21 - 6/30/21

AZL Small Cap Stock Index Fund, Class 1		$	1,000.00		$	1,023.26		$	1.56		0.31	%

AZL Small Cap Stock Index Fund, Class 2		$	1,000.00		$	1,022.02		$	2.81		0.56	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Financials		16.9	%

Industrials		16.7

Consumer Discretionary		14.6

Information Technology		13.7

Health Care		11.6

Real Estate		7.7

Materials		5.4

Energy		4.5

Consumer Staples		4.1

Communication Services		2.0

Utilities		1.5


Total Common Stocks		98.7

Warrant		—	^†

Short-Term Security Held as Collateral for Securities on Loan		3.8

Unaffiliated Investment Company		1.2


Total Investment Securities		103.7

Net other assets (liabilities)		(3.7	)


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks (98.7%):
Aerospace & Defense (1.1%):
	29,507	AAR Corp.*	$	1,143,396
	63,856	Aerojet Rocketdyne Holdings, Inc.		3,083,606
	19,217	AeroVironment, Inc.*		1,924,583
	25,566	Moog, Inc., Class A		2,149,078
	4,856	National Presto Industries, Inc.		493,612
	18,898	Park Aerospace Corp., Class C		281,580
	52,262	Triumph Group, Inc.*		1,084,437

				10,160,292

Air Freight & Logistics (0.7%):
	24,104	Atlas Air Worldwide Holdings, Inc.*		1,641,723
	22,788	Echo Global Logistics, Inc.*		700,503
	23,644	Forward Air Corp.		2,122,049
	29,568	Hub Group, Inc., Class A*		1,950,897

				6,415,172

Airlines (0.6%):
	12,688	Allegiant Travel Co.*		2,461,472
	45,030	Hawaiian Holdings, Inc.*		1,097,381
	44,033	SkyWest, Inc.*		1,896,501

				5,455,354

Auto Components (1.1%):
	96,026	American Axle & Manufacturing Holdings, Inc.*		993,869
	14,550	Cooper-Standard Holding, Inc.*		421,950
	23,986	Dorman Products, Inc.*		2,486,629
	27,688	Gentherm, Inc.*		1,967,232
	21,641	LCI Industries		2,844,060
	16,421	Motorcar Parts of America, Inc.*		368,487
	16,822	Standard Motor Products, Inc.		729,234

				9,811,461

Automobiles (0.2%):
	28,935	Winnebago Industries, Inc.		1,966,423

Banks (9.1%):
	15,370	Allegiance Bancshares, Inc.		590,823
	56,945	Ameris Bancorp		2,883,125
	38,205	Banc of California, Inc.		670,116
	16,673	BancFirst Corp.		1,040,895
	39,615	Bancorp, Inc. (The)*		911,541
	76,271	BankUnited, Inc.		3,256,009
	29,239	Banner Corp.		1,585,046
	42,373	Berkshire Hills Bancorp, Inc.		1,161,444
	66,646	Boston Private Financial Holdings, Inc.		983,028
	64,806	Brookline Bancorp, Inc.		968,850
	102,269	Cadence Bancorp		2,135,377
	23,951	Central Pacific Financial Corp.		624,163
	13,011	City Holding Co.		978,948
	59,074	Columbia Banking System, Inc.		2,277,893
	43,842	Community Bank System, Inc.		3,316,647
	24,111	Customers Bancorp, Inc.		940,088
	104,314	CVB Financial Corp.		2,147,825
	30,240	Dime Community Bancshares, Inc.		1,016,669
	26,548	Eagle Bancorp, Inc.		1,488,812
	29,952	FB Financial Corp.		1,117,809
	179,597	First Bancorp		2,140,796
	24,105	First Bancorp/Southern Pines NC		986,136
	80,223	First Commonwealth Financial Corp.		1,128,738
	80,458	First Financial Bancorp		1,901,223
	113,156	First Hawaiian, Inc.		3,206,841


Shares			Value
Common Stocks, continued
Banks, continued
	95,149	First Midwest Bancorp, Inc.	$	1,886,805
	44,952	Great Western Bancorp, Inc.		1,473,976
	26,106	Hanmi Financial Corp.		497,580
	29,389	Heritage Financial Corp.		735,313
	56,920	Hilltop Holdings, Inc.		2,071,888
	102,955	Hope BanCorp, Inc.		1,459,902
	27,081	Independent Bank Corp.		2,044,615
	32,016	Independent Bank Group, Inc.		2,368,544
	157,707	Investors Bancorp, Inc.		2,248,902
	25,342	National Bank Holdings Corp.		956,407
	36,009	NBT Bancorp, Inc.		1,295,244
	42,064	OFG Bancorp		930,456
	136,693	Old National Bancorp		2,407,164
	77,215	Pacific Premier Bancorp, Inc.		3,265,422
	12,163	Park National Corp.		1,428,179
	11,151	Preferred Bank Los Angeles		705,524
	46,632	Renasant Corp.		1,865,280
	32,298	S & T Bancorp, Inc.		1,010,927
	45,620	Seacoast Banking Corp of Florida		1,557,923
	40,981	ServisFirst Bancshares, Inc.		2,785,888
	88,658	Simmons First National Corp., Class A		2,601,226
	25,622	Southside Bancshares, Inc.		979,529
	10,887	Tompkins Financial Corp.		844,396
	19,372	Triumph BanCorp, Inc.*		1,438,371
	71,698	United Community Banks, Inc.		2,295,053
	40,374	Veritex Holdings, Inc.		1,429,643
	21,917	Westamerica Bancorp		1,271,843

				83,314,842

Beverages (0.6%):
	28,153	Celsius Holdings, Inc.*		2,142,162
	3,975	Coca-Cola Consolidated, Inc.		1,598,467
	11,178	MGP Ingredients, Inc.		756,080
	19,845	National Beverage Corp.		937,279

				5,433,988

Biotechnology (1.4%):
	36,820	Cara Therapeutics, Inc.*		525,422
	56,581	Coherus Biosciences, Inc.*		782,515
	61,187	Cytokinetics, Inc.*		1,210,891
	10,228	Eagle Pharmaceuticals, Inc.*		437,758
	15,316	Enanta Pharmaceuticals, Inc.*		674,057
	66,458	Myriad Genetics, Inc.*		2,032,286
	42,687	Organogenesis Holdings, Inc.*		709,458
	29,932	REGENXBIO, Inc.*		1,162,858
	139,831	Spectrum Pharmaceuticals, Inc.*		524,366
	48,356	Vanda Pharmaceuticals, Inc.*		1,040,138
	39,748	Vericel Corp.*		2,086,770
	49,886	Xencor, Inc.*		1,720,568

				12,907,087

Building Products (2.1%):
	34,471	AAON, Inc.		2,157,540
	14,822	American Woodmark Corp.*		1,210,809
	23,248	Apogee Enterprises, Inc.		946,891
	27,906	Gibraltar Industries, Inc.*		2,129,507
	39,837	Griffon Corp.		1,021,022
	17,664	Insteel Industries, Inc.		567,897
	19,290	Patrick Industries, Inc.		1,408,170

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Building Products, continued
	50,842	PGT Innovations, Inc.*	$	1,181,060
	30,508	Quanex Building Products Corp.		757,819
	123,805	Resideo Technologies, Inc.*		3,714,150
	53,383	UFP Industries, Inc.		3,968,492

				19,063,357

Capital Markets (1.0%):
	15,765	B Riley Financial, Inc.		1,190,257
	43,922	Blucora, Inc.*		760,290
	52,847	Brightsphere Investment Group, Inc.		1,238,205
	26,864	Donnelley Financial Solutions, Inc.*		886,512
	15,505	Greenhill & Co., Inc.		241,258
	12,691	Piper Jaffray Cos., Inc.		1,644,246
	14,942	StoneX Group, Inc.*		906,531
	6,318	Virtus Investment Partners, Inc.		1,754,951
	95,986	WisdomTree Investments, Inc.		595,113

				9,217,363

Chemicals (2.7%):
	24,992	AdvanSix, Inc.*		746,261
	24,804	American Vanguard Corp.		434,318
	27,688	Balchem Corp.		3,634,327
	70,768	Ferro Corp.*		1,526,466
	26,641	Futurefuel Corp.		255,754
	42,614	GCP Applied Technologies, Inc.*		991,202
	45,233	H.B. Fuller Co.		2,877,271
	17,018	Hawkins, Inc.		557,339
	21,182	Innospec, Inc.		1,919,301
	19,138	Koppers Holdings, Inc.*		619,114
	27,790	Kraton Corp.*		897,339
	136,771	Livent Corp.*^		2,647,887
	11,275	Quaker Chemical Corp.		2,674,317
	56,476	Rayonier Advanced Materials, Inc.*		377,824
	18,392	Stepan Co.		2,212,006
	20,754	Tredegar Corp.		285,783
	33,444	Trinseo SA		2,001,289

				24,657,798

Commercial Services & Supplies (1.8%):
	58,375	ABM Industries, Inc.		2,588,931
	42,309	Brady Corp., Class A		2,370,996
	36,914	Deluxe Corp.		1,763,382
	38,282	HNI Corp.		1,683,260
	51,267	Interface, Inc.		784,385
	28,308	Matthews International Corp., Class A		1,017,956
	140,860	Pitney Bowes, Inc.		1,235,342
	28,434	Team, Inc.*		190,508
	13,231	UniFirst Corp.		3,104,522
	27,437	US Ecology, Inc.*		1,029,436
	17,438	Viad Corp.*		869,284

				16,638,002

Communications Equipment (1.4%):
	42,950	ADTRAN, Inc.		886,917
	23,203	Applied Optoelectronics, Inc.*^		196,529
	29,870	CalAmp Corp.*		379,946
	22,811	Comtech Telecommunications Corp.		551,114
	30,560	Digi International, Inc.*		614,562
	108,087	Extreme Networks, Inc.*		1,206,251
	88,079	Harmonic, Inc.*		750,433


Shares			Value
Common Stocks, continued
Communications Equipment, continued
	26,596	InterDigital, Inc.	$	1,942,306
	27,180	NETGEAR, Inc.*		1,041,537
	32,657	Plantronics, Inc.*		1,362,777
	196,239	Viavi Solutions, Inc.*		3,465,581

				12,397,953

Construction & Engineering (0.9%):
	41,925	Arcosa, Inc.		2,462,675
	31,346	Comfort Systems USA, Inc.		2,469,751
	40,333	Granite Construction, Inc.		1,675,030
	14,896	MYR Group, Inc.*		1,354,344

				7,961,800

Construction Materials (0.1%):
	14,074	U.S. Concrete, Inc.*		1,038,661

Consumer Finance (0.8%):
	27,451	Encore Capital Group, Inc.*		1,300,903
	32,750	Enova International, Inc.*		1,120,377
	52,028	EZCORP, Inc., Class A*		313,729
	44,180	Green Dot Corp., Class A*		2,069,833
	40,280	PRA Group, Inc.*		1,549,572
	3,631	World Acceptance Corp.*		581,831

				6,936,245

Containers & Packaging (0.3%):
	32,992	Myers Industries, Inc.		692,832
	136,627	O-I Glass, Inc.*		2,231,119

				2,923,951

Distributors (0.2%):
	38,715	Core Markt Holdngs Co., Inc.		1,742,562

Diversified Consumer Services (0.2%):
	16,891	American Public Education, Inc.*		478,691
	63,663	Perdoceo Education Corp.*		781,145
	22,569	Regis Corp.*		211,246

				1,471,082

Diversified Telecommunication Services (0.8%):
	9,690	ATN International, Inc.		440,798
	42,101	Cincinnati Bell, Inc.*		649,197
	35,630	Cogent Communications Holdings, Inc.		2,739,591
	62,833	Consolidated Communications Holdings, Inc.*		552,302
	200,510	Vonage Holdings Corp.*		2,889,349

				7,271,237

Electrical Equipment (0.5%):
	22,269	AZZ, Inc.		1,153,089
	18,241	Encore Wire Corp.		1,382,485
	8,944	Powell Industries, Inc.		276,817
	18,175	Vicor Corp.*		1,921,825

				4,734,216

Electronic Equipment, Instruments & Components (3.6%):
	70,743	Arlo Technologies, Inc.*		478,930
	24,674	Badger Meter, Inc.		2,421,013
	10,456	Bel Fuse, Inc., Class B		150,566
	32,166	Benchmark Electronics, Inc.		915,444
	28,027	CTS Corp.		1,041,483
	38,327	Daktronics, Inc.*		252,575
	12,060	ePlus, Inc.*		1,045,481
	31,776	Fabrinet*		3,046,365

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Electronic Equipment, Instruments & Components, continued
	15,564	FARO Technologies, Inc.*	$	1,210,412
	30,269	Insight Enterprises, Inc.*		3,027,203
	38,649	Itron, Inc.*		3,864,127
	77,482	Knowles Corp.*		1,529,495
	4,010	Mesa Laboratories, Inc.		1,087,392
	33,547	Methode Electronics, Inc., Class A		1,650,848
	14,306	OSI Systems, Inc.*		1,454,062
	9,208	PC Connection, Inc.		426,054
	24,575	Plexus Corp.*		2,246,401
	16,015	Rogers Corp.*		3,215,812
	56,715	Sanmina Corp.*		2,209,617
	21,787	ScanSource, Inc.*		612,868
	88,287	TTM Technologies, Inc.*		1,262,504

				33,148,652

Energy Equipment & Services (1.5%):
	112,188	Archrock, Inc.		999,595
	20,802	Bristow Group, Inc.*		532,739
	39,064	Core Laboratories NV		1,521,543
	30,260	Dril-Quip, Inc.*		1,023,696
	124,006	Helix Energy Solutions Group, Inc.*		708,074
	93,524	Helmerich & Payne, Inc.		3,051,688
	24,268	Matrix Service Co.*		254,814
	5,581	Nabors Industries, Ltd.*		637,573
	85,884	Oceaneering International, Inc.*		1,337,214
	54,243	Oil States International, Inc.*		425,808
	162,502	Patterson-UTI Energy, Inc.		1,615,270
	71,265	Propetro Holding Corp.*		652,787
	51,750	RPC, Inc.*		256,163
	63,018	U.S. Silica Holdings, Inc.*		728,488

				13,745,452

Entertainment (0.0%^†):
	20,910	Marcus Corp.*^		443,501

Equity Real Estate Investment Trusts (7.0%):
	70,613	Acadia Realty Trust		1,550,661
	58,224	Agree Realty Corp.		4,104,210
	63,963	Alexander & Baldwin, Inc.		1,171,802
	43,081	American Assets Trust, Inc.		1,606,490
	51,598	Armada Hoffler Properties, Inc.		685,737
	149,294	Brandywine Realty Trust^		2,046,821
	78,365	CareTrust REIT, Inc.		1,820,419
	11,173	Centerspace		881,550
	43,101	Chatham Lodging Trust*		554,710
	19,686	Community Healthcare Trust, Inc.		934,298
	104,552	CoreCivic, Inc.*		1,094,659
	179,878	DiamondRock Hospitality Co.*		1,744,817
	208,587	Diversified Healthcare Trust		871,894
	71,774	Easterly Government Properties, Inc.		1,512,996
	65,167	Four Corners Property Trust, Inc.		1,799,261
	87,796	Franklin Street Properties Corp.		461,807
	100,653	GEO Group, Inc. (The)^		716,649
	31,911	Getty Realty Corp.		994,028
	84,033	Global Net Lease, Inc.		1,554,610
	29,656	Hersha Hospitality Trust*		319,099
	87,433	Independence Realty Trust, Inc.		1,593,904
	57,582	Industrial Logistics Properties Trust		1,505,193
	20,599	Innovative Industrial Properties, Inc.		3,934,821


Shares			Value
Common Stocks, continued
Equity Real Estate Investment Trusts, continued
	61,415	iStar, Inc.^	$	1,273,133
	73,813	Kite Realty Group Trust		1,624,624
	241,025	Lexington Realty Trust		2,880,249
	34,645	LTC Properties, Inc.		1,330,022
	74,028	Mack-Cali Realty Corp.		1,269,580
	18,789	NexPoint Residential Trust, Inc.		1,033,019
	42,849	Office Properties Income Trust		1,255,904
	102,381	Retail Opportunity Investments Corp.		1,808,048
	186,818	Retail Properties of America, Inc., Class A		2,139,066
	71,291	Rpt Realty		925,357
	12,124	Safehold, Inc.^		951,734
	10,425	Saul Centers, Inc.		473,816
	129,156	Service Properties Trust		1,627,366
	146,533	SITE Centers Corp.		2,206,787
	90,715	Summit Hotel Properties, Inc.*		846,371
	86,513	Tanger Factory Outlet Centers, Inc.^		1,630,770
	196,828	Uniti Group, Inc.		2,084,409
	10,790	Universal Health Realty Income Trust		664,124
	27,784	Urstadt Biddle Properties, Inc., Class A		538,454
	73,605	Washington Real Estate		1,692,915
	38,203	Whitestone REIT		315,175
	97,363	Xenia Hotels & Resorts, Inc.*		1,823,609

				63,854,968

Food & Staples Retailing (0.7%):
	19,906	PriceSmart, Inc.		1,811,645
	32,435	SpartanNash Co.		626,320
	27,418	The Andersons, Inc.		837,072
	27,873	The Chefs’ Warehouse, Inc.*		887,198
	48,276	United Natural Foods, Inc.*		1,785,246

				5,947,481

Food Products (1.2%):
	55,563	B&G Foods, Inc.^		1,822,466
	14,165	Calavo Growers, Inc.		898,344
	32,035	Cal-Maine Foods, Inc.		1,159,987
	26,663	Fresh Del Monte Produce, Inc.		876,680
	12,858	J & J Snack Foods Corp.		2,242,564
	7,894	John B Sanfilippo And Son, Inc.		699,172
	6,306	Seneca Foods Corp., Class A*		322,111
	71,889	Simply Good Foods Co. (The)*		2,624,667

				10,645,991

Gas Utilities (0.6%):
	15,139	Chesapeake Utilities Corp.		1,821,676
	27,066	Northwest Natural Holding Co.		1,421,506
	97,237	South Jersey Industries, Inc.		2,521,356

				5,764,538

Health Care Equipment & Supplies (3.2%):
	33,413	AngioDynamics, Inc.*		906,495
	12,527	Anika Therapeutics, Inc.*		542,294
	41,487	Avanos Medical, Inc.*		1,508,882
	34,312	Cardiovascular Systems, Inc.*		1,463,407
	24,889	CONMED Corp.		3,420,495
	33,229	CryoLife, Inc.*		943,704
	15,269	Cutera, Inc.*		748,639
	39,614	Glaukos Corp.*^		3,360,456
	8,484	Heska Corp.*		1,949,029
	16,031	Inogen, Inc.*		1,044,740

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	28,290	Integer Holdings Corp.*	$	2,664,918
	32,093	Invacare Corp.*		258,991
	57,711	Lantheus Holdings, Inc.*		1,595,132
	14,719	LeMaitre Vascular, Inc.		898,153
	37,188	Meridian Bioscience, Inc.*		824,830
	42,191	Merit Medical Systems, Inc.*		2,728,070
	29,730	Natus Medical, Inc.*		772,385
	61,564	OraSure Technologies, Inc.*		624,259
	17,460	Orthofix Medical, Inc.*		700,321
	11,765	Surmodics, Inc.*		638,251
	16,842	Tactile Systems Technology, Inc.*		875,784
	33,878	Varex Imaging Corp.*		908,608
	15,483	Zynex, Inc.*^		240,451

				29,618,294

Health Care Providers & Services (3.8%):
	12,876	Addus HomeCare Corp.*		1,123,302
	40,623	AMN Healthcare Services, Inc.*		3,939,619
	11,440	Apollo Medical Holdings, Inc.*		718,546
	107,477	Community Health Systems, Inc.*		1,659,445
	7,826	CorVel Corp.*		1,051,032
	86,330	Covetrus, Inc.*		2,330,910
	31,582	Cross Country Healthcare, Inc.*		521,419
	44,699	Ensign Group, Inc. (The)		3,874,062
	15,217	Fulgent Genetics, Inc.*		1,403,464
	32,968	Hanger, Inc.*		833,431
	11,308	Joint Corp. (The)*		948,967
	18,483	Magellan Health, Inc.*		1,741,099
	74,134	MEDNAX, Inc.*		2,235,140
	10,470	ModivCare, Inc.*		1,780,633
	64,598	Owens & Minor, Inc.		2,734,433
	37,524	RadNet, Inc.*		1,264,184
	93,172	Select Medical Holdings Corp.		3,937,449
	21,973	The Pennant Group, Inc.*		898,696
	32,484	Tivity Health, Inc.*		854,654
	11,181	U.S. Physical Therapy, Inc.		1,295,542

				35,146,027

Health Care Technology (1.2%):
	122,800	Allscripts Healthcare Solutions, Inc.*		2,273,028
	11,944	Computer Programs & Systems, Inc.		396,899
	21,549	HealthStream, Inc.*		602,079
	49,256	NextGen Healthcare, Inc.*		817,157
	36,951	Omnicell, Inc.*		5,596,229
	12,817	Simulations Plus, Inc.		703,782
	19,127	Tabula Rasa Healthcare, Inc.*^		956,350

				11,345,524

Hotels, Restaurants & Leisure (1.8%):
	20,328	BJ’s Restaurants, Inc.*		998,918
	69,815	Bloomin’ Brands, Inc.*		1,894,779
	39,142	Brinker International, Inc.*		2,420,933
	39,847	Cheesecake Factory, Inc. (The)*		2,158,910
	17,674	Chuy’s Holdings, Inc.*		658,533
	41,006	Dave & Buster’s Entertainment, Inc.*		1,664,844
	14,651	Dine Brands Global, Inc.*		1,307,602
	18,559	El Pollo Loco Holdings, Inc.*		339,444
	16,906	Fiesta Restaurant Group, Inc.*		227,047
	10,921	Monarch Casino & Resort, Inc.*		722,642


Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued
	13,969	Red Robin Gourmet Burgers*	$	462,514
	28,005	Ruth’s Hospitality Group, Inc.*		644,955
	31,333	Shake Shack, Inc., Class A*		3,353,258

				16,854,379

Household Durables (2.3%):
	7,100	Cavco Industries, Inc.*		1,577,549
	24,561	Century Communities, Inc.		1,634,289
	20,438	Ethan Allen Interiors, Inc.		564,089
	19,207	Installed Building Products, Inc.		2,350,169
	24,039	iRobot Corp.*^		2,245,002
	40,629	La-Z-Boy, Inc.		1,504,898
	18,486	LGI Homes, Inc.*		2,993,623
	24,314	M/I Homes, Inc.*		1,426,502
	46,654	MDC Holdings, Inc.		2,360,692
	31,920	Meritage Homes Corp.*		3,003,034
	42,773	Tupperware Brands Corp.*		1,015,859
	12,149	Universal Electronics, Inc.*		589,226

				21,264,932

Household Products (0.6%):
	8,989	Central Garden & Pet Co.*		475,788
	33,170	Central Garden & Pet Co., Class A*		1,602,111
	11,616	WD-40 Co.		2,977,064

				5,054,963

Industrial Conglomerates (0.2%):
	30,789	Raven Industries, Inc.		1,781,144

Insurance (2.6%):
	42,295	AMBAC Financial Group, Inc.*		662,340
	70,435	American Equity Investment Life Holding Co.		2,276,459
	17,276	Amerisafe, Inc.		1,031,204
	49,627	Assured Guaranty, Ltd.		2,356,290
	22,911	eHealth, Inc.*		1,338,002
	23,632	Employers Holdings, Inc.		1,011,450
	332,838	Genworth Financial, Inc., Class A*		1,298,068
	6,061	HCI Group, Inc.^		602,645
	34,619	Horace Mann Educators Corp.		1,295,443
	31,888	James River Group Holdings		1,196,438
	19,049	Palomar Holdings, Inc.*		1,437,438
	44,029	ProAssurance Corp.		1,001,660
	11,869	Safety Insurance Group, Inc.		929,105
	39,967	Selectquote, Inc.*		769,764
	69,398	SiriusPoint, Ltd.*		698,838
	22,087	Stewart Information Services Corp.		1,252,112
	28,787	Trupanion, Inc.*		3,313,384
	17,665	United Fire Group, Inc.		489,851
	24,982	United Insurance Holdings Co.		142,397
	22,588	Universal Insurance Holdings, Inc.		313,521

				23,416,409

Interactive Media & Services (0.1%):
	43,671	QuinStreet, Inc.*		811,407

Internet & Direct Marketing Retail (0.7%):
	23,403	Liquidity Services, Inc.*		595,606
	17,321	PetMed Express, Inc.^		551,674
	19,145	Shutterstock, Inc.		1,879,465
	15,683	Stamps.com, Inc.*		3,141,148

				6,167,893

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
IT Services (1.7%):
	4,071	BM Technologies, Inc.*	$	50,643
	29,064	CSG Systems International, Inc.		1,371,240
	47,903	Evertec, Inc.		2,090,966
	29,025	Exlservice Holdings, Inc.*		3,084,196
	23,921	ManTech International Corp., Class A		2,070,123
	28,412	Perficient, Inc.*		2,284,893
	34,851	Sykes Enterprises, Inc.*		1,871,499
	15,874	TTEC Holdings, Inc.		1,636,451
	57,890	Unisys Corp.*		1,465,196

				15,925,207

Leisure Products (0.4%):
	15,073	Sturm, Ruger & Co., Inc.		1,356,269
	49,637	Vista Outdoor, Inc.*		2,297,200

				3,653,469

Life Sciences Tools & Services (0.6%):
	37,660	Luminex Corp.		1,385,888
	100,845	Neogenomics, Inc.*		4,555,169

				5,941,057

Machinery (5.7%):
	8,439	Alamo Group, Inc.		1,288,467
	26,347	Albany International Corp., Class A		2,351,733
	19,688	Astec Industries, Inc.		1,239,163
	40,340	Barnes Group, Inc.		2,067,425
	30,447	Chart Industries, Inc.*		4,455,005
	17,338	CIRCOR International, Inc.*		565,219
	15,952	DMC Global, Inc.*		896,662
	50,857	Enerpac Tool Group Corp.		1,353,813
	18,086	EnPro Industries, Inc.		1,757,055
	22,161	ESCO Technologies, Inc.		2,078,923
	51,471	Federal Signal Corp.		2,070,678
	33,044	Franklin Electric Co., Inc.		2,664,007
	68,799	Harsco Corp.*		1,404,876
	65,182	Hillenbrand, Inc.		2,873,223
	27,170	John Bean Technologies Corp.		3,874,985
	9,250	Lindsay Corp.		1,528,840
	14,914	Lydall, Inc.*		902,595
	60,474	Meritor, Inc.*		1,416,301
	49,906	Mueller Industries, Inc.		2,161,429
	23,638	Proto Labs, Inc.*		2,169,968
	38,684	SPX Corp.*		2,362,819
	36,533	SPX FLOW, Inc.		2,383,413
	10,883	Standex International Corp.		1,032,906
	15,852	Tennant Co.		1,265,782
	28,943	The Greenbrier Cos., Inc.		1,261,336
	40,606	Titan International, Inc.*		344,339
	45,971	Wabash National Corp.		735,536
	23,698	Watts Water Technologies, Inc., Class A		3,457,775

				51,964,273

Marine (0.3%):
	37,675	Matson, Inc.		2,411,200

Media (0.8%):
	26,467	AMC Networks, Inc., Class A*		1,767,996
	50,729	E.W. Scripps Co. (The), Class A		1,034,365
	116,984	Gannett Co, Inc.*		642,242
	35,200	Meredith Corp.*		1,529,088


Shares			Value
Common Stocks, continued
Media, continued
	26,852	Scholastic Corp.	$	1,017,422
	20,119	TechTarget, Inc.*		1,559,021

				7,550,134

Metals & Mining (1.4%):
	107,860	Allegheny Technologies, Inc.*		2,248,881
	83,747	Arconic Corp.*		2,983,068
	41,094	Carpenter Technology Corp.		1,652,801
	42,659	Century Aluminum Co.*		549,875
	11,224	Haynes International, Inc.		397,105
	13,206	Kaiser Aluminum Corp.		1,630,809
	16,871	Materion Corp.		1,271,230
	8,286	Olympic Steel, Inc.		243,526
	73,524	SunCoke Energy, Inc.		524,961
	33,769	TimkenSteel Corp.*		477,831
	43,921	Warrior Met Coal, Inc.		755,441

				12,735,528

Mortgage Real Estate Investment Trusts (1.4%):
	110,102	Apollo Commercial Real Estate Finance, Inc.		1,756,127
	60,952	Armour Residential REIT, Inc.		696,072
	80,267	Capstead Mortgage Corp.		492,839
	27,470	Ellington Financial, Inc.		526,050
	45,589	Granite Point Mortgage Trust, Inc.		672,438
	246,563	Invesco Mortgage Capital, Inc.^		961,596
	24,958	KKR Real Estate Finance Trust, Inc.		539,842
	324,482	New York Mortgage Trust, Inc.		1,450,435
	83,789	Pennymac Mortgage Investment Trust		1,764,596
	51,195	Ready Capital Corp.		812,465
	96,291	Redwood Trust, Inc.		1,162,232
	233,725	Two Harbors Investment Corp.^		1,766,961

				12,601,653

Multiline Retail (0.7%):
	27,591	Big Lots, Inc.		1,821,282
	253,746	Macy’s, Inc.*		4,811,024

				6,632,306

Multi-Utilities (0.3%):
	56,591	Avista Corp.		2,414,738
	13,315	Unitil Corp.		705,296

				3,120,034

Oil, Gas & Consumable Fuels (3.0%):
	16,737	Bonanza Creek Energy, Inc.		787,811
	39,482	Callon Petroleum Co.*^		2,277,716
	26,602	CONSOL Energy, Inc.*		491,339
	24,218	Dorian LPG, Ltd.*		341,958
	28,750	Green Plains, Inc.*		966,575
	8,275	Laredo Petroleum, Inc.*		767,837
	93,875	Matador Resources Co.		3,380,439
	40,970	PAR Pacific Holdings, Inc.*		689,115
	82,143	PBF Energy, Inc., Class A*		1,256,788
	85,468	PDC Energy, Inc.		3,913,580
	13,401	Penn Virginia Corp.*		316,398
	221,899	Range Resources Corp.*		3,719,027
	40,849	Renewable Energy Group, Inc.*		2,546,527
	4,957	REX American Resources Corp.*		447,022
	94,135	SM Energy Co.		2,318,545
	554,255	Southwestern Energy Co.*		3,142,626

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	27,383	Talos Energy, Inc.*	$	428,270

				27,791,573

Paper & Forest Products (0.8%):
	34,417	Boise Cascade Co.		2,008,232
	14,864	Clearwater Paper Corp.*		430,610
	43,605	Domtar Corp.*		2,396,531
	41,042	Glatfelter Corp.		573,357
	34,756	Mercer International, Inc.		443,139
	15,071	Neenah, Inc.		756,112
	27,757	Schweitzer-Mauduit International, Inc.		1,120,827

				7,728,808

Personal Products (0.9%):
	46,576	Edgewell Personal Care Co.		2,044,686
	32,162	elf Beauty, Inc.*		872,877
	14,977	Inter Parfums, Inc.		1,078,344
	10,037	Medifast, Inc.		2,840,270
	9,785	Usana Health Sciences, Inc.*		1,002,278

				7,838,455

Pharmaceuticals (1.3%):
	31,266	Amphastar Pharmaceuticals, Inc.*		630,323
	8,080	ANI Pharmaceuticals, Inc.*		283,204
	30,107	Collegium Pharmaceutical, Inc.*		711,729
	89,494	Corcept Therapeutics, Inc.*		1,968,868
	201,210	Endo International plc*		941,663
	54,151	Innoviva, Inc.*		726,165
	37,332	Pacira BioSciences, Inc.*		2,265,306
	17,246	Phibro Animal Health Corp., Class A		498,064
	42,789	Prestige Consumer Healthcare, Inc.*		2,229,307
	45,760	Supernus Pharmaceuticals, Inc.*		1,408,950

				11,663,579

Professional Services (1.2%):
	44,759	Exponent, Inc.		3,992,950
	9,573	Forrester Research, Inc.*		438,443
	17,691	Heidrick & Struggles International, Inc.		788,134
	30,511	Kelly Services, Inc., Class A*		731,349
	46,901	Korn Ferry		3,402,668
	29,451	Resources Connection, Inc.		422,916
	31,677	Trueblue, Inc.*		890,441

				10,666,901

Real Estate Management & Development (0.8%):
	101,519	Essential Properties Realty Trust, Inc.		2,745,074
	20,714	Marcus & Millichap, Inc.*		805,153
	16,162	RE/MAX Holdings, Inc., Class A		538,679
	99,605	Realogy Holdings Corp.*		1,814,803
	26,534	The St Joe Co.		1,183,682

				7,087,391

Road & Rail (0.8%):
	22,181	ArcBest Corp.		1,290,712
	44,285	Heartland Express, Inc.		758,602
	52,826	Marten Transport, Ltd.		871,101
	22,621	Saia, Inc.*		4,738,873

				7,659,288

Semiconductors & Semiconductor Equipment (3.7%):
	32,745	Advanced Energy Industries, Inc.		3,690,689
	28,731	Axcelis Technologies, Inc.*		1,161,307


Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	19,423	CEVA, Inc.*	$	918,708
	41,448	Cohu, Inc.*		1,524,872
	36,281	Diodes, Inc.*		2,894,135
	18,967	DSP Group, Inc.*		280,712
	66,138	FormFactor, Inc.*		2,411,391
	24,088	Ichor Holdings, Ltd.*		1,295,934
	53,202	Kulicke & Soffa Industries, Inc.		3,255,962
	58,494	MaxLinear, Inc., Class A*		2,485,410
	41,899	Onto Innovation, Inc.*		3,060,303
	24,970	PDF Solutions, Inc.*		453,955
	57,050	Photronics, Inc.*		753,631
	51,503	Power Integrations, Inc.		4,226,336
	94,785	Rambus, Inc.*		2,247,352
	11,501	SMART Global Holdings, Inc.*		548,368
	37,472	Ultra Clean Holdings, Inc.*		2,012,996
	42,596	Veeco Instruments, Inc.*		1,024,008

				34,246,069

Software (2.6%):
	93,916	8x8, Inc.*		2,607,108
	17,748	Agilysys, Inc.*		1,009,329
	38,540	Alarm.com Holding, Inc.*		3,264,338
	33,368	Bottomline Technologies, Inc.*		1,237,285
	20,523	Ebix, Inc.		695,730
	54,775	LivePerson, Inc.*		3,463,971
	6,659	MicroStrategy, Inc., Class A*^		4,424,905
	29,222	OneSpan, Inc.*		746,330
	37,075	Progress Software Corp.		1,714,719
	30,371	Sps Commerce, Inc.*		3,032,544
	90,628	Xperi Holding Corp.		2,015,567

				24,211,826

Specialty Retail (5.7%):
	30,496	Aaron’s Co., Inc. (The)		975,567
	53,519	Abercrombie & Fitch Co., Class A*		2,484,887
	5,494	America’s Car Mart, Inc.*		778,610
	16,522	Asbury Automotive Group, Inc.*		2,831,375
	28,546	Barnes & Noble Education, Inc.*		205,817
	91,535	Bed Bath & Beyond, Inc.*^		3,047,200
	25,176	Boot Barn Holdings, Inc.*		2,116,043
	33,335	Caleres, Inc.		909,712
	17,347	Cato Corp., Class A		292,644
	107,710	Chico’s FAS, Inc.*		708,732
	17,127	Conn’s, Inc.*		436,738
	50,830	Designer Brands, Inc., Class A*		841,236
	47,492	GameStop Corp., Class A*^		10,169,937
	12,458	Genesco, Inc.*		793,325
	14,762	Group 1 Automotive, Inc.		2,279,696
	33,236	Guess?, Inc.		877,430
	14,791	Haverty Furniture Cos., Inc.		632,463
	14,020	Hibbett, Inc.*		1,256,613
	25,023	Lumber Liquidators Holdings, Inc.*		527,985
	18,954	MarineMax, Inc.*		923,818
	28,152	Monro, Inc.		1,787,934
	45,994	ODP Corp. (The)*		2,208,172
	51,238	Rent-A-Center, Inc.		2,719,201
	95,593	Sally Beauty Holdings, Inc.*		2,109,738
	7,939	Shoe Carnival, Inc.		568,353
	45,010	Signet Jewelers, Ltd.*		3,636,358

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)


Shares			Value
Common Stocks, continued
Specialty Retail, continued
	20,930	Sleep Number Corp.*	$	2,301,253
	20,065	Sonic Automotive, Inc., Class A		897,708
	24,770	The Buckle, Inc.		1,232,307
	12,680	The Children’s Place, Inc.*		1,180,001
	18,421	Zumiez, Inc.*		902,445

				52,633,298

Technology Hardware, Storage & Peripherals (0.6%):
	107,014	3D Systems Corp.*		4,277,350
	65,599	Diebold Nixdorf, Inc.*		842,291

				5,119,641

Textiles, Apparel & Luxury Goods (1.3%):
	41,688	Fossil Group, Inc.*		595,304
	38,459	G-III Apparel Group, Ltd.*		1,263,763
	40,447	Kontoor Brands, Inc.		2,281,615
	15,149	Movado Group, Inc.		476,739
	14,830	Oxford Industries, Inc.		1,465,797
	66,217	Steven Madden, Ltd.		2,897,656
	13,405	Unifi, Inc.*		326,546
	21,084	Vera Bradley, Inc.*		261,231
	70,786	Wolverine World Wide, Inc.		2,381,241

				11,949,892

Thrifts & Mortgage Finance (2.1%):
	44,092	Axos Financial, Inc.*		2,045,428
	105,733	Capitol Federal Financial, Inc.		1,245,535
	40,619	Flagstar Bancorp, Inc.		1,716,965
	17,755	HomeStreet, Inc.		723,339
	26,439	Meta Financial Group, Inc.		1,338,606
	59,556	Mr Cooper Group, Inc.*		1,968,921
	75,163	NMI Holdings, Inc., Class A*		1,689,664
	39,502	Northfield Bancorp, Inc.		647,833
	104,815	Northwest Bancshares, Inc.		1,429,677
	62,034	Provident Financial Services, Inc.		1,419,958
	15,957	TrustCo Bank Corp. NY		548,602
	25,721	Wawlker & Dunlop, Inc.		2,684,758
	33,661	WSFS Financial Corp.		1,568,266

				19,027,552

Tobacco (0.3%):
	21,785	Universal Corp.		1,241,091
	107,728	Vector Group, Ltd.		1,523,274

				2,764,365


Contracts, Shares, Notional Amount or Principal Amount			Value
Common Stocks, continued
Trading Companies & Distributors (0.9%):
	33,672	Applied Industrial Technologies, Inc.	$	3,066,172
	16,266	DXP Enterprises, Inc.*		541,658
	37,451	GMS, Inc.*		1,802,891
	24,285	Kaman Corp., Class A		1,223,964
	97,231	NOW, Inc.*		922,722
	10,825	Veritiv Corp.*		664,872

				8,222,279

Water Utilities (0.5%):
	31,297	American States Water Co.		2,489,990
	43,493	California Water Service Group		2,415,601

				4,905,591

Wireless Telecommunication Services (0.2%):
	42,367	Shenandoah Telecommunications Co.		2,055,223
	16,655	Spok Holdings, Inc.		160,221

				2,215,444

	Total Common Stocks (Cost $565,194,132)			904,797,214

Warrant (0.0%^†):
Energy Equipment & Services (0.0%^†):
	243	Nabors Industries, Ltd., 6/11/26		2,430

	Total Warrant (Cost $—)			2,430

Short-Term Security Held as Collateral for Securities on Loan (3.8%):
	34,547,166	BlackRock Liquidity FedFund, Institutional Class, 0.04%(a)(b)		34,547,166

	Total Short-Term Security Held as Collateral for Securities on Loan (Cost $34,547,166)			34,547,166

Unaffiliated Investment Company (1.2%):
Money Markets (1.2%):
	10,659,378	Dreyfus Treasury Securities Cash Management Fund, Institutional Shares, 0.01%(b)		10,659,378

	Total Unaffiliated Investment Company (Cost $10,659,378)			10,659,378

	Total Investment Securities (Cost $610,400,676) — 103.7%			950,006,188
	Net other assets (liabilities) — (3.7)%			(33,904,856	)

	Net Assets — 100.0%		$	916,101,332

Percentages indicated are based on net assets as of June 30, 2021.

REIT—Real Estate Investment Trust

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $34,125,375.

†	Represents less than 0.05%.

(a)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2021.

(b)	The rate represents the effective yield at June 30, 2021.

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

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Schedule of Portfolio Investments

June 30, 2021 (Unaudited)

Futures Contracts

At June 30, 2021, the Fund’s open futures contracts were as follows:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index September Futures (U.S. Dollar)		9/17/21		102	$	11,769,780	$	(36,158	)

							$	(36,158	)

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)


Assets:
Investment securities, at cost	$	610,400,676

Investment securities, at value(a)	$	950,006,188
Cash		8,431
Deposit at broker for futures contracts collateral		670,600
Interest and dividends receivable		781,624
Receivable for capital shares issued		5,224
Receivable for investments sold		19,623
Receivable for variation margin on futures contracts		17,573
Prepaid expenses		44,998

Total Assets		951,554,261

Liabilities:
Payable for capital shares redeemed		453,870
Payable for collateral received on loaned securities		34,547,166
Manager fees payable		188,397
Administration fees payable		4,220
Distribution fees payable		171,131
Custodian fees payable		4,604
Administrative and compliance services fees payable		1,982
Transfer agent fees payable		2,642
Trustee fees payable		10,141
Other accrued liabilities		68,776

Total Liabilities		35,452,929

Net Assets	$	916,101,332

Net Assets Consist of:
Paid in capital	$	500,538,990
Total distributable earnings		415,562,342

Net Assets	$	916,101,332

Class 1
Net Assets	$	48,305,062
Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,011,531
Net Asset Value (offering and redemption price per share)	$	12.04

Class 2
Net Assets	$	867,796,270
Shares of beneficial interest (unlimited number of shares authorized, no par value)		51,260,417
Net Asset Value (offering and redemption price per share)	$	16.93

(a)	Includes securities on loan of $34,125,375.

Statement of Operations

For the Six Months Ended June 30, 2021

(Unaudited)


Investment Income:
Dividends	$	5,303,310
Income from securities lending		101,701
Foreign withholding tax		(4,177	)

Total Investment Income		5,400,834

Expenses:
Manager fees		1,109,558
Administration fees		26,014
Distribution fees — Class 2		1,007,731
Custodian fees		16,656
Administrative and compliance services fees		6,360
Transfer agent fees		6,133
Trustee fees		22,625
Professional fees		20,067
Shareholder reports		18,154
Other expenses		89,357

Total expenses		2,322,655

Net Investment Income/(Loss)		3,078,179

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities		63,947,738
Net realized gains/(losses) on futures contracts		975,608
Change in net unrealized appreciation/depreciation on securities		110,743,292
Change in net unrealized appreciation/depreciation on futures contracts		57,030

Net realized and Change in net unrealized gains/losses on investments		175,723,668

Change in Net Assets Resulting From Operations	$	178,801,847

See accompanying notes to the financial statements.

AZL Small Cap Stock Index Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2021				For the Year Ended December 31, 2020
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	3,078,179			$	6,164,309
Net realized gains/(losses) on investments			64,923,346				6,504,197
Change in unrealized appreciation/depreciation on investments			110,800,322				62,569,968

Change in net assets resulting from operations			178,801,847				75,238,474

Distributions to Shareholders:
Class 1			—				(3,190,100	)
Class 2			—				(41,852,417	)

Change in net assets resulting from distributions to shareholders			—				(45,042,517	)

Capital Transactions:
Class 1
Proceeds from shares issued			53,449				187,289
Proceeds from dividends reinvested			—				3,190,100
Value of shares redeemed			(4,332,910	)			(4,909,090	)

Total Class 1 Shares			(4,279,461	)			(1,531,701	)

Class 2
Proceeds from shares issued			59,137,780				80,434,284
Proceeds from dividends reinvested			—				41,852,417
Value of shares redeemed			(132,077,382	)			(184,050,997	)

Total Class 2 Shares			(72,939,602	)			(61,764,296	)

Change in net assets resulting from capital transactions			(77,219,063	)			(63,295,997	)

Change in net assets			101,582,784				(33,100,040	)
Net Assets:
Beginning of period			814,518,548				847,618,588

End of period		$	916,101,332			$	814,518,548

Share Transactions:
Class 1
Shares issued			4,612				26,260
Dividends reinvested			—				397,768
Shares redeemed			(383,922	)			(602,581	)

Total Class 1 Shares			(379,310	)			(178,553	)

Class 2
Shares issued			3,530,103				8,597,337
Dividends reinvested			—				3,707,035
Shares redeemed			(8,447,184	)			(16,856,826	)

Total Class 2 Shares			(4,917,081	)			(4,552,454	)

Change in shares			(5,296,391	)			(4,731,007	)

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

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)


	Six Months Ended June 30, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016^
	(Unaudited)
Class 1

Net Asset Value, Beginning of Period		$	9.76			$	9.65			$	9.26			$	11.68			$	11.38			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.05	(a)			0.09	(a)			0.12	(a)			0.16				0.16				0.06
Net Realized and Unrealized Gains/(Losses) on Investments			2.23				0.80				1.78				(0.93	)			1.24				1.32

Total from Investment Activities			2.28				0.89				1.90				(0.77	)			1.40				1.38

Distributions to Shareholders From:
Net Investment Income			—				(0.17	)			(0.17	)			(0.18	)			(0.08	)			—
Net Realized Gains			—				(0.61	)			(1.34	)			(1.47	)			(1.02	)			—

Total Dividends			—				(0.78	)			(1.51	)			(1.65	)			(1.10	)			—

Net Asset Value, End of Period		$	12.04			$	9.76			$	9.65			$	9.26			$	11.68			$	11.38

Total Return(b)			23.36	%(c)			10.98	%			22.42	%			(8.59	)%			12.94	%			13.80	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	48,305			$	42,848			$	44,098			$	41,285			$	53,319			$	54,672
Net Investment Income/(Loss)(d)			0.96	%			1.11	%			1.21	%			1.17	%			1.21	%			1.46	%
Expenses Before Reductions(d)(e)			0.31	%			0.34	%			0.33	%			0.33	%			0.32	%			0.32	%
Expenses Net of Reductions(d)			0.31	%			0.34	%			0.33	%			0.33	%			0.32	%			0.32	%
Portfolio Turnover Rate(f)			12	%			21	%			14	%			19	%			16	%			86	%(g)

Class 2

Net Asset Value, Beginning of Period		$	13.74			$	13.23			$	12.17			$	14.88			$	14.23			$	13.49

Investment Activities:
Net Investment Income/(Loss)			0.06	(a)			0.10	(a)			0.13	(a)			0.15				0.15				0.07
Net Realized and Unrealized Gains/(Losses) on Investments			3.13				1.15				2.40				(1.25	)			1.59				3.06

Total from Investment Activities			3.19				1.25				2.53				(1.10	)			1.74				3.13

Distributions to Shareholders From:
Net Investment Income			—				(0.13	)			(0.13	)			(0.14	)			(0.07	)			(0.16	)
Net Realized Gains			—				(0.61	)			(1.34	)			(1.47	)			(1.02	)			(2.23	)

Total Dividends			—				(0.74	)			(1.47	)			(1.61	)			(1.09	)			(2.39	)

Net Asset Value, End of Period		$	16.93			$	13.74			$	13.23			$	12.17			$	14.88			$	14.23

Total Return(b)			23.22	%(c)			10.71	%			22.19	%			(8.93	)%			12.75	%			25.71	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	867,796			$	771,671			$	803,521			$	713,258			$	869,770			$	909,979
Net Investment Income/(Loss)(d)			0.71	%			0.86	%			0.96	%			0.93	%			0.96	%			1.19	%
Expenses Before Reductions(d)(e)			0.56	%			0.59	%			0.58	%			0.58	%			0.57	%			0.58	%
Expenses Net of Reductions(d)			0.56	%			0.59	%			0.58	%			0.58	%			0.57	%			0.58	%
Portfolio Turnover Rate(f)			12	%			21	%			14	%			19	%			16	%			86	%(g)

^	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

June 30, 2021 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services —Investment Companies.” The Trust consists of 20 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 19 are presented in separate reports. The Fund is a diversified series of the Trust.

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

June 30, 2021 (Unaudited)

Class Allocation

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 on the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2021 are presented on the Fund’s Schedule of Portfolio Investments.

Cash collateral received in connection with securities lending is invested on behalf of the Fund in the BlackRock Liquidity FedFund, Institutional Class, a money market fund which invests in short-term investments that have a remaining maturity of 397 days or less in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the securities lending agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $9,996 during the period ended June 30, 2021. These fees have been netted against “Income from securities lending” on the Statement of Operations. The Fund had securities lending transactions of $34,547,166 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2021. At June 30, 2021, there were no master netting provisions in the securities lending agreement.

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2021, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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. For the period ended June 30, 2021, the monthly average notional amount for long contracts was $7.5 million. There was no short contract activity during the period. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2021:

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

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

36,158

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2021:


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

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	975,608	$	57,030

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, 2022.

For the period ended June 30, 2021, 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	%

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable 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 Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

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 June 30, 2021 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Level 3			Total
Common Stocks+		$	904,797,214			$	—		$	—		$	904,797,214
Warrant+			2,430				—			—			2,430
Short-Term Security Held as Collateral for Securities on Loan			34,547,166				—			—			34,547,166
Unaffiliated Investment Company			10,659,378				—			—			10,659,378

Total Investment Securities			950,006,188				—			—			950,006,188

Other Financial Instruments:*
Futures Contracts			(36,158	)			—			—			(36,158	)

Total Investments		$	949,970,030			$	—		$	—		$	949,970,030

+	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 period ended June 30, 2021, 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		$	102,327,639		$	174,922,635

6. Investment Risks

AZL Small Cap Stock Index Fund

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Coronavirus (COVID-19) Pandemic

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2020 was $632,998,729. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	262,695,970
Unrealized (depreciation)		(54,737,263	)

Net unrealized appreciation/(depreciation)	$	207,958,707

The tax character of dividends paid to shareholders during the year ended December 31, 2020 was as follows:


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

AZL Small Cap Stock Index Fund		$	10,984,719		$	34,057,798		$	45,042,517

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

At December 31, 2020, 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		$	10,815,990		$	17,985,798		$	—		$	207,958,707		$	236,760,495

(a)	The difference between book-basis and tax-basis unrealized appreciation/depreciation was 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 June 30, 2021, the Fund had an individual shareholder account which is affiliated with the Manager representing ownership in excess of 55% of the Fund. Investment activities of these shareholders could have a material impact to the Fund.

10. Subsequent Events

AZL Small Cap Stock Index Fund

Special Joint Meeting of Shareholders

June 30, 2021 (Unaudited)

Election of Trustees


		FOR	WITHHELD

Peter R. Burnim	Votes	15,563,360,561.502	669,364,603.822
Peter R. Burnim	% of votes entitled to be cast	95.876%	4.124%

Peggy L. Ettestad	Votes	15,609,388,131.157	623,337,034.167
Peggy L. Ettestad	% of votes entitled to be cast	96.160%	3.840%

Tamara Lynn Fagely	Votes	15,617,549,525.927	615,175,639.397
Tamara Lynn Fagely	% of votes entitled to be cast	96.210%	3.790%

Richard H. Forde	Votes	15,604,964,230.572	627,760,934.753
Richard H. Forde	% of votes entitled to be cast	96.133%	3.867%

Claire R. Leonardi	Votes	15,612,151,839.395	620,573,325.929
Claire R. Leonardi	% of votes entitled to be cast	96.177%	3.823%

Dickson W. Lewis	Votes	15,560,723,834.543	672,001,330.782
Dickson W. Lewis	% of votes entitled to be cast	95.860%	4.140%

Brian Muench	Votes	15,605,407,154.653	627,318,010.671
Brian Muench	% of votes entitled to be cast	96.135%	3.865%

Approve amended fundamental restrictions regarding investments in commodities


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	397,626,997.311	10,047,132.921	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	97.087%	2.453%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,950,828,986.850	63,955,432.562	107,450,224.923
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.923%	3.014%	5.063%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	483,669,863.601	14,131,897.319	54,277,097.095
	% of votes entitled to be cast	87.609%	2.560%	9.831%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	416,366,592.454	18,231,032.829	24,294,071.552
	% of votes entitled to be cast	90.733%	3.973%	5.294%

AZL^® Gateway Fund	Votes	135,869,070.538	5,287,114.163	5,131,900.077
AZL^® Gateway Fund	% of votes entitled to be cast	92.878%	3.614%	3.508%

AZL^® Government Money Market Fund	Votes	422,435,087.849	15,042,324.101	46,623,409.927
AZL^® Government Money Market Fund	% of votes entitled to be cast	87.262%	3.107%	9.631%


FUND		FOR	AGAINST	ABSTAIN
AZL^® International Index Fund	Votes	1,413,697,428.045	49,122,677.782	107,370,011.454
AZL^® International Index Fund	% of votes entitled to be cast	90.034%	3.128%	6.838%

AZL^® MetWest Total Return Bond Fund	Votes	258,238,085.195	18,396,791.491	19,219,052.468
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.286%	6.218%	6.496%

AZL^® Mid Cap Index Fund	Votes	987,383,045.853	44,189,930.889	77,801,899.777
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	89.004%	3.983%	7.013%

AZL^® Moderate Index Strategy Fund	Votes	550,117,550.351	13,782,975.990	46,366,796.047
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	90.144%	2.259%	7.598%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,702,264.366	7,428,264.179	17,646,133.547
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.671%	2.764%	6.565%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	303.716	12,988,796.088
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	0.00%	4.207%

AZL^® Russell 1000 Growth Index Fund	Votes	945,100,584.965	29,520,451.645	68,979,997.889
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	90.561%	2.829%	6.610%

AZL^® Russell 1000 Value Index Fund	Votes	816,003,735.780	23,336,292.313	66,291,724.441
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	90.103%	2.577%	7.320%

AZL^® S&P 500 Index Fund	Votes	2,555,778,866.123	72,817,770.438	183,079,037.742
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.899%	2.590%	6.511%

AZL^® Small Cap Stock Index Fund	Votes	764,792,315.205	26,518,522.376	65,703,488.723
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	89.239%	3.094%	7.667%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,222,386,047.954	39,903,715.601	92,277,041.597
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	90.242%	2.946%	6.812%

Approve amended fundamental restrictions regarding borrowing


FUND		FOR	AGAINST	ABSTAIN

AZL^® DFA Five-Year Global Fixed Income Fund	Votes	393,734,370.592	13,939,759.641	1,884,771.816
AZL^® DFA Five-Year Global Fixed Income Fund	% of votes entitled to be cast	96.136%	3.404%	0.460%

AZL^® DFA International Core Equity Fund	Votes	266,489,353.248	0.000	0.000
AZL^® DFA International Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Core Equity Fund	Votes	485,343,507.135	0.000	0.000
AZL^® DFA U.S. Core Equity Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® DFA U.S. Small Cap Fund	Votes	172,079,448.414	0.000	0.000
AZL^® DFA U.S. Small Cap Fund	% of votes entitled to be cast	100.000%	0.00%	0.00%

AZL^® Enhanced Bond Index Fund	Votes	1,941,961,172.973	71,756,479.986	108,516,991.377
AZL^® Enhanced Bond Index Fund	% of votes entitled to be cast	91.505%	3.381%	5.113%

AZL^® Fidelity Institutional Asset Management^® Multi-Strategy Fund	Votes	475,813,635.775	18,401,366.254	57,863,855.986
	% of votes entitled to be cast	86.186%	3.333%	10.481%

AZL^® Fidelity Institutional Asset Management^® Total Bond Fund	Votes	413,429,028.205	19,695,195.975	25,767,472.655
	% of votes entitled to be cast	90.093%	4.292%	5.615%

AZL^® Gateway Fund	Votes	134,468,374.065	6,158,887.054	5,660,823.658
AZL^® Gateway Fund	% of votes entitled to be cast	91.920%	4.210%	3.870%

AZL^® Government Money Market Fund	Votes	416,237,637.410	16,315,717.063	51,547,467.404
AZL^® Government Money Market Fund	% of votes entitled to be cast	85.982%	3.370%	10.648%

AZL^® International Index Fund	Votes	1,393,870,394.033	52,683,006.053	123,636,717.194
AZL^® International Index Fund	% of votes entitled to be cast	88.771%	3.355%	7.874%

AZL^® MetWest Total Return Bond Fund	Votes	259,096,955.407	19,799,105.077	16,957,868.671
AZL^® MetWest Total Return Bond Fund	% of votes entitled to be cast	87.576%	6.692%	5.732%


FUND		FOR	AGAINST	ABSTAIN

AZL^® Mid Cap Index Fund	Votes	980,651,387.056	42,436,934.863	86,286,554.600
AZL^® Mid Cap Index Fund	% of votes entitled to be cast	88.397%	3.825%	7.778%

AZL^® Moderate Index Strategy Fund	Votes	539,013,060.394	15,660,675.534	55,593,586.459
AZL^® Moderate Index Strategy Fund	% of votes entitled to be cast	88.324%	2.566%	9.110%

AZL^® MSCI Emerging Markets Equity Index Fund	Votes	243,260,867.177	7,678,449.308	17,837,345.607
AZL^® MSCI Emerging Markets Equity Index Fund	% of votes entitled to be cast	90.507%	2.857%	6.636%

AZL^® MSCI Global Equity Index Fund	Votes	295,718,248.613	11,592,726.955	1,396,372.848
AZL^® MSCI Global Equity Index Fund	% of votes entitled to be cast	95.792%	3.755%	0.452%

AZL^® Russell 1000 Growth Index Fund	Votes	936,357,678.638	37,778,226.144	69,465,129.716
AZL^® Russell 1000 Growth Index Fund	% of votes entitled to be cast	89.724%	3.620%	6.656%

AZL^® Russell 1000 Value Index Fund	Votes	804,198,594.889	33,609,441.993	67,823,715.651
AZL^® Russell 1000 Value Index Fund	% of votes entitled to be cast	88.800%	3.711%	7.489%

AZL^® S&P 500 Index Fund	Votes	2,543,987,453.940	72,119,352.554	195,568,867.809
AZL^® S&P 500 Index Fund	% of votes entitled to be cast	90.479%	2.565%	6.956%

AZL^® Small Cap Stock Index Fund	Votes	757,528,761.992	33,650,888.327	65,834,675.985
AZL^® Small Cap Stock Index Fund	% of votes entitled to be cast	88.392%	3.927%	7.682%

AZL^® T. Rowe Price Capital Appreciation Fund	Votes	1,190,935,523.281	71,486,900.796	92,144,381.075
AZL^® T. Rowe Price Capital Appreciation Fund	% of votes entitled to be cast	87.920%	5.277%	6.802%

Other Information (Unaudited)

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

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

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

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

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The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0621 08/21

AZL^® T. Rowe Price Capital Appreciation Fund

Semi-Annual Report

June 30, 2021

(Unaudited)

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